Loading financials from SEC filings…
Gambling & casinos · Consumer Cyclical · Fiscal year ends Dec 31
Boyd Gaming reported revenue of $4.1B in the fiscal year ended Dec 2025, up 4.1% from the year before. Operating income was $748M, an operating margin of 18.3%, and net income was $1.8B. Operating cash flow of $977M less capital expenditure of $588M left free cash flow of $388M. Net debt was $1.7B.
Ranks among the 8 gambling & casinos companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,370 | 3,555 | 3,738 | 3,930 | 4,092 |
| Selling, general & admin | 366 | 374 | 390 | 427 | 433 |
| Operating income | 900 | 981 | 902 | 928 | 748 |
| Interest expense | 199 | 151 | 171 | 177 | 158 |
| Pre-tax income | 604 | 829 | 753 | 752 | 2,330 |
| Income tax | 140 | 189 | 133 | 174 | 491 |
| Net income | 464 | 639 | 620 | 578 | 1,843 |
| Diluted EPS | 4.07 | 5.87 | 6.12 | 6.19 | 22.56 |
| Diluted shares | 114 | 109 | 101 | 93.3 | 81.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 345 | 283 | 304 | 317 | 353 |
| Receivables | 89.5 | 109 | 138 | 132 | 84.4 |
| Inventory | 20.1 | 22.2 | 20.7 | 21.2 | 20.2 |
| Current assets | 508 | 478 | 529 | 562 | 531 |
| Net PP&E | 2,394 | 2,394 | 2,543 | 2,679 | 2,871 |
| Goodwill | 971 | 1,034 | 947 | 958 | 958 |
| Total assets | 6,224 | 6,311 | 6,273 | 6,392 | 6,575 |
| Payables | 102 | 130 | 125 | 131 | 151 |
| Current liabilities | 557 | 586 | 596 | 623 | 979 |
| Short-term debt | 41.7 | 44.3 | 44.3 | 44.0 | 0.0 |
| Long-term debt | 2,990 | 3,005 | 2,871 | 3,133 | 2,046 |
| Total liabilities | 4,685 | 4,721 | 4,529 | 4,810 | 3,967 |
| Shareholders' equity | 1,539 | 1,591 | 1,744 | 1,582 | 2,608 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,010 | 976 | 915 | 957 | 977 |
| Capital expenditure | 199 | 269 | 374 | 400 | 588 |
| Free cash flow | 811 | 707 | 541 | 557 | 388 |
| Depreciation & amortisation | 268 | 258 | 257 | 277 | 303 |
| Stock-based compensation | 37.8 | 34.1 | 32.4 | 29.7 | 32.1 |
| Acquisitions | 0.0 | 168 | 0.0 | 30.3 | 0.0 |
| Share buybacks | 80.8 | 542 | 413 | 686 | 778 |
| Dividends paid | 0.0 | 48.2 | 63.6 | 62.7 | 58.2 |
| Dividend per share | – | 0.60 | 0.64 | 0.68 | 0.72 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.5% | 5.2% | 5.1% | 4.1% |
| Operating income growth (YoY) | – | 9.0% | −8.1% | 2.9% | −19.3% |
| EPS growth (YoY) | – | 44.2% | 4.3% | 1.1% | 264.5% |
| Operating margin | 26.7% | 27.6% | 24.1% | 23.6% | 18.3% |
| Net margin | 13.8% | 18.0% | 16.6% | 14.7% | 45.0% |
| Return on equityBlank when equity is negative | 30.1% | 40.2% | 35.5% | 36.5% | 70.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.9% | 17.1% | 15.9% | 16.1% | 13.4% |
| Free cash flow margin | 24.1% | 19.9% | 14.5% | 14.2% | 9.5% |
| Cash conversion (CFO ÷ net income) | 2.18x | 1.53x | 1.47x | 1.66x | 0.53x |
| Receivable days | 10 | 11 | 13 | 12 | 8 |
| Interest cover | 4.51x | 6.49x | 5.27x | 5.23x | 4.75x |
| Debt ÷ equity | 1.97x | 1.92x | 1.67x | 2.01x | 0.78x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,687 | 2,766 | 2,611 | 2,860 | 1,692 |
| Current ratio | 0.91x | 0.82x | 0.89x | 0.90x | 0.54x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.