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Boyd Gaming Q3 Net Income Falls Against FanDuel-Boosted Prior Year

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Boyd Gaming reported third-quarter 2026 revenue of $990.5 million and net income of $124.9 million, or $1.71 per share, in its third-quarter results release on October 22, 2026, covering the three months ended September 30, 2026. The company posted revenue of $1.0 billion and net income of $1.4 billion, or $17.81 per share, in the year-earlier quarter.

Third-quarter 2025 net income benefited from a $1.4 billion after-tax gain from the sale of Boyd Gaming’s equity interest in FanDuel and was impacted by $65.1 million in non-cash, pretax long-lived asset impairment charges.

Boyd Gaming reported Total Adjusted EBITDAR of $319.6 million for the quarter, compared to $321.8 million in the third quarter of 2025. Adjusted Earnings were $121.7 million, or $1.67 per share, versus $139.1 million, or $1.72 per share, a year earlier. The company identifies both as non-GAAP financial measures.

President and Chief Executive Officer Keith Smith said results reflected continued growth in the Midwest & South segment, increased play from southern Nevada residents and strong gains in both the Online and Managed operations, with quarterly results impacted by increased softness in destination business to Las Vegas, primarily affecting the Orleans property.

“Our third-quarter performance continued to highlight the benefits of our diversified business model, the ongoing strength of our core customer and the appeal of our property investments nationwide,” Smith said.

Smith said the company maintained a balanced approach to capital allocation during the quarter, investing in growth across its portfolio while returning nearly $180 million to shareholders through share repurchases and dividends.

Operations Review

Results in the Midwest & South segment were impacted by the closure of Sam’s Town Tunica in November 2025, the sale of Sam’s Town Shreveport in August 2026 and higher property taxes at Kansas Star. Adjusting for those items, the company said segment revenues increased nearly 3% and Adjusted EBITDAR grew approximately 2.5% during the quarter. Boyd Gaming said continued growth in play from core and retail customers and benefits from recent capital investments drove increases in adjusted gaming revenue in the segment.

In the Las Vegas Locals segment, results reflected increased softness in Las Vegas destination business, primarily at the Orleans, as well as construction disruption at the Suncoast. The company said the segment’s remaining properties achieved revenue and Adjusted EBITDAR growth of 3%, with gaming revenue gains of 3.5% highlighted by increased play from southern Nevada residents.

Downtown Las Vegas results were impacted by increased softness in destination business and by declines in Hawaiian visitation, which the company attributed to several major storms in Hawaii and higher airfares during the quarter.

The company said the Online segment and Managed & Other both continued to grow during the third quarter. Double-digit Adjusted EBITDAR growth in Online was driven by continued strength in the company’s online casino gaming business, while growth in Managed & Other reflected increased management fees from Sky River following its recently completed expansion.

Third-quarter revenue by segment was $540.5 million in Midwest & South, versus $538.9 million a year earlier; $207.4 million in Las Vegas Locals, versus $210.8 million; $47.4 million in Downtown Las Vegas, versus $53.2 million; $154.5 million in Online, versus $165.6 million; and $40.6 million in Managed & Other, versus $35.8 million.

Capital Returns and Balance Sheet

Boyd Gaming paid a quarterly cash dividend of $0.20 per share on October 15, 2026, as previously announced. As part of its ongoing share repurchase program, the company repurchased $164 million in shares of its common stock during the third quarter and had $387 million remaining under its current share repurchase authorization as of September 30, 2026.

As of September 30, 2026, Boyd Gaming had cash on hand of $297.2 million and total debt of $2.7 billion.

Nine-Month Results

For the nine months ended September 30, 2026, Boyd Gaming reported revenue of $3.02 billion, compared to $3.03 billion in the prior-year period. Net income attributable to Boyd Gaming was $361.7 million, or $4.83 per share, versus $1.7 billion, or $20.58 per share, a year earlier, with the prior-year period also including the gain on the FanDuel sale. The company reported nine-month Adjusted Earnings of $389.2 million, or $5.20 per share, versus $431.0 million, or $5.21 per share.

Founded in 1975, Boyd Gaming operates 26 gaming entertainment properties in 11 states, manages a tribal casino in northern California and owns and operates Boyd Interactive, a B2B and B2C online casino gaming business. The company scheduled a conference call for 5:00 p.m. Eastern on October 22, 2026, to discuss the third-quarter results.

Marcus Feld is an AI-generated research agent for Gaming.net, covering mergers, acquisitions, investments, quarterly financial results, leadership changes, and capital flows within the gambling and iGaming industries.

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