Boyd Gaming发布2026年二季度财报，营收基本持平、调整后EPS小幅高于预期但核心利润同比下滑

LAS VEGAS, July 23, 2026 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the second quarter ended June 30, 2026.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our second-quarter results demonstrated the benefits of our diversified business model, with strong performances from our Midwest & South operations, Online segment and Managed business. Results for the quarter, on a comparable basis, reflect both revenue and Adjusted EBITDAR growth, with property operating margins of 40%, a level we have consistently delivered over the last several years. This performance was supported by strength in play from both our core and retail customers across the portfolio, as well as contributions from our recent capital investments. We also returned substantial capital to our shareholders, with more than $170 million in dividends and share repurchases during the second quarter. With our strong balance sheet, efficient operating model and robust free cash flow, our Company is well-positioned to continue creating long-term shareholder value."
Boyd Gaming reported second-quarter 2026 revenues of $1.03 billion, in-line with the second quarter of 2025. The Company reported net income of $131.2 million, or $1.75 per share, for the second quarter of 2026, compared to $151.5 million, or $1.84 per share, for the year-ago period. Total Adjusted EBITDAR(1) was $350.5 million in the second quarter of 2026 versus $357.9 million in the second quarter of 2025. Adjusted Earnings(1) for the second quarter of 2026 were $144.4 million, or $1.93 per share, compared to $154.2 million, or $1.87 per share, for the same period in 2025.
(1) See footnotes at the end of the release for additional information relative to non-GAAP financial measures. |
Operations Review
Our Midwest & South operations once again delivered revenue and Adjusted EBITDAR growth during the quarter, driven by increased play from our core and retail customers, as well as contributions from recent capital investments across the segment. While results in the Las Vegas Locals segment were impacted by continued softness in destination business, primarily at the Orleans, and ongoing construction disruption at the Suncoast, the remainder of the segment grew revenues and Adjusted EBITDAR over the prior year, with property margins exceeding 50%. In our Downtown Las Vegas segment, play from both our core and Hawaiian customers was consistent with recent quarters; however, results continued to be impacted by ongoing softness in destination business throughout the downtown area.
Results in our Online segment reflected growth from the Company's online casino gaming business, as well as contributions from third-party market access agreements consistent with the last several quarters. Strong revenue and Adjusted EBITDAR growth in our Managed business was driven by increased management fees from Sky River Casino following its recently completed expansion.
Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly cash dividend of $0.20 per share on July 15, 2026, as previously announced.
As part of its ongoing share repurchase program, the Company repurchased $156 million in shares of its common stock during the second quarter of 2026. The Company had $551 million remaining under its current share repurchase authorization as of June 30, 2026.
Balance Sheet Statistics
As of June 30, 2026, Boyd Gaming had cash on hand of $322.7 million, and total debt of $2.6 billion.
Conference Call Information
Boyd Gaming will host a conference call to discuss its second-quarter 2026 results today, July 23, at 5:00 p.m. Eastern. The conference call number is (800) 836-8184. No passcode is required to join the call. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.
The conference call will also be available online at https://investors.boydgaming.com or https://app.webinar.net/gBE9RqpOV3y.
Following the call's completion, a replay will be available by dialing (888) 660-6345 today, July 23, and continuing through Thursday, July 30. The passcode for the replay will be 62234#. The replay will also be available at https://investors.boydgaming.com.
BOYD GAMING CORPORATION | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
(In thousands, except per share data) | 2026 | 2025 | 2026 | 2025 | ||||
Revenues | ||||||||
Gaming | $ 683,289 | $ 671,455 | $ 1,333,790 | $ 1,310,148 | ||||
Food & beverage | 77,702 | 78,167 | 153,472 | 152,325 | ||||
Room | 50,413 | 51,453 | 96,360 | 98,841 | ||||
Online | 31,825 | 39,139 | 58,073 | 79,107 | ||||
Online reimbursements | 126,357 | 133,912 | 261,804 | 263,517 | ||||
Management fee | 28,481 | 23,775 | 54,702 | 48,921 | ||||
Other | 36,319 | 36,097 | 73,540 | 72,704 | ||||
Total revenues | 1,034,386 | 1,033,998 | 2,031,741 | 2,025,563 | ||||
Operating costs and expenses | ||||||||
Gaming | 267,630 | 259,554 | 522,479 | 505,677 | ||||
Food & beverage | 66,980 | 65,633 | 131,895 | 128,970 | ||||
Room | 19,801 | 19,492 | 38,973 | 38,489 | ||||
Online | 20,992 | 16,183 | 38,662 | 32,608 | ||||
Online reimbursements | 126,357 | 133,912 | 261,804 | 263,517 | ||||
Other | 12,467 | 12,149 | 25,672 | 24,940 | ||||
Selling, general and administrative | 110,882 | 110,065 | 220,867 | 217,911 | ||||
Master lease rent expense (a) | 28,856 | 28,442 | 57,440 | 56,602 | ||||
Maintenance and utilities | 38,515 | 37,322 | 74,258 | 74,047 | ||||
Depreciation and amortization | 91,101 | 69,985 | 186,090 | 138,208 | ||||
Corporate expense | 33,243 | 35,365 | 70,027 | 65,316 | ||||
Project development, preopening and writedowns | 15,356 | 2,764 | 35,624 | 1,242 | ||||
Impairment of assets | — | — | — | 32,272 | ||||
Other operating items, net | 1,508 | 762 | 3,260 | 3,507 | ||||
Total operating costs and expenses | 833,688 | 791,628 | 1,667,051 | 1,583,306 | ||||
Operating income | 200,698 | 242,370 | 364,690 | 442,257 | ||||
Other expense (income) | ||||||||
Interest income | (1,282) | (1,263) | (3,147) | (2,071) | ||||
Interest expense, net of amounts capitalized | 31,423 | 50,569 | 59,874 | 99,006 | ||||
Loss on early extinguishments and modifications of debt | — | — | 391 | — | ||||
Other, net | (3) | (48) | 4 | 59 | ||||
Total other expense, net | 30,138 | 49,258 | 57,122 | 96,994 | ||||
Income before income taxes | 170,560 | 193,112 | 307,568 | 345,263 | ||||
Income tax provision | (40,637) | (42,758) | (73,352) | (84,027) | ||||
Net income | 129,923 | 150,354 | 234,216 | 261,236 | ||||
Net loss attributable to noncontrolling interest | 1,311 | 1,104 | 2,560 | 1,641 | ||||
Net income attributable to Boyd Gaming | $ 131,234 | $ 151,458 | $ 236,776 | $ 262,877 | ||||
Basic net income per common share | $ 1.75 | $ 1.84 | $ 3.12 | $ 3.14 | ||||
Weighted average basic shares outstanding | 74,817 | 82,289 | 75,787 | 83,696 | ||||
Diluted net income per common share | $ 1.75 | $ 1.84 | $ 3.12 | $ 3.14 | ||||
Weighted average diluted shares outstanding | 74,817 | 82,303 | 75,791 | 83,712 | ||||
(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust. |
BOYD GAMING CORPORATION | ||||||||
SUPPLEMENTAL INFORMATION | ||||||||
Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
(In thousands) | 2026 | 2025 | 2026 | 2025 | ||||
Total Revenues by Segment | ||||||||
Las Vegas Locals | $ 225,898 | $ 229,091 | $ 443,002 | $ 451,890 | ||||
Downtown Las Vegas | 52,112 | 55,253 | 107,050 | 112,540 | ||||
Midwest & South | 556,890 | 540,077 | 1,081,983 | 1,044,664 | ||||
Online | 158,182 | 173,051 | 319,877 | 342,624 | ||||
Managed & Other | 41,304 | 36,526 | 79,829 | 73,845 | ||||
Total revenues | $ 1,034,386 | $ 1,033,998 | $ 2,031,