Boyd Gaming Revenue Rises as 2025 Profit Jump Reflects Divestment Gain
Boyd Gaming posted revenue gains for both the fourth quarter and full year 2025, but the headline profit surge was driven by a one-off divestment rather than core operating leverage.
Key Takeaways:
- Full-year revenue increased to $4.1 billion, boosted by a $1.4 billion gain from FanDuel sale
- Profit surge driven mainly by a one-time divestment, not operational performance
- Quarterly results mixed amid regional softness and digital growth
According to a press release, full-year revenue rose to $4.1 billion from $3.9 billion in 2024 while net income jumped to $1.8 billion, largely reflecting a $1.4 billion after-tax gain from the sale of its equity stake in FanDuel.
Adjusted EBITDAR and adjusted earnings were essentially flat year-on-year, underscoring that recurring profitability did not fuel the net-income leap.
Industry filings confirm the FanDuel gain and the company’s capital returns exceeding $800 million through buybacks and dividends.
Mixed Revenue Across Segments
Quarterly performance was mixed: Fourth-quarter revenue reached about $1.1 billion but GAAP net income fell versus the prior year and adjusted results were broadly steady.
Company disclosures and sector reporting point to softness in room revenue, particularly in Nevada, and uneven destination demand, while online gaming showed growth but saw margin effects from revised revenue-sharing after the FanDuel deal.
Earlier 2025 quarters similarly reflected weather and calendar impacts on regional properties and a rising contribution from digital operations following strategic acquisitions.
Balance Sheet Steady, Returns in Focus
Boyd ended the year with modest cash and roughly $2.1 billion of debt, and management emphasized portfolio investment and shareholder returns.
“Our company delivered another successful performance in 2025 as we continued to position ourselves for growth and to deliver long-term value for our shareholders,” Keith Smith said in a statement.
