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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and ZILLOW GROUP, INC. (ZG). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $654.0M, roughly 1.5× ZILLOW GROUP, INC.). BOYD GAMING CORP runs the higher net margin — 10.5% vs 0.5%, a 10.0% gap on every dollar of revenue. On growth, ZILLOW GROUP, INC. posted the faster year-over-year revenue change (18.1% vs 0.6%). Over the past eight quarters, ZILLOW GROUP, INC.'s revenue compounded faster (11.2% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
Zillow Group, Inc., or simply Zillow, is an American tech real-estate marketplace company that was founded in 2006 by co-executive chairmen Rich Barton and Lloyd Frink, former Microsoft executives and founders of Microsoft spin-off Expedia; Spencer Rascoff, a co-founder of Hotwire.com; David Beitel, Zillow's current chief technology officer; and Kristin Acker, Zillow's current technology leadership advisor.
BYD vs ZG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $654.0M |
| Net Profit | $104.3M | $3.0M |
| Gross Margin | — | 72.8% |
| Operating Margin | 16.4% | -1.7% |
| Net Margin | 10.5% | 0.5% |
| Revenue YoY | 0.6% | 18.1% |
| Net Profit YoY | -5.9% | 105.8% |
| EPS (diluted) | $1.37 | $0.01 |
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 | $654.0M | ||
| Q3 25 | $1.0B | $676.0M | ||
| Q2 25 | $1.0B | $655.0M | ||
| Q1 25 | $991.6M | $598.0M | ||
| Q4 24 | $1.0B | $554.0M | ||
| Q3 24 | $961.2M | $581.0M | ||
| Q2 24 | $967.5M | $572.0M |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $3.0M | ||
| Q3 25 | $1.4B | $10.0M | ||
| Q2 25 | $151.5M | $2.0M | ||
| Q1 25 | $111.4M | $8.0M | ||
| Q4 24 | $170.5M | $-52.0M | ||
| Q3 24 | $131.1M | $-20.0M | ||
| Q2 24 | $139.8M | $-17.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 72.8% | ||
| Q3 25 | — | 72.6% | ||
| Q2 25 | — | 74.7% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 75.8% | ||
| Q3 24 | — | 75.9% | ||
| Q2 24 | — | 77.3% |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | -1.7% | ||
| Q3 25 | 13.9% | -0.4% | ||
| Q2 25 | 23.4% | -1.7% | ||
| Q1 25 | 20.2% | -1.5% | ||
| Q4 24 | 25.1% | -12.5% | ||
| Q3 24 | 22.9% | -7.7% | ||
| Q2 24 | 23.5% | -6.6% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | 0.5% | ||
| Q3 25 | 143.4% | 1.5% | ||
| Q2 25 | 14.6% | 0.3% | ||
| Q1 25 | 11.2% | 1.3% | ||
| Q4 24 | 16.4% | -9.4% | ||
| Q3 24 | 13.6% | -3.4% | ||
| Q2 24 | 14.5% | -3.0% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $0.01 | ||
| Q3 25 | $17.81 | $0.04 | ||
| Q2 25 | $1.84 | $0.01 | ||
| Q1 25 | $1.31 | $0.03 | ||
| Q4 24 | $1.89 | $-0.23 | ||
| Q3 24 | $1.43 | $-0.08 | ||
| Q2 24 | $1.47 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $768.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $4.9B |
| Total Assets | — | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $768.0M | ||
| Q3 25 | $319.1M | $874.0M | ||
| Q2 25 | $320.1M | $587.0M | ||
| Q1 25 | $311.5M | $914.0M | ||
| Q4 24 | $316.7M | $1.1B | ||
| Q3 24 | $286.3M | $1.1B | ||
| Q2 24 | $280.8M | $1.2B |
| 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 | $4.9B | ||
| Q3 25 | $2.7B | $5.0B | ||
| Q2 25 | $1.4B | $4.7B | ||
| Q1 25 | $1.3B | $4.8B | ||
| Q4 24 | $1.6B | $4.8B | ||
| Q3 24 | $1.6B | $4.7B | ||
| Q2 24 | $1.7B | $4.5B |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $5.7B | ||
| Q3 25 | $6.5B | $5.7B | ||
| Q2 25 | $6.6B | $5.4B | ||
| Q1 25 | $6.5B | $5.7B | ||
| Q4 24 | $6.4B | $5.8B | ||
| Q3 24 | $6.3B | $6.2B | ||
| Q2 24 | $6.3B | $6.6B |
| 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 | — | $72.0M |
| Free Cash FlowOCF − Capex | — | $44.0M |
| FCF MarginFCF / Revenue | — | 6.7% |
| Capex IntensityCapex / Revenue | — | 4.3% |
| Cash ConversionOCF / Net Profit | — | 24.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $235.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $72.0M | ||
| Q3 25 | $240.0M | $105.0M | ||
| Q2 25 | $205.0M | $87.0M | ||
| Q1 25 | $256.4M | $104.0M | ||
| Q4 24 | $262.1M | $122.0M | ||
| Q3 24 | $231.2M | $171.0M | ||
| Q2 24 | $213.1M | $55.0M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $44.0M | ||
| Q3 25 | $94.4M | $73.0M | ||
| Q2 25 | $80.6M | $50.0M | ||
| Q1 25 | $86.5M | $68.0M | ||
| Q4 24 | $150.9M | $88.0M | ||
| Q3 24 | $146.0M | $138.0M | ||
| Q2 24 | $98.7M | $18.0M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 6.7% | ||
| Q3 25 | 9.4% | 10.8% | ||
| Q2 25 | 7.8% | 7.6% | ||
| Q1 25 | 8.7% | 11.4% | ||
| Q4 24 | 14.5% | 15.9% | ||
| Q3 24 | 15.2% | 23.8% | ||
| Q2 24 | 10.2% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 4.3% | ||
| Q3 25 | 14.5% | 4.7% | ||
| Q2 25 | 12.0% | 5.6% | ||
| Q1 25 | 17.1% | 6.0% | ||
| Q4 24 | 10.7% | 6.1% | ||
| Q3 24 | 8.9% | 5.7% | ||
| Q2 24 | 11.8% | 6.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | 24.00× | ||
| Q3 25 | 0.17× | 10.50× | ||
| Q2 25 | 1.35× | 43.50× | ||
| Q1 25 | 2.30× | 13.00× | ||
| 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% |
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
