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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and FIRST HORIZON CORP (FHN). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $888.0M, roughly 1.1× FIRST HORIZON CORP). FIRST HORIZON CORP runs the higher net margin — 29.4% vs 10.5%, a 18.9% gap on every dollar of revenue. On growth, FIRST HORIZON CORP posted the faster year-over-year revenue change (21.8% vs 0.6%). Over the past eight quarters, FIRST HORIZON CORP's revenue compounded faster (20.0% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
BYD vs FHN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $888.0M |
| Net Profit | $104.3M | $261.0M |
| Gross Margin | — | — |
| Operating Margin | 16.4% | 38.5% |
| Net Margin | 10.5% | 29.4% |
| Revenue YoY | 0.6% | 21.8% |
| Net Profit YoY | -5.9% | 57.2% |
| EPS (diluted) | $1.37 | $0.51 |
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 | $888.0M | ||
| Q3 25 | $1.0B | $889.0M | ||
| Q2 25 | $1.0B | $830.0M | ||
| Q1 25 | $991.6M | $812.0M | ||
| Q4 24 | $1.0B | $729.0M | ||
| Q3 24 | $961.2M | $827.0M | ||
| Q2 24 | $967.5M | — |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $261.0M | ||
| Q3 25 | $1.4B | $262.0M | ||
| Q2 25 | $151.5M | $241.0M | ||
| Q1 25 | $111.4M | $218.0M | ||
| Q4 24 | $170.5M | $166.0M | ||
| Q3 24 | $131.1M | $218.0M | ||
| Q2 24 | $139.8M | — |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | 38.5% | ||
| Q3 25 | 13.9% | 38.7% | ||
| Q2 25 | 23.4% | 37.2% | ||
| Q1 25 | 20.2% | 35.1% | ||
| Q4 24 | 25.1% | 28.8% | ||
| Q3 24 | 22.9% | 34.0% | ||
| Q2 24 | 23.5% | — |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | 29.4% | ||
| Q3 25 | 143.4% | 29.5% | ||
| Q2 25 | 14.6% | 29.0% | ||
| Q1 25 | 11.2% | 26.8% | ||
| Q4 24 | 16.4% | 22.8% | ||
| Q3 24 | 13.6% | 26.4% | ||
| Q2 24 | 14.5% | — |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $0.51 | ||
| Q3 25 | $17.81 | $0.50 | ||
| Q2 25 | $1.84 | $0.45 | ||
| Q1 25 | $1.31 | $0.41 | ||
| Q4 24 | $1.89 | $0.29 | ||
| Q3 24 | $1.43 | $0.40 | ||
| Q2 24 | $1.47 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $8.8B |
| Total Assets | — | $83.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | — | ||
| Q3 25 | $319.1M | — | ||
| Q2 25 | $320.1M | — | ||
| Q1 25 | $311.5M | — | ||
| Q4 24 | $316.7M | — | ||
| Q3 24 | $286.3M | — | ||
| Q2 24 | $280.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $8.8B | ||
| Q3 25 | $2.7B | $8.9B | ||
| Q2 25 | $1.4B | $9.0B | ||
| Q1 25 | $1.3B | $8.7B | ||
| Q4 24 | $1.6B | $8.8B | ||
| Q3 24 | $1.6B | $9.0B | ||
| Q2 24 | $1.7B | — |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $83.9B | ||
| Q3 25 | $6.5B | $83.2B | ||
| Q2 25 | $6.6B | $82.1B | ||
| Q1 25 | $6.5B | $81.5B | ||
| Q4 24 | $6.4B | $82.2B | ||
| Q3 24 | $6.3B | $82.6B | ||
| Q2 24 | $6.3B | — |
| 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 | — | $396.0M |
| Free Cash FlowOCF − Capex | — | $389.0M |
| FCF MarginFCF / Revenue | — | 43.8% |
| Capex IntensityCapex / Revenue | — | 0.8% |
| Cash ConversionOCF / Net Profit | — | 1.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $595.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $396.0M | ||
| Q3 25 | $240.0M | $-200.0M | ||
| Q2 25 | $205.0M | $83.0M | ||
| Q1 25 | $256.4M | $349.0M | ||
| Q4 24 | $262.1M | $191.0M | ||
| Q3 24 | $231.2M | $389.0M | ||
| Q2 24 | $213.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $389.0M | ||
| Q3 25 | $94.4M | $-208.0M | ||
| Q2 25 | $80.6M | $74.0M | ||
| Q1 25 | $86.5M | $340.0M | ||
| Q4 24 | $150.9M | $174.0M | ||
| Q3 24 | $146.0M | $383.0M | ||
| Q2 24 | $98.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 43.8% | ||
| Q3 25 | 9.4% | -23.4% | ||
| Q2 25 | 7.8% | 8.9% | ||
| Q1 25 | 8.7% | 41.9% | ||
| Q4 24 | 14.5% | 23.9% | ||
| Q3 24 | 15.2% | 46.3% | ||
| Q2 24 | 10.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 0.8% | ||
| Q3 25 | 14.5% | 0.9% | ||
| Q2 25 | 12.0% | 1.1% | ||
| Q1 25 | 17.1% | 1.1% | ||
| Q4 24 | 10.7% | 2.3% | ||
| Q3 24 | 8.9% | 0.7% | ||
| Q2 24 | 11.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | 1.52× | ||
| Q3 25 | 0.17× | -0.76× | ||
| Q2 25 | 1.35× | 0.34× | ||
| Q1 25 | 2.30× | 1.60× | ||
| Q4 24 | 1.54× | 1.15× | ||
| Q3 24 | 1.76× | 1.78× | ||
| 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% |
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
