| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 997.36 | 0.6% |
| Total Income | 997.36 | 0.6% |
| Expenditure | 833.36 | 5.3% |
| PBT | 137.01 | 9.9% |
| Net Profit | 105.54 | 5.3% |
| OPM | 16.44% | 3.72pp |
| NPM | 10.58% | 0.65pp |
| EPS | 1.37 | 4.6% |
Boyd Gaming Reports Q1 2026 Revenue of $997.4 million
24 Apr 2026 · 24 Apr, 1:36 am
Summary
Boyd Gaming Corporation reported first-quarter 2026 revenues of $997.4 million, up from $991.6 million in the first quarter of 2025. Net income was $105.5 million, or $1.37 per share, compared to $111.4 million, or $1.31 per share, in the prior year. Adjusted EBITDAR was $317.4 million, down from $337.5 million in the same period last year. The company continued its capital return program, repurchasing $155 million in shares and increasing the share repurchase authorization by $500 million.
Key Highlights
- 1
Boyd Gaming reported first-quarter 2026 revenues of $997.4 million, an increase from $991.6 million in the first quarter of 2025.
- 2
Net income for the first quarter of 2026 was $105.5 million, or $1.37 per share, compared to $111.4 million, or $1.31 per share, for the year-ago period.
- 3
Adjusted EBITDAR totaled $317.4 million in the first quarter of 2026, versus $337.5 million in the first quarter of 2025.
- 4
Adjusted earnings for the first quarter of 2026 were $123.1 million, or $1.60 per share, compared to $137.7 million, or $1.62 per share, for the same period in 2025.
- 5
The company repurchased $155 million in shares of its common stock during the first quarter of 2026.
- 6
The Board of Directors authorized an additional $500 million under the Company’s share repurchase program, leaving approximately $707 million remaining under the current authorization as of March 31, 2026.
Management Comments
Keith Smith
Our first-quarter results reflect the benefits of our diversified business, our successful focus on operating efficiencies and our ongoing capital investment program. On a property-level basis, we achieved year-over-year revenue and Adjusted EBITDAR growth, as property margins once again exceeded 39%. These results were supported by continued growth in play from both core and retail customers on a Companywide basis, driven by broad-based strength in our Midwest & South segment. During the quarter we continued to invest in enhancing our properties and building our development pipeline. We opened Cadence Crossing Casino, our newest Las Vegas Locals property, and continued development of our $750 million resort in Virginia. We also secured regulatory approval for our proposed expansion and modernization of our Par-A-Dice property in Illinois, and plan to begin construction on this project next year. At the same time, we maintained our robust program of returning capital to our shareholders, with nearly $170 million in share repurchases and dividends during the first quarter. Looking ahead, we believe that our strong balance sheet, diversified portfolio, balanced approach to capital allocation and experienced management team all position us well to continue creating long-term value for our shareholders.”
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