Filing Flows › Boyd Gaming (BYD) › Q2 2025
Boyd Gaming (BYD) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Boyd Gaming (BYD) reported revenue of $1.0B for the second quarter 2025 (Q2 2025), +7% from a year earlier and +4% from the quarter before. Operating margin was 23.4%, net earnings $151M (14.6% of revenue).
Boyd Gaming, Q2 2025: revenue $1.0B (+7% year over year), operating margin 23.4%, net earnings $151M, operating cash flow $205M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | +4% | +7% |
| Operating profit | $242M | +21% | +7% |
| Net earnings | $151M | +36% | +8% |
| Operating cash flow | $205M | -20% | -4% |
| Free cash flow | $80.6M | -7% | -18% |
What changed
Revenue was $1.0B in Q2 2025, up 7% year over year and up 4% from the previous quarter. Casino was the largest line at 65% of revenue. Online added $0.04B year over year (up 33%), 65% of the total change. Occupancy declined 2%.
Operating profit was $0.24B, a 23.4% margin (unchanged year over year). Of the extra revenue versus a year earlier, 23% reached operating profit, below the 23% margin then. Total costs grew 7% against revenue growth of 7%. Net earnings were $0.15B, up 8% year over year ($0.15B including minority interests, which bore $1.1M of losses). The effective tax rate was 22.1%.
Operating cash flow was $0.21B (down 4% year over year), 136% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.03B. Capital expenditures of $0.12B left free cash flow of $0.08B.
Questions
What was Boyd Gaming's revenue in the second quarter 2025?
Boyd Gaming (BYD) reported revenue of $1.0B for the second quarter 2025 (Q2 2025), +7% from a year earlier and +4% from the quarter before.
Was Boyd Gaming profitable in the second quarter 2025?
Operating profit was $242M (23.4% of revenue) and net earnings $151M.
Source: Boyd Gaming 10-Q on SEC EDGAR.