Boyd Gaming reported third-quarter revenue of $961.2m, compared with $903.2m a year earlier, and adjusted EBITDAR of $336.6m, up from $320.8m. Net income fell to $131.1m from $135.2m, while adjusted earnings rose to $139.3m from $137.3m, the company said.
Revenue and adjusted earnings rose, while net income fell, offering investors a mixed picture of Boyd’s quarterly performance.
Quarter ended 30 September 2026
The day’s most important stories, free. One email a day.
Boyd Gaming reported revenue of $4.09 billion for 2025, up 4% from the previous year. Fourth-quarter revenue rose 2%, according to the report.
Boyd Gaming and MGM Resorts International were due to discuss fourth-quarter results and 2026 prospects on Thursday, according to the report. MGM had released its results earlier than planned and rescheduled its official release and investor call. Bank of America expected local casinos, including Boyd, to exceed Wall Street estimates by 2%.
Flutter reported a net loss of $789m for Q3 2025 and lowered its full-year revenue and adjusted EBITDA guidance by $570m and $380m, respectively. It attributed the revised outlook to customer-friendly sports results, increased sportsbook investment and the end of real-money gaming in India after legislative changes; the company gave midpoint forecasts of $16.69bn in revenue and $2.92bn in adjusted EBITDA.
Boyd Gaming reported net income of $1.44bn for the third quarter of 2025, compared with $131m a year earlier. The company said a $1.4bn after-tax gain from selling a 5% FanDuel stake to Flutter Entertainment drove most of the increase; adjusted net income was just under $140m.
Gaming stocks had mixed weekly performances during the Q2 earnings period, according to the report. Las Vegas Sands gained 7.7% after reporting revenue of $3.18 billion and net income of $461 million, while Churchill Downs rose 7.6% after reporting $934.4 million in revenue and earnings per share of $2.99. Churchill Downs also announced a $500 million share buyback.