10-K · February 20, 2026
Boyd Gaming completed the sale of its 5% FanDuel stake for $1,758.0 million on July 31, 2025 and pivoted to new FanDuel Market Access Agreements while continuing to operate 27 brick-and-mortar properties and Boyd…
Earnings analysis · 10-Q
BYD earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Boyd Gaming's Q1 2026 results show marginal revenue growth but a notable decline in earnings and margins compared to the prior year. Total revenue reached $997.4 million, slightly exceeding last year by 0.6% but falling…
Read full summary
Boyd Gaming's Q1 2026 results show marginal revenue growth but a notable decline in earnings and margins compared to the prior year. Total revenue reached $997.4 million, slightly exceeding last year by 0.6% but falling short of expectations. The company's earnings per share (EPS) of $1.60 missed the consensus estimate significantly. Despite growth in the Midwest & South segments, significant declines in the Online segment and overall operating income have raised concerns about cost management and future performance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.6
What stood out
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Slight Revenue Growth
Total revenues for Q1 2026 increased by $5.8 million, or 0.6%, year-over-year to $997.4 million.
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Western Segment Growth
Midwest & South revenue improved by $20.5 million, or 4.1%, driven by strong gaming performance.
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Declining Online Performance
Online segment revenue decreased by $13.7 million, reflecting changes in market access agreements.
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Operating Cash Flow Decline
Operating cash flow dropped to $134.3 million from $256.4 million year-over-year.
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Increased Capital Expenditures
Capital expenditures were $155.2 million for Q1 2026, compared to $169.9 million in the same period last year.
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Lower Interest Expenses
Interest expense decreased to $26.6 million due to reduced debt and lower interest rates.
What to watch
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Decline in Adjusted EBITDAR
Adjusted EBITDAR fell by $20.1 million, or 5.9%, year-over-year to $317.4 million.
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Increased Operating Costs
Depreciation and amortization expenses increased to $95.0 million from $68.2 million due to new projects.
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Weak Online Earnings Growth
Online margins decreased to 32.7%, significantly lower than 59.0% a year prior, impacting overall profitability.
Management's outlook
Management did not provide explicit numeric guidance for future periods.
Earlier filings 4
10-Q · July 30, 2025
Boyd Gaming reported Q2 revenue of $1,033,998,000, up $66,486,000 (+6.9%) versus Q2 2024, and diluted EPS of $1.84, up $0.37 (+25.2%). Online revenue was the largest driver, rising to $173,051,000 (+33.2% YoY).…
10-Q · October 31, 2024
Boyd Gaming reported Q3 total revenues of $961,246,000, up $58,082,000 (+6.4%) versus $903,164,000 a year ago, driven by a large increase in Online revenue. Diluted EPS rose to $1.43 from $1.34 a year ago while…
10-Q · May 5, 2023
Boyd Gaming Corporation reported strong revenue growth in Q1 2023 with $963.97 million, up by 12% year-over-year from $860.74 million in Q1 2022. Operating income increased significantly by 13.5% to $284.88 million,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.