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. The company also noted that it consistently delivered property operating margins of 40% over the last several years.