BOYD GAMING CORP
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
BYD$78.29+0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the years ended
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2023 |
| Cash Flows from Operating Activities | |||
| Net income | $1,838,902 | $577,952 | $620,023 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 302,710 | 276,639 | 256,780 |
| Amortization of debt financing costs and discounts on debt | 7,139 | 7,591 | 7,761 |
| Non-cash operating lease expense | 91,594 | 87,687 | 78,811 |
| Non-cash expected credit loss (income) on note receivable | — | — | (34,371) |
| Share-based compensation expense | 32,146 | 29,666 | 32,379 |
| Deferred income taxes | (23,475) | 58,145 | (29,842) |
| Non-cash interest income | (3,009) | — | — |
| Non-cash impairment of assets | 128,395 | 10,500 | 107,837 |
| Gain on sale of investment | (1,748,000) | — | — |
| Loss on early extinguishments and modifications of debt | 1,446 | — | — |
| Other operating activities | (1,233) | 9,116 | 1,665 |
| Changes in operating assets and liabilities, excluding the impact of acquisitions: | |||
| Accounts receivable, net | 47,974 | 5,964 | (28,810) |
| Inventories | 1,046 | (543) | 1,481 |
| Prepaid expenses and other current assets | 11,701 | 3,088 | (10,369) |
| Income taxes (receivable) payable, net | 8,068 | (26,497) | (950) |
| Other assets, net | 1,043 | 800 | 1,307 |
| Accounts payable and accrued liabilities | 373,730 | 6,344 | (10,345) |
| Operating lease liabilities | (91,594) | (87,687) | (78,811) |
| Other liabilities | (1,904) | (1,690) | (30) |
| Net cash provided by operating activities | 976,679 | 957,075 | 914,516 |
| Cash Flows from Investing Activities | |||
| Capital expenditures | (588,215) | (400,400) | (373,950) |
| Cash paid for acquisitions, net of cash received | — | (30,266) | — |
| Cash paid for gaming license right intangible asset | (85,000) | — | — |
| Payments received on note receivable | — | 208 | 113,555 |
| Advances made under note receivable | (31,780) | — | — |
| Proceeds from sale of investment | 1,758,000 | — | — |
| Other investing activities | (10,184) | (3,454) | (3,935) |
| Net cash provided by (used in) investing activities | 1,042,821 | (433,912) | (264,330) |
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2023 |
| Cash Flows from Financing Activities | |||
| Borrowings under credit facility | 2,062,800 | 1,764,300 | 1,505,800 |
| Payments under credit facility | (3,202,400) | (1,510,300) | (1,647,300) |
| Share-based compensation activities | (6,189) | (14,818) | (19,312) |
| Shares repurchased and retired | (778,324) | (685,850) | (412,655) |
| Dividends paid | (58,172) | (62,661) | (63,609) |
| Other financing activities | (6) | (172) | (172) |
| Net cash used in financing activities | (1,982,291) | (509,501) | (637,248) |
| Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | 194 | (228) | (73) |
| Change in cash, cash equivalents and restricted cash | 37,403 | 13,434 | 12,865 |
| Cash, cash equivalents and restricted cash, beginning of year | 321,364 | 307,930 | 295,065 |
| Cash, cash equivalents and restricted cash, end of year | $358,767 | $321,364 | $307,930 |
| Supplemental Disclosure of Cash Flow Information | |||
| Cash paid for interest, net of amounts capitalized | $151,004 | $173,177 | $166,682 |
| Cash received for interest | — | 213 | 11,999 |
| Cash paid for income taxes | 131,767 | 144,512 | 164,482 |
| Supplemental Schedule of Non-cash Investing and Financing Activities | |||
| Payables incurred for capital expenditures | $38,712 | $27,220 | $23,509 |
| Dividends declared not yet paid | 13,767 | 14,665 | 15,508 |
| Asset acquisition in exchange for contingent consideration | 10,000 | — | — |
| Derecognition of lease liability | (37,897) | — | — |
| Derecognition of right-of-use operating lease asset | 37,897 | — | — |
| Expected credit loss (income) on note receivable | — | — | (34,371) |
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