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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and MARRIOTT VACATIONS WORLDWIDE Corp (VAC). Click either name above to swap in a different company.
MARRIOTT VACATIONS WORLDWIDE Corp is the larger business by last-quarter revenue ($1.2B vs $997.4M, roughly 1.2× BOYD GAMING CORP). BOYD GAMING CORP runs the higher net margin — 10.5% vs -35.0%, a 45.5% gap on every dollar of revenue. On growth, BOYD GAMING CORP posted the faster year-over-year revenue change (0.6% vs -0.7%). Over the past eight quarters, MARRIOTT VACATIONS WORLDWIDE Corp's revenue compounded faster (5.2% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
Marriott Vacations Worldwide Corporation is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and members in a diverse portfolio of brands under The Marriott Vacation Clubs name. Its brands include Marriott Vacation Club, The Marriott Vaca...
BYD vs VAC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $1.2B |
| Net Profit | $104.3M | $-431.0M |
| Gross Margin | — | — |
| Operating Margin | 16.4% | — |
| Net Margin | 10.5% | -35.0% |
| Revenue YoY | 0.6% | -0.7% |
| Net Profit YoY | -5.9% | -962.0% |
| EPS (diluted) | $1.37 | $-12.00 |
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 | $1.2B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $991.6M | $1.1B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $961.2M | $1.2B | ||
| Q2 24 | $967.5M | $1.1B |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $-431.0M | ||
| Q3 25 | $1.4B | $-2.0M | ||
| Q2 25 | $151.5M | $69.0M | ||
| Q1 25 | $111.4M | $56.0M | ||
| Q4 24 | $170.5M | $50.0M | ||
| Q3 24 | $131.1M | $84.0M | ||
| Q2 24 | $139.8M | $37.0M |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | — | ||
| Q3 25 | 13.9% | — | ||
| Q2 25 | 23.4% | — | ||
| Q1 25 | 20.2% | — | ||
| Q4 24 | 25.1% | — | ||
| Q3 24 | 22.9% | — | ||
| Q2 24 | 23.5% | — |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | -35.0% | ||
| Q3 25 | 143.4% | -0.2% | ||
| Q2 25 | 14.6% | 6.0% | ||
| Q1 25 | 11.2% | 5.0% | ||
| Q4 24 | 16.4% | 4.0% | ||
| Q3 24 | 13.6% | 6.9% | ||
| Q2 24 | 14.5% | 3.5% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $-12.00 | ||
| Q3 25 | $17.81 | $-0.07 | ||
| Q2 25 | $1.84 | $1.77 | ||
| Q1 25 | $1.31 | $1.46 | ||
| Q4 24 | $1.89 | $1.29 | ||
| Q3 24 | $1.43 | $2.12 | ||
| Q2 24 | $1.47 | $0.98 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $406.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $2.0B |
| Total Assets | — | $9.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $406.0M | ||
| Q3 25 | $319.1M | $474.0M | ||
| Q2 25 | $320.1M | $205.0M | ||
| Q1 25 | $311.5M | $196.0M | ||
| Q4 24 | $316.7M | $197.0M | ||
| Q3 24 | $286.3M | $197.0M | ||
| Q2 24 | $280.8M | $206.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $2.0B | ||
| Q3 25 | $2.7B | $2.5B | ||
| Q2 25 | $1.4B | $2.5B | ||
| Q1 25 | $1.3B | $2.4B | ||
| Q4 24 | $1.6B | $2.4B | ||
| Q3 24 | $1.6B | $2.4B | ||
| Q2 24 | $1.7B | $2.4B |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $9.8B | ||
| Q3 25 | $6.5B | $10.1B | ||
| Q2 25 | $6.6B | $9.9B | ||
| Q1 25 | $6.5B | $9.9B | ||
| Q4 24 | $6.4B | $9.8B | ||
| Q3 24 | $6.3B | $9.7B | ||
| Q2 24 | $6.3B | $9.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.56× | — | ||
| Q1 25 | 2.61× | — | ||
| 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 | — | $6.0M |
| Free Cash FlowOCF − Capex | — | $-6.0M |
| FCF MarginFCF / Revenue | — | -0.5% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-29.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $6.0M | ||
| Q3 25 | $240.0M | $62.0M | ||
| Q2 25 | $205.0M | $-48.0M | ||
| Q1 25 | $256.4M | $8.0M | ||
| Q4 24 | $262.1M | $100.0M | ||
| Q3 24 | $231.2M | $72.0M | ||
| Q2 24 | $213.1M | $30.0M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $-6.0M | ||
| Q3 25 | $94.4M | $51.0M | ||
| Q2 25 | $80.6M | $-68.0M | ||
| Q1 25 | $86.5M | $-6.0M | ||
| Q4 24 | $150.9M | $86.0M | ||
| Q3 24 | $146.0M | $58.0M | ||
| Q2 24 | $98.7M | $17.0M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | -0.5% | ||
| Q3 25 | 9.4% | 4.3% | ||
| Q2 25 | 7.8% | -5.9% | ||
| Q1 25 | 8.7% | -0.5% | ||
| Q4 24 | 14.5% | 6.9% | ||
| Q3 24 | 15.2% | 4.8% | ||
| Q2 24 | 10.2% | 1.6% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 1.0% | ||
| Q3 25 | 14.5% | 0.9% | ||
| Q2 25 | 12.0% | 1.7% | ||
| Q1 25 | 17.1% | 1.3% | ||
| Q4 24 | 10.7% | 1.1% | ||
| Q3 24 | 8.9% | 1.1% | ||
| Q2 24 | 11.8% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 1.35× | -0.70× | ||
| Q1 25 | 2.30× | 0.14× | ||
| Q4 24 | 1.54× | 2.00× | ||
| Q3 24 | 1.76× | 0.86× | ||
| Q2 24 | 1.52× | 0.81× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
