Boyd Gaming Reports Decline in Q4 Earnings
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2d ago
0mins
Should l Buy BYD?
Source: NASDAQ.COM
- Earnings Decline: Boyd Gaming's Q4 net income fell to $140.40 million, or $1.79 per share, down from $170.50 million and $1.92 per share last year, indicating a weakening profitability that may impact investor confidence.
- Adjusted Earnings: Excluding items, Boyd reported adjusted earnings of $173.54 million, or $2.21 per share, which, while relatively stable, fails to offset the overall decline in profitability, reflecting challenges the company faces.
- Revenue Growth: The company's revenue increased by 1.9% year-over-year to $1.06 billion, up from $1.04 billion last year, demonstrating that Boyd Gaming can achieve modest growth despite a competitive market environment.
- Market Outlook: Despite revenue growth, the decline in profitability may negatively affect the company's future market performance, prompting investors to monitor how Boyd addresses cost pressures and market competition.
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Analyst Views on BYD
Wall Street analysts forecast BYD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BYD is 93.10 USD with a low forecast of 85.00 USD and a high forecast of 110.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
10 Analyst Rating
4 Buy
6 Hold
0 Sell
Moderate Buy
Current: 83.640
Low
85.00
Averages
93.10
High
110.00
Current: 83.640
Low
85.00
Averages
93.10
High
110.00
About BYD
Boyd Gaming Corporation is a gaming company. It operates over 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California, and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. Its segments include Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online. The Las Vegas Locals segment consists of eight casinos in the Las Vegas metropolitan area. The Downtown Las Vegas segment consists of three properties: California Hotel and Casino, Fremont Hotel & Casino, and Main Street Station Hotel and Casino. Its Midwest & South properties consist of five land-based casinos, five dockside riverboat casinos, three racinos and four barge-based casinos that operate in nine states, predominantly in the Midwest and southern United States. The Online segment includes its online gaming operations through collaborative arrangements with third parties throughout the United States and the operations of Boyd Interactive.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Boyd Gaming Reports Decline in Q4 Earnings
- Earnings Decline: Boyd Gaming's Q4 net income fell to $140.40 million, or $1.79 per share, down from $170.50 million and $1.92 per share last year, indicating a weakening profitability that may impact investor confidence.
- Adjusted Earnings: Excluding items, Boyd reported adjusted earnings of $173.54 million, or $2.21 per share, which, while relatively stable, fails to offset the overall decline in profitability, reflecting challenges the company faces.
- Revenue Growth: The company's revenue increased by 1.9% year-over-year to $1.06 billion, up from $1.04 billion last year, demonstrating that Boyd Gaming can achieve modest growth despite a competitive market environment.
- Market Outlook: Despite revenue growth, the decline in profitability may negatively affect the company's future market performance, prompting investors to monitor how Boyd addresses cost pressures and market competition.
See More
Boyd Gaming Reports Record Revenues and Strategic Growth Plans for Q4 2025
- Strong Financial Performance: Boyd Gaming reported revenues of $1.1 billion and EBITDAR of $337 million for Q4 2025, demonstrating resilience as adjusted EBITDAR remained flat year-over-year despite impacts from online segment changes and severe weather.
- Significant Shareholder Returns: The company returned a total of $836 million to shareholders in 2025, including $58 million in dividends and $778 million in share repurchases, successfully reducing total share count by 11%, which enhances potential earnings per share.
- Future Investment Plans: Boyd Gaming anticipates capital expenditures of $650 million to $700 million in 2026, including $250 million for maintenance and $75 million for growth capital, aimed at enhancing market competitiveness through new facilities and projects.
- Optimistic Market Outlook: Management expects consumer spending to improve in the coming months, particularly in Nevada, driven by the opening of new casinos and the implementation of tax legislation, further boosting the company's growth potential.
See More
Boyd Gaming Reports Strong Q4 Earnings with Significant Share Buybacks
- Strong Earnings Performance: Boyd Gaming reported a non-GAAP EPS of $2.21 for Q4, beating expectations by $0.27, which indicates a robust enhancement in the company's profitability and reflects its strong financial performance in a competitive market.
- Significant Revenue Growth: The company achieved $1.1 billion in revenue for Q4, marking a 10% year-over-year increase and surpassing market expectations by $80 million, demonstrating Boyd Gaming's ongoing recovery in Las Vegas and surrounding areas, thereby solidifying its market position.
- Share Buyback Program: As part of its ongoing share repurchase program, Boyd Gaming repurchased $185 million in common stock during Q4 2025, showcasing the company's confidence in its stock value while also creating additional value for shareholders.
- Remaining Buyback Authorization: As of December 31, 2025, the company had approximately $362 million remaining under its current share repurchase authorizations, indicating that Boyd Gaming has the capacity for further buybacks in the future to support shareholder interests.
See More
Boyd Gaming Set to Release Q4 Earnings on February 5th
- Earnings Announcement Date: Boyd Gaming is set to announce its Q4 earnings on February 5th after market close, with consensus EPS estimate at $1.94, reflecting a 1.0% year-over-year decline, and revenue estimate at $1.02 billion, indicating a 2.0% year-over-year increase, which could significantly impact the company's stock performance.
- Historical Performance: Over the past two years, Boyd Gaming has beaten EPS and revenue estimates 88% of the time, showcasing strong performance in profitability and market expectation management, which may enhance investor confidence and drive stock price appreciation.
- Estimate Revision Dynamics: In the last three months, EPS estimates have seen six upward revisions and three downward adjustments, while revenue estimates experienced nine upward revisions and two downward adjustments, indicating a positive revision trend that reflects market optimism regarding Boyd Gaming's future performance.
- Market Analysis Preview: Analysts note that Boyd Gaming has achieved six consecutive double beats, demonstrating its sustained growth potential, and the market holds an optimistic view on its performance in local Las Vegas casinos, which may further enhance its market share.
See More
Las Vegas Locals Market Shows Positive Outlook for 2026-2027
- Market Growth Drivers: Analyst John DeCree from CBRE Equity Research anticipates that despite tougher comparisons for the locals market in 2026, tax cuts and capital reinvestment from major operators will fuel moderate growth.
- Historical Performance Advantage: The Las Vegas locals market has outperformed the Strip during economic recessions for 40 years, showcasing resilience, with a higher concentration of tipped employees and a large retiree population seen as positive factors for local casino operators.
- Stock Rating Upgrades: CBRE Equity reiterated a Buy rating on Boyd Gaming (BYD) and Red Rock Resorts (RRR), raising the price target for BYD to $105 and RRR to $75, reflecting confidence in their future performance.
- Growth Expectations: Both BYD and RRR shares are expected to perform well in the first half of 2026, driven primarily by the OBBB Act and ROI on growth capex, further solidifying their market positions.
See More
10 Small-Cap Stocks Set to Surge in 2026
- Small-Cap Stocks Performance: Small-cap stocks have started 2026 with strong momentum, indicating a positive trend in the market.
- Market Potential: Many of these companies are positioned to outperform the market, suggesting that the rally could continue.
See More
Boyd Gaming Reports Decline in Q4 Earnings
- Earnings Decline: Boyd Gaming's Q4 net income fell to $140.40 million, or $1.79 per share, down from $170.50 million and $1.92 per share last year, indicating a weakening profitability that may impact investor confidence.
- Adjusted Earnings: Excluding items, Boyd reported adjusted earnings of $173.54 million, or $2.21 per share, which, while relatively stable, fails to offset the overall decline in profitability, reflecting challenges the company faces.
- Revenue Growth: The company's revenue increased by 1.9% year-over-year to $1.06 billion, up from $1.04 billion last year, demonstrating that Boyd Gaming can achieve modest growth despite a competitive market environment.
- Market Outlook: Despite revenue growth, the decline in profitability may negatively affect the company's future market performance, prompting investors to monitor how Boyd addresses cost pressures and market competition.
See More
Boyd Gaming Reports Record Revenues and Strategic Growth Plans for Q4 2025
- Strong Financial Performance: Boyd Gaming reported revenues of $1.1 billion and EBITDAR of $337 million for Q4 2025, demonstrating resilience as adjusted EBITDAR remained flat year-over-year despite impacts from online segment changes and severe weather.
- Significant Shareholder Returns: The company returned a total of $836 million to shareholders in 2025, including $58 million in dividends and $778 million in share repurchases, successfully reducing total share count by 11%, which enhances potential earnings per share.
- Future Investment Plans: Boyd Gaming anticipates capital expenditures of $650 million to $700 million in 2026, including $250 million for maintenance and $75 million for growth capital, aimed at enhancing market competitiveness through new facilities and projects.
- Optimistic Market Outlook: Management expects consumer spending to improve in the coming months, particularly in Nevada, driven by the opening of new casinos and the implementation of tax legislation, further boosting the company's growth potential.
See More
Boyd Gaming Reports Strong Q4 Earnings with Significant Share Buybacks
- Strong Earnings Performance: Boyd Gaming reported a non-GAAP EPS of $2.21 for Q4, beating expectations by $0.27, which indicates a robust enhancement in the company's profitability and reflects its strong financial performance in a competitive market.
- Significant Revenue Growth: The company achieved $1.1 billion in revenue for Q4, marking a 10% year-over-year increase and surpassing market expectations by $80 million, demonstrating Boyd Gaming's ongoing recovery in Las Vegas and surrounding areas, thereby solidifying its market position.
- Share Buyback Program: As part of its ongoing share repurchase program, Boyd Gaming repurchased $185 million in common stock during Q4 2025, showcasing the company's confidence in its stock value while also creating additional value for shareholders.
- Remaining Buyback Authorization: As of December 31, 2025, the company had approximately $362 million remaining under its current share repurchase authorizations, indicating that Boyd Gaming has the capacity for further buybacks in the future to support shareholder interests.
See More
Boyd Gaming Set to Release Q4 Earnings on February 5th
- Earnings Announcement Date: Boyd Gaming is set to announce its Q4 earnings on February 5th after market close, with consensus EPS estimate at $1.94, reflecting a 1.0% year-over-year decline, and revenue estimate at $1.02 billion, indicating a 2.0% year-over-year increase, which could significantly impact the company's stock performance.
- Historical Performance: Over the past two years, Boyd Gaming has beaten EPS and revenue estimates 88% of the time, showcasing strong performance in profitability and market expectation management, which may enhance investor confidence and drive stock price appreciation.
- Estimate Revision Dynamics: In the last three months, EPS estimates have seen six upward revisions and three downward adjustments, while revenue estimates experienced nine upward revisions and two downward adjustments, indicating a positive revision trend that reflects market optimism regarding Boyd Gaming's future performance.
- Market Analysis Preview: Analysts note that Boyd Gaming has achieved six consecutive double beats, demonstrating its sustained growth potential, and the market holds an optimistic view on its performance in local Las Vegas casinos, which may further enhance its market share.
See More
Las Vegas Locals Market Shows Positive Outlook for 2026-2027
- Market Growth Drivers: Analyst John DeCree from CBRE Equity Research anticipates that despite tougher comparisons for the locals market in 2026, tax cuts and capital reinvestment from major operators will fuel moderate growth.
- Historical Performance Advantage: The Las Vegas locals market has outperformed the Strip during economic recessions for 40 years, showcasing resilience, with a higher concentration of tipped employees and a large retiree population seen as positive factors for local casino operators.
- Stock Rating Upgrades: CBRE Equity reiterated a Buy rating on Boyd Gaming (BYD) and Red Rock Resorts (RRR), raising the price target for BYD to $105 and RRR to $75, reflecting confidence in their future performance.
- Growth Expectations: Both BYD and RRR shares are expected to perform well in the first half of 2026, driven primarily by the OBBB Act and ROI on growth capex, further solidifying their market positions.
See More
10 Small-Cap Stocks Set to Surge in 2026
- Small-Cap Stocks Performance: Small-cap stocks have started 2026 with strong momentum, indicating a positive trend in the market.
- Market Potential: Many of these companies are positioned to outperform the market, suggesting that the rally could continue.
See More
