BOYD GAMING CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BOYD GAMING CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,199	2,401	2,627	3,326	2,178	3,370	3,555	3,738	3,930	4,092
Selling, general and administrative	322	362	369	460	350	366	374	390	427	433
Operating expenses			1,371
Operating income	260	344	355	473	14.3	900	981	902	928	748
Interest expense	213	173	204	237	230	199	151	171	177	158
Interest income	2.96	1.82	3.72	1.86	1.9	1.82	21.5	23.9	1.63	4.83
Other non-operating income	-253	-173	-200	-270	-185	-296	-152	-149	-176	1,581
Pre-tax income	7.77	171	155	202	-171	604	829	753	752	2,330
Income tax	-200	3.12	40.3	44.5	-36.3	140	189	133	174	491
Income from continuing operations		168	115	158	-135
Net income to minority interests								0	0	-4.37
Net income	420	189	115	158	-135	464	639	620	578	1,843
EBITDA	457	561	585	749	295	1,168	1,239	1,159	1,204	1,051
EPS, basic	3.67	1.65	1.01	1.39	-1.19	4.07	5.87	6.12	6.19	22.56
EPS, diluted	3.65	1.64	1.00	1.38	-1.19	4.07	5.87	6.12	6.19	22.56
Shares, basic (weighted)	115	115	114	113	114	114	109	101	93.3	81.7
Shares, diluted (weighted)	115	116	115	114	114	114	109	101	93.3	81.7
Dividend per share	0.00	0.15	0.23	0.27			0.60	0.64	0.68	0.72

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	194	203	249	250	519	345	283	304	317	353
Short-term investments			0.5	0.6	0.6	0.6	0.7	0.7	0.8	0.8
Receivables	30.4	40.3	54.7	54.9	53.5	89.5	109	138	132	84.4
Inventory	18.6	18	20.6	22.1	22.6	20.1	22.2	20.7	21.2	20.2
Other current assets	114	101	127	129	39.2	41.1	49.4	59.3	56.6	45.5
Total current assets	308	329	400	399	650	508	478	529	562	531
Property, plant and equipment	2,605	2,540	2,716	2,673	2,526	2,394	2,394	2,543	2,679	2,871
Lease right-of-use assets			0	936	929	884	830	793	736	646
Goodwill	826	888	1,062	1,083	971	971	1,034	947	958	958
Intangible assets	882	843	1,467	1,467	1,382	1,368	1,427	1,393	1,391	1,475
Long-term investments				15.6	16.1	15.2	13	12.6	11.8	11.5
Other non-current assets	49.2	81.1	106	91.8	101	98.2	147	67.8	66.5	93.5
Total assets	4,671	4,686	5,756	6,650	6,559	6,224	6,311	6,273	6,392	6,575
Accounts payable	84.1	106	111	91	96.9	102	130	125	131	151
Accrued liabilities	251	255	334	439	396	413	412	427	447	828
Short-term debt	30.3	24	24.2	27	30.7	41.7	44.3	44.3	44	0
Total current liabilities	366	385	470	557	524	557	586	596	623	979
Long-term debt	3,199	3,052	3,955	3,739	3,867	2,990	3,005	2,871	3,133	2,046
Lease liabilities			0	840	849	816	758	711	652	554
Other non-current liabilities	84.7	61.2	60.9	82.3	64.4	57.6	52.2	61.3	56.4	64.3
Total liabilities	3,741	3,589	4,611	5,385	5,435	4,685	4,721	4,529	4,810	3,967
Total debt	3,229	3,076	3,979	3,766	3,897	3,032	3,049	2,915	3,177	2,046
Paid-in capital	953	932	892	884	876	828	305	0	0	0
Retained earnings	-19.9	164	253	381	246	710	1,286	1,744	1,583	2,609
Other comprehensive income	-0.62	-0.18	-1.07	-0.53	0.15	-0.18	-1.38	-1.1	-2.4	-1.55
Shareholders' equity	930	1,097	1,146	1,265	1,124	1,539	1,591	1,744	1,582	2,608
Minority interests	0.05	0							0	-0.62
Total equity	930	1,097	1,146	1,265	1,124	1,539	1,591	1,744	1,582	2,608
Total liabilities and equity	4,671	4,686	5,756	6,650	6,559	6,224	6,311	6,273	6,392	6,575
Shares outstanding	113	113	112	112	112	111	103	96.8	86.2	76.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	420	189	115	158	-135	464	639	620	578	1,839
Depreciation and amortization	196	218	230	277	281	268	258	257	277	303
Stock-based compensation	15.5	17.4	25.4	25.2	9.2	37.8	34.1	32.4	29.7	32.1
Deferred income tax	-201	8.15	35	41	-36.3	134	49.2	-30.8	56.2	352
Change in receivables	0.05	-9.94	-0.77	-0.32	1.34	-36	-16.8	-28.8	5.96	48
Change in inventory	0.88	0.57	1.7	-2.03	-0.52	2.53	-2.08	1.48	-0.54	1.05
Change in payables	-11.6	13.2	18.5	-1.05	-29.6	14.8	0.89	-10.3	6.34	374
Cash from operations	300	423	435	549	289	1,010	976	915	957	977
Capital expenditures	-160	-190	-162	-208	-175	-199	-269	-374	-400	-588
Acquisitions	-593	-1.15	-934	-5.54	-11.2	0	-168	0	-30.3	0
Cash from investing	-739	-226	-1,135	-231	-171	-130	-422	-264	-434	1,043
Debt issued	0	0	700	1,000	600	900	0	0
Debt repaid		0	0	-750	0	-1,750	-300	0	0
Share buybacks		-31.9	-59.6	-28	-11.1	-80.8	-542	-413	-686	-778
Dividends paid	0	-11.3	-24.7	-28.9	-7.81	0	-48.2	-63.6	-62.7	-58.2
Cash from financing	-99.2	-215	746	-320	147	-1,059	-616	-637	-510	-1,982
Net change in cash	32.5	16.9	45.9	-2.75	265	-178	-62.1	12.9	13.4	37.4
Free cash flow	140	232	273	341	114	811	707	541	557	388
Interest paid	197	174	179	232	215	205	144	167	173	151
Income taxes paid	33.7	5.19	5.66	-2.12	-6.17	5.72	141	164	145	132

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $71.23 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	16.4%	Operating income / revenue.
EBITDA margin	24.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	55.9%	Pre-tax income / revenue.
Net margin	44.3%	Net income / revenue.
FCF margin	0.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.3%	Cash from operations / revenue.
Effective tax rate	20.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	72.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	27.2%	Net income / average total assets.
Return on invested capital (ROIC)	11.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	10.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	14.4%	Capital expenditures / revenue.
D&A / revenue	8.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-19.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	120.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-12.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-5.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	28.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	218.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	42.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	264.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	56.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	27.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-30.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-18.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	27.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	64.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	18.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-12.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-9.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-6.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.77x	Current assets / current liabilities.
Quick ratio	0.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.52x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.05x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.1%	Total debt / total assets.
Liabilities / assets	62.6%	Total liabilities / total assets.
Net debt	$2.29B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.24x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.66x	Operating income / interest expense.
Working capital	-$141.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$21.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.61x	Revenue / average total assets.
Fixed asset turnover	1.36x	Revenue / average property, plant and equipment.
Receivables turnover	52.0x	Revenue / average receivables.
Days sales outstanding	7 days	365 x average receivables / revenue.
FCF conversion	1.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	94.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$24.29	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$54.78	Revenue / diluted weighted shares.
FCF per share	$0.47	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.37	Cash from operations / diluted weighted shares.
Book value per share	$34.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.29	Tangible book value / shares outstanding.
Cash per share	$4.43	(Cash + short-term investments) / shares outstanding.
Payout ratio	3.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	164.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	1,872.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.18B	Share price x shares outstanding.
Enterprise value	$7.47B	Market cap + total debt - cash - short-term investments.
P/E	2.85x	Market cap / net income. Only when net income is positive.
P/S	1.26x	Market cap / revenue.
P/B	2.07x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	241x	Market cap / tangible book value, when positive.
P/FCF	148x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.27x	Market cap / cash from operations, when positive.
EV/Sales	1.82x	Enterprise value / revenue.
EV/EBIT	11.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.31x	Enterprise value / EBITDA, when both are positive.
EV/FCF	213x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.7%	Free cash flow / market cap.
Earnings yield	35.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	13.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.05x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was BOYD GAMING CORP's revenue in fiscal 2025?

BOYD GAMING CORP reported revenue of $4.09B for fiscal 2025, 4.1% higher than the year before.

Was BOYD GAMING CORP profitable in fiscal 2025?

Yes. Net income was $1.84B, a net margin of 45%.

How much free cash flow did BOYD GAMING CORP generate in fiscal 2025?

Cash from operations of $976.7M minus capital expenditures of $588.2M left free cash flow of $388.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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