Financial Performance and Operational Overview
Boyd Gaming Corporation (NYSE: BYD) released its financial results for the second quarter ended June 30, 2026, posting total revenues of $1.03 billion, which remained in-line with the second quarter of 2025. The company reported net income of $131.2 million, or $1.75 per share, compared to $151.5 million, or $1.84 per share, in the prior-year period. Total Adjusted EBITDAR reached $350.5 million for the second quarter of 2026, down slightly from $357.9 million in the second quarter of 2025, while Adjusted Earnings stood at $144.4 million, or $1.93 per share.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, stated:
“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.”
Smith added that property operating margins remained steady at 40%, supported by core and retail customer strength, capital investments, and a return of more than $170 million to shareholders through dividends and share repurchases.
Segment Review and Shareholder Capital Return
Performance varied across individual business segments during the quarter. The Midwest & South operations achieved both revenue and Adjusted EBITDAR growth, propelled by robust customer play and recent capital investments. Within the Las Vegas Locals segment, results faced headwinds from continued softness in destination business at the Orleans and ongoing construction disruptions at the Suncoast; however, the remainder of the segment grew year-over-year revenues and Adjusted EBITDAR with property margins surpassing 50%.
Downtown Las Vegas experienced consistent play from core and Hawaiian customers, though results remained impacted by broader destination softness downtown. Meanwhile, the Online segment benefited from online casino gaming growth and market access agreements, and the Managed business saw strong revenue and Adjusted EBITDAR expansion driven by management fees from the recently expanded Sky River Casino.
As part of its ongoing capital allocation strategy, Boyd Gaming paid a quarterly cash dividend of $0.20 per share on July 15, 2026. Additionally, the company repurchased $156 million of its common stock during the quarter, leaving $551 million remaining under its share repurchase authorization as of June 30, 2026. The company closed the quarter with $322.7 million in cash on hand and total debt of $2.6 billion.
