Boyd Gaming posts 91.1% drop in Q3 2026 net income, revenue near $990.5M
Adjusted EBITDAR held steady while buybacks and dividend returned $180m to investors.
Key Takeaways
- Boyd Gaming reported Q3 2026 net income of $124.9 million, down 91.1% year‑on‑year.
- Revenue in Q3 2026 was $990.5 million, a decline of 0.95% compared with Q3 2025.
- Adjusted EBITDAR was $319.6 million versus $321.8 million a year earlier.
- Boyd returned $180 million to investors during the quarter through $164 million of buybacks and a $0.20 dividend.
- The company is developing a $750 million hospitality project with the Pamunkey Indian Tribe and expects Par‑A‑Dice expansion construction to start in 2027.
Boyd Gaming reported Q3 2026 net income of $124.9 million, a decline of 91.1% year‑on‑year, and revenue of $990.5 million, down 0.95% versus Q3 2025. The year‑on‑year comparison reflects a $1.4 billion after‑tax gain in 2025 from the sale of Boyd’s equity interest in FanDuel.
Financial performance and shareholder returns
Adjusted EBITDAR reached $319.6 million in Q3 2026, compared with $321.8 million in Q3 2025. Adjusted earnings fell to $121.7 million, or $1.67 per share, down from $139.1 million, or $1.72 per share, in Q3 2025. During the quarter Boyd repurchased $164 million of its stock and declared a quarterly dividend of $0.20 per share on 15 October 2026. CEO Keith Smith said the total returned to investors via buybacks and dividends reached $180 million.
"these results indicate advantages of the diversified business model of Boyd Gaming, investments in properties, and the accumulation of clients," Keith Smith said.
Operating segments and local markets
Boyd attributed part of the Las Vegas performance to lower destination demand affecting properties including The Orleans, and construction disruption at Suncoast that weighed on the Local Las Vegas segment. Downtown Las Vegas experienced a tourism slowdown, including a decrease in Hawaiian visitors owing to recent storms and higher airfare rates. Despite those headwinds, Boyd reported that the entire portfolio of Las Vegas Locals grew revenue by 3% and recorded an increase in Adjusted EBITDAR, supported by higher gambling activity from Southern Nevada residents.
The Midwest and South segment saw mixed results. Boyd said the segment was helped by steady customer activity and investments but was negatively affected by the closure of Sam's Town Tunica in November 2025, the sale of Sam's Town Shreveport in August 2026, and an increase in property tax at Kansas Star. Excluding those items, revenue for the segment rose by about 3% and adjusted EBITDAR increased by nearly 2.5%.
Development pipeline
Boyd opened Cadence Crossing Casino in Henderson, Nevada earlier in 2026, replacing Jokers Wild Casino. The company is developing a $750 million hospitality project with the Pamunkey Indian Tribe in Norfolk, Virginia and plans to expand Par‑A‑Dice Hotel Casino in Illinois, with construction expected to begin in 2027.
Boyd Gaming continues to balance capital returns with expansion, while core metrics show both pressure from prior-year gains and pockets of growth across local markets.
Frequently Asked Questions
What drove the 91.1% fall in Boyd Gaming's Q3 2026 net income?
The 91.1% decline to $124.9 million reflects a comparison with Q3 2025 that included a $1.4 billion after‑tax gain from the sale of Boyd's equity interest in FanDuel, which materially inflated prior‑year net income.
How did Boyd's adjusted EBITDAR and adjusted earnings perform in Q3 2026?
Adjusted EBITDAR was $319.6 million in Q3 2026, down slightly from $321.8 million a year earlier, while adjusted earnings were $121.7 million, or $1.67 per share, down from $139.1 million, or $1.72 per share in Q3 2025.
What capital returns did Boyd Gaming make in the quarter?
Boyd repurchased $164 million of its shares during the fiscal quarter and declared a quarterly dividend of $0.20 per share on 15 October 2026, bringing total returns via buybacks and dividends to $180 million, according to CEO Keith Smith.
Which properties and markets affected Boyd's segment performance in Q3 2026?
Lower destination demand hit Las Vegas properties including The Orleans; construction at Suncoast affected Local Las Vegas; Downtown Las Vegas saw fewer Hawaiian visitors and higher airfares. In the Midwest and South, results were impacted by Sam's Town Tunica closing in November 2025, the sale of Sam's Town Shreveport in August 2026, and higher property tax at Kansas Star.
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About the author
Oliver Grant
Industry Technology Correspondent
Oliver Grant covers the technology and business machinery of iGaming — platform and data deals, AI and compliance tooling, affiliate and marketing shifts, and the quarterly numbers behind them. The reports lead with the announcement, name the vendors and figures exactly as published, and separate genuine capability from press-release promise. When a supplier ships a new engine or a regulator tightens ad rules, Oliver Grant explains what actually changes for the companies involved.
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