What Boyd Gaming (BYD)'s 2025 Windfall Gain And Aggressive Buybacks Mean For Shareholders

• In the fourth quarter of 2025, Boyd Gaming reported revenue of US$1,062.07 million and net income of US$140.4 million, while also recording a US$31 million asset impairment and completing US$185 million of share repurchases.
• For 2025 as a whole, Boyd Gaming’s revenue reached US$4.09 billion and net income rose to US$1.84 billion, heavily influenced by a very large US$1.4 billion gain and a multi-year buyback that has retired nearly 40% of its shares.
• We’ll now explore how Boyd Gaming’s earnings beat, aided by robust local gaming activity, affects its investment narrative and outlook.

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Boyd Gaming Investment Narrative Recap

To own Boyd Gaming, you have to believe in its ability to keep generating solid cash flow from local and regional gaming while reinvesting in properties and returning capital to shareholders. The latest quarter reinforced that core story, with revenue slightly higher despite softer destination business, and does not appear to materially change the key near term catalyst of project-driven growth or the main risk around competitive and macro pressure on earnings.

The most relevant update here is Boyd’s completion of a multi year buyback that has retired nearly 40% of its shares, including US$185 million in Q4 2025 alone. That capital return sits alongside ongoing investments in projects like Cadence Crossing and Norfolk, which many investors see as important levers for supporting earnings per share if local gaming strength and online partnerships hold up.

Yet, beneath the healthy buybacks and recent earnings beat, investors should be aware that competitive pressures at key properties like The Orleans could...

Read the full narrative on Boyd Gaming (it's free!)

Boyd Gaming's narrative projects $3.5 billion revenue and $563.3 million earnings by 2028. This implies a 4.7% yearly revenue decline and a slight earnings decrease of about $1.2 million from $564.5 million today.

Uncover how Boyd Gaming's forecasts yield a $94.60 fair value, a 13% upside to its current price.

Exploring Other Perspectives

Five members of the Simply Wall St Community currently place Boyd Gaming’s fair value between US$64.03 and US$94.60, reflecting a wide spread of conviction. You should weigh those views against the risk that competitive and economic pressures could challenge Boyd’s ability to sustain recent earnings strength and capital returns over time.

Explore 5 other fair value estimates on Boyd Gaming - why the stock might be worth 23% less than the current price!

Build Your Own Boyd Gaming Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Boyd Gaming research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Boyd Gaming research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Boyd Gaming's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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