Boyd Gaming (BYD) investor relations material

Executive summary

• Q2 2026 results showed resilience from a diversified business model, with revenue up 3% and EBITDA up 2% year-over-year, adjusted for the FanDuel transaction and tax pass-throughs, led by Midwest & South, Online, and Managed business performance.

• Property operating margins remained robust at 40%, supported by core and retail customer play and recent capital investments.

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

• Growth was broad-based, with strong online (Boyd Interactive), increased management fees from Sky River, and ongoing capital investments and property renovations supporting performance.

Financial highlights

• Q2 2026 revenues were $1.03 billion, flat compared to Q2 2025, with company-wide revenues up 3% and EBITDA up 2% year-over-year, adjusted for one-time items.

• Net income for Q2 2026 was $131.2 million ($1.75 per share), down from $151.5 million ($1.84 per share) in Q2 2025.

• Adjusted EBITDAR was $350.5 million, compared to $357.9 million in Q2 2025.

• Midwest & South segment revenues grew 3%, EBITDA up 4%, with property margins near 38%, the highest in almost two years.

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

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.

• No construction disruption expected in Las Vegas Locals segment in 2027.