Boyd Gaming Earnings Call Transcripts
Fiscal Year 2026
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Reported Q3 revenue and EBITDA each declined ~1%, but excluding unusual items, revenue grew 2% and EBITDA 1%. Midwest and South, online, and managed businesses remained strong; destination softness and renovation disruption weighed on Las Vegas results, while capital returns and growth investment continued.
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Q2 2026 saw 3% revenue and 2% EBITDA growth year-over-year, led by Midwest & South, online, and managed segments. Strong margins, robust capital returns, and ongoing property investments position the company for long-term growth, despite continued softness in destination business and construction disruption.
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First quarter revenue neared $1 billion with EBITDA of $317 million, led by Midwest & South growth and strong operating margins. Las Vegas Locals faced headwinds from destination softness and Suncoast construction, while capital investments and shareholder returns remained robust.
Fiscal Year 2025
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Record 2025 revenues and $1.4B EBITDA were driven by strong core customer play and operational discipline. Over $800M was returned to shareholders, leverage reduced, and major capital projects advanced. 2026 guidance includes robust investments and continued capital returns.
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Revenue and EBITDA grew in Q3 2025, driven by strong core customer play and operational efficiencies, despite weakness in destination business. Capital investments and disciplined capital returns continue, with leverage at historic lows and robust free cash flow supporting future growth.
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Q2 saw 4% revenue and EBITDAR growth, robust margins, and strong core customer trends. FanDuel stake sale will reduce leverage, boost share repurchases, and support future investments. Shareholder returns and capital investments remain a priority.
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Revenue and EBITDA grew year-over-year in Q1 2025, with strong performance across segments despite weather and calendar challenges. Capital projects and shareholder returns remain priorities, supported by a strong balance sheet and steady customer trends into April.
Fiscal Year 2024
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Record 2024 revenue and EBITDA were driven by diversified operations, strong core customer growth, and successful property investments. Capital returns to shareholders neared $750 million, while major development projects and renovations support future growth.
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Solid Q3 performance driven by record results at Treasure Chest and Fremont, strong online and managed segments, and disciplined capital allocation. Raised online EBITDA guidance, continued major property investments, and secured a $750M Virginia casino project.
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Q2 2024 saw stable revenues, strong property margins, and sequential improvement, with notable gains from the new Treasure Chest Casino and robust online and managed business performance. Capital returns to shareholders remain strong, and growth investments are underway.