Filing Flows › Boyd Gaming (BYD) › Q4 2025
Boyd Gaming (BYD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Boyd Gaming (BYD) reported revenue of $1.1B for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and +6% from the quarter before. Operating margin was 15.7%, net earnings $140M (13.2% of revenue).
Boyd Gaming, Q4 2025: revenue $1.1B (+2% year over year), operating margin 15.7%, net earnings $140M, operating cash flow $275M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | +6% | +2% |
| Operating profit | $166M | +19% | -36% |
| Net earnings | $140M | -90% | -18% |
| Operating cash flow | $275M | +15% | +5% |
| Free cash flow | $127M | +34% | -16% |
What changed
Revenue was $1.1B in Q4 2025, up 2% year over year and up 6% from the previous quarter. Casino was the largest line at 63% of revenue.
Operating profit was $0.17B, a 15.7% margin (down 9.4 points year over year). Operating profit fell $0.09B even though revenue rose $0.02B versus a year earlier, so costs grew faster than sales. Total costs grew 15% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+17%). Net earnings were $0.14B, down 18% year over year ($0.14B including minority interests, which bore $1.6M of losses). The effective tax rate was 2.5%.
Operating cash flow was $0.28B (up 5% year over year), 198% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items added $0.04B. Capital expenditures of $0.15B left free cash flow of $0.13B.
Questions
What was Boyd Gaming's revenue in the fourth quarter 2025?
Boyd Gaming (BYD) reported revenue of $1.1B for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and +6% from the quarter before.
Was Boyd Gaming profitable in the fourth quarter 2025?
Operating profit was $166M (15.7% of revenue) and net earnings $140M.
Source: Boyd Gaming 10-K on SEC EDGAR.