Boyd Gaming Q2 FY26 net income falls to USD 131.2 million; revenue holds at USD 1.03 billion

Shareholder returns topped $170 million; Boyd repurchased $156 million of stock, leaving $551 million authorized, and paid a $0.20 dividend.

Boyd Gaming posted Q2 net income of $131.2 million, or $1.75 a share, down from $151.5 million, or $1.84, a year earlier.

Revenue was $1.03 billion, essentially flat versus Q2 2025; operating income slid to $200.7 million from $242.4 million.

Adjusted EBITDAR fell to $350.5 million from $357.9 million; property operating margins were 40%.

CEO Keith Smith cited strength in Midwest & South, Online, and Managed; Las Vegas Locals remained pressured by softness at the Orleans.