Boyd Gaming Corporation has released its financial results for the third quarter of 2026, marking a significant moment for the company as it navigates a challenging market environment. The report reveals a decline in revenue compared to the same period last year, but also underscores the resilience of its diversified business model.
For the third quarter ended September 30, 2026, Boyd Gaming reported revenues of $990.5 million, a decrease from $1.0 billion in the third quarter of 2025. The company’s net income for the quarter was $124.9 million, or $1.71 per share, compared to a remarkable $1.4 billion, or $17.81 per share, in the prior year, which was boosted by a significant gain from the sale of its equity interest in FanDuel.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, commented on the results, stating, “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.” He noted that while the company faced challenges in the Las Vegas destination business, particularly affecting the Orleans property, it saw growth in its Midwest & South segment and strong performance in its online operations.
Boyd Gaming's Adjusted Earnings for the third quarter were $121.7 million, or $1.67 per share, down from $139.1 million, or $1.72 per share, in the same period of 2025. The company also reported Total Adjusted EBITDAR of $319.6 million, slightly down from $321.8 million in the previous year.
The filing, dated October 22, 2026, indicates that Boyd Gaming is committed to maintaining a balanced approach to capital allocation. The company returned nearly $180 million to shareholders through share repurchases and dividends during the quarter, reflecting its focus on creating long-term value.
In terms of operational performance, Boyd Gaming's Midwest & South segment experienced some setbacks due to the closure of Sam's Town Tunica and the sale of Sam's Town Shreveport. However, revenues in this segment increased nearly 3%, and Adjusted EBITDAR grew by approximately 2.5% during the quarter. The Las Vegas Locals segment showed mixed results, with increased softness in destination business impacting the Orleans property, while the remaining properties in this segment achieved revenue and Adjusted EBITDAR growth of 3%.
Looking forward, Boyd Gaming's management remains optimistic about the company's potential, citing robust free cash flow and a strong balance sheet as key factors that position the company well for future growth.
Details regarding the specific next steps for the company were not provided in the SEC filing. The filing can be accessed under accession number 0001437749-26-033268.