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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and Sinclair, Inc. (SBGI). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $836.0M, roughly 1.2× Sinclair, Inc.). Sinclair, Inc. runs the higher net margin — 13.0% vs 10.5%, a 2.6% gap on every dollar of revenue. On growth, BOYD GAMING CORP posted the faster year-over-year revenue change (0.6% vs -16.7%). Over the past eight quarters, Sinclair, Inc.'s revenue compounded faster (2.4% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
Sinclair, Inc., doing business as Sinclair Broadcast Group, is a publicly traded American telecommunications conglomerate that is controlled by the descendants of company founder Julian Sinclair Smith. Headquartered in the Baltimore suburb of Cockeysville, Maryland, the company is the second-largest television station operator in the United States by number of stations after Nexstar Media Group, owning or operating 193 stations across the country in over 100 markets, covering 40% of American ...
BYD vs SBGI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $836.0M |
| Net Profit | $104.3M | $109.0M |
| Gross Margin | — | — |
| Operating Margin | 16.4% | 9.6% |
| Net Margin | 10.5% | 13.0% |
| Revenue YoY | 0.6% | -16.7% |
| Net Profit YoY | -5.9% | -38.1% |
| EPS (diluted) | $1.37 | $1.62 |
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 | $836.0M | ||
| Q3 25 | $1.0B | $773.0M | ||
| Q2 25 | $1.0B | $784.0M | ||
| Q1 25 | $991.6M | $776.0M | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $961.2M | $917.0M | ||
| Q2 24 | $967.5M | $829.0M |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $109.0M | ||
| Q3 25 | $1.4B | $-1.0M | ||
| Q2 25 | $151.5M | $-64.0M | ||
| Q1 25 | $111.4M | $-156.0M | ||
| Q4 24 | $170.5M | $176.0M | ||
| Q3 24 | $131.1M | $94.0M | ||
| Q2 24 | $139.8M | $17.0M |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | 9.6% | ||
| Q3 25 | 13.9% | 7.5% | ||
| Q2 25 | 23.4% | 2.7% | ||
| Q1 25 | 20.2% | 1.8% | ||
| Q4 24 | 25.1% | 26.5% | ||
| Q3 24 | 22.9% | 19.5% | ||
| Q2 24 | 23.5% | 7.7% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | 13.0% | ||
| Q3 25 | 143.4% | -0.1% | ||
| Q2 25 | 14.6% | -8.2% | ||
| Q1 25 | 11.2% | -20.1% | ||
| Q4 24 | 16.4% | 17.5% | ||
| Q3 24 | 13.6% | 10.3% | ||
| Q2 24 | 14.5% | 2.1% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $1.62 | ||
| Q3 25 | $17.81 | $-0.02 | ||
| Q2 25 | $1.84 | $-0.91 | ||
| Q1 25 | $1.31 | $-2.30 | ||
| Q4 24 | $1.89 | $2.64 | ||
| Q3 24 | $1.43 | $1.43 | ||
| Q2 24 | $1.47 | $0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $866.0M |
| Total DebtLower is stronger | — | $4.4B |
| Stockholders' EquityBook value | — | $443.0M |
| Total Assets | — | $5.9B |
| Debt / EquityLower = less leverage | — | 9.84× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $866.0M | ||
| Q3 25 | $319.1M | $526.0M | ||
| Q2 25 | $320.1M | $616.0M | ||
| Q1 25 | $311.5M | $631.0M | ||
| Q4 24 | $316.7M | $697.0M | ||
| Q3 24 | $286.3M | $536.0M | ||
| Q2 24 | $280.8M | $378.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | $3.6B | $4.1B | ||
| Q1 25 | $3.5B | $4.2B | ||
| Q4 24 | $3.2B | $4.1B | ||
| Q3 24 | $3.1B | $4.1B | ||
| Q2 24 | $3.0B | $4.1B |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $443.0M | ||
| Q3 25 | $2.7B | $347.0M | ||
| Q2 25 | $1.4B | $361.0M | ||
| Q1 25 | $1.3B | $436.0M | ||
| Q4 24 | $1.6B | $583.0M | ||
| Q3 24 | $1.6B | $415.0M | ||
| Q2 24 | $1.7B | $340.0M |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $5.9B | ||
| Q3 25 | $6.5B | $5.6B | ||
| Q2 25 | $6.6B | $5.7B | ||
| Q1 25 | $6.5B | $5.8B | ||
| Q4 24 | $6.4B | $5.9B | ||
| Q3 24 | $6.3B | $5.8B | ||
| Q2 24 | $6.3B | $5.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.84× | ||
| Q3 25 | — | 11.75× | ||
| Q2 25 | 2.56× | 11.30× | ||
| Q1 25 | 2.61× | 9.56× | ||
| Q4 24 | 2.01× | 7.02× | ||
| Q3 24 | 1.88× | 9.86× | ||
| Q2 24 | 1.73× | 12.08× |
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 | — | $98.0M |
| Free Cash FlowOCF − Capex | — | $79.0M |
| FCF MarginFCF / Revenue | — | 9.4% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | — | 0.90× |
| TTM Free Cash FlowTrailing 4 quarters | — | $115.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $98.0M | ||
| Q3 25 | $240.0M | $-36.0M | ||
| Q2 25 | $205.0M | $122.0M | ||
| Q1 25 | $256.4M | $5.0M | ||
| Q4 24 | $262.1M | $198.0M | ||
| Q3 24 | $231.2M | $210.0M | ||
| Q2 24 | $213.1M | $-306.0M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $79.0M | ||
| Q3 25 | $94.4M | $-58.0M | ||
| Q2 25 | $80.6M | $105.0M | ||
| Q1 25 | $86.5M | $-11.0M | ||
| Q4 24 | $150.9M | $175.0M | ||
| Q3 24 | $146.0M | $193.0M | ||
| Q2 24 | $98.7M | $-329.0M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 9.4% | ||
| Q3 25 | 9.4% | -7.5% | ||
| Q2 25 | 7.8% | 13.4% | ||
| Q1 25 | 8.7% | -1.4% | ||
| Q4 24 | 14.5% | 17.4% | ||
| Q3 24 | 15.2% | 21.0% | ||
| Q2 24 | 10.2% | -39.7% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 2.3% | ||
| Q3 25 | 14.5% | 2.8% | ||
| Q2 25 | 12.0% | 2.2% | ||
| Q1 25 | 17.1% | 2.1% | ||
| Q4 24 | 10.7% | 2.3% | ||
| Q3 24 | 8.9% | 1.9% | ||
| Q2 24 | 11.8% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | 0.90× | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 1.35× | — | ||
| Q1 25 | 2.30× | — | ||
| Q4 24 | 1.54× | 1.13× | ||
| Q3 24 | 1.76× | 2.23× | ||
| Q2 24 | 1.52× | -18.00× |
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% |
SBGI
| Distribution Revenue | $384.0M | 46% |
| Core Advertising Revenue | $312.0M | 37% |
| Tennis Segment | $62.0M | 7% |
| Other | $40.0M | 5% |
| Other Media Non Media Revenuesand Intercompany Revenues | $24.0M | 3% |
| Political Advertising Revenue | $14.0M | 2% |
