Every material Form 8-K Boyd Gaming has filed with the SEC since February 06, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Boyd Gaming reported third-quarter 2026 revenue of $990.5 million, down from $1.0 billion a year earlier, and adjusted earnings of $121.7 million, or $1.67 per share, versus $139.1 million, or $1.72 per share, in the third quarter of 2025. GAAP net income of $124.9 million, or $1.71 per share, compares with $17.81 per share a year earlier, a period that included a $1.4 billion after-tax gain on the FanDuel stake sale. Shareholders see lower revenue and adjusted profit, and the company repurchased $164 million of shares during the quarter.
Third-quarter revenue was $990.5 million versus $1,004.4 million in the third quarter of 2025.
Adjusted EBITDAR was $319.6 million versus $321.8 million a year earlier.
Net income attributable to Boyd Gaming was $124.9 million, or $1.71 per share, versus $1.4 billion, or $17.81 per share, in the prior-year quarter, which included the FanDuel gain.
The company repurchased $164 million of shares in the quarter and had $387 million remaining under its authorization as of September 30, 2026.
Boyd Gaming reported second-quarter 2026 revenue of $1.03 billion, in line with the year-earlier quarter, while GAAP net income fell to $131.2 million from $151.5 million. Adjusted earnings rose to $1.93 per share from $1.87, but Adjusted EBITDAR declined to $350.5 million from $357.9 million. The company also repurchased $156 million of its shares during the quarter.
Q2 2026 revenue was $1.03 billion, in line with Q2 2025.
Net income attributable to Boyd Gaming was $131.2 million, or $1.75 per diluted share, versus $151.5 million, or $1.84 per share, a year earlier.
Adjusted earnings were $144.4 million, or $1.93 per share, versus $1.87 per share in Q2 2025.
The company repurchased $156 million of shares in Q2 and had $551 million remaining under its authorization as of June 30, 2026.
Boyd Gaming appointed Stacia J. Andersen and George C. Roeth to its Board of Directors on June 22, 2026, increasing the board from eight to ten members. The filing says seven of the ten members, including both new directors, qualify as independent under NYSE listing standards and company guidelines.
Board expanded from eight to ten members effective June 22, 2026
Seven of ten directors, including Andersen and Roeth, are independent under NYSE standards
Andersen is a former PetSmart executive; Roeth is a former Central Garden and Pet CEO
No committee assignments yet; the company says it will file an amendment once the board decides
At its 2026 Annual Meeting on May 7, Boyd Gaming stockholders elected all eight director nominees to serve until the 2027 annual meeting and ratified Deloitte & Touche LLP as auditor. Stockholders also approved, on an advisory basis, the compensation of the named executive officers. The filing reports no change in officers or directors beyond the election results.
Eight directors elected, including John R. Bailey and William R. Boyd, each to serve until the 2027 Annual Meeting
Christine J. Spadafor received the fewest votes for, at 40,209,443, with 20,343,417 votes withheld
Deloitte & Touche LLP ratified as independent registered public accounting firm: 69,504,627 for and 1,816,811 against
Advisory say-on-pay proposal approved: 45,063,670 for and 15,431,320 against
Boyd Gaming reported first-quarter 2026 revenue of $997.4 million, up from $991.6 million a year earlier, and GAAP net income of $105.5 million, or $1.37 per share, up from $1.31. Adjusted EBITDAR fell to $317.4 million from $337.5 million, and adjusted earnings per share were $1.60 versus $1.62, so headline profit measures moved in different directions. The company also raised its quarterly dividend to $0.20 per share from $0.18 and said its board added $500 million to its share repurchase authorization.
Revenue: $997.4 million for Q1 2026, versus $991.6 million in Q1 2025
Net income: $105.5 million, or $1.37 per diluted share, versus $111.4 million, or $1.31, a year earlier
Adjusted EBITDAR: $317.4 million versus $337.5 million; adjusted EPS $1.60 versus $1.62
Board authorized an additional $500 million for share repurchases on April 8, 2026; quarterly dividend raised to $0.20 per share
Boyd Gaming disclosed that Chief Administrative Officer Stephen Thompson intends to retire effective March 31, 2026, having announced the decision on February 19, 2026. The filing says he is leaving for personal reasons and not due to any disagreement with the company, and it does not name a successor.
Stephen Thompson, Chief Administrative Officer since December 2023, announced his retirement on February 19, 2026.
Retirement is effective March 31, 2026.
The company states the departure is for personal reasons and not due to any disagreement.
Boyd Gaming reported fourth-quarter 2025 revenue of $1.1 billion, up from $1.0 billion a year earlier, but net income attributable to the company fell to $140.4 million, or $1.79 per share, from $170.5 million, or $1.92 per share. Adjusted earnings per share rose to $2.21 from $1.96, while total Adjusted EBITDAR fell to $336.6 million from $379.3 million; for the full year, the $1.4 billion after-tax FanDuel gain drove net income of $1.8 billion.
Q4 2025 revenues were $1.1 billion versus $1.0 billion in Q4 2024; Q4 Adjusted EBITDAR was $336.6 million versus $379.3 million.
Q4 2025 net income attributable to Boyd Gaming was $140.4 million, or $1.79 per share, versus $1.92 per share a year earlier; Adjusted EPS was $2.21 versus $1.96.
Full-year 2025 net income was $1.8 billion, or $22.56 per share, including a $1.4 billion after-tax gain from the FanDuel equity sale and $128.4 million in pretax impairment charges.
The company repurchased $185 million of shares in Q4 2025 and had about $362 million remaining under current authorizations as of December 31, 2025.
Boyd Gaming entered an amended and restated credit agreement on January 21, 2026, replacing its March 2, 2022 credit agreement. The new facilities provide a $1,450.0 million senior secured revolving credit facility and a $1,200.0 million senior secured term A loan delayed draw facility, with proceeds used to refinance the prior agreement and pay transaction costs.
Revolving credit facility of $1,450.0 million and term A loan delayed draw facility of $1,200.0 million, both maturing on the fifth anniversary of the closing date
Proceeds used to refinance all outstanding obligations under the Prior Credit Agreement and to fund transaction costs
Term A Loans available to be drawn until July 1, 2027; borrowing availability reduced by the greater of prior Term A Loans and $400.0 million on February 1, 2026
Interest rates range from SOFR plus 1.25% to 2.25%, with covenants including minimum interest coverage and maximum net leverage ratios
Boyd Gaming reported third-quarter 2025 revenue of $1.0 billion, up from $961.2 million a year earlier. Net income of $1.4 billion, or $17.81 per share, was driven by a $1.4 billion after-tax gain on the sale of its FanDuel stake, while adjusted earnings were $139.1 million, or $1.72 per share, compared with $1.52 per share a year earlier. Adjusted EBITDAR fell to $321.8 million from $336.6 million, and the company returned $175 million to shareholders during the quarter.
Revenue was $1.0 billion for the third quarter of 2025, compared with $961.2 million in the third quarter of 2024.
Net income was $1.4 billion, or $17.81 per share, including a $1.4 billion after-tax gain from the FanDuel sale and $65.1 million in pretax impairment charges.
Adjusted earnings were $1.72 per share, compared with $1.52 per share a year earlier; Adjusted EBITDAR was $321.8 million versus $336.6 million.
Boyd repurchased $160 million of stock in the quarter, had about $547 million left on its authorization, and paid a $0.18 quarterly dividend on October 15, 2025.
Boyd Gaming's subsidiary completed the sale of its 5% equity interest in FanDuel on July 31, 2025, receiving aggregate cash consideration of $1.758 billion. The company said it intends to use the proceeds to repay existing debt. The filing also describes new and terminated agreements, including a longer-term market access arrangement and a move of FanDuel-branded sportsbooks at Boyd properties to Boyd branding and operation.
Cash consideration received: $1.758 billion, stated in both the 8-K and the press release
Boyd intends to use the proceeds to repay existing debt
The 8-K names TSE Holdings Ltd. as the buyer; the press release names Flutter Entertainment plc (NYSE: FLUT)
FanDuel-branded sportsbooks at Boyd Gaming properties will be branded and operated entirely by Boyd entities, using certain FanDuel sports betting data feeds
Boyd Gaming reported second-quarter 2025 revenue of $1.0 billion, up from $967.5 million a year earlier, and net income of $150.4 million, or $1.84 per diluted share, versus $139.8 million, or $1.47, in the second quarter of 2024. Adjusted earnings were $154.2 million, or $1.87 per share, compared with $1.58 per share a year earlier, and the company's board authorized an additional $500 million for share repurchases.
Q2 2025 revenues were $1,033,998 thousand, up from $967.5 million in Q2 2024.
Net income attributable to Boyd Gaming was $151.5 million, or $1.84 per diluted share, versus $1.47 a year earlier.
Adjusted earnings per diluted share were $1.87, compared with $1.58 in Q2 2024.
On July 17, 2025, the board authorized an additional $500 million under the share repurchase program, leaving about $707 million remaining as of June 30, 2025.
Boyd Gaming's subsidiary agreed on July 10, 2025, to sell its 5% equity interest in FanDuel to TSE Holdings Ltd. for $1.755 billion in cash, and the companies will also enter new commercial arrangements. The company says it intends to use the net proceeds to reduce debt, and the deal is expected to close in the third quarter of 2025, subject to regulatory approvals.
Cash consideration of $1.755 billion for Boyd's 5% FanDuel equity interest, subject to an adjustment described in the Purchase Agreement
Closing expected in the third quarter of 2025; if it does not close by July 18, 2025, Boyd is entitled to additional consideration; either party may terminate if no closing by December 19, 2025
Boyd's Online segment now expects $50 million to $55 million in operating income and Adjusted EBITDAR for full-year 2025, and approximately $30 million in 2026
Boyd Gaming's Chief Operating Officer, Theodore A. Bogich, announced on June 3, 2025 that he intends to step down and retire, effective December 31, 2025. The filing says he is leaving for personal reasons and not because of any disagreement with the company, and it does not name a successor.
Theodore A. Bogich, Chief Operating Officer, plans to retire effective December 31, 2025
Bogich has served as COO since December 2023
Filing states retirement is for personal reasons, not due to any disagreement with the company
At the May 8, 2025 annual meeting, stockholders elected all eight director nominees, ratified Deloitte & Touche LLP as auditor, and approved executive compensation on an advisory basis. A stockholder proposal on a report about a company-wide non-smoking policy was not approved. The board also declared a $0.18 per share cash dividend, payable July 15, 2025, to holders of record on June 16, 2025.
Directors: all eight nominees elected to serve until the 2026 annual meeting; William R. Boyd received 46,829,771 votes for and 9,167,316 withheld
Executive pay: advisory say-on-pay vote approved with 48,267,580 for, 5,134,668 against and 2,594,839 abstentions
Smokefree policy proposal not approved: 6,406,133 for and 48,357,150 against
Dividend: $0.18 per share, payable July 15, 2025, to shareholders of record June 16, 2025
Boyd Gaming reported first-quarter 2025 revenue of $991.6 million, up from $960.5 million a year earlier. Net income attributable to the company fell to $111.4 million, or $1.31 per share, from $136.5 million, or $1.40 per share, while the company's non-GAAP adjusted earnings rose to $137.7 million, or $1.62 per share, from $1.51 per share. The filing contains no updated full-year guidance.
Revenue: $991.6 million in Q1 2025 versus $960.5 million in Q1 2024.
Net income: $111.4 million, or $1.31 per diluted share, versus $136.5 million, or $1.40 per share, a year earlier.
Adjusted earnings per share: $1.62 versus $1.51 a year earlier; Adjusted EBITDAR rose to $337.5 million from $330.5 million.
Quarterly dividend of $0.18 per share paid April 15, 2025, up from $0.17; $328 million of shares repurchased in Q1, with about $312 million remaining under the authorization.
Boyd Gaming reported fourth-quarter 2024 revenue of $1.0 billion, up from $954.4 million a year earlier, and net income of $170.5 million, or $1.92 per share, versus $92.6 million, or $0.94 per share, in the prior-year quarter. Full-year 2024 revenue rose to $3.9 billion, but full-year net income of $578.0 million was below $620.0 million in 2023, although diluted EPS was $6.19 compared with $6.12. The filing furnishes the earnings press release as Exhibit 99.1 and does not include forward guidance.
Q4 2024 adjusted earnings were $174.7 million, or $1.96 per share, compared with $163.8 million, or $1.66 per share, in Q4 2023.
Full-year 2024 adjusted earnings were $611.3 million, or $6.55 per share, versus $639.9 million, or $6.31 per share, in 2023.
The company repurchased $203 million of its shares in Q4 2024 and had about $640 million remaining under current authorizations as of December 31, 2024.
Prior-year Q4 results included $103.3 million in non-cash impairment charges.
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