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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $997.0M, roughly 1.0× Frontier Group Holdings, Inc.). BOYD GAMING CORP runs the higher net margin — 10.5% vs 5.3%, a 5.1% gap on every dollar of revenue. On growth, BOYD GAMING CORP posted the faster year-over-year revenue change (0.6% vs -0.5%). Over the past eight quarters, Frontier Group Holdings, Inc.'s revenue compounded faster (7.4% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
BYD vs ULCC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $997.0M |
| Net Profit | $104.3M | $53.0M |
| Gross Margin | — | — |
| Operating Margin | 16.4% | 4.9% |
| Net Margin | 10.5% | 5.3% |
| Revenue YoY | 0.6% | -0.5% |
| Net Profit YoY | -5.9% | -1.9% |
| EPS (diluted) | $1.37 | $0.24 |
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 | $997.0M | ||
| Q3 25 | $1.0B | $886.0M | ||
| Q2 25 | $1.0B | $929.0M | ||
| Q1 25 | $991.6M | $912.0M | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $961.2M | $935.0M | ||
| Q2 24 | $967.5M | $973.0M |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $53.0M | ||
| Q3 25 | $1.4B | $-77.0M | ||
| Q2 25 | $151.5M | $-70.0M | ||
| Q1 25 | $111.4M | $-43.0M | ||
| Q4 24 | $170.5M | $54.0M | ||
| Q3 24 | $131.1M | $26.0M | ||
| Q2 24 | $139.8M | $31.0M |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | 4.9% | ||
| Q3 25 | 13.9% | -8.7% | ||
| Q2 25 | 23.4% | -8.1% | ||
| Q1 25 | 20.2% | -5.0% | ||
| Q4 24 | 25.1% | 4.5% | ||
| Q3 24 | 22.9% | 2.0% | ||
| Q2 24 | 23.5% | 2.6% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | 5.3% | ||
| Q3 25 | 143.4% | -8.7% | ||
| Q2 25 | 14.6% | -7.5% | ||
| Q1 25 | 11.2% | -4.7% | ||
| Q4 24 | 16.4% | 5.4% | ||
| Q3 24 | 13.6% | 2.8% | ||
| Q2 24 | 14.5% | 3.2% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $0.24 | ||
| Q3 25 | $17.81 | $-0.34 | ||
| Q2 25 | $1.84 | $-0.31 | ||
| Q1 25 | $1.31 | $-0.19 | ||
| Q4 24 | $1.89 | $0.24 | ||
| Q3 24 | $1.43 | $0.11 | ||
| Q2 24 | $1.47 | $0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $671.0M |
| Total DebtLower is stronger | — | $620.0M |
| Stockholders' EquityBook value | — | $491.0M |
| Total Assets | — | $7.2B |
| Debt / EquityLower = less leverage | — | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $671.0M | ||
| Q3 25 | $319.1M | $566.0M | ||
| Q2 25 | $320.1M | $563.0M | ||
| Q1 25 | $311.5M | $686.0M | ||
| Q4 24 | $316.7M | $740.0M | ||
| Q3 24 | $286.3M | $576.0M | ||
| Q2 24 | $280.8M | $658.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $620.0M | ||
| Q3 25 | — | $673.0M | ||
| Q2 25 | $3.6B | $565.0M | ||
| Q1 25 | $3.5B | $512.0M | ||
| Q4 24 | $3.2B | $507.0M | ||
| Q3 24 | $3.1B | $474.0M | ||
| Q2 24 | $3.0B | $455.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $491.0M | ||
| Q3 25 | $2.7B | $434.0M | ||
| Q2 25 | $1.4B | $506.0M | ||
| Q1 25 | $1.3B | $570.0M | ||
| Q4 24 | $1.6B | $604.0M | ||
| Q3 24 | $1.6B | $549.0M | ||
| Q2 24 | $1.7B | $520.0M |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $7.2B | ||
| Q3 25 | $6.5B | $6.7B | ||
| Q2 25 | $6.6B | $6.5B | ||
| Q1 25 | $6.5B | $6.5B | ||
| Q4 24 | $6.4B | $6.2B | ||
| Q3 24 | $6.3B | $5.8B | ||
| Q2 24 | $6.3B | $5.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | 2.56× | 1.12× | ||
| Q1 25 | 2.61× | 0.90× | ||
| Q4 24 | 2.01× | 0.84× | ||
| Q3 24 | 1.88× | 0.86× | ||
| Q2 24 | 1.73× | 0.88× |
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 | — | $-91.0M |
| Free Cash FlowOCF − Capex | — | $-113.0M |
| FCF MarginFCF / Revenue | — | -11.3% |
| Capex IntensityCapex / Revenue | — | 2.2% |
| Cash ConversionOCF / Net Profit | — | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $-91.0M | ||
| Q3 25 | $240.0M | $-215.0M | ||
| Q2 25 | $205.0M | $-133.0M | ||
| Q1 25 | $256.4M | $-86.0M | ||
| Q4 24 | $262.1M | $87.0M | ||
| Q3 24 | $231.2M | $-156.0M | ||
| Q2 24 | $213.1M | $9.0M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $-113.0M | ||
| Q3 25 | $94.4M | $-217.0M | ||
| Q2 25 | $80.6M | $-166.0M | ||
| Q1 25 | $86.5M | $-104.0M | ||
| Q4 24 | $150.9M | $73.0M | ||
| Q3 24 | $146.0M | $-170.0M | ||
| Q2 24 | $98.7M | $-22.0M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | -11.3% | ||
| Q3 25 | 9.4% | -24.5% | ||
| Q2 25 | 7.8% | -17.9% | ||
| Q1 25 | 8.7% | -11.4% | ||
| Q4 24 | 14.5% | 7.3% | ||
| Q3 24 | 15.2% | -18.2% | ||
| Q2 24 | 10.2% | -2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 2.2% | ||
| Q3 25 | 14.5% | 0.2% | ||
| Q2 25 | 12.0% | 3.6% | ||
| Q1 25 | 17.1% | 2.0% | ||
| Q4 24 | 10.7% | 1.4% | ||
| Q3 24 | 8.9% | 1.5% | ||
| Q2 24 | 11.8% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | -1.72× | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 1.35× | — | ||
| Q1 25 | 2.30× | — | ||
| Q4 24 | 1.54× | 1.61× | ||
| Q3 24 | 1.76× | -6.00× | ||
| Q2 24 | 1.52× | 0.29× |
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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
