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Boyd Gaming Reports Q3 2026 Financial Results

Boyd Gaming Corporation (NYSE: BYD) has released its financial results for the third quarter ending September 30, 2026. President and CEO Keith Smith emphasized the positive outcomes the company experienced, underscoring the advantages of their diversified business model and the ongoing support from their core customer base. This quarter, Boyd’s results were largely boosted by growth in their Midwest/South segment, an increase in local patronage from southern Nevada, and substantial advancements in both their Online and Managed operations.

However, the figures reflect some challenges as well, particularly a decline in destination business to Las Vegas, which had a noticeable impact on properties like Orleans. Despite this setback, Boyd Gaming remains optimistic due to the solid performance of the rest of their Las Vegas Locals properties and the strength observed in the Midwest/South segment. Throughout the third quarter, they maintained a balanced approach to capital allocation, returning nearly $180 million to shareholders in the form of dividends and share repurchases. Smith is confident that the combination of their strong free cash flow, stable balance sheet, and efficient operational framework will pave the way for sustained value creation for shareholders.

Key Financial Highlights

For the third quarter of 2026, Boyd Gaming announced revenues of $990.5 million, a slight decrease from the $1.0 billion reported in Q3 2025. The company recorded a net income of $124.9 million, translating to $1.71 per share, compared to a staggering $1.4 billion or $17.81 per share from the previous year, which benefited significantly from a $1.4 billion after-tax gain from selling a stake in FanDuel. The third quarter of 2025 also included a $65.1 million hit from non-cash impairment charges.

Total Adjusted EBITDAR was reported at $319.6 million, lowered slightly from $321.8 million the previous year. The Adjusted Earnings for this quarter came in at $121.7 million, or $1.67 per share, down from $139.1 million, or $1.72 per share, a year prior.

Operational Overview

Examining operations more closely, the Midwest/South segment faced impacts from closures and higher property taxes. After accounting for these disruptions, the segment still saw an almost 3% increase in revenues and a 2.5% growth in Adjusted EBITDAR this quarter. This growth can be attributed primarily to a rise in play among core and retail customers and positive results from the capital improvements made.

In the Las Vegas Locals segment, results were mixed due to decreased destination business affecting Orleans and construction woes at Suncoast. However, other properties in this segment achieved growth in revenue and Adjusted EBITDAR, both rising by 3%, fueled by increased play among southern Nevada residents.

The Downtown Las Vegas segment also felt the impact of fewer visitors, alongside declines in Hawaiian visitation due to storms and increased airfare costs during the quarter. On a brighter note, the Online segment experienced double-digit Adjusted EBITDAR growth, attributed to a robust performance in their online casino gaming operations, while Managed Other profits reflected increased fees from Sky River after its recent expansion.

Shareholder Returns and Future Outlook

Boyd Gaming distributed a continued quarterly cash dividend of $0.20 per share on October 15, 2026, as previously noted. In the third quarter, the company executed share repurchases amounting to $164 million. As of September 30, 2026, Boyd had $387 million left in its share repurchase authorization.

As of the quarter's close, Boyd Gaming had $297.2 million in cash reserves and total debt amounting to $2.7 billion.

The company will host a conference call on October 22, 2026, at 5:00 p.m. Eastern Time to discuss these results further. Investors can dial in at (866) 652-5200 using the passcode 629480, or listen online for more insights into Boyd's future strategies and financial positioning.

In a nutshell, Boyd Gaming’s third-quarter performance highlights its resilience and adaptive strategies in the face of challenges facing the gaming industry. With continued growth in core segments and a commitment to shareholder value, Boyd shows strong potential for future advancement.