Boyd Gaming (BYD) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached $997.4 million, up 0.6% year-over-year, driven by gaming and online reimbursements, with property margins exceeding 39%.

• EBITDA was $317 million and Adjusted EBITDAR $317.4 million, reflecting growth in Midwest & South and operating efficiencies.

• Net income declined to $104.3 million, mainly due to higher depreciation, project costs, and lower high-margin online revenues.

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

• Returned nearly $170 million to shareholders via $155 million in share repurchases and $14 million in dividends in Q1 2026.

Financial highlights

• Gaming revenues rose 1.8% to $650.5 million, with slot win up 2.6% and slot handle up 1.5%.

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

• Adjusted EBITDAR was $317.4 million, down from $337.5 million year-over-year.

• Midwest & South revenues grew 4.1% and EBITDA/EBITDAR 5.1% year-over-year, with margins near 37%.

• Las Vegas Locals segment, excluding Orleans and Suncoast, saw revenues and EBITDA in line with prior year and margins above 50%.

Outlook and guidance

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

• Management expects current cash, operating cash flow, and credit facility availability to cover liquidity needs for the next twelve months.

• 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.