Gaming and hospitality company Boyd Gaming (NYSE:BYD) reported Q4 CY2025 results topping the market’s revenue expectations , with sales up 2% year on year to $1.06 billion. Its non-GAAP profit of $2.21 per share was 14.2% above analysts’ consensus estimates.
Is now the time to buy BYD? Find out in our full research report (it’s free).
-
Revenue: $1.06 billion vs analyst estimates of $1.02 billion (2% year-on-year growth, 4% beat)
-
Adjusted EPS: $2.21 vs analyst estimates of $1.94 (14.2% beat)
-
Adjusted EBITDA: $308 million vs analyst estimates of $307.9 million (29% margin, in line)
-
Operating Margin: 15.7%, down from 25.1% in the same quarter last year
-
Market Capitalization: $6.53 billion
Boyd Gaming’s fourth quarter results surpassed Wall Street’s revenue and non-GAAP profit expectations, with management crediting strong gaming activity from local customers in Las Vegas and steady play in its Midwest and South segments. CEO Keith Smith highlighted that “continued growth in play from our core customers” supported the company’s operations, while ongoing softness in destination business—especially at the Orleans property—dampened hotel revenues. Severe winter weather also affected Midwest and South results, but operational discipline and cost controls helped Boyd maintain stability.
Looking ahead, management’s guidance is shaped by expectations for continued strength in local gaming markets, contributions from recent and upcoming property investments, and benefits from recent tax legislation, particularly in Southern Nevada. CFO Josh Hirsberg noted that the completion of major projects like the Cadence Crossing Casino and Suncoast modernization, coupled with customer spending supported by tax changes, should help offset ongoing challenges in destination business. As Smith stated, “We are confident in our ability to build on our success and continue delivering long-term value for our shareholders.”
Management attributed the quarter’s results to resilient local gaming demand, targeted property investments, and ongoing cost discipline, while flagging destination market softness and weather disruptions as headwinds.
-
Las Vegas locals business resilience: Local resident play remained robust, offsetting declines from destination visitors. Management noted that “the core Las Vegas locals market is strong,” while softness in destination business led to lower hotel revenues, particularly at the Orleans.
-
Midwest and South weather impact: Severe winter weather and the closure of Sam’s Town Tunica weighed on results, but growth in play from both core and retail customers continued. Adjusted for these factors, segment EBITDA still grew modestly.
-
Ongoing property investments: Major capital projects like the Cadence Crossing Casino opening, Suncoast modernization, and hotel renovations at multiple properties are expected to strengthen the company’s competitive position. Management emphasized that “work is now underway on hotel room renovations at the Orleans,” aiming to update 60% of hotel inventory nationwide over several years.
-
Online segment evolution: The online segment, driven by Boyd Interactive, continues to grow. Management expects sustained contributions but noted the impact of changing revenue share agreements following the FanDuel transaction.
-
Shareholder returns and balance sheet strength: Boyd returned over $800 million to shareholders in 2025 through share repurchases and dividends, supported by proceeds from the FanDuel stake sale. Leverage remains low, providing flexibility for future investments or acquisitions if opportunities arise.
Boyd Gaming anticipates that growth will depend on continued strength in local gaming, new property openings, and the pace of recovery in destination markets.
-
Local gaming demand and tax benefits: Management expects local customer play to remain solid, particularly in Las Vegas and the Midwest/South, boosted by increased consumer spending linked to recent tax legislation. The company believes Southern Nevada will see an “outsized benefit” due to its demographics.
-
Capital projects and property enhancements: The opening of Cadence Crossing Casino, the completion of Suncoast and other hotel renovations, and expansion at Ameristar St. Charles are expected to drive incremental growth. Management sees these investments as crucial for maintaining competitiveness and attracting new customers.
-
Destination business uncertainty: Ongoing weakness in destination visitation, especially at larger hotels like the Orleans and IP Biloxi, remains a risk. Management stated there is “no visibility” yet on when destination demand will recover, making this a key variable for future performance.
In upcoming quarters, the StockStory team will be monitoring (1) the ramp-up and customer response at Cadence Crossing Casino and Suncoast following renovations, (2) any signs of recovery in destination hotel and gaming demand at properties like the Orleans and IP Biloxi, and (3) progress on Boyd Interactive’s online expansion and new state legalization efforts. Execution on capital projects and the ability to maintain cost discipline will also be important factors.
Boyd Gaming currently trades at $82.90, in line with $83.64 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members).
Your portfolio can’t afford to be based on yesterday’s story. The risk in a handful of heavily crowded stocks is rising daily.
The names generating the next wave of massive growth are right here in our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 244% over the last five years (as of June 30, 2025).
Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today.
