Boyd Gaming posts stable Q2 revenue despite lower profit
Boyd Gaming’s revenues for the second quarter ended 30 June 2026 same as the previous year, with the company reporting $1.03 billion in total revenue. However, net profit declined year on year, primarily due to higher depreciation, amortisation, and development costs, despite the company maintaining a strong 40 per cent property operating margin.
Gaming revenues increased to $683.3 million in the second quarter, up from $671.5 million in the previous quarter. Management fee income increased to $28.5 million over the prior period, owing to an increase in fees collected from Sky River Casino. However, revenue from online activities fell from $39.1 million to $31.8 million.
Operating income fell to $200.7 million, from $242.4 million in the second quarter of 2025. Boyd Gaming earned $131.2 million, or $1.75 per diluted share, compared to $151.5 million, or $1.84 per diluted share, the previous year.
EBITDA for the second quarter of 2026 was approximately $291.8 million, compared with about $312.4 million in the same period last year. The decline was primarily associated with higher depreciation and amortisation expenses, which reduced operating income during the quarter. During the quarter, Boyd Gaming returned more than $170 million to shareholders through dividends and share repurchases, while maintaining a strong balance sheet.
Key financial metrics
Depreciation and amortisation charges, as well as development and pre-opening costs, were higher than the previous year, resulting in a year-on-year decline in profit. Depreciation and amortisation totalled $91.1 million, up from the previous year, while project costs totalled $15.4 million, compared to $2.8 million in Q2 2025. Reduced financing costs helped to lessen the effect slightly. Interest expenses were $31.4 million, down more than 38 per cent year on year.
Despite these adjustments, property operating margins remained around 40 per cent during the quarter, showing that the company’s properties performed broadly in line with the previous year. The company stated that its earnings and cash generation continue to fund capital expenditure, debt management, dividend payments, and share repurchases.
Commenting on the second-quarter results, President and CEO Keith Smith said performance was supported by contributions from multiple business segments, including the Midwest & South properties, online gambling operations, and the company’s managed casino business.
Segment performance
This corporation operates in a variety of business categories, including regional casinos, Las Vegas sites, online gambling, and managed casino operations. For the second quarter of 2026, the Midwest & South segment performed admirably, with certain regional properties seeing increased visitor numbers. Following recent property investments, the corporation named Treasure Chest Casino as one of its main contributors.
The Las Vegas Locals segment recorded steady demand from local customers. In Downtown Las Vegas, results were affected by a stronger comparison period in the previous year, when visitation from Hawaii was higher.
Boyd’s online gambling business continued to produce revenue from online casino operations and market-access agreements. Sky River Casino increased its management fees, which benefited the company’s managed casino sector.
Shareholder returns
During the second quarter of 2026, Boyd Gaming returned more than $170 million to shareholders through dividends and share repurchases. The company paid a quarterly cash dividend of $0.20 per share on 15 July 2026. It also repurchased approximately $156 million of its common stock under its existing buyback programme.
Boyd Gaming had $551 million available for stock repurchases as of 30 June 2026. For further details, the firm repurchased $105 million in stock during the second quarter of 2025. Furthermore, during that year, the Board of Directors increased the repurchase programme by $500 million, bringing the total authorised amount to $707 million. The company has allocated funds for dividends, stock repurchases, investments, and a variety of other purposes.
Balance sheet highlights
Boyd Gaming had $322.7 million in cash and cash equivalents as of 30 June 2026, allowing it to fund day-to-day operations, capital initiatives, and other company activities.
The corporation had total debt of $2.6 billion at the end of the quarter. Debt is an element of Boyd Gaming’s capital structure, while cash flow from operations continues to fund interest payments, capital expenditure, dividends, and share buybacks.
Boyd had over 40 per cent operating margins throughout the quarter, in addition to cash reserves and ongoing capital return programmes. Boyd believes that its financial strengths enable it to invest in the future through investments, site renovations, digital gambling, and strategic prospects.
Market outlook
Boyd Gaming’s future performance will continue to be influenced by its land-based casino operations, online gambling activities, and managed casino business. The company has continued to expand its presence in the online gambling segment through online casino operations and market-access agreements.
As online gambling becomes popular in the United States, the enterprise will serve as an income source in addition to gambling casinos. In addition, Boyd is expected to continue investing in the properties through renovations and upgrades. Some recent investments include those made at Treasure Chest Casino.
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