LAS VEGAS, July 23, 2026 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: 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
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