BYD earnings analysis
What we found in BYD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Slight Revenue Growth
- Total revenues for Q1 2026 increased by $5.8 million, or 0.6%, year-over-year to $997.4 million.
- Western Segment Growth
- Midwest & South revenue improved by $20.5 million, or 4.1%, driven by strong gaming performance.
- Declining Online Performance
- Online segment revenue decreased by $13.7 million, reflecting changes in market access agreements.
- Operating Cash Flow Decline
- Operating cash flow dropped to $134.3 million from $256.4 million year-over-year.
- Increased Capital Expenditures
- Capital expenditures were $155.2 million for Q1 2026, compared to $169.9 million in the same period last year.
- Lower Interest Expenses
- Interest expense decreased to $26.6 million due to reduced debt and lower interest rates.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in Adjusted EBITDAR
- Adjusted EBITDAR fell by $20.1 million, or 5.9%, year-over-year to $317.4 million.
- Increased Operating Costs
- Depreciation and amortization expenses increased to $95.0 million from $68.2 million due to new projects.
- Weak Online Earnings Growth
- Online margins decreased to 32.7%, significantly lower than 59.0% a year prior, impacting overall profitability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.6
- Segment
- Las Vegas Locals: 217.1M
- Segment
- Downtown Las Vegas: 54.9M
- Segment
- Midwest & South: 525.1M
- Segment
- Online: 161.7M
- Segment
- Managed & Other: 38.6M
What they said about what is next.
Management did not provide explicit numeric guidance for future periods.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing BYD makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever