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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and Howard Hughes Holdings Inc. (HHH). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $624.4M, roughly 1.6× Howard Hughes Holdings Inc.). BOYD GAMING CORP runs the higher net margin — 10.5% vs 1.0%, a 9.5% gap on every dollar of revenue. On growth, BOYD GAMING CORP posted the faster year-over-year revenue change (0.6% vs -33.2%). Over the past eight quarters, Howard Hughes Holdings Inc.'s revenue compounded faster (91.0% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
BYD vs HHH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $624.4M |
| Net Profit | $104.3M | $6.0M |
| Gross Margin | — | — |
| Operating Margin | 16.4% | 4.2% |
| Net Margin | 10.5% | 1.0% |
| Revenue YoY | 0.6% | -33.2% |
| Net Profit YoY | -5.9% | -96.2% |
| EPS (diluted) | $1.37 | $0.20 |
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 | $624.4M | ||
| Q3 25 | $1.0B | $390.2M | ||
| Q2 25 | $1.0B | $260.9M | ||
| Q1 25 | $991.6M | $199.3M | ||
| Q4 24 | $1.0B | $935.0M | ||
| Q3 24 | $961.2M | $327.1M | ||
| Q2 24 | $967.5M | $317.4M |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $6.0M | ||
| Q3 25 | $1.4B | $119.5M | ||
| Q2 25 | $151.5M | $-12.1M | ||
| Q1 25 | $111.4M | $10.5M | ||
| Q4 24 | $170.5M | $156.3M | ||
| Q3 24 | $131.1M | $72.8M | ||
| Q2 24 | $139.8M | $21.1M |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | 4.2% | ||
| Q3 25 | 13.9% | 48.6% | ||
| Q2 25 | 23.4% | 26.0% | ||
| Q1 25 | 20.2% | 24.0% | ||
| Q4 24 | 25.1% | 33.5% | ||
| Q3 24 | 22.9% | 60.6% | ||
| Q2 24 | 23.5% | 20.4% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | 1.0% | ||
| Q3 25 | 143.4% | 30.6% | ||
| Q2 25 | 14.6% | -4.7% | ||
| Q1 25 | 11.2% | 5.3% | ||
| Q4 24 | 16.4% | 16.7% | ||
| Q3 24 | 13.6% | 22.2% | ||
| Q2 24 | 14.5% | 6.6% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $0.20 | ||
| Q3 25 | $17.81 | $2.02 | ||
| Q2 25 | $1.84 | $-0.22 | ||
| Q1 25 | $1.31 | $0.21 | ||
| Q4 24 | $1.89 | $3.14 | ||
| Q3 24 | $1.43 | $1.46 | ||
| Q2 24 | $1.47 | $0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.5B |
| Total DebtLower is stronger | — | $5.1B |
| Stockholders' EquityBook value | — | $3.8B |
| Total Assets | — | $10.6B |
| Debt / EquityLower = less leverage | — | 1.35× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $1.5B | ||
| Q3 25 | $319.1M | $1.5B | ||
| Q2 25 | $320.1M | $1.4B | ||
| Q1 25 | $311.5M | $493.7M | ||
| Q4 24 | $316.7M | $596.1M | ||
| Q3 24 | $286.3M | $400.7M | ||
| Q2 24 | $280.8M | $436.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | — | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.2B | $5.1B | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $3.8B | ||
| Q3 25 | $2.7B | $3.8B | ||
| Q2 25 | $1.4B | $3.6B | ||
| Q1 25 | $1.3B | $2.8B | ||
| Q4 24 | $1.6B | $2.8B | ||
| Q3 24 | $1.6B | $2.6B | ||
| Q2 24 | $1.7B | $3.0B |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $10.6B | ||
| Q3 25 | $6.5B | $10.7B | ||
| Q2 25 | $6.6B | $10.3B | ||
| Q1 25 | $6.5B | $9.3B | ||
| Q4 24 | $6.4B | $9.2B | ||
| Q3 24 | $6.3B | $9.4B | ||
| Q2 24 | $6.3B | $9.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.56× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 2.01× | 1.85× | ||
| 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 | — | $360.3M |
| Free Cash FlowOCF − Capex | — | $348.6M |
| FCF MarginFCF / Revenue | — | 55.8% |
| Capex IntensityCapex / Revenue | — | 1.9% |
| Cash ConversionOCF / Net Profit | — | 60.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $417.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $360.3M | ||
| Q3 25 | $240.0M | $149.8M | ||
| Q2 25 | $205.0M | $177.3M | ||
| Q1 25 | $256.4M | $-224.9M | ||
| Q4 24 | $262.1M | $337.1M | ||
| Q3 24 | $231.2M | $248.3M | ||
| Q2 24 | $213.1M | $-17.5M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $348.6M | ||
| Q3 25 | $94.4M | $137.7M | ||
| Q2 25 | $80.6M | $169.7M | ||
| Q1 25 | $86.5M | $-238.4M | ||
| Q4 24 | $150.9M | $317.1M | ||
| Q3 24 | $146.0M | $238.7M | ||
| Q2 24 | $98.7M | $-25.1M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 55.8% | ||
| Q3 25 | 9.4% | 35.3% | ||
| Q2 25 | 7.8% | 65.1% | ||
| Q1 25 | 8.7% | -119.6% | ||
| Q4 24 | 14.5% | 33.9% | ||
| Q3 24 | 15.2% | 73.0% | ||
| Q2 24 | 10.2% | -7.9% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 1.9% | ||
| Q3 25 | 14.5% | 3.1% | ||
| Q2 25 | 12.0% | 2.9% | ||
| Q1 25 | 17.1% | 6.8% | ||
| Q4 24 | 10.7% | 2.1% | ||
| Q3 24 | 8.9% | 2.9% | ||
| Q2 24 | 11.8% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | 60.04× | ||
| Q3 25 | 0.17× | 1.25× | ||
| Q2 25 | 1.35× | — | ||
| Q1 25 | 2.30× | -21.35× | ||
| Q4 24 | 1.54× | 2.16× | ||
| Q3 24 | 1.76× | 3.41× | ||
| Q2 24 | 1.52× | -0.83× |
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% |
HHH
| Transferred At Point In Time | $499.8M | 80% |
| Operating Assets Segment | $117.9M | 19% |
| Builder Price Participation | $12.9M | 2% |
