Yes, could be the floats, if they are adjusted too high it will keep dumping gas in and going out the overflow. My quad had that problem and it was a piece of debris in the float needle valve area. This will cause the float needle not to seat and gas to continue flowing after the floats reach the cutoff point (similar to having floats adjusted wrong). I'd disassemble the carb, check the float level and check the float needle and seat. If there is no debris and the floats are correct, check the needle valve face and the seat to make sure there is no wear on either.
'86 trx350r- fully custom, more than you can imagine
For Sale or trade for 600+cc street bike:
"Casper": '86 Suzuki LT250R, 600cc Kawasaki ninja 4 cyl motor-12,000rpm screamer
'98 Banshee 370- extremely ported by Packard/Ripps