Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in the United States and Canada. The company operates ...
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$0.76 per share
Est. EPS $1.72 · Revenue $1.01B · 10 analysts
$0.76 per share
Est. EPS $1.99 · Revenue $1.06B · 10 analysts
EPS $1.31 · Revenue $991.57M
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $4.1B | +4.1% | +3.7% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $1.8B | +218.9% | +24.3% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +42.1% | -19.2% | +4.2% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +21.4% | -9.2% | +18.0% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +45.0% | +206.3% | +19.9% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $388.5M | -30.2% | -693.8% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +9.5% | -33.0% | -665.4% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 104.0% | -58.2% | +13.1% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 0.54x | -39.9% | +28.9% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $6.6B | +2.9% | +1.1% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 22.56 vs 7.08 | +218.5% | 1.75 vs 1.72 | +1.7% |
| Revenue Surprise | $4.1B vs $4.1B | +1.0% | $1.0B vs $1.0B | +2.8% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | JOHNSON MARIANNE BOYD | director, 10 percent owner: | Common Stock | D | 12 | $82.00 |
| Jul 28, 2026 | Hirsberg Josh | officer: CFO & Treasurer | Common Stock | D | 12,777 | $89.76 |
| Jul 22, 2026 | Andersen Stacia J.P. | director | Common Stock | A | 2,043 | — |
| Jul 22, 2026 | ROETH GEORGE C | director | Common Stock | A | 2,043 | — |
| Jun 30, 2026 | JOHNSON MARIANNE BOYD | director, 10 percent owner: | Common Stock | A | 30,351 | — |
David Strow : Good afternoon, and welcome to the Boyd Gaming Second Quarter 2026 Earnings Conference Call. This is David Strow, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, July 23, 2026. Our speakers for today's call are Keith Smith, President and Chief Executive Officer; and Josh Hirsberg, Chief Financial Officer. Our comments today will include statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. All forward-looking statements in our comments are as of today's date, and we undertake no obligation to update or revise the forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. There are certain risks and uncertainties, including those disclosed in our filings with the SEC that may impact our results. During our call today, we will make reference to non-GAAP financial measures. For a complete reconciliation of historical non-GAAP to GAAP financial measures, please refer to our earnings press release and our Form 8-K furnished to the SEC today, both of which are available at investors.boydgaming.com. We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses. Today's call is being webcast live at boydgaming.com, will be available for replay in the Investor Relations section of our website shortly after the completion of this call. So with that, I would now like to turn the call over to Keith Smith. Keith? Keith Smith : Thanks, David. Good afternoon, everyone. Our second quarter results reflect the continued benefits of our diversified business model, success of our ongoing capital investment program and broad-based growth in play across our customer segments. On a company-wide basis, revenues increased 3% and EBITDA grew 2% for the quarter when adjusting for the impact of last year's FanDuel transaction and the tax pass-through amounts related to our market access agreements. This performance was led by strong growth across our Midwest and South segment, solid contributions from Boyd Interactive and increased management fees from Sky River. We also maintained operating efficiencies throughout the business, delivering property operating margins of 40%, consistent with the last several years. Strong performances of our Midwest and South, online and managed segments in the quarter were partially offset by continued softness in destination business in Las Vegas, primarily at the Orleans, and ongoing construction disruption at the Suncoast. Excluding the Orleans and Suncoast, the balance of our Las Vegas Locals segment delivered revenue and EBITDAR growth, strong margins during the quarter, reflecting the continued strength of our local customer. And while we are only 3 weeks into the third quarter, the overall trends of the second quarter are …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Keith E. Smith | President, Chief Executive Officer & Director | USD 5,572,629 | Male | 1961 | Active |
Josh Hirsberg | Executive Vice President, Chief Financial Officer & Treasurer | USD 1,956,254 | Male | 1962 | Active |
Uri Clinton | Executive VP, Corporate Secretary, Chief Legal & Development Officer | USD 1,407,870 | Male | 1973 | Active |
Lori Nelson | Senior Vice President of Financial Operations & Reporting and Chief Accounting Officer | — | Female | 1982 | Active |
Ward Shaw | Executive Vice President of Midwest & South Operations | — | Male | 1970 | Active |
David Strow | Vice President of Corporate Communications | — | Male | — | Active |
Steve Schutte | Executive Vice President of Nevada Operations | — | Male | 1970 | Active |
Marianne Boyd Johnson | Executive Chairman | — | Female | 1958 | Active |
Empowered Funds LLC increased its stake in shares of Boyd Gaming Corporation (NYSE: BYD) by 24.6% in the undefined quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 40,152 shares of the company's stock after purchasing an additional 7,919 shares during the period.
Sin stock sectors, including alcohol, tobacco, cannabis, firearms and gambling, attract investors with resilient cash flows, pricing power and defensive demand despite regulatory, litigation and ESG risks.
Boyd Gaming remains a 'Buy' with a $109 medium-term price target, supported by a strong balance sheet, disciplined M&A, and robust shareholder returns. The Midwest & South segment leads with 3% YoY revenue growth and resilient EBITDAR margins; the Locals segment shows stability despite renovations and a temporary revenue dip. The asset-light managed segment, notably Sky River Casino, delivers high-margin growth, while Downtown Las Vegas underperforms but has limited overall impact.
Caxton Associates LLP decreased its stake in shares of Boyd Gaming Corporation (NYSE: BYD) by 72.1% during the undefined quarter, according to the company in its most recent filing with the SEC. The firm owned 9,991 shares of the company's stock after selling 25,858 shares during the quarter. Caxton Associates LLP's holdings in
Bank of New York Mellon Corp lowered its holdings in shares of Boyd Gaming Corporation (NYSE: BYD) by 1.6% in the undefined quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 502,369 shares of the company's stock after selling 8,391 shares during the period. Bank
