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Boyd Gaming Corporation (BYD) Q2 2026 Earnings Call Transcript

Consumer-Driven Stocks Boost Buybacks, Including Visa's $20B PlanBoyd Gaming NYSE: BYD reported comparable second-quarter growth as strength in its Midwest and South properties, online operations and managed business helped offset continued softness tied to Las Vegas destination travel and construction disruption at Suncoast.

President and Chief Executive Officer Keith Smith said companywide revenue rose 3% and EBITDA increased 2% in the quarter when adjusted for the impact of last year’s FanDuel transaction and tax pass-through amounts related to market access agreements. Smith said the quarter reflected “the continued benefits of our diversified business model,” ongoing capital investment and growth across customer segments.

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Could This Entertainment Stock be the Belle of the Gaming Ball?Boyd maintained property operating margins of 40%, which Smith said was consistent with recent years. He added that trends from the second quarter had continued into the first three weeks of July.

Midwest and South Segment Leads Growth Boyd’s Midwest and South segment delivered one of the strongest performances in the quarter. Smith said revenue in the segment grew 3%, led by gaming revenue, while EBITDA increased 4%. Property margins expanded to nearly 38%, the segment’s highest level in almost two years.

Boyd Gaming stock: All signs point to a significant break higherSmith attributed the performance to growth from both core and retail customers, saying guests “continue to stay and spend closer to home.” He also pointed to recent hotel renovations, new food and beverage offerings and larger investments at properties such as Treasure Chest and Ameristar St. Charles.

During the question-and-answer session, Smith said Boyd has seen customers spending closer to home for several quarters, particularly in the Midwest and South portfolio. He cited a mix of possible consumer factors, including airfares, inflation, gas prices, tax refunds and stock market gains, but said Boyd could only report that it was seeing growth from core and retail customers in that segment.

Las Vegas Locals Mixed as Suncoast Renovations Continue Boyd’s Las Vegas Locals segment remained pressured by two factors: softer destination business, primarily affecting the Orleans, and ongoing construction at Suncoast. Overall gaming revenue in the segment was even with the prior year, with stable play from core and retail customers.

Excluding the Orleans and Suncoast, Smith said the rest of the Las Vegas Locals portfolio generated 4% revenue growth, 3% EBITDA growth and margins above 50%. He said that performance reflected “the continued strength of our local customer.”

Chief Financial Officer Josh Hirsberg said the destination-business impact was about $5 million of EBITDAR in the quarter, consistent with levels Boyd has seen since the third quarter of last year. He said the company does not expect those trends to quickly turn positive as comparisons ease, but expects the impact to become “less bad,” estimating roughly $3 million in each of the third and fourth quarters.

Hirsberg also said Suncoast construction disruption had an estimated $3 million impact in the second quarter and should be similar in the third quarter before the property begins contributing more in the fourth quarter. Smith said renovations of the Suncoast casino floor and public areas are expected to be completed by the end of the third quarter.

Boyd is also planning a refresh of the Orleans casino floor and public spaces, expected to begin in the first half of next year. Smith said the initial work would be behind walls and should not create construction disruption in 2027. He also said the company expects no construction disruption at Suncoast in 2027.

Capital Projects Remain Central to Boyd’s Strategy Smith highlighted a broad investment program across Boyd’s Las Vegas portfolio, including new restaurants at Gold Coast, Sam’s Town and Suncoast, additional food and beverage concepts planned in the coming months, hotel renovations at the Orleans and Suncoast expected to be completed by year-end, and sportsbook updates at Sam’s Town and Aliante ahead of football season.

By early next year, Smith said Boyd expects to have renovated more than 70% of its Las Vegas hotel room inventory, introduced 17 new food and beverage concepts, and expanded its Southern Nevada presence with Cadence Crossing and Suncoast improvements. He said Cadence Crossing, which opened in late March, has seen strong visitation and revenue since its debut.

Beyond Las Vegas, Boyd’s Norfolk, Virginia, resort remains on time and on budget for a late 2027 opening, according to Smith. The project is expected to include a 65,000-square-foot casino, 200-room hotel, eight food and beverage outlets, live entertainment and an outdoor amenity deck. In response to an analyst question, Hirsberg said Boyd generally targets a 15% cash-on-cash return for a project like Virginia as it ramps from the first to second year.

The company is also in the design phase for modernization of the Par-A-Dice Casino in Illinois and is planning, subject to regulatory approval, to convert Amelia Belle in Louisiana to a land-based facility with a modern casino floor and enhanced food and beverage offerings. Smith said construction on Amelia Belle is expected to begin in late 2027 after design work is complete.

Online and Managed Businesses Lift Guidance Boyd’s online segment delivered comparable revenue and EBITDA growth, supported by Boyd Interactive and consistent contributions from market access agreements. Hirsberg said the company raised its full-year 2026 online segment guidance by $5 million to a range of $35 million to $40 million.

The managed business grew EBITDA 18% year over year, driven by the first phase of the Sky River expansion, which added casino floor space and a multi-level parking structure. Boyd raised full-year managed business guidance by $3 million to a range of $113 million to $117 million. Smith said the second phase of the Sky River project has begun and will add a 300-room hotel, three food and beverage outlets, a full-service spa and an entertainment and event center, with completion expected in early 2028.

Shareholder Returns and Balance Sheet Boyd invested $142 million in capital expenditures during the quarter, bringing year-to-date spending to $297 million. Hirsberg said the company remains on track for full-year capital expenditures of $650 million to $700 million, including maintenance capital, hotel remodel spending, growth capital and $300 million for the Virginia casino resort development.

During the second quarter, Boyd paid $15 million in dividends and repurchased $156 million of stock, buying 1.9 million shares at an average price of $83.60. Hirsberg said Boyd plans to continue repurchasing approximately $150 million in shares per quarter, putting the company on pace to return more than $650 million to shareholders this year, including dividends.

Since beginning its capital return program in late 2021, Boyd has returned more than $3 billion to shareholders and reduced its share count by 35%, Hirsberg said. The company ended the quarter with traditional leverage of 2.2 times and lease-adjusted leverage of 2.7 times. Boyd’s next debt maturity is in December 2027, which Hirsberg said the company intends to refinance later this year or in the first half of 2027.

Hirsberg also noted that Boyd expects to complete the previously announced sale of its Shreveport property by the end of July. On mergers and acquisitions, Smith said Boyd remains interested in opportunities but does not need to pursue deals, adding that any acquisition would need to be strategic and involve the right asset, market and price.

About Boyd Gaming (NYSE:BYD)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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, /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the second quarter ended June 30, 2026.  

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our second-quarter results demonstrated the benefits of our diversified business model, with strong performances from our Midwest & South operations, Online segment and Managed business. Results for the quarter, on a comparable basis, reflect both revenue and Adjusted EBITDAR growth, with property operating margins of 40%, a level we have consistently delivered over the last several years. This performance was supported by strength in play from both our core and retail customers across the portfolio, as well as contributions from our recent capital investments. We also returned substantial capital to our shareholders, with more than $170 million in dividends and share repurchases during the second quarter. With our strong balance sheet, efficient operating model and robust free cash flow, our Company is well-positioned to continue creating long-term shareholder value."

Boyd Gaming reported second-quarter 2026 revenues of $1.03 billion, in-line with the second quarter of 2025. The Company reported net income of $131.2 million, or $1.75 per share, for the second quarter of 2026, compared to $151.5 million, or $1.84 per share, for the year-ago period. Total Adjusted EBITDAR(1) was $350.5 million in the second quarter of 2026 versus $357.9 million in the second quarter of 2025. Adjusted Earnings(1) for the second quarter of 2026 were $144.4 million, or $1.93 per share, compared to $154.2 million, or $1.87 per share, for the same period in 2025. 

(1) See footnotes at the end of the release for additional information relative to non-GAAP financial measures.

Operations Review
Our Midwest & South operations once again delivered revenue and Adjusted EBITDAR growth during the quarter, driven by increased play from our core and retail customers, as well as contributions from recent capital investments across the segment.  While results in the Las Vegas Locals segment were impacted by continued softness in destination business, primarily at the Orleans, and ongoing construction disruption at the Suncoast, the remainder of the segment grew revenues and Adjusted EBITDAR over the prior year, with property margins exceeding 50%. In our Downtown Las Vegas segment, play from both our core and Hawaiian customers was consistent with recent quarters; however, results continued to be impacted by ongoing softness in destination business throughout the downtown area.

Results in our Online segment reflected growth from the Company's online casino gaming business, as well as contributions from third-party market access agreements consistent with the last several quarters. Strong revenue and Adjusted EBITDAR growth in our Managed business was driven by increased management fees from Sky River Casino following its recently completed expansion.

Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly cash dividend of $0.20 per share on July 15, 2026, as previously announced.

As part of its ongoing share repurchase program, the Company repurchased $156 million in shares of its common stock during the second quarter of 2026. The Company had $551 million remaining under its current share repurchase authorization as of June 30, 2026.

Balance Sheet Statistics
As of June 30, 2026, Boyd Gaming had cash on hand of $322.7 million, and total debt of $2.6 billion. 

Conference Call Information
Boyd Gaming will host a conference call to discuss its second-quarter 2026 results today, July 23, at 5:00 p.m. Eastern.  The conference call number is (800) 836-8184. No passcode is required to join the call.  Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call. 

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

Following the call's completion, a replay will be available by dialing (888) 660-6345 today, July 23, and continuing through Thursday, July 30.  The passcode for the replay will be 62234#.  The replay will also be available at https://investors.boydgaming.com.

BOYD GAMING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(In thousands, except per share data)

2026

2025

2026

2025

Revenues

Gaming

$             683,289

$             671,455

$          1,333,790

$          1,310,148

Food & beverage

77,702

78,167

153,472

152,325

Room

50,413

51,453

96,360

98,841

Online

31,825

39,139

58,073

79,107

Online reimbursements

126,357

133,912

261,804

263,517

Management fee

28,481

23,775

54,702

48,921

Other

36,319

36,097

73,540

72,704

Total revenues

1,034,386

1,033,998

2,031,741

2,025,563

Operating costs and expenses

Gaming

267,630

259,554

522,479

505,677

Food & beverage

66,980

65,633

131,895

128,970

Room

19,801

19,492

38,973

38,489

Online

20,992

16,183

38,662

32,608

Online reimbursements

126,357

133,912

261,804

263,517

Other

12,467

12,149

25,672

24,940

Selling, general and administrative

110,882

110,065

220,867

217,911

Master lease rent expense (a)

28,856

28,442

57,440

56,602

Maintenance and utilities

38,515

37,322

74,258

74,047

Depreciation and amortization

91,101

69,985

186,090

138,208

Corporate expense

33,243

35,365

70,027

65,316

Project development, preopening and writedowns

15,356

2,764

35,624

1,242

Impairment of assets

—

—

—

32,272

Other operating items, net

1,508

762

3,260

3,507

Total operating costs and expenses

833,688

791,628

1,667,051

1,583,306

Operating income

200,698

242,370

364,690

442,257

Other expense (income)

Interest income

(1,282)

(1,263)

(3,147)

(2,071)

Interest expense, net of amounts capitalized

31,423

50,569

59,874

99,006

Loss on early extinguishments and modifications of debt

—

—

391

—

Other, net 

(3)

(48)

4

59

Total other expense, net

30,138

49,258

57,122

96,994

Income before income taxes

170,560

193,112

307,568

345,263

Income tax provision

(40,637)

(42,758)

(73,352)

(84,027)

Net income

129,923

150,354

234,216

261,236

Net loss attributable to noncontrolling interest

1,311

1,104

2,560

1,641

Net income attributable to Boyd Gaming 

$             131,234

$             151,458

$             236,776

$             262,877

Basic net income per common share

$                   1.75

$                   1.84

$                   3.12

$                   3.14

Weighted average basic shares outstanding

74,817

82,289

75,787

83,696

Diluted net income per common share

$                   1.75

$                   1.84

$                   3.12

$                   3.14

Weighted average diluted shares outstanding

74,817

82,303

75,791

83,712

(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(In thousands)

2026

2025

2026

2025

Total Revenues by Segment

Las Vegas Locals

$             225,898

$             229,091

$             443,002

$             451,890

Downtown Las Vegas

52,112

55,253

107,050

112,540

Midwest & South

556,890

540,077

1,081,983

1,044,664

Online

158,182

173,051

319,877

342,624

Managed & Other

41,304

36,526

79,829

73,845

Total revenues

$          1,034,386

$          1,033,998

$          2,031,741

$          2,025,563

Adjusted EBITDAR by Segment

Las Vegas Locals

$             106,416

$             112,714

$             206,378

$             219,261

Downtown Las Vegas

16,905

19,405

35,805

40,328

Midwest & South

208,748

201,401

401,389

384,623

Online

10,590

22,244

18,946

45,550

Managed & Other

30,692

25,963

59,108

53,282

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

(22,883)

(23,865)

(53,743)

(47,665)

Adjusted EBITDAR

350,468

357,862

667,883

695,379

Master lease rent expense (b)

(28,856)

(28,442)

(57,440)

(56,602)

Adjusted EBITDA

321,612

329,420

610,443

638,777

Other operating costs and expenses

Deferred rent

132

147

264

294

Depreciation and amortization

91,101

69,985

186,090

138,208

Share-based compensation expense

12,817

13,392

20,515

20,997

Project development, preopening and writedowns

15,356

2,764

35,624

1,242

Impairment of assets

—

—

—

32,272

Other operating items, net

1,508

762

3,260

3,507

Total other operating costs and expenses

120,914

87,050

245,753

196,520

Operating income

200,698

242,370

364,690

442,257

Other expense (income)

Interest income

(1,282)

(1,263)

(3,147)

(2,071)

Interest expense, net of amounts capitalized

31,423

50,569

59,874

99,006

Loss on early extinguishments and modifications of debt

—

—

391

—

Other, net 

(3)

(48)

4

59

Total other expense, net

30,138

49,258

57,122

96,994

Income before income taxes

170,560

193,112

307,568

345,263

Income tax provision

(40,637)

(42,758)

(73,352)

(84,027)

Net income

129,923

150,354

234,216

261,236

Net loss attributable to noncontrolling interest

1,311

1,104

2,560

1,641

Net income attributable to Boyd Gaming 

$             131,234

$             151,458

$             236,776

$             262,877

(a) Reconciliation of corporate expense:

Three Months Ended

Six Months Ended

June 30,

June 30,

(In thousands)

2026

2025

2026

2025

Corporate expense as reported on Condensed Consolidated Statements of Operations

$               33,243

$               35,365

$               70,027

$               65,316

Corporate share-based compensation expense

(10,360)

(11,500)

(16,284)

(17,651)

Corporate expense, net, as reported on the above table

$               22,883

$               23,865

$               53,743

$               47,665

(b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliations of Net Income attributable to Boyd Gaming to Adjusted Earnings

and Net Income Per Share to Adjusted Earnings Per Share

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(In thousands, except per share data)

2026

2025

2026

2025

Net income attributable to Boyd Gaming

$             131,234

$             151,458

$             236,776

$             262,877

Pretax adjustments:

Project development, preopening and writedowns

15,356

2,764

35,624

1,242

Impairment of assets

—

—

—

32,272

Other operating items, net

1,508

762

3,260

3,507

Loss on early extinguishments and modifications of debt

—

—

391

—

Other, net

(3)

(48)

4

59

Total adjustments

16,861

3,478

39,279

37,080

Income tax effect for above adjustments

(3,663)

(779)

(8,531)

(8,072)

Adjusted earnings

$             144,432

$             154,157

$             267,524

$             291,885

Net income per share, diluted

$                   1.75

$                   1.84

$                   3.12

$                   3.14

Pretax adjustments:

Project development, preopening and writedowns

0.21

0.03

0.47

0.02

Impairment of assets

—

—

—

0.39

Other operating items, net

0.02

0.01

0.04

0.04

Loss on early extinguishments and modifications of debt

—

—

0.01

—

Other, net 

—

—

—

—

Total adjustments

0.23

0.04

0.52

0.45

Income tax effect for above adjustments

(0.05)

(0.01)

(0.11)

(0.10)

Adjusted earnings per share, diluted

$                   1.93

$                   1.87

$                   3.53

$                   3.49

Weighted average diluted shares outstanding

74,817

82,303

75,791

83,712

Non-GAAP Financial Measures
Our financial presentations include the following non-GAAP financial measures: 

EBITDA: earnings before interest, taxes, depreciation and amortization, Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedowns expense, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest and other items, net, as applicable, EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted Earnings: net income before project development, preopening and writedowns expense, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest, and other non-recurring adjustments, net, as applicable, and, Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted shares outstanding. Collectively, we refer to these and other non-GAAP financial measures as the "Non-GAAP Measures." 

The Non-GAAP Measures are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (GAAP), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company. 

The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure. 

Forward-looking Statements and Company Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. These forward-looking statements are based on the current beliefs and expectations of management and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd Gaming's ability to control or estimate precisely. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 27 gaming entertainment properties in 11 states. The Company also manages a tribal casino in northern California, and owns and operates Boyd Interactive, a B2B and B2C online casino gaming business. Boyd Gaming's nationwide portfolio is connected through Boyd Rewards, recognized as the nation's favorite casino loyalty program by readers of both USA Today and Newsweek.  Named by Forbes and Time magazines as one of "America's Best Companies," and led by one of the most experienced teams in the industry, Boyd Gaming is dedicated to delivering an outstanding entertainment experience and memorable guest service. For additional Company information and press releases, visit https://www.boydgaming.com.

SOURCE Boyd Gaming Corporation

In its upcoming report, Boyd Gaming (BYD - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $1.86 per share, reflecting a decline of 0.5% compared to the same period last year. Revenues are forecasted to be $1.03 billion, representing a year-over-year decrease of 0.5%.

The consensus EPS estimate for the quarter has undergone a downward revision of 0.8% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.

Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

That said, let's delve into the average estimates of some Boyd metrics that Wall Street analysts commonly model and monitor.

It is projected by analysts that the 'Revenues by Segment- Managed & Other' will reach $37.32 million. The estimate suggests a change of +2.2% year over year.

Based on the collective assessment of analysts, 'Revenues by Segment- Downtown Las Vegas' should arrive at $54.35 million. The estimate points to a change of -1.6% from the year-ago quarter.

The average prediction of analysts places 'Revenues by Segment- Midwest and South' at $551.72 million. The estimate points to a change of +2.2% from the year-ago quarter.

Analysts forecast 'Revenues by Segment- Las Vegas Locals' to reach $223.67 million. The estimate suggests a change of -2.4% year over year.

According to the collective judgment of analysts, 'Adjusted EBITDAR- Online' should come in at $7.93 million. The estimate is in contrast to the year-ago figure of $22.24 million.

Analysts predict that the 'Adjusted EBITDAR- Managed & Other' will reach $27.96 million. Compared to the present estimate, the company reported $25.96 million in the same quarter last year.

The combined assessment of analysts suggests that 'Adjusted EBITDAR- Downtown Las Vegas' will likely reach $18.31 million. The estimate compares to the year-ago value of $19.41 million.

The collective assessment of analysts points to an estimated 'Adjusted EBITDAR- Midwest and South' of $204.36 million. The estimate is in contrast to the year-ago figure of $201.40 million.

The consensus among analysts is that 'Adjusted EBITDAR- Las Vegas Locals' will reach $106.18 million. The estimate is in contrast to the year-ago figure of $112.71 million.

View all Key Company Metrics for Boyd here>>>

Shares of Boyd have demonstrated returns of +0.9% over the past month compared to the Zacks S&P 500 composite's +0.3% change. With a Zacks Rank #4 (Sell), BYD is expected to lag the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

, /PRNewswire/ - Boyd Group Services Inc. (TSX: BYD) (NYSE: BGSI) will release its fiscal 2026 second quarter results on August 12, 2026, before markets open. Following the release, Management of the Company will hold a conference call at 8:00 a.m. ET to review the financial results. The call will be hosted by Brian Kaner, President and Chief Executive Officer; and Jeff Murray, Executive Vice President and Chief Financial Officer. All interested parties are invited to participate.  

CONFERENCE CALL DETAILS:

DATE:

Wednesday, August 12, 2026

TIME:

8:00 a.m. (ET)

DIAL IN NUMBER:

1-833-461-5787

1-585-542-9983

WEBCAST LINK:

 https://events.q4inc.com/attendee/789326895

CONFERENCE ID:

789326895

The call will also be webcast live and archived for 90 days on the Boyd Group's website 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. BGSI shares trade on the Toronto Stock Exchange under the symbol BYD and on the New York Stock Exchange under the symbol BGSI.

About The Boyd Group Inc.

The Boyd Group Inc. ("Boyd") is one of the largest operators of non-franchised collision repair centres in North America in terms of number of locations and sales. Boyd operates locations in Canada under the trade names Boyd Autobody & Glass and Assured Automotive as well as in the U.S. under the trade name Gerber Collision & Glass. In addition, Boyd is a major retail auto glass operator in the U.S. with operations under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. Boyd also operates a third-party administrator, Gerber National Claims Services, that offers glass, emergency roadside and first notice of loss services. Boyd also operates a Mobile Auto Solutions ("MAS") service that offers scanning and calibration services.

SOURCE Boyd Group Services Inc.

, /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today announced the appointment of Stacia J. Andersen and George C. Roeth to its Board of Directors.

Andersen is the former Executive Vice President and Chief Customer Officer for PetSmart LLC, one of the nation's largest pet supply retailers. Prior to joining PetSmart in 2019, Andersen served as President of Abercrombie & Fitch, and previously held several senior executive roles during a 20-year career at Target Corporation. She currently serves on the Board of Directors of Wolverine World Wide, a leading footwear manufacturing company.

Roeth is the former Chief Executive Officer of Central Garden and Pet, a leading publicly traded company in pet and garden supplies. Prior to joining Central Garden and Pet, Roeth spent 27 years in various marketing and executive roles at The Clorox Company, including co-Chief Operating Officer. Roeth currently serves as Lead Director of Oil-Dri Corporation of America, a leading manufacturer of and supplier of specialty sorbent materials, and is also an Executive Advisor to Gryphon Investors Inc., a private investment firm with more than $10 billion in assets under management.

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

, /PRNewswire/ - Boyd Group Services Inc. (TSX: BYD) (NYSE: BGSI) ("BGSI", "Boyd", or "the Boyd Group") is pleased to announce the appointment of Steve Hoeft as Chief Operations Officer for the Boyd Group's U.S. collision business and the appointment of Zach Balthrop as Chief Commercial Officer for the Boyd Group. 

Mr. Hoeft joins Boyd following nine years with Bridgestone Americas, where he most recently served as President of the Commercial Truck Group since 2022.  In that role, he led a large-scale business unit across the U.S. and Canada, with responsibility spanning multiple channels, including OEM, commercial dealer and national fleet accounts. Key areas of responsibility included oversight of a commercial network of approximately 4,000 locations, as well as key functions such as product planning, demand planning and supply chain. Prior to his time at Bridgestone Americas, Steve held leadership positions at Brink's, Inc., Advance Auto Parts, and Corporate Express (a Staples, Co.).

Mr. Balthrop has been with the company since 2024 and has served as the leader of Boyd's South Division, where he has consistently delivered strong performance and operational excellence. Prior to his time at Boyd, Zach most recently held the role of Chief Commercial Officer at FYX Fleet and the role of Senior Vice President, Sales, Marketing and Customer Experience at Pep Boys Auto Service and Tires. As Chief Commercial Officer, he will be focused on leveraging the sales resources we have across the company to holistically support all lines of business and continue to enhance and expand our client relationships. Cameron Dickson, who previously held the role of Chief Operating Officer at Joe Hudson's Collision Center prior to the acquisition by Boyd, will take over the role of Senior Vice President of Boyd's South Division.

"These enhancements to our leadership structure have been implemented to add further strength to our executive team and align our organization with the evolving needs of the business," said Brian Kaner, President and Chief Executive Officer of the Boyd Group. "Steve Hoeft's extensive experience across a large commercial network of approximately 4,000 locations makes him the ideal leader to champion our operational strategy. In this role, he will oversee the U.S. Collision Operations, Mobile Solutions, Procurement, Continuous Improvement & Operational Excellence, as well as Safety, ensuring we continue to strengthen our market position, advance our strategic and corporate objectives and deliver the highest quality service across our U.S. collision business."

"The creation of the Chief Commercial Officer role is a key step in our growth strategy," continued Mr. Kaner. "Zach's leadership will be instrumental in driving our commercial efforts by overseeing sales, client performance, M&A, and marketing across our business units. Together, these appointments enhance our leadership depth and position the organization to execute on its strategic priorities," concluded Mr. Kaner.

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 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 http://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.

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 to execute on the pipeline of approximately eight to ten start-up locations per quarter, including expectations to open eight start-up locations in the first quarter of 2026; the Company's ability to activate the stores in its development pipeline for 2026; 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 (BYD) came out with quarterly earnings of $1.6 per share, missing the Zacks Consensus Estimate of $1.76 per share. This compares to earnings of $1.62 per share a year ago.

For the quarter ended March 2026, Boyd Gaming (BYD - Free Report) reported revenue of $997.36 million, up 0.6% over the same period last year. EPS came in at $1.60, compared to $1.62 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $993.19 million, representing a surprise of +0.42%. The company delivered an EPS surprise of -8.99%, with the consensus EPS estimate being $1.76.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

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: $38.53 million versus the four-analyst average estimate of $37.97 million. The reported number represents a year-over-year change of +3.2%.Revenues by Segment- Downtown Las Vegas: $54.94 million compared to the $56.51 million average estimate based on four analysts. The reported number represents a change of -4.1% year over year.Revenues by Segment- Midwest and South: $525.09 billion versus the four-analyst average estimate of $519.46 million. The reported number represents a year-over-year change of +103963.9%.Revenues by Segment- Las Vegas Locals: $217.1 million versus the four-analyst average estimate of $223.02 million. The reported number represents a year-over-year change of -2.6%.Adjusted EBITDAR- Online: $8.36 million compared to the $7.04 million average estimate based on four analysts.Adjusted EBITDAR- Managed & Other: $28.42 million compared to the $27.5 million average estimate based on four analysts.Adjusted EBITDAR- Corporate expense: $-30.86 million versus $-24.68 million estimated by four analysts on average.Adjusted EBITDAR- Downtown Las Vegas: $18.9 million versus the four-analyst average estimate of $20.05 million.Adjusted EBITDAR- Midwest and South: $192.64 million compared to the $186.04 million average estimate based on four analysts.Adjusted EBITDAR- Las Vegas Locals: $99.96 million versus the four-analyst average estimate of $104.99 million.View all Key Company Metrics for Boyd here>>>

Shares of Boyd have returned +1.5% over the past month versus the Zacks S&P 500 composite's +9.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Boyd Gaming Corporation reported a rare double miss in Q1. Softness in Las Vegas caused BYD's miss. Despite stabilizing tourism trends, the company's local and downtown casinos performed weaker than in 2025. BYD's performance in the Midwest & South remained strong, online earnings remained stable sequentially, and managed casinos boosted earnings.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ - Boyd Group Services Inc. (TSX: BYD) (NYSE: BGSI) will release its fiscal 2026 first quarter results on May 13, 2026, before markets open. Following the release, Management of the Company will hold a conference call at 8:00 a.m. ET to review the financial results. The call will be hosted by Brian Kaner, President and Chief Executive Officer; and Jeff Murray, Executive Vice President and Chief Financial Officer. All interested parties are invited to participate.

CONFERENCE CALL DETAILS:

DATE:

Wednesday, May 13, 2026

TIME:

8:00 a.m. (ET)

DIAL IN NUMBER:

1-800-715-9871

1-646-307-1963

WEBCAST LINK:

https://events.q4inc.com/attendee/980721311

CONFERENCE ID:

5533670

The call will also be webcast live and archived 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. BGSI shares trade on the Toronto Stock Exchange under the symbol BYD and on the New York Stock Exchange under the symbol BGSI.

About The Boyd Group Inc.
The Boyd Group Inc. ("Boyd") is one of the largest operators of non-franchised collision repair centres in North America in terms of number of locations and sales. Boyd operates locations in Canada under the trade names Boyd Autobody & Glass and Assured Automotive as well as in the U.S. under the trade name Gerber Collision & Glass. In addition, Boyd is a major retail auto glass operator in the U.S. with operations under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. Boyd also operates a third-party administrator, Gerber National Claims Services, that offers glass, emergency roadside and first notice of loss services. Boyd also operates a Mobile Auto Solutions ("MAS") service that offers scanning and calibration services.

SOURCE Boyd Group Services Inc.

LAS VEGAS--(BUSINESS WIRE)--Daily Racing Form (“DRF”), a subsidiary of Affinity Interactive and a brand within the Apex Hospitality platform backed by Z Capital Group, LLC (“ZCG”), today announced new multi-year print distribution agreements with American Wagering, Inc. and Boyd Gaming Corporation, further expanding its presence across key gaming and racing markets. The agreements, executed on March 16, 2026, and March 25, 2026, respectively, establish DRF as the exclusive provider of past perf.

First Quarter 2026 Highlights

All-time record sales, up 28.1% to $996.7 million All-time record Adjusted EBITDA1 increased 51.9% to $122.4 million, with Adjusted EBITDA margins1 expanding 200 basis points to 12.3% Same-store sales1 increased 1.7%; adjusting for the weather impact in the South, same-store sales growth would have been approximately 2.6% Added 269 locations, increasing collision location footprint by 33% year-over-year Achieved over $20 million in incremental Project 360 cost savings and Joe Hudson synergy realization Joe Hudson's conversion to Boyd's systems fully completed on schedule Achieved targeted level of 80% internalization of scanning and calibration Distributed first quarter 2026 cash dividend of C$0.156 per common share Reduced pro forma debt leverage from 3.1x to 2.9x , /PRNewswire/ - Boyd Group Services Inc. (TSX: BYD) (NYSE: BGSI) ("Boyd Group" or "the Company") today announced record financial results for the quarter ended March 31, 2026.

"We delivered all-time record sales and Adjusted EBITDA1 in the first quarter, reflecting strong execution of our growth strategy and operational priorities. Sales increased by 28.1% while Adjusted EBITDA1 grew an even stronger 51.9%, driven by a 33% year-over-year growth in our location footprint, positive same-store sales1, and disciplined execution on Project 360 and acquisition synergies.

We achieved our third consecutive quarter of positive same-store sales, supported by market share gains and improving industry conditions that continue to drive volume growth, even as total cost of repair remained subdued. In addition to strong top-line performance, we expanded Adjusted EBITDA1 margins by 200 basis points as we continue to make meaningful progress towards our 14%+ Adjusted EBITDA margin1 goal.

I'm incredibly proud of our team's performance this quarter. We accelerated growth, continued to outperform underlying industry volume trends and to strengthen operational execution while delivering meaningful margin expansion and significantly higher profitability. Our results demonstrate the scalability of our platform, the strength of our operating model, and the disciplined execution of our strategic priorities.

As we look ahead, we remain focused on building on this momentum by executing our proven growth strategy, capturing additional market share, driving continued margin expansion, 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

March 31,

(thousands of U.S. dollars, except per share amounts)

2026

2025

Y/Y Change

Financial Highlights

Sales

996,676

778,323

28 %

Gross margin

46.5 %

46.2 %

30 bps

Adjusted EBITDA (1)

122,385

80,545

52 %

Adjusted EBITDA margin (1)

12.3 %

10.3 %

200 bps

Net loss

(7,926)

(2,637)

N/A

Basic and diluted loss per share

(0.28)

(0.12)

N/A

Adjusted net earnings (1)(2)

16,059

6,574

144 %

Adjusted net earnings per share (1)(2)

0.58

0.31

87 %

Operational Highlights

Same-store sales growth (1)(3)

1.7 %

(2.8) %

New locations added

269

9

    From multi-location acquisitions

258

--

    From single shop acquisitions

3

3

    From start-up locations

8

6

Collision location count at period end

1,312

984

33 %

1. Same-store sales, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures.  Please see "Non-GAAP Financial Measures and Ratios" section of this news release.

2. Comparative figures have been restated to conform with current period presentation

3. First quarter 2026 same-store sales growth of approximately 2.6% adjusted for the unusual winter storm activity in the U.S. South

Q1 2026 Results
(First quarter 2026 compared to first quarter of 2025)

Sales increased 28.1% to an all-time record $996.7 million, driven by $203.3 million from new location growth and continued market share gains reflected in positive same-store sales[1] performance. Same-store sales increased 1.7%, or approximately 2.6% adjusted for the estimated 90 basis point impact from unusual winter storm activity in the U.S. South, marking the third consecutive quarter of same-store sales growth despite muted growth in total cost of repair. The first quarter of 2026 had the same number of selling and production days as the prior-year period.

Gross profit increased by 29.1% to $463.7 million while gross margins expanded to 46.5% in the first quarter of 2026, from 46.2%. Gross margins benefitted from increased parts and paint margins from Project 360 and Joe Hudson's synergy realization, partially offset by a lower mix of higher margin glass sales and variability in performance based pricing.

Adjusted EBITDA1 increased 51.9% to an all-time record $122.4 million with Adjusted EBITDA margins1 expanding 200 basis points to 12.3% from 10.3% reflecting the contribution from the Joe Hudson's acquisition, which is accretive to Adjusted EBITDA margin1, cost savings from Project 360 and synergy realization.

Net loss was $7.9 million, compared to $2.6 million in the same period of the prior year. The net loss was impacted by acquisition and transformational cost expenses in the first quarter of 2026 related to the Joe Hudson acquisition and Project 360. These costs are expected to decline as integration finalizes. Adjusted net earnings1 increased 144.3% to $16.1 million and Adjusted earnings per share increased to $0.58 from $0.31, driven primarily by the increase in Adjusted EBITDA1.

Boyd added 269 locations during the quarter, including 258 from the Joe Hudson's acquisition, three from single shop acquisitions and eight new start up locations. Joe Hudson's shop conversions to Boyd's systems were fully completed on schedule with expected synergies progressing in line with plan.

_______________________________________

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.

Outlook

Industry conditions continued to improve in the first quarter of 2026. Based on first quarter claims processing platform data, the Company estimates that repairable claims volume declined in the range of 0-2% during the quarter, which is now back in-line with Boyd's long-term growth framework. 

The Company's long-term growth framework contemplates average same-store sales growth of 3–5%, supported by continued incremental market share gains driven by ongoing consolidation within the highly fragmented collision repair industry, strong performance with insurance clients, and disciplined operational execution. The framework also assumes 3–4% annual growth in average total cost of repair and approximately 1% growth in miles driven, partially offset by an approximate 2% decline in repairable claims due to the impact of collision avoidance systems. While growth in average total cost of repair has remained below historical averages in recent periods, management believes a return toward target levels over time is supported by the continued normalization of key industry drivers, including rising used vehicle values and increasing vehicle complexity.

"I'm pleased to report that the normalization in repairable claims has continued to positively benefit our business early in the second quarter, with same-store sales in April approaching the low end of our long-term range. We continue to expect same-store sales growth to be complemented by contributions from new location growth as we execute our growth strategy. In the second quarter of 2026, the Company expects to open five start up locations with an additional 17 start up locations to be added through year-end. Supported by a robust pipeline of both new start up opportunities and acquisitions, we remain confident in our outlook for new location growth in 2026 and beyond." - Brian Kaner, President & CEO of the Boyd Group

2026 First Quarter Conference Call & Webcast

Management will hold a conference call on Wednesday, May 13, 2026, at 8:00 a.m. (ET) to review the Company's 2026 first quarter results. You can join the call by dialing 1-800-715-9871 or 646-307-1963. 

A live audio webcast of the conference call will be available at https://events.q4inc.com/attendee/980721311. 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

March 31,

(thousands of U.S. dollars)

2026

2025

Sales

$      996,676

$      778,323

Less:

Sales from locations not in the comparative period

(203,863)

(539)

Sales from under-performing facilities closed during the period

—

(862)

Foreign exchange

(2,932)

—

Same-store sales (excluding foreign exchange)

$      789,881

$      776,922

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

March 31,

(thousands of U.S. dollars)

2026

2025

Net loss

$         (7,926)

$         (2,637)

Add:

Finance costs

30,075

17,832

Income tax recovery

(666)

(290)

Depreciation of property, plant and equipment

26,666

20,847

Depreciation of right of use assets

42,021

31,615

Amortization of intangible assets

12,425

6,680

EBITDA

$        102,595

$         74,047

Add (deduct):

Fair value adjustments

(1,280)

1

Acquisition and transformational cost initiatives

21,070

6,497

Adjusted EBITDA

$        122,385

$         80,545

Sales

$        996,676

$       778,323

Adjusted EBITDA margin (%)

12.3 %

10.3 %

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

March 31,

2026

2025

Net loss

$        (7,926)

$        (2,637)

Add (deduct):

Fair value adjustments (net of tax)

(947)

1

Acquisition and transformational cost initiatives (net of tax)

16,627

4,808

Amortization of intangibles arising on acquisitions (net of tax)

8,305

4,402

Adjusted net earnings (1)

$       16,059

$         6,574

Weighted average number of shares

27,829,990

21,467,582

Adjusted net earnings per share (1)

$          0.58

$          0.31

(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 five start-up locations in the second quarter of 2026 with an additional 17 locations to be added through year-end; and expectations to open five start-up locations in the second quarter of 2026 with an additional 17 locations to be added through year-end; execute on the pipeline of approximately eight to ten start-up locations per quarter, including expectations to open eight start-up locations in the first quarter of 2026; 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.

, /PRNewswire/ - Boyd Group Services Inc. (TSX: BYD) (NYSE: BGSI) ("BGSI", "Boyd" or "Boyd Group") today announced that the nominees listed in the management proxy circular dated March 24, 2026 were elected as Directors of BGSI. The detailed results of the vote for the election of directors held at the Annual General Meeting on Wednesday, May 13, 2026 are set out below.

Nominee

Votes For

% For

Votes Against

% Against

David Brown

23,332,185

96.28 %

901,021

3.72 %

Brock Bulbuck

21,810,687

90.00 %

2,422,519

10.00 %

Robert Espey

24,086,561

99.39 %

146,644

0.61 %

Christine Feuell

23,802,637

98.22 %

430,569

1.78 %

John Hartmann

23,593,062

97.36 %

640,144

2.64 %

Brian Kaner

24,105,961

99.47 %

127,245

0.53 %

Violet Konkle

23,873,572

98.52 %

359,634

1.48 %

William Onuwa

23,225,241

95.84 %

1,007,964

4.16 %

Sally Savoia

23,528,541

97.09 %

704,664

2.91 %

The final voting results on all matters voted upon at the Annual General Meeting of Shareholders held on May 13, 2026 will be filed on SEDAR+ and EDGAR.

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.

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.

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.

Key Takeaways Tesla rolled out FSD in China with advanced city navigation and Level 3-style assisted driving.TSLA still offers one-time FSD purchases in China despite shifting globally to subscriptions.XPeng, BYD and Geely are accelerating autonomous-driving efforts to challenge Tesla in China. Tesla’s (TSLA - Free Report) long-awaited rollout of Full Self-Driving (“FSD”) in China marks a major milestone for the tech EV giant as it pushes deeper into the world’s largest auto market. The launch is significant not just because of the technology itself, but also because this move opens up a fresh monetization opportunity for the company at a time when competition in China’s EV market is intensifying rapidly. The rollout follows months of regulatory discussions and comes just days after Tesla CEO Elon Musk accompanied U.S. President Donald Trump on a high-profile visit to Beijing.

China is one of the most important markets for Tesla, accounting for a significant portion of its global deliveries and production. Until now, Tesla’s FSD technology was mainly available in the United States and select international markets, including Canada and parts of Europe, though regulatory hurdles have slowed wider expansion. China’s approval is a major breakthrough because the country has some of the world’s most advanced EV users and highly competitive domestic automakers.

Tesla’s latest rollout in China includes advanced city-navigation capabilities and Level 3-style assisted driving features in certain conditions. While Tesla still markets FSD as a driver-assistance system requiring human supervision, the technology is increasingly moving closer to higher levels of autonomy. Level 3 systems allow the vehicle to handle most driving tasks under specific conditions, though drivers must remain ready to intervene when necessary.

Notably, Tesla’s China strategy also differs from its latest global approach. Per CnEVPost, before FSD officially entered China, Tesla allowed customers to buy the software through a one-time payment of 64,000 yuan (about $9,420). However, in February, Tesla ended one-time FSD purchases globally and shifted to a subscription-only model aimed at building recurring high-margin software revenues. However, Tesla’s China website still shows the one-time purchase option.

Keeping both purchase and subscription models available could help Tesla attract a broader range of buyers. Some consumers may prefer paying once to avoid recurring costs, while others could choose subscriptions for affordability.

The FSD rollout in China signals Tesla’s broader effort to strengthen the ecosystem, expand recurring software revenue opportunities and defend its competitive position in the world’s largest and most important EV market.

XPeng, BYD & Geely Challenge Tesla’s FSD PushTesla’s FSD launch in China comes at a time when competition in autonomous driving technology is heating up rapidly. Chinese EV makers like XPeng (XPEV - Free Report) , BYD Co Ltd (BYDDY - Free Report) and Geely Automobile (GELHY - Free Report) are aggressively investing in next-generation smart-driving systems.

Among them, XPeng has emerged as one of Tesla’s strongest software-focused rivals. In March, the company introduced its VLA 2.0 (Vision-Language-Action) system across models such as the P7, G7 and X9 Ultra through over-the-air updates. Unlike traditional assisted-driving systems that separate perception, planning and control, XPeng’s new platform directly converts visual inputs into driving actions using an end-to-end AI model. Powered by the company’s in-house Turing AI chip, the system reportedly improves driving efficiency while significantly reducing sudden braking events. Industry observers view VLA 2.0 as XPeng’s direct answer to Tesla FSD.

Meanwhile, BYD and Geely are pursuing a different strategy by partnering with NVIDIA to develop Level 4 autonomous driving capabilities. Both BYD and Geely plan to use NVIDIA’s Drive Hyperion platform, which combines advanced computing, sensors, AI software, lidar, radar and cameras to support autonomous driving systems. The partnership could help BYD and Geely accelerate their robotaxi ambitions and compete more directly with Tesla and Waymo in the evolving self-driving market.

The Zacks Rundown on TSLA StockShares of Tesla have gained 22% over the past year, underperforming the industry.

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From a valuation standpoint, TSLA trades at a forward price-to-sales ratio of 14.9, above the industry and its own five-year average. It carries a Value Score of F.

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See how the Zacks Consensus Estimate for TSLA’s earnings has been revised over the past 90 days.

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Tesla stock currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.