Boyd Gaming third-quarter profit falls to $124.9 million on lower revenue

Boyd Gaming Corporation (BYD) reported third-quarter 2026 net income attributable to the company of $124.9 million, or $1.71 per share, the company said Thursday in a regulatory filing.

Revenue for the quarter ended Sept. 30, 2026 was $990.5 million, compared with $1.0 billion a year earlier.

The year-earlier figures include a $1.4 billion after-tax gain from the sale of the company's equity interest in FanDuel. Net income for the third quarter of 2025 was $1.4 billion, or $17.81 per share.

That quarter also absorbed $65.1 million in non-cash, pretax long-lived asset impairment charges.

Here's how the company did:

• Revenue: $990.5 million vs. $1.0 billion a year earlier
• Net income attributable to Boyd Gaming: $124.9 million vs. $1.4 billion a year earlier
• Diluted earnings per share: $1.71 vs. $17.81 a year earlier
• Adjusted earnings: $121.7 million vs. $139.1 million a year earlier
• Adjusted earnings per share, diluted: $1.67 vs. $1.72 a year earlier
• Adjusted EBITDAR: $319.6 million vs. $321.8 million a year earlier

Adjusted earnings exclude items such as impairments, project development and preopening costs, and the FanDuel gain, the company said.

Adjusted EBITDAR, a non-GAAP measure that the company defines as EBITDA adjusted for master lease rent and other items, was $319.6 million, compared with $321.8 million.

Adjusted EBITDA, which the company defines as EBITDA adjusted for deferred rent, share-based compensation and other items, was $290.6 million, compared with $293.2 million.

Depreciation and amortization was $91.3 million, up from $73.7 million. Interest expense, net of amounts capitalized, was $33.8 million, compared with $33.3 million.

Corporate expense, net of share-based compensation expense, was $22.9 million, against $23.8 million a year earlier.

For the first nine months of 2026, net income attributable to Boyd Gaming was $361.7 million, or $4.83 per share. That compares with $1.7 billion, or $20.58 per share, a year earlier.

Revenue for the nine months was $3.02 billion, against $3.03 billion. Adjusted EBITDAR for the period was $987.5 million, compared with $1.02 billion.

The Midwest & South segment generated revenue of $540.5 million, compared with $538.9 million, and Adjusted EBITDAR of $201.6 million, against $201.6 million a year earlier.

Results were affected by the closure of Sam's Town Tunica in November 2025, the sale of Sam's Town Shreveport in August 2026, and higher property taxes at Kansas Star.

Adjusting for those items, Midwest & South revenues increased nearly 3% and Adjusted EBITDAR grew approximately 2.5%, the company said. Growth came from core and retail customers and recent capital investments.

In the Las Vegas Locals segment, revenue was $207.4 million, compared with $210.8 million. Adjusted EBITDAR was $87.4 million, against $92.1 million.

Increased softness in Las Vegas destination business, primarily at the Orleans, and construction disruption at the Suncoast affected the segment. The remaining properties grew revenue and Adjusted EBITDAR 3%, with gaming revenue up 3.5%, the company said, citing increased play from southern Nevada residents.

Downtown Las Vegas revenue was $47.4 million, against $53.2 million. Adjusted EBITDAR was $12.9 million, compared with $16.1 million.

The company cited increased softness in Las Vegas destination business, declines in Hawaiian visitation after several storms in Hawaii, and higher airfares during the quarter.

Online revenue was $154.5 million, against $165.6 million. Adjusted EBITDAR was $10.9 million, compared with $9.4 million.

The company said double-digit Adjusted EBITDAR growth in the Online segment was driven by continued strength in its online casino gaming business.

Managed & Other revenue was $40.6 million, compared with $35.8 million. Adjusted EBITDAR was $29.8 million, against $26.3 million.

Growth in the segment reflected increased management fees from Sky River following its recently completed expansion.

President and Chief Executive Officer Keith Smith said the company maintained its "balanced approach to capital allocation" in the quarter, returning nearly $180 million to shareholders through share repurchases and dividends. The company is "well-positioned to continue creating long-term value for our shareholders," Smith said.

The company repurchased $164 million of its common stock in the third quarter. It had $387 million remaining under its current share repurchase authorization as of Sept. 30, 2026.

The company paid a quarterly cash dividend of $0.20 per share on Oct. 15, 2026, as previously announced.

As of Sept. 30, the company had cash on hand of $297.2 million and total debt of $2.7 billion.

The release did not include updated financial guidance.

The company scheduled a conference call on the results for 5 p.m. Eastern on Thursday.

Boyd Gaming operates 26 gaming entertainment properties in 11 states. It also manages a tribal casino in northern California and owns Boyd Interactive, a B2B and B2C online casino gaming business.