BOYD GAMING CORP
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
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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Condensed Consolidated Statements of Cash Flows for the
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| (In thousands) | 2025 | 2024 |
| Cash Flows from Operating Activities | ||
| Net income | $1,700,072 | $407,446 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 211,957 | 198,934 |
| Amortization of debt financing costs and discounts on debt | 5,496 | 5,698 |
| Non-cash operating lease expense | 68,853 | 66,019 |
| Share-based compensation expense | 29,531 | 24,765 |
| Deferred income taxes | 9,774 | 25,131 |
| Non-cash interest income | (2,146) | — |
| Non-cash impairment of assets | 97,395 | 10,500 |
| Gain on sale of investment | (1,748,000) | — |
| Loss on early extinguishments and modifications of debt | 1,446 | — |
| Other operating activities | (2,300) | 10,143 |
| Changes in operating assets and liabilities, excluding the impact of acquisitions: | ||
| Accounts receivable, net | 50,116 | 34,855 |
| Inventories | 307 | 278 |
| Prepaid expenses and other current assets | (10,363) | (7,446) |
| Income taxes (receivable) payable, net | 377,091 | (16,440) |
| Other assets, net | 1,401 | 870 |
| Accounts payable and accrued liabilities | (18,596) | 1,979 |
| Operating lease liabilities | (68,853) | (66,019) |
| Other liabilities | (1,787) | (1,694) |
| Net cash provided by operating activities | 701,394 | 695,019 |
| Cash Flows from Investing Activities | ||
| Capital expenditures | (439,889) | (289,224) |
| Payments received on note receivable | — | 208 |
| Advances made under note receivable | (31,780) | — |
| Proceeds from sale of investment | 1,758,000 | — |
| Cash paid for asset acquisitions, net of cash received | (41,761) | (28,774) |
| Other investing activities | (9,270) | (2,674) |
| Net cash provided by (used in) investing activities | 1,235,300 | (320,464) |
| Cash Flows from Financing Activities | ||
| Borrowings under credit facility | 1,577,300 | 1,317,000 |
| Payments under credit facility | (2,868,300) | (1,168,700) |
| Share-based compensation activities | (6,025) | (9,645) |
| Shares repurchased and retired | (593,004) | (483,218) |
| Dividends paid | (43,944) | (47,510) |
| Other financing activities | (6) | (140) |
| Net cash used in financing activities | (1,933,979) | (392,213) |
| Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | (113) | (63) |
| Change in cash, cash equivalents and restricted cash | 2,602 | (17,721) |
| Cash, cash equivalents and restricted cash, beginning of period | 321,364 | 307,930 |
| Cash, cash equivalents and restricted cash, end of period | $323,966 | $290,209 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash paid for interest, net of amounts capitalized | $126,338 | $127,851 |
| Cash received for interest | — | 213 |
| Cash paid for income taxes | 101,592 | 119,802 |
| Supplemental Schedule of Non-cash Investing and Financing Activities | ||
| Payables incurred for capital expenditures | $45,149 | $21,153 |
| Dividends declared not yet paid | 14,228 | 15,151 |
| Asset acquisition in exchange for contingent consideration | 38,239 | — |
| Derecognition of right-of-use operating lease asset | 36,883 | — |
| Derecognition of lease liability | (36,883) | — |
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