BYD Research | Milton Maxwell

BYD

Boyd Gaming Corporation

85.01

-0.10-0.12%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q4 '25)

No earnings call transcript available yet

Last Quarter (Q3 '25)

FY Q3 '25

Q&A isolates Orleans weakness, affirms trends

10/22/25Oct 22, 2025

Q&A pinned Vegas destination weakness squarely on Orleans, isolating it from strong core locals play while noting 90-day bookings have improved versus three months ago. Management disclosed 15-20% cash-on-cash return targets for growth capex like Cadence Crossing and Ameristar expansions. Competitors ramped promotions in Midwest/South, yet Boyd held margins steady through discipline. Post-FanDuel leverage sits at 1.5x, sparking thoughtful capital deployment talks. Retail trends sharpened: rising frequency, spend in low-rated, plus unrated gains. Orleans drags locals. Overall, answers reaffirmed scripted strength with added color on execution risks.

Key Stats

Market Cap

6.82B

P/E (TTM)

3.78

Basic EPS (TTM)

22.47

Dividend Yield

0.01%

Recent Filings

8-K

Boyd refinances $2.65B credit facility

1/21/26Jan 21, 2026

Boyd Gaming closed an amended and restated credit agreement on January 21, 2026, refinancing its prior facility with a $1,450M revolving line and $1,200M Term A delayed draw—both maturing in five years. SOFR-based rates carry margins of 1.25%-2.25%; accordion allows up to $1,250M+ more. Refinancing bolsters liquidity. New covenants bind.

8-K

Buys $465M tax credits

12/29/25Dec 29, 2025

Boyd Gaming entered purchase agreements in December 2025 to buy up to $465 million in renewable energy investment tax credits at a discount, slashing its 2025 federal tax bill. Indemnities cover invalid credits; transfers must close by September 15, 2026, or deals terminate. Smart tax play.

8-K

Boyd declares $0.18 dividend

12/4/25Dec 4, 2025

Boyd Gaming's board declared a $0.18 per share cash dividend on December 4, 2025, payable January 15, 2026, to shareholders of record December 15. This signals steady cash flow commitment. Dividend declared.

10-Q

Q3 FY2025 results

10/31/25Oct 31, 2025

Boyd Gaming posted Q3 revenues of $1,004.4M, up 4.5% y/y, driven by 2.6% gaming growth and $35.5M higher online reimbursements, yet operating income fell 36.5% to $139.8M from $65.1M asset impairments in Las Vegas Locals and Midwest & South segments. A $1,748M gain on the July 2025 FanDuel stake sale propelled net income to $1,440M and diluted EPS to $17.81, confirmed against 80,875K shares. Debt plunged to $1.9B after deploying proceeds to repay the credit facility, leaving $319M cash and $1,428M revolver availability. Free cash flow not disclosed in the 10-Q. FanDuel deal locked fixed fees through 2038. Competition squeezes margins in crowded markets.

8-K

Q3 revenues up, EBITDAR down

10/23/25Oct 23, 2025

Boyd Gaming posted Q3 revenues of $1.0B, up from $961.2M last year, but Adjusted EBITDAR fell to $321.8M from $336.6M due to lower FanDuel fees post-sale. Net income soared to $1.4B on a $1.4B after-tax FanDuel gain, yet impairments hit $65.1M pretax. Repurchased $160M shares. Balance sheet shines.

About

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in the United States and Canada. It operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments. The company owns and operates casinos; Boyd Interactive, an online casino gaming business; and a travel agency. The company was formerly known as The Boyd Group and changed its name to Boyd Gaming Corporation in April 1993. Boyd Gaming Corporation was founded in 1975 and is headquartered in Las Vegas, Nevada.

CEO

Ms. Marianne Boyd Johnson

IPO

10/15/1993

Website

https://www.boydgaming.com

Employees

16,129

Sector

Consumer Cyclical

Industry

Resorts & Casinos