Core Insights - Boyd Gaming Corporation reported record revenues for the full year 2025, driven by strong performance from core customers and operational discipline [2][4] - The company achieved a net income of $1.8 billion for 2025, significantly up from $578 million in 2024, largely due to a $1.4 billion after-tax gain from the sale of its equity interest in FanDuel [4][5] - Boyd Gaming plans to continue capital investments, including a $750 million resort in Virginia, and has returned over $800 million to shareholders through share repurchases and dividends in 2025 [2][4] Financial Performance - For Q4 2025, Boyd Gaming reported revenues of $1.1 billion, up from $1.0 billion in Q4 2024, with net income of $140.4 million or $1.79 per share [3][4] - Full-year revenues for 2025 reached $4.1 billion, an increase from $3.9 billion in 2024, while total adjusted EBITDAR was $1.4 billion, consistent with the previous year [4][5] - Adjusted earnings for Q4 2025 were $173.5 million or $2.21 per share, compared to $174.7 million or $1.96 per share in Q4 2024 [3][5] Operational Review - The Las Vegas Locals segment experienced growth in gaming revenues, although there was softness in destination business [6] - The Midwest & South segment benefited from strong customer play, despite being impacted by severe winter weather in December 2025 [6] - The online segment saw growth due to the online casino gaming business and changes in revenue-sharing agreements following the FanDuel transaction [7] Shareholder Returns - Boyd Gaming paid a quarterly cash dividend of $0.18 per share on January 15, 2026, and repurchased $185 million in shares during Q4 2025 [8] - As of December 31, 2025, the company had approximately $362 million remaining under its share repurchase authorization [8] Balance Sheet - As of December 31, 2025, Boyd Gaming had cash on hand of $353.4 million and total debt of $2.1 billion [9]