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Boyd Gaming (BYD) Q2 2025 Earnings
Reported Jul 24, 2025 at 4:07 PM ET · SEC Source
Q2 25 EPS
$1.87
BEAT +14.82%
Est. $1.63
Q2 25 Revenue
$1.03B
BEAT +6.08%
Est. $974.7M
vs S&P Since Q2 25
-11.8%
TRAILING MARKET
BYD +5.5% vs S&P +17.2%
Market Reaction
Did BYD Beat Earnings? Q2 2025 Results
Boyd Gaming posted a convincingly strong second quarter of 2025, with adjusted earnings of $1.87 per diluted share clearing the $1.63 consensus estimate by 14.82% and revenue of $1.03 billion beating expectations by 6.08% while climbing 6.9% from a y… Read more Boyd Gaming posted a convincingly strong second quarter of 2025, with adjusted earnings of $1.87 per diluted share clearing the $1.63 consensus estimate by 14.82% and revenue of $1.03 billion beating expectations by 6.08% while climbing 6.9% from a year ago. The headline driver was broad-based property-level strength, highlighted by the Las Vegas Locals segment delivering its sharpest quarterly revenue growth in over two years, reaching $229.09 million, while the Online segment surged to $173.05 million from $129.93 million as the company's casino gaming business gained momentum. Total Adjusted EBITDAR rose to $357.96 million from $344.19 million, with property-level margins again holding above 40%. Adding further financial firepower to the quarter's story, Boyd completed the sale of its 5% equity stake in FanDuel to Flutter for $1.75 billion, with proceeds earmarked for debt reduction and shareholder returns, including a freshly expanded $500 million share repurchase authorization that brings the remaining buyback capacity to approximately $707 million.
Key Takeaways
- • Continued strength in play from core customers
- • Improvements in retail play
- • Strongest quarterly growth in Las Vegas Locals segment in over two years
- • Strong results at Treasure Chest Casino in Midwest & South segment
- • Growth in online casino gaming business
- • Continued growth in management fees from Sky River Casino
- • Property-level margins exceeding 40%
BYD YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
BYD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our Company delivered a strong performance in the second quarter, with broad-based growth across our operating segments, including our Online and Managed segments. We achieved our strongest property-level revenue and Adjusted EBITDAR growth in more than three years, with property-level margins once again exceeding 40%. This growth was supported by continued strength in play from our core customers, as well as improvements in retail play. Looking ahead, the recently announced transaction to sell our equity stake in FanDuel will further strengthen the Company's financial position as we continue to invest in our properties, pursue growth opportunities, return capital to shareholders and maintain a strong balance sheet – a strategy that continues to drive long-term shareholder value.”
— Keith Smith, Q2 2025 Earnings Press Release
BYD Earnings Trends
BYD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BYD EPS Trend
Earnings per share: estimate vs actual
BYD Revenue Trend
Quarterly revenue: estimate vs actual
BYD Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $1.72 | $1.60 | -6.77% | $997.4M | -0.46% |
| Q4 25 BEAT FY | $1.94 | $2.21 | +14.18% | $1.06B | +4.13% |
| FY Full Year | — | $7.40 | — | $4.09B | — |
| Q3 25 BEAT | $1.63 | $1.72 | +5.83% | $1.00B | +14.77% |
| Q2 25 BEAT | $1.63 | $1.87 | +14.82% | $1.03B | +6.08% |