Boyd Gaming’s fourth quarter results surpassed Wall Street’s revenue and non-GAAP profit expectations, with management crediting strong gaming activity from local customers in Las Vegas and steady play in its Midwest and South segments. CEO Keith Smith highlighted that “continued growth in play from our core customers” supported the company’s operations, while ongoing softness in destination business—especially at the Orleans property—dampened hotel revenues. Severe winter weather also affected Midwest and South results, but operational discipline and cost controls helped Boyd maintain stability.
Is now the time to buy BYD? Find out in our full research report (it’s free for active Edge members).
Boyd Gaming (BYD) Q4 CY2025 Highlights:
- Revenue: $1.06 billion vs analyst estimates of $1.02 billion (2% year-on-year growth, 4% beat)
- Adjusted EPS: $2.21 vs analyst estimates of $1.94 (14.2% beat)
- Adjusted EBITDA: $308 million vs analyst estimates of $307.9 million (29% margin, in line)
- Operating Margin: 15.7%, down from 25.1% in the same quarter last year
- Market Capitalization: $6.52 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Boyd Gaming’s Q4 Earnings Call
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Patrick Gill (Truist Securities) asked for clarity on the split between local and destination play in Las Vegas. CEO Keith Smith said local resident play was strong, while destination play remained weak, especially impacting the Orleans.
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Patrick Gill (Truist Securities) inquired about the M&A pipeline given Boyd’s strong balance sheet. Smith reiterated interest in acquisitions but emphasized a disciplined approach and no recent deals meeting their criteria.
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Ben Chaiken (Mizuho) questioned the impact of new tax legislation on Midwest and South customers. Smith indicated positive effects are expected but noted it’s too early to quantify the benefit.
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Max Marsh (CB, for John DeCree) asked about operational expectations for the temporary Norfolk casino in Virginia. Management replied that they expect it to “breakeven” until the permanent facility opens in late 2027.
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Daniel Politzer (JPMorgan) asked about Boyd’s support for iGaming expansion in Virginia. Smith explained Boyd is generally supportive, viewing iGaming as complementary to land-based business, provided legislation terms are favorable.
Catalysts in Upcoming Quarters
In upcoming quarters, the StockStory team will be monitoring (1) the ramp-up and customer response at Cadence Crossing Casino and Suncoast following renovations, (2) any signs of recovery in destination hotel and gaming demand at properties like the Orleans and IP Biloxi, and (3) progress on Boyd Interactive’s online expansion and new state legalization efforts. Execution on capital projects and the ability to maintain cost discipline will also be important factors.
Boyd Gaming currently trades at $83.40, in line with $83.64 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
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