BOYD GAMING CORP

Hotels & Motels·LAS VEGAS, NV·FY end 12/31·CIK 906553

CEO Pay Ratio

375:1

Keith Smith

CEO Total Comp

$14.7M

Keith Smith

Median Employee

—

Revenue

$4.1B

FY 2025

Net Income

$1.8B

FY 2025

Free Cash Flow

$388.5M

FY 2025

Net Margin

45.0%

Insider Net (180d)

-$29.4M

0 buys / 10 sales

CEO Pay Accountability

CEO comp as % of net income

0.80%

For every $1,000 of profit, $7.97 flows to the CEO.

CEO comp as % of buybacks

1.89%

CEO comp equals 18.9‰ of cash returned to shareholders via buybacks.

5-year history · USD

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	Trend
Revenue	$4.1B	$3.9B	—	—	—
Gross Profit	—	—	—	—	—	—
Operating Income	$748.4M	$927.8M	$901.8M	$981.2M	$900.1M
Net Income	$1.8B	$578.0M	$620.0M	$639.4M	$463.8M
Operating CF	$976.7M	$957.1M	$914.5M	$976.1M	$1.0B
Capex	$588.2M	$400.4M	$373.9M	$269.2M	$199.5M
Free Cash Flow	$388.5M	$556.7M	$540.6M	$707.0M	$811.0M
Buybacks	$778.3M	$685.9M	$412.7M	$541.6M	$80.8M
Dividends	$58.2M	$62.7M	$63.6M	$48.2M	$0

Gross Margin	—	—	—	—	—	—
Operating Margin	18.3%	23.6%	—	—	—
Net Margin	45.0%	14.7%	—	—	—
FCF Margin	9.5%	14.2%	—	—	—
R&D / Revenue	—	—	—	—	—	—
Effective Tax	21.1%	23.1%	17.6%	22.9%	23.2%
Debt / Equity	0.78	3.99	1.65	3.81	3.91
Buybacks / FCF	200.4%	123.2%	76.3%	76.6%	10.0%

FY 2025

Executive	Salary	Stock	Options	Bonus / Inc.	Other	Total
Keith SmithPresident and CEO	$1.9M	$9.1M	—	$3.7M	$22.6K	$14.7M
Josh HirsbergCFO and Treasurer	$925.0K	$1.0M	—	$2.8M	$4.7M	—
Stephen ThompsonChief Administrative Officer	$790.0K	$869.0K	—	$2.1M	$3.7M	—
Uri Clinton General Counseland Corporate Secretary	$700.0K	$700.0K	—	$1.8M	$3.2M	—