Boyd Gaming reported second quarter earnings that matched 2025, but had a decline in net income and adjusted earnings.
The company reported second-quarter 2026 revenue of $1.034 billion, in line with the second quarter of 2025 of $1.035 billion. The company reported net income of $131.2 million or $1.75 per share for the second quarter compared to $151.5 million or $1.84 per share for the year-ago period.
Total Adjusted EBITDAR was $350.5 million in the second quarter versus $357.9 million in the second quarter of 2025. Adjusted earnings for the second quarter of 2026 were $144.4 million or $1.93 per share compared to $154.2 million or $1.87 per share for the same period in 2025.
“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,” said Keith Smith, president and CEO. “Results for the quarter, on a comparable basis, reflect both revenue and adjusted EBITDAR growth, with property operating margins of 40%, a level we have consistently delivered over the last several years. This performance was supported by strength in play from both our core and retail customers across the portfolio, as well as contributions from our recent capital investments.”
Smith said Boyd also returned substantial capital to our shareholders, with more than $170 million in dividends and share repurchases during the second quarter.
“With our strong balance sheet, efficient operating model, and robust free cash flow, our company is well-positioned to continue creating long-term shareholder value,” Smith said.
Smith said Boyd’s Midwest & South delivered revenue and adjusted EBITDAR growth during the quarter, driven by increased play from core and retail customers, as well as contributions from recent capital investments across the segment.
“While results in the Las Vegas locals segment were impacted by continued softness in destination business, primarily at the Orleans, and ongoing construction disruption at the Suncoast, the remainder of the segment grew revenue and adjusted EBITDAR over the prior year, with property margins exceeding 50%,” Smith said. “In our downtown Las Vegas segment, play from both our core and Hawaiian customers was consistent with recent quarters; however, results continued to be impacted by ongoing softness in destination business throughout the downtown area.”
Smith said results in their online segment reflected growth from the company’s online casino gaming business, as well as contributions from third-party market-access agreements consistent with the last several quarters.
“Strong revenue and adjusted EBITDAR growth in our managed business was driven by increased management fees from Sky River Casino following its recently completed expansion,” Smith said.
Boyd Gaming paid a quarterly cash dividend of $0.20 per share on July 15. As part of its ongoing share repurchase program, the company repurchased $156 million in shares of its common stock during the second quarter. The company had $551 million remaining under its current share repurchase authorization as of June 30.
As of June 30, Boyd Gaming had cash on hand of $322.7 million and total debt of $2.6 billion.
