Boyd Gaming reported Thursday that first-quarter revenue rose slightly, but net income and adjusted earnings declined.
First-quarter revenue of $997.4 million increased 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, compared to $111.4 million, or $1.31 per share, for the year-ago period.
Total adjusted EBITDAR was $317.4 million in the first quarter versus $337.5 million in the first quarter of 2025. Adjusted Earnings 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.
“Our first-quarter results reflect the benefits of our diversified business, our successful focus on operating efficiencies, and our ongoing capital investment program,” said Keith Smith, president and CEO of Boyd Gaming. “On a property-level basis, we achieved year-over-year revenue and Adjusted EBITDAR growth, as property margins once again exceeded 39%.”
Smith said these results were supported by continued growth in play from both core and retail customers, driven by broad-based strength in the Midwest and South.
“During the quarter, we continued to invest in enhancing our properties and building our development pipeline,” Smith said. “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, Smith said Boyd maintained a robust program of returning capital to 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,” Smith said.
The company’s Midwest and 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, Smith said.
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, Smith said.
The company’s online segment generated continued growth from its igaming business, as well as contributions from third-party market access agreements consistent with the second half of 2025, Smith said. Revenue and adjusted EBITDAR growth in the category Managed & Other was driven by continued increases in management fees from Sky River Casino in northern California.
Boyd Gaming paid a quarterly cash dividend of $0.20 per share on April 15, 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, 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.
As of March 31, Boyd Gaming had cash on hand of $372.7 million, and total debt of $2.3 billion.
