Boyd Gaming (BYD) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Boyd Gaming published the results on October 22, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Boyd Gaming reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Boyd Gaming reports in thousands; figures here are converted to millions and rounded to one decimal.
• Q3 2025 net income of $1.4 billion ($17.81 a share) included the after-tax gain on the sale of Boyd Gaming's 5% equity interest in FanDuel, sold for $1,758.0 million, and $65.1 million of pretax impairment charges.
• Sam's Town Tunica closed on November 9, 2025 and Sam's Town Shreveport was sold on August 1, 2026; both are in the Midwest & South segment's year-ago figures.

Source: Boyd Gaming Q3 2026 results, October 22, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Boyd Gaming splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Boyd Gaming's Las Vegas Locals revenue was $207 million in Q3 2026, down 2% from $211 million in Q3 2025, 21% of total revenue.
• Boyd Gaming's Downtown Las Vegas revenue was $47.4 million in Q3 2026, down 11% from $53.2 million in Q3 2025, 5% of total revenue.
• Boyd Gaming's Midwest & South revenue was $541 million in Q3 2026, flat on $539 million in Q3 2025, 55% of total revenue.
• Boyd Gaming's Online revenue was $155 million in Q3 2026, down 7% from $166 million in Q3 2025, 16% of total revenue.
• Boyd Gaming's Managed & Other revenue was $40.6 million in Q3 2026, up 13% from $35.8 million in Q3 2025, 4% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted net income per share, each as first reported in that quarter's release. Q3 2025 EPS includes the gain on the FanDuel stake sale.

We do not hold a confirmed date for Boyd Gaming's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 22, 2026

Boyd Gaming operates 26 gaming properties in 11 states, manages the Sky River tribal casino in northern California, and runs the Boyd Interactive online casino business. Midwest & South is its largest segment: $540.5 million of Q3 2026 total revenues of $990.5 million. Las Vegas Locals brought in $207.4 million, Online $154.5 million, Downtown Las Vegas $47.4 million and Managed & Other $40.6 million. (Boyd Gaming Q3 2026 release, Oct 22, 2026)

By type, Boyd Gaming's gaming revenue was $655.0 million, against $657.4 million a year earlier, with food & beverage $73.7 million and room revenue $43.1 million. Online revenue rose to $33.2 million from $26.9 million, while online reimbursements fell to $121.2 million from $138.7 million. Those reimbursements are gaming taxes Boyd Gaming pays as licensee under online market access agreements and recovers from the third-party operators, so they appear as both revenue and expense. (Boyd Gaming Q3 2026 release, Oct 22, 2026; Boyd Gaming Form 10-Q, Q3 2026, Oct 28, 2026)

Boyd Gaming said Midwest & South results were held back by the closure of Sam's Town Tunica in November 2025, the sale of Sam's Town Shreveport in August 2026 and higher property taxes at Kansas Star. Adjusting for those items, it said segment revenues rose nearly 3%, driven by play from core and retail customers and recent capital investments. (Boyd Gaming Q3 2026 release, Oct 22, 2026)

In Las Vegas, Boyd Gaming cited softer destination business, mainly at the Orleans, and construction disruption at the Suncoast. Its other Las Vegas Locals properties grew revenue 3% and gaming revenue 3.5% on play from southern Nevada residents. Downtown Las Vegas revenue fell to $47.4 million from $53.2 million, which Boyd Gaming put down to the same destination softness, lower Hawaiian visitation after storms in Hawaii, and higher airfares. (Boyd Gaming Q3 2026 release, Oct 22, 2026)

Boyd Gaming's management fee revenue rose to $27.6 million from $23.7 million, which it credited to higher fees from Sky River after that casino's expansion. A transitional casino in Norfolk, Virginia opened in November 2025, and the full casino resort there is expected to open in November 2027. (Boyd Gaming Q3 2026 release, Oct 22, 2026; Boyd Gaming Form 10-Q, Q3 2026, Oct 28, 2026)

Boyd Gaming's GAAP diluted EPS was $1.71, against $17.81 a year earlier, when net income of $1.4 billion included the after-tax gain on the sale of its FanDuel stake. Excluding items such as project development, preopening and writedowns (a $5.4 million credit this quarter), adjusted EPS was $1.67 against $1.72. (Boyd Gaming Q3 2026 release, Oct 22, 2026)

Boyd Gaming's depreciation and amortization rose to $91.3 million from $73.7 million. The 10-Q attributes the increase mainly to new meeting and convention space at Ameristar St. Charles, the transitional casino in Norfolk, Virginia, and other recently opened projects. Interest expense was $33.8 million, and the effective tax rate for the first nine months was 23.8%, against 22.3%. (Boyd Gaming Form 10-Q, Q3 2026, Oct 28, 2026; Boyd Gaming Q3 2026 release, Oct 22, 2026)

Boyd Gaming's diluted share count fell to 73.0 million from 80.9 million. It repurchased $164 million of stock in the quarter, 2.0 million shares, paid a $0.20 quarterly dividend, and had $387 million left under its repurchase authorization at September 30, 2026. (Boyd Gaming Q3 2026 release, Oct 22, 2026; Boyd Gaming Form 10-Q, Q3 2026, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Boyd Gaming does not publish a revenue or earnings outlook in its earnings release, and the Q3 2026 release gives none. It says it does not reconcile forward-looking non-GAAP measures because it cannot project special charges. (Boyd Gaming Q3 2026 release, Oct 22, 2026)

Boyd Gaming's own forward statements in the filings are about projects: the 10-Q says the full Norfolk, Virginia casino resort is expected to open in November 2027. The release lists $297.2 million of cash and $2.7 billion of total debt at September 30, 2026. (Boyd Gaming Form 10-Q, Q3 2026, Oct 28, 2026; Boyd Gaming Q3 2026 release, Oct 22, 2026)

A consensus figure is the average of the models published by the analysts who cover Boyd Gaming, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Boyd Gaming's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning BYD is on is BYD a buy or a sell?, what analysts expect next is on the BYD forecast, and what the company does is on the Boyd Gaming (BYD) stock page.

Every number on this page can be traced to a document Boyd Gaming published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.