Boyd Gaming Corporation (BYD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.89	$1.93	+2.1%	—	$1B	—
Q1 26	$1.71	$1.6	-6.4%	—	$997.4M	—
Q4 25	$1.94	$2.21	+13.9%	—	$1.1B	—
Q3 25	$1.63	$1.72	+5.5%	—	$1B	—
Q2 25	$1.67	$1.87	+12.0%	—	$1B	—
Q1 25	$1.52	$1.62	+6.6%	—	$991.6M	—
Q4 24	$1.79	$1.96	+9.5%	—	$1B	—
Q3 24	$1.4	$1.52	+8.6%	—	$961.2M	—
Q2 24	$1.49	$1.58	+6.0%	—	$967.5M	—
Q1 24	$1.59	$1.51	-5.0%	—	$960.5M	—
Q4 23	$1.49	$1.66	+11.4%	—	$954.4M	—
Q3 23	$1.47	$1.36	-7.5%	—	$903.2M	—
Q2 23	$1.65	$1.58	-4.2%	—	$917M	—
Q1 23	$1.49	$1.71	+14.8%	—	$964M	—
Q4 22	$1.46	$1.72	+17.8%	—	$922.9M	—
Q3 22	$1.32	$1.48	+12.1%	—	$877.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$22.6	—	—	$4.1B	—
FY24	—	$6.19	—	—	$3.9B	—
FY23	—	$6.12	—	—	$3.7B	—
FY22	—	$5.87	—	—	$3.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.2B	$2.4B	$2.6B	$3.3B	$2.2B	$3.4B	$3.6B	$3.7B	$3.9B	$4.1B
YoY change	-0.01%	+9.16%	+9.41%	+26.6%	-34.5%	+54.7%	+5.51%	+5.15%	+5.13%	+4.12%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.2B	2.4B	2.6B	3.3B	2.2B	3.4B	3.6B	3.7B	3.9B	4.1B
Cost of revenue	1.2B	1.3B	1.4B	1.7B	1B	1.4B	1.6B	1.7B	1.9B	2.1B
Gross profit	1B	1.1B	1.3B	1.6B	1.1B	1.9B	2B	2B	2B	2B
Gross margin	46%	47.4%	47.8%	47.8%	52.4%	57.5%	56%	54%	52.2%	49.5%
Research & development	—	—	—	—	—	31.8M	—	—	28.6M	12.4M
Selling, general & administrative	322.3M	362M	390M	557.3M	452.3M	470.9M	480.6M	498.3M	538.6M	546.9M
Operating expenses	517.3M	576M	669.1M	840.8M	671.4M	761.2M	710M	752.1M	834.9M	847.7M
Operating income	298.7M	343.4M	356.3M	472.6M	189M	908.3M	1B	1B	938.3M	876.8M
Operating margin	13.6%	14.3%	13.6%	14.2%	8.67%	27%	28.7%	27%	23.9%	21.4%
Non-operating income, net	-81.2M	-972K	-778K	-34.8M	-131.4M	-106.7M	-63.5M	-109.4M	-10.5M	1.6B
Pretax income	7.8M	171.1M	155M	202.1M	-171M	603.9M	828.8M	752.9M	752M	2.3B
Income tax	-199.9M	3.1M	40.3M	44.5M	-36.3M	140.1M	189.4M	132.9M	174.1M	490.8M
Net income	420.2M	189.4M	115M	157.6M	-134.7M	463.8M	639.4M	620M	578M	1.8B
Net margin	19.1%	7.89%	4.38%	4.74%	-6.18%	13.8%	18%	16.6%	14.7%	44.9%
EBITDA	497.4M	562.9M	590.3M	751.1M	517M	1.2B	1.3B	1.3B	1.2B	2.9B
EPS	3.65	1.65	1.01	1.39	-1.19	4.07	5.87	6.12	6.19	22.6
Diluted EPS	3.63	1.64	1	1.38	-1.19	4.07	5.87	6.12	6.19	22.6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	903.2M	954.4M	960.5M	967.5M	961.2M	1B	991.6M	1B	1B	1.1B	997.4M	1B
Cost of revenue	421M	449.5M	464.7M	460.5M	461.9M	493.2M	487.3M	506.9M	516.2M	554.4M	505.3M	514.2M
Gross profit	482.1M	504.9M	495.8M	507M	499.4M	547.7M	504.3M	527.1M	488.2M	507.7M	492.1M	520.2M
Gross margin	53.4%	52.9%	51.6%	52.4%	51.9%	52.6%	50.9%	51%	48.6%	47.8%	49.3%	50.3%
Research & development	2.4M	—	3M	7.6M	11.3M	6.6M	-1.5M	2.8M	4M	7.1M	20.3M	15.4M
Selling, general & administrative	127.2M	117.8M	135.4M	133M	130.6M	139.7M	136M	138.5M	132.6M	139.8M	138.6M	139.7M
Operating expenses	199.5M	178.4M	203M	214.2M	209M	208.7M	203.9M	214.7M	209.5M	219.5M	233.1M	228.4M
Operating income	217.9M	258.4M	229.9M	227.1M	220M	261.3M	232.2M	242.4M	204.9M	197.4M	164M	200.7M
Operating margin	24.1%	27.1%	23.9%	23.5%	22.9%	25.1%	23.4%	23.4%	20.4%	18.6%	16.4%	19.4%
Non-operating income, net	30K	-104.3M	-10.6M	-50K	-189K	299K	-32.4M	48K	1.7B	-30.9M	-398K	3K
Pretax income	177.1M	113.2M	177.5M	184.5M	174M	216M	152.2M	193.1M	1.8B	142.4M	137M	170.6M
Income tax	41.9M	20.6M	41M	44.7M	42.9M	45.5M	41.3M	42.8M	403.2M	3.5M	32.7M	40.6M
Net income	135.2M	92.6M	136.5M	139.8M	131.1M	170.5M	110.9M	150.4M	1.4B	138.8M	104.3M	129.9M
Net margin	15%	9.7%	14.2%	14.5%	13.6%	16.4%	11.2%	14.5%	143.3%	13.1%	10.5%	12.6%
EBITDA	284.3M	327M	293.2M	293.1M	290.5M	339.7M	301.1M	313.7M	2B	289.5M	260.8M	293.1M
EPS	1.34	0.94	1.4	1.47	1.43	1.92	1.31	1.84	17.8	1.79	1.37	1.75
Diluted EPS	1.34	0.94	1.4	1.47	1.43	1.92	1.31	1.84	17.8	1.79	1.37	1.75

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.3B	4B	2.4B	3.4B	4.9B	7.5B	5.9B	6.3B	6.8B	—	5B
Enterprise value	5.3B	6.9B	6.1B	7.8B	9.2B	11.1B	9.6B	9.8B	10.4B	—	8.1B
Shares outstanding	114.5M	115M	114.4M	113.5M	113.5M	113.9M	108.9M	101.3M	93.3M	81.7M	81.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	5.5	21.3	20.7	21.6	—	16.1	9.29	10.2	11.7	—	3.11
P/S	1.05	1.68	0.91	1.02	2.24	2.22	1.67	1.7	1.72	—	1.24
P/B	2.47	3.67	2.07	2.69	4.33	4.85	3.73	3.64	4.28	—	2.05
EV/EBITDA	10.7	12.3	10.3	10.4	17.8	9.41	7.35	7.58	8.54	—	6.91
EV/Sales	2.43	2.87	2.32	2.36	4.22	3.28	2.69	2.61	2.64	—	1.98
Earnings yield	18.2%	4.7%	4.84%	4.64%	—	6.21%	10.8%	9.77%	8.54%	—	32.2%
FCF yield	4.86%	5.75%	11.5%	10%	2.34%	10.9%	11.9%	8.52%	8.22%	—	5.65%
PEG	—	—	—	—	—	—	—	—	—	—	-0.64

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	46%	47.4%	47.8%	47.8%	52.4%	57.5%	56%	54%	52.2%	49.5%	50.3%
Operating margin	13.6%	14.3%	13.6%	14.2%	8.67%	27%	28.7%	27%	23.9%	21.4%	20.9%
Net margin	19.1%	7.89%	4.38%	4.74%	-6.18%	13.8%	18%	16.6%	14.7%	44.9%	44.3%
ROE	45%	17.3%	10%	12.5%	-12%	30.1%	40.2%	35.5%	36.5%	70.5%	93.1%
ROA	9%	4.04%	2%	2.37%	-2.05%	7.45%	10.1%	9.88%	9.04%	28%	7.82%
ROIC	7.52%	8.49%	5.41%	6.46%	3.47%	13.6%	15.2%	16.1%	13.9%	13.9%	11.2%
Return on tangible assets	33.5%	15.5%	16.5%	10.2%	-7.27%	30%	46%	38.9%	34.1%	107.6%	105%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.84	0.85	0.85	0.72	1.24	0.91	0.82	0.89	0.9	0.54	0.77
Quick ratio	0.79	0.81	0.81	0.68	1.2	0.88	0.78	0.85	0.87	0.52	0.74
Debt / equity	3.46	2.8	3.47	3.71	4.3	2.56	2.45	2.14	2.49	1.04	1.3
Debt / assets	0.69	0.66	0.69	0.71	0.74	0.63	0.62	0.59	0.62	0.41	0.49
Net debt / EBITDA	6.1	5.1	6.32	5.92	8.35	3.05	2.78	2.65	2.97	0.81	1.03
Interest coverage	1.04	1.99	1.76	1.85	0.26	4.03	6.48	5.4	5.24	15.8	20.3
Effective tax rate	0%	1.82%	26%	22%	0%	23.2%	22.9%	17.6%	23.1%	21.1%	20.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.2	20.9	23	29.3	19.2	29.6	32.7	36.9	42.1	50.1	52.7
EPS (basic)	3.65	1.65	1.01	1.39	-1.19	4.07	5.87	6.12	6.19	22.6	22.6
EPS (diluted)	3.63	1.64	1	1.38	-1.19	4.07	5.87	6.12	6.19	22.6	22.5
Book value per share	8.16	9.54	10	11.2	9.9	13.5	14.6	17.2	16.9	31.9	34.2
FCF per share	0.98	2.01	2.39	3.01	1	7.12	6.49	5.33	5.97	3.71	-0.67
Cash per share	1.69	1.77	2.18	2.2	4.57	3.03	2.6	3	3.39	4.33	4.45
Capex per share	—	—	—	—	—	—	—	—	—	7.2	7.9

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	14.4%	14.4%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	60.2%	94.4%
Payout ratio	0%	5.96%	21.5%	18.4%	-5.8%	0%	7.53%	10.3%	10.8%	3.16%	3.37%
Dividend yield	0%	0.28%	1.04%	0.85%	0.16%	0%	0.81%	1%	0.93%	—	1.16%

Yield

1.16%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.20

ex-dividend Sep 15, 2026

Payout ratio

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.20
Jun 15, 2026	$0.20
Mar 16, 2026	$0.20
Dec 15, 2025	$0.18
Sep 15, 2025	$0.18
Jun 16, 2025

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$903.2M	$954.4M	$960.5M	$967.5M	$961.2M	$1B	$991.6M	$1B	$1B	$1.1B	$997.4M	$1B
YoY change	+2.95%	+3.41%	-0.36%	+5.51%	+6.43%	+9.06%	+3.23%	+6.87%	+4.49%	+2.03%	+0.58%	+0.04%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	193.9M	203.1M	249.4M	250M	519.2M	344.6M	283.5M	304.3M	316.7M	353.4M
Receivables	30.4M	40.3M	54.7M	54.9M	53.5M	89.5M	109.1M	137.9M	132.3M	84.4M
Inventory	18.6M	18M	20.6M	22.1M	22.6M	20.1M	22.2M	20.7M	21.2M	20.2M
Total current assets	307.9M	328.7M	399.8M	399.5M	650.3M	507.8M	478.2M	529.3M	561.5M	530.7M
Property, plant & equipment	-310.5M	-395.8M	-368.3M	517.7M	379.8M	131.7M	51.9M	98M	16.2M	152.2M
Goodwill & intangibles	3.4B	3.5B	5.1B	5.1B	4.7B	4.7B	4.9B	4.7B	4.7B	4.9B
Total assets	4.7B	4.7B	5.8B	6.7B	6.6B	6.2B	6.3B	6.3B	6.4B	6.6B
Accounts payable	84.1M	106.3M	111.2M	91M	96.9M	102M	129.9M	124.7M	131.3M	151.3M
Short-term debt	30.3M	24M	24.2M	114.7M	121.2M	126.6M	133.1M	143.1M	146.9M	111.8M
Total current liabilities	365.5M	385.5M	469.7M	556.9M	524M	557M	586.1M	596.3M	622.7M	979.2M
Long-term debt	3.2B	3.1B	4B	4.6B	4.7B	3.8B	3.8B	3.6B	3.8B	2.6B
Total liabilities	3.7B	3.6B	4.6B	5.4B	5.4B	4.7B	4.7B	4.5B	4.8B	4B
Shareholders' equity	934.1M	1.1B	1.1B	1.3B	1.1B	1.5B	1.6B	1.7B	1.6B	2.6B
Total debt	3.2B	3.1B	4B	4.7B	4.8B	3.9B	3.9B	3.7B	3.9B	2.7B
Net debt	3B	2.9B	3.7B	4.4B	4.3B	3.6B	3.6B	3.4B	3.6B	2.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	269.2M	304.3M	283.5M	280.8M	286.3M	316.7M	311.5M	320.1M	319.1M	353.4M	372.7M	322.7M
Receivables	103.6M	137.9M	118.9M	109.7M	103.5M	132.3M	110M	115.4M	82.2M	84.4M	78.7M	78.8M
Inventory	20.6M	20.7M	20.4M	21.2M	20.4M	21.2M	20.7M	21.6M	20.9M	20.2M	19.7M	19.1M
Total current assets	469.2M	529.3M	480.4M	487.1M	501.9M	561.5M	502.4M	540M	495.6M	530.7M	530M	482.4M
Property, plant & equipment	84.7M	98M	103.4M	25.1M	-12.1M	16.2M	17.4M	29.6M	41.5M	152.2M	152M	196.7M
Goodwill & intangibles	4.9B	4.7B	4.7B	4.6B	4.7B	4.7B	4.7B	4.7B	4.7B	4.9B	4.9B	5B
Total assets	6.3B	6.3B	6.2B	6.3B	6.3B	6.4B	6.5B	6.6B	6.5B	6.6B	6.6B	6.7B
Accounts payable	105.7M	124.7M	106.4M	128.4M	118.7M	131.3M	127.5M	126.5M	131.4M	151.3M	137.5M	144M
Short-term debt	138.7M	143.1M	143.6M	143M	144.7M	146.9M	146.3M	150M	107.2M	111.8M	112.9M	119.5M
Total current liabilities	583.4M	596.3M	600.4M	589.1M	610.5M	622.7M	630.3M	628.8M	963.4M	979.2M	883M	623.4M
Long-term debt	3.6B	3.6B	3.5B	3.6B	3.7B	3.8B	4.1B	4.1B	2.5B	2.6B	2.8B	3.1B
Total liabilities	4.5B	4.5B	4.5B	4.5B	4.7B	4.8B	5.1B	5.2B	3.8B	4B	4.1B	4.2B
Shareholders' equity	1.8B	1.7B	1.8B	1.7B	1.6B	1.6B	1.4B	1.4B	2.7B	2.6B	2.5B	2.5B
Total debt	3.7B	3.7B	3.7B	3.7B	3.8B	3.9B	4.2B	4.3B	2.6B	2.7B	2.9B	3.3B
Net debt	3.5B	3.4B	3.4B	3.5B	3.5B	3.6B	3.9B	3.9B	2.2B	2.4B	2.5B	2.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	207.7M	168M	114.7M	157.6M	-134.7M	463.8M	639.4M	620M	578M	1.8B
Depreciation & amortization	196.2M	217.5M	230M	276.6M	281M	267.8M	258.2M	256.8M	276.6M	302.7M
Stock-based compensation	15.5M	17.4M	25.4M	25.2M	9.2M	37.8M	34.1M	32.4M	29.7M	32.1M
Change in working capital	-7.6M	1.1M	14.7M	-28.8M	-45.6M	-76.1M	-94.3M	-105.8M	-109.7M	-35.4M
Operating cash flow	226.8M	417M	429.2M	515.5M	150.2M	894.3M	971.6M	861.8M	937.1M	976.7M
Capital expenditure	—	—	—	—	—	—	—	—	—	-588.2M
Investing cash flow	-578.5M	-35.6M	-973.8M	-23.8M	3.8M	69.9M	-153.2M	109.6M	-33.5M	1.1B
Dividends paid	0	-11.3M	-24.7M	-28.9M	-7.8M	0	-48.2M	-63.6M	-62.7M	-58.2M
Share repurchases	0	-31.9M	-59.6M	-28M	-11.1M	-80.8M	-541.6M	-412.7M	-685.9M	-778.3M
Financing cash flow	-1.6B	-1.3B	-218.1M	-2.5B	-262.7M	-1.1B	-615.9M	-637.2M	-509.5M	-2B
Net change in cash	-1.9B	-953.3M	-762.6M	-2B	-108.7M	-122.8M	202.6M	334.1M	394.1M	122.2M
Free cash flow	112.2M	231.6M	273M	341.4M	114M	811M	707M	540.6M	556.7M	303.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	135.2M	92.6M	136.5M	139.8M	131.1M	170.5M	110.9M	150.4M	1.4B	138.8M	104.3M	129.9M
Depreciation & amortization	64.8M	68.2M	62.9M	65.7M	70.3M	77.7M	68.2M	70M	73.7M	90.8M	95M	91.1M
Stock-based compensation	8M	4.3M	6.9M	10.4M	7.5M	4.9M	7.6M	13.4M	8.5M	2.6M	7.7M	12.8M
Change in working capital	-3.5M	-59.2M	-40M	-28.6M	-18M	-61.5M	9.9M	-61.2M	378.1M	-393.6M	-101.6M	-32.4M
Operating cash flow	224.8M	109.7M	192.8M	227.9M	230.9M	247.2M	221.4M	209M	240M	275.3M	134.3M	-23.5M
Capital expenditure	—	—	—	—	—	—	—	—	-145.6M	-148.3M	-155.2M	-141.9M
Investing cash flow	32M	30.2M	-685K	-809K	-972K	-2.3M	-80.5M	-32.8M	-146.8M	-107.5M	-156.2M	-140.7M
Dividends paid	-16M	-15.8M	-15.5M	-16.3M	-15.7M	-15.2M	-14.7M	-14.7M	-14.5M	-14.2M	-13.8M	-15M
Share repurchases	-106.3M	-100M	-105.5M	-175.7M	-202M	-202.6M	-328M	-105M	-160M	-185.3M	-155M	-156M
Financing cash flow	-529.3M	-535.2M	-180.2M	-101.2M	-607M	-564.6M	-10.5M	-70.1M	-2.1B	-533.8M	41.4M	161.6M
Net change in cash	-272.6M	-395.3M	11.9M	125.9M	-377.1M	-319.7M	130.3M	106.1M	-2B	-366M	19.6M	-2.6M
Free cash flow	126.3M	122.3M	161.1M	98.7M	146M	150.9M	86.5M	80.6M	94.4M	42M	-20.8M	-165.5M

Boyd Gaming Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement