Original source text
Delivering Strong Sales Growth, Margin Expansion and Accelerated Synergy Realization
Second Quarter 2026 Highlights
Sales increased 29.9% to $1,013.7 million Adjusted EBITDA1 increased 44.9% to $135.9 million, with Adjusted EBITDA margins1 expanding 140 basis points to 13.4% New locations contributed $211.3 million to revenue, complemented by 2.9% same-store sales1 growth Achieved $15 million in incremental cost savings from Project 360 and synergy realization Joe Hudson's synergy realization ahead of schedule following completion of shop conversion Pro forma debt leverage improved to 2.8x from 3.1x at the end of 2025 , /PRNewswire/ -- Boyd Group Services Inc. (TSX: BYD) (NYSE: BGSI) ("Boyd Group" or "the Company") today announced financial results for the quarter ended June 30, 2026.
"The Boyd team delivered another strong quarter, with sales increasing 30% in the second quarter and Adjusted EBITDA growing 45%. Quarterly revenue surpassed $1 billion for the first time in Boyd's history, while Adjusted EBITDA margins reached 13.4%, up from 12.0% in Q2 2025 and 11.5% in Q2 2024, reflecting the continued benefits of Project 360 and synergy realization.
We also successfully completed the conversion of Joe Hudson's 258 locations during the quarter, accelerating synergy realization, which contributed to the strength in our profitability. Combined with our strong balance sheet, these achievements position us well to continue executing our growth strategy, enhancing profitability and creating long-term value for our shareholders." - Brian Kaner, President & CEO of the Boyd Group
1 Same-store sales, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures and ratios and are not standardized financial measures under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, including a reconciliation of each non-GAAP financial measure to its nearest GAAP equivalent, please see "Non-GAAP financial measures and ratios" section of this news release.
Financial And Operational Highlights
Three months ended
June 30,
Six months ended June 30,
(thousands of U.S. dollars, except per share amounts)
2026
2025
Y/Y Change
2026
2025
Y/Y Change
Financial Highlights
Sales
1,013,652
780,407
30 %
2,010,328
1,558,730
29 %
Gross margin
47.4 %
46.8 %
60 bps
46.9 %
46.5 %
40 bps
Adjusted EBITDA (1)
135,932
93,786
45 %
258,317
174,331
48 %
Adjusted EBITDA margin (1)
13.4 %
12.0 %
140 bps
12.8 %
11.2 %
160 bps
Net earnings (loss)
1,291
5,422
(76) %
(6,635)
2,785
N/A
Basic and diluted loss per share
0.05
0.25
(80) %
(0.24)
0.13
N/A
Adjusted net earnings (1)(2)
22,403
15,267
47 %
38,462
21,841
76 %
Adjusted net earnings per share (1)(2)
0.80
0.71
13 %
1.38
1.02
35 %
Operational Highlights
Same-store sales growth (1)
2.9 %
(2.1) %
2.2 %
(2.5) %
New locations added
10
8
279
17
From multi-location acquisitions
--
258
--
From single shop acquisitions
4
4
7
7
From start-up locations
6
4
14
10
Collision location count at period end
1,321
991
33 %
1,321
991
33 %
(2)
Comparative figures have been restated to conform with current period presentation
Q2 2026 Results
(Second quarter 2026 compared to second quarter of 2025)
Sales increased 29.9% to $1,013.7 million, driven by $211.3 million from 340 new locations that were not in operation for the full comparative quarter and 2.9% same-store sales1 . The second quarter of 2026 had the same number of selling and production days as the prior year period.
Gross profit increased by 31.4% to $480.0 million as gross margins expanded to 47.4% from 46.8% in the second quarter of 2025. Gross margins benefited from increased paint and parts margins, driven by Joe Hudson's synergy realization and Project 360, as well as higher sublet, scanning, and calibration margins. These gains were partially offset by lower labor margins and variability in performance-based pricing.
Adjusted EBITDA1 increased 44.9% to $135.9 million with Adjusted EBITDA margins1 expanding to 13.4% from 12.0% reflecting the contribution from the Joe Hudson's acquisition, which is accretive to Adjusted EBITDA margin1, cost savings from Project 360 and faster than expected synergy realization.
Net earnings was $1.3 million, compared to $5.4 million in the same period of the prior year. Net earnings was impacted by higher depreciation and amortization costs from new location growth, as well as higher finance costs related to the Joe Hudson's acquisition.
Adjusted net earnings1 increased 46.7% to $22.4 million and Adjusted earnings per share increased to $0.80 from $0.71, driven primarily by the increase in Adjusted EBITDA1.
The conversion of Joe Hudson's locations was completed during the quarter, with the timing of synergy realization coming in ahead of expectations. During the second quarter, Boyd realized an incremental $15 million in cost savings from Project 360 and acquisition synergies and a total of $35 million in the first six month of 2026.
Boyd added ten new locations during the quarter, including four single shop acquisitions and six new start up locations.
___________________________________
1Same-store sales, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures and ratios and are not standardized financial measures under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, including a reconciliation of each non-GAAP financial measure to its nearest GAAP equivalent, please see "Non-GAAP financial measures and ratios" section of this news release.
Outlook
Industry repairable-claims volumes showed continued stabilization during the second quarter of 2026. Based on second quarter claims-processing data, the Company estimates that repairable-claims volumes were flat to down 2% year-over-year, representing a meaningful improvement from the declines experienced during the same period in 2025, and consistent with our long-term planning assumptions.
Against this backdrop, Boyd continued to outperform underlying industry volumes and gain market share. This performance reflects the strength of the Company's insurer relationships and underscores the competitive advantage of Boyd's scale and business model. These share gains delivered positive same-store sales growth for the quarter, with only limited contribution from total cost of repair ("TCOR") growth.
In July 2026, same-store sales growth was positive in the low single digits, driven entirely by continued share gains. While TCOR growth continues to face well-documented, short-term transitory pressures, long-term structural tailwinds remain intact. Given the inherent monthly and quarterly variability the Company evaluates same-store sales over longer periods and does not view any single period as indicative of sustainable market share expansion or multi-year strategic targets. Looking ahead, Boyd's scale and network allows it to invest in superior client capabilities, providing multiple company-specific growth paths independent of any single industry variable.
Boyd remains focused on strengthening its position as a leading direct repair program multi-shop operator by deepening insurer relationships, improving opportunity capture and capacity utilization, and expanding its presence in priority markets. The Company expects these initiatives to support continued growth and additional share gains. Boyd also intends to complement organic growth through disciplined acquisitions and new-location development, together with continued investment in glass, scanning, calibration and other adjacent capabilities, while maintaining balance-sheet flexibility.
The Company is accelerating its Project 360 and acquisition cost savings target of $140 million due to faster-than-expected gains from the Joe Hudson's integration. It now expects $35 million in Joe Hudson's synergies in 2026, up from the previous $20 million target. As a result, total cost savings expected in 2026 have increased to $65 million from $50 million, with the remaining $35 million expected to be realized ratably from 2027 to 2029.
The conversion of Joe Hudson's location was successfully completed in the second quarter, establishing a stronger operating foundation and driving meaningful year-over-year profit growth. While the transition has resulted in some temporary sales disruptions that have continued into the third quarter, initiatives focused on throughput and local market execution are driving revenue on a more profitable foundation.
The Company expects to open three new start-up locations during the third quarter and currently has an additional 10 start-up locations targeted for completion in the fourth quarter. Organic expansion is expected to be complemented by single-location acquisitions, supported by the Company's strong balance sheet.
2026 Second Quarter Conference Call & Webcast
Management will hold a conference call on Wednesday, August 12, 2026, at 8:00 a.m. (ET) to review the Company's 2026 second quarter results. You can join the call by dialing 1-833-461-5787 or 1-585-542-9983.
A live audio webcast of the conference call will be available at https://events.q4inc.com/attendee/789326895. An archived replay of the webcast will be available for 90 days on the Boyd Group's website https://www.boydgroup.com.
About Boyd Group Services Inc.
Boyd Group Services Inc. is a Canadian corporation and controls The Boyd Group Inc. and its subsidiaries. Boyd Group Services Inc. shares trade on the Toronto Stock Exchange (TSX) under the symbol BYD.TO and the New York Stock Exchange (NYSE) under the symbol BGSI. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at https://www.boydgroup.com.
About The Boyd Group Inc.
Boyd Group Services Inc. ("BGSI"), through its operating company, The Boyd Group Inc. and its subsidiaries ("Boyd" or the "Company"), is one of the largest operators of non-franchised collision repair centers in North America in terms of number of locations and sales. The Company currently operates locations in Canada under the trade name Boyd Autobody & Glass and Assured Automotive, as well as in the U.S. under the trade name Gerber Collision & Glass. The Company is also a major retail auto glass operator in the U.S., under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. In addition, the Company operates a third party administrator, Gerber National Claims Services ("GNCS"), that offers glass, emergency roadside and first notice of loss services. The Company also operates Mobile Auto Solutions ("MAS") in the U.S. and Volta Auto Diagnostics Ltd. ("Volta") in Canada that offer scanning and calibration services. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at http://www.boydgroup.com.
Non-GAAP Financial Measures and Ratios
Same-store sales, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures and ratios, which are not standardized measures under International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures disclosed by other issuers. Boyd's management uses certain non-GAAP financial measures to evaluate the performance of the business and to reward employees. These non-GAAP should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS, such as net earnings or sales in measuring the performance of Boyd.
The following is a reconciliation of Boyd's non-GAAP financial measures and ratios used in this release:
SAME-STORE SALES
Same-store sales is a non-GAAP measure that includes only those locations in operation for the full comparative period. Same-store sales is presented excluding the impact of foreign exchange fluctuation on the current period.
Three months ended
June 30,
Six months ended
June 30,
(thousands of U.S. dollars)
2026
2025
2026
2025
Sales
$ 1,013,652
$ 780,407
$ 2,010,328
$ 1,558,730
Less:
Sales from locations not in the comparative period
(211,748)
(465)
(421,675)
(6,276)
Sales from under-performing facilities closed during the period
—
(377)
—
(1,240)
Foreign exchange
(32)
—
(2,924)
—
Same-store sales (excluding foreign exchange)
$ 801,872
$ 779,565
$ 1,585,729
$ 1,551,214
ADJUSTED EBITDA
EBITDA represents an indication of the Company's capacity to generate income from operations before taking into account management's financing decisions and costs of consuming tangible and intangible capital assets, which vary according to their vintage, technological age and management's estimates of their useful life. EBITDA comprises sales less operating expenses before finance costs, capital asset amortization and impairment charges, and income taxes.
Adjusted EBITDA is calculated to exclude items of an unusual nature that do not reflect normal or ongoing operations of BGSI and which should not be considered in a valuation metric or should not be included in an assessment of the ability to service or incur debt. Included as an adjustment to EBITDA are acquisition and transformational cost initiative expenses and fair value adjustments to contingent consideration and financial instruments which do not have a cash impact. These adjustments do not relate to the current operating performance of the business units but are typically costs incurred to expand operations as well as execute transformational plans. Acquisition and transformational costs include transaction costs in acquiring and integrating a business acquisition and other non-recurring costs related to the execution of Project 360. From time to time BGSI may make other adjustments to its Adjusted EBITDA for items that are not expected to recur. Management believes that in addition to net earnings and cash flows, Adjusted EBITDA is useful to readers to provide an indication of earnings from operations and cash available for distribution, both before and after debt management , productive capacity maintenance and non-recurring and other adjustments.
Adjusted EBITDA margin is a measure of operating profit that can be used to assess Boyd's operational performance. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total sales.
Three months ended
June 30,
Six months ended
June 30,
(thousands of U.S. dollars)
2026
2025
2026
2025
Net earnings (loss)
$ 1,291
$ 5,422
$ (6,635)
$ 2,785
Add:
Finance costs
30,760
18,023
60,835
35,855
Income tax expense
2,023
2,851
1,357
2,561
Depreciation of property, plant and equipment
28,126
21,547
54,792
42,394
Depreciation of right of use assets
43,691
31,799
85,712
63,414
Amortization of intangible assets
20,032
6,868
32,457
13,548
EBITDA
$ 125,923
$ 86,510
$ 228,518
$ 160,557
Add (deduct):
Fair value adjustments
(185)
—
(1,465)
1
Acquisition and transformational cost initiatives
10,194
7,276
31,264
13,773
Adjusted EBITDA
$ 135,932
$ 93,786
$ 258,317
$ 174,331
Sales
$ 1,013,652
$ 780,407
$ 2,010,328
$ 1,558,730
Adjusted EBITDA margin (%)
13.4 %
12.0 %
12.8 %
11.2 %
ADJUSTED NET EARNINGS
Adjusted net earnings means net earnings adjusted to add back fair value adjustments (non-taxable) and acquisition and transformational cost initiatives (net of tax). Commencing in the fourth quarter of 2025, and on a go-forward basis, the calculation of Adjusted net earnings also excludes amortization of intangibles arising on acquisitions. Amortization of intangible assets arising on acquisition is the result of the purchase price allocation on completion of an acquisition. There are no future capital expenditures associated with maintaining or replacing these intangible assets. Comparative periods have been restated to reflect this additional adjustment. BGSI believes that certain users of financial statements are interested in understanding net earnings excluding certain fair value adjustments and other items of an unusual or infrequent nature that do not reflect normal or ongoing operations of the Company. This can assist these users in comparing current results to historical results that did not include such items.
Adjusted net earnings per share means Adjusted net earnings, divided by our weighted average number of shares for the applicable period.
(thousands of U.S. dollars, except share and per share amounts)
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Net earnings (loss)
$ 1,291
$ 5,422
$ (6,635)
$ 2,785
Add (deduct):
Fair value adjustments (net of tax)
(137)
—
(1,084)
1
Acquisition and transformational cost initiatives (net of tax)
7,566
5,384
24,193
10,192
Amortization of intangibles arising on acquisitions (net of tax)
13,683
4,461
21,987
8,863
Adjusted net earnings (1)
$ 22,403
$ 15,267
$ 38,462
$ 21,841
Weighted average number of shares
27,836,295
21,467,807
27,833,160
21,467,695
Adjusted net earnings per share (1)
$ 0.80
$ 0.71
$ 1.38
$ 1.02
(1) Comparative figures have been restated to conform with current period presentation
Caution concerning forward-looking statements
Statements made in this press release, other than those concerning historical information, may be "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws of the U.S. and Canada, respectively (collectively, "forward-looking statements") and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words such as "may", "will", "anticipate", "estimate", "expect", "intend", "continue", "will", "project", "target", "plan", "goal" or the negative thereof or similar variations.
The forward-looking statements in this press release include, without limitation, statements regarding: Boyd's outlook and expectations regarding performance relative to industry peers; trends and industry conditions; execution of the Company's growth strategy and outlook; progress on Project 360 initiatives; the Company's financial metric goals, including for Adjusted EBITDA margin; growth opportunities presented by the Company's increased scale, greater market density, expanded platform and fragmentation; the Company's ability and expectations to open three start-up locations in the third quarter of 2026 with an additional ten locations to be added through year-end; execute on the pipeline of approximately eight to ten start-up locations per quarter; the Company's ability to activate the stores in its development pipeline for 2026; the Company's expectations for continued acquisition activity and the Company's ability to deliver sustained growth and value creation for shareholders and customers.
Forward-looking statements are subject to significant risks and uncertainties and are based on a number of assumptions and estimates. Forward-looking statements are based on certain assumptions and analyses made by Boyd concerning its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate. A number of factors could cause actual results, performance or achievement to differ materially from those discussed or implied in the forward-looking statements. Risks and uncertainties related to Boyd's business include, but are not limited to, risks and uncertainties relating to: acquisition and new location risk; employee relations and staffing; operational performance; brand management and reputation; market environment change; reliance on technology; corporate governance; decline in number of insurance claims; low capture rates; supply chain risk; margin pressure and sales mix changes; economic downturn; changes in client relationships; environmental, health and safety risk; climate change and weather conditions; pandemic risk; competition; access to capital; dependence on key personnel; tax position risk; increased government regulation and tax risk; fluctuations in operating results and seasonality; risk of litigation; execution on new strategies; insurance risk; interest rates; U.S. health care costs and workers compensation claims; foreign currency risk; capital expenditures; public company costs; foreign private issuer status; differences in Canadian and U.S. corporate and securities laws; enforceability against foreign persons and of foreign judgments; intellectual property; and energy costs; and Boyd's success in anticipating and managing the foregoing risks.
We caution that the foregoing list of factors is not exhaustive and that when reviewing our forward-looking statements, investors and others should refer to the "Business Risks and Uncertainties" section of Boyd's Annual Information Form, the "Business Risks and Uncertainties" and other sections of our Management's Discussion and Analysis of Operating Results and Financial Position and our other periodic filings with Canadian securities regulatory authorities and the SEC from time to time, available at www.sedarplus.ca and www.sec.gov. All forward-looking statements presented herein should be considered in conjunction with such filings. Readers are cautioned not to place undue reliance on such forward-looking statements, as actual results may differ materially from those expressed or implied in such statements.
The forward-looking statements in this press release reflect the Boyd's current expectations, assumptions and/or beliefs based on information currently available, including with respect to such things as conditions in the collision and auto glass repair business, including weather, accident frequency, cost of repair, miles driven and available repairable vehicles; the Company's ability to complete the integration of acquired businesses within anticipated time periods and at expected cost levels; the Company's ability to achieve synergies arising from successful integration of acquired businesses; the impact of acquisitions on growth; the accuracy and completeness of the information (including financial information) regarding acquired businesses; the absence of significant undisclosed costs or liabilities associated with acquisitions; the successful implementation of margin improvement initiatives; the future performance and results of our business and operations; general economic conditions, industry forecasts and/or trends, the government and regulatory environment and potential impacts thereof. Although the Company believes the expectations reflected in these forward-looking statements and the assumptions upon which they are based are reasonable, no assurance can be given that actual results will be consistent with those expressed or implied in such forward-looking statements, and they should not be unduly relied upon. There can be no assurance that such expectations and assumptions will prove to be correct. The forward-looking statements contained in this presentation describe the expectations of the Company as of the date of this press release. Except as required by law, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement.
SOURCE Boyd Group Services Inc.
|
Original source text
, /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the second quarter ended June 30, 2026.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "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."
Boyd Gaming reported second-quarter 2026 revenues of $1.03 billion, in-line with the second quarter of 2025. The Company reported net income of $131.2 million, or $1.75 per share, for the second quarter of 2026, compared to $151.5 million, or $1.84 per share, for the year-ago period. Total Adjusted EBITDAR(1) was $350.5 million in the second quarter of 2026 versus $357.9 million in the second quarter of 2025. Adjusted Earnings(1) 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.
(1) See footnotes at the end of the release for additional information relative to non-GAAP financial measures.
Operations Review
Our Midwest & South operations once again delivered revenue and Adjusted EBITDAR growth during the quarter, driven by increased play from our core and retail customers, as well as contributions from recent capital investments across the segment. While results in the Las Vegas Locals segment were impacted by continued softness in destination business, primarily at the Orleans, and ongoing construction disruption at the Suncoast, the remainder of the segment grew revenues and Adjusted EBITDAR over the prior year, with property margins exceeding 50%. In our Downtown Las Vegas segment, play from both our core and Hawaiian customers was consistent with recent quarters; however, results continued to be impacted by ongoing softness in destination business throughout the downtown area.
Results in our Online segment reflected growth from the Company's online casino gaming business, as well as contributions from third-party market access agreements consistent with the last several quarters. Strong revenue and Adjusted EBITDAR growth in our Managed business was driven by increased management fees from Sky River Casino following its recently completed expansion.
Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly cash dividend of $0.20 per share on July 15, 2026, as previously announced.
As part of its ongoing share repurchase program, the Company repurchased $156 million in shares of its common stock during the second quarter of 2026. The Company had $551 million remaining under its current share repurchase authorization as of June 30, 2026.
Balance Sheet Statistics
As of June 30, 2026, Boyd Gaming had cash on hand of $322.7 million, and total debt of $2.6 billion.
Conference Call Information
Boyd Gaming will host a conference call to discuss its second-quarter 2026 results today, July 23, at 5:00 p.m. Eastern. The conference call number is (800) 836-8184. No passcode is required to join the call. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.
The conference call will also be available online at https://investors.boydgaming.com or https://app.webinar.net/gBE9RqpOV3y.
Following the call's completion, a replay will be available by dialing (888) 660-6345 today, July 23, and continuing through Thursday, July 30. The passcode for the replay will be 62234#. The replay will also be available at https://investors.boydgaming.com.
BOYD GAMING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands, except per share data)
2026
2025
2026
2025
Revenues
Gaming
$ 683,289
$ 671,455
$ 1,333,790
$ 1,310,148
Food & beverage
77,702
78,167
153,472
152,325
Room
50,413
51,453
96,360
98,841
Online
31,825
39,139
58,073
79,107
Online reimbursements
126,357
133,912
261,804
263,517
Management fee
28,481
23,775
54,702
48,921
Other
36,319
36,097
73,540
72,704
Total revenues
1,034,386
1,033,998
2,031,741
2,025,563
Operating costs and expenses
Gaming
267,630
259,554
522,479
505,677
Food & beverage
66,980
65,633
131,895
128,970
Room
19,801
19,492
38,973
38,489
Online
20,992
16,183
38,662
32,608
Online reimbursements
126,357
133,912
261,804
263,517
Other
12,467
12,149
25,672
24,940
Selling, general and administrative
110,882
110,065
220,867
217,911
Master lease rent expense (a)
28,856
28,442
57,440
56,602
Maintenance and utilities
38,515
37,322
74,258
74,047
Depreciation and amortization
91,101
69,985
186,090
138,208
Corporate expense
33,243
35,365
70,027
65,316
Project development, preopening and writedowns
15,356
2,764
35,624
1,242
Impairment of assets
—
—
—
32,272
Other operating items, net
1,508
762
3,260
3,507
Total operating costs and expenses
833,688
791,628
1,667,051
1,583,306
Operating income
200,698
242,370
364,690
442,257
Other expense (income)
Interest income
(1,282)
(1,263)
(3,147)
(2,071)
Interest expense, net of amounts capitalized
31,423
50,569
59,874
99,006
Loss on early extinguishments and modifications of debt
—
—
391
—
Other, net
(3)
(48)
4
59
Total other expense, net
30,138
49,258
57,122
96,994
Income before income taxes
170,560
193,112
307,568
345,263
Income tax provision
(40,637)
(42,758)
(73,352)
(84,027)
Net income
129,923
150,354
234,216
261,236
Net loss attributable to noncontrolling interest
1,311
1,104
2,560
1,641
Net income attributable to Boyd Gaming
$ 131,234
$ 151,458
$ 236,776
$ 262,877
Basic net income per common share
$ 1.75
$ 1.84
$ 3.12
$ 3.14
Weighted average basic shares outstanding
74,817
82,289
75,787
83,696
Diluted net income per common share
$ 1.75
$ 1.84
$ 3.12
$ 3.14
Weighted average diluted shares outstanding
74,817
82,303
75,791
83,712
(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands)
2026
2025
2026
2025
Total Revenues by Segment
Las Vegas Locals
$ 225,898
$ 229,091
$ 443,002
$ 451,890
Downtown Las Vegas
52,112
55,253
107,050
112,540
Midwest & South
556,890
540,077
1,081,983
1,044,664
Online
158,182
173,051
319,877
342,624
Managed & Other
41,304
36,526
79,829
73,845
Total revenues
$ 1,034,386
$ 1,033,998
$ 2,031,741
$ 2,025,563
Adjusted EBITDAR by Segment
Las Vegas Locals
$ 106,416
$ 112,714
$ 206,378
$ 219,261
Downtown Las Vegas
16,905
19,405
35,805
40,328
Midwest & South
208,748
201,401
401,389
384,623
Online
10,590
22,244
18,946
45,550
Managed & Other
30,692
25,963
59,108
53,282
Corporate expense, net of share-based compensation expense (a)
(22,883)
(23,865)
(53,743)
(47,665)
Adjusted EBITDAR
350,468
357,862
667,883
695,379
Master lease rent expense (b)
(28,856)
(28,442)
(57,440)
(56,602)
Adjusted EBITDA
321,612
329,420
610,443
638,777
Other operating costs and expenses
Deferred rent
132
147
264
294
Depreciation and amortization
91,101
69,985
186,090
138,208
Share-based compensation expense
12,817
13,392
20,515
20,997
Project development, preopening and writedowns
15,356
2,764
35,624
1,242
Impairment of assets
—
—
—
32,272
Other operating items, net
1,508
762
3,260
3,507
Total other operating costs and expenses
120,914
87,050
245,753
196,520
Operating income
200,698
242,370
364,690
442,257
Other expense (income)
Interest income
(1,282)
(1,263)
(3,147)
(2,071)
Interest expense, net of amounts capitalized
31,423
50,569
59,874
99,006
Loss on early extinguishments and modifications of debt
—
—
391
—
Other, net
(3)
(48)
4
59
Total other expense, net
30,138
49,258
57,122
96,994
Income before income taxes
170,560
193,112
307,568
345,263
Income tax provision
(40,637)
(42,758)
(73,352)
(84,027)
Net income
129,923
150,354
234,216
261,236
Net loss attributable to noncontrolling interest
1,311
1,104
2,560
1,641
Net income attributable to Boyd Gaming
$ 131,234
$ 151,458
$ 236,776
$ 262,877
(a) Reconciliation of corporate expense:
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands)
2026
2025
2026
2025
Corporate expense as reported on Condensed Consolidated Statements of Operations
$ 33,243
$ 35,365
$ 70,027
$ 65,316
Corporate share-based compensation expense
(10,360)
(11,500)
(16,284)
(17,651)
Corporate expense, net, as reported on the above table
$ 22,883
$ 23,865
$ 53,743
$ 47,665
(b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliations of Net Income attributable to Boyd Gaming to Adjusted Earnings
and Net Income Per Share to Adjusted Earnings Per Share
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands, except per share data)
2026
2025
2026
2025
Net income attributable to Boyd Gaming
$ 131,234
$ 151,458
$ 236,776
$ 262,877
Pretax adjustments:
Project development, preopening and writedowns
15,356
2,764
35,624
1,242
Impairment of assets
—
—
—
32,272
Other operating items, net
1,508
762
3,260
3,507
Loss on early extinguishments and modifications of debt
—
—
391
—
Other, net
(3)
(48)
4
59
Total adjustments
16,861
3,478
39,279
37,080
Income tax effect for above adjustments
(3,663)
(779)
(8,531)
(8,072)
Adjusted earnings
$ 144,432
$ 154,157
$ 267,524
$ 291,885
Net income per share, diluted
$ 1.75
$ 1.84
$ 3.12
$ 3.14
Pretax adjustments:
Project development, preopening and writedowns
0.21
0.03
0.47
0.02
Impairment of assets
—
—
—
0.39
Other operating items, net
0.02
0.01
0.04
0.04
Loss on early extinguishments and modifications of debt
—
—
0.01
—
Other, net
—
—
—
—
Total adjustments
0.23
0.04
0.52
0.45
Income tax effect for above adjustments
(0.05)
(0.01)
(0.11)
(0.10)
Adjusted earnings per share, diluted
$ 1.93
$ 1.87
$ 3.53
$ 3.49
Weighted average diluted shares outstanding
74,817
82,303
75,791
83,712
Non-GAAP Financial Measures
Our financial presentations include the following non-GAAP financial measures:
EBITDA: earnings before interest, taxes, depreciation and amortization, Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedowns expense, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest and other items, net, as applicable, EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted Earnings: net income before project development, preopening and writedowns expense, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest, and other non-recurring adjustments, net, as applicable, and, Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted shares outstanding. Collectively, we refer to these and other non-GAAP financial measures as the "Non-GAAP Measures."
The Non-GAAP Measures are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (GAAP), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company.
The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.
The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.
Forward-looking Statements and Company Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. These forward-looking statements are based on the current beliefs and expectations of management and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd Gaming's ability to control or estimate precisely. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 27 gaming entertainment properties in 11 states. The Company also manages a tribal casino in northern California, and owns and operates Boyd Interactive, a B2B and B2C online casino gaming business. Boyd Gaming's nationwide portfolio is connected through Boyd Rewards, recognized as the nation's favorite casino loyalty program by readers of both USA Today and Newsweek. Named by Forbes and Time magazines as one of "America's Best Companies," and led by one of the most experienced teams in the industry, Boyd Gaming is dedicated to delivering an outstanding entertainment experience and memorable guest service. For additional Company information and press releases, visit https://www.boydgaming.com.
SOURCE Boyd Gaming Corporation
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