, /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the third quarter ended September 30, 2026.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said, "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. And while quarterly results were impacted by increased softness in destination business to Las Vegas, primarily affecting our Orleans property, we are encouraged by the continued strength of the remainder of our Las Vegas Locals portfolio and the performance of our Midwest & South segment. Finally, we maintained our balanced approach to capital allocation during the third quarter, investing in growth across our portfolio while returning nearly $180 million to our shareholders through share repurchases and dividends. With our robust free cash flow, strong balance sheet and efficient operating model, our Company is well-positioned to continue creating long-term value for our shareholders."
Boyd Gaming reported third-quarter 2026 revenues of $990.5 million, compared to $1.0 billion in the third quarter of 2025. The Company reported net income of $124.9 million, or $1.71 per share, for the third quarter of 2026, compared to $1.4 billion, or $17.81 per share, for the year-ago period. The Company's net income for the third quarter of 2025 benefited from a $1.4 billion after tax gain from the sale of the Company's equity interest in FanDuel, and was impacted by $65.1 million in non-cash, pretax long-lived asset impairment charges.
Total Adjusted EBITDAR(1) was $319.6 million in the third quarter of 2026 versus $321.8 million in the third quarter of 2025. Adjusted Earnings(1) for the third quarter of 2026 were $121.7 million, or $1.67 per share, compared to $139.1 million, or $1.72 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
During the third quarter, results in the Midwest & South segment 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 items, Midwest & South revenues increased nearly 3% and Adjusted EBITDAR grew approximately 2.5% during the third quarter. Continued growth in play from core and retail customers and benefits from recent capital investments drove increases in adjusted gaming revenue in the Midwest & South segment. In the Company's Las Vegas Locals segment, results reflected increased softness in Las Vegas destination business, primarily at the Orleans, as well as construction disruption at the Suncoast; however, the remainder of the properties in this segment achieved revenue and Adjusted EBITDAR growth of 3%, with gaming revenue gains of 3.5%, highlighted by increased play from southern Nevada residents. Downtown Las Vegas results were impacted by increased softness in Las Vegas destination business, declines in Hawaiian visitation due to several major storms in Hawaii and higher airfares during the quarter.
The Online segment and Managed & Other both continued to grow during the third quarter. Double-digit Adjusted EBITDAR growth in the Online segment was driven by continued strength in the Company's online casino gaming business. Growth in Managed & Other reflected increased management fees from Sky River following its recently completed expansion.
Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly cash dividend of $0.20 per share on October 15, 2026, as previously announced.
As part of its ongoing share repurchase program, the Company repurchased $164 million in shares of its common stock during the third quarter of 2026. The Company had $387 million remaining under its current share repurchase authorization as of September 30, 2026.
Balance Sheet Statistics
As of September 30, 2026, Boyd Gaming had cash on hand of $297.2 million, and total debt of $2.7 billion.
Conference Call Information
Boyd Gaming will host a conference call to discuss its third-quarter 2026 results today, October 22, at 5:00 p.m. Eastern. The conference call number is (866) 652-5200, passcode 629480. 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/7XDKZDdZVE2.
Following the call's completion, a replay will be available by dialing (855) 669-9658 today, October 22, and continuing through Thursday, October 29. The passcode for the replay will be 8824606. The replay will also be available at https://investors.boydgaming.com.
BOYD GAMING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(In thousands, except per share data)
2026
2025
2026
2025
Revenues
Gaming
$ 655,026
$ 657,371
$ 1,988,816
$ 1,967,519
Food & beverage
73,744
75,570
227,216
227,895
Room
43,109
45,244
139,469
144,085
Online
33,240
26,893
91,313
106,000
Online reimbursements
121,226
138,704
383,030
402,221
Management fee
27,581
23,697
82,283
72,618
Other
36,529
36,882
110,069
109,586
Total revenues
990,455
1,004,361
3,022,196
3,029,924
Operating costs and expenses
Gaming
262,638
259,660
785,117
765,337
Food & beverage
65,635
67,468
197,530
196,438
Room
19,714
19,486
58,687
57,975
Online
22,044
17,784
60,706
50,392
Online reimbursements
121,226
138,704
383,030
402,221
Other
12,519
13,076
38,191
38,016
Selling, general and administrative
105,370
104,005
326,237
321,916
Master lease rent expense (a)
28,993
28,584
86,433
85,186
Maintenance and utilities
41,078
40,472
115,336
114,519
Depreciation and amortization
91,267
73,749
277,357
211,957
Corporate expense
29,386
30,622
99,413
95,938
Project development, preopening and writedowns
(5,356)
3,972
30,268
5,214
Impairment of assets
—
65,123
—
97,395
Other operating items, net
1,039
1,892
4,299
5,399
Total operating costs and expenses
795,553
864,597
2,462,604
2,447,903
Operating income
194,902
139,764
559,592
582,021
Other expense (income)
Interest income
(1,261)
(1,501)
(4,408)
(3,572)
Interest expense, net of amounts capitalized
33,785
33,262
93,659
132,268
Loss on early extinguishments and modifications of debt
—
1,446
391
1,446
Other, net (b)
89
(1,735,479)
93
(1,735,420)
Total other (income) expense, net
32,613
(1,702,272)
89,735
(1,605,278)
Income before income taxes
162,289
1,842,036
469,857
2,187,299
Income tax provision
(38,699)
(403,200)
(112,051)
(487,227)
Net income
123,590
1,438,836
357,806
1,700,072
Net loss attributable to noncontrolling interest
1,343
1,157
3,903
2,798
Net income attributable to Boyd Gaming
$ 124,933
$ 1,439,993
$ 361,709
$ 1,702,870
Basic net income per common share
$ 1.71
$ 17.81
$ 4.83
$ 20.58
Weighted average basic shares outstanding
73,048
80,860
74,864
82,740
Diluted net income per common share
$ 1.71
$ 17.81
$ 4.83
$ 20.58
Weighted average diluted shares outstanding
73,048
80,875
74,867
82,756
(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.
(b) Includes the gain recognized on the sale of the Company's equity interest in FanDuel during the three and nine months ended September 30, 2025.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(In thousands)
2026
2025
2026
2025
Total Revenues by Segment
Las Vegas Locals
$ 207,449
$ 210,842
$ 650,451
$ 662,732
Downtown Las Vegas
47,423
53,224
154,473
165,764
Midwest & South
540,489
538,852
1,622,472
1,583,516
Online
154,466
165,597
474,343
508,221
Managed & Other
40,628
35,846
120,457
109,691
Total revenues
$ 990,455
$ 1,004,361
$ 3,022,196
$ 3,029,924
Adjusted EBITDAR by Segment
Las Vegas Locals
$ 87,389
$ 92,128
$ 293,767
$ 311,389
Downtown Las Vegas
12,853
16,118
48,658
56,446
Midwest & South
201,629
201,603
603,018
586,226
Online
10,925
9,424
29,871
54,974
Managed & Other
29,757
26,269
88,865
79,551
Corporate expense, net of share-based compensation expense (a)
(22,924)
(23,777)
(76,667)
(71,442)
Adjusted EBITDAR
319,629
321,765
987,512
1,017,144
Master lease rent expense (b)
(28,993)
(28,584)
(86,433)
(85,186)
Adjusted EBITDA
290,636
293,181
901,079
931,958
Other operating costs and expenses
Deferred rent
141
147
405
441
Depreciation and amortization
91,267
73,749
277,357
211,957
Share-based compensation expense
8,643
8,534
29,158
29,531
Project development, preopening and writedowns
(5,356)
3,972
30,268
5,214
Impairment of assets
—
65,123
—
97,395
Other operating items, net
1,039
1,892
4,299
5,399
Total other operating costs and expenses
95,734
153,417
341,487
349,937
Operating income
194,902
139,764
559,592
582,021
Other expense (income)
Interest income
(1,261)
(1,501)
(4,408)
(3,572)
Interest expense, net of amounts capitalized
33,785
33,262
93,659
132,268
Loss on early extinguishments and modifications of debt
—
1,446
391
1,446
Other, net (c)
89
(1,735,479)
93
(1,735,420)
Total other (income) expense, net
32,613
(1,702,272)
89,735
(1,605,278)
Income before income taxes
162,289
1,842,036
469,857
2,187,299
Income tax provision
(38,699)
(403,200)
(112,051)
(487,227)
Net income
123,590
1,438,836
357,806
1,700,072
Net loss attributable to noncontrolling interest
1,343
1,157
3,903
2,798
Net income attributable to Boyd Gaming
$ 124,933
$ 1,439,993
$ 361,709
$ 1,702,870
(a) Reconciliation of corporate expense:
Three Months Ended
Nine Months Ended
September 30,
September 30,
(In thousands)
2026
2025
2026
2025
Corporate expense as reported on Condensed Consolidated Statements of Operations
$ 29,386
$ 30,622
$ 99,413
$ 95,938
Corporate share-based compensation expense
(6,462)
(6,845)
(22,746)
(24,496)
Corporate expense, net, as reported on the above table
$ 22,924
$ 23,777
$ 76,667
$ 71,442
(b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.
(c) Includes the gain recognized on the sale of the Company's equity interest in FanDuel during the three and nine months ended September 30, 2025.
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
Nine Months Ended
September 30,
September 30,
(In thousands, except per share data)
2026
2025
2026
2025
Net income attributable to Boyd Gaming
$ 124,933
$ 1,439,993
$ 361,709
$ 1,702,870
Pretax adjustments:
Project development, preopening and writedowns
(5,356)
3,972
30,268
5,214
Impairment of assets
—
65,123
—
97,395
Other operating items, net
1,039
1,892
4,299
5,399
Loss on early extinguishments and modifications of debt
—
1,446
391
1,446
Other, net (a)
89
(1,735,479)
93
(1,735,420)
Total adjustments
(4,228)
(1,663,046)
35,051
(1,625,966)
Income tax effect for above adjustments
953
362,197
(7,578)
354,125
Adjusted earnings
$ 121,658
$ 139,144
$ 389,182
$ 431,029
Net income per share, diluted
$ 1.71
$ 17.81
$ 4.83
$ 20.58
Pretax adjustments:
Project development, preopening and writedowns
(0.07)
0.05
0.40
0.06
Impairment of assets
—
0.80
—
1.18
Other operating items, net
0.02
0.02
0.06
0.06
Loss on early extinguishments and modifications of debt
—
0.02
0.01
0.02
Other, net (a)
—
(21.46)
—
(20.97)
Total adjustments
(0.05)
(20.57)
0.47
(19.65)
Income tax effect for above adjustments
0.01
4.48
(0.10)
4.28
Adjusted earnings per share, diluted
$ 1.67
$ 1.72
$ 5.20
$ 5.21
Weighted average diluted shares outstanding
73,048
80,875
74,867
82,756
(a) Includes the gain recognized on the sale of the Company's equity interest in FanDuel during the three and nine months ended September 30, 2025.
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 26 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.
Analytici očekávají, že společnost Boyd Gaming ve 3. čtvrtletí vykáže zisk 1,67 USD na akcii, což by představovalo meziroční pokles o 2,9 %, při tržbách ve výši 1,0 mld. USD.
Wall Street analysts expect Boyd Gaming (BYD - Free Report) to post quarterly earnings of $1.67 per share in its upcoming report, which indicates a year-over-year decline of 2.9%. Revenues are expected to be $1 billion, unchanged compared to the year-ago quarter.
The current level reflects an upward revision of 0.6% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
In light of this perspective, let's dive into the average estimates of certain Boyd metrics that are commonly tracked and forecasted by Wall Street analysts.
It is projected by analysts that the 'Revenues by Segment- Managed & Other' will reach $37.26 million. The estimate indicates a change of +3.9% from the prior-year quarter.
According to the collective judgment of analysts, 'Revenues by Segment- Downtown Las Vegas' should come in at $50.73 million. The estimate suggests a change of -4.7% year over year.
Based on the collective assessment of analysts, 'Revenues by Segment- Midwest and South' should arrive at $544.14 million. The estimate suggests a change of +1% year over year.
The average prediction of analysts places 'Revenues by Segment- Las Vegas Locals' at $211.20 million. The estimate indicates a change of +0.2% from the prior-year quarter.
Analysts forecast 'Adjusted EBITDAR- Online' to reach $9.08 million. The estimate compares to the year-ago value of $9.42 million.
Analysts expect 'Adjusted EBITDAR- Managed & Other' to come in at $28.08 million. The estimate is in contrast to the year-ago figure of $26.27 million.
Analysts' assessment points toward 'Adjusted EBITDAR- Downtown Las Vegas' reaching $14.67 million. Compared to the current estimate, the company reported $16.12 million in the same quarter of the previous year.
The combined assessment of analysts suggests that 'Adjusted EBITDAR- Midwest and South' will likely reach $201.97 million. Compared to the present estimate, the company reported $201.60 million in the same quarter last year.
The consensus among analysts is that 'Adjusted EBITDAR- Las Vegas Locals' will reach $90.20 million. The estimate compares to the year-ago value of $92.13 million.
View all Key Company Metrics for Boyd here>>>
Over the past month, shares of Boyd have returned -0.6% versus the Zacks S&P 500 composite's +1% change. Currently, BYD carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Boyd Gaming má za čtvrtletí končící v září 2026 vykázat zisk 1,67 USD na akcii, meziročně o 2,9 % nižší, při tržbách ve výši 1 miliardy USD, které zůstanou beze změny.
The market expects Boyd Gaming (BYD - Free Report) to deliver a year-over-year decline in earnings on flat revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on October 22, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis casino operator is expected to post quarterly earnings of $1.67 per share in its upcoming report, which represents a year-over-year change of -2.9%.
Revenues are expected to be $1 billion, unchanged compared to the year-ago quarter..
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.16% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Boyd?For Boyd, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -4.16%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Boyd will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Boyd would post earnings of $1.86 per share when it actually produced earnings of $1.93, delivering a surprise of +3.76%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Boyd doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
BYD poprvé vydělala víc v zahraničí než v Číně: tržby mimo Čínu vzrostly v 1. pololetí o 34 % na 181,3 miliardy jüanů a tvořily 53 % tržeb. Akcie v Hongkongu ráno klesaly asi o 5 %.
Největšímu světovému výrobci elektromobilů BYD klesl v letošním prvním pololetí čistý zisk meziročně o 20,5 procenta na 12,3 miliardy jüanů. Nižší oproti loňsku byly i tržby, jež klesly o 7,1 procenta na 344,8 miliardy jüanů. Hlavním důvodem je silná konkurence na domácím trhu v kombinaci se zhoršenou poptávkou. Přesto BYD dosáhla historického milníku, když vykázala rekordní exportní čísla.
Tržby společnosti na zahraničních trzích totiž poprvé překonaly příjmy z domácího čínského trhu. Konkrétně tržby mimo Čínu vzrostly meziročně o 34 procent na 181,3 miliardy jüanů (zhruba 27 mld. USD). Zahraniční prodeje tak představují 53 procent celkových příjmů automobilky. Naopak v regionu Velké Číny se tržby propadly o 31 procent.
Díky silnějším výsledkům v zahraničí se společnosti zvýšil alespoň čistý kvartální zisk, a to poprvé za posledních pět čtvrtletí, když ve druhém kvartálu dosáhl 8,2 mld. juanů (1,2 mld. USD), což představuje 30procentní růst.
Vývoj na domácím trhu potvrzuje rostoucí problémy čínského automobilového trhu. Přestože se jedná o největší automobilový trh světa, tak konkurenční boj vedoucí mj. ke snižování marží dosáhl takové intenzity, že ani domácí lídr není schopen spoléhat na stabilní ziskovost. Výrobci proto hledají příležitosti za hranicemi, kde mohou prodávat vozy za vyšší ceny a dosahovat výrazně lepších marží, informuje Bloomberg.
Ve své pololetní zprávě BYD uvedla, že čínský automobilový sektor vstoupil do fáze „hlubokých změn a diferenciace“, kterou charakterizuje slabší domácí poptávka, a naopak rychlý růst exportu. Firma zároveň očekává, že její zahraniční expanze bude pokračovat i ve druhé části roku.
Akcie společnosti nereagovaly na výsledky pozitivně. V pondělí ráno v Hongkongu vykazovaly přibližně pětiprocentní pokles.
Pro tradiční zahraniční automobilky je každopádně situace v Číně ještě horší. Značky jako Volkswagen nebo Mercedes-Benz po dvě desetiletí těžily z rychlého růstu čínské ekonomiky a automobilového trhu, teď se ale karta obrátila – stále více čínských zákazníků dává přednost domácím značkám, protože zahraniční vozy považuje za drahé a technologicky méně atraktivní.
Útlum v čínském automobilovém průmyslu pokračuje už desátý měsíc v řadě. Podle údajů China Passenger Car Association se prodeje osobních vozů v červenci meziročně snížily o 21 procent. Pokračující cenová válka nutí výrobce snižovat ceny, což se negativně promítá do tržeb i ziskovosti.
Další vrstvu nejistoty představuje přísnější dohled čínských úřadů. Peking v posledních měsících avizoval detailnější kontrolu rychlého vývoje nových modelů a chce zajistit, aby výrobci ve snaze o uvedení novinek na trh neomezovali bezpečnostní standardy.
Právě export je proto pro čínské automobilky klíčovým motorem růstu. V červenci vzrostly zahraniční dodávky osobních vozidel z Číny meziročně o 88 procent. Hlavní výhodu pro čínské značky představuje skutečnost, že mohou své automobily prodávat výrazně dráž než doma, a přesto jsou vůči místním výrobcům cenově konkurenceschopné, upozorňuje Bloomberg.
Příkladem budiž plug-in hybridní SUV BYD Seal U. Zatímco na německém trhu začíná jeho cena na 39 900 eurech, tak domácí čínská verze se prodává za méně než polovinu této částky. Vyšší zahraniční marže se následně promítají do hospodaření firmy, o čemž svědčí i výše zmíněné výsledky za samotný druhý kvartál.
I když tempo prodejů zatím zaostává za celoročními cíli společnosti, tak analytici očekávají, že zlepšená čísla (za 2Q) budou pokračovat i ve druhé polovině roku. Odhady sestavené Bloombergem dokonce předpokládají, že zisky a tržby dosáhnou ve čtvrtém čtvrtletí rekordních maxim.
Zpoždění nové továrny v Maďarsku
Na druhé straně rizika ale zůstávají značná. Pro čínské výrobce je americký trh prakticky uzavřen a také v Evropě sílí snahy o omezení dovozu vozidel z Číny. Evropská unie již zavedla dodatečná cla na elektromobily vyrobené v Číně a podle médií zvažuje obdobný postup i u hybridních vozů. Podobná opatření přijaly také některé další země včetně Brazílie a Mexika.
BYD na to reaguje po svém: část automobilů plánuje vyrábět přímo v regionech. Třeba její vlajková továrna v Maďarsku ale čelí komplikacím. Projekt se dostal pod zvýšený dohled kvůli tvrzením o pracovních podmínkách u subdodavatelů a změna politické garnitury v zemi vedla k přezkoumávání dříve schválených pobídek a daňových úlev. Zahájení výroby se proto posunulo přibližně o rok a nyní se očekává až ve čtvrtém čtvrtletí.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share, payable October 15, 2026, to shareholders of record at the close of business on September 15, 2026.
About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 26 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 magazine 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.
Boyd Group Services ve 2. čtvrtletí zvýšila tržby o 29,9 % na 1,0137 miliardy USD a upravený EBITDA o 44,9 % na 135,9 milionu USD. Poprvé v historii překročila čtvrtletní tržby 1 miliardu USD.
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.
Boyd Gaming ve 2. čtvrtletí vykázala tržby 1,03 miliardy USD, téměř beze změny, ale čistý zisk klesl na 131,2 milionu USD z 151,5 milionu USD před rokem. Společnost zároveň vyplatila čtvrtletní dividendu 0,20 USD na akcii a odkoupila vlastní akcie za 156 milionů USD.
, /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.
