Boyd Gaming has released its financial results for the fourth quarter and full year ended 31 December 2025, showing year-on-year revenue growth across its business and continued expansion in both online and land-based operations.
For Q4 2025, Boyd Gaming generated $1.1 billion in revenue, up from $1.0 billion in the same period of 2024, while net income reached $140.4 million, compared with $170.5 million a year earlier. Total adjusted EBITDAR for the quarter was $336.6 million, slightly lower than the prior year.
For the full year, the company reported $4.1 billion in total revenue, above the $3.9 billion recorded in 2024, with net income surging to $1.8 billion, significantly influenced by a $1.4 billion after-tax gain related to the sale of its equity interest in FanDuel. Full-year adjusted EBITDAR was roughly consistent with the prior year.
Boyd’s online segment, which includes its iGaming activities, showed growth during the year, supported by expansion in online casino gaming and changes to revenue-sharing arrangements following the FanDuel transaction. The broader revenue mix reflects a diversified operating model that blends digital growth with established retail casino performance.
In addition to financial results, the company outlined continued capital returns to shareholders through dividends and share repurchases, underscoring confidence in future growth prospects as it enters 2026.
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