Boyd Gaming reported fourth-quarter 2025 earnings of $2.21 per share, outpacing the Zacks Consensus Estimate of $1.88 and marking an increase from $1.96 per share in the year-ago period. This represents a year-over-year EPS growth of 12.8%, driven by higher gaming volumes in regional markets and continued cost discipline across the portfolio. Management cited strong performance at its East Coast operations and robust EBITDA margins, which expanded by approximately 150 basis points compared with the prior quarter.

In its latest 13F filing, STRS Ohio reduced its stake in Boyd Gaming by 95.3%, selling 27,239 shares and retaining just 1,350 shares valued at $117,000 at the end of Q3. Conversely, Advisors Asset Management increased its holding by 56.8% to 541 shares (valued at $36,000), AQR Capital Management added 1,172 shares to reach 9,623 shares (valued at $628,000), and Caxton Associates initiated a new position of approximately $207,000. These moves indicate a polarized outlook among large institutions, with some betting on continued growth in regional gaming while others seek exposure elsewhere.

Boyd Gaming declared a quarterly dividend of $0.18 per share, maintaining the same level as the prior quarter and translating to an annualized payout of $0.72 per share. The dividend payout ratio stands at a modest 3.15%, leaving ample capacity for reinvestment and debt reduction. With a current dividend yield of around 0.8%, the board emphasized its commitment to balancing shareholder returns with strategic capital allocation toward high-return expansion projects.

Director William R. Boyd executed a sale of 20,000 shares of company stock, reducing his stake by 1.01% in a transaction totaling approximately $1.6 million. Following the sale, Mr. Boyd continues to hold 1,960,447 shares. The disclosure underscores ongoing insider portfolio adjustments but does not signal a change in his overall confidence in Boyd Gaming’s long-term growth strategy, given his substantial remaining ownership.