Filing Flows › Boyd Gaming (BYD) › Q3 2025
Boyd Gaming (BYD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
Boyd Gaming (BYD) reported revenue of $1.0B for the third quarter 2025 (Q3 2025), +4% from a year earlier and -3% from the quarter before. Operating margin was 13.9%, net earnings $1.4B (143.4% of revenue).
Boyd Gaming, Q3 2025: revenue $1.0B (+4% year over year), operating margin 13.9%, net earnings $1.4B, operating cash flow $240M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | -3% | +4% |
| Operating profit | $140M | -42% | -36% |
| Net earnings | $1.4B | +851% | +998% |
| Operating cash flow | $240M | +17% | +4% |
| Free cash flow | $94.4M | +17% | -35% |
What changed
Revenue was $1.0B in Q3 2025, up 4% year over year and down 3% from the previous quarter. Casino was the largest line at 65% of revenue. Online Reimbusements added $0.04B year over year (up 34%), 82% of the total change. Online declined 29%.
Operating profit was $0.14B, a 13.9% margin (down 9.0 points year over year). Operating profit fell $0.08B even though revenue rose $0.04B versus a year earlier, so costs grew faster than sales. Total costs grew 17% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+19%). Net earnings were $1.4B, up 998% year over year ($1.4B including minority interests, which bore $1.2M of losses). The effective tax rate was 21.9%. Non-operating items added $1.7B, 92% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.24B (up 4% year over year), 17% 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 $1.3B. Capital expenditures of $0.15B left free cash flow of $0.09B.
Questions
What was Boyd Gaming's revenue in the third quarter 2025?
Boyd Gaming (BYD) reported revenue of $1.0B for the third quarter 2025 (Q3 2025), +4% from a year earlier and -3% from the quarter before.
Was Boyd Gaming profitable in the third quarter 2025?
Operating profit was $140M (13.9% of revenue) and net earnings $1.4B.
Source: Boyd Gaming 10-Q on SEC EDGAR.