Boyd Gaming (BYD) investor relations material

Executive summary

• Q3 revenue was $990.5M, down 1.4% YoY; Adjusted EBITDAR was $319.6M versus $321.8M. Adjusted earnings were $121.7M, or $1.67/share, versus $139.1M, or $1.72/share.

• Reported operating income rose 39.5% to $194.9M; net income comparisons were affected by the prior-year FanDuel sale gain and impairment charge.

• Midwest & South, online and managed operations showed strength, while softer Las Vegas destination demand and Suncoast construction disruption weighed on results.

• Nearly $180M was returned to shareholders through share repurchases and dividends during the quarter.

Financial highlights

• Q3 revenue was $990.5M versus $1.004B; operating income was $194.9M versus $139.8M, partly reflecting the absence of the prior-year $65.1M impairment charge.

• Net income attributable to shareholders was $124.9M, or $1.71/share, versus $1.440B, or $17.81/share; the prior-year period included the FanDuel sale gain.

• Adjusted EBITDA was $290.6M versus $293.2M; adjusted revenue grew 2% and EBITDA 1% on the basis cited in management commentary.

• Q3 gaming revenue was $655.0M, down 0.4%; online revenue increased 23.6% to $33.2M, while online reimbursements fell $17.5M to $121.2M.

• Nine-month revenue was $3.022B versus $3.030B; Adjusted EBITDAR was $987.5M versus $1.017B, and Adjusted EBITDA was $901.1M versus $932.0M.

Outlook and guidance

• Estimated FY2026 capital spending was $650M: $250M maintenance, $75M hotel renovations, $50M growth projects and $275M for Norfolk; $456M was spent in 9M.

• Norfolk resort was on time and budget for a November 2027 opening, pending final regulatory approval; the $750M project includes a 65,000-square-foot casino and 200-room hotel.

• 2027 Midwest & South growth is expected to be broadly consistent with 2026; Las Vegas outside the Orleans is expected to maintain similar growth rates.

• Las Vegas Locals EBITDA could post modest growth in 2027, depending on destination demand; Suncoast contribution is expected to ramp in Q1–Q2 as rooms return.

• Online and Managed & Other guidance remained within prior ranges, with performance tracking toward the high end; Par-A-Dice construction is expected to start in late 2027 and Amelia Belle work is planned for late 2027, subject to approvals.