Boyd Gaming Corporation released its financial results for the third quarter ended September 30, 2026, highlighting the resilience of its diversified operating model and robust free cash flow generation. For the third quarter of 2026, the company generated revenues of nine hundred ninety million five hundred thousand dollars, compared to one billion dollars in the corresponding period of 2025.
Net income for the quarter reached one hundred twenty-four million nine hundred thousand dollars, or one dollar seventy-one cents per share, compared to one billion four hundred million dollars, or seventeen dollars eighty-one cents per share, in the third quarter of 2025, a prior-year figure that was significantly boosted by a one billion four hundred million dollar after-tax gain from the sale of the company’s equity interest in FanDuel.
Total Adjusted EBITDAR stood at three hundred nineteen million six hundred thousand dollars for the quarter, compared to three21 million eight hundred thousand dollars in the previous year. Adjusted Earnings for the period were one hundred twenty-one million seven hundred thousand dollars, or one dollar sixty-seven cents per share.
Operational performance across segments
Keith Smith, President and Chief Executive Officer of Boyd Gaming, commented:
“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. During the quarter, our results reflected continued growth in our Midwest & South segment, increased play from southern Nevada residents, and strong gains in both our Online and Managed operations.”
In the Midwest & South segment, 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 factors, segment revenues increased nearly 3% and Adjusted EBITDAR grew approximately 2.5%, driven by core customer demand and capital investments.
Within the Las Vegas Locals segment, softness in destination business, primarily at The Orleans, and construction disruptions at Suncoast were offset by solid revenue and Adjusted EBITDAR growth of 3% across the rest of the portfolio, bolstered by local resident play. Downtown Las Vegas operations faced headwinds from lower Hawaiian visitation caused by severe storms and higher airfares.
Conversely, the Online segment delivered double-digit Adjusted EBITDAR growth fueled by continued momentum in online casino gaming, while the Managed & Other segment benefited from increased management fees following the expansion of Sky River.
Capital allocation and balance sheet strength
Boyd Gaming maintained a balanced approach to capital allocation, returning nearly one hundred eighty million dollars to shareholders during the quarter. This included one hundred sixty-four million dollars dedicated to share repurchases, leaving three hundred eighty-seven million dollars remaining under its current authorization as of September 30, 2026, alongside a quarterly cash dividend of twenty cents per share paid on October 15, 2026. The company closed the quarter with two hundred ninety-seven million two hundred thousand dollars in cash on hand and total debt of two billion seven hundred million dollars.
