Boyd Gaming Corp. reported fourth‑quarter 2025 revenue of $1.10 billion, up 2% from the same period a year earlier, and net income of $140.4 million, or $1.79 per share. Adjusted EBITDAR fell to $336.6 million from $379.3 million in Q4 2024, a decline driven by a contraction in the company’s online segment and weather‑related impacts on its Midwest and South properties. The company’s earnings per share of $2.21 beat the consensus estimate of $1.94 by $0.27, a 14% surprise, while revenue exceeded the $1.02 billion estimate by $80 million, a 7.8% beat.
Full‑year 2025 results showed revenue of $4.10 billion, up 5% YoY, and net income of $1.84 billion, or $22.56 per share. The jump in earnings was largely attributable to a $1.40 billion after‑tax gain from the sale of Boyd’s FanDuel stake, offset by a $128.4 million impairment charge. Total leverage ended the year at 1.7×, and lease‑adjusted leverage at 2.2×, a reduction from 2.8× in 2024, reflecting the balance‑sheet strengthening from the FanDuel transaction.
Management reiterated its 2026 outlook, maintaining a target of $30 million in online EBITDAR and projecting capital expenditures of $650 million to $700 million. Boyd also announced a $185 million share‑repurchase in Q4 and noted $362 million remaining under its buyback authorization. CEO Keith Smith said the company “delivered another successful performance in 2025, as we continued to position ourselves for growth and to deliver long‑term value for our shareholders.” He added that the firm “further enhanced our customer offerings and the growth potential of our portfolio through our ongoing capital investments, including our progress toward the completion of our $750 million resort in Virginia.” Smith also highlighted the FanDuel sale, noting it “unlocked the substantial value of our equity ownership in FanDuel, utilizing nearly $1.8 billion in gross proceeds to further fortify our balance sheet.” Looking ahead, he expressed optimism for 2026, citing continued strength in core customer play, returns from capital investments, and the financial strength created by diversified free cash flow and a strong balance sheet.
The market’s reaction was muted, with Boyd’s shares slipping 0.92% in after‑hours trading. Analysts and investors focused on softness in the destination business—particularly a $6 million decline in hotel revenue at The Orleans—and anticipated increases in leverage, despite the company’s strong core performance. The company’s destination segment weakness, combined with weather‑related impacts, weighed on adjusted EBITDAR, while the robust Las Vegas Locals market and the FanDuel sale provided a solid tailwind.
Overall, Boyd Gaming’s Q4 and full‑year 2025 results demonstrate a company that has successfully leveraged a significant one‑time gain to strengthen its balance sheet, while maintaining solid core operations. The earnings beat and revenue growth underscore effective cost control and strong customer demand, but the decline in online EBITDAR and destination‑segment softness signal areas that management will need to address as it pursues its 2026 growth strategy.
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