{"success":true,"data":{"pressRelease":{"id":"97243","rtpr_id":"nPnbFxt4ba","ticker":"BYD","exchange":"NYSE","all_tickers":["BYD"],"title":"BOYD GAMING REPORTS SECOND-QUARTER 2026 RESULTS","author":"PR Newswire","published_at":"2026-07-23T20:05:01.253Z","article_body":"BOYD GAMING REPORTS SECOND-QUARTER 2026 RESULTS\n\nPR Newswire\n\nLAS VEGAS, July 23, 2026\n\nLAS VEGAS, July 23, 2026 /PRNewswire/ -- Boyd Gaming Corporation (NYSE:\nBYD) today reported financial results for the second quarter ended June 30,\n2026.\n\nKeith Smith, President and Chief Executive Officer of Boyd Gaming, said: \"Our\nsecond-quarter results demonstrated the benefits of our diversified business\nmodel, with strong performances from our Midwest & South operations,\nOnline segment and Managed business. Results for the quarter, on a comparable\nbasis, reflect both revenue and Adjusted EBITDAR growth, with property\noperating margins of 40%, a level we have consistently delivered over the last\nseveral years. This performance was supported by strength in play from both\nour core and retail customers across the portfolio, as well as contributions\nfrom our recent capital investments. We also returned substantial capital to\nour shareholders, with more than $170 million in dividends and share\nrepurchases during the second quarter. With our strong balance sheet,\nefficient operating model and robust free cash flow, our Company is\nwell-positioned to continue creating long-term shareholder value.\"\n\nBoyd Gaming reported second-quarter 2026 revenues of $1.03 billion, in-line\nwith the second quarter of 2025. The Company reported net income of $131.2\nmillion, or $1.75 per share, for the second quarter of 2026, compared to\n$151.5 million, or $1.84 per share, for the year-ago period. Total Adjusted\nEBITDAR((1) )was $350.5 million in the second quarter of 2026 versus $357.9\nmillion in the second quarter of 2025. Adjusted Earnings((1)) for the second\nquarter of 2026 were $144.4 million, or $1.93 per share, compared to $154.2\nmillion, or $1.87 per share, for the same period in 2025.\n (1) See footnotes at the end of the release for additional information\n relative to non-GAAP financial measures.\n\nOperations Review\nOur Midwest & South operations once again delivered revenue and Adjusted\nEBITDAR growth during the quarter, driven by increased play from our core and\nretail customers, as well as contributions from recent capital investments\nacross the segment. While results in the Las Vegas Locals segment were\nimpacted by continued softness in destination business, primarily at the\nOrleans, and ongoing construction disruption at the Suncoast, the remainder of\nthe segment grew revenues and Adjusted EBITDAR over the prior year, with\nproperty margins exceeding 50%. In our Downtown Las Vegas segment, play from\nboth our core and Hawaiian customers was consistent with recent quarters;\nhowever, results continued to be impacted by ongoing softness in destination\nbusiness throughout the downtown area.\n\nResults in our Online segment reflected growth from the Company's online\ncasino gaming business, as well as contributions from third-party market\naccess agreements consistent with the last several quarters. Strong revenue\nand Adjusted EBITDAR growth in our Managed business was driven by increased\nmanagement fees from Sky River Casino following its recently completed\nexpansion.\n\nDividend and Share Repurchase Update\nBoyd Gaming paid a quarterly cash dividend of $0.20 per share on July 15,\n2026, as previously announced.\n\nAs part of its ongoing share repurchase program, the Company repurchased $156\nmillion in shares of its common stock during the second quarter of 2026. The\nCompany had $551 million remaining under its current share repurchase\nauthorization as of June 30, 2026.\n\nBalance Sheet Statistics\nAs of June 30, 2026, Boyd Gaming had cash on hand of $322.7 million, and total\ndebt of $2.6 billion.\n\nConference Call Information\nBoyd Gaming will host a conference call to discuss its second-quarter 2026\nresults today, July 23, at 5:00 p.m. Eastern. The conference call number is\n(800) 836-8184. No passcode is required to join the call. Please call up to\n15 minutes in advance to ensure you are connected prior to the start of the\ncall.\n\nThe conference call will also be available online at\nhttps://investors.boydgaming.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4735289-1&h=2557787181&u=https%3A%2F%2Finvestors.boydgaming.com%2F&a=https%3A%2F%2Finvestors.boydgaming.com)\nor https://app.webinar.net/gBE9RqpOV3y\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4735289-1&h=1432850209&u=https%3A%2F%2Fapp.webinar.net%2FgBE9RqpOV3y&a=https%3A%2F%2Fapp.webinar.net%2FgBE9RqpOV3y)\n.\n\nFollowing the call's completion, a replay will be available by dialing (888)\n660-6345 today, July 23, and continuing through Thursday, July 30. The\npasscode for the replay will be 62234#. The replay will also be available at\nhttps://investors.boydgaming.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4735289-1&h=2557787181&u=https%3A%2F%2Finvestors.boydgaming.com%2F&a=https%3A%2F%2Finvestors.boydgaming.com)\n.\n BOYD GAMING CORPORATION\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS\n (Unaudited)\n\n Three Months Ended Six Months Ended\n June 30, June 30,\n (In thousands, except per share data) 2026 2025 2026 2025\n Revenues\n Gaming $ 683,289 $ 671,455 $ 1,333,790 $ 1,310,148\n Food & beverage 77,702 78,167 153,472 152,325\n Room 50,413 51,453 96,360 98,841\n Online 31,825 39,139 58,073 79,107\n Online reimbursements 126,357 133,912 261,804 263,517\n Management fee 28,481 23,775 54,702 48,921\n Other 36,319 36,097 73,540 72,704\n Total revenues 1,034,386 1,033,998 2,031,741 2,025,563\n Operating costs and expenses\n Gaming 267,630 259,554 522,479 505,677\n Food & beverage 66,980 65,633 131,895 128,970\n Room 19,801 19,492 38,973 38,489\n Online 20,992 16,183 38,662 32,608\n Online reimbursements 126,357 133,912 261,804 263,517\n Other 12,467 12,149 25,672 24,940\n Selling, general and administrative 110,882 110,065 220,867 217,911\n Master lease rent expense (a) 28,856 28,442 57,440 56,602\n Maintenance and utilities 38,515 37,322 74,258 74,047\n Depreciation and amortization 91,101 69,985 186,090 138,208\n Corporate expense 33,243 35,365 70,027 65,316\n Project development, preopening and writedowns 15,356 2,764 35,624 1,242\n Impairment of assets — — — 32,272\n Other operating items, net 1,508 762 3,260 3,507\n Total operating costs and expenses 833,688 791,628 1,667,051 1,583,306\n Operating income 200,698 242,370 364,690 442,257\n Other expense (income)\n Interest income (1,282) (1,263) (3,147) (2,071)\n Interest expense, net of amounts capitalized 31,423 50,569 59,874 99,006\n Loss on early extinguishments and modifications of debt — — 391 —\n Other, net (3) (48) 4 59\n Total other expense, net 30,138 49,258 57,122 96,994\n Income before income taxes 170,560 193,112 307,568 345,263\n Income tax provision (40,637) (42,758) (73,352) (84,027)\n Net income 129,923 150,354 234,216 261,236\n Net loss attributable to noncontrolling interest 1,311 1,104 2,560 1,641\n Net income attributable to Boyd Gaming $ 131,234 $ 151,458 $ 236,776 $ 262,877\n\n Basic net income per common share $ 1.75 $ 1.84 $ 3.12 $ 3.14\n Weighted average basic shares outstanding 74,817 82,289 75,787 83,696\n\n Diluted net income per common share $ 1.75 $ 1.84 $ 3.12 $ 3.14\n Weighted average diluted shares outstanding 74,817 82,303 75,791 83,712\n\n (a) Rent expense incurred by those properties subject to a master lease with a\n real estate investment trust.\n\n \n BOYD GAMING CORPORATION\n SUPPLEMENTAL INFORMATION\n Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming\n (Unaudited)\n\n Three Months Ended Six Months Ended\n June 30, June 30,\n (In thousands) 2026 2025 2026 2025\n Total Revenues by Segment\n Las Vegas Locals $ 225,898 $ 229,091 $ 443,002 $ 451,890\n Downtown Las Vegas 52,112 55,253 107,050 112,540\n Midwest & South 556,890 540,077 1,081,983 1,044,664\n Online 158,182 173,051 319,877 342,624\n Managed & Other 41,304 36,526 79,829 73,845\n Total revenues $ 1,034,386 $ 1,033,998 $ 2,031,741 $ 2,025,563\n\n Adjusted EBITDAR by Segment\n Las Vegas Locals $ 106,416 $ 112,714 $ 206,378 $ 219,261\n Downtown Las Vegas 16,905 19,405 35,805 40,328\n Midwest & South 208,748 201,401 401,389 384,623\n Online 10,590 22,244 18,946 45,550\n Managed & Other 30,692 25,963 59,108 53,282\n Corporate expense, net of share-based compensation expense (a) (22,883) (23,865) (53,743) (47,665)\n Adjusted EBITDAR 350,468 357,862 667,883 695,379\n Master lease rent expense (b) (28,856) (28,442) (57,440) (56,602)\n Adjusted EBITDA 321,612 329,420 610,443 638,777\n\n Other operating costs and expenses\n Deferred rent 132 147 264 294\n Depreciation and amortization 91,101 69,985 186,090 138,208\n Share-based compensation expense 12,817 13,392 20,515 20,997\n Project development, preopening and writedowns 15,356 2,764 35,624 1,242\n Impairment of assets — — — 32,272\n Other operating items, net 1,508 762 3,260 3,507\n Total other operating costs and expenses 120,914 87,050 245,753 196,520\n Operating income 200,698 242,370 364,690 442,257\n Other expense (income)\n Interest income (1,282) (1,263) (3,147) (2,071)\n Interest expense, net of amounts capitalized 31,423 50,569 59,874 99,006\n Loss on early extinguishments and modifications of debt — — 391 —\n Other, net (3) (48) 4 59\n Total other expense, net 30,138 49,258 57,122 96,994\n Income before income taxes 170,560 193,112 307,568 345,263\n Income tax provision (40,637) (42,758) (73,352) (84,027)\n Net income 129,923 150,354 234,216 261,236\n Net loss attributable to noncontrolling interest 1,311 1,104 2,560 1,641\n Net income attributable to Boyd Gaming $ 131,234 $ 151,458 $ 236,776 $ 262,877\n\n (a) Reconciliation of corporate expense:\n\n Three Months Ended Six Months Ended\n June 30, June 30,\n (In thousands) 2026 2025 2026 2025\n Corporate expense as reported on Condensed Consolidated Statements of $ 33,243 $ 35,365 $ 70,027 $ 65,316\n Operations\n Corporate share-based compensation expense (10,360) (11,500) (16,284) (17,651)\n Corporate expense, net, as reported on the above table $ 22,883 $ 23,865 $ 53,743 $ 47,665\n\n (b) Rent expense incurred by those properties subject to a master lease with a\n real estate investment trust.\n\n \n BOYD GAMING CORPORATION\n SUPPLEMENTAL INFORMATION\n Reconciliations of Net Income attributable to Boyd Gaming to Adjusted Earnings\n and Net Income Per Share to Adjusted Earnings Per Share\n (Unaudited)\n\n Three Months Ended Six Months Ended\n June 30, June 30,\n (In thousands, except per share data) 2026 2025 2026 2025\n Net income attributable to Boyd Gaming $ 131,234 $ 151,458 $ 236,776 $ 262,877\n Pretax adjustments:\n Project development, preopening and writedowns 15,356 2,764 35,624 1,242\n Impairment of assets — — — 32,272\n Other operating items, net 1,508 762 3,260 3,507\n Loss on early extinguishments and modifications of debt — — 391 —\n Other, net (3) (48) 4 59\n Total adjustments 16,861 3,478 39,279 37,080\n\n Income tax effect for above adjustments (3,663) (779) (8,531) (8,072)\n Adjusted earnings $ 144,432 $ 154,157 $ 267,524 $ 291,885\n\n Net income per share, diluted $ 1.75 $ 1.84 $ 3.12 $ 3.14\n Pretax adjustments:\n Project development, preopening and writedowns 0.21 0.03 0.47 0.02\n Impairment of assets — — — 0.39\n Other operating items, net 0.02 0.01 0.04 0.04\n Loss on early extinguishments and modifications of debt — — 0.01 —\n Other, net — — — —\n Total adjustments 0.23 0.04 0.52 0.45\n\n Income tax effect for above adjustments (0.05) (0.01) (0.11) (0.10)\n Adjusted earnings per share, diluted $ 1.93 $ 1.87 $ 3.53 $ 3.49\n\n Weighted average diluted shares outstanding 74,817 82,303 75,791 83,712\n\n \n\nNon-GAAP Financial Measures\nOur financial presentations include the following non-GAAP financial\nmeasures:\n\n * EBITDA: earnings before interest, taxes, depreciation and amortization,\n * Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation\nexpense, project development, preopening and writedowns expense, impairments\nof assets, other operating items, net, gain or loss on early extinguishments\nand modifications of debt, net income (loss) attributable to noncontrolling\ninterest and other items, net, as applicable,\n * EBITDAR: EBITDA further adjusted for rent expense associated with master\nleases with a real estate investment trust,\n * Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated\nwith master leases with a real estate investment trust,\n * Adjusted Earnings: net income before project development, preopening and\nwritedowns expense, impairments of assets, other operating items, net, gain or\nloss on early extinguishments and modifications of debt, net income (loss)\nattributable to noncontrolling interest, and other non-recurring adjustments,\nnet, as applicable, and,\n * Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by\nweighted average diluted shares outstanding.\nCollectively, we refer to these and other non-GAAP financial measures as the\n\"Non-GAAP Measures.\"\n\nThe Non-GAAP Measures are commonly used measures of performance in our\nindustry that we believe, when considered with measures calculated in\naccordance with accounting principles generally accepted in the United States\n(GAAP), provide our investors with a more complete understanding of our\noperating results and facilitates comparisons between us and our competitors.\nWe provide this information to investors to enable them to perform comparisons\nof our past, present and future operating results and as a means to evaluate\nthe results of core on-going operations. We have historically reported these\nmeasures to our investors and believe that the continued inclusion of the\nNon-GAAP Measures provides consistency in our financial reporting. We also\nbelieve this information is useful to investors in allowing greater\ntransparency related to significant measures used by our management in their\nfinancial and operational decision-making, their evaluation of total company\nand individual property performance, in the evaluation of incentive\ncompensation and in the annual budget process. Management also uses Non-GAAP\nMeasures in the evaluation of potential acquisitions and dispositions. We\nbelieve these measures continue to be used by investors in their assessment of\nour operating performance and the valuation of our company.\n\nThe use of Non-GAAP Measures has certain limitations. Our presentation of the\nNon-GAAP Measures may be different from the presentation used by other\ncompanies and therefore comparability may be limited. While excluded from\ncertain of the Non-GAAP Measures, depreciation and amortization expense,\ninterest expense, income taxes and other items have been and will be incurred.\nEach of these items should also be considered in the overall evaluation of our\nresults. Additionally, the Non-GAAP Measures do not consider capital\nexpenditures and other investing activities and should not be considered as a\nmeasure of our liquidity. We compensate for these limitations by providing the\nrelevant disclosure of our depreciation and amortization, interest and income\ntaxes, capital expenditures and other items both in our reconciliations to the\nhistorical GAAP financial measures and in our consolidated financial\nstatements, all of which should be considered when evaluating our performance.\nWe do not provide a reconciliation of forward-looking Non-GAAP Measures to the\ncorresponding forward-looking GAAP measure due to our inability to project\nspecial charges and certain expenses.\n\nThe Non-GAAP Measures are to be used in addition to and in conjunction with\nresults presented in accordance with GAAP. The Non-GAAP Measures should not be\nconsidered as an alternative to net income, operating income, or any other\noperating performance measure prescribed by GAAP, nor should these measures be\nrelied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures\nreflect additional ways of viewing our operations that we believe, when viewed\nwith our GAAP results and the reconciliations to the corresponding historical\nGAAP financial measures, provide a more complete understanding of factors and\ntrends affecting our business than could be obtained absent this disclosure.\nManagement strongly encourages investors to review our financial information\nin its entirety and not to rely on a single financial measure.\n\nForward-looking Statements and Company Information\nThis press release contains forward-looking statements within the meaning of\nSection 27A of the Securities Act of 1933, as amended, and Section 21E of the\nSecurities Exchange Act of 1934, as amended. Such statements contain words\nsuch as \"may,\" \"will,\" \"might,\" \"expect,\" \"believe,\" \"anticipate,\" \"could,\"\n\"would,\" \"estimate,\" \"continue,\" \"pursue,\" or the negative thereof or\ncomparable terminology, and may include (without limitation) information\nregarding the Company's expectations, goals or intentions regarding future\nperformance. These forward-looking statements are based on the current beliefs\nand expectations of management and involve risks and uncertainties that could\ncause actual results to differ materially from those expressed in the\nforward-looking statements. Many of these risks and uncertainties relate to\nfactors that are beyond Boyd Gaming's ability to control or estimate\nprecisely. Additional factors that could cause actual results to differ are\ndiscussed under the heading \"Risk Factors\" and in other sections of the\nCompany's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and\nin the Company's other current and periodic reports filed from time to time\nwith the SEC. The reader is cautioned not to place undue reliance on these\nforward-looking statements, which speak only as of the date of this release.\nAll forward-looking statements in this press release are made as of the date\nhereof, based on information available to the Company as of the date hereof,\nand the Company assumes no obligation to update any forward-looking statement.\n\nAbout Boyd Gaming\nFounded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading\ngeographically diversified operator of 27 gaming entertainment properties in\n11 states. The Company also manages a tribal casino in northern California,\nand owns and operates Boyd Interactive, a B2B and B2C online casino gaming\nbusiness. Boyd Gaming's nationwide portfolio is connected through Boyd\nRewards, recognized as the nation's favorite casino loyalty program by readers\nof both USA Today and Newsweek. Named by Forbes and Time magazines as one of\n\"America's Best Companies,\" and led by one of the most experienced teams in\nthe industry, Boyd Gaming is dedicated to delivering an outstanding\nentertainment experience and memorable guest service. For additional Company\ninformation and press releases, visit https://www.boydgaming.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4735289-1&h=3368737485&u=https%3A%2F%2Fwww.boydgaming.com%2F&a=https%3A%2F%2Fwww.boydgaming.com)\n.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/boyd-gaming-reports-second-quarter-2026-results-302833575.html\n(https://www.prnewswire.com/news-releases/boyd-gaming-reports-second-quarter-2026-results-302833575.html)\n\nSOURCE Boyd Gaming Corporation\n\n\n\nFinancial Contact: Josh Hirsberg, (702) 792-7234, joshhirsberg@boydgaming.com or Media Contact: David Strow, (702) 792-7386, davidstrow@boydgaming.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS670181/Boyd-Gaming-Logo.jpg?id=OA2772934\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPnbFxt4ba","title":"BOYD GAMING REPORTS SECOND-QUARTER 2026 RESULTS","author":"PR Newswire","ticker":"BYD","created":"2026-07-23T20:05:01.253Z","tickers":["BYD"],"exchange":"NYSE","article_body":"BOYD GAMING REPORTS SECOND-QUARTER 2026 RESULTS\n\nPR Newswire\n\nLAS VEGAS, July 23, 2026\n\nLAS VEGAS, July 23, 2026 /PRNewswire/ -- Boyd Gaming Corporation (NYSE:\nBYD) today reported financial results for the second quarter ended June 30,\n2026.\n\nKeith Smith, President and Chief Executive Officer of Boyd Gaming, said: \"Our\nsecond-quarter results demonstrated the benefits of our diversified business\nmodel, with strong performances from our Midwest & South operations,\nOnline segment and Managed business. Results for the quarter, on a comparable\nbasis, reflect both revenue and Adjusted EBITDAR growth, with property\noperating margins of 40%, a level we have consistently delivered over the last\nseveral years. This performance was supported by strength in play from both\nour core and retail customers across the portfolio, as well as contributions\nfrom our recent capital investments. We also returned substantial capital to\nour shareholders, with more than $170 million in dividends and share\nrepurchases during the second quarter. With our strong balance sheet,\nefficient operating model and robust free cash flow, our Company is\nwell-positioned to continue creating long-term shareholder value.\"\n\nBoyd Gaming reported second-quarter 2026 revenues of $1.03 billion, in-line\nwith the second quarter of 2025. The Company reported net income of $131.2\nmillion, or $1.75 per share, for the second quarter of 2026, compared to\n$151.5 million, or $1.84 per share, for the year-ago period. Total Adjusted\nEBITDAR((1) )was $350.5 million in the second quarter of 2026 versus $357.9\nmillion in the second quarter of 2025. Adjusted Earnings((1)) for the second\nquarter of 2026 were $144.4 million, or $1.93 per share, compared to $154.2\nmillion, or $1.87 per share, for the same period in 2025.\n (1) See footnotes at the end of the release for additional information\n relative to non-GAAP financial measures.\n\nOperations Review\nOur Midwest & South operations once again delivered revenue and Adjusted\nEBITDAR growth during the quarter, driven by increased play from our core and\nretail customers, as well as contributions from recent capital investments\nacross the segment. While results in the Las Vegas Locals segment were\nimpacted by continued softness in destination business, primarily at the\nOrleans, and ongoing construction disruption at the Suncoast, the remainder of\nthe segment grew revenues and Adjusted EBITDAR over the prior year, with\nproperty margins exceeding 50%. In our Downtown Las Vegas segment, play from\nboth our core and Hawaiian customers was consistent with recent quarters;\nhowever, results continued to be impacted by ongoing softness in destination\nbusiness throughout the downtown area.\n\nResults in our Online segment reflected growth from the Company's online\ncasino gaming business, as well as contributions from third-party market\naccess agreements consistent with the last several quarters. Strong revenue\nand Adjusted EBITDAR growth in our Managed business was driven by increased\nmanagement fees from Sky River Casino following its recently completed\nexpansion.\n\nDividend and Share Repurchase Update\nBoyd Gaming paid a quarterly cash dividend of $0.20 per share on July 15,\n2026, as previously announced.\n\nAs part of its ongoing share repurchase program, the Company repurchased $156\nmillion in shares of its common stock during the second quarter of 2026. The\nCompany had $551 million remaining under its current share repurchase\nauthorization as of June 30, 2026.\n\nBalance Sheet Statistics\nAs of June 30, 2026, Boyd Gaming had cash on hand of $322.7 million, and total\ndebt of $2.6 billion.\n\nConference Call Information\nBoyd Gaming will host a conference call to discuss its second-quarter 2026\nresults today, July 23, at 5:00 p.m. Eastern. The conference call number is\n(800) 836-8184. No passcode is required to join the call. Please call up to\n15 minutes in advance to ensure you are connected prior to the start of the\ncall.\n\nThe conference call will also be available online at\nhttps://investors.boydgaming.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4735289-1&h=2557787181&u=https%3A%2F%2Finvestors.boydgaming.com%2F&a=https%3A%2F%2Finvestors.boydgaming.com)\nor https://app.webinar.net/gBE9RqpOV3y\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4735289-1&h=1432850209&u=https%3A%2F%2Fapp.webinar.net%2FgBE9RqpOV3y&a=https%3A%2F%2Fapp.webinar.net%2FgBE9RqpOV3y)\n.\n\nFollowing the call's completion, a replay will be available by dialing (888)\n660-6345 today, July 23, and continuing through Thursday, July 30. The\npasscode for the replay will be 62234#. The replay will also be available at\nhttps://investors.boydgaming.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4735289-1&h=2557787181&u=https%3A%2F%2Finvestors.boydgaming.com%2F&a=https%3A%2F%2Finvestors.boydgaming.com)\n.\n BOYD GAMING CORPORATION\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS\n (Unaudited)\n\n Three Months Ended Six Months Ended\n June 30, June 30,\n (In thousands, except per share data) 2026 2025 2026 2025\n Revenues\n Gaming $ 683,289 $ 671,455 $ 1,333,790 $ 1,310,148\n Food & beverage 77,702 78,167 153,472 152,325\n Room 50,413 51,453 96,360 98,841\n Online 31,825 39,139 58,073 79,107\n Online reimbursements 126,357 133,912 261,804 263,517\n Management fee 28,481 23,775 54,702 48,921\n Other 36,319 36,097 73,540 72,704\n Total revenues 1,034,386 1,033,998 2,031,741 2,025,563\n Operating costs and expenses\n Gaming 267,630 259,554 522,479 505,677\n Food & beverage 66,980 65,633 131,895 128,970\n Room 19,801 19,492 38,973 38,489\n Online 20,992 16,183 38,662 32,608\n Online reimbursements 126,357 133,912 261,804 263,517\n Other 12,467 12,149 25,672 24,940\n Selling, general and administrative 110,882 110,065 220,867 217,911\n Master lease rent expense (a) 28,856 28,442 57,440 56,602\n Maintenance and utilities 38,515 37,322 74,258 74,047\n Depreciation and amortization 91,101 69,985 186,090 138,208\n Corporate expense 33,243 35,365 70,027 65,316\n Project development, preopening and writedowns 15,356 2,764 35,624 1,242\n Impairment of assets — — — 32,272\n Other operating items, net 1,508 762 3,260 3,507\n Total operating costs and expenses 833,688 791,628 1,667,051 1,583,306\n Operating income 200,698 242,370 364,690 442,257\n Other expense (income)\n Interest income (1,282) (1,263) (3,147) (2,071)\n Interest expense, net of amounts capitalized 31,423 50,569 59,874 99,006\n Loss on early extinguishments and modifications of debt — — 391 —\n Other, net (3) (48) 4 59\n Total other expense, net 30,138 49,258 57,122 96,994\n Income before income taxes 170,560 193,112 307,568 345,263\n Income tax provision (40,637) (42,758) (73,352) (84,027)\n Net income 129,923 150,354 234,216 261,236\n Net loss attributable to noncontrolling interest 1,311 1,104 2,560 1,641\n Net income attributable to Boyd Gaming $ 131,234 $ 151,458 $ 236,776 $ 262,877\n\n Basic net income per common share $ 1.75 $ 1.84 $ 3.12 $ 3.14\n Weighted average basic shares outstanding 74,817 82,289 75,787 83,696\n\n Diluted net income per common share $ 1.75 $ 1.84 $ 3.12 $ 3.14\n Weighted average diluted shares outstanding 74,817 82,303 75,791 83,712\n\n (a) Rent expense incurred by those properties subject to a master lease with a\n real estate investment trust.\n\n \n BOYD GAMING CORPORATION\n SUPPLEMENTAL INFORMATION\n Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming\n (Unaudited)\n\n Three Months Ended Six Months Ended\n June 30, June 30,\n (In thousands) 2026 2025 2026 2025\n Total Revenues by Segment\n Las Vegas Locals $ 225,898 $ 229,091 $ 443,002 $ 451,890\n Downtown Las Vegas 52,112 55,253 107,050 112,540\n Midwest & South 556,890 540,077 1,081,983 1,044,664\n Online 158,182 173,051 319,877 342,624\n Managed & Other 41,304 36,526 79,829 73,845\n Total revenues $ 1,034,386 $ 1,033,998 $ 2,031,741 $ 2,025,563\n\n Adjusted EBITDAR by Segment\n Las Vegas Locals $ 106,416 $ 112,714 $ 206,378 $ 219,261\n Downtown Las Vegas 16,905 19,405 35,805 40,328\n Midwest & South 208,748 201,401 401,389 384,623\n Online 10,590 22,244 18,946 45,550\n Managed & Other 30,692 25,963 59,108 53,282\n Corporate expense, net of share-based compensation expense (a) (22,883) (23,865) (53,743) (47,665)\n Adjusted EBITDAR 350,468 357,862 667,883 695,379\n Master lease rent expense (b) (28,856) (28,442) (57,440) (56,602)\n Adjusted EBITDA 321,612 329,420 610,443 638,777\n\n Other operating costs and expenses\n Deferred rent 132 147 264 294\n Depreciation and amortization 91,101 69,985 186,090 138,208\n Share-based compensation expense 12,817 13,392 20,515 20,997\n Project development, preopening and writedowns 15,356 2,764 35,624 1,242\n Impairment of assets — — — 32,272\n Other operating items, net 1,508 762 3,260 3,507\n Total other operating costs and expenses 120,914 87,050 245,753 196,520\n Operating income 200,698 242,370 364,690 442,257\n Other expense (income)\n Interest income (1,282) (1,263) (3,147) (2,071)\n Interest expense, net of amounts capitalized 31,423 50,569 59,874 99,006\n Loss on early extinguishments and modifications of debt — — 391 —\n Other, net (3) (48) 4 59\n Total other expense, net 30,138 49,258 57,122 96,994\n Income before income taxes 170,560 193,112 307,568 345,263\n Income tax provision (40,637) (42,758) (73,352) (84,027)\n Net income 129,923 150,354 234,216 261,236\n Net loss attributable to noncontrolling interest 1,311 1,104 2,560 1,641\n Net income attributable to Boyd Gaming $ 131,234 $ 151,458 $ 236,776 $ 262,877\n\n (a) Reconciliation of corporate expense:\n\n Three Months Ended Six Months Ended\n June 30, June 30,\n (In thousands) 2026 2025 2026 2025\n Corporate expense as reported on Condensed Consolidated Statements of $ 33,243 $ 35,365 $ 70,027 $ 65,316\n Operations\n Corporate share-based compensation expense (10,360) (11,500) (16,284) (17,651)\n Corporate expense, net, as reported on the above table $ 22,883 $ 23,865 $ 53,743 $ 47,665\n\n (b) Rent expense incurred by those properties subject to a master lease with a\n real estate investment trust.\n\n \n BOYD GAMING CORPORATION\n SUPPLEMENTAL INFORMATION\n Reconciliations of Net Income attributable to Boyd Gaming to Adjusted Earnings\n and Net Income Per Share to Adjusted Earnings Per Share\n (Unaudited)\n\n Three Months Ended Six Months Ended\n June 30, June 30,\n (In thousands, except per share data) 2026 2025 2026 2025\n Net income attributable to Boyd Gaming $ 131,234 $ 151,458 $ 236,776 $ 262,877\n Pretax adjustments:\n Project development, preopening and writedowns 15,356 2,764 35,624 1,242\n Impairment of assets — — — 32,272\n Other operating items, net 1,508 762 3,260 3,507\n Loss on early extinguishments and modifications of debt — — 391 —\n Other, net (3) (48) 4 59\n Total adjustments 16,861 3,478 39,279 37,080\n\n Income tax effect for above adjustments (3,663) (779) (8,531) (8,072)\n Adjusted earnings $ 144,432 $ 154,157 $ 267,524 $ 291,885\n\n Net income per share, diluted $ 1.75 $ 1.84 $ 3.12 $ 3.14\n Pretax adjustments:\n Project development, preopening and writedowns 0.21 0.03 0.47 0.02\n Impairment of assets — — — 0.39\n Other operating items, net 0.02 0.01 0.04 0.04\n Loss on early extinguishments and modifications of debt — — 0.01 —\n Other, net — — — —\n Total adjustments 0.23 0.04 0.52 0.45\n\n Income tax effect for above adjustments (0.05) (0.01) (0.11) (0.10)\n Adjusted earnings per share, diluted $ 1.93 $ 1.87 $ 3.53 $ 3.49\n\n Weighted average diluted shares outstanding 74,817 82,303 75,791 83,712\n\n \n\nNon-GAAP Financial Measures\nOur financial presentations include the following non-GAAP financial\nmeasures:\n\n * EBITDA: earnings before interest, taxes, depreciation and amortization,\n * Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation\nexpense, project development, preopening and writedowns expense, impairments\nof assets, other operating items, net, gain or loss on early extinguishments\nand modifications of debt, net income (loss) attributable to noncontrolling\ninterest and other items, net, as applicable,\n * EBITDAR: EBITDA further adjusted for rent expense associated with master\nleases with a real estate investment trust,\n * Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated\nwith master leases with a real estate investment trust,\n * Adjusted Earnings: net income before project development, preopening and\nwritedowns expense, impairments of assets, other operating items, net, gain or\nloss on early extinguishments and modifications of debt, net income (loss)\nattributable to noncontrolling interest, and other non-recurring adjustments,\nnet, as applicable, and,\n * Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by\nweighted average diluted shares outstanding.\nCollectively, we refer to these and other non-GAAP financial measures as the\n\"Non-GAAP Measures.\"\n\nThe Non-GAAP Measures are commonly used measures of performance in our\nindustry that we believe, when considered with measures calculated in\naccordance with accounting principles generally accepted in the United States\n(GAAP), provide our investors with a more complete understanding of our\noperating results and facilitates comparisons between us and our competitors.\nWe provide this information to investors to enable them to perform comparisons\nof our past, present and future operating results and as a means to evaluate\nthe results of core on-going operations. We have historically reported these\nmeasures to our investors and believe that the continued inclusion of the\nNon-GAAP Measures provides consistency in our financial reporting. We also\nbelieve this information is useful to investors in allowing greater\ntransparency related to significant measures used by our management in their\nfinancial and operational decision-making, their evaluation of total company\nand individual property performance, in the evaluation of incentive\ncompensation and in the annual budget process. Management also uses Non-GAAP\nMeasures in the evaluation of potential acquisitions and dispositions. We\nbelieve these measures continue to be used by investors in their assessment of\nour operating performance and the valuation of our company.\n\nThe use of Non-GAAP Measures has certain limitations. Our presentation of the\nNon-GAAP Measures may be different from the presentation used by other\ncompanies and therefore comparability may be limited. While excluded from\ncertain of the Non-GAAP Measures, depreciation and amortization expense,\ninterest expense, income taxes and other items have been and will be incurred.\nEach of these items should also be considered in the overall evaluation of our\nresults. Additionally, the Non-GAAP Measures do not consider capital\nexpenditures and other investing activities and should not be considered as a\nmeasure of our liquidity. We compensate for these limitations by providing the\nrelevant disclosure of our depreciation and amortization, interest and income\ntaxes, capital expenditures and other items both in our reconciliations to the\nhistorical GAAP financial measures and in our consolidated financial\nstatements, all of which should be considered when evaluating our performance.\nWe do not provide a reconciliation of forward-looking Non-GAAP Measures to the\ncorresponding forward-looking GAAP measure due to our inability to project\nspecial charges and certain expenses.\n\nThe Non-GAAP Measures are to be used in addition to and in conjunction with\nresults presented in accordance with GAAP. The Non-GAAP Measures should not be\nconsidered as an alternative to net income, operating income, or any other\noperating performance measure prescribed by GAAP, nor should these measures be\nrelied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures\nreflect additional ways of viewing our operations that we believe, when viewed\nwith our GAAP results and the reconciliations to the corresponding historical\nGAAP financial measures, provide a more complete understanding of factors and\ntrends affecting our business than could be obtained absent this disclosure.\nManagement strongly encourages investors to review our financial information\nin its entirety and not to rely on a single financial measure.\n\nForward-looking Statements and Company Information\nThis press release contains forward-looking statements within the meaning of\nSection 27A of the Securities Act of 1933, as amended, and Section 21E of the\nSecurities Exchange Act of 1934, as amended. Such statements contain words\nsuch as \"may,\" \"will,\" \"might,\" \"expect,\" \"believe,\" \"anticipate,\" \"could,\"\n\"would,\" \"estimate,\" \"continue,\" \"pursue,\" or the negative thereof or\ncomparable terminology, and may include (without limitation) information\nregarding the Company's expectations, goals or intentions regarding future\nperformance. These forward-looking statements are based on the current beliefs\nand expectations of management and involve risks and uncertainties that could\ncause actual results to differ materially from those expressed in the\nforward-looking statements. Many of these risks and uncertainties relate to\nfactors that are beyond Boyd Gaming's ability to control or estimate\nprecisely. Additional factors that could cause actual results to differ are\ndiscussed under the heading \"Risk Factors\" and in other sections of the\nCompany's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and\nin the Company's other current and periodic reports filed from time to time\nwith the SEC. The reader is cautioned not to place undue reliance on these\nforward-looking statements, which speak only as of the date of this release.\nAll forward-looking statements in this press release are made as of the date\nhereof, based on information available to the Company as of the date hereof,\nand the Company assumes no obligation to update any forward-looking statement.\n\nAbout Boyd Gaming\nFounded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading\ngeographically diversified operator of 27 gaming entertainment properties in\n11 states. The Company also manages a tribal casino in northern California,\nand owns and operates Boyd Interactive, a B2B and B2C online casino gaming\nbusiness. Boyd Gaming's nationwide portfolio is connected through Boyd\nRewards, recognized as the nation's favorite casino loyalty program by readers\nof both USA Today and Newsweek. Named by Forbes and Time magazines as one of\n\"America's Best Companies,\" and led by one of the most experienced teams in\nthe industry, Boyd Gaming is dedicated to delivering an outstanding\nentertainment experience and memorable guest service. For additional Company\ninformation and press releases, visit https://www.boydgaming.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4735289-1&h=3368737485&u=https%3A%2F%2Fwww.boydgaming.com%2F&a=https%3A%2F%2Fwww.boydgaming.com)\n.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/boyd-gaming-reports-second-quarter-2026-results-302833575.html\n(https://www.prnewswire.com/news-releases/boyd-gaming-reports-second-quarter-2026-results-302833575.html)\n\nSOURCE Boyd Gaming Corporation\n\n\n\nFinancial Contact: Josh Hirsberg, (702) 792-7234, joshhirsberg@boydgaming.com or Media Contact: David Strow, (702) 792-7386, davidstrow@boydgaming.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS670181/Boyd-Gaming-Logo.jpg?id=OA2772934\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-07-23T20:05:02.141392024Z","server_sent_at_ms":1784837102141},"received_at":"2026-07-23T20:05:02.450Z","source_url":"https://www.prnewswire.com/news-releases/boyd-gaming-reports-second-quarter-2026-results-302833575.html"},"analysis":{"id":"86287","press_release_id":"97243","analysis_json":{"industry":{"label":"Hotels, Restaurants & Leisure","sector":"Consumer Discretionary"},"redFlags":["Las Vegas Locals and Downtown segments experienced softness in destination business","Adjusted EBITDAR declined year-over-year"],"eventType":"earnings","narrative":"Boyd Gaming reported second-quarter revenue of $1.03 billion, flat compared to the prior year, with GAAP net income falling to $131.2 million or $1.75 per share.\n\nAdjusted EBITDAR declined to $350.5 million from $357.9 million a year ago, though Adjusted EPS rose to $1.93 from $1.87, aided by strength in the Midwest & South and Online segments.\n\nThe company returned over $170 million to shareholders through dividends and $156 million in buybacks, leaving $551 million remaining on its current authorization.","sentiment":"mixed","agentHooks":{"shouldPost":false,"suggestedAngle":"Flat revenue and lower EBITDAR masked by adjusted EPS growth and aggressive buyback activity."},"keyFigures":{"eps":1.75,"revenue":1034386000,"revenueYoy":0,"customDimensions":{"cash":322700000,"total_debt":2600000000,"adjusted_eps":1.93,"adjusted_ebitdar":350500000,"share_repurchase":156000000,"dividend_per_share":0.2,"remaining_buyback_authorization":551000000}},"quotedText":"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.","namedEntities":{"people":[{"name":"Keith Smith","role":"President and Chief Executive Officer"}],"products":["Boyd Rewards","Boyd Interactive"],"companies":[{"name":"Boyd Gaming Corporation","ticker":"BYD"},{"name":"Sky River Casino","relationship":"managed property"}],"dollarAmounts":[{"amount":"$1.03 billion","context":"second-quarter 2026 revenues"},{"amount":"$131.2 million","context":"second-quarter 2026 net income"},{"amount":"$350.5 million","context":"second-quarter 2026 Adjusted EBITDAR"},{"amount":"$156 million","context":"share repurchases during second quarter"},{"amount":"$551 million","context":"remaining share repurchase authorization"},{"amount":"$322.7 million","context":"cash on hand as of June 30, 2026"},{"amount":"$2.6 billion","context":"total debt as of June 30, 2026"}]},"materialImpact":{"score":3,"reasoning":"Quarterly earnings showed flat revenue year-over-year and a decline in Adjusted EBITDAR, partially offset by an increase in Adjusted EPS. The company signaled confidence through $156 million in share repurchases."},"tickerRelevance":{"others":[],"primary":"BYD"},"globalImportance":25,"audienceRelevance":35,"eventTypeSecondary":["buyback"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"standard_earnings","sectorWeight":"consumer_discretionary"}},"event_type":"earnings","event_type_secondary":["buyback"],"sentiment":"mixed","material_impact_score":3,"narrative":"Boyd Gaming reported second-quarter revenue of $1.03 billion, flat compared to the prior year, with GAAP net income falling to $131.2 million or $1.75 per share.\n\nAdjusted EBITDAR declined to $350.5 million from $357.9 million a year ago, though Adjusted EPS rose to $1.93 from $1.87, aided by strength in the Midwest & South and Online segments.\n\nThe company returned over $170 million to shareholders through dividends and $156 million in buybacks, leaving $551 million remaining on its current authorization.","key_figures":{"eps":1.75,"revenue":1034386000,"revenueYoy":0,"customDimensions":{"cash":322700000,"total_debt":2600000000,"adjusted_eps":1.93,"adjusted_ebitdar":350500000,"share_repurchase":156000000,"dividend_per_share":0.2,"remaining_buyback_authorization":551000000}},"named_entities":{"people":[{"name":"Keith Smith","role":"President and Chief Executive Officer"}],"products":["Boyd Rewards","Boyd Interactive"],"companies":[{"name":"Boyd Gaming Corporation","ticker":"BYD"},{"name":"Sky River Casino","relationship":"managed property"}],"dollarAmounts":[{"amount":"$1.03 billion","context":"second-quarter 2026 revenues"},{"amount":"$131.2 million","context":"second-quarter 2026 net income"},{"amount":"$350.5 million","context":"second-quarter 2026 Adjusted EBITDAR"},{"amount":"$156 million","context":"share repurchases during second quarter"},{"amount":"$551 million","context":"remaining share repurchase authorization"},{"amount":"$322.7 million","context":"cash on hand as of June 30, 2026"},{"amount":"$2.6 billion","context":"total debt as of June 30, 2026"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-23T22:47:46.332Z","global_importance":25,"audience_relevance":35,"importance_components":{"tickerTier":"mid-cap","eventGravity":"standard_earnings","sectorWeight":"consumer_discretionary"}},"durationMs":358710,"modelName":"glm-4.7"}}