Boyd Gaming Reports Q3 Revenue of $990.5 Million

Third-quarter 2026 net income fell to $124.9 million, or $1.71 per share, from a year earlier when a FanDuel sale gain lifted results.

Updated on Nov. 6, 2026 in Corporate Finance

Boyd Gaming Reports Q3 Revenue of $990.5 Million

Boyd Gaming reported third-quarter 2026 revenues of $990.5 million, down from $1.0 billion a year earlier, with net income of $124.9 million, or $1.71 per share. The prior-year quarter included a $1.4 billion after-tax gain from the sale of the company's FanDuel equity interest.

Why it matters

The year-over-year comparison is distorted by the 2025 FanDuel gain, so the underlying operating trend is better read through adjusted measures. Softer Las Vegas destination demand and weaker Hawaiian visitation weighed on segment results during the quarter.

Adjusted EBITDAR totaled $319.6 million and Adjusted Earnings were $121.7 million, or $1.67 per share, in the third quarter of 2026. Boyd also repurchased $164 million in shares during the quarter and ended September with $297.2 million in cash and $2.7 billion in total debt.

The players

Boyd Gaming

Boyd Gaming is a Las Vegas-based casino operator with properties across Nevada, the Midwest, and the South, including the Blue Chip Casino in Michigan City, Indiana.

The details

Midwest & South results were hurt by the November 2025 closure of Sam's Town Tunica, the August 2026 sale of Sam's Town Shreveport, and higher property taxes at Kansas Star. Las Vegas Locals results reflected softer destination business, mainly at the Orleans, and construction disruption at the Suncoast, while Downtown Las Vegas was pressured by weaker Hawaiian visitation after several major storms and higher airfares.

November 2025: Sam's Town Tunica closed, weighing on Midwest & South results.
August 2026: Sam's Town Shreveport was sold, also affecting Midwest & South results.
Sept. 30, 2026: The third quarter ended with $297.2 million in cash and $2.7 billion in total debt.
Oct. 15, 2026: A quarterly cash dividend of $0.20 per share was paid.

Market Dynamics

The year-over-year drop in reported profit is largely a function of Boyd's 2025 FanDuel equity sale, which produced a $1.4 billion after-tax gain that the 2026 quarter does not repeat. Read against that one-time item, the quarter shows a more modest revenue softening tied to regional casino and Las Vegas visitation trends.

Shareholders saw the company continue its buybacks, with $164 million repurchased in the quarter, alongside a $0.20 per share dividend. Investors comparing year-over-year earnings should adjust for the 2025 FanDuel gain when judging current profitability.

The takeaway

Headline earnings comparisons for Boyd Gaming are distorted by the 2025 FanDuel sale, so adjusted figures give a clearer view of operations. Investors should weigh the buyback and debt levels alongside the revenue trend.