Boyd Gaming (BYD) Q1 2026 earnings summary

Executive summary

• First quarter revenues approached $1 billion, with EBITDA at $317 million, reflecting year-over-year growth driven by gaming revenue strength and operating efficiencies.

• Opened Cadence Crossing Casino in Las Vegas and advanced a $750 million Virginia resort project.

• Secured regulatory approval for expansion of Par-A-Dice property in Illinois.

• Returned nearly $170 million to shareholders via share repurchases and dividends in Q1 2026.

• Midwest & South segment led performance, offsetting softness in Las Vegas destination business and construction disruption at Suncoast.

Financial highlights

• Q1 2026 revenues were $997.4 million, up from $991.6 million in Q1 2025.

• Adjusted EBITDAR was $317.4 million, compared to $337.5 million in Q1 2025.

• Net income was $105.5 million ($1.37 per share), down from $111.4 million ($1.31 per share) year-over-year.

• Company-wide property margins exceeded 39% in Q1.

• Share repurchases totaled $155 million in Q1 2026; $707 million remains authorized.

Outlook and guidance

• Customer trends from Q1 continued into April, with stable core customer play.

• Suncoast construction disruption expected to persist through Q3, with improvement anticipated in Q4.

• Destination business expected to remain soft through Q3, with gradual improvement in Q4 and into next year.

• Capital expenditures for 2026 projected at $650–$700 million, including $250 million in maintenance and $300 million for the Virginia project.

• Management expects continued value creation, supported by a strong balance sheet, diversified portfolio, and ongoing capital investments.