In the fourth quarter of 2025, Boyd Gaming posted adjusted EPS of $2.21, surpassing the $1.88 consensus by 17.6%, while revenue reached $1.06 billion, topping forecasts by 5.7% and rising 2% year-over-year. Adjusted EBITDAR totaled $336.6 million against $379.3 million a year earlier.

The company realized nearly $1.8 billion in gross proceeds from its equity stake in FanDuel, bolstering liquidity and enabling aggressive debt reduction. Management highlighted that this windfall materially strengthened the balance sheet and supported ongoing capital allocation initiatives.

As of December 31, 2025, cash on hand stood at $353.4 million versus $316.7 million a year ago, while total debt fell to $2.1 billion from $3.2 billion. During the quarter, Boyd Gaming repurchased $185 million of common shares and maintained $362 million available under its buyback program.

For full-year 2025, the company posted $4.1 billion in revenue (up from $3.93 billion) and net income of $1.84 billion versus $578 million in 2024, driving adjusted diluted EPS to $7.40. Management expects 2026 momentum to continue, supported by core customer strength and incremental returns from the $750 million Virginia resort under construction.