Revenue growth has stalled to 0.6% in 2026Q1 while gross margins have compressed significantly from a 52.9% peak in 2023Q4 to 39.8%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'96 | Dec'95 |
|---|
| Sales/Revenue | 4.1B | 4.09B | 3.93B | 3.74B | 3.56B | 3.37B | 2.18B | 3.33B | 2.63B | 2.4B | 2.2B | 2.2B | 2.14B | 2.89B | 2.48B | 2.33B | 2.14B | 1.64B | 1.78B | 2B | 2.19B | 2.16B | 1.71B | 1.25B | 1.23B | 1.1B | 1.08B | 987M | 975.1M | 819.3M | 775.9M |
| Revenue Growth % | 3.45% | 4.12% | 5.13% | 5.15% | 5.51% | 54.69% | -34.5% | 26.63% | 9.41% | 9.16% | -0.01% | 2.67% | -25.99% | 16.58% | 6.52% | 8.87% | 30.46% | -7.86% | -10.82% | -8.92% | 1.46% | 26.59% | 36.24% | 1.97% | 11.48% | 1.79% | 9.72% | 1.22% | 19.02% | 5.59% | 17.51% |
| Cost of Goods Sold | 2.48B | 2.37B | 1.88B | 1.72B | 1.57B | 1.43B | 1.04B | 1.74B | 1.37B | 1.26B | 1.19B | 1.19B | 1.18B | 1.59B | 1.39B | 1.28B | 1.19B | 908.06M | 968.01M | 1.06B | 1.19B | 1.16B | 961.62M | 735.25M | 687.13M | 635.38M | 640.98M | 561.1M | 563.2M | 480.7M | 435.4M |
| COGS % of Revenue | - | 57.86% | 47.84% | 46.01% | 44.02% | 42.51% | 47.61% | 52.2% | 52.21% | 52.65% | 53.97% | 54.14% | 55.29% | 54.82% | 56.1% | 55.12% | 55.56% | 55.34% | 54.35% | 52.97% | 54.26% | 53.53% | 56.33% | 58.68% | 55.91% | 57.64% | 59.19% | 56.85% | 57.76% | 58.67% | 56.12% |
| Gross Profit | 1.62B | 1.72B | 2.05B | 2.02B | 1.99B | 1.94B | 1.14B | 1.59B | 1.26B | 1.14B | 1.01B | 1.01B | 957.81M | 1.31B | 1.09B | 1.05B | 951.46M | 732.92M | 812.96M | 939.32M | 1B | 1B | 745.59M | 517.82M | 541.77M | 466.95M | 441.93M | 425.9M | 411.9M | 338.6M | 340.5M |
| Gross Margin % | 39.47% | 42.14% | 52.16% | 53.99% | 55.98% | 57.49% | 52.39% | 47.8% | 47.79% | 47.35% | 46.03% | 45.86% | 44.71% | 45.18% | 43.9% | 44.88% | 44.44% | 44.66% | 45.65% | 47.03% | 45.74% | 46.47% | 43.67% | 41.32% | 44.09% | 42.36% | 40.81% | 43.15% | 42.24% | 41.33% | 43.88% |
| Gross Profit Growth % | - | -15.87% | 1.55% | 1.43% | 2.73% | 69.73% | -28.21% | 26.65% | 10.42% | 12.31% | 0.36% | 5.3% | -26.75% | 19.96% | 4.19% | 9.95% | 29.82% | -9.84% | -13.45% | -6.34% | -0.13% | 34.69% | 43.98% | -4.42% | 16.02% | 5.66% | 3.76% | 3.4% | 21.65% | -0.56% | 14.42% |
| Operating Expenses | 776.41M | 847.69M | 1.12B | 1.12B | 1.01B | 1.04B | 1.13B | 1.12B | 900.07M | 793.1M | 751.87M | 737.41M | 784.08M | 1.03B | 1.94B | 810.15M | 762.1M | 732.92M | 812.96M | 939.32M | 1B | 1B | 745.59M | 517.82M | 541.77M | 466.95M | 441.93M | 425.9M | 411.9M | 338.6M | 340.5M |
| OpEx % of Revenue | - | 20.72% | 28.55% | 29.87% | 28.38% | 30.78% | 51.74% | 33.59% | 34.27% | 33.03% | 34.19% | 33.53% | 36.6% | 35.56% | 78.15% | 34.76% | 35.6% | 44.66% | 45.65% | 47.03% | 45.74% | 46.47% | 43.67% | 41.32% | 44.09% | 42.36% | 40.81% | 43.15% | 42.24% | 41.33% | 43.88% |
| Selling, General & Admin | 668.15M | 668.73M | 538.63M | 498.29M | 480.58M | 470.86M | 452.26M | 557.31M | 390M | 362.04M | 322.26M | 322.42M | 327.6M | 490.23M | 449.29M | 392.53M | 369.22M | 442.65M | 468.22M | 490.17M | 487.06M | 459.27M | 383.94M | 273.36M | 274.91M | 251.26M | 242.88M | 215.1M | 208.7M | 184.3M | 179M |
| SG&A % of Revenue | - | 16.34% | 13.71% | 13.33% | 13.52% | 13.97% | 20.76% | 16.76% | 14.85% | 15.08% | 14.65% | 14.66% | 15.29% | 16.94% | 18.1% | 16.84% | 17.25% | 26.97% | 26.29% | 24.54% | 22.21% | 21.25% | 22.49% | 21.81% | 22.37% | 22.79% | 22.43% | 21.79% | 21.4% | 22.49% | 23.07% |
| Research & Development | 6.74M | 0 | 28.57M | 0 | 0 | 31.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.73% | - | - | 0.94% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 178.96M | 554.82M | 618.45M | 528.37M | 534.55M | 674.87M | 560.03M | 510.07M | 431.06M | 429.61M | 414.99M | 456.48M | 539.05M | 1.49B | 417.62M | 392.88M | 290.27M | 344.73M | 449.16M | 515.83M | 544.95M | 361.64M | 244.47M | 266.87M | 215.69M | 199.04M | 210.8M | 203.2M | 154.3M | 161.5M |
| Operating Income | 840.91M | 876.8M | 927.78M | 901.83M | 981.22M | 900.1M | 14.26M | 472.57M | 355.28M | 343.8M | 260.41M | 271.2M | 173.73M | 278.3M | -850.26M | 235.98M | 189.36M | 125.85M | 175.74M | 354.23M | 404.65M | 405.69M | 304.28M | 148.8M | 164.47M | 115.88M | 108.56M | 136.7M | 129.8M | 87M | 100.9M |
| Operating Margin % | 20.52% | 21.43% | 23.61% | 24.12% | 27.6% | 26.71% | 0.65% | 14.21% | 13.53% | 14.32% | 11.84% | 12.33% | 8.11% | 9.62% | -34.25% | 10.12% | 8.84% | 7.67% | 9.87% | 17.74% | 18.45% | 18.77% | 17.82% | 11.87% | 13.38% | 10.51% | 10.03% | 13.85% | 13.31% | 10.62% | 13% |
| Operating Income Growth % | - | -5.49% | 2.88% | -8.09% | 9.01% | 6210.76% | -96.98% | 33.01% | 3.34% | 32.02% | -3.98% | 56.1% | -37.57% | 132.73% | -460.31% | 24.62% | 50.47% | -28.39% | -50.39% | -12.46% | -0.26% | 33.33% | 104.49% | -9.53% | 41.93% | 6.74% | -20.58% | 5.32% | 49.2% | -13.78% | -8.69% |
| EBITDA | 1.17B | 1.18B | 1.2B | 1.16B | 1.24B | 1.17B | 295.29M | 749.14M | 585.26M | 561.32M | 456.63M | 478.32M | 382.65M | 556.71M | -636.03M | 431.17M | 388.63M | 290.27M | 344.73M | 525.37M | 617.32M | 585.41M | 445.15M | 242.56M | 254.55M | 215.69M | 199.04M | 210.8M | 203.2M | 154.3M | 161.5M |
| EBITDA Margin % | 28.56% | 28.82% | 30.65% | 30.99% | 34.86% | 34.66% | 13.55% | 22.52% | 22.28% | 23.38% | 20.76% | 21.75% | 17.86% | 19.23% | -25.62% | 18.5% | 18.15% | 17.69% | 19.36% | 26.31% | 28.15% | 27.09% | 26.07% | 19.36% | 20.71% | 19.57% | 18.38% | 21.36% | 20.84% | 18.83% | 20.81% |
| EBITDA Growth % | -1.67% | -2.07% | 3.95% | -6.52% | 6.12% | 295.5% | -60.58% | 28% | 4.26% | 22.93% | -4.53% | 25% | -31.27% | 187.53% | -247.51% | 10.95% | 33.89% | -15.8% | -34.38% | -14.9% | 5.45% | 31.51% | 83.52% | -4.71% | 18.02% | 8.36% | -5.58% | 3.74% | 31.69% | -4.46% | -2.12% |
| D&A (Non-Cash Add-back) | 329.48M | 302.71M | 276.64M | 256.78M | 258.18M | 267.79M | 281.03M | 276.57M | 229.98M | 217.52M | 196.23M | 207.12M | 208.91M | 278.41M | 214.24M | 195.19M | 199.28M | 164.43M | 169M | 171.14M | 212.67M | 179.72M | 140.87M | 93.76M | 90.08M | 99.81M | 90.48M | 74.1M | 73.4M | 67.3M | 60.6M |
| EBIT | 2.45B | 2.49B | 929.41M | 924.15M | 980.05M | 803.38M | 59.47M | 439.59M | 359.22M | 344.22M | 220.46M | 228.65M | 174.03M | 228.34M | -849.23M | 240.33M | 201.04M | 152.15M | -144.56M | 354.23M | 404.65M | 405.69M | 304.28M | 148.8M | 164.47M | 115.88M | 108.56M | 136.7M | 129.8M | 87M | 100.9M |
| Net Interest Income | -131.77M | -152.82M | -175.78M | -147.36M | -129.72M | -197.62M | -228.58M | -235.61M | -200.47M | -171.29M | -209.73M | -222.73M | -228.18M | -342.18M | -288.83M | -250.69M | -180.55M | -146.82M | -109.08M | 0 | 0 | -171.45M | -50.79M | -92.86M | -114.15M | -72.53M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.88M | 4.83M | 1.63M | 23.89M | 21.53M | 1.82M | 1.9M | 1.86M | 3.72M | 1.82M | 2.96M | 1.86M | 1.88M | 2.15M | 1.17M | 46K | 5K | 6K | 1.07M | 0 | 0 | 224K | 186K | 318K | 448K | 1.42M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 137.66M | 157.64M | 177.41M | 171.25M | 151.25M | 199.44M | 230.48M | 237.47M | 204.19M | 173.11M | 212.69M | 224.59M | 230.06M | 344.33M | 290M | 250.73M | 168.7M | 146.83M | 412.3M | 0 | 137.4M | 171.67M | 50.98M | 93.18M | 114.6M | 73.95M | 0 | 70.8M | 85.4M | 51.5M | 44.2M |
| Other Income/Expense | 1.47B | 1.45B | -175.77M | -148.92M | -152.42M | -296.17M | -185.28M | -270.44M | -200.25M | -172.69M | -252.64M | -267.14M | -229.76M | -394.3M | -288.97M | -246.38M | -168.87M | -120.53M | -425.27M | -169.3M | -157.81M | -155.34M | -117.44M | -82.98M | -87.51M | -73.95M | -6.51M | -69.1M | -79.9M | -192.4M | -51.3M |
| Pretax Income | 2.31B | 2.33B | 752M | 752.91M | 828.81M | 603.94M | -171.01M | 202.13M | 155.03M | 171.11M | 7.99M | 40.06M | -40.88M | -115.99M | -1.14B | -6.28M | 26.92M | 5.32M | -249.54M | 184.94M | 246.84M | 245.1M | 187.1M | 65.81M | 76.96M | 41.93M | 102.06M | 67.6M | 49.9M | 49.6M | 64.2M |
| Pretax Margin % | 56.48% | 56.93% | 19.13% | 20.14% | 23.31% | 17.92% | -7.85% | 6.08% | 5.9% | 7.13% | 0.36% | 1.82% | -1.91% | -4.01% | -46.07% | -0.27% | 1.26% | 0.32% | -14.01% | 9.26% | 11.26% | 11.34% | 10.96% | 5.25% | 6.26% | 3.8% | 9.42% | 6.85% | 5.12% | 6.05% | 8.27% |
| Income Tax | 482.21M | 490.77M | 174.05M | 132.88M | 189.43M | 140.09M | -36.31M | 44.49M | 40.33M | 3.12M | -197.49M | -7.17M | 753K | 3.35M | -220.77M | 1.72M | 8.24M | 1.08M | -26.53M | 64.03M | 85.49M | 84.05M | 75.64M | 24.88M | 28.74M | 16.98M | 39.29M | 27.6M | 21.3M | 20M | 28M |
| Effective Tax Rate % | 20.83% | 21.07% | 23.14% | 17.65% | 22.86% | 23.2% | 21.23% | 22.01% | 26.01% | 1.82% | -2472.59% | -17.91% | -1.84% | -2.89% | 19.3% | -27.41% | 30.59% | 20.24% | 10.63% | 34.62% | 34.63% | 34.29% | 40.43% | 37.81% | 37.34% | 40.5% | 38.5% | 40.83% | 42.69% | 40.32% | 43.61% |
| Net Income | 1.84B | 1.84B | 577.95M | 620.02M | 639.38M | 463.85M | -134.7M | 157.64M | 115.05M | 189.39M | 418M | 47.23M | -53.04M | -80.26M | -908.87M | -3.85M | 10.31M | 4.24M | -223M | 303.04M | 116.78M | 144.61M | 111.45M | 40.93M | 40.01M | 24.95M | 62.77M | 38.3M | 28.6M | 28.2M | 36.2M |
| Net Margin % | 44.84% | 45.05% | 14.71% | 16.58% | 17.98% | 13.76% | -6.18% | 4.74% | 4.38% | 7.89% | 19.01% | 2.15% | -2.48% | -2.77% | -36.61% | -0.17% | 0.48% | 0.26% | -12.52% | 15.17% | 5.33% | 6.69% | 6.53% | 3.27% | 3.26% | 2.26% | 5.8% | 3.88% | 2.93% | 3.44% | 4.67% |
| Net Income Growth % | 232.97% | 218.93% | -6.79% | -3.03% | 37.84% | 444.35% | -185.45% | 37.02% | -39.25% | -54.69% | 784.96% | 189.05% | 33.92% | 91.17% | -23482.38% | -137.38% | 143.1% | 101.9% | -173.59% | 159.5% | -19.25% | 29.75% | 172.28% | 2.3% | 60.37% | -60.25% | 63.88% | 33.92% | 1.42% | -22.1% | 185.04% |
| Net Income (Continuing) | 1.83B | 1.84B | 577.95M | 620.02M | 639.38M | 463.85M | -134.7M | 157.64M | 114.7M | 168M | 205.47M | 47.23M | -41.64M | -119.34M | -923.08M | -8M | 12.25M | 4.24M | -223M | 120.91M | 161.35M | 164.37M | 111.45M | 40.93M | 48.22M | 24.95M | 62.77M | 40M | 28.6M | -71.4M | 29.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 182.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.87M | -617K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50K | 50K | 50K | 180.45M | 163.34M | 171.99M | 205.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 23.93 | 22.56 | 6.19 | 6.12 | 5.87 | 4.07 | -1.19 | 1.38 | 1.00 | 1.64 | 3.63 | 0.42 | -0.48 | -0.83 | -10.37 | -0.04 | 0.12 | 0.05 | -2.54 | 3.42 | 1.30 | 1.60 | 1.27 | 0.62 | 0.61 | 0.40 | 1.01 | 0.62 | 0.46 | 0.49 | 0.64 |
| EPS Growth % | 272.1% | 264.46% | 1.14% | 4.26% | 44.23% | 442.02% | -186.23% | 38% | -39.02% | -54.82% | 764.29% | 187.5% | 42.17% | 92% | -23414.74% | -136.75% | 140% | 101.97% | -174.27% | 163.08% | -18.75% | 25.98% | 104.84% | 1.64% | 52.5% | -60.4% | 62.9% | 34.78% | -6.12% | -23.44% | 166.67% |
| EPS (Basic) | - | 22.56 | 6.19 | 6.12 | 5.87 | 4.07 | -1.19 | 1.39 | 1.01 | 1.65 | 3.65 | 0.42 | -0.48 | -0.83 | -10.37 | -0.04 | 0.12 | 0.05 | -2.54 | 3.46 | 1.32 | 1.63 | 1.27 | 0.64 | 0.62 | 0.40 | 1.01 | 0.62 | 0.46 | 0.49 | 0.64 |
| Diluted Shares Outstanding | 76.78M | 81.72M | 93.35M | 101.37M | 109M | 114.1M | 113.52M | 113.95M | 115.07M | 115.63M | 115.19M | 113.68M | 109.98M | 97.24M | 87.65M | 87.34M | 86.83M | 86.52M | 87.85M | 88.61M | 89.59M | 90.51M | 78.23M | 66.02M | 65.59M | 62.38M | 62.29M | 61.77M | 62.26M | 57.55M | 56.56M |
| Basic Shares Outstanding | 76.77M | 81.71M | 93.31M | 101.33M | 108.89M | 113.87M | 113.52M | 113.47M | 114.4M | 114.96M | 114.51M | 112.79M | 109.98M | 96.87M | 87.62M | 87.34M | 86.6M | 86.43M | 87.85M | 87.57M | 88.38M | 88.53M | 72.99M | 63.96M | 63.82M | 62.38M | 62.14M | 61.77M | 62.17M | 57.55M | 56.56M |
| Dividend Payout Ratio | - | 3.16% | 10.84% | 10.26% | 7.53% | - | - | 18.36% | 21.5% | 5.96% | - | - | - | - | - | - | - | - | - | 16.89% | 39.96% | 28.17% | 22.18% | 23.65% | - | - | - | - | - | - | - |
Consumer discretionary spending sensitivity
According to the provided quarterly income statements, Boyd Gaming's revenue growth has decelerated significantly, reaching a marginal 0.6% increase in 2026Q1 compared to the more robust 9.1% expansion observed in 2024Q4, suggesting that the post-pandemic demand tailwind is likely losing momentum across its regional portfolio.
The consistent decline in year-over-year growth rates indicates that the company is struggling to maintain volume in its core Midwest and South segments. Investors should monitor whether this deceleration reflects a broader softening in consumer discretionary spending or a specific loss of market share in key gaming jurisdictions.
Based on reported financial data, Boyd Gaming experienced a notable contraction in gross margins, which fell to 39.8% in 2026Q1 from a peak of 52.9% in 2023Q4, indicating potential pressure from rising operational costs or a shift in the underlying mix of gaming versus non-gaming revenue.
The sharp drop in gross profitability suggests that the company's fixed-cost structure is becoming less efficient as revenue growth stalls. This trend may imply that management is facing difficulty in passing through inflationary labor and utility costs to the consumer without impacting visitation levels.
As reported in the 2025Q3 financial statements, the company recorded a net income of $1.4 billion, which appears to be an outlier driven by non-operating gains rather than core operational performance, given that the operating income for the same period was only $139.8 million.
The massive discrepancy between operating and net margins in 2025Q3 suggests that headline EPS figures are heavily influenced by one-time valuation adjustments or asset sales. Analysts should normalize these results to assess the true underlying earnings power of the gaming operations, as the current volatility obscures long-term trends.
Analysis of the income statement shows that SG&A expenses have trended upward to $231.4 million in 2026Q1, representing a significant increase from the $117.8 million reported in 2023Q4, which suggests that the company is incurring higher overhead costs even as top-line growth remains stagnant.
The rising SG&A burden relative to revenue indicates a potential erosion of operating leverage, which may limit the company's ability to expand margins in the near term. Investors should investigate whether these increased costs are related to necessary digital partnership investments or a lack of expense discipline in the face of slowing demand.
Quick answers to the most common questions about buying BYD stock.
For fiscal year 2025, Boyd Gaming Corporation (BYD) reported total revenue of $4.09B. This represents a 427.4% increase compared to $775.9M in 1995.
Boyd Gaming Corporation (BYD) is profitable, generating $1.84B in net income for the fiscal year ending 2025 with a net profit margin of 45.0%.
Boyd Gaming Corporation (BYD) reported an operating income of $876.8M, resulting in an operating profit margin of 21.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Boyd Gaming Corporation (BYD) generated $1.72B in gross profit for the year, representing a gross profit margin of 42.1%. This demonstrates the company's core pricing power and production efficiency.