Boyd Gaming reported record fourth-quarter revenue, while adjusted EBITDAR and adjusting earnings were down year-over-year.
During a conference call Thursday, Boyd reported fourth-quarter 2025 revenue of $1.1 billion, increasing from $1 billion in the fourth quarter of 2024. The company reported net income of $140.4 million, or $1.79 per share, for the fourth quarter compared to $170.5 million, or $1.92 per share, for the year-ago period.
Total Adjusted EBITDAR was $336.6 million in the fourth quarter of 2025 versus $379.3 million in the fourth quarter of 2024. Adjusted earnings for the fourth quarter of 2025 were $173.5 million, or $2.21 per share, compared to $174.7 million, or $1.96 per share, for the same period in 2024.
For the full year 2025, Boyd Gaming reported revenue of $4.1 billion, increasing from $3.9 billion for the full year 2024. The company reported net income of $1.8 billion, or $22.56 per share, compared to net income of $578 million, or $6.19 per share for the full year 2024.
The company’s net income for full-year 2025 was impacted by a $1.4 billion after tax gain from the sale of the company’s equity interest in FanDuel, and $128.4 million in non-cash, pretax, long-lived asset impairment charges.
Total adjusted EBITDAR for the full year 2025 was $1.4 billion, in line with the full year 2024. Full-year 2025 adjusted earnings were $604.6 million, or $7.40 per share, compared to adjusted earnings of $611.3 million, or $6.55 per share for the full year 2024.
During the fourth quarter, the Las Vegas locals segment saw continued growth in gaming revenues due to strong play from core customers, as well as impacts from continued softness in destination business, said CEO Keith Smith.
In downtown Las Vegas, results reflected stability in play among Hawaiian guests and reduced destination business. In the Midwest and South segment, the company’s properties continued to benefit from strong growth in play from core customers, while year-over-year results were impacted by severe winter weather in December 2025, Smith added.
“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,” said CEO Keith Smith. “For the full year, we achieved record revenues while maintaining strong property-level margins. These results were driven by strength in play from our core customers and our focus on operational discipline. We further enhanced our customer offerings and the growth potential of our portfolio through our ongoing capital investments, including our progress toward the completion of our $750 million resort in Virginia.
“We also unlocked the substantial value of our equity ownership in FanDuel, utilizing nearly $1.8 billion in gross proceeds to further fortify our balance sheet,” Smith said. “And we continued to return significant capital to our shareholders, with more than $800 million in share repurchases and dividends in 2025. Looking ahead, we are optimistic about 2026, as we expect to benefit from continued strength in play from our core customers, returns from our ongoing capital investments, and the financial strength created by our diversified free cash flow and strong balance sheet.”
Results in the company’s online segment reflected growth from its igaming business, changes to the company’s revenue-sharing agreements due to the FanDuel transaction in the third quarter, and one-time fees recorded in the year-ago quarter, Smith said.
Year-over-year gains in the managed and other category were driven by continued growth in management fees from Sky River Casino in northern California.
Boyd Gaming paid a quarterly cash dividend of $0.18 per share on January 15 as previously announced.
As part of its ongoing share repurchase program, the company repurchased $185 million in shares of its common stock during the fourth quarter of 2025. As of December 31, the company had approximately $362 million remaining under current share-repurchase authorizations.
As of December 31, Boyd Gaming had cash on hand of $353.4 million and total debt of $2.1 billion.
