At a glance
Boyd Gaming Corporation is worth $5.00B, about 3 times its fiscal 2025 earnings. Revenue grew 4.1% to $4.09B in fiscal 2025, with 45.0% kept as profit; over 5 years it has grown 13.4% a year. It pays a 1.26% dividend yield, raised every year for at least 4 years, and returned $2.73B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −9.4% over the past year with dividends reinvested and +2.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 77.4% in the 2020 crash (S&P 500: 33.7%) and 34.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months after the low.
The business in plain English
In business since 1975 and based in Las Vegas, Boyd Gaming operated 27 casino properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania and Virginia as of December 31, 2025. They held 27,267 slot machines, 600 table games and 10,146 hotel rooms. Gambling drives the business: casino revenue was $2.64 billion in 2025, or 64.5% of the $4.09 billion total. Food and drink added 7.6% and hotel rooms 4.7%.
Boyd groups its business into four main segments. Midwest & South produced 51.7% of 2025 revenue. It includes regional casinos such as Ameristar St. Charles in Missouri and IP Casino Resort Spa in Biloxi, Mississippi. Las Vegas Locals, including The Orleans and Gold Coast, mainly serves people who live in the Las Vegas area and added 21.7%. Downtown Las Vegas, three properties that market to customers from Hawaii, added 5.6%.
Online added 17.3%. Through market access agreements, online operators such as FanDuel use Boyd's state licenses to offer sports betting in places like Illinois, Indiana and Pennsylvania. Boyd also runs its own online casino business, Boyd Interactive. Most online revenue is reimbursement: operators repay Boyd for gaming taxes and other costs it pays for them, worth 14.1% of total revenue. Separately, Boyd manages Sky River Casino in California; management fees were 2.4% of revenue.
Price history
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BYD -9.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Casino | $2.64B | 64.5% |
| Online Reimbusements | $576.2M | 14.1% |
| Food and Beverage | $310.2M | 7.6% |
| Occupancy | $191.3M | 4.7% |
| Product and Service, Other | $145.1M | 3.5% |
| Online | $132.2M | 3.2% |
| Management Fee | $98.9M | 2.4% |
By business segment
| Midwest and South | $2.12B | 51.7% |
| Las Vegas Locals | $890.0M | 21.7% |
| Online | $708.3M | 17.3% |
| Downtown Las Vegas | $228.7M | 5.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $990.5M, down 1.4% from a year earlier, and net income was $124.9M (-91.3%).
- For fiscal 2025, revenue was $4.09B (+4.1% year over year; +13.4% a year from FY2020 to FY2025) with a 45% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.4% good |
|---|---|
| Operating margin | 18.3% good |
| Free cash flow margin | 9.5% watch |
| Return on equity (FY2025) | 70.7% good |
| Return on assets (FY2025) | 28% good |
| Net cash (cash minus debt) | $-2.37B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.18B | $-134.7M | $114.0M |
| FY2021 | $3.37B | $463.8M | $811.0M |
| FY2022 | $3.56B | $639.4M | $707.0M |
| FY2023 | $3.74B | $620.0M | $540.6M |
| FY2024 | $3.93B | $578.0M | $556.7M |
| FY2025 | $4.09B | $1.84B | $388.5M |
Valuation snapshot
| Market value | $5.00B |
|---|---|
| P/E ratio | 3.1 |
| Dividend yield | 1.26% |
Rank among 1514 US companies
Market value at each year end
Boyd Gaming’s market value went from $2.27B at the end of 2016 to $5.00B on Oct 28, 2026, about 2.2 times as much; since the end of 2025 it is down 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.00B | -24.9% |
| 2025 | $6.66B | +3.9% |
| 2024 | $6.41B | +4.6% |
| 2023 | $6.13B | +7.7% |
| 2022 | $5.69B | -22.7% |
| 2021 | $7.37B | +53.9% |
| 2020 | $4.79B | +43.8% |
| 2019 | $3.33B | +42.7% |
| 2018 | $2.33B | -40.9% |
| 2017 | $3.94B | +73.8% |
| 2016 | $2.27B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BYD price data to Oct 28, 2026 | -16.3% | -9.4% | +10.2% | +2.8% | +15.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -16.3% |
| 2025 | +18.6% |
| 2024 | +17.1% |
| 2023 | +16.0% |
| 2022 | -15.7% |
| 2021 | +52.8% |
| 2020 | +43.4% |
| 2019 | +45.5% |
| 2018 | -40.2% |
| 2017 | +74.7% |
| 2016 | +1.5% |
| 2015 | +55.5% |
| 2014 | +13.5% |
| 2013 | +69.6% |
| 2012 | -11.0% |
| 2011 | -29.6% |
| 2010 | +26.6% |
| 2009 | +77.0% |
| 2008 | -85.9% |
| 2007 | -23.7% |
| 2006 | -3.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 93.1% over that stretch · deepest drop along the way 93.2%, back to its old high 145.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 64.3% over that stretch · deepest drop along the way 77.4%, back to its old high 7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.8% over that stretch · deepest drop along the way 34.6%, back to its old high 7.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 9 sales ($22.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 3, 2026 | Keith Smith President and CEO, Director | sell | $8.6M |
| May 5, 2026 | Marianne Boyd Johnson Chairman, Director, 10% owner | sell | $5.3M |
| May 1, 2026 | Marianne Boyd Johnson Chairman, Director, 10% owner | sell | $3.2M |
| Feb 26, 2026 | Josh Hirsberg CFO & Treasurer | sell | $2.1M |
| Feb 27, 2026 | Stephen S. Thompson Chief Administrative Officer | sell | $1.6M |
Who owns it
Large shareholders (13G filings)
| Cohen & Steers, Inc. | 8.47% | Jun 30, 2026 |
| COHEN & STEERS, INC. | 4.92% | Feb 28, 2025 |
ETFs with the most weight in BYD
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.59% |
| GENZ VanEck Digital Native Economy ETF | 2.22% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 1.98% |
| OSCV Opus Small Cap Value ETF | 1.26% |
| SURE AdvisorShares Insider Advantage ETF | 1.18% |
| LSAF LeaderShares AlphaFactor US Core Equity ETF | 1.05% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.62% |
| QIDX Indexperts Quality Earnings Focused ETF | 0.47% |
What could go wrong
- Large rent bill owed to landlord GLPI. Several casinos, including the Ameristar properties in Missouri, are leased from GLPI, a real estate investment trust. The rent is substantial, leaving less cash to invest, and a default could mean losing those casinos.
- Heavy debt and lender restrictions. Total debt was $2.68 billion against $309 million in cash as of September 30, 2026. Loan covenants (rules set by lenders) limit Boyd's flexibility, and meeting payments depends on steady cash flow.
- Squeezed customers visit casinos less. Gambling and hotel stays are optional spending. In its annual report filed February 20, 2026, Boyd said inflation and other economic factors were significantly hurting customer visits and revenue. Demand fell sharply in 2008.
- Dependence on a few regional markets. Boyd draws a significant share of customers from certain regions. A local downturn, disease outbreak, extreme weather or natural disaster in an area such as Las Vegas or the Gulf Coast could hurt results.
- Large shareholders can sway company decisions. Some stockholders own large stakes and may significantly influence Boyd's affairs. Chairman Marianne Boyd Johnson is listed as a 10% owner in insider filings, so outside investors may have limited say.
- Tough competition, heavy regulation and gaming taxes. Competition in gaming is intense and Boyd expects it to grow. Casinos are heavily regulated and taxed in each state where Boyd operates, so new rules or higher gaming taxes could cut profits.
Recent events
- Quarterly results released
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Other company announcement
- Quarterly results released
- Executive or board change
- Other company announcement
- Quarterly results released
For income and retirement investors
Boyd pays a small dividend. It paid $0.72 per share in 2025, up from $0.60 in 2022, and raised it four straight years after a pause in 2021. The yield was 1.26% as of October 28, 2026. Dividends used 15% of 2025 free cash flow (cash left after costs and investment). The 3.2% share of earnings is unusually low because 2025 net income far exceeded operating income in the year Boyd sold its FanDuel stake. Boyd returns far more by repurchasing its own shares: $2.50 billion over FY2021–FY2025, against $233 million in dividends. Its share count fell 37.1% between October 2021 and October 2026.
The stock has fallen hard in downturns. It dropped 93.2% in the 2008 financial crisis and did not regain its October 2007 peak until January 2021. It fell 77.4% in the 2020 COVID crash and 34.6% in the 2022 bear market, recovering in about seven months each time. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Boyd Gaming make money?
Mostly from gambling. Casino revenue was $2.64 billion, or 64.5% of Boyd's $4.09 billion in 2025 revenue, mainly from 27 properties across Nevada, the Midwest, the South, Pennsylvania and Virginia. Reimbursements from online operators for gaming taxes and other costs Boyd pays added 14.1%. Food and drink (7.6%), hotel rooms (4.7%), other online revenue (3.2%) and management fees (2.4%) make up most of the rest. By segment, Midwest & South produced 51.7% of revenue and Las Vegas Locals 21.7%.
Does Boyd Gaming raise its dividend every year?
Not every year. Boyd raised its dividend four years in a row through 2025, reaching $0.72 per share, up from $0.60 in 2022. That streak followed a pause in 2021, when it paid no dividend. The yield was 1.26% as of October 28, 2026, so the income is modest. Boyd returns far more cash through share buybacks: $2.50 billion over FY2021–FY2025, versus $233 million in dividends.
Does Boyd Gaming still own part of FanDuel?
No. Boyd acquired a 5% stake in FanDuel, which it calls the nation's leading sports-betting operator, in 2018. It sold the stake to TSE Holdings on July 31, 2025, for $1.76 billion in cash. The companies replaced some older partnership agreements with new market access agreements, which let FanDuel offer online sports betting under Boyd's licenses in several states. As of December 31, 2025, many Boyd casinos in the Midwest and South also had FanDuel-branded sportsbooks.
Why is Boyd Gaming's P/E ratio so low?
Largely because of one unusual year. As of October 28, 2026, the shares traded at about 3.1 times 2025 earnings. The price-to-earnings (P/E) ratio compares the share price with profit per share. Boyd earned $22.56 per share in 2025, up from $6.19 in 2024. In 2025 Boyd sold its FanDuel stake, and net income far exceeded operating income. Third-quarter 2026 net income fell 91.3% from a year earlier, so the 3.1 figure likely makes the shares look cheaper than ongoing profits would suggest.
How has Boyd Gaming stock performed?
Strongly over 10 years, weakly over the past year. As of October 28, 2026, the share price had gained 15.5% a year over 10 years (324% in total) and 2.8% a year over five years. It had lost 9.4% over one year and 16.3% for 2026 to that date. The ride has been rough: the largest peak-to-trough drop in about 21 years of price history was 94.2%. These are price returns, which exclude dividends.