Revenue: As of FY2025 Q4, the actual value is USD 1.062 B, beating the estimate of USD 1.02 B.EPS: As of FY2025 Q4, the actual value is USD 1.79, missing the estimate of USD 1.8777.EBIT: As of FY2025 Q4, the actual value is USD 190.51 M.Boyd Gaming Corporation (博伊德赌场) reported a successful performance in 2025, achieving record revenues and maintaining strong property-level margins .<h4>Overall Financial Performance</h4><ul><li>Fourth Quarter 2025 vs. Fourth Quarter 2024:<ul><li>Net Income: $140.4 million in Q4 2025, compared to $170.5 million in Q4 2024 .</li><li>Total Adjusted EBITDAR: $336.6 million in Q4 2025, down from $379.3 million in Q4 2024 .</li><li>Adjusted Earnings: $173.5 million in Q4 2025, a slight decrease from $174.7 million in Q4 2024 .</li></ul></li><li>Full Year 2025 vs. Full Year 2024:<ul><li>Net Income: $1.8 billion for the full year 2025, significantly higher than $578.0 million for the full year 2024 . This increase was impacted by a $1.4 billion after-tax gain from the sale of the Company’s equity interest in FanDuel, and $128.4 million in non-cash, pretax long-lived asset impairment charges .</li><li>Total Adjusted EBITDAR: $1.4 billion for the full year 2025, in-line with the full year 2024 .</li><li>Adjusted Earnings: $604.6 million for the full year 2025, compared to $611.3 million for the full year 2024 .</li></ul></li></ul><h4>Segment Revenue (in thousands)</h4><ul><li>Fourth Quarter:<ul><li>Las Vegas Locals: $227,225 in 2025, $231,971 in 2024 .</li><li>Downtown Las Vegas: $62,973 in 2025, $65,559 in 2024 .</li><li>Midwest &amp; South: $533,078 in 2025, $518,499 in 2024 .</li><li>Online: $200,102 in 2025, $188,821 in 2024 .</li><li>Managed &amp; Other: $38,687 in 2025, $36,065 in 2024 .</li></ul></li><li>Full Year:<ul><li>Las Vegas Locals: $889,957 in 2025, $894,508 in 2024 .</li><li>Downtown Las Vegas: $228,737 in 2025, $230,091 in 2024 .</li><li>Midwest &amp; South: $2,116,594 in 2025, $2,063,415 in 2024 .</li><li>Online: $708,323 in 2025, $606,233 in 2024 .</li><li>Managed &amp; Other: $148,378 in 2025, $135,947 in 2024 .</li></ul></li></ul><h4>Operating Costs and Expenses (in thousands)</h4><ul><li>Fourth Quarter:<ul><li>Total operating costs and expenses: $895,680 in 2025, $779,614 in 2024 .</li><li>Impairment of assets: $31,000 in 2025, $0 in 2024 .</li></ul></li><li>Full Year:<ul><li>Total operating costs and expenses: $3,343,583 in 2025, $3,002,417 in 2024 .</li><li>Impairment of assets: $128,395 in 2025, $10,500 in 2024 .</li></ul></li></ul><h4>Operating Income (in thousands)</h4><ul><li>Fourth Quarter: $166,385 in 2025, $261,301 in 2024 .</li><li>Full Year: $748,406 in 2025, $927,777 in 2024 .</li></ul><h4>Other Expense (Income) (in thousands)</h4><ul><li>Interest income:<ul><li>Q4 2025: -$1,254 .</li><li>Q4 2024: -$384 .</li><li>FY 2025: -$4,826 .</li><li>FY 2024: -$1,625 .</li></ul></li><li>Interest expense, net:<ul><li>Q4 2025: $25,374 .</li><li>Q4 2024: $45,943 .</li><li>FY 2025: $157,642 .</li><li>FY 2024: $177,409 .</li></ul></li><li>Loss on early extinguishments and modifications of debt:<ul><li>FY 2025: $1,446 .</li></ul></li><li>Other, net:<ul><li>Q4 2025: -$107 .</li><li>Q4 2024: -$299 .</li><li>FY 2025: -$1,735,527 (includes gain on sale of FanDuel equity interest) .</li><li>FY 2024: -$10 .</li></ul></li><li>Total other (income) expense, net:<ul><li>Q4 2025: $24,013 .</li><li>Q4 2024: $45,260 .</li><li>FY 2025: -$1,581,265 .</li><li>FY 2024: $175,774 .</li></ul></li></ul><h4>Balance Sheet Statistics (as of December 31, 2025)</h4><ul><li>Cash on hand: $353.4 million .</li><li>Total debt: $2.1 billion .</li></ul><h4>Capital Allocation</h4><ul><li>Dividends: Boyd Gaming Corporation (博伊德赌场) paid a quarterly cash dividend of $0.18 per share on January 15, 2026 .</li><li>Share Repurchases: The company repurchased $185 million in shares of its common stock during the fourth quarter of 2025 . As of December 31, 2025, approximately $362 million remained under current share repurchase authorizations . Over $800 million in share repurchases and dividends were returned to shareholders in 2025 .</li><li>Capital Investments: Ongoing capital investments include progress toward the completion of a $750 million resort in Virginia .</li></ul><h4>Outlook</h4>Boyd Gaming Corporation (博伊德赌场) is optimistic about 2026, expecting continued strength in play from core customers, returns from ongoing capital investments, and financial strength from diversified free cash flow and a strong balance sheet .

BOYD Gaming | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 1.062 B