Boyd Gaming Q4 Revenue $1.06B, Adjusted EPS $2.21, Local Play Fuels Growth
Boyd Gaming reported Q4 2025 revenue of $1.06 billion, a 2% year-over-year increase that beat estimates by 4%, and delivered adjusted EPS of $2.21, 14.2% above forecasts. Local gaming revenue rose sharply, offsetting a 15.7% operating margin decline driven by destination softness and weather disruptions, while major property investments continue.
1. Q4 Financial Results
Boyd Gaming’s Q4 2025 revenue reached $1.06 billion, up 2% year-over-year and beating analyst projections by 4%. Adjusted earnings per share were $2.21, 14.2% above consensus, while adjusted EBITDA of $308 million matched forecasts with a 29% margin and operating margin declined to 15.7% from 25.1% a year earlier.
2. Segment Performance and Headwinds
Strong local gaming demand in Las Vegas and the Midwest/South drove growth, offsetting a slump in destination business at properties like the Orleans and IP Biloxi. Severe winter weather in the Midwest and South also weighed on results, though operational discipline and cost controls helped maintain segment EBITDA growth after adjustments.
3. Ongoing Investments and Future Drivers
Boyd is advancing major capital projects including the Cadence Crossing Casino opening, Suncoast modernization, and extensive hotel renovations at multiple properties. Management expects continued benefits from recent tax legislation in Southern Nevada and plans to monitor destination recovery, online segment evolution and the ramp-up at new and renovated properties.