BOYD GAMING REPORTS FIRST-QUARTER 2026 RESULTS

Rhea-AI Summary

Boyd Gaming (NYSE: BYD) reported Q1 2026 results: revenues $997.4M, net income attributable to Boyd Gaming $105.5M ($1.37 diluted EPS) and Adjusted EBITDAR $317.4M. The company returned nearly $170M to shareholders via dividends and repurchases, opened Cadence Crossing, advanced a $750M Virginia resort, and received regulatory approval for Par-A-Dice expansion.

Balance sheet highlights: cash $372.7M and total debt $2.3B. Board authorized an additional $500M repurchase on April 8, 2026.

Positive

• Quarterly dividend increased to $0.20 per share (from $0.18)
• Share repurchases of $155 million in Q1 2026
• Board authorized an additional $500 million repurchase authorization
• Opened Cadence Crossing Las Vegas locals property
• Advanced $750 million Virginia resort development with ongoing construction

Negative

• Depreciation and amortization increased to $94,989 thousand (Q1 2026)
• Corporate expense rose to $36,784 thousand in Q1 2026
• Project development, preopening and writedowns expense of $20,268 thousand

Market Reaction – BYD

-5.16% $84.55

15m delay 6 alerts

-5.16% Since News

$84.55 Last Price

$80.10 $85.27 Day Range

-$346M Valuation Impact

$6.37B Market Cap

0.5x Rel. Volume

Following this news, BYD has declined 5.16%, reflecting a notable negative market reaction. Our momentum scanner has triggered 6 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $84.55. This price movement has removed approximately $346M from the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q1 2026 revenue: $997.4M Q1 2025 revenue: $991.6M Q1 2026 net income: $105.5M +5 more

8 metrics

Q1 2026 revenue $997.4M First quarter 2026 total revenues

Q1 2025 revenue $991.6M First quarter 2025 total revenues

Q1 2026 net income $105.5M Net income for first quarter 2026

Q1 2026 Adjusted EBITDAR $317.4M Adjusted EBITDAR for first quarter 2026

Q1 2025 Adjusted EBITDAR $337.5M Adjusted EBITDAR for first quarter 2025

Q1 2026 Adjusted EPS $1.60 Adjusted earnings per share, diluted, Q1 2026

Quarterly dividend $0.20 Cash dividend per share paid April 15, 2026

Virginia resort budget $750M Planned investment in new Virginia resort under development

Market Reality Check

Price: $89.10 Vol: Volume 863,633 is elevate...

normal vol

$89.10 Last Close

Volume Volume 863,633 is elevated with a relative reading of 1.19x the 20-day average of 727,275. normal

Technical Price at $86.15 is trading above the 200-day MA of $83.68 and sits 4.24% below the 52-week high.

Peers on Argus

BYD is down 1.43% with modestly higher volume, while key peers like CZR, MGM, RR...

BYD is down 1.43% with modestly higher volume, while key peers like CZR, MGM, RRR, and MTN also show declines and MLCO is up. No peers appeared in the momentum scanner, suggesting today’s move is more stock-specific than a broad sector rotation.

Common Catalyst Only MTN reported same-day news (season metrics), pointing to company-specific rather than sector-wide catalysts.

Historical Context

5 past events · Latest: Apr 01 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 01	Earnings call notice	Neutral	+2.6%	Announcement of Q1 2026 earnings release date and conference call details.
Feb 26	Asset sale	Neutral	+3.3%	Agreement to sell Sam’s Town Shreveport to Bally’s, terms undisclosed.
Feb 19	Dividend increase	Positive	+1.3%	Board approved raising the quarterly dividend to $0.20 per share.
Feb 05	Earnings report	Positive	-0.5%	Q4 and 2025 results with $1.4B after-tax gain and large capital returns.
Jan 09	Acquisition	Positive	-0.5%	Boyd Group Services completed a US$1.3B acquisition expanding its footprint.

Pattern Detected

Recent BYD news has mostly seen modest positive price reactions, though strong fundamental updates and corporate actions have occasionally coincided with slight negative moves.

Recent Company History

Over the past few months, Boyd Gaming has highlighted multiple shareholder-friendly and strategic actions. An April 1 announcement set expectations for today’s Q1 2026 release, which follows solid Q4 2025 results and significant capital returns exceeding $800M in 2025. The company increased its quarterly dividend to $0.20 per share and agreed to sell Sam’s Town Shreveport, while earlier news covered a large acquisition by similarly tickered Boyd Group Services. Today’s Q1 earnings fit into this pattern of ongoing portfolio optimization and capital return.

Market Pulse Summary

The stock is down -5.2% following this news. A negative reaction despite steady revenues and continu...

Analysis

The stock is down -5.2% following this news. A negative reaction despite steady revenues and continued capital returns fits prior instances where strong updates did not always translate into immediate gains. Q1 2026 revenue reached $997.4M, but Adjusted EBITDAR declined to $317.4M versus $337.5M a year earlier, and net income eased to $105.5M. Investors may reassess valuation against slower EBITDAR trends and sizable growth spending, including the $750M Virginia resort development.

Key Terms

ebitda, adjusted ebitda, ebitdar, adjusted ebitdar, +4 more

8 terms

ebitda financial

"Our financial presentations include the following non-GAAP financial measures: EBITDA: earnings before"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

adjusted ebitda financial

"Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

ebitdar financial

"EBITDAR: EBITDA further adjusted for rent expense associated with master leases"

EBITDAR stands for Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent; it measures a company's operating profit before the cost of financing, taxes, accounting write-downs, and lease or rent payments. For investors, it reveals how much cash a business generates from its core activities without the effects of capital structure or rent commitments — similar to checking how much money a store makes from selling goods before paying for the building, loan interest, or taxes.

adjusted ebitdar financial

"Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases"

Adjusted EBITDAR is a company’s reported profit measure that starts with operating earnings and then adds back interest, taxes, depreciation, amortization and rent, plus any one‑time items companies exclude. It aims to show how much cash a business generates from its core operations before the costs of financing, non‑cash accounting charges and property leases, like comparing two stores’ underlying sales by ignoring rent and loan payments. Investors use it to compare operating performance across firms and assess ability to cover fixed obligations, but companies may calculate it differently, so comparisons require caution.

adjusted earnings financial

"Adjusted Earnings: net income before project development, preopening and writedowns expense, impairments"

Adjusted earnings are a company’s profit figure that has been altered to remove one-time, unusual or non-operational items so it better reflects the business’s regular performance. Think of it like looking at a household budget but ignoring a big, unusual expense or windfall to see what normal monthly cash flow looks like; investors use adjusted earnings to compare companies and trends, but should watch what is excluded because choices can change the picture.

adjusted earnings per share financial

"Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted"

Adjusted Earnings Per Share shows how much profit a company makes for each share of stock, but it removes unusual or one-time items like big expenses or gains. This helps investors see the company's true ongoing performance, making it easier to compare how well different companies are doing over time.

restricted stock units financial

"This total includes 17,047 Restricted Stock Units granted under Boyd Gaming’s 2020 Stock"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

master lease financial

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

A master lease is a single, overarching lease agreement that covers multiple properties or assets and sets the main terms for how they will be used, paid for, and maintained—like a master key that opens many doors at once. It matters to investors because it shapes where cash flows come from, who bears operating costs and risks, and how easy it is to sell, finance, or change the assets; a strong master lease can make income more predictable, while a restrictive one can limit flexibility and increase risk.

AI-generated analysis. Not financial advice.

LAS VEGAS, April 23, 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. 

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SOURCE Boyd Gaming Corporation

FAQ

What were Boyd Gaming (BYD) Q1 2026 revenues and EPS?

Boyd Gaming reported $997.4 million in revenue and diluted EPS of $1.37 for Q1 2026. According to the company, net income attributable to Boyd Gaming was $105.5 million for the quarter.

How much did Boyd Gaming (BYD) repurchase in Q1 2026 and what's remaining?

Boyd Gaming repurchased $155 million of common stock in Q1 2026. According to the company, approximately $707 million remained available under the current repurchase authorization as of March 31, 2026.

Did Boyd Gaming (BYD) change its dividend in April 2026?

Yes. Boyd Gaming increased its quarterly cash dividend to $0.20 per share, up from $0.18. According to the company, the dividend was paid on April 15, 2026.

What major development projects did Boyd Gaming (BYD) report in Q1 2026?

Boyd opened the Cadence Crossing locals property and continued construction on a $750 million Virginia resort. According to the company, Par-A-Dice expansion received regulatory approval and construction is planned next year.

What are Boyd Gaming's (BYD) cash and debt levels at March 31, 2026?

As of March 31, 2026, Boyd Gaming had $372.7 million of cash and $2.3 billion of total debt. According to the company, these figures reflect the balance sheet at quarter end.