Boyd Gaming (BYD) | Financial Analysis & Statements
Boyd Gaming Corporation Mid-cap Consumer Cyclical
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
1.1B
Gross Profit
507.7M
47.80%
Operating Income
197.4M
18.59%
Net Income
138.8M
13.07%
EPS (Diluted)
$1.79
Balance Sheet Metrics
Total Assets
6.6B
Total Liabilities
4.0B
Shareholders Equity
2.6B
Debt to Equity
1.52
Cash Flow Metrics
Operating Cash Flow
-170.1M
Free Cash Flow
42.0M
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
Boyd Gaming Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 4.1B | 3.9B | 3.7B | 3.6B | 3.4B |
| Cost of Goods Sold | 2.1B | 1.9B | 1.7B | 1.6B | 1.4B |
| Gross Profit | 2.0B | 2.0B | 2.0B | 2.0B | 1.9B |
| Gross Margin % | 49.5% | 52.2% | 54.0% | 56.0% | 57.5% |
| Operating Expenses | |||||
| Research & Development | 12.4M | 28.6M | - | - | 31.8M |
| Selling, General & Administrative | 546.9M | 538.6M | 498.3M | 480.6M | 470.9M |
| Other Operating Expenses | 288.5M | 267.7M | 253.8M | 229.4M | 258.6M |
| Total Operating Expenses | 847.7M | 834.9M | 752.1M | 710.0M | 761.2M |
| Operating Income | 876.8M | 938.3M | 1.0B | 1.0B | 908.3M |
| Operating Margin % | 21.4% | 23.9% | 27.0% | 28.7% | 27.0% |
| Non-Operating Items | |||||
| Interest Income | 4.8M | 1.6M | 23.9M | 21.5M | 1.8M |
| Interest Expense | 157.6M | 177.4M | 171.2M | 151.2M | 199.4M |
| Other Non-Operating Income | 1.6B | -10.5M | -109.4M | -63.5M | -106.7M |
| Pre-tax Income | 2.3B | 752.0M | 752.9M | 828.8M | 603.9M |
| Income Tax | 490.8M | 174.1M | 132.9M | 189.4M | 140.1M |
| Effective Tax Rate % | 21.1% | 23.1% | 17.6% | 22.9% | 23.2% |
| Net Income | 1.8B | 578.0M | 620.0M | 639.4M | 463.8M |
| Net Margin % | 44.9% | 14.7% | 16.6% | 18.0% | 13.8% |
| Key Metrics | |||||
| EBITDA | 2.9B | 1.2B | 1.3B | 1.3B | 1.2B |
| EPS (Basic) | $22.56 | $6.19 | $6.12 | $5.87 | $4.07 |
| EPS (Diluted) | $22.56 | $6.19 | $6.12 | $5.87 | $4.07 |
| Basic Shares Outstanding | 81701000 | 93314000 | 101325000 | 108885000 | 113866000 |
| Diluted Shares Outstanding | 81701000 | 93314000 | 101325000 | 108885000 | 113866000 |
Income Statement Trend
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Boyd Gaming Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 353.4M | 316.7M | 304.3M | 283.5M | 344.6M |
| Short-term Investments | - | - | - | - | - |
| Accounts Receivable | 84.4M | 132.3M | 137.9M | 109.1M | 89.5M |
| Inventory | 20.2M | 21.2M | 20.7M | 22.2M | 20.1M |
| Other Current Assets | 45.5M | 56.6M | 59.3M | 49.4M | 41.1M |
| Total Current Assets | 530.7M | 561.5M | 529.3M | 478.2M | 507.8M |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 646.1M | 735.6M | 793.3M | 830.3M | 884.2M |
| Goodwill | 3.4B | 3.3B | 3.3B | 3.5B | 3.3B |
| Intangible Assets | 1.5B | 1.4B | 1.4B | 1.4B | 1.4B |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | 93.5M | 66.5M | 67.8M | 147.4M | 98.2M |
| Total Non-Current Assets | 6.0B | 5.8B | 5.7B | 5.8B | 5.7B |
| Total Assets | 6.6B | 6.4B | 6.3B | 6.3B | 6.2B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 151.3M | 131.3M | 124.7M | 129.9M | 102.0M |
| Short-term Debt | 111.8M | 146.9M | 143.1M | 133.1M | 126.6M |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | - | - | - | - | - |
| Total Current Liabilities | 979.2M | 622.7M | 596.3M | 586.1M | 557.0M |
| Non-Current Liabilities | |||||
| Long-term Debt | 2.6B | 3.8B | 3.6B | 3.8B | 3.8B |
| Deferred Tax Liabilities | 323.5M | 346.9M | 288.8M | 318.6M | 264.9M |
| Other Non-Current Liabilities | 64.3M | 56.4M | 61.3M | 52.2M | 57.6M |
| Total Non-Current Liabilities | 3.0B | 4.2B | 3.9B | 4.1B | 4.1B |
| Total Liabilities | 4.0B | 4.8B | 4.5B | 4.7B | 4.7B |
| Equity | |||||
| Common Stock | 764.0K | 862.0K | 968.0K | 1.0M | 1.1M |
| Retained Earnings | 2.6B | 1.6B | 1.7B | 1.3B | 710.1M |
| Treasury Stock | - | - | - | - | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 2.6B | 1.6B | 1.7B | 1.6B | 1.5B |
| Key Metrics | |||||
| Total Debt | 2.7B | 3.9B | 3.7B | 3.9B | 3.9B |
| Working Capital | -448.5M | -61.2M | -67.0M | -107.9M | -49.2M |
Balance Sheet Composition
Boyd Gaming Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 1.8B | 578.0M | 620.0M | 639.4M | 463.8M |
| Depreciation & Amortization | 302.7M | 276.6M | 256.8M | 258.2M | 267.8M |
| Stock-Based Compensation | 32.1M | 29.7M | 32.4M | 34.1M | 37.8M |
| Working Capital Changes | -35.4M | -109.7M | -105.8M | -94.3M | -76.1M |
| Operating Cash Flow | 2.2B | 937.1M | 861.8M | 971.6M | 894.3M |
| Investing Activities | |||||
| Capital Expenditures | - | - | - | - | - |
| Acquisitions | 0 | -30.3M | 0 | -167.9M | 0 |
| Investment Purchases | - | - | - | - | - |
| Investment Sales | 1.8B | - | - | - | - |
| Investing Cash Flow | 1.7B | -33.5M | 109.6M | -153.2M | 69.9M |
| Financing Activities | |||||
| Share Repurchases | -778.3M | -685.8M | -412.7M | -541.6M | -80.8M |
| Dividends Paid | -58.2M | -62.7M | -63.6M | -48.2M | 0 |
| Debt Issuance | 2.1B | 1.8B | 1.5B | 2.1B | 900.0M |
| Debt Repayment | -3.2B | -1.5B | -1.6B | -2.1B | -1.8B |
| Financing Cash Flow | -2.0B | -509.5M | -637.2M | -615.9M | -1.1B |
| Free Cash Flow | 303.5M | 556.7M | 540.6M | 707.0M | 811.0M |
| Net Change in Cash | 1.9B | 394.1M | 334.1M | 202.6M | -122.8M |
Cash Flow Trend
Boyd Gaming Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
3.94
Forward P/E
11.06
Price to Book
2.61
Price to Sales
1.64
PEG Ratio
-0.58
Profitability Ratios
Profit Margin
45.05%
Operating Margin
20.81%
Return on Equity
87.79%
Return on Assets
8.72%
Financial Health
Current Ratio
0.54
Debt to Equity
103.98
Beta
1.19
Per Share Data
EPS (TTM)
$22.62
Book Value per Share
$34.16
Revenue per Share
$50.09
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| BYD | 6.7B | 3.94 | 2.61 | 87.79% | 45.05% | 103.98 |
| Las Vegas Sands | 34.5B | 22.11 | 22.05 | 73.26% | 12.50% | 829.06 |
| Wynn Resorts | 11.0B | 33.63 | -10.55 | -31.74% | 4.59% | -11.92 |
| Red Rock Resorts | 5.7B | 17.82 | 15.56 | 111.30% | 9.35% | 1,045.93 |
| Caesars | 5.7B | 10.42 | 1.62 | -10.84% | -4.37% | 695.12 |
| Vail Resorts | 4.4B | 20.69 | 15.36 | 34.56% | 7.95% | 493.08 |
Financial data is updated regularly. All figures are in the company's reporting currency.






