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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.

Čínské automobilky procházejí zásadní proměnou. Zatímco na domácím trhu čelí pokračujícímu poklesu prodejů, cenovým válkám a nadbytečným výrobním kapacitám, v zahraničí zaznamenávají mimořádně silný růst. Analytici upozorňují, že slabší čínská spotřeba a přebytek výrobních kapacit činí z mezinárodní expanze strategickou nutnost.

Čínský automobilový průmysl zažívá v zahraničí prudký růst a dobývá trhy od Evropy až po jihovýchodní Asii, kde vyvíjí silný tlak na zavedené automobilky, jako jsou Toyota Motor a Volkswagen. Na domácím trhu je ale situace odlišná. Prodej automobilů zde od konce loňského roku neustále klesá, protože slabá spotřebitelská poptávka a dlouholetá intenzivní cenová konkurence způsobily, že největší automobilový trh na světě je nyní zahlcen nadbytečnými kapacitami, upozornila agentura Reuters.

Velké čínské automobilky jako BYD, Geely a Chery, se už delší dobu snaží prosadit na světových trzích, jejich rychlou expanzi ale podle analytiků a lidí z oboru stále více pohání také slabá poptávka na domácím trhu. Výrobci proto mají silnější motivaci urychlit své tažení do zahraničí, které už začalo před lety. To podle analytiků dál zvýší tlak na evropské a japonské konkurenty, kteří se snaží držet krok s technologicky vyspělými a levnými čínskými elektromobily.

"Čínské automobilky mají nadbytečné výrobní kapacity, vysoce konkurenceschopné dodavatelské řetězce, stále sofistikovanější produkty a silnou ekonomickou motivaci k hledání růstu mimo Čínu," řekl generální ředitel poradenské firmy sídlící v Šanghaji Automobility Bill Russo. Globalizace se podle něj pro přední čínské automobilky stává strategickou nutností.

Zpráva Čínského svazu osobních automobilů zveřejněná tento týden ukázala, že prodej aut v Číně se v červenci meziročně snížil o pětinu na 1,47 milionu. Pokles zaznamenal již desátý měsíc za sebou. Vývoz naopak vzrostl o 88 procent na 923.000. I když toto číslo zahrnuje také zahraniční značky vyráběné v Číně, ukazuje, že trend dvouciferného procentního poklesu na domácím trhu a dvouciferného procentního růstu domácích automobilek v zahraničí přetrvává.

Za první pololetí letošního roku se prodej automobilů v Číně meziročně snížil o pětinu, tedy o 2,3 milionu vozů. To odpovídá počtu nových registrací automobilů v Japonsku za stejné období. Japonsko je čtvrtým největším automobilovým trhem na světě. Vývoz se zvýšil o 71 procent. Od roku 2023 je Čína největším světovým vývozcem vozidel. Tento titul přitom dlouho drželo Japonsko.

Vývoj v automobilovém průmyslu odráží širší vývoj druhé největší ekonomiky světa. Růst výroby a vývozu pomáhá podporovat hospodářský růst, zatímco slabý realitní trh a nízká spotřeba domácností brzdí poptávku v Číně. Země tak vyrábí více, než dokáže prodat na domácím trhu, a zahraniční trhy jsou proto pro čínské firmy stále důležitějším odbytištěm.

Největší čínské automobilce BYD například v prvních sedmi měsících roku klesl domácí prodej o 35 procent. Tento propad vyrovnala růstem prodeje v v zahraničí, který meziročně stoupl o 79 procent. Největšími jednotlivými zahraničními trhy BYD jsou letos Brazílie a Británie.

Podle údajů analytické společnosti Counterpoint Research zvýšily čínské automobilky v prvním čtvrtletí letošního roku svůj podíl na evropském trhu s osobními vozy na 16 procent. Před čtyřmi lety měly podíl pouhá tři procenta. Růst podílu byl především na úkor některých evropských, jihokorejských a amerických konkurentů. U elektromobilů pak mají čínské značky na celkových dodávkách na evropské trhy téměř čtvrtinový podíl.

Counterpoint předpovídá, že do roku 2030 čínské značky získají podíl více než 20 procent celkového evropského trhu s osobními automobily a 29 procent na trhu s elektromobily. Podle analytiků tento trend mohou zpomalit cla, ale určitě ho nezvrátí.

Posted by Defense World Staff on Aug 13th, 2026

Bank of America Corp DE lifted its position in shares of Boyd Gaming Corporation (NYSE:BYD – Free Report) by 8.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 569,427 shares of the company’s stock after buying an additional 46,146 shares during the quarter. Bank of America Corp DE owned about 0.77% of Boyd Gaming worth $46,796,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Boyd Gaming by 1,466.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 32,965 shares of the company’s stock valued at $2,810,000 after acquiring an additional 30,860 shares during the last quarter. Jefferies Financial Group Inc. acquired a new stake in Boyd Gaming in the 4th quarter worth approximately $15,551,000. III Capital Management acquired a new stake in Boyd Gaming in the 4th quarter worth approximately $4,177,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Boyd Gaming during the fourth quarter worth approximately $1,922,000. Finally, Convergence Investment Partners LLC bought a new stake in Boyd Gaming during the fourth quarter worth approximately $1,256,000. Institutional investors own 76.81% of the company’s stock.

Analysts Set New Price Targets A number of research firms have recently commented on BYD. Susquehanna lifted their price target on shares of Boyd Gaming from $84.00 to $87.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Texas Capital raised shares of Boyd Gaming to a “strong-buy” rating in a report on Wednesday, June 3rd. Mizuho set a $104.00 target price on shares of Boyd Gaming in a research note on Friday, July 24th. Morgan Stanley dropped their target price on shares of Boyd Gaming from $90.00 to $89.00 and set an “equal weight” rating on the stock in a report on Monday, July 27th. Finally, Barclays boosted their target price on shares of Boyd Gaming from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $94.69.

View Our Latest Stock Analysis on BYD

Boyd Gaming Stock Up 0.5% BYD opened at $82.82 on Thursday. The business has a 50 day moving average of $86.84 and a 200-day moving average of $84.67. The stock has a market capitalization of $6.02 billion, a price-to-earnings ratio of 3.65, a P/E/G ratio of 2.01 and a beta of 1.08. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05. Boyd Gaming Corporation has a 1-year low of $76.33 and a 1-year high of $91.41.

Boyd Gaming (NYSE:BYD – Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.04. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the firm posted $1.87 earnings per share. Boyd Gaming’s revenue was up .0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Boyd Gaming Corporation will post 7.29 earnings per share for the current year.

Boyd Gaming announced that its board has initiated a share repurchase plan on Thursday, April 23rd that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity In related news, CFO Josh Hirsberg sold 12,777 shares of Boyd Gaming stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the sale, the chief financial officer directly owned 422,969 shares of the company’s stock, valued at $37,965,697.44. This trade represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keith Smith sold 100,000 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total value of $8,590,000.00. Following the transaction, the chief executive officer owned 996,981 shares in the company, valued at $85,640,667.90. This represents a 9.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 22.82% of the company’s stock.

Boyd Gaming Profile (Free Report)

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.

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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.

Boyd Gaming Corporation BYD pairs a discounted valuation with steady regional demand and new growth projects. Midwest & South and Managed operations are providing support while Las Vegas destination weakness and construction disruption remain pressure points.

Posted by Defense World Staff on Aug 4th, 2026

Empowered Funds LLC increased its stake in shares of Boyd Gaming Corporation (NYSE:BYD – Free Report) by 24.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 40,152 shares of the company’s stock after purchasing an additional 7,919 shares during the period. Empowered Funds LLC owned 0.05% of Boyd Gaming worth $3,300,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Quantinno Capital Management LP increased its stake in Boyd Gaming by 18.2% during the 1st quarter. Quantinno Capital Management LP now owns 925,070 shares of the company’s stock worth $76,022,000 after buying an additional 142,468 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of Boyd Gaming by 5.1% in the first quarter. Lazard Asset Management LLC now owns 4,618 shares of the company’s stock valued at $380,000 after acquiring an additional 225 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Boyd Gaming by 22.9% in the first quarter. Renaissance Technologies LLC now owns 47,200 shares of the company’s stock valued at $3,879,000 after acquiring an additional 8,800 shares in the last quarter. Aristides Capital LLC boosted its stake in shares of Boyd Gaming by 21.9% in the first quarter. Aristides Capital LLC now owns 2,925 shares of the company’s stock worth $240,000 after acquiring an additional 526 shares during the last quarter. Finally, Inceptionr LLC increased its position in shares of Boyd Gaming by 141.4% during the first quarter. Inceptionr LLC now owns 14,313 shares of the company’s stock worth $1,176,000 after purchasing an additional 8,385 shares in the last quarter. 76.81% of the stock is owned by hedge funds and other institutional investors.

Boyd Gaming Trading Down 0.1% Shares of BYD opened at $84.95 on Tuesday. Boyd Gaming Corporation has a 12-month low of $76.33 and a 12-month high of $91.41. The firm has a market capitalization of $6.31 billion, a P/E ratio of 3.74, a P/E/G ratio of 2.08 and a beta of 1.07. The firm has a 50-day moving average price of $86.90 and a 200 day moving average price of $84.86. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05.

Boyd Gaming (NYSE:BYD – Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.04. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the previous year, the firm earned $1.87 earnings per share. Boyd Gaming’s quarterly revenue was up .0% compared to the same quarter last year. Sell-side analysts forecast that Boyd Gaming Corporation will post 7.29 EPS for the current year.

Boyd Gaming Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were issued a $0.20 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. Boyd Gaming’s dividend payout ratio is currently 3.52%.

Boyd Gaming declared that its board has approved a share buyback plan on Thursday, April 23rd that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades Several equities research analysts have issued reports on BYD shares. Morgan Stanley lowered their target price on shares of Boyd Gaming from $90.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Monday, July 27th. Susquehanna raised their price target on shares of Boyd Gaming from $84.00 to $87.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. JPMorgan Chase & Co. boosted their price target on shares of Boyd Gaming from $90.00 to $93.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Benchmark started coverage on shares of Boyd Gaming in a research note on Monday, June 22nd. They set a “buy” rating and a $100.00 price objective for the company. Finally, Texas Capital upgraded shares of Boyd Gaming to a “strong-buy” rating in a report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $94.69.

View Our Latest Stock Analysis on BYD

Insider Activity at Boyd Gaming In other Boyd Gaming news, CEO Keith Smith sold 100,000 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the completion of the sale, the chief executive officer owned 996,981 shares of the company’s stock, valued at $85,640,667.90. This trade represents a 9.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Josh Hirsberg sold 12,777 shares of Boyd Gaming stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total value of $1,146,863.52. Following the completion of the sale, the chief financial officer owned 422,969 shares in the company, valued at $37,965,697.44. This represents a 2.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 22.82% of the company’s stock.

About Boyd Gaming (Free Report)

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.

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Posted by Defense World Staff on Jul 27th, 2026

Caxton Associates LLP decreased its stake in shares of Boyd Gaming Corporation (NYSE:BYD – Free Report) by 72.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 9,991 shares of the company’s stock after selling 25,858 shares during the quarter. Caxton Associates LLP’s holdings in Boyd Gaming were worth $821,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Inceptionr LLC grew its position in Boyd Gaming by 141.4% during the first quarter. Inceptionr LLC now owns 14,313 shares of the company’s stock worth $1,176,000 after buying an additional 8,385 shares in the last quarter. Sei Investments Co. raised its holdings in Boyd Gaming by 33.2% in the 1st quarter. Sei Investments Co. now owns 199,749 shares of the company’s stock valued at $16,415,000 after acquiring an additional 49,786 shares in the last quarter. State of Wyoming lifted its position in shares of Boyd Gaming by 33.9% in the 1st quarter. State of Wyoming now owns 2,952 shares of the company’s stock worth $243,000 after acquiring an additional 748 shares during the period. First Trust Advisors LP lifted its position in shares of Boyd Gaming by 1.1% in the 1st quarter. First Trust Advisors LP now owns 672,724 shares of the company’s stock worth $55,284,000 after acquiring an additional 7,463 shares during the period. Finally, Meeder Asset Management Inc. lifted its position in shares of Boyd Gaming by 150.2% in the 1st quarter. Meeder Asset Management Inc. now owns 116,974 shares of the company’s stock worth $9,613,000 after acquiring an additional 70,216 shares during the period. Institutional investors and hedge funds own 76.81% of the company’s stock.

More Boyd Gaming News Here are the key news stories impacting Boyd Gaming this week:

Positive Sentiment: Boyd Gaming beat earnings expectations with Q2 EPS of $1.93 versus the consensus estimate, which suggests stronger profitability than analysts anticipated. Boyd Gaming (BYD) Q2 Earnings and Revenues Beat Estimates Positive Sentiment: The company said results benefited from strong performance in its Midwest & South operations, Online segment, and Managed business, highlighting diversification across key revenue streams. BOYD GAMING REPORTS SECOND-QUARTER 2026 RESULTS Neutral Sentiment: Revenue of $1.03 billion was roughly in line with expectations, though slightly below the $1.04 billion forecast, so the top-line result was not a major surprise for investors. Boyd Gaming Corporation: Boyd Gaming Reports Second-quarter 2026 Results Neutral Sentiment: Market commentary noted that the stock may still look undervalued after the earnings release, but sentiment has cooled, suggesting investors are weighing solid fundamentals against a more cautious outlook. Boyd Gaming (BYD) Following Fresh Results Looks Undervalued But Sentiment Has Cooled Analyst Ratings Changes BYD has been the topic of a number of research reports. Weiss Ratings upgraded Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. raised their target price on Boyd Gaming from $90.00 to $93.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Wells Fargo & Company lifted their price target on shares of Boyd Gaming from $81.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 14th. Texas Capital raised shares of Boyd Gaming to a “strong-buy” rating in a report on Wednesday, June 3rd. Finally, Mizuho set a $104.00 price target on shares of Boyd Gaming in a report on Friday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.77.

Read Our Latest Analysis on Boyd Gaming

Insider Activity In other news, CEO Keith Smith sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total value of $8,590,000.00. Following the transaction, the chief executive officer owned 996,981 shares of the company’s stock, valued at approximately $85,640,667.90. This trade represents a 9.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of Boyd Gaming stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the sale, the chairman owned 1,609,808 shares of the company’s stock, valued at approximately $135,272,166.24. This represents a 3.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 200,000 shares of company stock valued at $17,038,987 over the last three months. Company insiders own 22.82% of the company’s stock.

Boyd Gaming Stock Performance Shares of NYSE:BYD opened at $87.18 on Monday. The business’s fifty day moving average price is $85.83 and its two-hundred day moving average price is $84.84. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58. Boyd Gaming Corporation has a fifty-two week low of $76.33 and a fifty-two week high of $91.00. The stock has a market capitalization of $6.48 billion, a price-to-earnings ratio of 3.84, a price-to-earnings-growth ratio of 2.06 and a beta of 1.07.

Boyd Gaming (NYSE:BYD – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.04. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.29%. The company’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.87 earnings per share. As a group, analysts predict that Boyd Gaming Corporation will post 7.21 EPS for the current fiscal year.

Boyd Gaming Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were given a dividend of $0.20 per share. The ex-dividend date was Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. Boyd Gaming’s payout ratio is presently 3.52%.

Boyd Gaming announced that its Board of Directors has approved a stock repurchase plan on Thursday, April 23rd that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Boyd Gaming Company Profile (Free Report)

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.

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Boyd Gaming (BYD - Free Report) reported $1.03 billion in revenue for the quarter ended June 2026, representing no change year over year. EPS of $1.93 for the same period compares to $1.87 a year ago.

The reported revenue represents a surprise of +0.58% over the Zacks Consensus Estimate of $1.03 billion. With the consensus EPS estimate being $1.86, the EPS surprise was +3.76%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Boyd performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues by Segment- Managed & Other: $41.3 million versus the three-analyst average estimate of $37.32 million. The reported number represents a year-over-year change of +13.1%.Revenues by Segment- Downtown Las Vegas: $52.11 million compared to the $54.35 million average estimate based on three analysts. The reported number represents a change of -5.7% year over year.Revenues by Segment- Midwest and South: $556.89 million versus the three-analyst average estimate of $551.72 million. The reported number represents a year-over-year change of +3.1%.Revenues by Segment- Las Vegas Locals: $225.9 million compared to the $223.67 million average estimate based on three analysts. The reported number represents a change of -1.4% year over year.Adjusted EBITDAR- Online: $10.59 million compared to the $7.93 million average estimate based on three analysts.Adjusted EBITDAR- Managed & Other: $30.69 million compared to the $27.96 million average estimate based on three analysts.Adjusted EBITDAR- Corporate expense: $-22.88 million versus the three-analyst average estimate of $-24.59 million.Adjusted EBITDAR- Downtown Las Vegas: $16.91 million compared to the $18.31 million average estimate based on three analysts.Adjusted EBITDAR- Midwest and South: $208.75 million compared to the $204.36 million average estimate based on three analysts.Adjusted EBITDAR- Las Vegas Locals: $106.42 million compared to the $106.18 million average estimate based on three analysts.View all Key Company Metrics for Boyd here>>>

Shares of Boyd have returned -0.3% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

Boyd Gaming (BYD - Free Report) came out with quarterly earnings of $1.93 per share, beating the Zacks Consensus Estimate of $1.86 per share. This compares to earnings of $1.87 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +3.76%. A quarter ago, it was expected that this casino operator would post earnings of $1.76 per share when it actually produced earnings of $1.6, delivering a surprise of -9.09%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Boyd, which belongs to the Zacks Gaming industry, posted revenues of $1.03 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.58%. This compares to year-ago revenues of $1.03 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Boyd shares have added about 1.7% since the beginning of the year versus the S&P 500's gain of 9.6%.

What's Next for Boyd?While Boyd has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Boyd was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.75 on $1.01 billion in revenues for the coming quarter and $7.23 on $4.14 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Gaming is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Wynn Resorts (WYNN - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.

This casino operator is expected to post quarterly earnings of $1.04 per share in its upcoming report, which represents a year-over-year change of -4.6%. The consensus EPS estimate for the quarter has been revised 1.8% lower over the last 30 days to the current level.

Wynn Resorts' revenues are expected to be $1.85 billion, up 6.2% from the year-ago quarter.

Prodej nových osobních automobilů v Evropské unii v červnu meziročně stoupl o 13,6 procenta na 1,148 milionu. Ve zprávě o registracích nových vozidel to dnes uvedlo Evropské sdružení výrobců automobilů (ACEA). Dál posílili čínští výrobci. Za celou první polovinu roku se prodej vozů zvýšil o 5,7 procenta na 5,897 milionu.

Zatímco prodej vozidel výhradně se spalovacím motorem se v červnu snížil, prodej bateriových elektromobilů (BEV) vzrostl o více než 60 procent na 270.557 kusů. Vyšší prodej zaznamenaly také hybridní vozy.

Podíl elektromobilů se do konce června vyšplhal na 20,7 procenta z 15,6 procenta ve stejném období loni. Registrace hybridních elektromobilů tvořily 37,3 procenta trhu a nadále zůstávají preferovanou volbou unijních spotřebitelů. Současně klesl celkový tržní podíl benzinových a naftových vozů na 29,7 procenta z 37,8 procenta v první polovině loňského roku.

Z největších automobilových trhů zaznamenalo větší růst Německo, kde se v červnu zaregistrovalo o 15,7 procenta více vozů. Ve Francii byl nárůst nižší, a to 11,4 procenta, a podobně tomu bylo v Itálii s 10,6 procenta. Ve Španělsku byl nárůst ještě nižší, v červnu činil 7,8 procenta.

Volkswagen si udržel pozici lídra trhu v celé EU, jeho prodej vzrostl o 7,3 procenta na 291.366 vozů. Skupina Stellantis, mateřská společnost značek Fiat, Peugeot a Opel, zaznamenala jakožto druhý největší hráč na trhu nárůst o 7,1 procenta, zatímco třetí největší prodejce Renault vykázal růst o 3,6 procenta.

Automobilka Škoda Auto, která je součástí německé skupiny Volkswagen, v červnu prodej v zemích EU podle údajů ACEA meziročně zvýšila o 10,1 procenta na 73.855 vozů. Podíl této značky na unijním trhu ale klesl na 6,4 procenta ze 6,6 procenta před rokem stejně jako tržní podíl celé skupiny Volkswagen.

Nadále výrazně posilují čínští výrobci, jako jsou Chery, BYD a Leapmotor. BYD v červnu meziročně zvýšila prodej o téměř 200 procent, Chery dokonce o 271 procent a Leapmotor o 496 procent. Tržní podíly čínských prodejců za prvních šest měsíců roku však zůstávají zatím skromné a pohybují se kolem jednoho až tří procent.

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Boyd Gaming (NYSE:BYD | BYD Price Prediction) stands out in gaming heading into its confirmed July 23 earnings release, and the setup is doing most of the work for you. The 24/7 Wall St.’s base case pegs fair value at $102.07 against an $86.03 print as of July 14, a 16.91% upside call with a 90% confidence score and a Buy recommendation. The conviction case rests on a buyback machine, a rerating catalyst two weeks out and a valuation that ignores the earnings power underneath.

Valuation Is Doing the Heavy Lifting BYD trades at a forward P/E of 11 against a 50-day moving average of $84.99 and a 200-day of $83.94. That is a low-double-digit multiple on a business generating $317.42 million in quarterly adjusted EBITDAR with property margins exceeding 39%. The analyst consensus target of $93.94 already implies room to run, and Wall Street’s rating mix skews neutral-to-bullish with zero sell ratings across 19 analysts.

The Capital Return Is the Real Story CEO Keith Smith is aggressively shrinking the share count. Boyd returned $155 million in Q1 2026 repurchases plus a raised $0.20 quarterly dividend, with the board authorizing an additional $500 million buyback and roughly $707 million remaining. Management guided to $150 million per quarter in repurchases, worth approximately $9 per share in value for shareholders in 2026. Over the past four and a half years, Boyd has returned $2.9 billion to shareholders and reduced the share count by more than 33%.

Why BYD Wins the Head-to-Head The obvious alternatives are MGM Resorts (NYSE:MGM) and Penn Entertainment (NASDAQ:PENN). Boyd finished Q1 with traditional leverage of 1.8x and lease-adjusted leverage of 2.4x, the strongest balance sheet in the company’s history. MGM and Penn have historically carried materially heavier debt loads and neither runs a buyback intensity that matches Boyd’s 33% share count reduction over the last four-plus years. Penn’s persistent Interactive losses have kept its forward earnings visibility murky, while Boyd’s Online segment is guided to $30 million to $35 million in EBITDA this year, a cleaner profile.

The July 23 Catalyst Q2 2025 delivered an EPS surprise of +14.82% with a same-day pop of +4.4%. Momentum has since rebuilt: Midwest & South revenues grew 4% and EBITDAR grew 5% with margins near 37%, and Smith noted customer trends from Q1 continued into April. Options positioning confirms the tilt with a 0.17 full-chain put/call ratio.

The setup heading into the July 23 report combines a buyback-driven share count reduction, sector-low leverage, and a valuation that leaves room for a rerating.

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Contact [email protected] for any questions or corrections.

, /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) announced that the conference call to review the Company's second-quarter 2026 results will take place on Thursday, July 23, 2026, 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 Company will report its results on the same day shortly after 4:00 p.m. Eastern. 

The conference call will also be available online at https://investors.boydgaming.com or https://app.webinar.net/gBE9RqpOV3y.

A replay will be available by dialing (888) 660-6345 on Thursday, July 23, after the conclusion of the call, 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.

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 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.

SOURCE Boyd Gaming Corporation

Besides Wall Street's top-and-bottom-line estimates for Boyd (BYD), review projections for some of its key metrics to gain a deeper understanding of how the company might have fared during the quarter ended March 2026.

, /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the first quarter ended March 31, 2026.  

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our first-quarter results reflect the benefits of our diversified business, our successful focus on operating efficiencies and our ongoing capital investment program. On a property-level basis, we achieved year-over-year revenue and Adjusted EBITDAR growth, as property margins once again exceeded 39%. These results were supported by continued growth in play from both core and retail customers on a Companywide basis, driven by broad-based strength in our Midwest & South segment. During the quarter we continued to invest in enhancing our properties and building our development pipeline. We opened Cadence Crossing Casino, our newest Las Vegas Locals property, and continued development of our $750 million resort in Virginia.  We also secured regulatory approval for our proposed expansion and modernization of our Par-A-Dice property in Illinois, and plan to begin construction on this project next year. At the same time, we maintained our robust program of returning capital to our shareholders, with nearly $170 million in share repurchases and dividends during the first quarter. Looking ahead, we believe that our strong balance sheet, diversified portfolio, balanced approach to capital allocation and experienced management team all position us well to continue creating long-term value for our shareholders."

Boyd Gaming reported first-quarter 2026 revenues of $997.4 million, increasing from $991.6 million in the first quarter of 2025. The Company reported net income of $105.5 million, or $1.37 per share, for the first quarter of 2026, compared to $111.4 million, or $1.31 per share, for the year-ago period. Total Adjusted EBITDAR(1) was $317.4 million in the first quarter of 2026 versus $337.5 million in the first quarter of 2025. Adjusted Earnings(1) for the first quarter of 2026 were $123.1 million, or $1.60 per share, compared to $137.7 million, or $1.62 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
The Company's Midwest & South segment achieved year-over-year revenue and Adjusted EBITDAR growth, driven by continued growth in play from core and retail players, favorable comparisons due to last year's severe winter weather, and contributions from the Company's recent property investments. Results in the Las Vegas Locals segment were impacted by continued softness in destination business, as well as construction disruption from the Company's ongoing renovations at Suncoast. During the quarter, results in the Downtown Las Vegas segment reflected stability in play from Hawaiian guests and reduced destination business.

The Company's Online segment generated continued growth from its online casino gaming business, as well as contributions from third-party market access agreements consistent with the second half of 2025. Revenue and Adjusted EBITDAR growth in Managed & Other was driven by continued increases in management fees from Sky River Casino in northern California.

Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly cash dividend of $0.20 per share on April 15, 2026, an increase over the Company's prior quarterly dividend of $0.18 per share.

As part of its ongoing share repurchase program, the Company repurchased $155 million in shares of its common stock during the first quarter of 2026.

On April 8, 2026, the Company's Board of Directors authorized an additional $500 million under the Company's share repurchase program. Considering the additional authorization, the Company had approximately $707 million remaining under the current share repurchase authorization as of March 31, 2026.

Balance Sheet Statistics
As of March 31, 2026, Boyd Gaming had cash on hand of $372.7 million, and total debt of $2.3 billion. 

Conference Call Information
Boyd Gaming will host a conference call to discuss its first-quarter 2026 results today, April 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/a7rJPbyEXRG. 

Following the call's completion, a replay will be available by dialing (888) 660-6345 today, April 23, and continuing through Thursday, April 30.  The passcode for the replay will be 56366#.  The replay will also be available at https://investors.boydgaming.com.

BOYD GAMING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

March 31,

(In thousands, except per share data)

2026

2025

Revenues

Gaming

$ 650,501

$ 638,693

Food & beverage

75,770

74,158

Room

45,947

47,388

Online

26,248

39,967

Online reimbursements

135,447

129,606

Management fee

26,221

25,146

Other

37,221

36,607

Total revenues

997,355

991,565

Operating costs and expenses

Gaming

254,849

246,123

Food & beverage

64,915

63,337

Room

19,172

18,997

Online

17,670

16,424

Online reimbursements

135,447

129,606

Other

13,205

12,791

Selling, general and administrative

109,985

107,846

Master lease rent expense (a)

28,584

28,160

Maintenance and utilities

35,743

36,725

Depreciation and amortization

94,989

68,223

Corporate expense

36,784

29,951

Project development, preopening and writedowns

20,268

(1,522)

Impairment of assets

—

32,272

Other operating items, net

1,752

2,745

Total operating costs and expenses

833,363

791,678

Operating income

163,992

199,887

Other expense (income)

Interest income

(1,865)

(808)

Interest expense, net of amounts capitalized

28,451

48,437

Loss on early extinguishments and modifications of debt

391

—

Other, net 

7

107

Total other expense, net

26,984

47,736

Income before income taxes

137,008

152,151

Income tax provision

(32,715)

(41,269)

Net income

104,293

110,882

Net loss attributable to noncontrolling interest

1,249

537

Net income attributable to Boyd Gaming 

$ 105,542

$ 111,419

Basic net income per common share

$       1.37

$       1.31

Weighted average basic shares outstanding

76,767

85,119

Diluted net income per common share

$       1.37

$       1.31

Weighted average diluted shares outstanding

76,777

85,136

(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

March 31,

(In thousands)

2026

2025

Total Revenues by Segment

Las Vegas Locals

$ 217,104

$ 222,799

Downtown Las Vegas

54,938

57,287

Midwest & South

525,093

504,587

Online

161,695

169,573

Managed & Other

38,525

37,319

Total revenues

$ 997,355

$ 991,565

Adjusted EBITDAR by Segment

Las Vegas Locals

$   99,962

$ 106,547

Downtown Las Vegas

18,900

20,923

Midwest & South

192,641

183,222

Online

8,356

23,306

Managed & Other

28,416

27,319

Corporate expense, net of share-based compensation expense (a)

(30,860)

(23,800)

Adjusted EBITDAR

317,415

337,517

Master lease rent expense (b)

(28,584)

(28,160)

Adjusted EBITDA

288,831

309,357

Other operating costs and expenses

Deferred rent

132

147

Depreciation and amortization

94,989

68,223

Share-based compensation expense

7,698

7,605

Project development, preopening and writedowns

20,268

(1,522)

Impairment of assets

—

32,272

Other operating items, net

1,752

2,745

Total other operating costs and expenses

124,839

109,470

Operating income

163,992

199,887

Other expense (income)

Interest income

(1,865)

(808)

Interest expense, net of amounts capitalized

28,451

48,437

Loss on early extinguishments and modifications of debt

391

—

Other, net 

7

107

Total other expense, net

26,984

47,736

Income before income taxes

137,008

152,151

Income tax provision

(32,715)

(41,269)

Net income

104,293

110,882

Net loss attributable to noncontrolling interest

1,249

537

Net income attributable to Boyd Gaming 

$ 105,542

$ 111,419

(a) Reconciliation of corporate expense:

Three Months Ended

March 31,

(In thousands)

2026

2025

Corporate expense as reported on Condensed Consolidated Statements of Operations

$   36,784

$   29,951

Corporate share-based compensation expense

(5,924)

(6,151)

Corporate expense, net, as reported on the above table

$   30,860

$   23,800

(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

March 31,

(In thousands, except per share data)

2026

2025

Net income attributable to Boyd Gaming

$ 105,542

$ 111,419

Pretax adjustments:

Project development, preopening and writedowns

20,268

(1,522)

Impairment of assets

—

32,272

Other operating items, net

1,752

2,745

Loss on early extinguishments and modifications of debt

391

—

Other, net

7

107

Total adjustments

22,418

33,602

Income tax effect for above adjustments

(4,868)

(7,293)

Adjusted earnings

$ 123,092

$ 137,728

Net income per share, diluted

$       1.37

$       1.31

Pretax adjustments:

Project development, preopening and writedowns

0.26

(0.02)

Impairment of assets

—

0.38

Other operating items, net

0.02

0.04

Loss on early extinguishments and modifications of debt

0.01

—

Other, net 

—

—

Total adjustments

0.29

0.40

Income tax effect for above adjustments

(0.06)

(0.09)

Adjusted earnings per share, diluted

$       1.60

$       1.62

Weighted average diluted shares outstanding

76,777

85,136

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 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. 

SOURCE Boyd Gaming Corporation

Boyd Gaming Corporation (BYD) Q1 2026 Earnings Call Transcript

Boyd Gaming Corp (NYSE:BYD) on Thursday reported worse-than-expected first-quarter financial results and announced a $500 million buyback plan.

Boyd Gaming reported quarterly earnings of $1.60 per share which missed the analyst consensus estimate of $1.73 per share. The company reported quarterly sales of $997.355 million which missed the analyst consensus estimate of $1.000 billion.

Boyd Gaming shares fell 6.1% to trade at $83.66 on Friday.

These analysts made changes to their price targets on Boyd Gaming following earnings announcement.

Stifel analyst Steven Wieczynski maintained Boyd Gaming with a Hold and lowered the price target from $95 to $91. JP Morgan analyst Daniel Politzer maintained the stock with a Neutral and raised the price target from $89 to $90. Mizuho analyst Ben Chaiken maintained Boyd Gaming with an Outperform rating and lowered the price target from $99 to $96. Considering buying BYD stock? Here’s what analysts think:

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Boyd Gaming Corporation remains a well-managed casino operator, but recent revenue growth has stalled, particularly in its core Las Vegas segments. Despite robust stock buybacks and a modest dividend, BYD's margins, ROIC, and EPS have declined, signaling weakening operational performance. BYD's limited focus on online gaming and the sale of its FanDuel stake suggest missed opportunities amid shifting consumer preferences toward digital gambling.

Boyd Gaming (BYD) remains a long-term 'Buy' despite a double miss in Q1 and CBRE's 'take profits' call. Midwest & South segment strength offsets softness in Las Vegas Locals and Downtown, with regional diversification providing downside protection. Upcoming catalysts—property renovations, Norfolk opening, and potential M&A—support a base-case price target of $109, implying ~30% total return.

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 July 15, 2026, to shareholders of record at the close of business on June 15, 2026.

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 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.

SOURCE Boyd Gaming Corporation

Also from this source

Boyd Group Services Inc. (BYD:CA) Q1 2026 Earnings Call Transcript

Several stocks driven by consumer spending just made significant buyback announcements. These companies are looking to add tailwinds to their share prices. By reducing their share counts, each remaining share provides more value to owners, all else equal. Let’s dive into the key buyback news surrounding these consumer names.

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Visa’s Buyback Capacity Exceeds $30 Billion After Record QuarterFirst up is the world’s biggest name in the payments industry: Visa NYSE: V. While in the finance sector, consumer spending is arguably the largest driver of Visa’s business. This leads to fee generation as transactions flow through its payment network.

Visa Today

V

Visa

$325.01 +5.96 (+1.87%)

As of 11:09 AM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$293.89▼

$363.01Dividend Yield0.82%

P/E Ratio28.31

Price Target$387.78

Visa hasn’t had a great start to 2026, with shares down more than 5%. However, the tide started to turn with the company’s last earnings report. Visa smashed estimates on both the top and bottom lines, and net sales growth was particularly impressive at 17.1% year over year (YOY). This marked the company’s highest net sales growth rate since 2022. Overall, Visa shares spiked 8.3% after the report, one of the stock’s largest up moves in recent memory.

To top off its impressive results, Visa added a massive $20 billion to its buyback authorization, bringing total buyback capacity to $33 billion. This is equal to a significant 5.5% of the company’s approximately $600 billion market capitalization. Notably, this comes after Visa recorded its highest buyback spending ever last quarter, coming in at $7.9 billion.

In calendar Q1 2026, Visa shares dropped by more than 13%, their largest quarterly decline since Q1 2020, when the market tanked on COVID shocks. This clearly indicates that Visa saw an opportunity in its share price, boosting buybacks to record levels.

Positive and Negative Indicators Surround PoolNext up is Pool NASDAQ: POOL. As its name suggests, the company’s business revolves around swimming pools. It provides pool supplies, like cleaning chemicals, as well as equipment used in pool construction and remodeling.

Pool Today

$196.72 +4.39 (+2.28%)

As of 11:09 AM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$172.68▼

$345.00Dividend Yield2.64%

P/E Ratio18.04

Price Target$261.38

Pool has certainly had a rough go of it over the recent past. Since the start of 2025, shares are down more than 45%, and the stock has declined more than 20% in 2026. The pool industry has been in a significant rut. Sales dropped by over 10% YOY in 2023, but improved to -0.4% YOY in 2025.

Thus, trends are improving, but not as fast as markets would like. Shares tanked 14% after Pool’s February earnings report. Its guidance for 2026 called for 3% adjusted earnings per share growth, which would mark the company’s first EPS increase in several years. However, the figure still fell well short of expectations.

Notably, Pool has made a significant buyback announcement, upping its buyback capacity to $600 million. This represents a very hefty 9.3% of the firm’s approximately $6.4 billion market capitalization. A further indication of confidence is the $6.28 million worth of insider buying that Pool has seen in 2026. The firm has also appointed a new CEO in John B. Watwood as Pool looks to turn its fortunes around. On the other hand, Berkshire Hathaway NYSE: BRK.A recently sold its position in Pool.

Boyd: Online Gambling Growth and Big-Time Shareholder ReturnsBoyd Gaming has put up middling performance recently, up around 10% since the start of 2025. In 2026, the stock is down more than 5%. Boyd operates many casinos in the United States, having locations in Las Vegas, the Midwest, and the South, as well as an online casino arm. Total sales have been rising steadily in the low to mid single-digit range for the past several years. The company’s online revenue growth has been particularly strong, exceeding 40% YOY in 2024 and being near 17% YOY in 2025. However, online sales fell over 4% YOY in the latest quarter.

Boyd Gaming Today

$86.17 -0.38 (-0.44%)

As of 11:09 AM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$73.00▼

$89.96Dividend Yield0.93%

P/E Ratio3.78

Price Target$92.08

Notably, Boyd uses buybacks extensively. The company says that over the past four and a half years, it has reduced its share count by 33%. Boyd recently added $500 million in buyback capacity, bringing its total capacity up to $700 million. This represents a very large 11.9% of the company’s approximately $5.9 billion market capitalization.

Boyd also specifically outlined its buyback pace, saying that it plans to continue spending $150 million on buybacks per quarter. This, combined with its indicated dividend yield near 1%, creates a very sizable capital return program. Boyd estimates that these actions will equate to around $9 in per-share value for shareholders in 2026. This is significant, considering that Boyd’s share price is around $80.

Visa Buys Itself, Berkshire Exits in Q1Visa’s buyback spending last quarter stands out among this group. If Visa proves that the market undervalued it in Q1, the company created meaningful value for shareholders. Visa also now has a sizable war chest to continue buying back stock should investors turn on the company. However, it is interesting to note that, in addition to selling Pool, Berkshire Hathaway completely sold its Visa position in Q1.

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Investors need to pay close attention to BYD stock based on the movements in the options market lately.