Boyd Gaming adjusted earnings fall to $1.67 a share in third quarter
Key Facts
Boyd Gaming reported adjusted earnings per share of $1.67 for the third quarter of 2026, down from $1.72 in the same period of 2025, in its earnings release issued on October 22. The company posted quarterly revenue of $990.5 million amid weaker tourism demand at some Las Vegas operations. Adjusted earnings totaled $121.7 million, according to the release. The company had reported adjusted earnings of $144.4 million, or $1.93 a share, in the second quarter of 2026. Revenue in the preceding quarter was also higher, at $1.03 billion, according to its earnings release issued in July.
Total adjusted earnings before interest, taxes, depreciation, amortization and rent reached $319.6 million in the third quarter. That compares with $321.8 million in the third quarter of 2025, according to figures Boyd Gaming provided in its release. Net income attributable to the company totaled $124.9 million in the third quarter of 2026. Diluted earnings per share were $1.71 for the same period. Earnings in the year-earlier period included a one-time after-tax gain of $1.4 billion from the sale of the company's stake in FanDuel.
Boyd Gaming said weaker tourism demand was particularly concentrated at the Orleans property within its Las Vegas operations. Visits by Hawaiian customers to the company's downtown properties were affected by storms in Hawaii. Higher airfares also contributed to the decline in those visits, the company added. Meanwhile, revenue from Midwest and South operations grew about 3% year on year, excluding the impact of the Tunica closure, the Shreveport sale and higher property taxes at Kansas Star. The segment's adjusted earnings before interest, taxes, depreciation, amortization and rent rose about 2.5%, applying the same exclusions, according to the earnings release.
In its online business, Boyd Gaming said adjusted earnings before interest, taxes, depreciation, amortization and rent posted "double-digit" growth, supported by online casino operations. Higher management fees from Sky River Casino also supported growth in the managed business following the property's expansion, according to the company. Sky River had announced an expansion of its gaming floor in March 2026. The expansion included 312 new gaming machines, according to the casino's announcement. That brought the property's total to 2,500 gaming machines, in an expansion that preceded the improvement Boyd reported in management fees during the third quarter.
On the balance sheet, Boyd Gaming held $297.2 million in cash as of September 30, 2026, according to its third-quarter earnings release. Its cash balance had stood at $322.7 million on June 30 of the same year, according to the second-quarter release. Total debt, meanwhile, reached $2.7 billion at the end of September. The company had reported total debt of $2.6 billion at the end of June, with debt rising as cash declined between the two quarter-ends. During the third quarter, Boyd Gaming repurchased $164 million of shares under its buyback program.
In its property portfolio, the sale of Sam's Town Shreveport was completed in August 2026, and the impact of the sale became one of the items excluded from the performance comparison for Midwest and South operations. At the end of September, Boyd Gaming had $387 million remaining under its share repurchase authorization, according to the earnings release. For the Suncoast renovation program, the property's website lists winter 2026 as the completion date for the full renovation of the hotel tower and guest rooms. The website lists winter 2027 for renovation of the facade and parking areas. Boyd Gaming said a telephone replay of its third-quarter earnings call would be available through Thursday, October 29, 2026.