Boyd Gaming Corporation (BYD)

Pretax 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
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	752,907	865,540	891,766	877,087	828,806	748,269	723,164	680,290	603,939	552,412	443,874	152,406	-171,014	-238,986	-254,895	-43,159	202,126	211,143	174,405	160,375
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
Pretax margin		20.90%	24.00%	24.86%	24.68%	24.24%	22.60%	22.13%	21.26%	19.64%	19.03%	16.48%	7.36%	-8.53%	-10.86%	-10.75%	-1.41%	6.19%	6.55%	5.67%	5.63%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $752,907K ÷ $3,601,616K
= 20.90%

The pretax margin of Boyd Gaming Corp. has shown a generally positive trend over the past eight quarters, with some fluctuations along the way. The company's ability to generate earnings before taxes as a percentage of its total revenue has gradually improved from 19.56% in Q1 2022 to 24.23% in Q2 2023.

The highest pretax margin was recorded in Q2 2023 at 24.23%, indicating efficient cost management and strong revenue generation during that period. The lowest pretax margin observed was in Q1 2022 at 19.56%, which suggests lower profitability and possibly higher expenses relative to revenue during that quarter.

Overall, Boyd Gaming Corp.'s pretax margin performance reflects a positive trajectory, which may indicate improving operational efficiency and profitability over the analyzed timeframe. However, it is important to consider other financial metrics and external economic factors when assessing the company's overall financial health and performance.