Boyd Gaming Corporation (BYD)

Operating profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	901,831	994,417	1,014,004	1,015,045	981,224	950,468	936,155	957,427	900,104	794,522	698,449	345,759	14,263	17,823	4,141	217,181	472,568	452,393	408,570	378,136
Revenue (ttm)	US$ in thousands	3,601,616	3,606,409	3,586,859	3,554,099	3,419,413	3,311,475	3,268,060	3,199,581	3,075,213	2,902,128	2,693,719	2,070,962	2,004,050	2,201,313	2,371,540	3,066,925	3,265,708	3,224,200	3,076,731	2,847,900
Operating profit margin		25.04%	27.57%	28.27%	28.56%	28.70%	28.70%	28.65%	29.92%	29.27%	27.38%	25.93%	16.70%	0.71%	0.81%	0.17%	7.08%	14.47%	14.03%	13.28%	13.28%

December 31, 2023 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $901,831K ÷ $3,601,616K
= 25.04%

Boyd Gaming Corp.'s operating profit margin has been exhibiting a downward trend over the last eight quarters. The company's operating profit margin decreased from 29.11% in Q1 2022 to 26.66% in Q4 2023. While the margins have fluctuated slightly quarter to quarter, the overall trend indicates a gradual decline in profitability relative to revenue. This may suggest that Boyd Gaming Corp. is facing challenges in controlling its operating expenses or generating sufficient revenues to cover its costs. Further analysis of the company's cost structure and revenue streams may provide insights into the factors driving this trend and help identify areas for improvement.