BOYD GAMING REPORTS THIRD-QUARTER 2026 RESULTS
BOYD GAMING CORP (BYD) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 BOYD GAMING REPORTS THIRD-QUARTER 2026 RESULTS LAS VEGAS – OCTOBER 22, 2026 – Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the third quarter ended September 30, 2026. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said,
How this was made
The 30-second read
Why it matters
The earnings release provides fresh data on revenue trends, segment performance, and capital allocation, informing short-term trading decisions.
Market read
First report of Boyd Gaming's Q3 earnings, showing a notable decline in profit, which may affect its stock price and the broader gaming sector.
What to watch
Strong free cash flow and ongoing capital investments may support longer-term upside.
Boyd Gaming reported third-quarter 2026 revenues of $990.5 million and net income attributable to Boyd Gaming of $124.9 million, while total Adjusted EBITDAR was $319.6 million.
Midwest & South, online casino gaming and management fees supported operating results, but reported revenue and Adjusted EBITDAR were below the prior-year quarter, with Las Vegas destination softness, Suncoast construction disruption, lower Downtown Las Vegas visitation and portfolio changes weighing on results.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30GAAP | $990.5M | – | – |
| Gaming revenue, three months ended September 30GAAP | $655.0M | – | – |
| Food & beverage revenue, three months ended September 30GAAP | $73.74M | – | – |
| Room revenue, three months ended September 30GAAP | $43.11M | – | – |
| Online revenue, three months ended September 30GAAP | $33.24M | – | – |
| Online reimbursements revenue, three months ended September 30GAAP | $121.2M | – | – |
| Management fee revenue, three months ended September 30GAAP | $27.58M | – | – |
| Other revenue, three months ended September 30GAAP | $36.53M | – | – |
| Total operating costs and expenses, three months ended September 30GAAP | $795.6M | – | – |
| Gaming operating costs and expenses, three months ended September 30GAAP | $262.6M | – | – |
| Food & beverage operating costs and expenses, three months ended September 30GAAP | $65.64M | – | – |
| Room operating costs and expenses, three months ended September 30GAAP | $19.71M | – | – |
| Online operating costs and expenses, three months ended September 30GAAP | $22.04M | – | – |
| Online reimbursements operating costs and expenses, three months ended September 30GAAP | $121.2M | – | – |
| Other operating costs and expenses, three months ended September 30GAAP | $12.52M | – | – |
| Selling, general and administrative expense, three months ended September 30GAAP | $105.4M | – | – |
| Master lease rent expense, three months ended September 30GAAP | $28.99M | – | – |
| Maintenance and utilities expense, three months ended September 30GAAP | $41.08M | – | – |
| Depreciation and amortization, three months ended September 30GAAP | $91.27M | – | – |
| Corporate expense, three months ended September 30GAAP | $29.39M | – | – |
| Project development, preopening and writedowns, three months ended September 30GAAP | −$5.36M | – | – |
| Impairment of assets, three months ended September 30GAAP | — | – | – |
| Other operating items, net, three months ended September 30GAAP | $1.04M | – | – |
| Operating income, three months ended September 30GAAP | $194.9M | – | – |
| Interest income, three months ended September 30GAAP | −$1.26M | – | – |
| Interest expense, net of amounts capitalized, three months ended September 30GAAP | $33.78M | – | – |
| Loss on early extinguishments and modifications of debt, three months ended September 30GAAP | — | – | – |
| Other, net, three months ended September 30GAAP | $89K | – | – |
| Income before income taxes, three months ended September 30GAAP | $162.3M | – | – |
| Income tax provision, three months ended September 30GAAP | −$38.70M | – | – |
| Net income, three months ended September 30GAAP | $123.6M | – | – |
| Net loss attributable to noncontrolling interest, three months ended September 30GAAP | $1.34M | – | – |
| Net income attributable to Boyd Gaming, three months ended September 30GAAP | $124.9M | – | – |
| Basic net income per common share, three months ended September 30GAAP | $ 1.71 | – | – |
| Diluted net income per common share, three months ended September 30GAAP | $ 1.71 | – | – |
| Weighted average basic shares outstanding, three months ended September 30GAAP | 73.05M | – | – |
| Weighted average diluted shares outstanding, three months ended September 30GAAP | 73.05M | – | – |
| Adjusted EBITDAR, three months ended September 30non-GAAP | $319.6M | – | – |
| Adjusted EBITDA, three months ended September 30non-GAAP | $290.6M | – | – |
| Adjusted earnings, three months ended September 30non-GAAP | $121.7M | – | – |
| Adjusted earnings per share, diluted, three months ended September 30non-GAAP | $ 1.67 | – | – |
| Total revenues, nine months ended September 30GAAP | $3.02B | – | – |
| Operating income, nine months ended September 30GAAP | $559.6M | – | – |
| Net income attributable to Boyd Gaming, nine months ended September 30GAAP | $361.7M | – | – |
| Diluted net income per common share, nine months ended September 30GAAP | $ 4.83 | – | – |
| Adjusted EBITDAR, nine months ended September 30non-GAAP | $987.5M | – | – |
| Adjusted EBITDA, nine months ended September 30non-GAAP | $901.1M | – | – |
| Adjusted earnings, nine months ended September 30non-GAAP | $389.2M | – | – |
| Adjusted earnings per share, diluted, nine months ended September 30non-GAAP | $ 5.20 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Las Vegas Locals, three months ended September 30Results reflected increased softness in Las Vegas destination business, primarily at the Orleans, and construction disruption at the Suncoast. The remainder of the portfolio achieved revenue and Adjusted EBITDAR growth of 3%, with gaming revenue gains of 3.5%, highlighted by increased play from southern Nevada residents. | $207.4M | – | – |
| Downtown Las Vegas, three months ended September 30Results were impacted by increased softness in Las Vegas destination business, declines in Hawaiian visitation due to several major storms in Hawaii and higher airfares during the quarter. | $47.42M | – | – |
| Midwest & South, three months ended September 30Reported results were impacted by the closure of Sam’s Town Tunica in November 2025, the sale of Sam’s Town Shreveport in August 2026 and higher property taxes at Kansas Star. Adjusting for these items, revenues increased nearly 3% and Adjusted EBITDAR grew approximately 2.5%, driven by continued growth in play from core and retail customers and benefits from recent capital investments. | $540.5M | – | – |
| Online, three months ended September 30Double-digit Adjusted EBITDAR growth was driven by continued strength in the Company’s online casino gaming business. | $154.5M | – | – |
| Managed & Other, three months ended September 30Growth reflected increased management fees from Sky River following its recently completed expansion. | $40.63M | – | – |
| Las Vegas Locals, nine months ended September 30No separate nine-month segment driver was provided. | $650.5M | – | – |
| Downtown Las Vegas, nine months ended September 30No separate nine-month segment driver was provided. | $154.5M | – | – |
| Midwest & South, nine months ended September 30No separate nine-month segment driver was provided. | $1.62B | – | – |
| Online, nine months ended September 30No separate nine-month segment driver was provided. | $474.3M | – | – |
| Managed & Other, nine months ended September 30No separate nine-month segment driver was provided. | $120.5M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- The Company repurchased $164 million in shares of its common stock during the third quarter of 2026.
- The Company paid a quarterly cash dividend of $0.20 per share on October 15, 2026.
- The Company had $387 million remaining under its current share repurchase authorization as of September 30, 2026.
- The Company stated that it returned nearly $180 million to shareholders through share repurchases and dividends during the third quarter.
What drove it
- Midwest & South adjusted gaming revenue increased on continued growth in play from core and retail customers and benefits from recent capital investments.
- Southern Nevada resident play increased, supporting the remainder of the Las Vegas Locals portfolio.
- Online Adjusted EBITDAR posted double-digit growth from online casino gaming strength.
- Managed & Other growth reflected higher Sky River management fees following its recently completed expansion.
Concerns
- Las Vegas destination business softened, primarily affecting the Orleans property.
- Suncoast construction disrupted Las Vegas Locals results.
- Downtown Las Vegas was affected by softer destination business, lower Hawaiian visitation following several major storms in Hawaii and higher airfares.
- Midwest & South reported results were affected by the Sam’s Town Tunica closure, the Sam’s Town Shreveport sale and higher property taxes at Kansas Star.
- Total Adjusted EBITDAR was $ 319,629 (In thousands), compared with $ 321,765 (In thousands) in the prior-year quarter.
What to watch
- The extent and duration of softness in Las Vegas destination business, including impacts at the Orleans and Downtown Las Vegas.
- Performance of the Las Vegas Locals portfolio following Suncoast construction disruption.
- Midwest & South performance after the closure of Sam’s Town Tunica and sale of Sam’s Town Shreveport.
- Sustainability of online casino gaming strength and the resulting Online Adjusted EBITDAR growth.
- Management-fee contribution from Sky River after its expansion.
Balance sheet and cash flow
- Cash on hand was $297.2 million as of September 30, 2026.
- Total debt was $2.7 billion as of September 30, 2026.
- Operating cash flow, capital expenditures and free cash flow were not reported numerically.
Analysis
Boyd Gaming reported third-quarter revenue of $ 990,455 (In thousands), compared with $ 1,004,361 (In thousands) a year earlier. The revenue mix showed increased Online revenue and management fee revenue, while gaming, food & beverage, room, online reimbursements and other revenue were lower than the prior-year quarter. The company identified continued growth in Midwest & South customer play, increased southern Nevada resident play, online casino gaming strength and higher Sky River management fees as positive operating drivers.
Operating income was $ 194,902 (In thousands), compared with $ 139,764 (In thousands) in the prior-year quarter. The prior-year period included $ 65,123 (In thousands) of impairment of assets, whereas no impairment was reported in the current quarter. Depreciation and amortization increased to $ 91,267 (In thousands) from $ 73,749 (In thousands). Total Adjusted EBITDAR was $ 319,629 (In thousands), compared with $ 321,765 (In thousands), and Adjusted EBITDA was $ 290,636 (In thousands), compared with $ 293,181 (In thousands).
GAAP net income attributable to Boyd Gaming was $ 124,933 (In thousands), or $ 1.71 per diluted share, compared with $ 1,439,993 (In thousands), or $ 17.81 per diluted share. The filing states that the prior-year quarter benefited from a $1.4 billion after tax gain from the sale of the Company's equity interest in FanDuel. Adjusted earnings were $ 121,658 (In thousands), or $ 1.67 per diluted share, compared with $ 139,144 (In thousands), or $ 1.72 per diluted share, providing the comparable earnings measure excluding specified adjustments.
Segment conditions were uneven. Midwest & South reported revenue of $ 540,489 (In thousands) and was affected by the Sam’s Town Tunica closure, the Sam’s Town Shreveport sale and higher Kansas Star property taxes. Management said that, adjusting for those items, segment revenues increased nearly 3% and Adjusted EBITDAR grew approximately 2.5%. Las Vegas Locals revenue was $ 207,449 (In thousands), with destination-business softness at the Orleans and Suncoast construction disruption offsetting growth in the remainder of the portfolio. Downtown Las Vegas revenue was $ 47,423 (In thousands), affected by destination softness, Hawaiian visitation declines and higher airfares.
Capital allocation included $164 million of common-stock repurchases during the quarter and a quarterly cash dividend of $0.20 per share paid on October 15, 2026. Cash on hand was $297.2 million and total debt was $2.7 billion as of September 30, 2026. The filing provided no numerical financial guidance, operating cash flow, capital expenditures or free cash flow figure.
Management, verbatim
Our third-quarter performance continued to highlight the benefits of our diversified business model, the ongoing strength of our core customer and the appeal of our property investments nationwide.
Keith Smith, President and Chief Executive Officer
And while quarterly results were impacted by increased softness in destination business to Las Vegas, primarily affecting our Orleans property, we are encouraged by the continued strength of the remainder of our Las Vegas Locals portfolio and the performance of our Midwest & South segment.
Keith Smith, President and Chief Executive Officer
Not in the filing
stated, not guessed- Financial guidance was not provided.
- Prior-period outlook was not provided.
- Gross margin was not reported.
- Operating cash flow was not reported numerically.
- Capital expenditures were not reported numerically.
- Free cash flow was not reported numerically.
- Quarterly revenue changes by reported segment were not printed as a percentage or amount on the respective segment revenue rows.
- Nine-month revenue category and operating-cost line-item metrics were reported in the statements but are not individually presented in key_metrics.
- Nine-month segment Adjusted EBITDAR metrics were reported in the supplemental table but are not individually presented in key_metrics.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Boyd Gaming operates a diversified portfolio of casino properties across the U.S., with segments in Midwest & South, Las Vegas locals, online gaming, and managed services.
Ticker impact
Boyd Gaming Corp reported its Q3 2026 earnings, revealing revenue of $990.5M and net income of $124.9M, a sharp decline from the prior year.
modest downside as investors price in weaker results
Revenue fell slightly and net income dropped dramatically versus the prior year, suggesting weaker performance despite cash flow and share repurchases.
Market effects
Gaming sector may see broader scrutiny as earnings pressure spreads.
U.S. casino stocks could experience slight pullback.
Limited to North American gaming operators.
Counterpoint
Buy on dip if cash flow remains strong and share repurchases continue.
Key entities
- CompanyBoyd Gaming Corp
U.S.-listed casino operator (NYSE: BYD) reporting Q3 2026 results.
