Boyd Gaming stories report fourth-quarter income — CDC Gaming

Boyd Gaming reported report fourth-quarter income, whereas adjusted EBITDAR and adjusting earnings have been down year-over-year.

During a convention name Thursday, Boyd reported fourth-quarter 2025 income of $1.1 billion, growing from $1 billion within the fourth quarter of 2024. The firm reported web revenue of $140.4 million, or $1.79 per share, for the fourth quarter in comparison with $170.5 million, or $1.92 per share, for the year-ago interval.

Total Adjusted EBITDAR was $336.6 million within the fourth quarter of 2025 versus $379.3 million within the fourth quarter of 2024. Adjusted earnings 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 complete 12 months 2025, Boyd Gaming reported income of $4.1 billion, growing from $3.9 billion for the complete 12 months 2024. The firm reported web revenue of $1.8 billion, or $22.56 per share, in comparison with web revenue of $578 million, or $6.19 per share for the complete 12 months 2024.

The firm’s web revenue for  full-year 2025 was impacted by a $1.4 billion after tax acquire from the sale of the corporate’s fairness curiosity in FanDuel, and $128.4 million in non-cash, pretax, long-lived asset impairment prices.

Total adjusted EBITDAR for the complete 12 months 2025 was $1.4 billion, according to the complete 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 complete 12 months 2024.

During the fourth quarter, the Las Vegas locals section noticed continued progress in gaming revenues as a consequence of robust play from core clients, in addition to impacts from continued softness in vacation spot enterprise, mentioned CEO Keith Smith.

In downtown Las Vegas, outcomes mirrored stability in play amongst Hawaiian company and lowered vacation spot enterprise. In the Midwest and South section, the corporate’s properties continued to learn from robust progress in play from core clients, whereas year-over-year outcomes have been impacted by extreme winter climate 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,” mentioned CEO Keith Smith. “For the complete 12 months, we achieved report revenues whereas sustaining robust property-level margins. These outcomes have been pushed by energy in play from our core clients and our give attention to operational self-discipline. We additional enhanced our buyer choices and the expansion potential of our portfolio via our ongoing capital investments, together with our progress towards 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 mentioned. “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 within the firm’s on-line section mirrored progress from its igaming enterprise, modifications to the corporate’s revenue-sharing agreements as a result of FanDuel transaction within the third quarter, and one-time charges recorded within the year-ago quarter, Smith mentioned.

Year-over-year good points within the managed and different class have been pushed by continued progress in administration charges from Sky River Casino in northern California.

Boyd Gaming paid a quarterly money dividend of $0.18 per share on January 15 as beforehand introduced.

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

As of December 31, Boyd Gaming had money readily available of $353.4 million and whole debt of $2.1 billion.