Boyd Gaming Corp

Boyd Gaming closed out 2025 with a fourth quarter that decisively beat Wall Street's expectations, reporting adjusted earnings of $2.21 per share against a consensus estimate of $1.94, a 14.18% beat, while revenue of $1.06 billion topped estimates by 4.13% and grew 2.0% year over year. The outperformance was anchored by resilient core customer play across the company's diversified portfolio, with its Midwest and South segment, the largest by revenue, delivering solid underlying results despite a December headwind from severe winter weather. On a GAAP basis, net income declined to $140.40 million from $170.51 million a year ago, weighed down by $31.00 million in asset impairment charges and elevated project development costs, though aggressive share repurchases, including $185.00 million in buybacks during Q4 alone, helped lift per-share figures. Management struck an optimistic tone heading into 2026, pointing to continued core customer strength and the long-term earnings potential of its $750.00 million Virginia resort currently under construction, with the temporary gaming hall at that site expected to roughly break even in the interim.