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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and PACS Group, Inc. (PACS). Click either name above to swap in a different company.
PACS Group, 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 4.4%, a 6.1% gap on every dollar of revenue. On growth, PACS Group, Inc. posted the faster year-over-year revenue change (18.4% vs 0.6%). Over the past eight quarters, PACS Group, Inc.'s revenue compounded faster (20.5% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
BYD vs PACS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $1.4B |
| Net Profit | $104.3M | $59.7M |
| Gross Margin | — | — |
| Operating Margin | 16.4% | 7.0% |
| Net Margin | 10.5% | 4.4% |
| Revenue YoY | 0.6% | 18.4% |
| Net Profit YoY | -5.9% | 3022.5% |
| EPS (diluted) | $1.37 | $0.42 |
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 | $1.4B | ||
| Q3 25 | $1.0B | $1.3B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $991.6M | $1.3B | ||
| Q4 24 | $1.0B | $1.1B | ||
| Q3 24 | $961.2M | $1.0B | ||
| Q2 24 | $967.5M | $981.4M |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $59.7M | ||
| Q3 25 | $1.4B | $52.4M | ||
| Q2 25 | $151.5M | $51.0M | ||
| Q1 25 | $111.4M | $28.5M | ||
| Q4 24 | $170.5M | $1.9M | ||
| Q3 24 | $131.1M | $15.6M | ||
| Q2 24 | $139.8M | $-10.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 17.1% | ||
| Q2 24 | — | 22.3% |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | 7.0% | ||
| Q3 25 | 13.9% | 6.4% | ||
| Q2 25 | 23.4% | 6.2% | ||
| Q1 25 | 20.2% | 3.8% | ||
| Q4 24 | 25.1% | 1.7% | ||
| Q3 24 | 22.9% | 2.2% | ||
| Q2 24 | 23.5% | 0.1% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | 4.4% | ||
| Q3 25 | 143.4% | 3.9% | ||
| Q2 25 | 14.6% | 3.9% | ||
| Q1 25 | 11.2% | 2.2% | ||
| Q4 24 | 16.4% | 0.2% | ||
| Q3 24 | 13.6% | 1.5% | ||
| Q2 24 | 14.5% | -1.1% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $0.42 | ||
| Q3 25 | $17.81 | $0.32 | ||
| Q2 25 | $1.84 | $0.31 | ||
| Q1 25 | $1.31 | $0.17 | ||
| Q4 24 | $1.89 | $-0.03 | ||
| Q3 24 | $1.43 | $0.10 | ||
| Q2 24 | $1.47 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $197.0M |
| Total DebtLower is stronger | — | $353.2M |
| Stockholders' EquityBook value | — | $946.8M |
| Total Assets | — | $5.6B |
| Debt / EquityLower = less leverage | — | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $197.0M | ||
| Q3 25 | $319.1M | $355.7M | ||
| Q2 25 | $320.1M | $294.2M | ||
| Q1 25 | $311.5M | $287.5M | ||
| Q4 24 | $316.7M | $157.7M | ||
| Q3 24 | $286.3M | $49.5M | ||
| Q2 24 | $280.8M | $73.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $353.2M | ||
| Q3 25 | — | — | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.2B | $411.9M | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $946.8M | ||
| Q3 25 | $2.7B | $871.3M | ||
| Q2 25 | $1.4B | $806.8M | ||
| Q1 25 | $1.3B | $750.2M | ||
| Q4 24 | $1.6B | $709.6M | ||
| Q3 24 | $1.6B | $660.0M | ||
| Q2 24 | $1.7B | $572.1M |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $5.6B | ||
| Q3 25 | $6.5B | $5.6B | ||
| Q2 25 | $6.6B | $5.5B | ||
| Q1 25 | $6.5B | $5.5B | ||
| Q4 24 | $6.4B | $5.2B | ||
| Q3 24 | $6.3B | $4.5B | ||
| Q2 24 | $6.3B | $3.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.37× | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.56× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 2.01× | 0.58× | ||
| 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 | — | $-3.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -0.06× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $-3.4M | ||
| Q3 25 | $240.0M | $204.8M | ||
| Q2 25 | $205.0M | $52.6M | ||
| Q1 25 | $256.4M | $150.2M | ||
| Q4 24 | $262.1M | $64.6M | ||
| Q3 24 | $231.2M | $209.2M | ||
| Q2 24 | $213.1M | $34.8M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | — | ||
| Q3 25 | $94.4M | — | ||
| Q2 25 | $80.6M | — | ||
| Q1 25 | $86.5M | — | ||
| Q4 24 | $150.9M | — | ||
| Q3 24 | $146.0M | — | ||
| Q2 24 | $98.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | — | ||
| Q3 25 | 9.4% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 8.7% | — | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 15.2% | — | ||
| Q2 24 | 10.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | — | ||
| Q3 25 | 14.5% | — | ||
| Q2 25 | 12.0% | — | ||
| Q1 25 | 17.1% | — | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | 8.9% | — | ||
| Q2 24 | 11.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | -0.06× | ||
| Q3 25 | 0.17× | 3.91× | ||
| Q2 25 | 1.35× | 1.03× | ||
| Q1 25 | 2.30× | 5.28× | ||
| Q4 24 | 1.54× | 33.78× | ||
| Q3 24 | 1.76× | 13.39× | ||
| 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% |
PACS
Segment breakdown not available.
