MARKETS / NYSE / Consumer discretionary / Hotels and lodging / BYD

NYSE · HOTELS & MOTELS · LARGE CAP

Boyd Gaming Corp. BYD

17 fiscal years on record · USD · FY2025 reported · SEC filings only

3 YEARS OF DIVIDEND GROWTH

Revenue

$4.1B

▲ 4.1% YoY

Net income

$1.8B

▲ 218.9% YoY

Free cash flow

$388.5M

▼ 30.2% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Headquartered in Las Vegas, it operates 27 gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania, and Virginia. As of December 31, 2025, it had 16,009 employees, including 15,170 at its properties and 839 in its corporate function. The company aggregates its operations into four reportable segments: Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online. Its Las Vegas Locals segment consists of seven operating casinos and one closed casino that primarily serve the resident population in the Las Vegas metropolitan area. Its Downtown Las Vegas properties target customers from Hawaii. Its Midwest & South properties consist of six land-based casinos, five dockside riverboat casinos, three racinos, and three barge-based casinos that operate in ten states predominantly in the midwest and southern United States. Boyd Gaming was founded in 1975 and incorporated in Nevada in June 1988.

Written from the business description in BOYD GAMING CORP's annual report to the U.S. Securities and Exchange Commission, filed 20 February 2026. Every sentence was checked against that document before publication.

Growth

USD 4.1B

Revenue, FY2025 · full 17-year series below

Revenue $B Net income $B

FY2025 · Revenue 4.1 · Net income 1.8

1.5B3.0B-0.4B-0.8B

2009201220152018202120242025

Compound annual growth

Revenue

+4.8%

+13.4%

+6.4%

+4.4%

Net income

+42.3%

+44.3%

+41.3%

EPS, diluted

+56.6%

+48.9%

+41.8%

Dividend / share

+6.3%

Returned to shareholders

+12.4%

+113.3%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +13.4% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

45 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 18.3% · Net 44.9%

20%40%-10%-20%-30%

200920172025

ROE

FY2025 · ROE 88.0%

50%-50%-100%

200920172025

Three returns, three denominators.

Return on equity88.0%

Return on assets28.4%

Return on capital employed13.2%

Gross margin·

Operating margin18.3%

Net margin44.9%

EBITDAUSD 1.1B

Each USD of equity produced 88 cents of profit this year.

Cash & shareholders

USD 836.5M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 388.5

300M600M

200920172025

Net buybacks $M Dividends $M

FY2025 · Dividends 58.2 · Net buybacks 778.3

300M600MDividendsNet buybacks

20092011201620182020202220242025

Dividends paidUSD 58.2M

Net buybacksUSD 778.3M

Share of profit45.4%

Consecutive raises3 years

USD 58.2M in dividends and USD 778.3M in buybacks — 45% of the year's profit went back to shareholders.

Total assetsUSD 6.6B

EquityUSD 2.6B

CashUSD 353.4M

Gross debtUSD 2.0B

Net debtUSD 1.7B

Current ratio0.54×

Net debt stands at 65% of equity.

The 17-year record

17 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative—not applicable◌not available in our data

BYD, 17-year financial record
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue $B	4.1	3.9	3.7	3.6	3.4	2.2	3.3	2.6	2.4	2.2	2.2	2.1	2.9	2.5	2.3	2.1	1.6
Operating income $B	0.7	0.9	0.9	1.0	0.9	0.0	0.5	0.4	0.3	0.3	0.3	0.2	0.3	−0.9	0.2	0.2	0.2
EBITDA $B	1.1	1.2	1.2	1.2	1.2	0.3	0.7	0.6	0.6	0.4	0.5	0.3	0.5	−0.7	0.4	0.4	◌
Income tax $B	0.5	0.2	0.1	0.2	0.1	−0.0	0.0	0.0	0.0	−0.2	−0.0	−0.0	0.0	−0.2	0.0	0.0	0.0
Net income $B	1.8	0.6	0.6	0.6	0.5	−0.1	0.2	0.1	0.2	0.4	0.0	−0.1	−0.1	−0.9	−0.0	0.0	0.0
Free cash flow $B	0.4	0.6	0.5	0.7	0.8	0.1	0.3	0.3	0.2	0.1	0.2	0.2	0.1	0.0	0.2	0.2	0.1
EPS, diluted $	22.56	6.19	6.12	5.87	4.07	−1.19	1.38	1.00	1.64	3.65	0.42	−0.48	−0.83	−10.37	−0.04	0.12	0.05
Dividend / sh $	0.72	0.68	0.64	0.60	◌	◌	0.27	0.23	0.15	0.00	0.00	0.00	0.00	0.00	0.00	◌	◌
Payout %	3	11	10	8	0	−6	18	21	6	0	0	—	—	—	—	—	—
ROE %	88.0	34.8	37.2	40.9	34.8	−11.3	13.1	10.3	18.7	58.4	10.0	−11.7	−20.7	−120.7	−0.3	0.9	◌
Shares out B	0.08	0.09	0.10	0.10	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.09	0.09	0.09	◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Other companies filing in the same sector

AMZN · WMT · COST · HD · TGT · DIS

Provenance

Company facts, as filed

How we verify · 0 failures in 66 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures

ActivityHotels & Motels

Listed onNYSE

Incorporated inNevada

Fiscal year endsDecember 31

Data on record since2009

Boyd Gaming Corp. BYD

What this company does

Growth↗ Share

Profitability↗ Share

Cash & shareholders↗ Share

The 17-year record

Other companies filing in the same sector

Company facts, as filed

Growth

Profitability

Cash & shareholders