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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and DARLING INGREDIENTS INC. (DAR). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $997.4M, roughly 1.6× BOYD GAMING CORP). BOYD GAMING CORP runs the higher net margin — 10.5% vs 1.2%, a 9.2% gap on every dollar of revenue. On growth, DARLING INGREDIENTS INC. posted the faster year-over-year revenue change (10.0% vs 0.6%). Over the past eight quarters, BOYD GAMING CORP's revenue compounded faster (1.5% CAGR vs -1.6%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
Darling Ingredients Inc. is a global sustainable natural ingredients maker that converts edible and inedible organic byproducts into high-value products: food-grade nutritional ingredients, animal feed additives, pharmaceutical raw materials and biofuel components, serving food, agriculture, pharma and renewable energy markets across North America, Europe and Asia-Pacific.
BYD vs DAR — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $1.6B |
| Net Profit | $104.3M | $19.4M |
| Gross Margin | — | 24.7% |
| Operating Margin | 16.4% | 4.6% |
| Net Margin | 10.5% | 1.2% |
| Revenue YoY | 0.6% | 10.0% |
| Net Profit YoY | -5.9% | 14.2% |
| EPS (diluted) | $1.37 | $0.12 |
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 | — | ||
| Q3 25 | $1.0B | $1.6B | ||
| Q2 25 | $1.0B | $1.5B | ||
| Q1 25 | $991.6M | $1.4B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $961.2M | $1.4B | ||
| Q2 24 | $967.5M | $1.5B |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | — | ||
| Q3 25 | $1.4B | $19.4M | ||
| Q2 25 | $151.5M | $12.7M | ||
| Q1 25 | $111.4M | $-26.2M | ||
| Q4 24 | $170.5M | $101.9M | ||
| Q3 24 | $131.1M | $16.9M | ||
| Q2 24 | $139.8M | $78.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 24.7% | ||
| Q2 25 | — | 23.3% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 22.5% |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | — | ||
| Q3 25 | 13.9% | 4.6% | ||
| Q2 25 | 23.4% | 5.1% | ||
| Q1 25 | 20.2% | 2.1% | ||
| Q4 24 | 25.1% | 8.6% | ||
| Q3 24 | 22.9% | 4.2% | ||
| Q2 24 | 23.5% | 10.2% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | — | ||
| Q3 25 | 143.4% | 1.2% | ||
| Q2 25 | 14.6% | 0.9% | ||
| Q1 25 | 11.2% | -1.9% | ||
| Q4 24 | 16.4% | 7.2% | ||
| Q3 24 | 13.6% | 1.2% | ||
| Q2 24 | 14.5% | 5.4% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | — | ||
| Q3 25 | $17.81 | $0.12 | ||
| Q2 25 | $1.84 | $0.08 | ||
| Q1 25 | $1.31 | $-0.16 | ||
| Q4 24 | $1.89 | $0.63 | ||
| Q3 24 | $1.43 | $0.11 | ||
| Q2 24 | $1.47 | $0.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $91.5M |
| Total DebtLower is stronger | — | $4.0B |
| Stockholders' EquityBook value | — | $4.7B |
| Total Assets | — | $10.5B |
| Debt / EquityLower = less leverage | — | 0.86× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | — | ||
| Q3 25 | $319.1M | $91.5M | ||
| Q2 25 | $320.1M | $94.6M | ||
| Q1 25 | $311.5M | $81.5M | ||
| Q4 24 | $316.7M | $76.0M | ||
| Q3 24 | $286.3M | $114.8M | ||
| Q2 24 | $280.8M | $121.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | $3.6B | $3.9B | ||
| Q1 25 | $3.5B | $3.8B | ||
| Q4 24 | $3.2B | $3.9B | ||
| Q3 24 | $3.1B | $4.1B | ||
| Q2 24 | $3.0B | $4.3B |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.7B | $4.7B | ||
| Q2 25 | $1.4B | $4.6B | ||
| Q1 25 | $1.3B | $4.4B | ||
| Q4 24 | $1.6B | $4.4B | ||
| Q3 24 | $1.6B | $4.6B | ||
| Q2 24 | $1.7B | $4.5B |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | — | ||
| Q3 25 | $6.5B | $10.5B | ||
| Q2 25 | $6.6B | $10.3B | ||
| Q1 25 | $6.5B | $10.0B | ||
| Q4 24 | $6.4B | $10.1B | ||
| Q3 24 | $6.3B | $10.6B | ||
| Q2 24 | $6.3B | $10.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.86× | ||
| Q2 25 | 2.56× | 0.85× | ||
| Q1 25 | 2.61× | 0.86× | ||
| Q4 24 | 2.01× | 0.89× | ||
| Q3 24 | 1.88× | 0.91× | ||
| Q2 24 | 1.73× | 0.97× |
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 | — | $224.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 11.59× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | — | ||
| Q3 25 | $240.0M | $224.3M | ||
| Q2 25 | $205.0M | $145.8M | ||
| Q1 25 | $256.4M | $249.0M | ||
| Q4 24 | $262.1M | $154.4M | ||
| Q3 24 | $231.2M | $274.5M | ||
| Q2 24 | $213.1M | $146.5M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | — | ||
| Q3 25 | $94.4M | — | ||
| Q2 25 | $80.6M | — | ||
| Q1 25 | $86.5M | — | ||
| Q4 24 | $150.9M | — | ||
| Q3 24 | $146.0M | — | ||
| Q2 24 | $98.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | — | ||
| Q3 25 | 9.4% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 8.7% | — | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 15.2% | — | ||
| Q2 24 | 10.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | — | ||
| Q3 25 | 14.5% | — | ||
| Q2 25 | 12.0% | — | ||
| Q1 25 | 17.1% | — | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | 8.9% | — | ||
| Q2 24 | 11.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | — | ||
| Q3 25 | 0.17× | 11.59× | ||
| Q2 25 | 1.35× | 11.52× | ||
| Q1 25 | 2.30× | — | ||
| Q4 24 | 1.54× | 1.52× | ||
| Q3 24 | 1.76× | 16.19× | ||
| Q2 24 | 1.52× | 1.86× |
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% |
DAR
| Fats | $428.4M | 27% |
| Food Ingredients | $380.6M | 24% |
| Diamond Green Diesel Holdings Llc Joint Venture | $342.1M | 22% |
| Fuel Ingredients | $154.3M | 10% |
| Used Cooking Oil | $125.9M | 8% |
| Other Rendering | $76.9M | 5% |
| Bakery | $46.9M | 3% |
| Other Products And Services | $12.2M | 1% |
