Boyd Gaming Q2 2026: Net Income Drops 13% as Online Segment Weakens, But Midwest & South Delivers 3% Revenue Growth
BYD is trading near its 52-week low of $76.33 (14% above the low).
Summary
Boyd Gaming posted Q2 2026 net income of $131.2 million, down 13% year-over-year, as higher depreciation and project costs offset modest revenue growth. Profitability in the Online segment was halved, but the Midwest & South segment grew revenue 3%.
Key Events · Earnings and Guidance · BYD
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Net Income Declines 13%
Second-quarter 2026 net income attributable to Boyd Gaming came in at $131.2 million, down from $151.5 million in the prior-year period, as operating income fell 17.2% to $200.7 million.
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Online Segment Profitability Halved
Adjusted EBITDAR for the Online segment dropped to $10.6 million from $22.2 million, driven by a $13.9 million decline in high-margin market access fees following the FanDuel equity sale.
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Midwest & South Revenue Up 3%
The Midwest & South segment posted revenue of $556.9 million, a 3.1% increase, with gaming revenue up $13.2 million on higher slot win and handle.
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Aggressive Share Repurchases Continue
During the first half of 2026, the company repurchased $311 million of stock, retiring 3.7 million shares at an average price of $83.77, with $551 million remaining under the buyback authorization.
Analysis · BYD · Real Estate & Construction
Boyd Gaming's second-quarter 2026 net income slipped to $131.2 million from $151.5 million a year earlier, pressured by a 17% decline in operating income. The biggest headwind came from the Online segment, where Adjusted EBITDAR was cut in half to $10.6 million as market access fees contracted following the FanDuel equity sale. A bright spot emerged in the core Midwest & South segment, which delivered 3% revenue growth. Meanwhile, the company pressed ahead with aggressive share buybacks, repurchasing $311 million in stock during the first half. With $1.89 billion in credit facility availability and a strong balance sheet, Boyd is funding a $750 million Norfolk casino project while continuing to return capital to shareholders.
At the time of this filing, BYD was trading at $87.05 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $6.5B. The 52-week trading range was $76.33 to $91.41. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.