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Boyd Gaming (BYD) investor relations material
Boyd Gaming Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Third quarter 2025 revenue exceeded $1 billion, with EBITDA/Adjusted EBITDAR at $321.8 million, and company-wide margins consistent with the prior year at 37%.
Net income surged to $1.4 billion ($17.81 per share) in Q3 2025, primarily due to a $1.4 billion after-tax gain from the sale of a 5% FanDuel equity interest.
Growth in play from core and retail customers drove healthy gaming revenue across all property segments, offsetting weakness in destination business.
Capital investments in property enhancements and expansions are delivering strong returns and supporting long-term growth.
Substantial free cash flow and a strong balance sheet enabled $175 million returned to shareholders in Q3 2025, with $637 million returned year-to-date.
Financial highlights
Q3 2025 revenues reached $1,004.4 million, up 4.5% year-over-year; Adjusted EBITDAR was $321.8 million, down from $336.6 million year-over-year.
Net income for Q3 2025 was $1,438.8 million, up from $131.1 million prior year, driven by the FanDuel sale.
Midwest and South segment revenues rose 3% to $539 million, with EBITDA up over 2% to $202 million; operating margins exceeded 37%.
Las Vegas Locals segment posted $211 million in revenue and $92 million in EBITDA; margins at 47%.
Q3 2025 EPS was $17.81 basic and diluted, compared to $1.43 prior year.
Outlook and guidance
Customer trends from Q3 have continued into October, with improving play from both core and retail customers.
Online segment EBITDA guidance raised to $60 million for 2025; $30 million expected in 2026.
Capital expenditures for 2025 estimated at $600 million, with $440 million spent year-to-date.
Sufficient liquidity projected for the next twelve months, supported by cash, operating cash flow, and credit facility availability.
Share repurchases to continue at $150 million per quarter, supplemented by recurring dividends.
Las Vegas destination business trends?
Capital allocation priorities post-FanDuel gain?
Drivers of Midwest & South segment outperformance?
What's driving destination business weakness?
Growth capital project return expectations
Optimal long-term leverage target?
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Next Boyd Gaming earnings date
Q4 20255 Feb, 2026
Next Boyd Gaming earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
Boyd Gaming Corporation operates as a multi-jurisdictional gaming company. It owns and operates various hotel and casino properties across the United States, including Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nevada, New Jersey, Ohio and Pennsylvania. Its facilities include restaurants; slot machines; table games; race and sports books; keno; poker rooms; lounges; bars; entertainment shows; food courts and retail outlets. The company also develops video lottery terminals (VLTs), which are slot machines that are located in certain racetracks. In addition it engages in direct marketing programs that target its customers throughout their Las Vegas communities.
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