Pulling SEC filings + quote and writing the call…

BOYD GAMING CORP
Next earnings Jul 22, 2026 (after close) · consensus $1.92 EPS, $1.05B rev
Last earnings +3.5% on 2026-04-23
A well-run regional casino operator that cashed out its online stake to deleverage and buy back stock — but core operating profit is slipping.
Sources: SEC EDGAR (CIK 0000906553, latest 10-Q filed 2026-04-30) · analysis by claude-code · as of 6/21/2026, 8:57:58 PM.
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Boyd Gaming is a geographically diversified regional casino operator (27 properties across 11 states plus Boyd Interactive online gaming and the managed Sky River Casino). The FY2025 headline is dramatic — net income of $1.84B (+218.9%) and diluted EPS of $22.56 (+264.5%), yielding an eye-catching 3.8x P/E — but that figure is distorted by a large one-time gain, not core operations. The tell is that operating income actually fell 19.3% to $748M even as revenue grew 4.1% to $4.09B; the net-income windfall reflects monetizing an investment (its online/FanDuel-related interest) rather than operating outperformance, so the 3.8x multiple is misleading and the recurring earnings power is far lower.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | $3.56B | $3.74B | $3.93B | $4.09B |
| Gross profit | — | — | — | — | — |
| Operating income | $900M | $981M | $902M | $928M | $748M |
| Net income | $464M | $639M | $620M | $578M | $1.84B |
| Diluted EPS | $4.07 | $5.87 | $6.12 | $6.19 | $22.56 |
| Net margin | — | 18.0% | 16.6% | 14.7% | 45.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
1046 tracked peers · median
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Disclosed under the STOCK Act
Self-reported periodic transaction reports (STOCK Act). Amounts are disclosed ranges; a trade may be a spouse's. Disclosures lag the trade by up to ~45 days. Source: House Clerk + Senate eFD.
Last 90 days: 0 open-market buys · 3 sales
| 2026-06-09 | Clinton Uri Chief Legal Off. & Secretary | Sell | 3.47K @ $87.69 | $304K |
| 2026-06-03 | SMITH KEITH President and CEO | Sell | 100K @ $85.90 | $8.59M |
| 2026-05-13 | SPADAFOR CHRISTINE J. Director | Sell | 1.24K @ $80.91 | $100K |
| 2026-05-07 | SPADAFOR CHRISTINE J. Director | Award | 2.35K | |
| 2026-05-07 | WHETSELL PAUL W Director | Award | 2.35K | |
| 2026-05-07 | Bailey John Robert Director | Award | 2.35K | |
| 2026-05-07 | JOHNSON MARIANNE BOYD Chairman | Award | 2.35K | |
| 2026-05-07 | BOYD WILLIAM R Director | Award | 2.35K |