Boyd Gaming Corporation has reported its financial results for the fourth quarter and full year ended 31 December 2025, showing year-on-year revenue growth across the business and continued expansion of its online casino and igaming segment.
For the fourth quarter of 2025, Boyd Gaming generated revenues of $1.1bn, up from $1.0bn in the corresponding period of 2024. Net income for the quarter was $140.4m, or $1.79 per share, compared with $170.5m, or $1.92 per share, a year earlier. Total adjusted EBITDAR for the quarter amounted to $336.6m, down from $379.3m in Q4 2024, while adjusted earnings were $173.5m, or $2.21 per share, broadly in line with the prior-year period.
For the full year 2025, Boyd Gaming reported revenues of $4.1bn, an increase from $3.9bn in 2024. Net income for the year totalled $1.8bn, or $22.56 per share, compared with $578.0m, or $6.19 per share, in 2024. The company noted that full-year net income was significantly influenced by a $1.4bn after-tax gain related to the sale of its equity interest in FanDuel, as well as $128.4m in non-cash, pre-tax long-lived asset impairment charges. Total adjusted EBITDAR for the full year was $1.4bn, consistent with 2024, while adjusted earnings were $604.6m, or $7.40 per share, compared with $611.3m, or $6.55 per share, in the prior year.
Within operations, Boyd Gaming reported that its Las Vegas Locals segment recorded continued growth in gaming revenues, driven by strong play from core customers, although destination-oriented business remained softer. Downtown Las Vegas performance reflected stable play from Hawaiian guests alongside reduced destination visitation. In the Midwest & South segment, properties continued to benefit from solid core customer play, while year-on-year comparisons were affected by severe winter weather in December 2025.
The company’s Online segment, which includes its igaming activities, recorded growth during the quarter, supported by expansion in online casino gaming. Results were also influenced by changes to revenue-sharing agreements following the FanDuel transaction in the third quarter of 2025, as well as one-time fees recorded in the year-ago quarter. Boyd Gaming said growth in its Managed & Other segment was driven by higher management fees from Sky River Casino in northern California.
Boyd Gaming paid a quarterly cash dividend of $0.18 per share on 15 January 2026 and repurchased $185m of common stock during the fourth quarter as part of its ongoing share buyback programme. As of 31 December 2025, the company reported cash on hand of $353.4m and total debt of $2.1bn, with approximately $362m remaining under existing share repurchase authorisations.
The results highlight the continued contribution of igaming and online casino operations to Boyd Gaming’s overall performance, alongside its established land-based casino portfolio, as the group maintains a mixed retail and digital operating model in regulated US markets.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “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. For the full year, we achieved record revenues while maintaining strong property-level margins. These results were driven by strength in play from our core customers and our focus on operational discipline. We further enhanced our customer offerings and the growth potential of our portfolio through our ongoing capital investments, including our progress toward the completion of our $750 million resort in Virginia. We also unlocked the substantial value of our equity ownership in FanDuel, utilizing nearly $1.8 billion in gross proceeds to further fortify our balance sheet. And we continued to return significant capital to our shareholders, with more than $800 million in share repurchases and dividends in 2025. Looking ahead, we are optimistic about 2026, as we expect to benefit from continued strength in play from our core customers, returns from our ongoing capital investments, and the financial strength created by our diversified free cash flow and strong balance sheet.”
