Boyd Gaming (BYD) investor relations material

Executive summary

• Q2 2026 revenues were $1,034.4 million, flat year-over-year, with a 1.8% increase in gaming revenues offset by declines in online and room revenues.

• EBITDA grew 2% year-over-year, adjusted for one-time items, while operating income fell 17.2% to $200.7 million due to higher depreciation, preopening costs, and lower high-margin market access fees.

• Net income declined 13.6% to $129.9 million, mainly from lower operating income, partially offset by reduced interest expense.

• Growth was led by Midwest & South, strong online (Boyd Interactive), and increased management fees from Sky River.

• Over $170 million was returned to shareholders via dividends and share repurchases in Q2 2026.

Financial highlights

• Q2 2026 net income: $129.9 million (down from $150.4 million in Q2 2025); revenue: $1,034.4 million (flat year-over-year); Adjusted EBITDAR: $350.5 million (down from $357.9 million).

• Midwest & South segment revenues grew 3.1%, Adjusted EBITDAR up 3.6%, with property margins near 38%.

• Las Vegas Locals (excluding Orleans and Suncoast) saw revenues up 4%, EBITDA up 3%, and margins above 50%.

• Managed business EBITDA grew 18% year-over-year, driven by Sky River expansion.

• Returned over $170 million to shareholders in Q2 via share repurchases and dividends.

Outlook and guidance

• Trends from Q2 are continuing into July, with expectations for similar performance in Q3.

• Online segment full-year guidance raised by $5 million to $35–$40 million for 2026.

• Managed business guidance raised by $3 million to $113–$117 million for the full year.

• Suncoast renovations to complete by end of Q3, with improved performance expected in Q4.

• Capital spending for 2026 is projected at $650–$700 million, including $300 million for the Norfolk, VA resort project.