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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $637.9M, roughly 1.6× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 28.5% vs 10.5%, a 18.0% gap on every dollar of revenue. On growth, NATIONAL FUEL GAS CO posted the faster year-over-year revenue change (24.1% vs 0.6%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (6.9% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
BYD vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $637.9M |
| Net Profit | $104.3M | $181.6M |
| Gross Margin | — | 86.6% |
| Operating Margin | 16.4% | 43.3% |
| Net Margin | 10.5% | 28.5% |
| Revenue YoY | 0.6% | 24.1% |
| Net Profit YoY | -5.9% | 303.8% |
| EPS (diluted) | $1.37 | $1.98 |
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 | $637.9M | ||
| Q3 25 | $1.0B | $443.1M | ||
| Q2 25 | $1.0B | $527.4M | ||
| Q1 25 | $991.6M | $734.8M | ||
| Q4 24 | $1.0B | $513.8M | ||
| Q3 24 | $961.2M | $310.0M | ||
| Q2 24 | $967.5M | $338.6M |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $181.6M | ||
| Q3 25 | $1.4B | $107.3M | ||
| Q2 25 | $151.5M | $149.8M | ||
| Q1 25 | $111.4M | $216.4M | ||
| Q4 24 | $170.5M | $45.0M | ||
| Q3 24 | $131.1M | $-167.6M | ||
| Q2 24 | $139.8M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | 43.3% | ||
| Q3 25 | 13.9% | 40.6% | ||
| Q2 25 | 23.4% | 43.7% | ||
| Q1 25 | 20.2% | 43.2% | ||
| Q4 24 | 25.1% | 16.8% | ||
| Q3 24 | 22.9% | -63.4% | ||
| Q2 24 | 23.5% | -15.2% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | 28.5% | ||
| Q3 25 | 143.4% | 24.2% | ||
| Q2 25 | 14.6% | 28.4% | ||
| Q1 25 | 11.2% | 29.4% | ||
| Q4 24 | 16.4% | 8.8% | ||
| Q3 24 | 13.6% | -54.1% | ||
| Q2 24 | 14.5% | -16.0% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $1.98 | ||
| Q3 25 | $17.81 | $1.18 | ||
| Q2 25 | $1.84 | $1.64 | ||
| Q1 25 | $1.31 | $2.37 | ||
| Q4 24 | $1.89 | $0.49 | ||
| Q3 24 | $1.43 | $-1.81 | ||
| Q2 24 | $1.47 | $-0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $271.4M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | — | $3.6B |
| Total Assets | — | $9.2B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $271.4M | ||
| Q3 25 | $319.1M | $43.2M | ||
| Q2 25 | $320.1M | $39.3M | ||
| Q1 25 | $311.5M | $40.0M | ||
| Q4 24 | $316.7M | $48.7M | ||
| Q3 24 | $286.3M | $38.2M | ||
| Q2 24 | $280.8M | $81.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | $3.6B | $2.7B | ||
| Q1 25 | $3.5B | $2.7B | ||
| Q4 24 | $3.2B | $2.7B | ||
| Q3 24 | $3.1B | $2.7B | ||
| Q2 24 | $3.0B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $3.6B | ||
| Q3 25 | $2.7B | $3.1B | ||
| Q2 25 | $1.4B | $3.0B | ||
| Q1 25 | $1.3B | $2.8B | ||
| Q4 24 | $1.6B | $-76.2M | ||
| Q3 24 | $1.6B | $-15.5M | ||
| Q2 24 | $1.7B | $5.0M |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $9.2B | ||
| Q3 25 | $6.5B | $8.7B | ||
| Q2 25 | $6.6B | $8.4B | ||
| Q1 25 | $6.5B | $8.5B | ||
| Q4 24 | $6.4B | $8.3B | ||
| Q3 24 | $6.3B | $8.3B | ||
| Q2 24 | $6.3B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | 2.56× | 0.90× | ||
| Q1 25 | 2.61× | 0.99× | ||
| Q4 24 | 2.01× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.73× | 532.10× |
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 | — | $274.9M |
| Free Cash FlowOCF − Capex | — | $-2.7M |
| FCF MarginFCF / Revenue | — | -0.4% |
| Capex IntensityCapex / Revenue | — | 43.5% |
| Cash ConversionOCF / Net Profit | — | 1.51× |
| TTM Free Cash FlowTrailing 4 quarters | — | $204.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $274.9M | ||
| Q3 25 | $240.0M | $237.8M | ||
| Q2 25 | $205.0M | $388.4M | ||
| Q1 25 | $256.4M | $253.8M | ||
| Q4 24 | $262.1M | $220.1M | ||
| Q3 24 | $231.2M | $197.9M | ||
| Q2 24 | $213.1M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $-2.7M | ||
| Q3 25 | $94.4M | $-47.8M | ||
| Q2 25 | $80.6M | $195.3M | ||
| Q1 25 | $86.5M | $59.9M | ||
| Q4 24 | $150.9M | $-20.3M | ||
| Q3 24 | $146.0M | $-49.1M | ||
| Q2 24 | $98.7M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | -0.4% | ||
| Q3 25 | 9.4% | -10.8% | ||
| Q2 25 | 7.8% | 37.0% | ||
| Q1 25 | 8.7% | 8.2% | ||
| Q4 24 | 14.5% | -4.0% | ||
| Q3 24 | 15.2% | -15.8% | ||
| Q2 24 | 10.2% | 23.5% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 43.5% | ||
| Q3 25 | 14.5% | 64.4% | ||
| Q2 25 | 12.0% | 36.6% | ||
| Q1 25 | 17.1% | 26.4% | ||
| Q4 24 | 10.7% | 46.8% | ||
| Q3 24 | 8.9% | 79.7% | ||
| Q2 24 | 11.8% | 59.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | 1.51× | ||
| Q3 25 | 0.17× | 2.21× | ||
| Q2 25 | 1.35× | 2.59× | ||
| Q1 25 | 2.30× | 1.17× | ||
| Q4 24 | 1.54× | 4.89× | ||
| 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% |
NFG
| Natural Gas Production | $302.5M | 47% |
| Natural Gas Residential Sales | $198.0M | 31% |
| Pipeline And Storage | $69.2M | 11% |
| Natural Gas Commercial Sales | $27.9M | 4% |
| Natural Gas Storage | $25.1M | 4% |
| Other | $4.1M | 1% |
| Natural Gas Midstream | $2.8M | 0% |
