Every material Form 8-K Boyd Gaming filed with the SEC in 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 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.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Boyd Gaming filing is on SEC EDGAR ↗. 8-K briefs of other companies →