Filing Flows › Boyd Gaming (BYD) › Q1 2025
Boyd Gaming (BYD) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
Boyd Gaming (BYD) reported revenue of $992M for the first quarter 2025 (Q1 2025), +3% from a year earlier and -5% from the quarter before. Operating margin was 20.2%, net earnings $111M (11.2% of revenue).
Boyd Gaming, Q1 2025: revenue $992M (+3% year over year), operating margin 20.2%, net earnings $111M, operating cash flow $256M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $992M | -5% | +3% |
| Operating profit | $200M | -24% | -9% |
| Net earnings | $111M | -35% | -19% |
| Operating cash flow | $256M | -2% | +2% |
| Free cash flow | $86.5M | -43% | -46% |
What changed
Revenue was $991.6M in Q1 2025, up 3% year over year and down 5% from the previous quarter. Casino was the largest line at 64% of revenue. Online added $23.4M year over year (up 16%), 75% of the total change. Occupancy declined 3%.
Operating profit was $199.9M, a 20.2% margin (down 2.7 points year over year). Operating profit fell $19.5M even though revenue rose $31.0M versus a year earlier, so costs grew faster than sales. Total costs grew 7% against revenue growth of 3%. Net earnings were $111.4M, down 18% year over year. The effective tax rate was 27.1%.
Operating cash flow was $256.4M (up 2% year over year), 231% of net earnings. Non-cash charges added back $68.2M of depreciation and amortization and $7.6M of share-based compensation. Working capital and other items added $69.7M. Capital expenditures of $169.9M left free cash flow of $86.5M.
Questions
What was Boyd Gaming's revenue in the first quarter 2025?
Boyd Gaming (BYD) reported revenue of $992M for the first quarter 2025 (Q1 2025), +3% from a year earlier and -5% from the quarter before.
Was Boyd Gaming profitable in the first quarter 2025?
Operating profit was $200M (20.2% of revenue) and net earnings $111M.
Source: Boyd Gaming 10-Q on SEC EDGAR.