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Boyd Gaming (BYD) Q3 2025 Earnings
Reported Oct 23, 2025 at 4:06 PM ET · SEC Source
Q3 25 EPS
$1.72
BEAT +5.83%
Est. $1.63
Q3 25 Revenue
$1.00B
BEAT +14.77%
Est. $875.1M
vs S&P Since Q3 25
-4.2%
TRAILING MARKET
BYD +5.8% vs S&P +9.9%
Market Reaction
Did BYD Beat Earnings? Q3 2025 Results
Boyd Gaming delivered a strong third-quarter 2025 beat on both the top and bottom lines, with adjusted earnings per share of $1.72 clearing the $1.63 consensus by 5.83% and total revenues of $1.00 billion running 14.77% ahead of the $875.11 million e… Read more Boyd Gaming delivered a strong third-quarter 2025 beat on both the top and bottom lines, with adjusted earnings per share of $1.72 clearing the $1.63 consensus by 5.83% and total revenues of $1.00 billion running 14.77% ahead of the $875.11 million estimate, up 4.5% from a year ago. The headline story, however, was a $1.40 billion after-tax gain from the company's sale of its equity interest in FanDuel, which vaulted GAAP net income to $1.44 billion, or $17.81 per diluted share, compared to $131.13 million, or $1.43 per share, in the year-ago period. Beneath that one-time item, the underlying business held steady, with adjusted earnings of $139.14 million essentially matching last year's $139.28 million while per-share figures improved meaningfully thanks to aggressive buyback activity, including $160.00 million in repurchases during the quarter alone. The Midwest and South segment was a particular bright spot, posting its best third-quarter revenue and Adjusted EBITDAR performance in three years on broad-based customer growth. Management signaled continued confidence in long-term shareholder value creation, with roughly $547.00 million remaining under the current buyback authorization.
Key Takeaways
- • Year-over-year growth in play from core customers
- • Improving trends in play from retail customers
- • Efficient operations and ongoing capital investment program
- • Healthy growth in gaming revenues across all three property operating segments
- • Midwest & South segment delivered best Q3 revenue and Adjusted EBITDAR in three years
- • Online casino gaming business growth
- • Strong performance of Sky River Casino in northern California
- • Hawaiian market segments drove gaming revenue growth in Downtown Las Vegas
BYD YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
BYD Revenue by Segment
With YoY comparisons, source: SEC Filings
“During the third quarter, our Company continued to achieve revenue and Adjusted EBITDAR growth after adjusting for our recent FanDuel transaction. These results were driven by year-over-year growth in play from our core customers, improving trends in play from our retail customers, our efficient operations, and our ongoing capital investment program. As a result, we saw healthy growth in gaming revenues across all three property operating segments during the quarter.”
— Keith Smith, Q3 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% |