Boyd Gaming Q4 Revenue Grows 2% to $1.1bn, FY Revenue Hits $4.1bn

Boyd Gaming just pulled in $1.1 billion in revenue for the fourth quarter, a 2% step up from the same time last year. But they reached a new high-water mark for the full year, $4.1 billion, a 4.1% improvement over the previous year. On the other hand their net income took a tumble in Q4, down a whopping 17.7% to $140.4 million. Yet somehow the full-year number was just flying: a bonanza 218.9% increase to a cool $1.8 billion.

Key Points

• Key points from the report summarise online performance, EBITDA movement, and regional revenue outcomes during quarterly and full-year periods.
• Online revenue sort of tanked in Q4 2025, a 57.1% drop to a mere $26.2 million. And to make things worse, online reimbursements came in at a dismal $173.9 million over the same quarter.
• Adjusted EBITDA took a pretty big hit in Q4 and for the full ’25 year as a whole, a 12.3% drop to $308 million, and a 3.1% drop to $1.2 billion across both periods.

Las Vegas Locals and Downtown Las Vegas operations recorded revenue decreases during Q4 and FY 2025 based on segment-level reporting. Boyd Gaming published fourth-quarter and full year 2025 results showing revenue increases of 2% and 4.1% for both reporting periods. Despite Q4 2025 revenue growth, net income, adjusted EBITDA, and Las Vegas revenue declined, while FY 2025 net income increased following the FanDuel sale to Flutter Entertainment.

Las Vegas Takes Toll on Boyd Gaming’s Q4 Performance

Las Vegas performance weighs on Boyd Gaming Q4 results as revenue growth contrasts with declines across several profitability measures. Revenue improved for Boyd Gaming in Q4 2025, yet net income dropped 17.7% from the prior year period to $140.4m, alongside a 12.3% fall in adjusted EBITDA to $308m. During the fourth quarter of 2025, gaming revenue increased 1.9% to $670.6m, while food & beverage operations posted 1.5% growth to nearly $82.4m. Room operations generated $47.2m and online operations delivered $26.2m, recording decreases of 10.7% and 57.1% respectively for Q4 2025. Although online operations revenue declined year over year, Boyd Gaming secured just over $173.9m in online reimbursements, reflecting a 36.1% increase.

Operating expenses rose 14.9% in Q4 2025 to $895.7m, contributing to a 36.3% reduction in operating income for the quarter. Las Vegas Locals operations generated $227.2m in revenue and Downtown Las Vegas operations generated $63m, marking declines of 2% and 3.9%. Midwest & South operations delivered the strongest revenue performance in Q4 2025, increasing 2.8% to $533.1m across the business. Adjusted EBITDAR for Midwest & South reached $191.4m in Q4 2025, remaining the highest among regions despite a 0.5% decline. Las Vegas Locals reported adjusted EBITDAR of $109.1m for Q4 2025 after a 2.8% decrease, while Downtown Las Vegas adjusted EBITDAR fell 11%. Adjusted EBITDAR from online operations declined 81.5% in Q4 2025, resulting in a reported total of $8.2m.

FanDuel Sale Propels Boyd’s Net Income for FY2025

FanDuel transaction underpins Boyd Gaming financial performance during FY2025 following the completion of a major ownership restructuring agreement. In July 2025 Flutter Entertainment grabbed the remaining stake in FanDuel from Boyd Gaming for $1.8 billion, a move which values FanDuel at $31 billion and cements their partnership until 2038. That deal sent Boyd’s bottom line soaring with a net income that more than doubled, 218.9% to be precise, reaching a staggering $1.8 billion for the year. Their revenue also went up and their net income looked solid, even if adjusted EBITDA slipped back 3.1% to $1.2 billion. But Boyd didn’t catch a complete break, operating income dipped 19.3% to $748.4 million and operating expenses leapt 11.4% year-over-year, hitting a whacking $3.3billion.

Gaming revenue grew by 2.1% to a very respectable $2.6billion. Food and drink brought in $310.2 million after a very slight 2.2% pick up. Room revenue plummeted 6.5% to $191.3 million, while online chipped in $132.2 million, a drop of 15.1% from the previous year. Las Vegas Locals revenue slipped by a tiny 0.5% to $890 million and Downtown Las Vegas dipped 0.6% to $228.7 million. But the Midwest & South region was the real winner here, bouncing back with a 2.6% surge to a healthy $2.1 billion in revenue. And there their adjusted EBITDAR hit a healthy $777.7 million, up a further 1.6%. Boyd’s online ops, a different story altogether, where revenue jumped by 16.8% to $708.3 million, but adjusted EBITDAR tanked 41.3% to $63.1 million.