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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and TIC Solutions, Inc. (TIC). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $508.3M, roughly 2.0× TIC Solutions, Inc.). BOYD GAMING CORP runs the higher net margin — 10.5% vs -9.3%, a 19.7% gap on every dollar of revenue.
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
BYD vs TIC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $508.3M |
| Net Profit | $104.3M | $-47.2M |
| Gross Margin | — | 35.2% |
| Operating Margin | 16.4% | -3.8% |
| Net Margin | 10.5% | -9.3% |
| Revenue YoY | 0.6% | — |
| Net Profit YoY | -5.9% | — |
| EPS (diluted) | $1.37 | — |
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 | $508.3M | ||
| Q3 25 | $1.0B | $473.9M | ||
| Q2 25 | $1.0B | $313.9M | ||
| Q1 25 | $991.6M | $234.2M | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $961.2M | — | ||
| Q2 24 | $967.5M | — |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $-47.2M | ||
| Q3 25 | $1.4B | $-13.9M | ||
| Q2 25 | $151.5M | $-233.0K | ||
| Q1 25 | $111.4M | $-25.8M | ||
| Q4 24 | $170.5M | — | ||
| Q3 24 | $131.1M | — | ||
| Q2 24 | $139.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 35.2% | ||
| Q3 25 | — | 32.2% | ||
| Q2 25 | — | 23.6% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | -3.8% | ||
| Q3 25 | 13.9% | -1.4% | ||
| Q2 25 | 23.4% | 5.8% | ||
| Q1 25 | 20.2% | -4.0% | ||
| Q4 24 | 25.1% | — | ||
| Q3 24 | 22.9% | — | ||
| Q2 24 | 23.5% | — |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | -9.3% | ||
| Q3 25 | 143.4% | -2.9% | ||
| Q2 25 | 14.6% | -0.1% | ||
| Q1 25 | 11.2% | -11.0% | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | 13.6% | — | ||
| Q2 24 | 14.5% | — |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | — | ||
| Q3 25 | $17.81 | $-0.08 | ||
| Q2 25 | $1.84 | — | ||
| Q1 25 | $1.31 | — | ||
| Q4 24 | $1.89 | — | ||
| Q3 24 | $1.43 | — | ||
| Q2 24 | $1.47 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $439.5M |
| Total DebtLower is stronger | — | $1.6B |
| Stockholders' EquityBook value | — | $2.2B |
| Total Assets | — | $4.4B |
| Debt / EquityLower = less leverage | — | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $439.5M | ||
| Q3 25 | $319.1M | $164.4M | ||
| Q2 25 | $320.1M | $130.1M | ||
| Q1 25 | $311.5M | $155.7M | ||
| Q4 24 | $316.7M | — | ||
| Q3 24 | $286.3M | — | ||
| Q2 24 | $280.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | $3.6B | $751.3M | ||
| Q1 25 | $3.5B | $752.4M | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $2.2B | ||
| Q3 25 | $2.7B | $2.0B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.7B | — |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $4.4B | ||
| Q3 25 | $6.5B | $4.2B | ||
| Q2 25 | $6.6B | $2.2B | ||
| Q1 25 | $6.5B | $2.2B | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.3B | — | ||
| Q2 24 | $6.3B | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | 2.56× | 0.64× | ||
| Q1 25 | 2.61× | 0.67× | ||
| Q4 24 | 2.01× | — | ||
| 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 | — | $49.7M |
| Free Cash FlowOCF − Capex | — | $37.1M |
| FCF MarginFCF / Revenue | — | 7.3% |
| Capex IntensityCapex / Revenue | — | 2.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $61.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $49.7M | ||
| Q3 25 | $240.0M | $19.0M | ||
| Q2 25 | $205.0M | $-6.5M | ||
| Q1 25 | $256.4M | $32.8M | ||
| Q4 24 | $262.1M | — | ||
| Q3 24 | $231.2M | — | ||
| Q2 24 | $213.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $37.1M | ||
| Q3 25 | $94.4M | $10.3M | ||
| Q2 25 | $80.6M | $-14.5M | ||
| Q1 25 | $86.5M | $28.3M | ||
| Q4 24 | $150.9M | — | ||
| Q3 24 | $146.0M | — | ||
| Q2 24 | $98.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 7.3% | ||
| Q3 25 | 9.4% | 2.2% | ||
| Q2 25 | 7.8% | -4.6% | ||
| Q1 25 | 8.7% | 12.1% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 15.2% | — | ||
| Q2 24 | 10.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 2.5% | ||
| Q3 25 | 14.5% | 1.8% | ||
| Q2 25 | 12.0% | 2.6% | ||
| Q1 25 | 17.1% | 1.9% | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | 8.9% | — | ||
| Q2 24 | 11.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 1.35× | — | ||
| Q1 25 | 2.30× | — | ||
| Q4 24 | 1.54× | — | ||
| 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% |
TIC
| Consulting Engineering Segment | $300.1M | 59% |
| Geospatial Segment | $131.3M | 26% |
| Fixed Unit Price Contracts | $54.3M | 11% |
| Other | $22.6M | 4% |
