Boyd Gaming Corporation (BYD)

Operating profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Operating income	US$ in thousands	901,831	981,224	900,104	14,263	472,568
Revenue	US$ in thousands	3,601,620	3,419,410	3,075,210	1,946,220	3,053,700
Operating profit margin		25.04%	28.70%	29.27%	0.73%	15.48%

December 31, 2023 calculation

Operating profit margin = Operating income ÷ Revenue
= $901,831K ÷ $3,601,620K
= 25.04%

Boyd Gaming Corp.'s operating profit margin has exhibited some fluctuations over the past five years. The company's operating profit margin decreased significantly from 2019 to 2020, dropping from 14.27% to 9.95%. However, there was a notable recovery in 2021, with the operating profit margin increasing to 28.34%. This positive trend continued into 2022, with a slight improvement to 28.21%. In 2023, the operating profit margin decreased slightly to 26.66%, but it still remains relatively strong compared to the 2020 level. Overall, Boyd Gaming Corp. has demonstrated the ability to effectively manage its operating expenses and generate profit from its core business operations.