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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and SEALED AIR CORP (SEE). Click either name above to swap in a different company.
SEALED AIR CORP 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 3.1%, a 7.3% gap on every dollar of revenue. On growth, SEALED AIR CORP posted the faster year-over-year revenue change (2.6% vs 0.6%). Over the past eight quarters, SEALED AIR CORP's revenue compounded faster (2.7% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
Sealed Air Corporation is a global provider of innovative packaging and protective solutions. Its core offerings include cushioning materials, food safety and preservation packaging, and sustainable waste-reducing packaging systems, serving retail, e-commerce, food and beverage, and industrial manufacturing markets worldwide.
BYD vs SEE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $1.4B |
| Net Profit | $104.3M | $43.8M |
| Gross Margin | — | 28.6% |
| Operating Margin | 16.4% | 11.4% |
| Net Margin | 10.5% | 3.1% |
| Revenue YoY | 0.6% | 2.6% |
| Net Profit YoY | -5.9% | 700.0% |
| EPS (diluted) | $1.37 | $0.30 |
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 | $1.4B | ||
| Q3 24 | $961.2M | $1.3B | ||
| Q2 24 | $967.5M | $1.3B |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $43.8M | ||
| Q3 25 | $1.4B | $255.1M | ||
| Q2 25 | $151.5M | $93.1M | ||
| Q1 25 | $111.4M | $113.5M | ||
| Q4 24 | $170.5M | $-7.3M | ||
| Q3 24 | $131.1M | $91.7M | ||
| Q2 24 | $139.8M | $98.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 28.6% | ||
| Q3 25 | — | 29.8% | ||
| Q2 25 | — | 30.7% | ||
| Q1 25 | — | 30.9% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | — | 30.1% | ||
| Q2 24 | — | 31.2% |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | 11.4% | ||
| Q3 25 | 13.9% | 13.8% | ||
| Q2 25 | 23.4% | 15.0% | ||
| Q1 25 | 20.2% | 14.5% | ||
| Q4 24 | 25.1% | 11.7% | ||
| Q3 24 | 22.9% | 13.9% | ||
| Q2 24 | 23.5% | 15.4% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | 3.1% | ||
| Q3 25 | 143.4% | 19.0% | ||
| Q2 25 | 14.6% | 7.0% | ||
| Q1 25 | 11.2% | 9.0% | ||
| Q4 24 | 16.4% | -0.5% | ||
| Q3 24 | 13.6% | 6.9% | ||
| Q2 24 | 14.5% | 7.4% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $0.30 | ||
| Q3 25 | $17.81 | $1.73 | ||
| Q2 25 | $1.84 | $0.63 | ||
| Q1 25 | $1.31 | $0.77 | ||
| Q4 24 | $1.89 | $-0.05 | ||
| Q3 24 | $1.43 | $0.63 | ||
| Q2 24 | $1.47 | $0.67 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $344.0M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | — | $1.2B |
| Total Assets | — | $7.0B |
| Debt / EquityLower = less leverage | — | 2.65× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $344.0M | ||
| Q3 25 | $319.1M | $282.5M | ||
| Q2 25 | $320.1M | $354.4M | ||
| Q1 25 | $311.5M | $335.2M | ||
| Q4 24 | $316.7M | $371.8M | ||
| Q3 24 | $286.3M | $386.0M | ||
| Q2 24 | $280.8M | $388.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | $3.6B | $4.0B | ||
| Q1 25 | $3.5B | $4.2B | ||
| Q4 24 | $3.2B | $4.2B | ||
| Q3 24 | $3.1B | $4.3B | ||
| Q2 24 | $3.0B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $1.2B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $1.4B | $953.1M | ||
| Q1 25 | $1.3B | $797.9M | ||
| Q4 24 | $1.6B | $624.5M | ||
| Q3 24 | $1.6B | $771.2M | ||
| Q2 24 | $1.7B | $650.1M |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $7.0B | ||
| Q3 25 | $6.5B | $7.1B | ||
| Q2 25 | $6.6B | $7.2B | ||
| Q1 25 | $6.5B | $7.0B | ||
| Q4 24 | $6.4B | $7.0B | ||
| Q3 24 | $6.3B | $7.3B | ||
| Q2 24 | $6.3B | $7.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | 2.56× | 4.18× | ||
| Q1 25 | 2.61× | 5.26× | ||
| Q4 24 | 2.01× | 6.72× | ||
| Q3 24 | 1.88× | 5.62× | ||
| Q2 24 | 1.73× | 6.81× |
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 | — | $293.6M |
| Free Cash FlowOCF − Capex | — | $257.7M |
| FCF MarginFCF / Revenue | — | 18.5% |
| Capex IntensityCapex / Revenue | — | 2.6% |
| Cash ConversionOCF / Net Profit | — | 6.70× |
| TTM Free Cash FlowTrailing 4 quarters | — | $458.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $293.6M | ||
| Q3 25 | $240.0M | $165.9M | ||
| Q2 25 | $205.0M | $136.6M | ||
| Q1 25 | $256.4M | $31.9M | ||
| Q4 24 | $262.1M | $244.2M | ||
| Q3 24 | $231.2M | $170.5M | ||
| Q2 24 | $213.1M | $188.2M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $257.7M | ||
| Q3 25 | $94.4M | $119.6M | ||
| Q2 25 | $80.6M | $93.2M | ||
| Q1 25 | $86.5M | $-12.0M | ||
| Q4 24 | $150.9M | $185.1M | ||
| Q3 24 | $146.0M | $115.2M | ||
| Q2 24 | $98.7M | $129.5M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 18.5% | ||
| Q3 25 | 9.4% | 8.9% | ||
| Q2 25 | 7.8% | 7.0% | ||
| Q1 25 | 8.7% | -0.9% | ||
| Q4 24 | 14.5% | 13.6% | ||
| Q3 24 | 15.2% | 8.6% | ||
| Q2 24 | 10.2% | 9.7% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 2.6% | ||
| Q3 25 | 14.5% | 3.4% | ||
| Q2 25 | 12.0% | 3.3% | ||
| Q1 25 | 17.1% | 3.5% | ||
| Q4 24 | 10.7% | 4.4% | ||
| Q3 24 | 8.9% | 4.1% | ||
| Q2 24 | 11.8% | 4.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | 6.70× | ||
| Q3 25 | 0.17× | 0.65× | ||
| Q2 25 | 1.35× | 1.47× | ||
| Q1 25 | 2.30× | 0.28× | ||
| Q4 24 | 1.54× | — | ||
| Q3 24 | 1.76× | 1.86× | ||
| Q2 24 | 1.52× | 1.91× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
