--- title: "BOYD Gaming | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 1.034 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/293661123.md" datetime: "2026-07-23T20:10:49.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293661123.md) - [en](https://longbridge.com/en/news/293661123.md) - [zh-HK](https://longbridge.com/zh-HK/news/293661123.md) --- # BOYD Gaming | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 1.034 B Revenue: As of FY2026 Q2, the actual value is USD 1.034 B, missing the estimate of USD 1.038 B. EPS: As of FY2026 Q2, the actual value is USD 1.75, missing the estimate of USD 1.8026. EBIT: As of FY2026 Q2, the actual value is USD 201.98 M. ### Financial Overview #### Total Revenues For the second quarter ended June 30, 2026, Boyd Gaming Corporation reported total revenues of $1,034,386 thousand, which was in-line with $1,033,998 thousand in the prior year period. For the six months ended June 30, 2026, total revenues were $2,031,741 thousand, compared to $2,025,563 thousand in the same period of 2025. #### Net Income Attributable to Boyd Gaming Corporation Net income attributable to Boyd Gaming Corporation for the second quarter of 2026 was $131,234 thousand, a decrease from $151,458 thousand in the second quarter of 2025. For the six months ended June 30, 2026, net income attributable to Boyd Gaming Corporation was $236,776 thousand, down from $262,877 thousand in the prior year period. #### Adjusted Earnings Adjusted Earnings for the second quarter of 2026 were $144,432 thousand, compared to $154,157 thousand in the second quarter of 2025. For the six months ended June 30, 2026, Adjusted Earnings were $267,524 thousand, compared to $291,885 thousand in the same period of 2025. #### Operating Income Operating income for the second quarter of 2026 was $200,698 thousand, a decrease from $242,370 thousand in the second quarter of 2025. For the six months ended June 30, 2026, operating income was $364,690 thousand, down from $442,257 thousand in the prior year period. #### Total Adjusted EBITDAR Total Adjusted EBITDAR was $350,468 thousand in the second quarter of 2026, compared to $357,862 thousand in the second quarter of 2025. For the six months ended June 30, 2026, Total Adjusted EBITDAR was $667,883 thousand, compared to $695,379 thousand in the same period of 2025. #### Property Operating Margins Property operating margins were 40% for the quarter. The Las Vegas Locals segment, excluding impacts from destination business and construction, saw property margins exceeding 50%. #### Operating Costs and Expenses Total operating costs and expenses for the second quarter of 2026 were $833,688 thousand, up from $791,628 thousand in the second quarter of 2025. For the six months ended June 30, 2026, total operating costs and expenses were $1,667,051 thousand, compared to $1,583,306 thousand in the prior year period. #### Depreciation and Amortization Expense Depreciation and amortization expense was $91,101 thousand for the second quarter of 2026, compared to $69,985 thousand in the same period of 2025. #### Project Development, Preopening and Writedowns Project development, preopening and writedowns increased to $15,356 thousand in Q2 2026 from $2,764 thousand in Q2 2025. ### Segment Performance (Three Months Ended June 30, 2026 vs. 2025) #### Segment Revenues - **Las Vegas Locals**: $225,898 thousand (2026) vs. $229,091 thousand (2025) - **Downtown Las Vegas**: $52,112 thousand (2026) vs. $55,253 thousand (2025) - **Midwest & South**: $556,890 thousand (2026) vs. $540,077 thousand (2025) - **Online**: $158,182 thousand (2026) vs. $173,051 thousand (2025) - **Managed & Other**: $41,304 thousand (2026) vs. $36,526 thousand (2025) #### Adjusted EBITDAR by Segment - **Las Vegas Locals**: $106,416 thousand (2026) vs. $112,714 thousand (2025) - **Downtown Las Vegas**: $16,905 thousand (2026) vs. $19,405 thousand (2025) - **Midwest & South**: $208,748 thousand (2026) vs. $201,401 thousand (2025) - **Online**: $10,590 thousand (2026) vs. $22,244 thousand (2025) - **Managed & Other**: $30,692 thousand (2026) vs. $25,963 thousand (2025) ### Balance Sheet and Capital Allocation As of June 30, 2026, Boyd Gaming Corporation had cash on hand of $322.7 million and total debt of $2.6 billion. The company paid a quarterly cash dividend of $0.20 per share on July 15, 2026. During the second quarter of 2026, Boyd Gaming Corporation repurchased $156 million in shares of its common stock, with $551 million remaining under its current share repurchase authorization as of June 30, 2026. ### Outlook / Guidance Boyd Gaming Corporation is well-positioned to continue creating long-term shareholder value due to its strong balance sheet, efficient operating model, and robust free cash flow. The company’s diversified business model, strong performance from Midwest & South operations, Online segment, and Managed business contributed to its second-quarter results. 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