BOYD GAMING CORP
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 20, 2026
BYD$77.86+1.7%Stored close · as of Nov 9, 2026
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Table of Contents
BOYD GAMING CORPORATION
ANNUAL REPORT ON FORM 10-K
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025** **
TABLE OF CONTENTS
| Page No. | ||
|---|---|---|
| PART I | ||
| ITEM 1. | Business | 1 |
| ITEM 1A. | Risk Factors | 11 |
| ITEM 1B. | Unresolved Staff Comments | 17 |
| ITEM 1C. | Cybersecurity | 17 |
| ITEM 2. | Properties | 19 |
| ITEM 3. | Legal Proceedings | 19 |
| ITEM 4. | Mine Safety Disclosures | 19 |
| PART II | ||
| ITEM 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 20 |
| ITEM 6. | Reserved | 22 |
| ITEM 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 22 |
| ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk | 42 |
| ITEM 8. | Financial Statements and Supplementary Data | 43 |
| ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 92 |
| ITEM 9A. | Controls and Procedures | 92 |
| ITEM 9B. | Other Information | 94 |
| ITEM 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 94 |
| PART III | ||
| ITEM 10. | Directors, Executive Officers and Corporate Governance | 94 |
| ITEM 11. | Executive Compensation | 95 |
| ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 95 |
| ITEM 13. | Certain Relationships and Related Transactions, and Director Independence | 95 |
| ITEM 14. | Principal Accounting Fees and Services | 95 |
| PART IV | ||
| ITEM 15. | Exhibits, Financial Statement Schedules | 96 |
| SIGNATURES | 101 | |
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