LAS VEGAS, July 23, 2026 /PRNewswire/ -- Boyd Gaming Corporation $(BYD)$ today reported financial results for the second quarter ended June 30, 2026.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our second-quarter results demonstrated the benefits of our diversified business model, with strong performances from our Midwest & South operations, Online segment and Managed business. Results for the quarter, on a comparable basis, reflect both revenue and Adjusted EBITDAR growth, with property operating margins of 40%, a level we have consistently delivered over the last several years. This performance was supported by strength in play from both our core and retail customers across the portfolio, as well as contributions from our recent capital investments. We also returned substantial capital to our shareholders, with more than $170 million in dividends and share repurchases during the second quarter. With our strong balance sheet, efficient operating model and robust free cash flow, our Company is well-positioned to continue creating long-term shareholder value."
Boyd Gaming reported second-quarter 2026 revenues of $1.03 billion, in-line with the second quarter of 2025. The Company reported net income of $131.2 million, or $1.75 per share, for the second quarter of 2026, compared to $151.5 million, or $1.84 per share, for the year-ago period. Total Adjusted EBITDAR(1) was $350.5 million in the second quarter of 2026 versus $357.9 million in the second quarter of 2025. Adjusted Earnings(1) for the second quarter of 2026 were $144.4 million, or $1.93 per share, compared to $154.2 million, or $1.87 per share, for the same period in 2025.
(1) See footnotes at the end of the release for additional information relative to non-GAAP financial measures.
Operations Review
Our Midwest & South operations once again delivered revenue and Adjusted EBITDAR growth during the quarter, driven by increased play from our core and retail customers, as well as contributions from recent capital investments across the segment. While results in the Las Vegas Locals segment were impacted by continued softness in destination business, primarily at the Orleans, and ongoing construction disruption at the Suncoast, the remainder of the segment grew revenues and Adjusted EBITDAR over the prior year, with property margins exceeding 50%. In our Downtown Las Vegas segment, play from both our core and Hawaiian customers was consistent with recent quarters; however, results continued to be impacted by ongoing softness in destination business throughout the downtown area.
Results in our Online segment reflected growth from the Company's online casino gaming business, as well as contributions from third-party market access agreements consistent with the last several quarters. Strong revenue and Adjusted EBITDAR growth in our Managed business was driven by increased management fees from Sky River Casino following its recently completed expansion.
Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly cash dividend of $0.20 per share on July 15, 2026, as previously announced.
As part of its ongoing share repurchase program, the Company repurchased $156 million in shares of its common stock during the second quarter of 2026. The Company had $551 million remaining under its current share repurchase authorization as of June 30, 2026.
Balance Sheet Statistics
As of June 30, 2026, Boyd Gaming had cash on hand of $322.7 million, and total debt of $2.6 billion.
Conference Call Information
Boyd Gaming will host a conference call to discuss its second-quarter 2026 results today, July 23, at 5:00 p.m. Eastern. The conference call number is (800) 836-8184. No passcode is required to join the call. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.
The conference call will also be available online at https://investors.boydgaming.com or https://app.webinar.net/gBE9RqpOV3y.
Following the call's completion, a replay will be available by dialing (888) 660-6345 today, July 23, and continuing through Thursday, July 30. The passcode for the replay will be 62234#. The replay will also be available at https://investors.boydgaming.com.
BOYD GAMING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------------------------------ ------------------------------------------------
(In thousands,
except per share
data) 2026 2025 2026 2025
----------------------- ----------------------- ----------------------- -----------------------
Revenues
Gaming $ 683,289 $ 671,455 $ 1,333,790 $ 1,310,148
Food & beverage 77,702 78,167 153,472 152,325
Room 50,413 51,453 96,360 98,841
Online 31,825 39,139 58,073 79,107
Online
reimbursements 126,357 133,912 261,804 263,517
Management fee 28,481 23,775 54,702 48,921
Other 36,319 36,097 73,540 72,704
Total revenues 1,034,386 1,033,998 2,031,741 2,025,563
----------------------- ----------------------- ----------------------- -----------------------
Operating costs
and expenses
Gaming 267,630 259,554 522,479 505,677
Food & beverage 66,980 65,633 131,895 128,970
Room 19,801 19,492 38,973 38,489
Online 20,992 16,183 38,662 32,608
Online
reimbursements 126,357 133,912 261,804 263,517
Other 12,467 12,149 25,672 24,940
Selling, general
and
administrative 110,882 110,065 220,867 217,911
Master lease rent
expense (a) 28,856 28,442 57,440 56,602
Maintenance and
utilities 38,515 37,322 74,258 74,047
Depreciation and
amortization 91,101 69,985 186,090 138,208
Corporate expense 33,243 35,365 70,027 65,316
Project
development,
preopening and
writedowns 15,356 2,764 35,624 1,242
Impairment of
assets -- -- -- 32,272
Other operating
items, net 1,508 762 3,260 3,507
Total operating
costs and
expenses 833,688 791,628 1,667,051 1,583,306
----------------------- ----------------------- ----------------------- -----------------------
Operating income 200,698 242,370 364,690 442,257
----------------------- ----------------------- ----------------------- -----------------------
Other expense
(income)
Interest income (1,282) (1,263) (3,147) (2,071)
Interest expense,
net of amounts
capitalized 31,423 50,569 59,874 99,006
Loss on early
extinguishments
and
modifications of
debt -- -- 391 --
Other, net (3) (48) 4 59
Total other
expense, net 30,138 49,258 57,122 96,994
----------------------- ----------------------- ----------------------- -----------------------
Income before
income taxes 170,560 193,112 307,568 345,263
Income tax
provision (40,637) (42,758) (73,352) (84,027)
-----------------------
Net income 129,923 150,354 234,216 261,236
Net loss
attributable to
noncontrolling
interest 1,311 1,104 2,560 1,641
----------------------- ----------------------- ----------------------- -----------------------
Net income
attributable to
Boyd Gaming $ 131,234 $ 151,458 $ 236,776 $ 262,877
======================= ======================= ======================= =======================
Basic net income
per common
share $ 1.75 $ 1.84 $ 3.12 $ 3.14
======================= ======================= ======================= =======================
Weighted average
basic shares
outstanding 74,817 82,289 75,787 83,696
======================= ======================= ======================= =======================
Diluted net
income per
common share $ 1.75 $ 1.84 $ 3.12 $ 3.14
======================= ======================= ======================= =======================
Weighted average
diluted shares
outstanding 74,817 82,303 75,791 83,712
======================= ======================= ======================= =======================
(a) Rent expense incurred by those properties subject to a master
lease with a real estate investment trust.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------------------------- --------------------------------------------
(In thousands) 2026 2025 2026 2025
--------------------- --------------------- --------------------- ---------------------
Total Revenues
by Segment
Las Vegas Locals $ 225,898 $ 229,091 $ 443,002 $ 451,890
Downtown Las
Vegas 52,112 55,253 107,050 112,540
Midwest & South 556,890 540,077 1,081,983 1,044,664
Online 158,182 173,051 319,877 342,624
Managed & Other 41,304 36,526 79,829 73,845
Total revenues $ 1,034,386 $ 1,033,998 $ 2,031,741 $ 2,025,563
===================== ===================== ===================== =====================
Adjusted EBITDAR
by Segment
Las Vegas Locals $ 106,416 $ 112,714 $ 206,378 $ 219,261
Downtown Las
Vegas 16,905 19,405 35,805 40,328
Midwest & South 208,748 201,401 401,389 384,623
Online 10,590 22,244 18,946 45,550
Managed & Other 30,692 25,963 59,108 53,282
Corporate
expense, net of
share-based
compensation
expense (a) (22,883) (23,865) (53,743) (47,665)
Adjusted EBITDAR 350,468 357,862 667,883 695,379
Master lease rent
expense (b) (28,856) (28,442) (57,440) (56,602)
Adjusted EBITDA 321,612 329,420 610,443 638,777
--------------------- --------------------- --------------------- ---------------------
Other operating
costs and
expenses
Deferred rent 132 147 264 294
Depreciation and
amortization 91,101 69,985 186,090 138,208
Share-based
compensation
expense 12,817 13,392 20,515 20,997
Project
development,
preopening and
writedowns 15,356 2,764 35,624 1,242
Impairment of
assets -- -- -- 32,272
Other operating
items, net 1,508 762 3,260 3,507
Total other
operating costs
and expenses 120,914 87,050 245,753 196,520
--------------------- --------------------- --------------------- ---------------------
Operating income 200,698 242,370 364,690 442,257
--------------------- --------------------- --------------------- ---------------------
Other expense
(income)
Interest income (1,282) (1,263) (3,147) (2,071)
Interest expense,
net of amounts
capitalized 31,423 50,569 59,874 99,006
Loss on early
extinguishments
and
modifications of
debt -- -- 391 --
Other, net (3) (48) 4 59
Total other
expense, net 30,138 49,258 57,122 96,994
--------------------- --------------------- --------------------- ---------------------
Income before
income taxes 170,560 193,112 307,568 345,263
Income tax
provision (40,637) (42,758) (73,352) (84,027)
Net income 129,923 150,354 234,216 261,236
Net loss
attributable to
noncontrolling
interest 1,311 1,104 2,560 1,641
Net income
attributable to
Boyd Gaming $ 131,234 $ 151,458 $ 236,776 $ 262,877
===================== ===================== ===================== =====================
(a)
Reconciliation
of corporate
expense:
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------------------------- --------------------------------------------
(In thousands) 2026 2025 2026 2025
--------------------- --------------------- --------------------- ---------------------
Corporate expense
as reported on
Condensed
Consolidated
Statements of
Operations $ 33,243 $ 35,365 $ 70,027 $ 65,316
Corporate
share-based
compensation
expense (10,360) (11,500) (16,284) (17,651)
Corporate
expense, net, as
reported on the
above table $ 22,883 $ 23,865 $ 53,743 $ 47,665
===================== ===================== ===================== =====================
(b) Rent expense
incurred by
those properties
subject to a
master lease
with a real
estate
investment
trust.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliations of Net Income attributable to Boyd Gaming to Adjusted Earnings
and Net Income Per Share to Adjusted Earnings Per Share
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------------------------------ ------------------------------------------------
(In thousands,
except per share
data) 2026 2025 2026 2025
----------------------- ----------------------- ----------------------- -----------------------
Net income
attributable to
Boyd Gaming $ 131,234 $ 151,458 $ 236,776 $ 262,877
----------------------- ----------------------- ----------------------- -----------------------
Pretax
adjustments:
Project
development,
preopening and
writedowns 15,356 2,764 35,624 1,242
Impairment of
assets -- -- -- 32,272
Other operating
items, net 1,508 762 3,260 3,507
Loss on early
extinguishments
and
modifications of
debt -- -- 391 --
Other, net (3) (48) 4 59
Total
adjustments 16,861 3,478 39,279 37,080
Income tax effect
for above
adjustments (3,663) (779) (8,531) (8,072)
Adjusted earnings $ 144,432 $ 154,157 $ 267,524 $ 291,885
======================= ======================= ======================= =======================
Net income per
share, diluted $ 1.75 $ 1.84 $ 3.12 $ 3.14
----------------------- ----------------------- ----------------------- -----------------------
Pretax
adjustments:
Project
development,
preopening and
writedowns 0.21 0.03 0.47 0.02
Impairment of
assets -- -- -- 0.39
Other operating
items, net 0.02 0.01 0.04 0.04
Loss on early
extinguishments
and
modifications of
debt -- -- 0.01 --
Other, net -- -- -- --
Total
adjustments 0.23 0.04 0.52 0.45
Income tax effect
for above
adjustments (0.05) (0.01) (0.11) (0.10)
Adjusted earnings
per share,
diluted $ 1.93 $ 1.87 $ 3.53 $ 3.49
======================= ======================= ======================= =======================
Weighted average
diluted shares
outstanding 74,817 82,303 75,791 83,712
======================= ======================= ======================= =======================
Non-GAAP Financial Measures
Our financial presentations include the following non-GAAP financial measures:
-- EBITDA: earnings before interest, taxes, depreciation and amortization,
-- Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based
compensation expense, project development, preopening and writedowns
expense, impairments of assets, other operating items, net, gain or loss
on early extinguishments and modifications of debt, net income (loss)
attributable to noncontrolling interest and other items, net, as
applicable,
-- EBITDAR: EBITDA further adjusted for rent expense associated with master
leases with a real estate investment trust,
-- Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense
associated with master leases with a real estate investment trust,
-- Adjusted Earnings: net income before project development, preopening and
writedowns expense, impairments of assets, other operating items, net,
gain or loss on early extinguishments and modifications of debt, net
income (loss) attributable to noncontrolling interest, and other
non-recurring adjustments, net, as applicable, and,
-- Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by
weighted average diluted shares outstanding.
Collectively, we refer to these and other non-GAAP financial measures as the "Non-GAAP Measures."
The Non-GAAP Measures are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (GAAP), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company.
The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.
The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.
Forward-looking Statements and Company Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. These forward-looking statements are based on the current beliefs and expectations of management and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd Gaming's ability to control or estimate precisely. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 27 gaming entertainment properties in 11 states. The Company also manages a tribal casino in northern California, and owns and operates Boyd Interactive, a B2B and B2C online casino gaming business. Boyd Gaming's nationwide portfolio is connected through Boyd Rewards, recognized as the nation's favorite casino loyalty program by readers of both USA Today and Newsweek. Named by Forbes and Time magazines as one of "America's Best Companies," and led by one of the most experienced teams in the industry, Boyd Gaming is dedicated to delivering an outstanding entertainment experience and memorable guest service. For additional Company information and press releases, visit https://www.boydgaming.com.
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SOURCE Boyd Gaming Corporation
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July 23, 2026 16:05 ET