Q2 26 EPS
$1.93
BEAT +2.04%
Est. $1.89
Q2 26 Revenue
$1.03B
MISS 0.33%
Est. $1.04B
vs S&P Since Q2 26
-8.4%
TRAILING MARKET
BYD -3.7% vs S&P +4.6%
Market Reaction
Did BYD Beat Earnings? Q2 2026 Results
Boyd Gaming delivered a mixed second quarter for fiscal 2026, clearing the earnings bar while falling just short on revenue. The Las Vegas-based casino operator posted adjusted EPS of $1.93, beating the $1.89 consensus estimate by 2.04%, even as tota… Read more Boyd Gaming delivered a mixed second quarter for fiscal 2026, clearing the earnings bar while falling just short on revenue. The Las Vegas-based casino operator posted adjusted EPS of $1.93, beating the $1.89 consensus estimate by 2.04%, even as total revenues of $1.03 billion came in fractionally below the $1.04 billion analyst forecast, a 0.33% miss, and were essentially flat compared to the year-ago period. The profitability beat was partly overshadowed by a sharp rise in project development, preopening, and writedown costs, which climbed to $15.36 million from just $2.76 million a year ago, weighing on GAAP net income, which fell to $131.23 million, or $1.75 per diluted share, from $151.46 million, or $1.84 per share, in Q2 2025. Segment results were uneven, with the Midwest and South division providing a lift to $556.89 million in revenues while Las Vegas Locals and Downtown Las Vegas both softened. Boyd also returned $156 million to shareholders through buybacks during the quarter, a capital return program that analysts had flagged as a key pillar of the bull case heading into earnings.
Key Takeaways
- • Strength in play from core and retail customers across the portfolio
- • Contributions from recent capital investments
- • Revenue and Adjusted EBITDAR growth in Midwest & South operations
- • Increased management fees from Sky River Casino following its completed expansion
- • Growth from online casino gaming business
- • Property operating margins of 40% on a comparable basis
BYD YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
BYD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our second-quarter results demonstrated the benefits of our diversified business model, with strong performances from our Midwest & South operations, Online segment and Managed business. Results for the quarter, on a comparable basis, reflect both revenue and Adjusted EBITDAR growth, with property operating margins of 40%, a level we have consistently delivered over the last several years. This performance was supported by strength in play from both our core and retail customers across the portfolio, as well as contributions from our recent capital investments.”
— Keith Smith, Q2 2026 Earnings Press Release
BYD Earnings Trends
BYD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BYD EPS Trend
Earnings per share: estimate vs actual
BYD Revenue Trend
Quarterly revenue: estimate vs actual
BYD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $1.89 | $1.93 | +2.04% | $1.03B | -0.33% |
| Q1 26 MISS | $1.72 | $1.60 | -6.77% | $997.4M | -0.46% |
| Q4 25 BEAT FY | $1.94 | $2.21 | +14.18% | $1.06B | +4.13% |
| FY Full Year | — | $7.40 | — | $4.09B | — |
| Q3 25 BEAT | $1.63 | $1.72 | +5.83% | $1.00B | +14.77% |
| Q2 25 BEAT | $1.63 | $1.87 | +14.82% | $1.03B | +6.08% |