Revenue has held near $1.0 billion per quarter while reported gross margin swung from 52.6% in 2024Q4 to 19.3% in 2025Q4 and back to 49.1% in 2026Q3, suggesting the volatility may stem from cost classification rather than a durable shift in profitability.
Boyd Gaming Corporation (BYD) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 4.08B | 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 % | 0.33% | 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 | 2.57B | 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 | 1.52B | 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 % | 37.16% | 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 | 663.42M | 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 | 729.27M | 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 | 0 | 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 | 854.37M | 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 % | 20.92% | 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 | 1.13B | 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 % | 27.73% | 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 % | -0.05% | -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) | 276.84M | 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 | 731.26M | 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 | -113.37M | -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 | 5.66M | 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 | 119.03M | 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 | -242.14M | 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 | 612.23M | 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 % | 14.99% | 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 | 115.59M | 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 % | 18.88% | 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 | 502.11M | 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 % | 12.29% | 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 % | -73.18% | 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) | 496.64M | 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 | -4.52M | -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) | 6.87 | 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 % | -71.07% | 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 | 73.05M | 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 | 73.05M | 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% | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Reported net margin inflated by non-operating items
Metrics are mathematically derived from official filings.
Revenue Plateau Signals Mature Growth Phase
Based on reported figures, BYD's revenue has held near $1.0 billion per quarter across the ten-quarter window, with year-over-year growth of roughly 4.1% suggesting demand has settled into a mature, low-growth regime rather than an expansion phase.
Quarterly revenue has oscillated in a narrow band around $1.0 billion, which indicates that top-line momentum is no longer driving earnings. Growth appears to depend on pricing, hold percentage, and mix rather than on new volume, which makes the revenue line more sensitive to consumer discretionary spending. Investors should monitor whether unrated play trends confirm durability of this plateau.
Gross Margin Swings Reflect Cost Classification
Reported gross margin fell from roughly 52% in late 2024 to about 19% in Q4 2025 before recovering near 49% in Q3 2026, a swing that appears more consistent with changes in cost classification than with a structural shift in gaming economics.
The magnitude of the quarterly gross margin range is too large to reflect pure operating conditions in a high-fixed-cost casino business. Cost of revenue appears to have been reclassified or affected by timing items, which limits the comparability of gross profit across periods. Analysts should normalize margins using operating income rather than relying on the reported gross line.
Net Margin Diverges From Operating Earnings
Reported net margin of 45.05% against an operating margin of 21.43% suggests that a large non-operating gain or tax benefit is embedded in trailing earnings, based on reported figures that warrant normalization before applying valuation multiples.
A net margin more than double the operating margin is not explained by the operating business and points to non-operating gains such as equity investment revaluation or one-time tax items. Such items may not recur, so reported EPS likely overstates sustainable earnings power. Investors should separate recurring operating income from these items before assessing valuation.
Low Debt Supports Balance Sheet Flexibility
BYD's reported debt-to-equity ratio of 1.04, down from 1.25 in the prior quarter, appears to indicate continued deleveraging, which may provide capacity for opportunistic capital deployment if the trend is operational rather than an artifact of equity changes.
A declining leverage ratio suggests either debt reduction or equity base expansion, and the distinction matters for interpreting the trend. The low ratio relative to more leveraged gaming peers may reduce refinancing risk in a higher-rate environment. Investors should confirm whether the improvement reflects operating cash generation before treating it as durable.
Margin Recovery May Not Be Durable
Based on reported figures, the bear case centers on whether BYD's recent operating margin of 19.7% and net margin of 12.6% in Q3 2026 reflect durable efficiency or a temporary cost reclassification, given the volatile gross margin history across the window.
Short-sellers would likely argue that the rebound in gross margin from about 19% to 49% is not repeatable and that the reported 45.05% net margin flatters underlying earnings power. Revenue growth near 4.1% offers limited cushion if promotional reinvestment rises or hold percentages soften. Investors should test whether operating income holds up after normalizing for non-operating items before accepting the margin recovery narrative.