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Boyd Gaming cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$43.7M in Q3 2026 · −$15.7M over twelve months

Operating cash flow$203M
Capital spending−$159M
Free cash flow+$43.7M
Cash / net income1.6×

Analysis

In Q3 2026, Boyd Gaming generated $203M of operating cash flow and spent $159M on capital projects, leaving free cash flow of $43.7M. That is $50.7M less than in Q3 2025 ($94.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $589M; the largest uses were buybacks ($660M), capital spending ($604M), dividends ($57.6M); besides operations, cash came from net borrowing (+) / repaid (−) ($777M), other investing ($11.0M); the cash balance fell by $19.9M.

Operating cash flow was $203M against net income of $124M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$91.3M, stock-based pay +$8.6M, receivables −$5.9M.

Free cash flow

Boyd Gaming: free cash flow by quarterBoyd Gaming: free cash flow by quarter$151MQ4 2024$86.5MQ1 2025$80.6MQ2 2025$94.4MQ3 2025$127MQ4 2025−$20.8MQ1 2026−$165MQ2 2026$43.7MQ3 2026
Operating cash flow less capital spending.
Boyd Gaming: operating cash flow against capital spendingBoyd Gaming: operating cash flow against capital spendingOperating cash flowCapital spending$262M$111MQ4 2024$256M$170MQ1 2025$205M$124MQ2 2025$240M$146MQ3 2025$275M$148MQ4 2025$134M$155MQ1 2026−$23.5M$142MQ2 2026$203M$159MQ3 2026
Latest (Q3 2026): Operating cash flow $203M, Capital spending $159M.

Capital allocation, year by year

Boyd Gaming: where the cash came from (up) and went (down), by fiscal yearBoyd Gaming: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.0BFY2021: Net borrowing −$878MFY2021: Capital spending −$199MFY2021: Buybacks −$80.8M$1.0BFY2021FY2022: Operating cash flow $976MFY2022: Net borrowing $19.9MFY2022: Capital spending −$269MFY2022: Acquisitions −$168MFY2022: Buybacks −$542MFY2022: Dividends −$48.2M$996MFY2022FY2023: Operating cash flow $915MFY2023: Net borrowing −$142MFY2023: Capital spending −$374MFY2023: Buybacks −$413MFY2023: Dividends −$63.6M$915MFY2023FY2024: Operating cash flow $957MFY2024: Net borrowing $254MFY2024: Capital spending −$400MFY2024: Acquisitions −$30.3MFY2024: Buybacks −$686MFY2024: Dividends −$62.7M$1.2BFY2024FY2025: Operating cash flow $977MFY2025: Net borrowing −$1.1BFY2025: Capital spending −$588MFY2025: Buybacks −$778MFY2025: Dividends −$58.2M$977MFY2025
Over these 5 years operating cash flow totalled $4.8B; the largest uses were buybacks ($2.5B) and net borrowing ($2.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$298M
Debt$2.7B
Net debt$2.4B
Due within a year$801M

Boyd Gaming's operations bring cash in ($589M over twelve months), and it spends more than that on capital projects: a gap of $15.7M funded from its $298M of cash and investments and from borrowing ($2.7B of debt, $801M due within a year). That is a choice to invest, not a cash runway running down.

Boyd Gaming: debt maturities by year (FY2025)Boyd Gaming: debt maturities by year (FY2025)$1.2BYear 2$900MAfter year 5
Principal due in each year as disclosed in the annual report, against $298M of cash and investments now.

Where the cash came from and went

Boyd Gaming: sources (+) and uses (−) of cash, Q3 2026Boyd Gaming: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$203MBuybacks−$164MCapital spending−$159MNet borrowing (+) / repaid (−)$59.8MOther investing$54.9MCash drawn (+) / kept (−)$24.7MDividends−$14.6MTaxes on employees’ shares−$4.3MOther financing−$251KExchange rates−$8K
Boyd Gaming: sources (+) and uses (−) of cash, TTM to Q3 2026Boyd Gaming: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$777MBuybacks−$660MCapital spending−$604MOperating cash flow$589MDividends−$57.6MAcquisitions−$46.8MTaxes on employees’ shares−$25.9MCash drawn (+) / kept (−)$19.9MOther investing$11.0MOther financing−$2.1MExchange rates$209K

From profit to cash

Boyd Gaming: net income to operating cash flow, Q3 2026Boyd Gaming: net income to operating cash flow, Q3 2026Net income$124MDepreciation & amortization$91.3MStock-based pay$8.6MGains on investments−$898KReceivables−$5.9MInventory−$506KPayables−$5.0MPrepaid and other assets−$3.3MOther liabilities−$5.9MOperating cash flow$203M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$203M−$159M—−$164M−$14.6M$59.8M$24.7M$43.7M
Q2 2026−$23.5M−$142M−$46.8M−$156M−$15.0M$341M$49.5M−$165M
Q1 2026$134M−$155M—−$155M−$13.8M$225M−$19.5M−$20.8M
Q4 2025$275M−$148M—−$185M−$14.2M$151M−$34.8M$127M
Q3 2025$240M−$146M—−$160M−$14.5M−$1.7B$2.0M$94.4M
Q2 2025$205M−$124M$41.5M−$105M−$14.7M$49.7M−$9.2M$80.6M
Q1 2025$256M−$170M−$41.5M−$328M−$14.7M$338M$4.6M$86.5M
Q4 2024$262M−$111M−$1.5M−$203M−$15.2M$106M−$31.2M$151M

Boyd Gaming: income statement and cash flow

Boyd Gaming, Q3 2026: revenue $990M (-1% year over year), operating margin 19.7%. The chart follows the revenue to costs, profit and cash.

Boyd Gaming: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.