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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $614.5M, roughly 1.6× Cloudflare, Inc.). BOYD GAMING CORP runs the higher net margin — 10.5% vs -2.0%, a 12.4% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 0.6%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
BYD vs NET — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $614.5M |
| Net Profit | $104.3M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 16.4% | -8.0% |
| Net Margin | 10.5% | -2.0% |
| Revenue YoY | 0.6% | 33.6% |
| Net Profit YoY | -5.9% | 6.0% |
| EPS (diluted) | $1.37 | $-0.03 |
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 | $614.5M | ||
| Q3 25 | $1.0B | $562.0M | ||
| Q2 25 | $1.0B | $512.3M | ||
| Q1 25 | $991.6M | $479.1M | ||
| Q4 24 | $1.0B | $459.9M | ||
| Q3 24 | $961.2M | $430.1M | ||
| Q2 24 | $967.5M | $401.0M |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $-12.1M | ||
| Q3 25 | $1.4B | $-1.3M | ||
| Q2 25 | $151.5M | $-50.4M | ||
| Q1 25 | $111.4M | $-38.5M | ||
| Q4 24 | $170.5M | $-12.8M | ||
| Q3 24 | $131.1M | $-15.3M | ||
| Q2 24 | $139.8M | $-15.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | -8.0% | ||
| Q3 25 | 13.9% | -6.7% | ||
| Q2 25 | 23.4% | -13.1% | ||
| Q1 25 | 20.2% | -11.1% | ||
| Q4 24 | 25.1% | -7.5% | ||
| Q3 24 | 22.9% | -7.2% | ||
| Q2 24 | 23.5% | -8.7% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | -2.0% | ||
| Q3 25 | 143.4% | -0.2% | ||
| Q2 25 | 14.6% | -9.8% | ||
| Q1 25 | 11.2% | -8.0% | ||
| Q4 24 | 16.4% | -2.8% | ||
| Q3 24 | 13.6% | -3.6% | ||
| Q2 24 | 14.5% | -3.8% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $-0.03 | ||
| Q3 25 | $17.81 | $0.00 | ||
| Q2 25 | $1.84 | $-0.15 | ||
| Q1 25 | $1.31 | $-0.11 | ||
| Q4 24 | $1.89 | $-0.05 | ||
| Q3 24 | $1.43 | $-0.04 | ||
| Q2 24 | $1.47 | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $943.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $1.5B |
| Total Assets | — | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $943.5M | ||
| Q3 25 | $319.1M | $1.1B | ||
| Q2 25 | $320.1M | $1.5B | ||
| Q1 25 | $311.5M | $204.5M | ||
| Q4 24 | $316.7M | $147.7M | ||
| Q3 24 | $286.3M | $182.9M | ||
| Q2 24 | $280.8M | $157.0M |
| 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 | $1.5B | ||
| Q3 25 | $2.7B | $1.3B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.6B | $1.0B | ||
| Q3 24 | $1.6B | $973.1M | ||
| Q2 24 | $1.7B | $881.5M |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $6.0B | ||
| Q3 25 | $6.5B | $5.8B | ||
| Q2 25 | $6.6B | $5.6B | ||
| Q1 25 | $6.5B | $3.7B | ||
| Q4 24 | $6.4B | $3.3B | ||
| Q3 24 | $6.3B | $3.1B | ||
| Q2 24 | $6.3B | $2.9B |
| 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 | — | $190.4M |
| Free Cash FlowOCF − Capex | — | $105.2M |
| FCF MarginFCF / Revenue | — | 17.1% |
| Capex IntensityCapex / Revenue | — | 13.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $190.4M | ||
| Q3 25 | $240.0M | $167.1M | ||
| Q2 25 | $205.0M | $99.8M | ||
| Q1 25 | $256.4M | $145.8M | ||
| Q4 24 | $262.1M | $127.3M | ||
| Q3 24 | $231.2M | $104.7M | ||
| Q2 24 | $213.1M | $74.8M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $105.2M | ||
| Q3 25 | $94.4M | $82.5M | ||
| Q2 25 | $80.6M | $39.9M | ||
| Q1 25 | $86.5M | $59.9M | ||
| Q4 24 | $150.9M | $54.2M | ||
| Q3 24 | $146.0M | $54.5M | ||
| Q2 24 | $98.7M | $45.2M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 17.1% | ||
| Q3 25 | 9.4% | 14.7% | ||
| Q2 25 | 7.8% | 7.8% | ||
| Q1 25 | 8.7% | 12.5% | ||
| Q4 24 | 14.5% | 11.8% | ||
| Q3 24 | 15.2% | 12.7% | ||
| Q2 24 | 10.2% | 11.3% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 13.9% | ||
| Q3 25 | 14.5% | 15.1% | ||
| Q2 25 | 12.0% | 11.7% | ||
| Q1 25 | 17.1% | 17.9% | ||
| Q4 24 | 10.7% | 15.9% | ||
| Q3 24 | 8.9% | 11.7% | ||
| Q2 24 | 11.8% | 7.4% |
| 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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
