Boyd Gaming (BYD) Financials

$79.39 +0.08 (+0.10%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$79.30 -0.09 (-0.11%)

As of 05/22/2026 04:41 PM Eastern

Annual Income Statements for Boyd Gaming

This table shows Boyd Gaming's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	47	420	189	115	158	-135	464	639	620	578	1,843
Consolidated Net Income / (Loss)	47	420	189	115	158	-135	464	639	620	578	1,839
Net Income / (Loss) Continuing Operations	11	208	168	115	158	-135	464	639	620	578	1,839
Total Pre-Tax Income	4.06	7.77	171	155	202	-171	604	829	753	752	2,330
Total Operating Income	271	260	344	355	473	14	900	981	902	928	748
Total Gross Profit	1,089	2,199	1,137	1,255	1,590	1,141	1,937	1,990	2,019	2,050	2,027
Total Revenue	2,199	2,199	2,401	2,627	3,326	2,178	3,370	3,555	3,738	3,930	4,092
Operating Revenue	2,442	2,199	2,401	2,627	3,326	2,178	3,370	3,555	3,738	3,930	4,092
Total Cost of Revenue	1,110	0.00	1,264	1,371	1,736	1,037	1,432	1,565	1,720	1,880	2,065
Operating Cost of Revenue	1,110	-	1,264	1,371	1,736	1,037	1,432	1,565	1,720	1,880	2,065
Total Operating Expenses	818	1,939	793	900	1,117	1,127	1,037	1,009	1,117	1,122	1,279
Selling, General & Admin Expense	399	395	452	476	567	427	484	491	506	541	555
Research & Development Expense	6.91	22	14	46	22	-0.66	32	-19	-8.94	29	12
Depreciation Expense	207	196	218	230	277	281	268	258	257	277	303
Other Operating Expenses / (Income)	186	1,287	109	148	252	246	246	238	255	265	280
Impairment Charge	19	38	-0.43	0.99	0.00	175	8.20	41	108	11	128
Total Other Income / (Expense), net	-267	-253	-173	-200	-270	-185	-296	-152	-149	-176	1,581
Interest Expense	225	213	175	204	272	232	295	171	171	177	159
Interest & Investment Income	1.86	2.96	1.82	3.72	1.86	1.90	1.82	22	24	1.63	4.83
Other Income / (Expense), net	-44	-43	0.18	0.28	0.11	45	-3.39	-2.88	-1.56	0.01	1,736
Income Tax Expense	-6.63	-200	3.12	40	44	-36	140	189	133	174	491
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	-	0.00	0.00	-4.37
Basic Earnings per Share	$0.42	$3.67	$1.65	$1.01	$1.39	($1.19)	$4.07	$5.87	$6.12	$6.19	$22.56
Weighted Average Basic Shares Outstanding	112.79M	114.51M	114.96M	114.40M	113.47M	113.52M	113.87M	108.89M	101.33M	93.31M	81.70M
Diluted Earnings per Share	$0.42	$3.65	$1.64	$1.00	$1.38	($1.19)	$4.07	$5.87	$6.12	$6.19	$22.56
Weighted Average Diluted Shares Outstanding	113.68M	115.19M	115.63M	115.07M	113.95M	113.52M	114.10M	109.00M	101.37M	93.35M	81.72M
Weighted Average Basic & Diluted Shares Outstanding	111.75M	114.50M	114.80M	113.90M	111.61M	111.86M	110.01M	102.01M	96.05M	83.75M	75.49M
Cash Dividends to Common per Share	$0.00	$0.00	$0.15	$0.23	$0.27	-	-	$0.60	$0.64	$0.68	$0.72

This table shows Boyd Gaming's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	135	93	136	140	131	171	111	151	1,440	140	106
Consolidated Net Income / (Loss)	135	93	136	140	131	171	111	150	1,439	139	104
Net Income / (Loss) Continuing Operations	135	93	136	140	131	171	111	150	1,439	139	104
Total Pre-Tax Income	177	113	177	185	174	216	152	193	1,842	142	137
Total Operating Income	218	155	219	227	220	261	200	242	140	166	164
Total Gross Profit	482	505	496	507	499	548	504	527	488	508	492
Total Revenue	903	954	961	968	961	1,041	992	1,034	1,004	1,062	997
Operating Revenue	903	954	961	968	961	1,041	992	1,034	1,004	1,062	997
Total Cost of Revenue	421	449	465	461	462	493	487	507	516	554	505
Operating Cost of Revenue	421	449	465	461	462	493	487	507	516	554	505
Total Operating Expenses	264	350	276	280	279	286	304	285	348	341	328
Selling, General & Admin Expense	128	118	138	136	130	137	138	145	135	137	147
Research & Development Expense	2.41	2.33	3.02	7.59	11	6.62	-1.52	2.76	3.97	7.15	20
Depreciation Expense	65	68	63	66	70	78	68	70	74	91	95
Other Operating Expenses / (Income)	69	58	62	70	68	65	68	67	71	75	66
Impairment Charge	0.00	103	11	0.00	0.00	-	32	0.00	65	31	0.00
Total Other Income / (Expense), net	-41	-42	-42	-43	-46	-45	-48	-49	1,702	-24	-27
Interest Expense	42	42	42	43	46	46	48	51	35	25	29
Interest & Investment Income	1.59	1.44	0.45	0.40	0.39	0.38	0.81	1.26	1.50	1.25	1.87
Other Income / (Expense), net	0.03	-0.97	-0.05	-0.05	-0.19	0.30	-0.11	0.05	1,735	0.11	-0.01
Income Tax Expense	42	21	41	45	43	46	41	43	403	3.54	33
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	0.00	-	-0.54	-1.10	-1.16	-1.57	-1.25
Basic Earnings per Share	$1.34	$0.96	$1.40	$1.47	$1.43	$1.89	$1.31	$1.84	$17.81	$1.60	$1.37
Weighted Average Basic Shares Outstanding	100.80M	101.33M	97.43M	95.04M	91.86M	93.31M	85.12M	82.29M	80.86M	81.70M	76.77M
Diluted Earnings per Share	$1.34	$0.96	$1.40	$1.47	$1.43	$1.89	$1.31	$1.84	$17.81	$1.60	$1.37
Weighted Average Diluted Shares Outstanding	100.85M	101.37M	97.48M	95.08M	91.89M	93.35M	85.14M	82.30M	80.88M	81.72M	76.78M
Weighted Average Basic & Diluted Shares Outstanding	97.86M	96.05M	94.88M	91.76M	88.39M	83.75M	81.40M	80.18M	78.12M	75.49M	74.33M
Cash Dividends to Common per Share	$0.16	-	$0.17	$0.17	$0.17	-	$0.18	$0.18	$0.18	-	$0.20

This table details how cash moves in and out of Boyd Gaming's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	13	32	17	46	-2.75	265	-178	-62	13	13	37
Net Cash From Operating Activities	326	300	423	435	549	289	1,010	976	915	957	977
Net Cash From Continuing Operating Activities	326	300	423	435	549	289	1,010	976	915	957	977
Net Income / (Loss) Continuing Operations	11	208	168	115	158	-135	464	639	620	578	1,839
Consolidated Net Income / (Loss)	47	420	189	115	158	-135	464	639	620	578	1,839
Depreciation Expense	207	196	218	230	277	281	268	258	257	277	303
Amortization Expense	21	15	9.85	9.16	9.23	12	11	8.55	7.76	7.59	7.14
Non-Cash Adjustments To Reconcile Net Income	81	90	13	26	66	172	141	46	106	40	-1,589
Changes in Operating Assets and Liabilities, net	5.92	-208	14	55	40	-41	126	24	-76	55	417
Net Cash From Investing Activities	-127	-739	-226	-1,135	-231	-171	-130	-422	-264	-434	1,043
Net Cash From Continuing Investing Activities	-127	-739	-226	-1,135	-231	-171	-130	-422	-264	-434	1,043
Purchase of Property, Plant & Equipment	-131	-160	-190	-162	-208	-175	-199	-269	-374	-400	-588
Acquisitions	-	-593	-1.15	-934	-5.54	-11	0.00	-168	0.00	-30	-85
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	0.00	0.00	1,758
Other Investing Activities, net	4.53	14	-34	-40	-18	0.00	70	-7.25	110	-3.25	-42
Net Cash From Financing Activities	-200	-99	-215	746	-320	147	-1,059	-616	-637	-510	-1,982
Net Cash From Continuing Financing Activities	-200	-99	-215	746	-320	147	-1,059	-616	-637	-510	-1,982
Repayment of Debt	-1,650	-2,424	-1,119	-965	-2,908	-1,377	-1,778	-2,102	-1,647	-1,510	-3,202
Repurchase of Common Equity	-	-	-35	-74	-44	-29	-95	-558	-413	-686	-778
Payment of Dividends	0.00	0.00	-11	-25	-29	-7.81	0.00	-48	-64	-63	-58
Issuance of Debt	1,784	3,026	959	1,815	2,666	1,565	898	2,121	1,506	1,764	2,063
Other Financing Activities, net	-333	-701	-7.71	-5.34	-5.78	-5.36	-83	-28	-19	-15	-6.19
Other Net Changes in Cash	14	570	36	0.48	-	-	0.00	-0.01	-0.07	-0.23	0.19
Cash Interest Paid	178	197	174	179	232	215	205	144	167	173	151
Cash Interest Received	-	-	-	-	-	-	0.00	0.00	12	0.21	0.00
Cash Income Taxes Paid	-1.16	34	5.19	5.66	-2.12	-6.17	5.72	141	164	145	132

This table details how cash moves in and out of Boyd Gaming's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-0.77	36	-20	-3.31	5.48	31	-4.55	9.20	-2.05	35	20
Net Cash From Operating Activities	234	217	251	213	231	262	256	205	240	275	134
Net Cash From Continuing Operating Activities	234	217	251	213	231	262	256	205	240	275	134
Net Income / (Loss) Continuing Operations	135	93	136	140	131	171	111	150	1,439	139	104
Consolidated Net Income / (Loss)	135	93	136	140	131	171	111	150	1,439	139	104
Depreciation Expense	65	68	63	66	70	78	68	70	74	91	95
Amortization Expense	1.91	1.91	1.90	1.90	1.90	1.89	1.89	1.89	1.72	1.64	1.73
Non-Cash Adjustments To Reconcile Net Income	8.03	108	17	10	7.54	4.90	39	13	-1,674	33	7.23
Changes in Operating Assets and Liabilities, net	24	-53	32	-4.70	20	7.05	36	-30	399	11	-74
Net Cash From Investing Activities	-76	-65	-90	-115	-115	-113	-250	-125	1,611	-192	-156
Net Cash From Continuing Investing Activities	-76	-65	-90	-115	-115	-113	-250	-125	1,611	-192	-156
Purchase of Property, Plant & Equipment	-108	-95	-90	-114	-85	-111	-170	-124	-104	-148	-155
Acquisitions	-	-	-	-	-	-1.49	-41	-	-	-43	0.00
Other Investing Activities, net	32	30	-0.69	-0.81	-0.97	-0.78	-39	-1.03	-0.95	-0.91	-1.01
Net Cash From Financing Activities	-159	-116	-180	-101	-111	-117	-11	-70	-1,853	-48	41
Net Cash From Continuing Financing Activities	-159	-116	-180	-101	-111	-117	-11	-70	-1,853	-48	41
Repayment of Debt	-370	-415	-414	-366	-389	-341	-471	-517	-1,881	-334	-420
Repurchase of Common Equity	-106	-100	-106	-176	-202	-203	-328	-105	-160	-185	-155
Payment of Dividends	-16	-16	-16	-16	-16	-15	-15	-15	-15	-14	-14
Issuance of Debt	333	419	364	457	496	447	809	566	202	486	645
Other Financing Activities, net	-0.06	-4.81	-9.84	0.24	-0.04	-5.17	-5.96	-0.04	-0.02	-0.16	-14
Other Net Changes in Cash	0.07	-0.08	-0.10	-0.03	0.07	-0.17	0.01	-0.27	0.15	0.31	-0.05
Cash Interest Paid	40	43	41	43	44	45	46	50	31	25	26
Cash Income Taxes Paid	34	44	-0.34	85	34	25	0.09	62	39	30	-0.51

This table presents Boyd Gaming's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,351	4,671	4,686	5,756	6,650	6,559	6,224	6,311	6,273	6,392	6,575
Total Current Assets	257	308	329	400	399	650	508	478	529	562	531
Cash & Equivalents	159	194	203	249	250	519	345	283	304	317	353
Restricted Cash	19	16	24	24	20	16	13	12	3.66	4.68	5.35
Accounts Receivable	25	30	40	55	55	53	89	109	138	132	84
Inventories, net	15	19	18	21	22	23	20	22	21	21	20
Prepaid Expenses	37	46	38	46	46	39	41	49	59	57	45
Current Deferred & Refundable Income Taxes	1.38	2.44	5.19	5.48	5.60	0.01	0.00	2.56	3.51	30	22
Plant, Property, & Equipment, net	2,225	2,605	2,540	2,716	2,673	2,526	2,394	2,394	2,543	2,679	2,871
Total Noncurrent Assets	1,868	1,758	1,817	2,641	3,578	3,383	3,322	3,439	3,201	3,151	3,173
Goodwill	685	826	888	1,062	1,083	971	971	1,034	947	958	958
Intangible Assets	890	882	843	1,467	1,467	1,382	1,368	1,427	1,393	1,391	1,475
Other Noncurrent Operating Assets	48	49	81	106	1,028	1,029	982	978	861	802	740
Total Liabilities & Shareholders' Equity	4,351	4,671	4,686	5,756	6,650	6,559	6,224	6,311	6,273	6,392	6,575
Total Liabilities	3,843	3,737	3,589	4,611	5,385	5,435	4,685	4,721	4,529	4,810	3,967
Total Current Liabilities	355	366	385	470	557	524	557	586	596	623	979
Accounts Payable	76	84	106	111	91	97	102	130	125	131	151
Accrued Expenses	250	251	255	334	439	396	413	412	427	447	828
Current Deferred & Payable Income Tax Liabilities	-	0.00	0.02	0.17	-	0.00	0.39	-	-	-	0.00
Total Noncurrent Liabilities	3,488	3,371	3,203	4,141	4,828	4,911	4,128	4,134	3,933	4,188	2,988
Long-Term Debt	3,240	3,199	3,052	3,955	3,739	3,867	2,990	3,005	2,871	3,133	2,046
Capital Lease Obligations	-	-	-	-	840	849	-	758	711	652	554
Noncurrent Deferred & Payable Income Tax Liabilities	165	87	90	125	167	131	265	319	289	347	323
Other Noncurrent Operating Liabilities	83	85	61	61	82	64	874	52	61	56	64
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	508	934	1,097	1,146	1,265	1,124	1,539	1,591	1,744	1,582	2,608
Total Preferred & Common Equity	508	934	1,097	1,146	1,265	1,124	1,539	1,591	1,744	1,582	2,608
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	508	934	1,097	1,146	1,265	1,124	1,539	1,591	1,744	1,582	2,608
Common Stock	946	955	933	893	885	878	829	306	0.97	0.86	0.76
Retained Earnings	-438	-20	164	253	381	246	710	1,286	1,744	1,583	2,609
Accumulated Other Comprehensive Income / (Loss)	-0.32	-0.62	-0.18	-1.07	-0.53	0.15	-0.18	-1.38	-1.10	-2.40	-1.55
Noncontrolling Interest	0.05	0.05	-	-	-	-	-	-	-	0.00	-0.62

This table presents Boyd Gaming's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	6,056	6,325	6,304	6,312	6,228	6,261	6,302	6,469	6,560	6,513	6,613
Total Current Assets	439	457	459	469	480	487	502	502	540	496	530
Cash & Equivalents	252	263	261	269	284	281	286	312	320	319	373
Restricted Cash	17	15	12	2.48	4.49	3.95	3.93	5.31	5.90	4.90	5.58
Accounts Receivable	87	103	104	104	119	110	103	110	115	82	79
Inventories, net	22	22	21	21	20	21	20	21	22	21	20
Prepaid Expenses	61	54	52	72	53	52	68	55	55	68	53
Current Deferred & Refundable Income Taxes	-	0.00	8.82	1.22	0.00	19	20	0.00	22	0.00	0.00
Plant, Property, & Equipment, net	2,356	2,429	2,452	2,500	2,573	2,626	2,633	2,751	2,818	2,842	2,929
Total Noncurrent Assets	3,261	3,438	3,394	3,343	3,174	3,148	3,167	3,215	3,202	3,175	3,153
Goodwill	971	1,029	1,029	1,029	947	947	958	958	958	958	958
Intangible Assets	1,357	1,424	1,421	1,417	1,379	1,376	1,395	1,388	1,385	1,381	1,471
Other Noncurrent Operating Assets	932	985	943	896	848	825	814	870	859	837	724
Total Liabilities & Shareholders' Equity	6,056	6,325	6,304	6,312	6,228	6,261	6,302	6,469	6,560	6,513	6,613
Total Liabilities	4,515	4,664	4,556	4,543	4,473	4,550	4,671	5,117	5,165	3,846	4,078
Total Current Liabilities	576	592	547	583	600	589	611	630	629	963	883
Accounts Payable	100	100	97	106	106	128	119	128	127	131	137
Accrued Expenses	427	409	405	433	412	416	447	449	458	485	730
Current Deferred & Payable Income Tax Liabilities	4.32	39	-	-	37	-	-	9.98	-	347	16
Total Noncurrent Liabilities	3,939	4,071	4,009	3,960	3,873	3,961	4,060	4,486	4,536	2,882	3,195
Long-Term Debt	2,825	2,924	2,900	2,865	2,824	2,916	3,025	3,473	3,524	1,893	2,272
Capital Lease Obligations	769	746	735	722	697	680	665	598	585	568	537
Noncurrent Deferred & Payable Income Tax Liabilities	292	336	309	309	289	305	314	349	362	357	323
Other Noncurrent Operating Liabilities	54	65	65	64	63	59	56	66	66	65	64
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,541	1,661	1,749	1,768	1,755	1,712	1,632	1,352	1,396	2,667	2,535
Total Preferred & Common Equity	1,541	1,661	1,749	1,768	1,755	1,712	1,632	1,349	1,394	2,666	2,536
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,541	1,661	1,749	1,768	1,755	1,712	1,632	1,349	1,394	2,666	2,536
Common Stock	413	193	104	4.34	0.95	0.92	0.89	0.82	0.81	0.79	0.75
Retained Earnings	1,129	1,469	1,646	1,765	1,755	1,712	1,632	1,350	1,395	2,667	2,537
Accumulated Other Comprehensive Income / (Loss)	-1.13	-0.90	-0.60	-0.97	-1.17	-1.70	-1.04	-1.98	-1.94	-1.77	-1.68
Noncontrolling Interest	-	-	-	-	-	-	-	3.22	2.11	0.96	-1.87

This table displays calculated financial ratios and metrics derived from Boyd Gaming's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.67%	-0.01%	9.16%	9.41%	26.63%	-34.50%	54.69%	5.51%	5.15%	5.13%	4.12%
EBITDA Growth	153.83%	-5.85%	33.31%	4.09%	27.54%	-53.53%	233.54%	5.90%	-6.45%	4.05%	130.51%
EBIT Growth	493.62%	-4.10%	58.15%	3.37%	32.94%	-87.44%	1,410.62%	9.10%	-7.98%	3.06%	167.73%
NOPAT Growth	487.30%	874.86%	-95.15%	-22.13%	40.21%	-97.29%	6,824.12%	9.50%	-1.89%	-3.99%	-17.15%
Net Income Growth	213.44%	789.68%	-54.93%	-39.25%	37.02%	-185.45%	444.35%	37.84%	-3.03%	-6.79%	218.18%
EPS Growth	0.00%	769.05%	-55.07%	-39.02%	38.00%	-186.23%	442.02%	44.23%	4.26%	1.14%	264.46%
Operating Cash Flow Growth	30.11%	-7.80%	40.69%	2.83%	26.34%	-47.35%	249.58%	-3.39%	-6.31%	4.65%	2.05%
Free Cash Flow Firm Growth	-42.50%	680.06%	-94.58%	-286.45%	40.82%	172.45%	557.63%	-107.35%	687.68%	-12.18%	20.75%
Invested Capital Growth	-2.94%	17.83%	-0.19%	22.96%	15.44%	-4.74%	-21.03%	21.13%	-0.79%	0.50%	-4.71%
Revenue Q/Q Growth	34.99%	1.26%	1.05%	8.09%	1.26%	-8.30%	7.81%	1.23%	0.85%	2.25%	0.52%
EBITDA Q/Q Growth	254.07%	-3.82%	20.77%	4.79%	3.57%	11.58%	5.10%	2.29%	-7.21%	10.69%	-2.86%
EBIT Q/Q Growth	468.08%	-6.47%	37.72%	3.91%	4.46%	159.04%	7.76%	3.45%	-9.48%	13.11%	-3.69%
NOPAT Q/Q Growth	465.16%	-79.89%	40.76%	-30.10%	10.12%	-19.97%	9.90%	3.37%	-7.67%	12.68%	-10.00%
Net Income Q/Q Growth	117.87%	5.34%	55.54%	-33.98%	0.91%	30.46%	6.06%	10.91%	-11.44%	15.58%	-1.69%
EPS Q/Q Growth	0.00%	5.19%	54.72%	0.00%	0.00%	31.21%	5.71%	12.88%	-9.87%	17.68%	-1.27%
Operating Cash Flow Q/Q Growth	25.62%	-11.98%	12.14%	3.13%	6.04%	12.19%	7.18%	1.60%	-3.26%	4.91%	1.37%
Free Cash Flow Firm Q/Q Growth	239.17%	-81.43%	604.56%	-874.54%	-53.11%	-7.02%	104.88%	-272.40%	33.75%	0.43%	-10.62%
Invested Capital Q/Q Growth	-0.76%	6.06%	0.71%	15.21%	16.82%	18.29%	-0.97%	3.95%	-1.27%	0.24%	0.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.52%	100.00%	47.35%	47.79%	47.80%	52.39%	57.49%	55.98%	53.99%	52.16%	49.54%
EBITDA Margin	20.70%	19.49%	23.80%	22.64%	22.80%	16.18%	34.89%	35.02%	31.16%	30.84%	68.27%
Operating Margin	12.33%	11.84%	14.32%	13.53%	14.21%	0.65%	26.71%	27.60%	24.12%	23.61%	18.29%
EBIT Margin	10.31%	9.89%	14.33%	13.54%	14.21%	2.72%	26.61%	27.52%	24.08%	23.61%	60.70%
Profit (Net Income) Margin	2.15%	19.11%	7.89%	4.38%	4.74%	-6.18%	13.76%	17.98%	16.58%	14.71%	44.94%
Tax Burden Percent	1,163.11%	5,409.77%	110.68%	74.21%	77.99%	78.77%	76.80%	77.14%	82.35%	76.86%	78.93%
Interest Burden Percent	1.79%	3.57%	49.74%	43.60%	42.76%	-288.09%	67.35%	84.72%	83.63%	81.05%	93.79%
Effective Tax Rate	-163.36%	-2,573.80%	1.82%	26.01%	22.01%	0.00%	23.20%	22.86%	17.65%	23.15%	21.07%
Return on Invested Capital (ROIC)	20.97%	190.54%	8.55%	5.98%	7.05%	0.18%	14.48%	16.25%	14.61%	14.05%	11.89%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.77%	-32.52%	3.50%	1.47%	1.81%	-3.20%	7.87%	12.45%	11.02%	10.09%	55.32%
Return on Net Nonoperating Assets (RNNOA)	-10.99%	-132.27%	10.10%	4.28%	6.02%	-11.46%	20.36%	24.61%	22.58%	20.71%	75.90%
Return on Equity (ROE)	9.99%	58.28%	18.65%	10.26%	13.08%	-11.28%	34.84%	40.86%	37.19%	34.76%	87.79%
Cash Return on Invested Capital (CROIC)	23.96%	174.18%	8.73%	-14.62%	-7.28%	5.04%	37.98%	-2.86%	15.40%	13.55%	16.71%
Operating Return on Assets (OROA)	5.17%	4.82%	7.35%	6.81%	7.62%	0.90%	14.03%	15.61%	14.31%	14.65%	38.31%
Return on Assets (ROA)	1.08%	9.32%	4.05%	2.20%	2.54%	-2.04%	7.26%	10.20%	9.85%	9.13%	28.36%
Return on Common Equity (ROCE)	9.98%	58.27%	18.65%	10.26%	13.08%	-11.28%	34.84%	40.86%	37.19%	34.76%	87.80%
Return on Equity Simple (ROE_SIMPLE)	9.30%	44.99%	17.26%	10.04%	12.46%	-11.98%	30.14%	40.20%	35.55%	36.54%	0.00%
Net Operating Profit after Tax (NOPAT)	714	6,963	338	263	369	9.98	691	757	743	713	591
NOPAT Margin	32.47%	316.60%	14.06%	10.01%	11.08%	0.46%	20.51%	21.29%	19.87%	18.14%	14.44%
Net Nonoperating Expense Percent (NNEP)	22.74%	223.06%	5.05%	4.51%	5.25%	3.39%	6.61%	3.80%	3.59%	3.96%	-43.43%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	14.02%	13.83%	13.18%	11.34%
Cost of Revenue to Revenue	50.48%	0.00%	52.65%	52.21%	52.20%	47.61%	42.51%	44.02%	46.01%	47.84%	50.46%
SG&A Expenses to Revenue	18.16%	17.97%	18.83%	18.11%	17.04%	19.58%	14.36%	13.81%	13.53%	13.77%	13.56%
R&D to Revenue	0.31%	1.01%	0.60%	1.74%	0.65%	-0.03%	0.94%	-0.53%	-0.24%	0.73%	0.30%
Operating Expenses to Revenue	37.19%	88.16%	33.03%	34.27%	33.59%	51.74%	30.78%	28.38%	29.87%	28.55%	31.25%
Earnings before Interest and Taxes (EBIT)	227	217	344	356	473	59	897	978	900	928	2,484
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	455	429	571	595	758	352	1,176	1,245	1,165	1,212	2,794
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.13	2.31	3.44	1.96	2.56	4.15	4.66	3.50	3.47	4.05	2.55
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	37.94
Price to Revenue (P/Rev)	0.95	0.98	1.57	0.86	0.97	2.14	2.13	1.57	1.62	1.63	1.63
Price to Earnings (P/E)	44.44	5.14	19.91	19.53	20.55	0.00	15.46	8.72	9.77	11.09	3.61
Dividend Yield	0.00%	0.00%	0.45%	1.15%	0.93%	0.00%	0.00%	1.12%	1.03%	0.94%	0.84%
Earnings Yield	2.25%	19.47%	5.02%	5.12%	4.87%	0.00%	6.47%	11.47%	10.23%	9.01%	27.68%
Enterprise Value to Invested Capital (EV/IC)	1.47	1.31	1.68	1.23	1.35	1.66	2.34	1.78	1.85	1.95	1.84
Enterprise Value to Revenue (EV/Rev)	2.25	2.35	2.76	2.27	2.28	4.07	2.92	2.56	2.51	2.52	2.17
Enterprise Value to EBITDA (EV/EBITDA)	10.87	12.08	11.58	10.01	9.99	25.17	8.37	7.30	8.05	8.18	3.19
Enterprise Value to EBIT (EV/EBIT)	21.81	23.80	19.24	16.74	16.03	149.45	10.98	9.29	10.42	10.69	3.58
Enterprise Value to NOPAT (EV/NOPAT)	6.93	0.74	19.61	22.65	20.56	888.54	14.24	12.00	12.63	13.91	15.07
Enterprise Value to Operating Cash Flow (EV/OCF)	15.18	17.24	15.66	13.70	13.80	30.69	9.74	9.31	10.26	10.36	9.11
Enterprise Value to Free Cash Flow (EV/FCFF)	6.06	0.81	19.19	0.00	0.00	32.17	5.43	0.00	11.98	14.42	10.72
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	6.44	3.46	2.80	3.47	3.64	4.22	1.97	2.39	2.08	2.42	1.00
Long-Term Debt to Equity	6.38	3.42	2.78	3.45	3.62	4.20	1.94	2.37	2.05	2.39	1.00
Financial Leverage	6.20	4.07	2.89	2.92	3.34	3.58	2.59	1.98	2.05	2.05	1.37
Leverage Ratio	9.27	6.26	4.61	4.66	5.15	5.53	4.80	4.01	3.77	3.81	3.10
Compound Leverage Factor	0.17	0.22	2.29	2.03	2.20	-15.93	3.23	3.39	3.16	3.09	2.90
Debt to Total Capital	86.55%	77.56%	73.71%	77.64%	78.45%	80.85%	66.33%	70.54%	67.53%	70.77%	49.92%
Short-Term Debt to Total Capital	0.79%	0.73%	0.57%	0.47%	0.46%	0.52%	0.91%	0.82%	0.82%	0.81%	0.00%
Long-Term Debt to Total Capital	85.76%	76.84%	73.13%	77.17%	77.99%	80.33%	65.42%	69.72%	66.70%	69.95%	49.92%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.01%
Common Equity to Total Capital	13.45%	22.43%	26.29%	22.36%	21.55%	19.15%	33.67%	29.46%	32.47%	29.23%	50.09%
Debt to EBITDA	7.18	7.54	5.38	6.69	6.07	13.47	2.58	3.06	3.11	3.16	0.93
Net Debt to EBITDA	6.25	7.04	4.99	6.23	5.72	11.95	2.27	2.82	2.85	2.89	0.80
Long-Term Debt to EBITDA	7.12	7.46	5.34	6.65	6.04	13.38	2.54	3.02	3.08	3.12	0.93
Debt to NOPAT	4.58	0.46	9.11	15.14	12.50	475.39	4.39	5.03	4.88	5.37	4.40
Net Debt to NOPAT	3.99	0.43	8.44	14.10	11.76	421.80	3.87	4.64	4.47	4.92	3.79
Long-Term Debt to NOPAT	4.54	0.46	9.04	15.05	12.42	472.31	4.33	4.97	4.82	5.31	4.40
Altman Z-Score	0.84	0.95	1.42	1.00	1.15	0.95	2.09	2.05	2.25	2.23	3.35
Noncontrolling Interest Sharing Ratio	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.72	0.84	0.85	0.85	0.72	1.24	0.91	0.82	0.89	0.90	0.54
Quick Ratio	0.52	0.61	0.63	0.65	0.55	1.09	0.78	0.67	0.74	0.72	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	816	6,365	345	-643	-381	276	1,813	-133	783	688	830
Operating Cash Flow to CapEx	248.34%	187.29%	221.85%	268.98%	264.40%	180.67%	506.59%	394.86%	244.56%	239.03%	166.04%
Free Cash Flow to Firm to Interest Expense	3.63	29.92	1.97	-3.15	-1.40	1.19	6.16	-0.78	4.57	3.88	5.22
Operating Cash Flow to Interest Expense	1.45	1.41	2.42	2.13	2.02	1.24	3.43	5.71	5.34	5.39	6.14
Operating Cash Flow Less CapEx to Interest Expense	0.87	0.66	1.33	1.34	1.25	0.56	2.75	4.26	3.16	3.14	2.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.49	0.51	0.50	0.54	0.33	0.53	0.57	0.59	0.62	0.63
Accounts Receivable Turnover	83.75	79.02	67.92	55.31	60.73	40.22	47.15	35.82	30.28	29.10	37.78
Inventory Turnover	72.52	0.00	69.12	71.07	81.34	46.38	67.09	74.07	80.25	89.70	99.69
Fixed Asset Turnover	0.98	0.91	0.93	1.00	1.23	0.84	1.37	1.49	1.51	1.51	1.47
Accounts Payable Turnover	13.80	0.00	13.28	12.61	17.18	11.04	14.40	13.49	13.51	14.69	14.62
Days Sales Outstanding (DSO)	4.36	4.62	5.37	6.60	6.01	9.07	7.74	10.19	12.06	12.55	9.66
Days Inventory Outstanding (DIO)	5.03	0.00	5.28	5.14	4.49	7.87	5.44	4.93	4.55	4.07	3.66
Days Payable Outstanding (DPO)	26.45	0.00	27.49	28.94	21.25	33.06	25.34	27.05	27.02	24.84	24.97
Cash Conversion Cycle (CCC)	-17.05	4.62	-16.84	-17.21	-10.75	-16.12	-12.16	-11.93	-10.41	-8.23	-11.65
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,355	3,953	3,946	4,852	5,601	5,335	4,213	5,103	5,063	5,088	4,849
Invested Capital Turnover	0.65	0.60	0.61	0.60	0.64	0.40	0.71	0.76	0.74	0.77	0.82
Increase / (Decrease) in Invested Capital	-102	598	-7.40	906	749	-266	-1,122	890	-40	25	-240
Enterprise Value (EV)	4,946	5,177	6,619	5,954	7,576	8,871	9,845	9,085	9,379	9,919	8,900
Market Capitalization	2,099	2,158	3,770	2,247	3,240	4,660	7,171	5,573	6,061	6,412	6,659
Book Value per Share	$4.57	$8.30	$9.76	$10.21	$11.38	$10.08	$13.70	$15.24	$17.82	$17.89	$33.39
Tangible Book Value per Share	($9.61)	($6.88)	($5.64)	($12.33)	($11.56)	($11.02)	($7.13)	($8.34)	($6.09)	($8.68)	$2.25
Total Capital	3,778	4,164	4,173	5,125	5,871	5,870	4,570	5,398	5,371	5,410	5,208
Total Debt	3,270	3,229	3,076	3,979	4,606	4,746	3,032	3,808	3,627	3,828	2,600
Total Long-Term Debt	3,240	3,199	3,052	3,955	4,579	4,716	2,990	3,764	3,583	3,784	2,600
Net Debt	2,847	3,019	2,849	3,706	4,336	4,211	2,674	3,513	3,319	3,507	2,241
Capital Expenditures (CapEx)	131	160	190	162	208	160	199	247	374	400	588
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-246	-238	-260	-319	-401	-378	-365	-359	-331	-339	-807
Debt-free Net Working Capital (DFNWC)	-68	-27	-33	-46	-130	157	-7.57	-64	-23	-17	-448
Net Working Capital (NWC)	-98	-58	-57	-70	-157	126	-49	-108	-67	-61	-448
Net Nonoperating Expense (NNE)	667	6,543	148	148	211	145	227	118	123	135	-1,248
Net Nonoperating Obligations (NNO)	2,847	3,019	2,849	3,706	4,336	4,211	2,674	3,513	3,319	3,507	2,241
Total Depreciation and Amortization (D&A)	228	211	227	239	286	293	279	267	265	284	310
Debt-free, Cash-free Net Working Capital to Revenue	-11.18%	-10.80%	-10.83%	-12.14%	-12.05%	-17.35%	-10.82%	-10.09%	-8.84%	-8.61%	-19.73%
Debt-free Net Working Capital to Revenue	-3.10%	-1.24%	-1.37%	-1.74%	-3.92%	7.21%	-0.22%	-1.79%	-0.61%	-0.44%	-10.96%
Net Working Capital to Revenue	-4.45%	-2.62%	-2.37%	-2.66%	-4.73%	5.80%	-1.46%	-3.04%	-1.79%	-1.56%	-10.96%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.42	$3.65	$1.65	$1.01	$1.39	($1.19)	$4.07	$5.87	$6.12	$6.19	$22.56
Adjusted Weighted Average Basic Shares Outstanding	112.79M	114.51M	114.96M	114.40M	113.47M	113.52M	113.87M	108.89M	101.33M	93.31M	81.70M
Adjusted Diluted Earnings per Share	$0.42	$0.00	$1.64	$1.00	$1.38	($1.19)	$4.07	$5.87	$6.12	$6.19	$22.56
Adjusted Weighted Average Diluted Shares Outstanding	113.68M	114.51M	115.63M	115.07M	113.95M	113.52M	114.10M	109.00M	101.37M	93.35M	81.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	111.75M	114.51M	112.51M	110.97M	111.61M	111.86M	110.01M	102.01M	96.05M	83.75M	75.49M
Normalized Net Operating Profit after Tax (NOPAT)	203	209	337	264	369	132	698	788	831	721	692
Normalized NOPAT Margin	9.22%	9.51%	14.04%	10.04%	11.08%	6.07%	20.70%	22.18%	22.24%	18.35%	16.91%
Pre Tax Income Margin	0.18%	0.35%	7.13%	5.90%	6.08%	-7.85%	17.92%	23.31%	20.14%	19.13%	56.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.01	1.02	1.97	1.74	1.74	0.26	3.04	5.72	5.26	5.23	15.61
NOPAT to Interest Expense	3.18	32.74	1.93	1.29	1.35	0.04	2.35	4.43	4.34	4.02	3.71
EBIT Less CapEx to Interest Expense	0.43	0.27	0.88	0.95	0.97	-0.43	2.37	4.27	3.07	2.97	11.92
NOPAT Less CapEx to Interest Expense	2.60	31.98	0.84	0.50	0.59	-0.65	1.67	2.98	2.15	1.76	0.02
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	5.96%	21.50%	18.36%	-5.80%	0.00%	7.53%	10.26%	10.84%	3.16%
Augmented Payout Ratio	0.00%	0.00%	24.63%	85.63%	45.99%	-26.96%	20.53%	94.86%	76.81%	129.51%	45.49%

This table displays calculated financial ratios and metrics derived from Boyd Gaming's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	75,492,204.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	75,492,204.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.40
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.95%	3.41%	-0.36%	5.51%	6.43%	9.06%	3.23%	6.87%	4.49%	2.03%	0.58%
EBITDA Growth	-6.47%	-28.75%	-18.43%	-4.23%	2.61%	52.19%	-5.02%	6.67%	567.97%	-24.12%	-3.41%
EBIT Growth	-8.17%	-37.97%	-22.98%	-6.76%	0.87%	69.78%	-8.92%	6.77%	753.17%	-36.36%	-17.92%
NOPAT Growth	-9.27%	-33.02%	-23.19%	-25.41%	-0.32%	62.60%	-13.65%	9.63%	-34.16%	-21.33%	-14.30%
Net Income Growth	-13.87%	-46.37%	-31.67%	-27.34%	-3.04%	84.12%	-18.75%	7.51%	997.28%	-18.58%	-5.94%
EPS Growth	-8.22%	-41.10%	-27.46%	-22.22%	6.72%	96.88%	-6.43%	25.17%	1,145.45%	-15.34%	4.58%
Operating Cash Flow Growth	-13.92%	-12.42%	-11.14%	17.66%	-1.18%	20.62%	2.26%	-3.78%	3.80%	5.05%	-47.61%
Free Cash Flow Firm Growth	88.85%	123.85%	184.44%	776.99%	514.06%	8.14%	-88.41%	-87.00%	75.36%	122.24%	1,045.67%
Invested Capital Growth	4.46%	-0.79%	-1.28%	-1.71%	-1.01%	0.50%	2.36%	3.06%	-5.37%	-4.71%	-3.60%
Revenue Q/Q Growth	-1.50%	5.67%	0.64%	0.73%	-0.65%	8.29%	-4.74%	4.28%	-2.87%	5.75%	-6.09%
EBITDA Q/Q Growth	-7.49%	-21.23%	26.74%	3.69%	-0.88%	16.83%	-20.90%	16.45%	520.68%	-86.73%	0.70%
EBIT Q/Q Growth	-10.52%	-29.29%	42.35%	3.52%	-3.20%	19.02%	-23.63%	21.34%	673.56%	-91.12%	-1.51%
NOPAT Q/Q Growth	-27.92%	-23.75%	33.02%	2.03%	-3.68%	24.38%	-29.36%	29.54%	-42.15%	48.62%	-23.06%
Net Income Q/Q Growth	-29.73%	-31.52%	47.37%	2.47%	-6.23%	30.03%	-34.97%	35.60%	856.97%	-90.35%	-24.88%
EPS Q/Q Growth	-29.10%	-28.36%	45.83%	5.00%	-2.72%	32.17%	-30.69%	40.46%	867.93%	-91.02%	-14.38%
Operating Cash Flow Q/Q Growth	29.20%	-7.14%	15.40%	-15.01%	8.51%	13.34%	-2.16%	-20.04%	17.05%	14.71%	-51.20%
Free Cash Flow Firm Q/Q Growth	-277.05%	418.01%	39.81%	11.41%	-16.41%	-16.94%	-85.01%	24.97%	1,027.25%	5.26%	-22.74%
Invested Capital Q/Q Growth	-0.53%	-1.27%	-0.62%	0.71%	0.18%	0.24%	1.22%	1.39%	-8.01%	0.94%	2.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.38%	52.90%	51.62%	52.40%	51.95%	52.61%	50.86%	50.97%	48.61%	47.80%	49.34%
EBITDA Margin	31.51%	23.49%	29.58%	30.45%	30.38%	32.78%	27.22%	30.40%	194.22%	24.38%	26.14%
Operating Margin	24.12%	16.25%	22.84%	23.47%	22.89%	25.10%	20.16%	23.44%	13.92%	15.67%	16.44%
EBIT Margin	24.13%	16.14%	22.84%	23.47%	22.87%	25.13%	20.15%	23.44%	186.71%	15.68%	16.44%
Profit (Net Income) Margin	14.97%	9.70%	14.21%	14.45%	13.64%	16.38%	11.18%	14.54%	143.26%	13.07%	10.46%
Tax Burden Percent	76.34%	81.80%	76.90%	75.79%	75.37%	78.92%	72.88%	77.86%	78.11%	97.51%	76.12%
Interest Burden Percent	81.29%	73.47%	80.91%	81.26%	79.16%	82.58%	76.16%	79.66%	98.23%	85.51%	83.55%
Effective Tax Rate	23.66%	18.20%	23.10%	24.21%	24.63%	21.08%	27.12%	22.14%	21.89%	2.49%	23.88%
Return on Invested Capital (ROIC)	13.60%	9.77%	12.95%	13.18%	12.99%	15.34%	11.43%	14.29%	8.96%	12.58%	10.14%
ROIC Less NNEP Spread (ROIC-NNEP)	12.68%	8.77%	11.99%	12.22%	11.97%	14.29%	10.45%	13.22%	56.61%	11.77%	9.48%
Return on Net Nonoperating Assets (RNNOA)	25.78%	17.97%	23.57%	23.88%	23.96%	29.34%	23.79%	30.56%	73.49%	16.14%	15.19%
Return on Equity (ROE)	39.38%	27.74%	36.52%	37.06%	36.96%	44.68%	35.22%	44.84%	82.44%	28.72%	25.33%
Cash Return on Invested Capital (CROIC)	11.67%	15.40%	14.98%	14.12%	13.42%	13.55%	11.23%	10.73%	18.80%	16.71%	14.82%
Operating Return on Assets (OROA)	14.46%	9.59%	13.59%	14.14%	13.94%	15.60%	12.57%	14.73%	118.62%	9.89%	10.30%
Return on Assets (ROA)	8.98%	5.77%	8.46%	8.71%	8.31%	10.17%	6.98%	9.14%	91.01%	8.25%	6.55%
Return on Common Equity (ROCE)	39.38%	27.74%	36.52%	37.06%	36.96%	44.68%	35.18%	44.81%	82.42%	28.73%	25.33%
Return on Equity Simple (ROE_SIMPLE)	39.59%	0.00%	31.73%	29.45%	30.64%	0.00%	40.94%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	166	127	169	172	166	206	146	189	109	162	125
NOPAT Margin	18.42%	13.29%	17.56%	17.79%	17.25%	19.81%	14.69%	18.25%	10.87%	15.28%	12.52%
Net Nonoperating Expense Percent (NNEP)	0.92%	1.00%	0.96%	0.95%	1.02%	1.05%	0.98%	1.07%	-47.65%	0.81%	0.66%
Return On Investment Capital (ROIC_SIMPLE)	-	2.36%	-	-	-	3.81%	2.66%	3.40%	2.13%	3.12%	2.34%
Cost of Revenue to Revenue	46.62%	47.10%	48.38%	47.60%	48.05%	47.39%	49.14%	49.03%	51.39%	52.20%	50.66%
SG&A Expenses to Revenue	14.15%	12.39%	14.32%	14.10%	13.52%	13.18%	13.90%	14.06%	13.40%	12.91%	14.72%
R&D to Revenue	0.27%	0.24%	0.31%	0.78%	1.18%	0.64%	-0.15%	0.27%	0.40%	0.67%	2.03%
Operating Expenses to Revenue	29.26%	36.66%	28.78%	28.93%	29.06%	27.51%	30.70%	27.53%	34.69%	32.13%	32.90%
Earnings before Interest and Taxes (EBIT)	218	154	219	227	220	262	200	242	1,875	166	164
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	285	224	284	295	292	341	270	314	1,951	259	261
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.40	3.47	3.74	3.05	3.64	4.05	4.09	4.57	2.60	2.55	2.45
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	21.14	37.94	57.84
Price to Revenue (P/Rev)	1.62	1.62	1.76	1.38	1.54	1.63	1.39	1.58	1.70	1.63	1.51
Price to Earnings (P/E)	8.59	9.77	11.80	10.37	11.86	11.09	9.97	11.28	3.70	3.61	3.38
Dividend Yield	1.30%	1.03%	0.97%	1.20%	1.04%	0.94%	1.05%	0.89%	0.82%	0.84%	0.90%
Earnings Yield	11.64%	10.23%	8.48%	9.64%	8.43%	9.01%	10.03%	8.86%	27.03%	27.68%	29.62%
Enterprise Value to Invested Capital (EV/IC)	1.83	1.85	1.96	1.69	1.85	1.95	1.81	1.95	1.89	1.84	1.74
Enterprise Value to Revenue (EV/Rev)	2.53	2.51	2.64	2.27	2.44	2.52	2.35	2.53	2.23	2.17	2.11
Enterprise Value to EBITDA (EV/EBITDA)	7.47	8.05	8.94	7.89	8.56	8.18	7.78	8.38	3.15	3.19	3.10
Enterprise Value to EBIT (EV/EBIT)	9.43	10.42	11.79	10.49	11.43	10.69	10.26	11.04	3.52	3.58	3.53
Enterprise Value to NOPAT (EV/NOPAT)	11.66	12.63	14.19	13.55	14.82	13.91	13.49	14.42	13.82	15.07	15.30
Enterprise Value to Operating Cash Flow (EV/OCF)	9.92	10.26	11.15	9.38	10.28	10.36	9.67	10.68	9.41	9.11	10.10
Enterprise Value to Free Cash Flow (EV/FCFF)	16.01	11.98	12.98	11.90	13.70	14.42	16.29	18.47	9.76	10.72	11.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.05	2.08	2.03	2.13	2.29	2.42	3.04	2.98	0.92	1.00	1.11
Long-Term Debt to Equity	2.03	2.05	2.01	2.10	2.26	2.39	3.01	2.94	0.92	1.00	1.11
Financial Leverage	2.03	2.05	1.97	1.95	2.00	2.05	2.28	2.31	1.30	1.37	1.60
Leverage Ratio	3.74	3.77	3.67	3.63	3.71	3.81	4.09	4.13	2.98	3.10	3.37
Compound Leverage Factor	3.04	2.77	2.97	2.95	2.94	3.15	3.11	3.29	2.93	2.65	2.81
Debt to Total Capital	67.25%	67.53%	67.01%	68.02%	69.59%	70.77%	75.26%	74.85%	47.98%	49.92%	52.56%
Short-Term Debt to Total Capital	0.82%	0.82%	0.83%	0.83%	0.83%	0.81%	0.80%	0.79%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	66.43%	66.70%	66.18%	67.19%	68.77%	69.95%	74.46%	74.05%	47.98%	49.92%	52.56%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.04%	0.02%	-0.01%	-0.03%
Common Equity to Total Capital	32.75%	32.47%	32.99%	31.98%	30.41%	29.23%	24.68%	25.12%	52.00%	50.09%	47.47%
Debt to EBITDA	2.89	3.11	3.24	3.35	3.41	3.16	3.44	3.41	0.86	0.93	1.01
Net Debt to EBITDA	2.68	2.85	2.98	3.09	3.15	2.89	3.17	3.14	0.74	0.80	0.87
Long-Term Debt to EBITDA	2.86	3.08	3.20	3.31	3.37	3.12	3.40	3.37	0.86	0.93	1.01
Debt to NOPAT	4.51	4.88	5.14	5.75	5.90	5.37	5.96	5.87	3.75	4.40	4.98
Net Debt to NOPAT	4.18	4.47	4.72	5.30	5.44	4.92	5.50	5.41	3.26	3.79	4.31
Long-Term Debt to NOPAT	4.46	4.82	5.08	5.68	5.83	5.31	5.90	5.81	3.75	4.40	4.98
Altman Z-Score	1.87	1.86	1.97	1.78	1.83	1.88	1.63	1.76	3.14	2.19	2.09
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.10%	0.07%	0.02%	-0.01%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.80	0.89	0.80	0.83	0.82	0.90	0.80	0.86	0.51	0.54	0.60
Quick Ratio	0.64	0.74	0.67	0.66	0.64	0.72	0.67	0.69	0.42	0.45	0.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-53	167	234	260	218	181	27	34	382	402	310
Operating Cash Flow to CapEx	217.38%	228.87%	279.69%	186.28%	271.39%	235.71%	121.31%	164.77%	230.52%	185.59%	86.57%
Free Cash Flow to Firm to Interest Expense	-1.24	3.95	5.52	6.06	4.71	3.94	0.56	0.67	11.00	15.84	10.76
Operating Cash Flow to Interest Expense	5.52	5.13	5.93	4.96	5.00	5.70	5.29	4.05	6.91	10.85	4.66
Operating Cash Flow Less CapEx to Interest Expense	2.98	2.89	3.81	2.30	3.16	3.28	0.93	1.59	3.91	5.00	-0.72
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.60	0.59	0.60	0.60	0.61	0.62	0.62	0.63	0.64	0.63	0.63
Accounts Receivable Turnover	39.00	30.28	33.66	35.37	37.13	29.10	34.62	35.78	43.85	37.78	43.43
Inventory Turnover	78.38	80.25	82.28	84.34	89.47	89.70	92.41	91.04	96.93	99.69	103.03
Fixed Asset Turnover	1.53	1.51	1.49	1.49	1.50	1.51	1.49	1.48	1.49	1.47	1.44
Accounts Payable Turnover	16.35	13.51	16.94	15.94	16.37	14.69	16.27	15.29	16.02	14.62	15.72
Days Sales Outstanding (DSO)	9.36	12.06	10.84	10.32	9.83	12.55	10.54	10.20	8.32	9.66	8.40
Days Inventory Outstanding (DIO)	4.66	4.55	4.44	4.33	4.08	4.07	3.95	4.01	3.77	3.66	3.54
Days Payable Outstanding (DPO)	22.32	27.02	21.55	22.89	22.29	24.84	22.43	23.86	22.78	24.97	23.22
Cash Conversion Cycle (CCC)	-8.31	-10.41	-6.27	-8.25	-8.38	-8.23	-7.94	-9.65	-10.69	-11.65	-11.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,128	5,063	5,032	5,067	5,076	5,088	5,150	5,222	4,804	4,849	4,965
Invested Capital Turnover	0.74	0.74	0.74	0.74	0.75	0.77	0.78	0.78	0.82	0.82	0.81
Increase / (Decrease) in Invested Capital	219	-40	-65	-88	-52	25	119	155	-273	-240	-186
Enterprise Value (EV)	9,375	9,379	9,844	8,583	9,377	9,919	9,314	10,197	9,069	8,900	8,632
Market Capitalization	6,016	6,061	6,568	5,228	5,932	6,412	5,513	6,368	6,932	6,659	6,204
Book Value per Share	$17.68	$17.82	$18.01	$18.04	$17.78	$17.89	$16.11	$17.12	$33.25	$33.39	$33.60
Tangible Book Value per Share	($6.78)	($6.09)	($5.86)	($6.44)	($7.86)	($8.68)	($11.90)	($11.66)	$4.09	$2.25	$1.42
Total Capital	5,400	5,371	5,320	5,352	5,367	5,410	5,467	5,548	5,128	5,208	5,343
Total Debt	3,631	3,627	3,565	3,640	3,735	3,828	4,115	4,153	2,460	2,600	2,809
Total Long-Term Debt	3,587	3,583	3,521	3,596	3,690	3,784	4,071	4,109	2,460	2,600	2,809
Net Debt	3,360	3,319	3,277	3,356	3,445	3,507	3,798	3,827	2,136	2,241	2,430
Capital Expenditures (CapEx)	108	95	90	114	85	111	211	124	104	148	155
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-342	-331	-364	-342	-354	-339	-401	-371	-792	-807	-731
Debt-free Net Working Capital (DFNWC)	-70	-23	-76	-58	-64	-17	-84	-45	-468	-448	-353
Net Working Capital (NWC)	-114	-67	-120	-102	-109	-61	-128	-89	-468	-448	-353
Net Nonoperating Expense (NNE)	31	34	32	32	35	36	35	38	-1,330	23	21
Net Nonoperating Obligations (NNO)	3,360	3,319	3,277	3,356	3,445	3,507	3,798	3,827	2,136	2,241	2,430
Total Depreciation and Amortization (D&A)	67	70	65	68	72	80	70	72	75	92	97
Debt-free, Cash-free Net Working Capital to Revenue	-9.21%	-8.84%	-9.74%	-9.04%	-9.22%	-8.61%	-10.12%	-9.21%	-19.45%	-19.73%	-17.85%
Debt-free Net Working Capital to Revenue	-1.89%	-0.61%	-2.03%	-1.52%	-1.67%	-0.44%	-2.12%	-1.11%	-11.49%	-10.96%	-8.61%
Net Working Capital to Revenue	-3.08%	-1.79%	-3.21%	-2.70%	-2.83%	-1.56%	-3.23%	-2.20%	-11.49%	-10.96%	-8.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.34	$0.96	$1.40	$1.47	$1.43	$1.89	$1.31	$1.84	$17.81	$1.60	$1.37
Adjusted Weighted Average Basic Shares Outstanding	100.80M	101.33M	97.43M	95.04M	91.86M	93.31M	85.12M	82.29M	80.86M	81.70M	76.77M
Adjusted Diluted Earnings per Share	$1.34	$0.96	$1.40	$1.47	$1.43	$1.89	$1.31	$1.84	$17.81	$1.60	$1.37
Adjusted Weighted Average Diluted Shares Outstanding	100.85M	101.37M	97.48M	95.08M	91.89M	93.35M	85.14M	82.30M	80.88M	81.72M	76.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	97.86M	96.05M	94.88M	91.76M	88.39M	83.75M	81.40M	80.18M	78.12M	75.49M	74.33M
Normalized Net Operating Profit after Tax (NOPAT)	166	211	177	172	166	206	169	189	160	192	125
Normalized NOPAT Margin	18.42%	22.14%	18.40%	17.79%	17.25%	19.81%	17.06%	18.25%	15.93%	18.12%	12.52%
Pre Tax Income Margin	19.61%	11.86%	18.48%	19.07%	18.10%	20.75%	15.34%	18.68%	183.40%	13.41%	13.74%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.15	3.64	5.18	5.29	4.76	5.69	4.12	4.79	54.03	6.56	5.69
NOPAT to Interest Expense	3.93	3.00	3.99	4.01	3.59	4.49	3.01	3.73	3.15	6.39	4.33
EBIT Less CapEx to Interest Expense	2.60	1.40	3.07	2.62	2.91	3.27	-0.24	2.33	51.03	0.72	0.31
NOPAT Less CapEx to Interest Expense	1.39	0.75	1.87	1.34	1.74	2.07	-1.36	1.27	0.15	0.55	-1.05
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	9.06%	10.26%	11.43%	12.62%	12.66%	10.84%	11.19%	10.71%	3.16%	3.16%	3.13%
Augmented Payout Ratio	69.18%	76.81%	85.40%	109.31%	129.29%	129.51%	175.64%	159.53%	45.69%	45.49%	36.16%

Financials Breakdown Chart

Key Financial Trends

Here are the key four-year trends for Boyd Gaming (NYSE: BYD), focusing on quarterly income statements, cash flow, and balance sheet data up to Q4 2025. The goal is to highlight what may matter most to retail investors looking at the company’s profitability, cash generation, and financial health.

Net cash from continuing operating activities in Q4 2025 rose to about $275.3 million, with 2025 showing a generally improving cash-productive trend across the year (Q1: ~$256.4M; Q2: ~$205.0M; Q3: ~$240.0M; Q4: ~$275.3M). This indicates healthy cash generation from core operations.
Revenue remained around the $1.0 billion per quarter level in 2025, with Q4 2025 revenue at $1,062,065,000, signaling a stable topline through the year.
Q4 2025 net income attributable to common shareholders was $140,403,000, showing the company remained profitable on a quarterly basis despite some earnings volatility in other quarters.
Q4 2025 basic and diluted earnings per share were both $1.60, indicating solid quarterly profitability on a per-share basis.
The balance sheet shows a solid equity base, with Total Common Equity around $2.663B as of Q3 2025, contributing to a strong capitalization profile alongside total assets of about $6.512B.
Cash and equivalents stood around $319M in Q3 2025, providing a liquidity cushion to support operations and near-term obligations.
Debt activity in 2025 included debt issuances of $485.5M in Q2 2025 and $202.1M in Q3 2025, reflecting access to capital markets to support growth and liquidity needs.
Revenue and earnings have shown some volatility across periods, notably due to one-off items in certain quarters (e.g., large non-operating income in some periods), which investors should view as potentially non-recurring in the near term.
The company carries substantial goodwill and intangible assets (aggregate noncurrent assets in the billions), with occasional impairment charges (e.g., $65.1M in Q3 2025 and $31.0M in Q4 2025), which may impact future earnings if asset values recalibrate.
Net cash used in financing activities has been substantial in several quarters (e.g., Q3 2025 net financing outflow around $1.853B; Q4 2025 around $48.3M), reflecting ongoing debt servicing, buybacks, and dividend activity that compresses cash on hand.

Bottom line for investors: Boyd Gaming shows solid operating cash generation and a stable topline in 2025, with a strong equity base and access to debt markets. However, financing cash outflows and occasional non-operating earnings swings create earnings volatility. Keep an eye on debt levels, impairments, and any changes in cash flow from operations, which are the best current indicators of liquidity and ongoing profitability.

05/25/26 10:39 PM ETAI Generated. May Contain Errors.

Boyd Gaming Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Boyd Gaming's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Boyd Gaming's net income appears to be on an upward trend, with a most recent value of $1.84 billion in 2025, rising from $47.23 million in 2015. The previous period was $577.95 million in 2024. View Boyd Gaming's forecast to see where analysts expect Boyd Gaming to go next.

Boyd Gaming's total operating income in 2025 was $748.41 million, based on the following breakdown:

Total Gross Profit: $2.03 billion
Total Operating Expenses: $1.28 billion

Over the last 10 years, Boyd Gaming's total revenue changed from $2.20 billion in 2015 to $4.09 billion in 2025, a change of 86.0%.

Boyd Gaming's total liabilities were at $3.97 billion at the end of 2025, a 17.5% decrease from 2024, and a 3.2% increase since 2015.

In the past 10 years, Boyd Gaming's cash and equivalents has ranged from $158.82 million in 2015 to $519.18 million in 2020, and is currently $353.41 million as of their latest financial filing in 2025.

Over the last 10 years, Boyd Gaming's book value per share changed from 4.57 in 2015 to 33.39 in 2025, a change of 630.0%.

Related Companies

Financial statements for NYSE:BYD last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Boyd Gaming (BYD) Financials

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Boyd Gaming (BYD) Financials

Annual Income Statements for Boyd Gaming

Quarterly Income Statements for Boyd Gaming

Annual Cash Flow Statements for Boyd Gaming

Quarterly Cash Flow Statements for Boyd Gaming

Annual Balance Sheets for Boyd Gaming

Quarterly Balance Sheets for Boyd Gaming

Annual Metrics And Ratios for Boyd Gaming

Quarterly Metrics And Ratios for Boyd Gaming

Financials Breakdown Chart

Key Financial Trends

Boyd Gaming Financials - Frequently Asked Questions

When does Boyd Gaming's fiscal year end?

How has Boyd Gaming's net income changed over the last 10 years?

What is Boyd Gaming's operating income?

How has Boyd Gaming's revenue changed over the last 10 years?

How much debt does Boyd Gaming have?

How much cash does Boyd Gaming have?

How has Boyd Gaming's book value per share changed over the last 10 years?

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