Overview
Apr 1, 1971Founded1
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
18.3%Operating margin2
45.0%Net margin2
4.1%Revenue growth, 20252
70.7%Return on equity2
0.78×Debt to equity2
$388.5MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Casino brought in 63% of the revenue Beyond Securities broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Casino | $2.6B | $2.6B | $2.6B |
| Online Reimbusements | $328.0M | $450.5M | $576.2M |
| Food and Beverage | $288.4M | $303.5M | $310.2M |
| Occupancy | $199.1M | $204.6M | $191.3M |
| Product and Service, Other | $138.5M | $143.5M | $145.1M |
| Online | $94.2M | $155.8M | $132.2M |
| Management Fee | $76.9M | $88.4M | $98.9M |
| Management Service | $76.9M | $88.4M | $98.9M |
Business segments
Midwest and South brought in 54% of the revenue Beyond Securities broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Midwest and South | $2.0B | $2.1B | $2.1B |
| Las Vegas Locals | $928.1M | $894.5M | $890.0M |
| Online | $422.2M | $606.2M | $708.3M |
| Downtown Las Vegas | $222.4M | $230.1M | $228.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Selling, general and admin11¢$433.1M
- Other costs32¢$1.3B
- Income tax12¢$490.8M
- Profit45¢$1.8B
Out of $4.1B in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Capital spending41¢$588.2M
- Dividends paid4¢$58.2M
- Share buybacks55¢$778.3M
Out of $976.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total Revenue | $4.1B | $3.9B | $3.7B |
| Selling, general and administrative | $433.1M | $427.2M | $389.9M |
| Master lease rent expense | $113.8M | $111.4M | $108.4M |
| Maintenance and utilities | $151.2M | $148.4M | $151.0M |
| Depreciation and amortization | $302.7M | $276.6M | $256.8M |
| Corporate expense | $121.9M | $113.9M | $116.0M |
| Project development, preopening and writedowns | $12.4M | $28.6M | -$8.9M |
| Asset Impairment Charges | $128.4M | $10.5M | $107.8M |
| Other operating items, net | $15.4M | $5.4M | -$4.2M |
| Total operating costs and expenses | $3.3B | $3.0B | $2.8B |
| Operating income | $748.4M | $927.8M | $901.8M |
| Interest income | -$4.8M | -$1.6M | -$23.9M |
| Interest expense, net of amounts capitalized | $157.6M | $177.4M | $171.2M |
| Loss on early extinguishments and modifications of debt | $1.4M | $0 | $0 |
| Other, net | -$1.7B | -$10.0K | $1.6M |
| Total other (income) expense, net | -$1.6B | $175.8M | $148.9M |
| Income before income taxes | $2.3B | $752.0M | $752.9M |
| Income tax provision | -$490.8M | -$174.1M | -$132.9M |
| Net income | $1.8B | $578.0M | $620.0M |
| Net loss attributable to noncontrolling interest | $4.4M | $0 | $0 |
| Net income attributable to Boyd Gaming | $1.8B | $578.0M | $620.0M |
| Basic net income per common share (in dollars per share) | $22.56 | $6.19 | $6.12 |
| Weighted average basic shares outstanding (in shares) | 81.7M shares | 93.3M shares | 101.3M shares |
| Diluted net income per common share (in dollars per share) | $22.56 | $6.19 | $6.12 |
| Weighted average diluted shares outstanding (in shares) | 81.7M shares | 93.3M shares | 101.4M shares |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $353.4M | $316.7M | $304.3M |
| Restricted cash | $5.4M | $4.7M | $3.7M |
| Inventories | $20.2M | $21.2M | |
| Prepaid expenses and other current assets | $45.5M | $56.6M | |
| Income taxes receivable | $21.9M | $30.0M | |
| Total current assets | $530.7M | $561.5M | |
| Property and equipment, net | $2.9B | $2.7B | |
| Operating lease right-of-use assets | $646.1M | $735.6M | |
| Other assets, net | $93.5M | $66.5M | |
| Intangible assets, net | $1.5B | $1.4B | $1.4B |
| Goodwill, net | $958.0M | $957.9M | $947.3M |
| Total assets | $6.6B | $6.4B | |
| Current maturities of long-term debt | $0 | $44.0M | |
| Accrued liabilities | $827.9M | $447.4M | |
| Total current liabilities | $979.2M | $622.7M | |
| Long-term debt, net of current maturities and debt issuance costs | $2.0B | $3.1B | |
| Deferred income taxes | $323.5M | $346.9M | |
| Other liabilities | $64.3M | $56.4M | |
| Preferred stock, $0.01 par value, 5,000,000 shares authorized | $0 | $0 | |
| Common stock, $0.01 par value, 200,000,000 shares authorized; 76,368,491 and 86,184,155 shares outstanding | $764.0K | $862.0K | |
| Additional paid-in capital | $0 | $0 | |
| Retained earnings | $2.6B | $1.6B | |
| Accumulated other comprehensive loss | -$1.6M | -$2.4M | |
| Boyd Gaming Corporation stockholders' equity | $2.6B | $1.6B | |
| Noncontrolling interest | -$617.0K | $0 | |
| Total stockholders' equity | $2.6B | $1.6B | $1.7B |
| Total liabilities and stockholders' equity | $6.6B | $6.4B | |
| Accounts receivable, net | $84.4M | $132.3M | |
| Accounts payable | $151.3M | $131.3M | |
| Operating lease liabilities, net of current portion | $554.3M | $651.8M | |
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized (in shares) | 200.0M shares | 200.0M shares | |
| Common stock, shares outstanding (in shares) | 76.4M shares | 86.2M shares | |
| Common stock, shares issued (in shares) | 76.4M shares | 86.2M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $1.8B | $578.0M | $620.0M |
| Depreciation and amortization | $302.7M | $276.6M | $256.8M |
| Amortization of debt financing costs and discounts on debt | $7.1M | $7.6M | $7.8M |
| Non-cash operating lease expense | $91.6M | $87.7M | $78.8M |
| Non-cash expected credit loss (income) on note receivable | $0 | $0 | -$34.4M |
| Share-based compensation expense | $32.1M | $29.7M | $32.4M |
| Deferred income taxes | -$23.5M | $58.1M | -$29.8M |
| Non-cash interest income | -$3.0M | $0 | $0 |
| Non-cash impairment of assets | $128.4M | $10.5M | $107.8M |
| Gain on sale of investment | -$1.7B | $0 | $0 |
| Loss on early extinguishments and modifications of debt | $1.4M | $0 | $0 |
| Other operating activities | -$1.2M | $9.1M | $1.7M |
| Accounts receivable, net | $48.0M | $6.0M | -$28.8M |
| Inventories | $1.0M | -$543.0K | $1.5M |
| Prepaid expenses and other current assets | $11.7M | $3.1M | -$10.4M |
| Income taxes (receivable) payable, net | $8.1M | -$26.5M | -$950.0K |
| Other assets, net | $1.0M | $800.0K | $1.3M |
| Accounts payable and accrued liabilities | $373.7M | $6.3M | -$10.3M |
| Operating lease liabilities | -$91.6M | -$87.7M | -$78.8M |
| Other liabilities | -$1.9M | -$1.7M | -$30.0K |
| Net cash provided by operating activities | $976.7M | $957.1M | $914.5M |
| Capital expenditures | -$588.2M | -$400.4M | -$373.9M |
| Cash paid for acquisitions, net of cash received | $0 | -$30.3M | $0 |
| Cash paid for gaming license right intangible asset | -$85.0M | $0 | $0 |
| Payments received on note receivable | $0 | $208.0K | $113.6M |
| Advances made under note receivable | -$31.8M | $0 | $0 |
| Proceeds from sale of investment | $1.8B | $0 | $0 |
| Other investing activities | -$10.2M | -$3.5M | -$3.9M |
| Net cash provided by (used in) investing activities | $1.0B | -$433.9M | -$264.3M |
| Borrowings under credit facility | $2.1B | $1.8B | $1.5B |
| Payments under credit facility | -$3.2B | -$1.5B | -$1.6B |
| Share-based compensation activities | -$6.2M | -$14.8M | -$19.3M |
| Shares repurchased and retired | -$778.3M | -$685.9M | -$412.7M |
| Dividends paid | -$58.2M | -$62.7M | -$63.6M |
| Other financing activities | -$6.0K | -$172.0K | -$172.0K |
| Net cash used in financing activities | -$2.0B | -$509.5M | -$637.2M |
| Change in cash, cash equivalents and restricted cash | $37.4M | $13.4M | $12.9M |
| Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | $194.0K | -$228.0K | -$73.0K |
| Cash paid for interest, net of amounts capitalized | $151.0M | $173.2M | $166.7M |
| Cash received for interest | $0 | $213.0K | $12.0M |
| Cash paid for income taxes | $131.8M | $144.5M | $164.5M |
| Payables incurred for capital expenditures | $38.7M | $27.2M | $23.5M |
| Asset acquisition in exchange for contingent consideration | $10.0M | $0 | $0 |
| Derecognition of lease liability | -$37.9M | $0 | $0 |
| Derecognition of right-of-use operating lease asset | $37.9M | $0 | $0 |
| Expected credit loss (income) on note receivable | $0 | $0 | -$34.4M |
Timeline
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataBeyond Securities on Wikidata
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