The Q3 miss was driven by Las Vegas destination softness (Orleans) and Hawaiian visitation declines, partially offset by Midwest & South growth. With no guidance provided, the market will focus on the Q4 conference call for commentary on Las Vegas trends and the trajectory of Online segment margins. The $164M buyback provides a floor but does not offset the fundamental revenue decline.
Price Chart
Executive Summary
Boyd Gaming reported Q3 2026 adjusted EPS of $1.67, missing the $1.86 consensus by 10.4%, while revenue of $990.5M fell short of the $1.05B estimate. Total Adjusted EBITDAR declined slightly to $319.6M from $321.8M a year ago, with softness in Las Vegas destination business (Orleans) and Downtown offsetting growth in Midwest & South, Online, and Managed segments. The company maintained its quarterly dividend and repurchased $164M in stock, but the earnings miss and revenue decline signal operational headwinds.
Key Financial Metrics
Key Facts
- Q3 2026 adjusted EPS $1.67 vs consensus $1.86 (10.4% miss)
- Q3 2026 revenue $990.5M vs $1.05B consensus, down from $1.0B YoY
- Total Adjusted EBITDAR $319.6M vs $321.8M in Q3 2025
- Las Vegas Locals segment revenue fell to $207.4M from $210.8M YoY
- Downtown Las Vegas revenue dropped to $47.4M from $53.2M YoY
- Midwest & South segment revenue grew to $540.5M from $538.9M YoY
- Online segment revenue declined to $154.5M from $165.6M YoY
- Company repurchased $164M in stock during Q3; $387M remaining on authorization
- Quarterly dividend maintained at $0.20 per share
- Cash on hand $297.2M, total debt $2.7B as of September 30, 2026
Financial Impact
EPS miss of 10.4% vs consensus ($1.67 vs $1.86); revenue miss of ~5.7% ($990.5M vs $1.05B); Adjusted EBITDAR down ~0.7% YoY
Risk Factors
- Continued softness in Las Vegas destination business could pressure Q4 results
- Online segment revenue declined 6.7% YoY despite double-digit Adjusted EBITDAR growth
- Total debt increased to $2.7B from $2.3B at Q1 2026, reducing financial flexibility
- Hawaiian visitation headwinds (storms, higher airfares) may persist
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-033268 |
| Document: bgc20260731_8k.htm | 0001437749-26-033268 |
| Document: 0001437749-26-033268-index-headers.html | 0001437749-26-033268 |
| Document: 0001437749-26-033268-index.html | 0001437749-26-033268 |
| Document: 0001437749-26-033268.txt | 0001437749-26-033268 |
| 8-K Data (Synthetic) | 0001437749-26-033268 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $71.69 $72.46 | ▼ −1.07% | ▼ −0.36% | $71.74 (−0.07%) |
Oct 22, 2026 4d ago | Press Release | $71.69 $72.46 | ▲ +1.07% | ▲ +0.36% | $71.74 (+0.07%) |
Oct 1, 2026 26d ago | Press Release | $66.07 $67.25 | ▲ +1.79% | ▲ +1.05% | $71.74 (+8.58%) |
Aug 15, 2026 10w ago | Institutional Cluster | $82.77 $82.48 | ▼ −0.35% | ▲ +0.33% | $71.74 (−13.33%) |
Jul 23, 2026 13w ago | Press Release | $87.04 $89.29 | ▲ +2.58% | ▲ +2.56% | $71.74 (−17.58%) |
Jun 25, 2026 17w ago | 8-K | $89.70 $89.57 | ▼ −0.14% | ▼ −1.79% | $71.74 (−20.02%) |
Jun 9, 2026 19w ago | Insider Cluster | $86.82 $86.55 | ▲ +0.31% | ▲ +2.01% | $71.74 (+17.37%) |
May 7, 2026 24w ago | 8-K | $85.64 $82.75 | ▼ −3.37% | ▼ −3.61% | $71.74 (−16.23%) |
Apr 29, 2026 25w ago | 144 | $86.29 $86.95 | ▲ +0.76% | ▼ −0.26% | $71.74 (−16.86%) |
Apr 23, 2026 26w ago | 8-K | $83.88 $87.53 | ▼ −4.35% | ▼ −4.19% | $71.74 (+14.47%) |
US Market Status
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