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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and Calumet, Inc. (CLMT). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $997.4M, roughly 1.0× BOYD GAMING CORP). BOYD GAMING CORP runs the higher net margin — 10.5% vs -3.6%, a 14.0% gap on every dollar of revenue.
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
Calumet, Inc. is a U.S.-headquartered specialty products firm that manufactures and distributes high-value hydrocarbon and specialty chemical products. Its offerings include specialty oils, lubricants, waxes, and renewable fuel solutions, serving industrial, consumer, and transportation segments across North America.
BYD vs CLMT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $1.0B |
| Net Profit | $104.3M | $-37.3M |
| Gross Margin | — | -0.3% |
| Operating Margin | 16.4% | -6.2% |
| Net Margin | 10.5% | -3.6% |
| Revenue YoY | 0.6% | — |
| Net Profit YoY | -5.9% | — |
| EPS (diluted) | $1.37 | $-0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $997.4M | — | ||
| Q4 25 | $1.1B | $1.0B | ||
| Q3 25 | $1.0B | $1.1B | ||
| Q2 25 | $1.0B | $1.0B | ||
| Q1 25 | $991.6M | $993.9M | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $961.2M | $1.1B | ||
| Q2 24 | $967.5M | $1.1B |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $-37.3M | ||
| Q3 25 | $1.4B | $313.4M | ||
| Q2 25 | $151.5M | $-147.9M | ||
| Q1 25 | $111.4M | $-162.0M | ||
| Q4 24 | $170.5M | — | ||
| Q3 24 | $131.1M | $-100.6M | ||
| Q2 24 | $139.8M | $-39.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.3% | ||
| Q3 25 | — | 34.7% | ||
| Q2 25 | — | -4.2% | ||
| Q1 25 | — | -8.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 5.6% |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | -6.2% | ||
| Q3 25 | 13.9% | 30.0% | ||
| Q2 25 | 23.4% | -9.8% | ||
| Q1 25 | 20.2% | -4.9% | ||
| Q4 24 | 25.1% | — | ||
| Q3 24 | 22.9% | -5.2% | ||
| Q2 24 | 23.5% | 0.5% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | -3.6% | ||
| Q3 25 | 143.4% | 29.1% | ||
| Q2 25 | 14.6% | -14.4% | ||
| Q1 25 | 11.2% | -16.3% | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | 13.6% | -9.1% | ||
| Q2 24 | 14.5% | -3.4% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $-0.43 | ||
| Q3 25 | $17.81 | $3.61 | ||
| Q2 25 | $1.84 | $-1.70 | ||
| Q1 25 | $1.31 | $-1.87 | ||
| Q4 24 | $1.89 | — | ||
| Q3 24 | $1.43 | $-1.18 | ||
| Q2 24 | $1.47 | $-0.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $125.1M |
| Total DebtLower is stronger | — | $2.1B |
| Stockholders' EquityBook value | — | $-732.7M |
| Total Assets | — | $2.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $125.1M | ||
| Q3 25 | $319.1M | $94.6M | ||
| Q2 25 | $320.1M | $110.6M | ||
| Q1 25 | $311.5M | $123.4M | ||
| Q4 24 | $316.7M | — | ||
| Q3 24 | $286.3M | $34.6M | ||
| Q2 24 | $280.8M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | $3.6B | $2.1B | ||
| Q1 25 | $3.5B | $2.3B | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.1B | $1.7B | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $-732.7M | ||
| Q3 25 | $2.7B | $-695.3M | ||
| Q2 25 | $1.4B | $-1.0B | ||
| Q1 25 | $1.3B | $-862.3M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | $-672.2M | ||
| Q2 24 | $1.7B | $-566.4M |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $2.7B | ||
| Q3 25 | $6.5B | $2.7B | ||
| Q2 25 | $6.6B | $2.8B | ||
| Q1 25 | $6.5B | $2.8B | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.3B | $2.6B | ||
| Q2 24 | $6.3B | $100 |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.56× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 2.01× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.73× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $116.5M |
| Free Cash FlowOCF − Capex | — | $103.8M |
| FCF MarginFCF / Revenue | — | 10.0% |
| Capex IntensityCapex / Revenue | — | 1.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $116.5M | ||
| Q3 25 | $240.0M | $23.5M | ||
| Q2 25 | $205.0M | $-1.8M | ||
| Q1 25 | $256.4M | $-29.3M | ||
| Q4 24 | $262.1M | — | ||
| Q3 24 | $231.2M | $-15.5M | ||
| Q2 24 | $213.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $103.8M | ||
| Q3 25 | $94.4M | $15.1M | ||
| Q2 25 | $80.6M | $-15.4M | ||
| Q1 25 | $86.5M | $-46.9M | ||
| Q4 24 | $150.9M | — | ||
| Q3 24 | $146.0M | $-32.2M | ||
| Q2 24 | $98.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 10.0% | ||
| Q3 25 | 9.4% | 1.4% | ||
| Q2 25 | 7.8% | -1.5% | ||
| Q1 25 | 8.7% | -4.7% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 15.2% | -2.9% | ||
| Q2 24 | 10.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 1.2% | ||
| Q3 25 | 14.5% | 0.8% | ||
| Q2 25 | 12.0% | 1.3% | ||
| Q1 25 | 17.1% | 1.8% | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | 8.9% | 1.5% | ||
| Q2 24 | 11.8% | 2.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | — | ||
| Q3 25 | 0.17× | 0.07× | ||
| Q2 25 | 1.35× | — | ||
| Q1 25 | 2.30× | — | ||
| Q4 24 | 1.54× | — | ||
| Q3 24 | 1.76× | — | ||
| Q2 24 | 1.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BYD
| Gaming | $650.5M | 65% |
| Online reimbursements | $135.4M | 14% |
| Food & beverage | $75.8M | 8% |
| Other | $63.5M | 6% |
| Room | $45.9M | 5% |
| Management fee | $26.2M | 3% |
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
