| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 1.0K | 3.7% | 0.0% |
| Total Income | 1.0K | 3.7% | 0.0% |
| Expenditure | 833.69 | 0.0% | 5.3% |
| PBT | 170.56 | 24.5% | 11.7% |
| Net Profit | 131.23 | 24.3% | 13.4% |
| OPM | 19.40% | 2.96pp | 4.04pp |
| NPM | 12.69% | 2.10pp | 1.96pp |
| EPS | 1.75 | 27.7% | 4.9% |
Boyd Gaming Reports Q2 2026 Results
24 Jul 2026 · 24 Jul, 1:42 am
Summary
Boyd Gaming Corporation announced its financial results for the second quarter ended June 30, 2026, reporting revenues of $1.03 billion, which were in-line with the prior year. Net income for the quarter was $131.2 million, or $1.75 per share, a decrease from $151.5 million, or $1.84 per share, in the second quarter of 2025. Adjusted EBITDAR was $350.5 million, down slightly from $357.9 million year-over-year. President and CEO Keith Smith highlighted the benefits of the company's diversified business model and strong performances from its Midwest & South operations, Online segment, and Managed business, noting consistent property operating margins of 40%.
Key Highlights
- 1
Boyd Gaming reported second-quarter 2026 revenues of $1.03 billion, which were in-line with the second quarter of 2025.
- 2
The company reported net income of $131.2 million, or $1.75 per share, for the second quarter of 2026.
- 3
Total Adjusted EBITDAR was $350.5 million in the second quarter of 2026, compared to $357.9 million in the second quarter of 2025.
- 4
Adjusted Earnings 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.
- 5
The company repurchased $156 million in shares of its common stock during the second quarter of 2026.
- 6
As of June 30, 2026, Boyd Gaming had cash on hand of $322.7 million and total debt of $2.6 billion.
Management Comments
Keith Smith
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.
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