Boyd Gaming Q3 2025 Results Show $1B Revenue and $1.4B Tax Gain

Boyd Gaming closed out the third quarter of 2025 with a milestone achievement — the strongest balance sheet in company history. The casino and hospitality group saw steady growth across several segments, though softer tourism in Las Vegas weighed slightly on its results.

Good to Know

• Boyd reported $1 billion in Q3 revenue, up 4% year over year.
• A $1.4 billion tax gain came from its FanDuel equity sale to Flutter Entertainment.
• The company repurchased $160 million in shares during the quarter.

Boyd Gaming generated $1 billion in total revenue for the quarter ending September 30, compared to $961.2 million in the same period last year. Gaming revenue rose to $657.4 million, a 2.6% increase, with strong contributions from regional markets.

The company credited year-over-year growth in both core customer play and retail player activity. Boyd CEO and president Keith Smith noted:

“During the third quarter, our Company continued to achieve revenue and Adjusted EBITDAR growth after adjusting for our recent FanDuel transaction. These results were driven by year-over-year growth in play from our core customers, improving trends in play from our retail customers, our efficient operations, and our ongoing capital investment program.”

However, Adjusted EBITDAR dipped to $321.8 million, down from $336.6 million a year earlier, partially due to reduced market-access fees after the FanDuel transaction.

FanDuel Deal Adds a Boost

The company’s reported results reflected a $1.4 billion tax gain from its sale of a 5% equity stake in FanDuel to Flutter Entertainment, which assumed full control of the U.S. sports betting and iGaming leader in June. The proceeds were used in part to reduce debt and strengthen liquidity.

Smith said the FanDuel deal played a key role in enhancing Boyd’s balance sheet and supporting capital returns.

While Las Vegas segments saw a small drop due to lighter foot traffic, the Midwest & South segment outperformed expectations with $538.8 million in revenue, marking a 3% increase from last year. Boyd described it as its strongest third-quarter regional performance in three years.

The online segment climbed 17.6% year over year, benefiting from continued digital expansion and contributions tied to the FanDuel transaction. Meanwhile, the Managed & Other segment rose 10.5%, driven by the ongoing success of Sky River Casino in Northern California.

Managing Capital and Shareholder Value

Boyd reported $319.1 million in cash and $1.9 billion in total debt, using part of its FanDuel proceeds to pay down liabilities. The company also maintained active capital returns, buying back $160 million in stock during the quarter, with $547 million still available for future repurchases.

It also paid a $0.18 per share dividend on October 15, continuing a balanced capital approach. Smith said:

“We continued our balanced approach to capital allocation, returning $175 million to shareholders during the quarter while maintaining the strongest balance sheet in our Company’s history. In all, we are encouraged by the strength of our business and remain well-positioned to continue creating long-term value for our shareholders.”

FAQ

What was Boyd Gaming’s total revenue for Q3 2025?

Revenue reached $1 billion, up from $961.2 million a year earlier.

How did the FanDuel sale affect Boyd’s results?

The $1.4 billion tax gain from the FanDuel equity sale helped pay down debt and strengthen liquidity.

Which regions performed best?

The Midwest & South segment led the way with a 3% revenue increase and the best Q3 results in three years.

Did Boyd continue shareholder returns?

Yes. The company repurchased $160 million in shares and paid a $0.18 dividend during the quarter.

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