Boyd Gaming Corporation reported higher revenue for both the fourth quarter and full year 2025, while a major asset sale delivered a sharp boost to annual net income, the company said Thursday.
For the three months ended December 31, Boyd, which operates casinos and resorts across the United States, generated $1.1 billion in revenue. That was up from roughly $1 billion in the same period a year earlier. Net income for the quarter, however, declined to $140.4 million, or $1.79 per share, from $170.5 million, or $1.92 per share, in the fourth quarter of 2024. Adjusted earnings totaled $173.5 million, or $2.21 per share, essentially flat with last year.
“Our company delivered another successful performance in 2025 as we continued to position ourselves for growth and to deliver long-term value for our shareholders,” Boyd President and Chief Executive Officer Keith Smith said in a statement. He credited the results to strong play from core customers and disciplined operations across the portfolio.
Full-year gains driven by equity sale
For the full year 2025, Boyd reported revenue of $4.1 billion, up from $3.9 billion in 2024. Net income surged to $1.8 billion, or $22.56 per share, compared with $578.0 million, or $6.19 per share, a year earlier. The jump in annual profit was largely the result of a $1.4 billion after-tax gain tied to the sale of the company’s equity interest in sports betting and online gaming operator FanDuel.
Adjusted EBITDAR, a key profitability metric in the gaming industry, totaled $1.4 billion for the year, essentially unchanged from 2024. Adjusted earnings came in at $604.6 million, or $7.40 per share, slightly below the prior year’s $611.3 million, or $6.55 per share.
Smith said the results reflected continued strength among Boyd’s core customer segments and ongoing investment in long-term growth opportunities, including capital improvement projects across the portfolio. During the year, the company returned more than $800 million to shareholders through a combination of share repurchases and dividends.
Operating performance in the fourth quarter varied by segment. In Las Vegas Locals markets, gaming revenue increased on solid play from regular customers. The Downtown Las Vegas segment produced stable results, though destination-oriented business softened. Properties in the Midwest and South benefited from steady core customer demand but experienced some pressure tied to severe winter weather conditions.
Boyd’s online gaming operations also posted growth during the quarter, though results were affected by changes to revenue-sharing arrangements following the FanDuel transaction.
At the end of the year, Boyd reported $353.4 million in cash on hand and total debt of about $2.1 billion. The company said it planned to host a conference call Thursday evening to review the results with analysts and investors.
Featured image: Boyd Gaming / FanDuel
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