Boyd Gaming Corporation (BYD) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

25 earnings conference call. My name is David Strau, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, February 5th, 2026. At this time, all... available at investors.boydgaming.com. We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses. Today's call is being webcast live at boydgaming.com and will be available for replay in the investor relations section of our website shortly after the completion of this call. With that, I would now like to turn the call over to Keith Smith. Keith? Thank you, David. Good afternoon, everyone. 2025 was another successful year for our company as we continued to build upon our strong foundation, position our company for further growth, and deliver long-term value for our shareholders. For the full year, our operations continued their steady performance as we achieved record company-wide revenues. EBITDA for the year was approximately $1.4 billion, while property-level margins were 40%, both consistent with last year's. These results were supported by our diversified operations, continued growth in play from our core customers, and our focus on operational discipline and efficiencies. Beyond our operating performance, our company had several significant achievements throughout the year. In July, we unlocked a considerable value of our FanDuel ownership interest, generating cash proceeds of nearly $1.8 billion for our shareholders. We utilized these proceeds to reduce leverage below two times further fortifying our already strong balance sheet. Throughout the year, we continue to enhance the competitiveness and growth potential of our properties across the c...