Companies /Consumer Cyclical

Boyd Gaming Corp

NYSE: BYD Resorts & Casinos
$76.40
▼ $1.19 (−1.53%) today
Markets closed · 4:59pm ET

Q2 2025 Earnings

Reported Jul 24, 2025, 4:07pm ET · SEC source
$1.87
Beat +14.82%
EPS · est. $1.63
$1.0B
Beat +6.08%
Revenue · est. $974.7M
−0.3%
Trailing market
BYD vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0+2%Jul 24Jul 25report 4:07pm ETearnings+0.4%+0.9%
−2%0+2%Jul 24Jul 25earnings+0.4%+0.9%
BYD +0.9%S&P 500 +0.4%
−2%0+2%Jul 24Jul 25report 4:07pm ETearnings+0.2%+0.9%
−2%0+2%Jul 24Jul 25earnings+0.2%+0.9%
BYD +0.9%NASDAQ +0.2%
−2%0+2%+4%Jul 23Aug 1report 4:07pm ETearnings−2.1%+0.1%
−2%0+2%+4%Jul 23Aug 1earnings−2.1%+0.1%
BYD +0.1%S&P 500 −2.1%
−2%0+2%+4%Jul 23Aug 1report 4:07pm ETearnings−2.1%+0.1%
−2%0+2%+4%Jul 23Aug 1earnings−2.1%+0.1%
BYD +0.1%NASDAQ −2.1%
+4.40%
Day of report
+0.49%
Next session
−2.66%
One week
+1.01%
30 days

S&P 500 over the same 30 days: +1.27%.

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 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%

“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.”

Boyd Gaming CEO, on the earnings call

Forward Guidance & Outlook

Management indicated that the recently announced sale of the company's equity stake in FanDuel will further strengthen the company's financial position, enabling continued investment in properties, pursuit of growth opportunities, return of capital to shareholders, and maintenance of a strong balance sheet.

BYD YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$300.0M$600.0M$900.0M$967.5M$1.0BRevenue$227.1M$242.4MOperating Income$139.9M$151.5MNet Income
$0$300.0M$600.0M$900.0MRevenueOperating IncomeNet Income

BYD Revenue by Segment

Midwest & South$540.1M
Las Vegas Locals$229.1M
Online$173.1M
Downtown Las Vegas$55.3M
Managed & Other$36.5M

Figures from SEC filings and company reports. Not investment advice.