Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities
Net income (loss)	$ 1,838,902	$ 577,952	$ 620,023
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	302,710	276,639	256,780
Amortization of debt financing costs and discounts on debt	7,139	7,591	7,761
Non-cash operating lease expense	91,594	87,687	78,811
Non-cash expected credit loss (income) on note receivable	0	0	(34,371)
Share-based compensation expense	32,146	29,666	32,379
Deferred income taxes	(23,475)	58,145	(29,842)
Non-cash interest income	(3,009)	0	0
Non-cash impairment of assets	128,395	10,500	107,837
Gain on sale of investment	(1,748,000)	0	0
Loss on early extinguishments and modifications of debt	1,446	0	0
Other operating activities	(1,233)	9,116	1,665
Changes in operating assets and liabilities, excluding the impact of acquisitions:
Accounts receivable, net	47,974	5,964	(28,810)
Inventories	1,046	(543)	1,481
Prepaid expenses and other current assets	11,701	3,088	(10,369)
Income taxes (receivable) payable, net	8,068	(26,497)	(950)
Other assets, net	1,043	800	1,307
Accounts payable and accrued liabilities	373,730	6,344	(10,345)
Operating lease liabilities	(91,594)	(87,687)	(78,811)
Other liabilities	(1,904)	(1,690)	(30)
Net cash provided by operating activities	976,679	957,075	914,516
Cash Flows from Investing Activities
Capital expenditures	(588,215)	(400,400)	(373,950)
Cash paid for acquisitions, net of cash received	0	(30,266)	0
Cash paid for gaming license right intangible asset	(85,000)	0	0
Payments received on note receivable	0	208	113,555
Advances made under note receivable	(31,780)	0	0
Proceeds from sale of investment	1,758,000	0	0
Other investing activities	(10,184)	(3,454)	(3,935)
Net cash provided by (used in) investing activities	1,042,821	(433,912)	(264,330)
Cash Flows from Financing Activities
Borrowings under credit facility	2,062,800	1,764,300	1,505,800
Payments under credit facility	(3,202,400)	(1,510,300)	(1,647,300)
Share-based compensation activities	(6,189)	(14,818)	(19,312)
Shares repurchased and retired	(778,324)	(685,850)	(412,655)
Dividends paid	(58,172)	(62,661)	(63,609)
Other financing activities	(6)	(172)	(172)
Net cash used in financing activities	(1,982,291)	(509,501)	(637,248)
Change in cash, cash equivalents and restricted cash	37,403	13,434	12,865
Cash, cash equivalents and restricted cash, beginning of year	321,364	307,930	295,065
Cash, cash equivalents and restricted cash, end of year	358,767	321,364	307,930
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	194	(228)	(73)
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized	151,004	173,177	166,682
Cash received for interest	0	213	11,999
Cash paid for income taxes	131,767	144,512	164,482
Supplemental Schedule of Non-cash Investing and Financing Activities
Payables incurred for capital expenditures	38,712	27,220	23,509
Dividends declared not yet paid	13,767	14,665	15,508
Asset acquisition in exchange for contingent consideration	10,000	0	0
Derecognition of lease liability	(37,897)	0	0
Derecognition of right-of-use operating lease asset	37,897	0	0
Expected credit loss (income) on note receivable	$ 0	$ 0	$ (34,371)

BOYD GAMING CORP 10-K