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Boyd Gaming (BYD) Q1 2026 Earnings
Reported Apr 23, 2026 at 4:06 PM ET · SEC Source
Q1 26 EPS
$1.60
MISS 6.77%
Est. $1.72
Q1 26 Revenue
$997.4M
MISS 0.46%
Est. $1.00B
vs S&P Since Q1 26
-1.2%
TRAILING MARKET
BYD +3.1% vs S&P +4.3%
Market Reaction
Did BYD Beat Earnings? Q1 2026 Results
Boyd Gaming delivered a disappointing first quarter for fiscal 2026, missing Wall Street expectations on both the top and bottom lines as persistent softness in its Las Vegas operations weighed on results. The regional casino operator posted earnings… Read more Boyd Gaming delivered a disappointing first quarter for fiscal 2026, missing Wall Street expectations on both the top and bottom lines as persistent softness in its Las Vegas operations weighed on results. The regional casino operator posted earnings per share of $1.60, falling 6.77% short of the $1.72 consensus estimate, while revenue of $997.36 million edged up just 0.6% year over year but came in 0.46% below the $1.00 billion analysts had anticipated. The primary drag was a contraction in Adjusted EBITDAR to $317.42 million from $337.52 million a year ago, driven by declining revenue in the Las Vegas Locals segment to $217.10 million, where construction disruptions at Suncoast and weaker destination demand proved difficult headwinds. The Midwest and South segment provided a meaningful offset, growing Adjusted EBITDAR to $192.64 million on stronger regional customer activity. Several analysts trimmed price targets following the report, with shares declining roughly 6%. Looking ahead, management pointed to the newly opened Cadence Crossing Casino, a $750.00 million Virginia resort under development, and planned Illinois expansion as pillars supporting long-term growth.
Key Takeaways
- • Continued growth in play from core and retail customers on a Companywide basis
- • Broad-based strength in Midwest & South segment
- • Favorable weather comparisons versus prior year severe winter weather
- • Contributions from recent property investments
- • Online casino gaming growth and third-party market access agreements
- • Increased management fees from Sky River Casino
BYD Forward Guidance & Outlook
Management expressed confidence in long-term value creation supported by a strong balance sheet, diversified portfolio, balanced capital allocation approach, and experienced management team. The company plans to begin construction on the Par-A-Dice property expansion in Illinois next year and continues development of its $750 million Virginia resort.
BYD YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
BYD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our first-quarter results reflect the benefits of our diversified business, our successful focus on operating efficiencies and our ongoing capital investment program. On a property-level basis, we achieved year-over-year revenue and Adjusted EBITDAR growth, as property margins once again exceeded 39%. These results were supported by continued growth in play from both core and retail customers on a Companywide basis, driven by broad-based strength in our Midwest & South segment.”
— Keith Smith, Q1 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
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |