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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and Park Hotels & Resorts Inc. (PK). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $629.0M, roughly 1.6× Park Hotels & Resorts Inc.). BOYD GAMING CORP runs the higher net margin — 10.5% vs -32.6%, a 43.0% gap on every dollar of revenue. On growth, Park Hotels & Resorts Inc. posted the faster year-over-year revenue change (0.6% vs 0.6%). Over the past eight quarters, BOYD GAMING CORP's revenue compounded faster (1.5% CAGR vs -0.8%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
Park Hotels & Resorts is an American real estate investment trust (REIT) focused on hotel properties, based in Tysons, Virginia. It was formed in 2017 as a spin-off from Hilton Worldwide.
BYD vs PK — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $629.0M |
| Net Profit | $104.3M | $-205.0M |
| Gross Margin | — | — |
| Operating Margin | 16.4% | -26.1% |
| Net Margin | 10.5% | -32.6% |
| Revenue YoY | 0.6% | 0.6% |
| Net Profit YoY | -5.9% | -410.6% |
| EPS (diluted) | $1.37 | $-1.04 |
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 | $629.0M | ||
| Q3 25 | $1.0B | $610.0M | ||
| Q2 25 | $1.0B | $672.0M | ||
| Q1 25 | $991.6M | $630.0M | ||
| Q4 24 | $1.0B | $625.0M | ||
| Q3 24 | $961.2M | $649.0M | ||
| Q2 24 | $967.5M | $686.0M |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $-205.0M | ||
| Q3 25 | $1.4B | $-16.0M | ||
| Q2 25 | $151.5M | $-5.0M | ||
| Q1 25 | $111.4M | $-57.0M | ||
| Q4 24 | $170.5M | $66.0M | ||
| Q3 24 | $131.1M | $54.0M | ||
| Q2 24 | $139.8M | $64.0M |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | -26.1% | ||
| Q3 25 | 13.9% | 9.7% | ||
| Q2 25 | 23.4% | 9.7% | ||
| Q1 25 | 20.2% | 1.1% | ||
| Q4 24 | 25.1% | 13.3% | ||
| Q3 24 | 22.9% | 14.6% | ||
| Q2 24 | 23.5% | 17.6% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | -32.6% | ||
| Q3 25 | 143.4% | -2.6% | ||
| Q2 25 | 14.6% | -0.7% | ||
| Q1 25 | 11.2% | -9.0% | ||
| Q4 24 | 16.4% | 10.6% | ||
| Q3 24 | 13.6% | 8.3% | ||
| Q2 24 | 14.5% | 9.3% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $-1.04 | ||
| Q3 25 | $17.81 | $-0.08 | ||
| Q2 25 | $1.84 | $-0.02 | ||
| Q1 25 | $1.31 | $-0.29 | ||
| Q4 24 | $1.89 | $0.32 | ||
| Q3 24 | $1.43 | $0.26 | ||
| Q2 24 | $1.47 | $0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $232.0M |
| Total DebtLower is stronger | — | $3.9B |
| Stockholders' EquityBook value | — | $3.1B |
| Total Assets | — | $7.7B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $232.0M | ||
| Q3 25 | $319.1M | $278.0M | ||
| Q2 25 | $320.1M | $319.0M | ||
| Q1 25 | $311.5M | $233.0M | ||
| Q4 24 | $316.7M | $402.0M | ||
| Q3 24 | $286.3M | $480.0M | ||
| Q2 24 | $280.8M | $449.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $3.9B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | $3.6B | $3.9B | ||
| Q1 25 | $3.5B | $3.9B | ||
| Q4 24 | $3.2B | $3.9B | ||
| Q3 24 | $3.1B | $3.9B | ||
| Q2 24 | $3.0B | $3.9B |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $3.1B | ||
| Q3 25 | $2.7B | $3.4B | ||
| Q2 25 | $1.4B | $3.4B | ||
| Q1 25 | $1.3B | $3.5B | ||
| Q4 24 | $1.6B | $3.6B | ||
| Q3 24 | $1.6B | $3.8B | ||
| Q2 24 | $1.7B | $3.8B |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $7.7B | ||
| Q3 25 | $6.5B | $8.8B | ||
| Q2 25 | $6.6B | $8.9B | ||
| Q1 25 | $6.5B | $8.9B | ||
| Q4 24 | $6.4B | $9.2B | ||
| Q3 24 | $6.3B | $9.2B | ||
| Q2 24 | $6.3B | $9.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | 1.14× | ||
| Q2 25 | 2.56× | 1.12× | ||
| Q1 25 | 2.61× | 1.11× | ||
| Q4 24 | 2.01× | 1.06× | ||
| Q3 24 | 1.88× | 1.03× | ||
| Q2 24 | 1.73× | 1.03× |
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 | — | $105.0M |
| Free Cash FlowOCF − Capex | — | $-3.0M |
| FCF MarginFCF / Revenue | — | -0.5% |
| Capex IntensityCapex / Revenue | — | 17.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $102.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $105.0M | ||
| Q3 25 | $240.0M | $99.0M | ||
| Q2 25 | $205.0M | $108.0M | ||
| Q1 25 | $256.4M | $86.0M | ||
| Q4 24 | $262.1M | $80.0M | ||
| Q3 24 | $231.2M | $140.0M | ||
| Q2 24 | $213.1M | $117.0M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $-3.0M | ||
| Q3 25 | $94.4M | $31.0M | ||
| Q2 25 | $80.6M | $65.0M | ||
| Q1 25 | $86.5M | $9.0M | ||
| Q4 24 | $150.9M | $17.0M | ||
| Q3 24 | $146.0M | $97.0M | ||
| Q2 24 | $98.7M | $66.0M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | -0.5% | ||
| Q3 25 | 9.4% | 5.1% | ||
| Q2 25 | 7.8% | 9.7% | ||
| Q1 25 | 8.7% | 1.4% | ||
| Q4 24 | 14.5% | 2.7% | ||
| Q3 24 | 15.2% | 14.9% | ||
| Q2 24 | 10.2% | 9.6% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 17.2% | ||
| Q3 25 | 14.5% | 11.1% | ||
| Q2 25 | 12.0% | 6.4% | ||
| Q1 25 | 17.1% | 12.2% | ||
| Q4 24 | 10.7% | 10.1% | ||
| Q3 24 | 8.9% | 6.6% | ||
| 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× | 1.21× | ||
| Q3 24 | 1.76× | 2.59× | ||
| Q2 24 | 1.52× | 1.83× |
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% |
PK
| Occupancy | $371.0M | 59% |
| Food And Beverage | $173.0M | 28% |
| Ancillary Hotel | $61.0M | 10% |
| Hotel Other | $24.0M | 4% |
