BOYD GAMING CORP

Listed Company

BYDCIK 0000906553NYSELarge AcceleratedHotels & MotelsNevadaFY ends Dec 31

Period

FY 2025

Revenue

$4.09B

Net Income

$1.84B

Total Assets

$6.57B

Equity

$2.61B

Shares Out

74.33M

Op. Cash Flow

$976.68M

Business

BOYD GAMING CORP is a multi-jurisdictional gaming company that operates 28 wholly owned brick-and-mortar gaming entertainment properties and online gaming operations. It offers casino gaming, hotel accommodations, food and beverage, entertainment, FanDuel-branded and Boyd Sports sportsbooks, and B2B/B2C online casino platforms through Boyd Interactive, plus management services. Its operations are reported in four segments: Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online, with a Managed & Other aggregation for certain activities. The company serves markets across Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania and provides services via property locations, online platforms, strategic partnerships and market access agreements in the United States and Canada.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Revenue	4,092	3,930	3,738	3,555	—
Selling, general and administrative	433	427	390	374	366
Master lease rent expense	114	111	108	107	105
Maintenance and utilities	151	148	151	144	126
Depreciation and amortization	303	277	257	258	268
Corporate expense	122	114	116	117	118
Project development, preopening and writedowns	12	29	−9	−19	32
Asset Impairment Charges	128	11	108	41	8
Other operating items, net	15	5	−4	−12	15
Total operating costs and expenses	3,344	3,002	2,837	2,574	2,470
Operating income	748	928	902	981	900
Interest income	−5	−2	−24	−22	−2
Interest expense, net of amounts capitalized	158	177	171	151	—
Loss on early extinguishments and modifications of debt	1	0	0	20	95
Other, net	−1,736	−10,000	2	3	3
Total other (income) expense, net	−1,581	176	149	152	296
Income before income taxes	2,330	752	753	829	604
Income tax provision	−491	−174	−133	−189	−140
Net income	1,839	578	620	—	—
Net loss attributable to noncontrolling interest	4	0	0	—	—
Net income attributable to Boyd Gaming	1,843	578	620	639	464
Basic net income per common share (in dollars per share)	22.56	6.19	6.12	5.87	4.07
Weighted average basic shares outstanding (in shares)	82	93	101	109	114
Diluted net income per common share (in dollars per share)	22.56	6.19	6.12	5.87	4.07
Weighted average diluted shares outstanding (in shares)	82	93	101	109	114

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	353	317	304	283	345
Restricted cash	5	5	4	12	13
Accounts receivable, net	84	132	138	109	89
Inventories	20	21	21	22	20
Prepaid expenses and other current assets	45	57	59	49	41
Income taxes receivable	22	30	4	3	0
Total current assets	531	562	529	478	508
Property and equipment, net	2,871	2,679	2,543	2,394	2,394
Operating lease right-of-use assets	646	736	793	830	884
Other assets, net	93	67	68	147	98
Intangible assets, net	1,475	1,391	1,393	1,427	1,368
Goodwill, net	958	958	947	1,034	971
Total assets	6,575	6,392	6,273	6,311	6,224
Accounts payable	151	131	125	130	102
Current maturities of long-term debt	0	44	44	44	42
Accrued liabilities	828	447	427	412	413
Total current liabilities	979	623	596	586	557
Long-term debt, net of current maturities and debt issuance costs	2,046	3,133	2,871	3,005	2,990
Operating lease liabilities, net of current portion	554	652	711	758	816
Deferred income taxes	323	347	289	319	265
Other liabilities	64	56	61	52	58
Commitments and contingencies (Note 9)	—	—	—	—	—
Preferred stock, $0.01 par value, 5,000,000 shares authorized	0	0	0	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized; 76,368,491 and 86,184,155 shares outstanding	764,000	862,000	968,000	1	1
Additional paid-in capital	0	0	0	305	828
Retained earnings	2,609	1,583	1,744	1,286	710
Accumulated other comprehensive loss	−2	−2	−1	−1	−180,000
Boyd Gaming Corporation stockholders' equity	2,608	1,582	1,744	1,591	1,539
Noncontrolling interest	−617,000	0	—	—	—
Total stockholders' equity	2,608	1,582	1,744	1,591	—
Total liabilities and stockholders' equity	6,575	6,392	6,273	6,311	6,224

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	303	277	257	258	268
Amortization of debt financing costs and discounts on debt	7	8	8	9	11
Non-cash operating lease expense	92	88	79	65	46
Non-cash expected credit loss (income) on note receivable	0	0	−34	−35	0
Share-based compensation expense	32	30	32	34	38
Deferred income taxes	−23	58	−30	51	134
Non-cash interest income	−3	0	0	—	—
Gain on sale of investment	−1,748	0	0	−13	0
Other operating activities	−1	9	2	10	10
Accounts receivable, net	48	6	−29	−17	−36
Inventories	1	−543,000	1	−2	3
Prepaid expenses and other current assets	12	3	−10	−8	−2
Income taxes (receivable) payable, net	8	−26	−950,000	−3	401,000
Other assets, net	1	800,000	1	−8	−6
Accounts payable and accrued liabilities	374	6	−10	891,000	−15
Operating lease liabilities	−92	−88	−79	−65	−46
Other liabilities	−2	−2	−30,000	545,000	8
Net cash provided by operating activities	977	957	915	976	1,010
Capital expenditures	−588	−400	−374	−269	−199
Cash paid for acquisitions, net of cash received	0	−30	0	−168	0
Cash paid for gaming license right intangible asset	−85	0	0	—	—
Payments received on note receivable	0	208,000	114	0	0
Advances made under note receivable	−32	0	0	—	—
Proceeds from sale of investment	1,758	0	0	—	—
Other investing activities	−10	−3	−4	−8	7
Net cash provided by (used in) investing activities	1,043	−434	−264	−422	−130
Borrowings under credit facility	2,063	1,764	1,506	2,122	0
Payments under credit facility	−3,202	−1,510	−1,647	−1,802	−28
Share-based compensation activities	−6	−15	−19	−15	−6
Shares repurchased and retired	−778	−686	−413	−542	−81
Dividends paid	−58	−63	−64	−48	0
Other financing activities	−6,000	−172,000	−172,000	−1	−2
Net cash used in financing activities	−1,982	−510	−637	−616	−1,059
Change in cash, cash equivalents and restricted cash	37	13	13	−62	−178
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	194,000	−228,000	−73,000	−10,000	0
Cash paid for interest, net of amounts capitalized	151	173	167	144	205
Cash received for interest	0	213,000	12	0	0
Cash paid for income taxes	132	145	164	141	6
Payables incurred for capital expenditures	39	27	24	7	5
Asset acquisition in exchange for contingent consideration	10	0	0	—	—
Derecognition of lease liability	−38	0	0	—	—
Derecognition of right-of-use operating lease asset	38	0	0	—	—
Expected credit loss (income) on note receivable	0	0	−34	−35	0

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