--- title: "BOYD Gaming | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 1.062 B" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/275031943.md" datetime: "2026-02-05T21:19:13.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275031943.md) - [en](https://longbridge.com/en/news/275031943.md) - [zh-HK](https://longbridge.com/zh-HK/news/275031943.md) --- > 支持的语言: [English](https://longbridge.com/en/news/275031943.md) | [繁體中文](https://longbridge.com/zh-HK/news/275031943.md) # BOYD Gaming | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 1.062 B 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 . #### Overall Financial Performance - **Fourth Quarter 2025 vs. Fourth Quarter 2024**: - Net Income: $140.4 million in Q4 2025, compared to $170.5 million in Q4 2024 . - Total Adjusted EBITDAR: $336.6 million in Q4 2025, down from $379.3 million in Q4 2024 . - Adjusted Earnings: $173.5 million in Q4 2025, a slight decrease from $174.7 million in Q4 2024 . - **Full Year 2025 vs. Full Year 2024**: - 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 . - Total Adjusted EBITDAR: $1.4 billion for the full year 2025, in-line with the full year 2024 . - Adjusted Earnings: $604.6 million for the full year 2025, compared to $611.3 million for the full year 2024 . #### Segment Revenue (in thousands) - **Fourth Quarter**: - Las Vegas Locals: $227,225 in 2025, $231,971 in 2024 . - Downtown Las Vegas: $62,973 in 2025, $65,559 in 2024 . - Midwest & South: $533,078 in 2025, $518,499 in 2024 . - Online: $200,102 in 2025, $188,821 in 2024 . - Managed & Other: $38,687 in 2025, $36,065 in 2024 . - **Full Year**: - Las Vegas Locals: $889,957 in 2025, $894,508 in 2024 . - Downtown Las Vegas: $228,737 in 2025, $230,091 in 2024 . - Midwest & South: $2,116,594 in 2025, $2,063,415 in 2024 . - Online: $708,323 in 2025, $606,233 in 2024 . - Managed & Other: $148,378 in 2025, $135,947 in 2024 . #### Operating Costs and Expenses (in thousands) - **Fourth Quarter**: - Total operating costs and expenses: $895,680 in 2025, $779,614 in 2024 . - Impairment of assets: $31,000 in 2025, $0 in 2024 . - **Full Year**: - Total operating costs and expenses: $3,343,583 in 2025, $3,002,417 in 2024 . - Impairment of assets: $128,395 in 2025, $10,500 in 2024 . #### Operating Income (in thousands) - Fourth Quarter: $166,385 in 2025, $261,301 in 2024 . - Full Year: $748,406 in 2025, $927,777 in 2024 . #### Other Expense (Income) (in thousands) - **Interest income**: - Q4 2025: -$1,254 . - Q4 2024: -$384 . - FY 2025: -$4,826 . - FY 2024: -$1,625 . - **Interest expense, net**: - Q4 2025: $25,374 . - Q4 2024: $45,943 . - FY 2025: $157,642 . - FY 2024: $177,409 . - **Loss on early extinguishments and modifications of debt**: - FY 2025: $1,446 . - **Other, net**: - Q4 2025: -$107 . - Q4 2024: -$299 . - FY 2025: -$1,735,527 (includes gain on sale of FanDuel equity interest) . - FY 2024: -$10 . - **Total other (income) expense, net**: - Q4 2025: $24,013 . - Q4 2024: $45,260 . - FY 2025: -$1,581,265 . - FY 2024: $175,774 . #### Balance Sheet Statistics (as of December 31, 2025) - Cash on hand: $353.4 million . - Total debt: $2.1 billion . #### Capital Allocation - Dividends: Boyd Gaming Corporation (博伊德赌场) paid a quarterly cash dividend of $0.18 per share on January 15, 2026 . - 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 . - Capital Investments: Ongoing capital investments include progress toward the completion of a $750 million resort in Virginia . #### Outlook 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 . ### 相关股票 - [BOYD Gaming (BYD.US)](https://longbridge.com/zh-CN/quote/BYD.US.md) ## 相关资讯与研究 - [Could Buying Boyd Gaming Stock Today Help Set You Up for Life?](https://longbridge.com/zh-CN/news/281380626.md) - [Iconic Las Vegas Strip destination closes without warning](https://longbridge.com/zh-CN/news/281299167.md) - [18:58 ETSUPER BOWL RETURNS TO LAS VEGAS IN 2029](https://longbridge.com/zh-CN/news/281085888.md) - [SunPower files to delay 10-K, expects significant upside changes in FY 2025 results](https://longbridge.com/zh-CN/news/281182236.md) - [Nanalysis Sets Date for Q4 and Full-Year 2025 Results Call](https://longbridge.com/zh-CN/news/281538578.md)