BOYD GAMING REPORTS FOURTH-QUARTER, FULL-YEAR 2025 RESULTS

LAS VEGAS, Feb. 5, 2026 /PRNewswire/ — Boyd Gaming Corporation (NYSE: BYD) at the moment reported monetary outcomes for the fourth quarter and full 12 months ended December 31, 2025.  

Keith Smith, President and Chief Executive Officer of Boyd Gaming, mentioned: “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. 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. 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.”

Fourth-Quarter and Full-Year 2025 Results
Boyd Gaming reported fourth-quarter 2025 revenues of $1.1 billion, growing from $1.0 billion within the fourth quarter of 2024. The Company reported internet earnings of $140.4 million, or $1.79 per share, for the fourth quarter of 2025, in comparison with $170.5 million, or $1.92 per share, for the year-ago interval. Total Adjusted EBITDAR⁽¹⁾ was $336.6 million within the fourth quarter of 2025 versus $379.3 million within the fourth quarter of 2024. Adjusted Earnings⁽¹⁾ for the fourth quarter of 2025 have been $173.5 million, or $2.21 per share, in comparison with $174.7 million, or $1.96 per share, for a similar interval in 2024. 

For the total 12 months 2025, Boyd Gaming reported revenues of $4.1 billion, growing from $3.9 billion for the total 12 months 2024. The Company reported internet earnings of $1.8 billion, or $22.56 per share, in comparison with internet earnings of $578.0 million, or $6.19 per share, for the total 12 months 2024.  The Company’s internet earnings for the total 12 months 2025 was impacted by a $1.4 billion after tax acquire from the sale of the Company’s fairness curiosity in FanDuel, and $128.4 million in non-cash, pretax long-lived asset impairment costs.

Total Adjusted EBITDAR for the total 12 months 2025 was $1.4 billion, in-line with the total 12 months 2024.  Full-year 2025 Adjusted Earnings have been $604.6 million, or $7.40 per share, in comparison with Adjusted Earnings of $611.3 million, or $6.55 per share, for the total 12 months 2024. 

_{(1)      See footnotes on the finish of the discharge for extra data relative to non-GAAP monetary measures.}

Operations Review
During the fourth quarter, the Las Vegas Locals section noticed continued development in gaming revenues as a consequence of robust play from our core clients, in addition to impacts from continued softness in vacation spot enterprise. In Downtown Las Vegas, outcomes mirrored stability in play amongst Hawaiian friends and decreased vacation spot enterprise. In the Midwest & South section, the Company’s properties continued to profit from robust development in play from our core clients, whereas year-over-year outcomes have been impacted by extreme winter climate in December 2025.

Results within the Company’s Online section mirrored development from the Company’s on-line on line casino gaming enterprise, adjustments to the Company’s revenue-sharing agreements as a result of FanDuel transaction within the third quarter of 2025, and one-time charges recorded within the year-ago quarter. Year-over-year positive aspects in Managed & Other have been pushed by continued development in administration charges from Sky River Casino in northern California.

Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly money dividend of $0.18 per share on January 15, 2026, as beforehand introduced.

As a part of its ongoing share repurchase program, the Company repurchased $185 million in shares of its frequent inventory throughout the fourth quarter of 2025. As of December 31, 2025, the Company had roughly $362 million remaining underneath present share repurchase authorizations.

Balance Sheet Statistics
As of December 31, 2025, Boyd Gaming had money available of $353.4 million, and complete debt of $2.1 billion. 

Conference Call Information
Boyd Gaming will host a convention name to debate its fourth-quarter and full-year 2025 outcomes at the moment, February 5, at 5:00 p.m. Eastern.  The convention name quantity is (800) 836-8184. No passcode is required to hitch the decision.  Please name as much as quarter-hour upfront to make sure you are related previous to the beginning of the decision. 

The convention name will even be accessible on-line at or https://app.webinar.net/rR1M7oeGwXm. 

Following the decision’s completion, a replay might be accessible by dialing (888) 660-6345 at the moment, February 5, and persevering with by Thursday, February 12.  The passcode for the replay might be 02984#.  The replay will even be accessible at .

Non-GAAP Financial Measures
Our monetary shows embrace the next non-GAAP monetary measures:

• EBITDA: earnings earlier than curiosity, taxes, depreciation and amortization,
• Adjusted EBITDA: EBITDA adjusted for deferred hire, share-based compensation expense, venture improvement, preopening and writedown bills, impairments of property, different working gadgets, internet, acquire or loss on early extinguishments and modifications of debt, internet earnings (loss) attributable to noncontrolling curiosity and different gadgets, internet, as relevant,
• EBITDAR: EBITDA additional adjusted for hire expense related to grasp leases with an actual property funding belief,
• Adjusted EBITDAR: Adjusted EBITDA additional adjusted for hire expense related to grasp leases with an actual property funding belief,
• Adjusted Earnings: internet earnings earlier than venture improvement, preopening and writedown bills, impairments of property, different working gadgets, internet, acquire or loss on early extinguishments and modifications of debt, internet earnings (loss) attributable to noncontrolling curiosity, and different non-recurring changes, internet, as relevant, and,
• Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted common diluted shares excellent.

Collectively, we refer to those and different non-GAAP monetary measures because the “Non-GAAP Measures.” 

The Non-GAAP Measures are generally used measures of efficiency in our trade that we consider, when thought-about with measures calculated in accordance with accounting ideas typically accepted within the United States (GAAP), present our traders with a extra full understanding of our working outcomes and facilitates comparisons between us and our opponents. We present this data to traders to allow them to carry out comparisons of our previous, current and future working outcomes and as a way to judge the outcomes of core on-going operations. We have traditionally reported these measures to our traders and consider that the continued inclusion of the Non-GAAP Measures gives consistency in our monetary reporting. We additionally consider this data is helpful to traders in permitting larger transparency associated to vital measures utilized by our administration of their monetary and operational decision-making, their analysis of complete firm and particular person property efficiency, within the analysis of incentive compensation and within the annual finances course of. Management additionally makes use of Non-GAAP Measures within the analysis of potential acquisitions and inclinations. We consider these measures proceed for use by traders of their evaluation of our working efficiency and the valuation of our firm.

The use of Non-GAAP Measures has sure limitations. Our presentation of the Non-GAAP Measures could also be totally different from the presentation utilized by different corporations and due to this fact comparability could also be restricted. While excluded from sure of the Non-GAAP Measures, depreciation and amortization expense, curiosity expense, earnings taxes and different gadgets have been and might be incurred. Each of this stuff must also be thought-about within the general analysis of our outcomes. Additionally, the Non-GAAP Measures don’t take into account capital expenditures and different investing actions and shouldn’t be thought-about as a measure of our liquidity. We compensate for these limitations by offering the related disclosure of our depreciation and amortization, curiosity and earnings taxes, capital expenditures and different gadgets each in our reconciliations to the historic GAAP monetary measures and in our consolidated monetary statements, all of which ought to be thought-about when evaluating our efficiency. We don’t present a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure as a consequence of our lack of ability to venture particular costs and sure bills.

The Non-GAAP Measures are for use along with and along with outcomes introduced in accordance with GAAP. The Non-GAAP Measures shouldn’t be thought-about as a substitute for internet earnings, working earnings, or some other working efficiency measure prescribed by GAAP, nor ought to these measures be relied upon to the exclusion of GAAP monetary measures. The Non-GAAP Measures mirror further methods of viewing our operations that we consider, when considered with our GAAP outcomes and the reconciliations to the corresponding historic GAAP monetary measures, present a extra full understanding of things and tendencies affecting our enterprise than could possibly be obtained absent this disclosure. Management strongly encourages traders to evaluation our monetary data in its entirety and to not depend on a single monetary measure.

Forward-looking Statements and Company Information
This press launch accommodates forward-looking statements throughout the that means of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include phrases akin to “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the damaging thereof or comparable terminology, and should embrace (with out limitation) data relating to the Company’s expectations, objectives or intentions relating to future efficiency. These forward-looking statements are primarily based on the present beliefs and expectations of administration and contain dangers and uncertainties that might trigger precise outcomes to vary materially from these expressed within the forward-looking statements. Many of those dangers and uncertainties relate to elements which are past Boyd Gaming’s capability to regulate or estimate exactly. Additional elements that might trigger precise outcomes to vary are mentioned underneath the heading “Risk Factors” and in different sections of the Company’s Annual Report on Form 10-Ok, its Quarterly Reports on Form 10-Q, and within the Company’s different present and periodic reviews filed every now and then with the SEC. The reader is cautioned to not place undue reliance on these forward-looking statements, which communicate solely as of the date of this launch. All forward-looking statements on this press launch are made as of the date hereof, primarily based on data accessible to the Company as of the date hereof, and the Company assumes no obligation to replace any forward-looking assertion.

About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a number one geographically diversified operator of 27 gaming leisure properties in 11 states. The Company additionally manages a tribal on line casino in northern California, and owns and operates Boyd Interactive, a B2B and B2C on-line on line casino gaming enterprise. Boyd Gaming’s nationwide portfolio is related by Boyd Rewards, acknowledged because the nation’s favourite on line casino loyalty program by readers of each USA Today and Newsweek. Named by Forbes journal as certainly one of “America’s Best Companies,” and led by one of the vital skilled groups within the trade, Boyd Gaming is devoted to delivering an impressive leisure expertise and memorable visitor service. For further Company data and press releases, go to https://www.boydgaming.com. 

SOURCE Boyd Gaming Corporation