Boyd Gaming Q3 income jumps on FanDuel sale, adjusted earnings slip

Boyd Gaming Corp. reported a sharp increase in third-quarter net income to $1.4 billion, even as adjusted earnings declined following reduced market-access fees.

For the three months ending September 30, 2025, Boyd Gaming’s total revenue reached $1 billion, up more than 4% from $961.2 million in the same quarter last year. Gaming revenue rose 2.6% to $657.4 million. The company’s quarterly net income amounted to $1.4 billion, or $17.81 per share, compared with $131.1 million, or $1.43 per share, in the prior-year period.

The increase in net income came primarily from the FanDuel transaction completed in June, when Flutter Entertainment acquired Boyd’s 5% equity interest to take full ownership of the US sports betting and iGaming operator. The quarter also included $65.1 million in non-cash, pretax, long-lived asset-impairment charges.

Adjusted EBITDAR fell to $321.8 million from $336.6 million in the third quarter of 2024. Boyd said the decrease was impacted by “lower market-access fees as a result of the FanDuel transaction.”

Segment performance

Performance across Boyd’s regional and online operations remained steady, while Las Vegas properties experienced mixed results.

The Midwest and South segment, covering properties across nine states, generated $538.8 million in revenue, a 3% year-over-year increase. Smith said it was the company’s best third-quarter revenue and adjusted EBITDAR performance in three years, citing strong play from core customers and improving retail activity.

In Las Vegas, both the locals and downtown segments posted gaming growth offset by declines in destination business and reduced pedestrian traffic. Each segment reported revenue decreases of less than 1% from the same quarter last year.

The company’s online operations posted a 17.6% year-over-year increase in revenue, supported by its iGaming business and the impact of the FanDuel transaction. Revenue in the Managed and Other category rose 10.5%, which Boyd attributed to the continued performance of Sky River Casino in Northern California.

“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,” said Keith Smith, Boyd Gaming president and CEO.

Capital management and liquidity

Boyd Gaming reported $319.1 million in cash on hand and total debt of $1.9 billion as of September 30. Proceeds from the FanDuel sale were partly used to pay down debt.

The company repurchased $160 million of its common stock during the quarter, leaving about $547 million under its existing repurchase authorization. A quarterly cash dividend of $0.18 per share was paid on October 15.

“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,” Smith said. “In all, we are encouraged by the strength of our business and remain well-positioned to continue creating long-term value for our shareholders.”