BYD BOYD GAMING CORP

Overview and Growth

In fiscal 2025, BOYD GAMING CORP recorded $4.09B of revenue, net income of $1.84B, and an operating cash inflow of $976.68M. The $4.09B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $3.93B in fiscal 2024, revenue recorded a 4.1% year-over-year increase. Diluted earnings per share were $22.56, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 264.5% increase from fiscal 2024 diluted EPS of $6.19. The revenue-to-assets relationship was 0.62x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The reported operating result was $748.41M, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 18.3% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $1.84B for the fiscal year. Measured against reported revenue, net income produced a 45.0% margin after operating costs and the remaining recognized items. The earnings statement records $2.33B of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 56.9% of revenue, placing earnings before tax in the context of the company’s operating scale. Income tax expense totaled $490.77M, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 21.1%, quantifying the portion of pre-tax earnings paid in income tax. Net income equaled 70.7% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 28.0%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

Total assets were $6.57B, supported by $3.97B of liabilities and $2.61B of shareholder equity. At period end, current assets of $530.73M compared with current liabilities of $979.22M, defining the company’s short-term resource position. The current ratio was 0.54x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. Reported cash and equivalents were $353.41M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 36.1% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $2.05B, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 0.78x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 31.1%, comparing borrowing with the total asset balance. The liabilities-to-assets relationship was 60.3%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 5.4%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 2.9% higher than fiscal 2024 assets of $6.39B, measuring the company’s own balance-sheet change. Reported equity changed 64.9% from $1.58B in fiscal 2024, placing the current capital base higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $976.68M, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 0.53x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $588.22M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 60.2% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $388.46M of positive free cash flow for the period. The free-cash-flow margin was 9.5%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 5.9%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.