How Boyd Gaming makes money

Period

FY2025

How does Boyd Gaming make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Boyd Gaming Corporation · FY2025 · year ended 2025-12-31

Revenue$4.2BGross profit$4.1B · 100%Cost of revenue$0 · 0%Operating income$748M · 18%Operating expenses$3.3B · 82%SG&A$433M · 11%Other opex$2.9B · 71%Pre-tax income$2.3B · 57%Other income$1.6B · 39%Net income$1.8B · 45%Income tax$491M · 12%Casino$2.6B · 64%Online Reimbusements$576M · 14%Food & Beverage$310M · 8%Occupancy$191M · 5%Product & Service Other$145M · 4%Online$132M · 3%Management Fee$99M · 2%Management Service$99M · 2%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.