Executive Summary

Strong Q2: revenue $1.034B (+6.9% y/y; +4.2% q/q) and adjusted EBITDAR $357.9M (+4.0% y/y), with property-level margins again above 40%, driven by core customer strength and improving retail/unrated play .
EPS beat and revenue beat vs consensus; SPGI EPS $1.87 vs $1.667 estimate; revenue $1.034B vs $0.981B; EBITDA slightly below SPGI consensus, reflecting definitional differences vs company’s Adjusted EBITDA; net EPS/revenue beats should be viewed as significant *.
Strategic catalyst: agreed sale of 5% FanDuel stake for $1.755B cash; proceeds to reduce debt, cut interest expense by ~$85M annually, extend market access to 2038, and increase buybacks to $150M/quarter starting Q3—key stock narrative driver .
Capital deployment: Q2 capex $124M (YTD $251M); ongoing property upgrades and development pipeline (Suncoast, Ameristar St. Charles meeting space, Cadence Crossing, Norfolk casino) underpin medium-term growth .

What Went Well and What Went Wrong

What Went Well

Las Vegas Locals delivered first y/y revenue and EBITDAR growth in >2 years; margins nearly 50%, supported by core and retail customers; locals market share stable-to-slightly up over last three months .
Midwest & South posted its highest quarterly revenue and EBITDAR in nearly three years, led by Treasure Chest; unrated play picked up as customers stayed closer to home .
Online segment grew on Boyd Interactive and modest market-access fees; Managed & Other up on Sky River management fees; pipeline expansion underway (additional slots, garage, hotel, F&B, spa, events center) .
- “Property-level margins once again exceeded 40%... strength in play from our core customers, as well as improvements in retail play.” — Keith Smith .

What Went Wrong

Downtown Las Vegas faced tough comps vs unusually elevated Hawaiian visitation last year; y/y down though stable on an underlying basis through first six months .
Las Vegas destination demand/room rates on the Strip were soft; Orleans impacted by low market room rates—Boyd remains disciplined, avoiding rate wars .
Weather/flood closures and Easter timing pressured parts of Midwest & South; despite this, margins remained stable, evidencing cost control .

Financial Results

GAAP and Company Non-GAAP (quarterly)

Metric	Q4 2024	Q1 2025	Q2 2025
Revenue ($USD Billions)	$1.041B	$0.992B	$1.034B
Net Income ($USD Millions)	$170.5M	$111.4M	$151.5M
Diluted EPS ($USD)	$1.92	$1.31	$1.84
Adjusted EBITDA ($USD Millions)	$351.1M	$309.4M	$329.4M
Adjusted EBITDAR ($USD Millions)	$379.3M	$337.5M	$357.9M

Segment Revenue and Adjusted EBITDAR (Q2 y/y)

Segment	Revenue Q2 2024 ($M)	Revenue Q2 2025 ($M)	Adjusted EBITDAR Q2 2024 ($M)	Adjusted EBITDAR Q2 2025 ($M)
Las Vegas Locals	$225.1	$229.1	$109.3	$112.7
Downtown Las Vegas	$57.7	$55.3	$22.0	$19.4
Midwest & South	$521.8	$540.1	$195.5	$201.4
Online	$129.9	$173.1	$17.1	$22.2
Managed & Other	$33.1	$36.5	$23.1	$26.0

KPIs and Balance Sheet

KPI	Q1 2025	Q2 2025
Capex ($USD Millions)	$127.0 (derived from YTD; see note)	$124.0
Share Repurchases ($USD Millions)	$328.0	$105.0
Dividend per Share ($USD)	$0.18 (paid Apr 15)	$0.18 (paid Jul 15)
Cash on Hand ($USD Millions)	$311.5	$320.1
Total Debt ($USD Billions)	$3.5B	$3.6B
Diluted Shares (weighted avg, M)	85.136	82.303

Note: Capex YTD was $251M; Q2 capex $124M; implied Q1 = ~$127M .

Consensus vs Actual (SPGI)

Metric	Q4 2024	Q1 2025	Q2 2025
Revenue Consensus ($USD Billions)	$1.001B*	$0.973B*	$0.981B*
Revenue Actual ($USD Billions)	$1.041B*	$0.992B*	$1.034B*
EPS Consensus ($USD)	$1.7932*	$1.5236*	$1.6669*
EPS Actual ($USD)	$1.96*	$1.62*	$1.87*
EBITDA Consensus ($USD Millions)	$330.6M*	$300.6M*	$315.6M*
EBITDA Actual (SPGI) ($USD Millions)	$333.3M*	$300.4M*	$314.2M*

Values retrieved from S&P Global.*
Company-reported Adjusted EBITDA/EBITDAR differ from SPGI EBITDA definitions .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Share Repurchases	Ongoing (Q3 onward)	$100M/quarter (prior target)	$150M/quarter starting Q3	Raised
Capex	FY 2025	$600–$650M	$600–$650M (unchanged)	Maintained
Online Segment EBITDAR	FY 2025	N/A	$50–$55M	Established (post FanDuel agreements)
Online Segment EBITDAR	FY 2026	N/A	~$30M	Established
Leverage Target	Near-term	~2.5x historical run-rate	Sub-2x after FanDuel, then ~2.5x over time	Lower near-term; long-term maintained
Interest Expense Savings	Annualized	N/A	~$85M	New savings expectation
Market Access Agreements	Term	Through ~2026 (prior)	Extended through 2038	Extended
Dividend	Quarterly	$0.18	$0.18 (Oct 15 declared)	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4’24 and Q1’25)	Current Period (Q2’25)	Trend
Las Vegas Locals competitive environment	Ongoing pressures at The Orleans/Gold Coast; others outperforming same-store market ; In Q1, Orleans impacted; rest modest growth; margins ~40%	First y/y growth in >2 years; margins nearly 50%; market share stable/slightly up	Improving locally; discipline on promotions; margin resilience
Retail/Unrated play	Stable to modest; severe weather impacted MSR in Q1	Clear pickup in unrated play; customers closer to home; sequential improvement	Positive inflection in retail/unrated
Online strategy	Strong growth with access fees; FanDuel partnership contributions	Sell 5% FanDuel stake; extend access to 2038; regional online casino focus; plan to operate retail books outside NV mid-2026	Strategic shift; monetization + long-term access
Macroeconomic/tax	Economic uncertainty noted (Q1); operations steady	Tax bill benefits: tips/overtime deductions; seniors deduction; potential uplift in customer base (40% seniors)	Supportive tax tailwinds
Tariffs/supply chain	Not highlighted	Comfortable managing tariff risk via procurement strategies; budgets intact	Mitigated risk
Capex/projects	Treasure Chest, broad investments	$600–$650M FY25; Suncoast renovation; Ameristar St. Charles meeting space; Cadence Crossing; Norfolk casino phases	Executing pipeline

Management Commentary

Strategic capital: “We plan to increase our target for share repurchases from $100,000,000 per quarter to $150,000,000 per quarter starting with the third quarter.” — Keith Smith .
Financial flexibility: “We estimate after tax proceeds of approximately $1,400,000,000... leverage will be reduced by approximately one turn... interest expense savings of approximately $85,000,000.” — Josh Hirsberg .
Operations: “Property-level margins once again exceeded 40%... strongest property-level revenue and Adjusted EBITDAR growth in more than three years.” — Keith Smith .
Market dynamics: “Promotional environment has been relatively stable... we’re not chasing room rates down.” — Keith Smith .
Digital stance: “We will continue to be focused on a regional online casino strategy... integrated with land-based rewards.” — Keith Smith .

Q&A Highlights

Capital allocation and leverage: Boyd will run leverage below 2x near-term post-FanDuel, with longer-term around ~2.5x; disciplined approach—no forced M&A to adjust leverage .
Retail/unrated sustainability: Unrated play improved in Q2; need another quarter or two to confirm sustainability; sequential trends into early Q3 consistent with Q2 .
Promotional environment: Stable across markets; Boyd maintains discipline; avoids room rate wars in Las Vegas .
Tax legislation: Benefits expected from bonus depreciation and tips/overtime deductions; seniors deduction meaningful given ~40% of customer base 65+ .
Tariffs/capex: Procurement strategies and contingencies mitigate tariff risks; capex budgets intact; stronger balance sheet enhances flexibility .

Estimates Context

Q2 2025 vs SPGI consensus: Revenue $1.034B vs $0.981B estimate (beat); EPS $1.87 vs $1.6669 estimate (beat); EBITDA $314.2M vs $315.6M (slight miss). We note company-reported Adjusted EBITDA was $329.4M, reflecting definitional differences versus SPGI EBITDA *.
Prior quarters: BYD also beat revenue and EPS in Q4 2024 and Q1 2025; EBITDA modestly above in Q4 and in line in Q1, per SPGI * *.
Implications: Consensus likely needs to raise revenue/EPS near-term, while EBITDA models should reconcile to company’s Adjusted EBITDA to avoid misinterpretation. Values retrieved from S&P Global.*

Key Takeaways for Investors

Strong fundamental execution: broad-based growth, resilient margins (>40% property-level), and improving retail/unrated play underpin near-term support for EPS and FCF .
Capital return and deleveraging story: FanDuel monetization is a catalyst—debt reduction, ~$85M annual interest savings, and buybacks lifted to $150M/quarter starting Q3 .
Pipeline-driven growth: Multiple property upgrades and greenfield projects (Cadence Crossing, Ameristar St. Charles, Norfolk) should sustain medium-term EBITDAR growth .
Las Vegas discipline: Boyd prioritizes margin stability over chasing low room rates; expect locals segment to continue outperforming Strip-exposed properties .
Estimate recalibration: Raise revenue/EPS forecasts following beats; adjust EBITDA definitions when benchmarking to company Adjusted EBITDA to avoid false misses *.
Macro/tax tailwinds: New tax provisions (tips/overtime/seniors) are positive demand supports for core demographics; monitor realization into H2 .
Watch Q3 narrative: Execution on FanDuel close and capital allocation, Suncoast renovation disruptions, and the trajectory of unrated play are key near-term trading inputs .

Sources

Q2 2025 press release and exhibits: revenue/EPS/segment/Adjusted EBITDA/EBITDAR; balance sheet; capital returns .
Earnings call transcript: strategic, operational, capital allocation, guidance commentary .
Other Q2-relevant press releases: FanDuel stake sale . Dividend declaration .
Prior quarters: Q1 2025 press release . Q4 2024 press release .

Values retrieved from S&P Global for consensus/actual estimate comparisons.*

BOYD GAMING CORP (BYD)·Q2 2025 Earnings Summary