Boyd Gaming (NYSE: BYD) posts Q1 2026 results and expands buybacks

Rhea-AI Filing Summary

Boyd Gaming Corporation reported first-quarter 2026 revenue of $997.4 million, slightly above $991.6 million a year earlier. Net income was $105.5 million, or $1.37 per share, compared with $111.4 million, or $1.31 per share. Adjusted EBITDAR was $317.4 million versus $337.5 million, while adjusted earnings were $123.1 million, or $1.60 per share, down from $137.7 million, or $1.62 per share.

Midwest & South delivered revenue and Adjusted EBITDAR growth, helped by stronger core and retail play and easier weather comparisons. Las Vegas Locals and Downtown Las Vegas were pressured by softer destination business and renovation disruption, while Online Adjusted EBITDAR declined.

The Company opened Cadence Crossing Casino in Las Vegas, continued developing a $750 million Virginia resort, and obtained regulatory approval for an expansion and modernization of its Par-A-Dice property in Illinois. Boyd paid a higher quarterly dividend of $0.20 per share, repurchased $155 million of stock, and added $500 million to its share repurchase authorization, leaving $707 million available as of March 31, 2026. Cash on hand was $372.7 million and total debt was $2.3 billion.

Positive

• None.

Negative

• Adjusted profitability declined year over year, with Adjusted EBITDAR falling to $317.4 million from $337.5 million and adjusted earnings decreasing to $123.1 million from $137.7 million, signaling weaker margins compared with the prior-year quarter.

Insights

Gaming & leisure equity analyst

Revenue was steady, but profitability and online trends softened while capital returns stayed strong.

Boyd Gaming grew Q1 2026 revenue modestly to $997.4 million from $991.6 million, but Adjusted EBITDAR declined to $317.4 million from $337.5 million. Adjusted earnings fell to $123.1 million, indicating some margin pressure versus the prior-year quarter.

Performance was mixed across segments: Midwest & South posted revenue and Adjusted EBITDAR growth, while Las Vegas Locals and Downtown Las Vegas faced softer destination business and construction disruption. The Online segment’s Adjusted EBITDAR decreased compared with 2025, even as it remained a contributor.

Capital allocation was aggressive, with $155 million of share repurchases, a dividend increase to $0.20 per share, and an additional $500 million repurchase authorization, leaving $707 million available as of March 31, 2026. At the same time, the Company is funding a $750 million Virginia resort and other projects, supported by cash of $372.7 million and debt of $2.3 billion. Overall, the quarter blends solid regional performance and shareholder returns with lower adjusted profitability, a combination that many investors may view as modestly negative.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Revenue: $997.4M Net income: $105.5M Adjusted EBITDAR: $317.4M +5 more

8 metrics

Revenue $997.4M Q1 2026 vs $991.6M in Q1 2025

Net income $105.5M Q1 2026 vs $111.4M in Q1 2025

Adjusted EBITDAR $317.4M Q1 2026 vs $337.5M in Q1 2025

Adjusted earnings $123.1M Q1 2026 vs $137.7M in Q1 2025

Dividend per share $0.20 Quarterly dividend paid April 15, 2026; prior $0.18

Share repurchases $155M Common stock repurchased in Q1 2026

Repurchase authorization remaining $707M Available under share repurchase program as of March 31, 2026

Cash and debt $372.7M cash; $2.3B debt Balances as of March 31, 2026

Key Terms

Adjusted EBITDAR, Adjusted earnings, master lease rent expense, Non-GAAP financial measures, +2 more

6 terms

Adjusted EBITDAR financial

"Total Adjusted EBITDAR(1) was $317.4 million in the first quarter of 2026 versus $337.5 million"

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(1) for the first quarter of 2026 were $123.1 million, or $1.60 per share"

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.

master lease rent expense financial

"Master lease rent expense (a) 28,584 ... Rent expense incurred by those properties subject to a master lease"

Non-GAAP financial measures financial

"Our financial presentations include the following non-GAAP financial measures Collectively, we refer to these ... as the “Non-GAAP Measures.”"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

forward-looking statements regulatory

"This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

share repurchase program financial

"the Company’s Board of Directors authorized an additional $500 million under the Company’s share repurchase program"

A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.

Earnings Snapshot

Revenue: $997.4M

Q1 2026

Revenue $997.4M vs $991.6M in Q1 2025

Net income attributable to Boyd Gaming $105.5M vs $111.4M in Q1 2025

Adjusted earnings $123.1M vs $137.7M in Q1 2025

Adjusted EBITDAR $317.4M vs $337.5M in Q1 2025

Understanding 8-K Material Events →

false 0000906553 0000906553 2026-04-23 2026-04-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________________________________________________

FORM 8-K

____________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 23, 2026

____________________________________________________________________

Boyd Gaming Corporation

(Exact Name of Registrant as Specified in its Charter)

____________________________________________________________________

Nevada		001-12882		88-0242733
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

6465 South Rainbow Boulevard

Las Vegas, Nevada 89118

(Address of Principal Executive Offices, Including Zip Code)

(702) 792-7200

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	BYD	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02.     Results of Operations and Financial Condition.

On April 23, 2026, Boyd Gaming Corporation issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is furnished hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01.     Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
99.1		Press Release, dated April 23, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	April 23, 2026	Boyd Gaming Corporation
	By:	/s/ Lori M. Nelson
		Lori M. Nelson
		Senior Vice President Financial Operations and Reporting and Chief Accounting Officer

Exhibit 99.1

BOYD GAMING REPORTS FIRST-QUARTER 2026 RESULTS

LAS VEGAS – APRIL 23, 2026 – 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.}

1

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.

2

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.

3

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.

4

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

5

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.

6

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.

	Financial Contact:		Media Contact:
	Josh Hirsberg		David Strow
	(702) 792-7234		(702) 792-7386
	joshhirsberg@boydgaming.com		davidstrow@boydgaming.com

7

FAQ

How did Boyd Gaming (BYD) perform financially in Q1 2026?

Boyd Gaming generated Q1 2026 revenue of $997.4 million, slightly above $991.6 million a year earlier. Net income was $105.5 million, or $1.37 per share, compared with $111.4 million, or $1.31 per share, in the prior-year quarter.

What happened to Boyd Gaming’s adjusted earnings and Adjusted EBITDAR in Q1 2026?

Boyd Gaming’s adjusted earnings were $123.1 million, or $1.60 per share, down from $137.7 million, or $1.62 per share. Adjusted EBITDAR declined to $317.4 million from $337.5 million, reflecting lower adjusted profitability versus the first quarter of 2025.

Which segments drove Boyd Gaming’s Q1 2026 results?

The Midwest & South segment delivered year-over-year revenue and Adjusted EBITDAR growth, helped by stronger core and retail play and favorable weather comparisons. Las Vegas Locals and Downtown Las Vegas saw softer destination business and construction disruption, while the Online segment’s Adjusted EBITDAR decreased from 2025 levels.

What growth and development projects is Boyd Gaming (BYD) pursuing?

Boyd Gaming opened Cadence Crossing Casino, a new Las Vegas Locals property, and continued developing a $750 million resort in Virginia. It also secured regulatory approval to expand and modernize its Par-A-Dice property in Illinois, with construction planned to begin next year.

How much capital did Boyd Gaming return to shareholders in Q1 2026?

Boyd Gaming returned capital through a $0.20 per share quarterly dividend, higher than $0.18 previously, and $155 million of share repurchases. The Board also authorized an additional $500 million for buybacks, leaving about $707 million available at March 31, 2026.

What is Boyd Gaming’s cash and debt position after Q1 2026?

As of March 31, 2026, Boyd Gaming held $372.7 million in cash and had $2.3 billion of total debt. This balance sheet supports ongoing capital projects, such as the Virginia resort, alongside the company’s dividend and share repurchase programs.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 211.2 KB

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