Boyd Gaming Q3 2026: EPS Beat, Revenue Miss, and a $164M Buyback

Boyd Gaming posted adjusted earnings of $1.67 per share for the third quarter of 2026, beating expectations and extending a streak of mostly beating on the bottom line. Revenue came in at $990.5 million, missing expectations and slipping from the same quarter a year ago.

Two property-level events did much of the damage on the top line. Sam's Town Tunica closed in November 2025, and Sam's Town Shreveport was sold in August 2026, both exits shrinking the Midwest and South revenue base. On top of that, the Orleans property in Las Vegas saw a notable drop in destination visitors, which management called out as the primary culprit for softness in the Las Vegas Locals segment.

Las Vegas Locals properties outside the Orleans and the construction-disrupted Suncoast posted 3% revenue gains, and the Midwest and South segment grew on an adjusted basis as well. The Online segment, driven by online casino gaming, delivered double-digit Adjusted EBITDAR growth, and management fees from Sky River Casino rose after that property completed its expansion.

With the revenue miss in focus, management made its confidence visible through capital returns. The company repurchased $164 million in stock during the quarter, paid a quarterly cash dividend, and still has authorization remaining under the current buyback program. CEO Keith Smith described the company as well-positioned to continue creating long-term value, citing robust free cash flow and a strong balance sheet.

The quarter shapes up as a story of a temporarily impaired top line against a resilient earnings engine. Whether Las Vegas destination traffic and the Locals portfolio recover into the fourth quarter is the central question heading into the next reporting period, with analysts already flagging a Q4 inflection in that segment.