Saturday 31 October 2026 Export BYD’s income statement to Excel — free account

Boyd Gaming Corporation

Boyd Gaming Corporation’s revenue for fiscal 2025 (year ended December 2025) was $4.1 billion, up 4.12% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 4.89%, free cash flow fell 235.6% and total debt fell 26.7%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five.

72.86 0.43 +0.59%

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Market cap: $5.1B
P/E: 3.2×
Fwd P/E: 10.7×
Dividend yield: 1.07%
F-score: 6/9
Altman Z: 2.53
Beneish M: −2.08
Dividend safety: 70/100

Overview Business Profile Financial Analysis

Insider Decisions trades per month

Total sells 26.43

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	—	3	—	—	2	2	1	1	—	—

Insider Ownership 34.05%

Capital & Financial Ratios $m

Market Cap 5,120.00

Revenue 4,098.17

Net Income 1,811.88

Free Cash Flow 35.06

Net Debt 2,284.96

Current Ratio 0.77

Debt/Equity 1.05

P/E ratio 3.21

Fwd P/E 10.70

P/S ratio 1.33

P/B ratio 2.18

Past 5Y EPS Growth —

This Y EPS Growth (3.72%)

Next Y EPS Growth 8.28%

Next Y revenue growth (0.34%)

Next 5Y EPS Growth 5.96%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 1.21%

10-year low 10-year high

P/S against its own 10 years 35.18%

10-year low 10-year high

P/B against its own 10 years 4.59%

10-year low 10-year high

EV/Sales against its own 10 years 3.75%

10-year low 10-year high

EV/FCF against its own 10 years 97.86%

10-year low 10-year high

Dividends

Payout Ratio 0.03

Annual Dividend Rate 0.78

Annual Dividend Yield 1.07%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.78	0.20 0.20 0.20
2025	0.72	0.18 0.18 0.18 0.18
2024	0.68	0.17 0.17 0.17 0.17
2023	0.64	0.16 0.16 0.16 0.16
2022	0.74	0.15 0.14 0.15 0.15 0.15
2021	Powerpack
2020	Powerpack
2019	0.27	0.06 0.07 0.07 0.07
2018	0.23	0.05 0.06 0.06 0.06
2017	0.15	0.05 0.05 0.05

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	308	321	359	329
Receivables	141	162	106	79
Inventory	21	21	20	19
Other	—	—	—	—
	529	562	531	482

	2023	2024	2025	Q'26
Payables	125	131	151	144
ST’ Debt	44	44	—	—
Other	—	—	—	—
	596	623	979	623

Compound Annual Growth %

	10y	5y	3y
Sales	6.41%	13.44%	4.80%
Cash Flow	11.61%	27.57%	0.02%
Earnings	44.26%	0.00%	42.32%
Book Value	17.77%	18.33%	17.92%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.65 Actual 1.67

1.51 1.71 1.91 2.10 2.30

Q4 FY25 Beat +0.33

Q1 FY26 Miss −0.16

Q2 FY26 Beat +0.07

Q3 FY26 Beat +0.02

Q4 FY26 — Feb 4

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q4 FY25	1.88	2.21	Beat by 0.33
Q1 FY26	1.76	1.60	Miss by 0.16
Q2 FY26	1.86	1.93	Beat by 0.07
Q3 FY26	1.65	1.67	Beat by 0.02
Q4 FY26	2.01	—	Reports 4 February 2027

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.37	1.75	—	—	—
’25	1.31	1.84	17.81	1.79	22.56
’24	1.40	1.47	1.43	1.92	6.19
’23	1.93	1.89	1.34	0.94	6.12
’22	1.45	1.33	1.46	1.63	5.86
’21	0.90	1.00	1.21	0.96	4.07
’20	(1.30)	(0.96)	0.33	0.73	(1.19)

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	997	1,034	—	—	—
’25	992	1,034	1,004	1,062	4,092
’24	961	968	961	1,041	3,930
’23	964	917	903	954	3,738
’22	861	894	877	923	3,555
’21	753	894	843	880	3,370
’20	681	210	652	636	2,178

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	134	(24)	—	—	—
’25	256	205	240	275	977
’24	251	213	231	262	957
’23	282	181	234	217	915
’22	234	223	272	248	976
’21	217	283	278	233	1,010
’20	24	(76)	177	165	289

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(21)	(165)	—	—	—
’25	45	122	94	127	303
’24	161	99	146	151	557
’23	186	106	126	122	541
’22	207	172	197	131	707
’21	181	222	236	172	811
’20	(24)	(104)	148	95	114

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	14.22	19.19	18.98	20.12	6.44	41.12	46.10	52.42	49.34	58.94		+17.1%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	21.58	35.96	40.44	31.80	43.81	71.00	72.72	73.00	76.73	88.49		+17.0%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	19,932	19,707	23,477	1,858	14,284	15,114	15,771	16,129	16,129	16,009		(2.4%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.11	0.12	0.11	1.79	0.15	0.22	0.23	0.23	0.24	0.26		+9.8%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	2,199	2,401	2,627	3,326	2,178	3,370	3,555	3,738	3,930	4,092		+7.1%	4,078	4,154	4,389	+2.4%
	Gross margin, %	46.03	47.35	47.79	47.80	52.39	57.49	55.98	53.99	52.16	49.54		+3.5 pt	Powerpack Boyd Gaming Corporation’s next three years, line by line Analysts expect revenue to grow 2.4% a year to 2028 — slower than the 7.1% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	8	171	155	202	(171)	604	829	753	752	2,330		+88.5%
	EBT margin, %	0.35	7.13	5.90	6.08	(7.85)	17.92	23.31	20.14	19.13	56.93		+56.6 pt
	Net income	420	189	115	158	(135)	464	639	620	578	1,839		+17.8%
	Depreciation	211	227	239	286	349	279	267	265	284	310		+4.4%
Per share, $
Per share, $	Revenue	19.21	20.88	22.96	29.31	19.19	29.59	32.65	36.90	42.12	50.08		+11.2%
	Earnings	3.65	1.65	1.01	1.39	(1.19)	4.07	5.87	6.12	6.19	22.56		+22.4%
	Cash flow	2.62	3.68	3.80	4.84	2.55	8.87	8.96	9.03	10.26	11.95		+18.4%
	Capex	(1.40)	(1.67)	(1.41)	(1.83)	(1.54)	(1.75)	(2.47)	(3.69)	(4.29)	(8.24)		+21.8%
	Free cash flow	1.22	2.01	2.39	3.01	1.00	7.12	6.49	5.34	5.97	3.71		+13.1%
	Book value	8.16	9.54	10.02	11.15	9.90	13.51	14.61	17.21	16.95	31.92		+16.4%
	Shares, m	115	115	114	113	114	114	109	101	93	82		(3.7%)
Valuation, ×
Valuation, ×	P/E	5.59	20.90	20.57	21.54	0.00	16.11	9.25	10.46	11.66	3.75		12.0
	P/S	1.06	1.65	0.91	1.02	2.24	2.22	1.67	1.73	1.72	1.70		1.6
	P/B	2.50	3.61	2.07	2.69	4.33	4.85	3.72	3.71	4.28	2.67		3.4
	EV/Sales	2.44	2.84	2.32	2.07	3.78	3.01	2.44	2.43	2.45	2.12		2.6
	EV/FCF	38.26	29.50	22.28	20.19	72.23	12.50	12.27	16.79	17.29	22.38		26.4
Cash, $m
Cash, $m	Operating cash flow	300	423	435	549	289	1,010	976	915	957	977		+14.0%
	Capex	(160)	(192)	(162)	(208)	(175)	(199)	(269)	(374)	(400)	(673)		+17.3%
	Free cash flow	140	231	273	341	114	811	707	541	557	303		+9.0%
Balance, $m
Balance, $m	Working capital	(58)	(57)	(70)	(157)	126	(49)	(108)	(67)	(61)	(448)		+25.6%
	Total debt	3,229	3,076	3,979	3,766	3,897	3,032	3,049	2,915	3,177	2,046		(4.9%)
	Net debt	3,019	2,849	3,706	3,495	3,362	2,674	2,754	2,608	2,855	1,687		(6.3%)
	Shareholders’ equity	934	1,097	1,146	1,265	1,124	1,539	1,591	1,744	1,582	2,608		+12.1%
Returns, %
Returns, %	ROA	9.32	4.05	2.20	2.54	(2.04)	7.26	10.20	9.85	9.13	28.43		+19.1 pt
	ROIC	4.12	5.45	4.58	6.20	0.20	13.35	14.11	12.95	13.07	10.89		+6.8 pt
	ROE	58.28	18.65	10.26	13.08	(11.28)	34.84	40.86	37.19	34.76	88.00		+29.7 pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
WYNN Wynn Resorts, Limited	$7.6B	17.1×	16.9×	+6.86% (above 0%: growing)	+114.06% (above 0%: growing)	+41.56% (above 0%: growing)	40.87%	16.03%	Compare
MGM MGM Resorts International	$7.3B	17.8×	11.8×	+1.05% (above 0%: growing)	+522.22% (above 0%: growing)	+118.40% (above 0%: growing)	44.47%	11.32%	Compare
CZR Caesars Entertainment, Inc.	$5.9B	— (loss-making)	— (loss-making)	+2.96% (above 0%: growing)	n/m	+29.79% (above 0%: growing)	53.26%	17.14%	Compare
MTN Vail Resorts, Inc.	$5.5B	39.2×	26.2×	+2.50% (above 0%: growing)	n/m	+29.42% (above 0%: growing)	(8.85%)	(75.09%)	Compare
RRR Red Rock Resorts, Inc.	$5.2B	16.9×	23.9×	−3.04% (below 0%: shrinking)	−29.17% (below 0%: shrinking)	−76.90% (below 0%: shrinking)	61.83%	26.65%	Compare
BYD Boyd Gaming Corporation	$5.1B	3.2×	10.7×	+0.04% (above 0%: growing)	−4.89% (below 0%: shrinking)	−235.57% (below 0%: shrinking)	50.29%	19.40%
VAC Marriott Vacations Worldwide Corporation	$4.0B	— (loss-making)	14.5×	+5.94% (above 0%: growing)	+11.62% (above 0%: growing)	+123.53% (above 0%: growing)	90.83%	12.20%	Compare
HGV Hilton Grand Vacations Inc.	$2.8B	21.5×	12.0×	+7.27% (above 0%: growing)	−42.31% (below 0%: shrinking)	+318.52% (above 0%: growing)	36.75%	6.70%	Compare
PENN PENN Entertainment, Inc.	$2.1B	— (loss-making)	15.1×	+5.24% (above 0%: growing)	n/m	+9,546.15% (above 0%: growing)	37.18%	7.09%	Compare
Median of peers	$5.3B	17.8×	15.1×	+4.10%	+11.62%	+79.98%	42.67%	11.76%

All 17 Resorts & Casinos stocks →

Pay and ownership Proxy statement filed 20 March 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	14.70m	18.12m	206.98
2024	11.50m	14.44m	174.52
2023	11.41m	14.80m	148.99
2022	10.37m	7.12m	128.47
2021	14.74m	25.39m	152.77

Ownership

Directors and executive officers, together 22.82%

Marianne Boyd Johnson 17.87%

The Vanguard Group. 9.87%

BlackRock, Inc. 8.92%

William S. Boyd 8.34%

Cohen & Steers, Inc. 5.46%

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement