0001437749-26-004908
SEC filingBoyd Gaming Corporation reported strong financial results for fiscal year 2025, with total revenue of $4.09 billion and net income attributable to Boyd Gaming of $1.84 billion. The company generated operating income of $748.4 million and achieved basic earnings per share of $23.00. Key drivers included a significant gain on sale of investment of $1.75 billion, which contributed substantially to the net income figure. The company maintained solid operating cash flow of $976.7 million and invested $588.2 million in capital expenditures. Boyd Gaming's balance sheet shows total assets of $6.57 billion, with long-term debt of $2.05 billion and stockholders' equity of $2.61 billion. The company returned capital to shareholders through $778.3 million in share repurchases and $58.2 million in dividends paid during the year.
Boyd Gaming Corporation reported total revenue of $4.09 billion for fiscal year 2025, with cost of revenue of $2.06 billion resulting in gross profit of $2.03 billion. Operating income was $748.4 million after accounting for operating expenses including selling, general and administrative expenses of $433.1 million, depreciation and amortization of $302.7 million, and asset impairment charges of $128.4 million. The company recorded a significant gain on sale of investment of $1.75 billion, which contributed to income before income taxes of $2.33 billion. After income tax provision of $490.8 million, net income attributable to Boyd Gaming was $1.84 billion. Basic earnings per share was $23.00 based on 81.7 million weighted average shares outstanding.
The company reported total revenue of $4.09 billion for the fiscal year. The XBRL data does not provide segment breakdown or geographic mix information for revenue. The document content does not disclose specific revenue drivers, segment performance, or growth rates by business unit. Revenue figures are presented on a consolidated basis without further segmentation in the provided data.
Gross margin was 49.6% based on revenue of $4.09 billion and cost of revenue of $2.06 billion. Operating margin was 18.3% calculated from operating income of $748.4 million divided by total revenue. The cost structure included significant expenses for selling, general and administrative ($433.1 million), depreciation and amortization ($302.7 million), and corporate expense ($121.9 million). Asset impairment charges of $128.4 million and project development, preopening and writedowns of $12.4 million also impacted operating profitability.
Operating activities generated $976.7 million in cash flow, primarily from net income of $1.84 billion adjusted for non-cash items including depreciation and amortization of $302.7 million and gain on sale of investment of $1.75 billion. Investing activities provided $1.04 billion in cash, driven by proceeds from sale of investment of $1.76 billion, partially offset by capital expenditures of $588.2 million. Free cash flow was $388.5 million (operating cash flow of $976.7 million minus capital expenditures of $588.2 million). The balance sheet shows total assets of $6.57 billion, including property and equipment of $2.87 billion and intangible assets of $1.47 billion. Total liabilities were $3.96 billion, with long-term debt of $2.05 billion and current liabilities of $979.2 million. Stockholders' equity was $2.61 billion.
The provided document content and XBRL data do not include management guidance, strategic priorities, or specific risk factors for future periods. No forward-looking statements, projections, or outlook information is disclosed in the financial data sections provided. The analysis is limited to the historical financial results for fiscal year 2025 as presented in the financial statements.