Boyd Gaming’s financial results have exceeded expectations for the first quarter of 2025. The company reported earnings and revenue figures beyond what had previously been forecast, with revenue almost reaching $1 billion.
Key Takeaways
- Boyd Gaming exceeds expectations with a strong start to 2025.
- Stock prices rose by 3.42% following the release of the company’s Q1 results.
- Growth in online and property development drove revenue in Q1.
Q1 saw Boyd Gaming’s revenue top $991.6 million. It's a healthy jump from the $960.5 million recorded in the same period in 2024. Net income for the company reached $111.4 million, or $1.31 per share. In Q1, it was $136.5 million, or $1.40 per share.
Boyd Gaming stock jumps as results are released
Investor optimism was clear to see immediately after the announcement, with stock rising by 3.42% in aftermarket trading. The company’s gross profit margins stood at 61.86%, with a return on equity of 35%.
In the first quarter of this year, Boyd Gaming upped its quarterly cash dividend to $0.18 per share. The company also repurchased shares to the value of $328 million, as part of its ongoing share repurchase program. Its earnings per share (EPS) was recorded at $1.62, higher than the predicted figure of $1.55.
Boyd Gaming’s balance sheet remained strong throughout the first quarter, with yesterday’s announcement showing that it retains $311.5 million in cash. Total debt stands at $3.5 billion.
The results revealed total adjusted EBITDAR(1) of $337.5 million for the period, a significant increase from the $330.5 million recorded in Q1 of 2024. Adjusted earnings were $137.7 million, or $1.62 per share. In Q1 2024, adjusted earnings were $147.3 million, or $1.51 per share.
Revenue rises despite severe weather, tough competition
The resilience of the company is clear to see in these results, because Q1 wasn’t without its challenges. The company was faced with severe weather in the first three months of this year, impacting performance for its properties in the Midwest and South in particular.
Boyd Gaming also had to fight back against some serious competition in Las Vegas, but property operating margins remained strong regardless. There were gains in revenue and adjusted EBITDAR for the company’s Downtown Las Vegas segment, along with year-over-year growth in Hawaiian visitation.
“During the first quarter, we achieved revenue and Adjusted EBITDAR growth on both a companywide and property-level basis, maintaining property operating margins of 40% – an impressive performance by our Company, considering the impact of severe weather this year across our Midwest & South segment, as well as difficult comparisons to Leap Year,” said Keith Smith, president and CEO of Boyd Gaming.
“While economic uncertainty has increased in recent weeks, we are encouraged that trends in our business have remained consistent over the first three weeks of April. In all, we are pleased with the overall performance of our business and remain confident in our ability to manage through the current environment, supported by our strong balance sheet and experienced management team.”
Operating 28 different gaming properties across 10 states, Boyd Gaming is a major player in both retail and online gambling. It's a strategic partner and 5% equity owner of market-leading sports betting operator FanDuel Group. It also runs a tribal casino in northern California.
