BOYD GAMING CORP BYD
Boyd Gaming Corporation (the "Company," the "Registrant," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has been in operation since 1975. Headquartered in Las Vegas, we operate 27 brick-and-mortar gaming entertainment properties ("gaming entertainment properties") in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania and Virginia. In addition, we own and operate Boyd Interactive, a business-to-business ("B2B") and business-to-consumer ("B2C") online casino gaming business in the United States and Canada. Through a management agreement with Wilton Rancheria, we also manage the Sky River Casino, which is located in California. On November 7, 2025, the Company, as developer and manager, opened a transitional casino in Norfolk, Virginia. The permanent casino resort is expected to open in late 2027. On November 9, 2025, the Company permanently closed the Sam's Town Tunica property.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.09B | $3.93B | $3.74B | $3.56B | $3.37B | $2.18B | $3.33B | $2.63B | $2.40B | $2.20B |
| SG&A | $433.1M | $427.2M | $389.9M | $374.0M | $366.2M | $350.4M | $459.6M | $369.3M | $362.0M | $322.3M |
| Total operating expenses | $3.34B | $3.00B | $2.84B | $2.57B | $2.47B | $2.16B | $2.85B | $2.27B | $2.06B | $1.94B |
| Operating income | $748.4M | $927.8M | $901.8M | $981.2M | $900.1M | $14.3M | $472.6M | $355.3M | $343.8M | $260.4M |
| Interest expense | $157.6M | $177.4M | $171.2M | $151.2M | $199.4M | $230.5M | $237.5M | $204.2M | $173.1M | $212.7M |
| Pre-tax income | $2.33B | $752.0M | $752.9M | $828.8M | $603.9M | -$171.0M | $202.1M | $155.0M | $171.1M | $7.8M |
| Income tax | $490.8M | $174.1M | $132.9M | $189.4M | $140.1M | $36.3M | $44.5M | $40.3M | $3.1M | $199.9M |
| Net income | $1.84B | $578.0M | $620.0M | $639.4M | $463.8M | -$134.7M | $157.6M | $115.0M | $189.4M | $420.2M |
| EPS, basic | 22.56 | 6.19 | 6.12 | 5.87 | 4.07 | -1.19 | 1.39 | 1.01 | 1.65 | 3.67 |
| EPS, diluted | 22.56 | 6.19 | 6.12 | 5.87 | 4.07 | -1.19 | 1.38 | 1.00 | 1.64 | 3.65 |
| Shares, diluted (wtd. avg.) | $81.7M | $93.3M | $101.4M | $109.0M | $114.1M | $113.5M | $113.9M | $115.1M | $115.6M | $115.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $353.4M | $316.7M | $304.3M | $283.5M | $344.6M | $519.2M | $250.0M | $249.4M | $203.1M | $193.9M |
| Short-term investments | $800.0K | $800.0K | $700.0K | $700.0K | $600.0K | $600.0K | $600.0K | $500.0K | — | — |
| Receivables | $84.4M | $132.3M | $137.9M | $109.1M | $89.5M | $53.5M | $54.9M | $54.7M | $40.3M | $30.4M |
| Inventory | $20.2M | $21.2M | $20.7M | $22.2M | $20.1M | $22.6M | $22.1M | $20.6M | $18.0M | $18.6M |
| Total current assets | $530.7M | $561.5M | $529.3M | $478.2M | $507.8M | $650.3M | $399.5M | $399.8M | $328.7M | $307.9M |
| Property, plant and equipment | $2.87B | $2.68B | $2.54B | $2.39B | $2.39B | $2.53B | $2.67B | $2.72B | $2.54B | $2.61B |
| Goodwill | $958.0M | $957.9M | $947.3M | $1.03B | $971.3M | $971.3M | $1.08B | $1.06B | $888.2M | $826.5M |
| Other intangibles | $1.47B | $1.39B | $1.39B | $1.43B | $1.37B | $1.38B | $1.47B | $1.47B | $842.9M | $882.0M |
| Total assets | $6.57B | $6.39B | $6.27B | $6.31B | $6.22B | $6.56B | $6.65B | $5.76B | $4.69B | $4.67B |
| Accounts payable | $151.3M | $131.3M | $124.7M | $129.9M | $102.0M | $96.9M | $91.0M | $111.2M | $106.3M | $84.1M |
| Short-term debt | $0 | $44.0M | $44.3M | $44.3M | $41.7M | $30.7M | $27.0M | $24.2M | $24.0M | $30.3M |
| Total current liabilities | $979.2M | $622.7M | $596.3M | $586.1M | $557.0M | $524.0M | $556.9M | $469.7M | $385.5M | $372.0M |
| Long-term debt | $2.05B | $3.13B | $2.87B | $3.01B | $2.99B | $3.87B | $3.74B | $3.96B | $3.05B | $3.20B |
| Retained earnings | $2.61B | $1.58B | $1.74B | $1.29B | $710.1M | $246.2M | $380.9M | $253.4M | $164.4M | -$23.8M |
| Total equity | $2.61B | $1.58B | $1.74B | $1.59B | $1.54B | $1.12B | $1.27B | $1.15B | $1.10B | $930.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $976.7M | $957.1M | $914.5M | $976.1M | $1.01B | $289.0M | $549.0M | $434.5M | $422.6M | $300.3M |
| Depreciation and amortisation | $302.7M | $276.6M | $256.8M | $258.2M | $267.8M | $281.0M | $276.6M | $230.0M | $217.5M | $179.6M |
| Stock-based compensation | $32.1M | $29.7M | $32.4M | $34.1M | $37.8M | $9.2M | $25.2M | $25.4M | $17.4M | $15.5M |
| Capital expenditure | $588.2M | $400.4M | $373.9M | $269.2M | $199.5M | $175.0M | $207.6M | $161.5M | $190.5M | $160.4M |
| Investing cash flow | $1.04B | -$433.9M | -$264.3M | -$422.3M | -$129.6M | -$171.2M | -$231.4M | -$1.14B | -$226.0M | -$738.9M |
| Financing cash flow | -$1.98B | -$509.5M | -$637.2M | -$615.9M | -$1.06B | $146.7M | -$320.3M | $746.2M | -$215.3M | -$99.2M |
| Dividends paid | $58.2M | $62.7M | $63.6M | $48.2M | $0 | $7.8M | $28.9M | $24.7M | $11.3M | $0 |
| Buybacks | $778.3M | $685.9M | $412.7M | $541.6M | $80.8M | $11.1M | $28.0M | $59.6M | $31.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-004908.
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