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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and Lineage, Inc. (LINE). Click either name above to swap in a different company.
Lineage, Inc. is the larger business by last-quarter revenue ($1.4B vs $997.4M, roughly 1.4× BOYD GAMING CORP). BOYD GAMING CORP runs the higher net margin — 10.5% vs -7.3%, a 17.7% gap on every dollar of revenue. On growth, Lineage, Inc. posted the faster year-over-year revenue change (3.1% vs 0.6%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
BYD vs LINE — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $1.4B |
| Net Profit | $104.3M | $-100.0M |
| Gross Margin | — | 32.3% |
| Operating Margin | 16.4% | 2.5% |
| Net Margin | 10.5% | -7.3% |
| Revenue YoY | 0.6% | 3.1% |
| Net Profit YoY | -5.9% | 79.4% |
| EPS (diluted) | $1.37 | $-0.44 |
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 | $1.4B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $991.6M | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $961.2M | $1.3B | ||
| Q2 24 | $967.5M | $1.3B |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | — | ||
| Q3 25 | $1.4B | $-100.0M | ||
| Q2 25 | $151.5M | $-6.0M | ||
| Q1 25 | $111.4M | $0 | ||
| Q4 24 | $170.5M | $-71.0M | ||
| Q3 24 | $131.1M | $-485.0M | ||
| Q2 24 | $139.8M | $-68.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 32.3% | ||
| Q2 25 | — | 31.9% | ||
| Q1 25 | — | 32.2% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | — | 32.8% | ||
| Q2 24 | — | 33.4% |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | — | ||
| Q3 25 | 13.9% | 2.5% | ||
| Q2 25 | 23.4% | 1.7% | ||
| Q1 25 | 20.2% | 4.3% | ||
| Q4 24 | 25.1% | -1.6% | ||
| Q3 24 | 22.9% | -38.6% | ||
| Q2 24 | 23.5% | 5.5% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | — | ||
| Q3 25 | 143.4% | -7.3% | ||
| Q2 25 | 14.6% | -0.4% | ||
| Q1 25 | 11.2% | — | ||
| Q4 24 | 16.4% | -5.3% | ||
| Q3 24 | 13.6% | -36.3% | ||
| Q2 24 | 14.5% | -5.1% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | — | ||
| Q3 25 | $17.81 | $-0.44 | ||
| Q2 25 | $1.84 | $-0.03 | ||
| Q1 25 | $1.31 | $0.01 | ||
| Q4 24 | $1.89 | $-0.52 | ||
| Q3 24 | $1.43 | $-2.44 | ||
| Q2 24 | $1.47 | $-0.46 |
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 | — | $8.4B |
| Total Assets | — | $19.2B |
| 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 | $173.0M | ||
| Q3 24 | $286.3M | $409.0M | ||
| Q2 24 | $280.8M | $73.0M |
| 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 | — | ||
| Q3 25 | $2.7B | $8.4B | ||
| Q2 25 | $1.4B | $8.6B | ||
| Q1 25 | $1.3B | $8.6B | ||
| Q4 24 | $1.6B | $8.6B | ||
| Q3 24 | $1.6B | $9.0B | ||
| Q2 24 | $1.7B | $4.9B |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | — | ||
| Q3 25 | $6.5B | $19.2B | ||
| Q2 25 | $6.6B | $19.4B | ||
| Q1 25 | $6.5B | $18.8B | ||
| Q4 24 | $6.4B | $18.7B | ||
| Q3 24 | $6.3B | $19.3B | ||
| Q2 24 | $6.3B | $18.8B |
| 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 | — | $230.0M |
| Free Cash FlowOCF − Capex | — | $35.0M |
| FCF MarginFCF / Revenue | — | 2.5% |
| Capex IntensityCapex / Revenue | — | 14.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | — | ||
| Q3 25 | $240.0M | $230.0M | ||
| Q2 25 | $205.0M | $258.0M | ||
| Q1 25 | $256.4M | $139.0M | ||
| Q4 24 | $262.1M | — | ||
| Q3 24 | $231.2M | $186.0M | ||
| Q2 24 | $213.1M | $155.0M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | — | ||
| Q3 25 | $94.4M | $35.0M | ||
| Q2 25 | $80.6M | $95.0M | ||
| Q1 25 | $86.5M | $-12.0M | ||
| Q4 24 | $150.9M | — | ||
| Q3 24 | $146.0M | $33.0M | ||
| Q2 24 | $98.7M | $-31.0M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | — | ||
| Q3 25 | 9.4% | 2.5% | ||
| Q2 25 | 7.8% | 7.0% | ||
| Q1 25 | 8.7% | -0.9% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 15.2% | 2.5% | ||
| Q2 24 | 10.2% | -2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | — | ||
| Q3 25 | 14.5% | 14.2% | ||
| Q2 25 | 12.0% | 12.1% | ||
| Q1 25 | 17.1% | 11.7% | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | 8.9% | 11.5% | ||
| Q2 24 | 11.8% | 13.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | — | ||
| Q3 25 | 0.17× | — | ||
| 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% |
LINE
| Warehousing Operations | $883.0M | 64% |
| Other | $308.0M | 22% |
| Warehouse Lease | $60.0M | 4% |
| Food Sales | $52.0M | 4% |
| E Commerce And Other | $46.0M | 3% |
| Railcar Lease | $23.0M | 2% |
| Service Other | $5.0M | 0% |
