Adam Hejl
5 min read
In this article:
Gaming and hospitality company Boyd Gaming (NYSE:BYD) beat Wall Street’s revenue expectations in Q2 CY2025, with sales up 6.9% year on year to $1.03 billion. Its non-GAAP profit of $1.87 per share was 12.2% above analysts’ consensus estimates.
Is now the time to buy Boyd Gaming? Find out in our full research report.
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Revenue: $1.03 billion vs analyst estimates of $980.9 million (6.9% year-on-year growth, 5.4% beat)
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Adjusted EPS: $1.87 vs analyst estimates of $1.67 (12.2% beat)
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Adjusted EBITDA: $329.4 million vs analyst estimates of $315.5 million (31.9% margin, 4.4% beat)
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Operating Margin: 23.4%, in line with the same quarter last year
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Market Capitalization: $6.8 billion
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our Company delivered a strong performance in the second quarter, with broad-based growth across our operating segments, including our Online and Managed segments. We achieved our strongest property-level revenue and Adjusted EBITDAR growth in more than three years, with property-level margins once again exceeding 40%. This growth was supported by continued strength in play from our core customers, as well as improvements in retail play. Looking ahead, the recently announced transaction to sell our equity stake in FanDuel will further strengthen the Company’s financial position as we continue to invest in our properties, pursue growth opportunities, return capital to shareholders and maintain a strong balance sheet – a strategy that continues to drive long-term shareholder value.”
Run by the Boyd family, Boyd Gaming (NYSE:BYD) is a diversified operator of gaming entertainment properties across the United States, offering casino games, hotel accommodations, and dining.
A company’s long-term sales performance is one signal of its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Over the last five years, Boyd Gaming grew its sales at a tepid 9.6% compounded annual growth rate. This was below our standard for the consumer discretionary sector and is a poor baseline for our analysis.
We at StockStory place the most emphasis on long-term growth, but within consumer discretionary, a stretched historical view may miss a company riding a successful new product or trend. Boyd Gaming’s recent performance shows its demand has slowed as its annualized revenue growth of 4.6% over the last two years was below its five-year trend. Note that COVID hurt Boyd Gaming’s business in 2020 and part of 2021, and it bounced back in a big way thereafter.
