Boyd Gaming Company reported larger income for each the fourth quarter and full 12 months 2025, whereas a significant asset sale delivered a pointy increase to annual internet earnings, the corporate mentioned Thursday.
For the three months ended December 31, Boyd, which operates casinos and resorts throughout the US, generated $1.1 billion in income. That was up from roughly $1 billion in the same period a year earlier. Web earnings for the quarter, nonetheless, declined to $140.4 million, or $1.79 per share, from $170.5 million, or $1.92 per share, within the fourth quarter of 2024. Adjusted earnings totaled $173.5 million, or $2.21 per share, primarily flat with final 12 months.
“Our firm delivered one other profitable efficiency in 2025 as we continued to place ourselves for development and to ship long-term worth for our shareholders,” Boyd President and Chief Govt Officer Keith Smith mentioned in a statement. He credited the outcomes to robust play from core clients and disciplined operations throughout the portfolio.
Full-year features pushed by fairness sale
For the total 12 months 2025, Boyd reported income of $4.1 billion, up from $3.9 billion in 2024. Web earnings surged to $1.8 billion, or $22.56 per share, in contrast with $578.0 million, or $6.19 per share, a 12 months earlier. The leap in annual revenue was largely the results of a $1.4 billion after-tax achieve tied to the sale of the corporate’s fairness curiosity in sports activities betting and online gaming operator FanDuel.
Adjusted EBITDAR, a key profitability metric within the gaming trade, totaled $1.4 billion for the 12 months, primarily unchanged from 2024. Adjusted earnings got here in at $604.6 million, or $7.40 per share, barely under the prior 12 months’s $611.3 million, or $6.55 per share.
Smith mentioned the outcomes mirrored continued energy amongst Boyd’s core buyer segments and ongoing funding in long-term development alternatives, together with capital enchancment initiatives throughout the portfolio. Throughout the 12 months, the corporate returned greater than $800 million to shareholders by a mix of share repurchases and dividends.
Working efficiency within the fourth quarter different by section. In Las Vegas Locals markets, gaming income elevated on stable play from common clients. The Downtown Las Vegas section produced secure outcomes, although destination-oriented enterprise softened. Properties within the Midwest and South benefited from regular core buyer demand however skilled some stress tied to extreme winter climate situations.
Boyd’s on-line gaming operations additionally posted development throughout the quarter, although outcomes have been affected by adjustments to revenue-sharing preparations following the FanDuel transaction.
On the finish of the 12 months, Boyd reported $353.4 million in money readily available and complete debt of about $2.1 billion. The corporate mentioned it deliberate to host a convention name Thursday night to evaluation the outcomes with analysts and buyers.
Featured picture: Boyd Gaming / FanDuel
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