Boyd Gaming (BYD) financial statements
Boyd Gaming reported revenue of $4.1B in fiscal 2025, up 7.1% a year over 9 years.
Net income was $1.8B and the operating margin 18.3%, against 11.8% in 2016.
Free cash flow was $388M, and the company returned $58M in dividends and $778M in net buybacks.
The diluted share count fell 29% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Boyd Gaming's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2B | $2.4B | $2.6B | $3.3B | $2.2B | $3.4B | $3.6B | $3.7B | $3.9B | $4.1B |
| Selling, general and admin | $322M | $362M | $369M | $460M | $350M | $366M | $374M | $390M | $427M | $433M |
| Operating income | $260M | $344M | $355M | $473M | $14M | $900M | $981M | $902M | $928M | $748M |
| Interest expense | $213M | $173M | $204M | $237M | $230M | $199M | $151M | $171M | $177M | $158M |
| Pre-tax income | $8M | $171M | $155M | $202M | -$171M | $604M | $829M | $753M | $752M | $2.3B |
| Income tax | -$200M | $3M | $40M | $44M | -$36M | $140M | $189M | $133M | $174M | $491M |
| Net income | $420M | $189M | $115M | $158M | -$135M | $464M | $639M | $620M | $578M | $1.8B |
| EPS (diluted) | $3.65 | $1.64 | $1.00 | $1.38 | -$1.19 | $4.07 | $5.87 | $6.12 | $6.19 | $22.56 |
| Diluted shares | 115M | 116M | 115M | 114M | 114M | 114M | 109M | 101M | 93M | 82M |
| Operating margin | 11.8% | 14.3% | 13.5% | 14.2% | 0.7% | 26.7% | 27.6% | 24.1% | 23.6% | 18.3% |
| Net margin | 19.1% | 7.9% | 4.4% | 4.7% | -6.2% | 13.8% | 18.0% | 16.6% | 14.7% | 45.0% |
Balance sheet
Fiscal years, from Boyd Gaming's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $194M | $204M | $250M | $251M | $520M | $345M | $284M | $305M | $317M | $354M |
| Receivables | $30M | $40M | $55M | $55M | $53M | $89M | $109M | $138M | $132M | $84M |
| Inventory | $19M | $18M | $21M | $22M | $23M | $20M | $22M | $21M | $21M | $20M |
| Total current assets | $308M | $329M | $400M | $399M | $650M | $508M | $478M | $529M | $562M | $531M |
| Property, plant and equipment | $2.6B | $2.5B | $2.7B | $2.7B | $2.5B | $2.4B | $2.4B | $2.5B | $2.7B | $2.9B |
| Goodwill | $826M | $888M | $1.1B | $1.1B | $971M | $971M | $1.0B | $947M | $958M | $958M |
| Total assets | $4.7B | $4.7B | $5.8B | $6.7B | $6.6B | $6.2B | $6.3B | $6.3B | $6.4B | $6.6B |
| Total current liabilities | $366M | $385M | $470M | $557M | $524M | $557M | $586M | $596M | $623M | $979M |
| Long-term debt | $3.2B | $3.1B | $4.0B | $3.7B | $3.9B | $3.0B | $3.0B | $2.9B | $3.1B | $2.0B |
| Total liabilities | $3.7B | $3.6B | $4.6B | $5.4B | $5.4B | $4.7B | $4.7B | $4.5B | $4.8B | $4.0B |
| Shareholders' equity | $930M | $1.1B | $1.1B | $1.3B | $1.1B | $1.5B | $1.6B | $1.7B | $1.6B | $2.6B |
| Net debt | $3.0B | $2.9B | $3.7B | $3.5B | $3.4B | $2.7B | $2.8B | $2.6B | $2.9B | $1.7B |
Cash flow
Fiscal years, from Boyd Gaming's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $300M | $423M | $435M | $549M | $289M | $1.0B | $976M | $915M | $957M | $977M |
| Capital spending | $160M | $190M | $162M | $208M | $175M | $199M | $269M | $374M | $400M | $588M |
| Free cash flow | $140M | $232M | $273M | $341M | $114M | $811M | $707M | $541M | $557M | $388M |
| Stock-based compensation | $16M | $17M | $25M | $25M | $9M | $38M | $34M | $32M | $30M | $32M |
| Dividends paid | $0 | $11M | $25M | $29M | $8M | $0 | $48M | $64M | $63M | $58M |
| Share buybacks (net) | — | -$32M | -$60M | -$28M | -$11M | -$81M | -$542M | -$413M | -$686M | -$778M |
| Net borrowing | $0 | $0 | — | — | — | — | — | — | — | — |
| Free cash flow margin | 6.4% | 9.7% | 10.4% | 10.3% | 5.2% | 24.1% | 19.9% | 14.5% | 14.2% | 9.5% |
| Dividends per share | — | $0.10 | $0.21 | $0.25 | $0.07 | — | $0.44 | $0.63 | $0.67 | $0.71 |
Questions
What was Boyd Gaming's revenue in 2025?
$4.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Boyd Gaming generate?
$388M in fiscal 2025 (operating cash flow minus capital spending).
From Boyd Gaming's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.