MARKETS / NYSE / 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

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

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 five years.

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%

ROE

FY2025 · ROE 88.0%

Gross margin—

Operating margin18.3%

Net margin44.9%

Return on assets28.4%

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

Net buybacks $M Dividends $M

FY2025 · Dividends 58.2 · Net buybacks 778.3

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

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 · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 66 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 10 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityHotels & Motels

Listed onNYSE

Incorporated inNevada

Fiscal year endsDecember 31

Data on record since2009