Boyd Gaming (NYSE:BYD) Releases Quarterly Earnings Results, Misses Estimates By $0.16 EPS

Key Points

• Boyd reported Q1 EPS of $1.60 and revenue of about $997M, missing the consensus estimate of $1.76 by $0.16, which prompted a negative market reaction.
• The business delivered strong profitability—roughly $317M of EBITDA, property-level margins above 39%, net margin ~45% and ROE ~30%—and is returning capital via Q1 buybacks of $155M, a dividend increase to $0.20, and a new $500M repurchase authorization.
• Management flagged near-term headwinds from softer Las Vegas destination demand and construction disruption (notably Suncoast) that may pressure results through Q2–Q3, while pursuing an aggressive full-year capex plan of $650–700M (including ~$300M for a Virginia resort).

Boyd Gaming (NYSE:BYD - Get Free Report) released its quarterly earnings results on Thursday. The company reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.76 by ($0.16), FiscalAI reports. The firm had revenue of $997.36 million for the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a net margin of 45.05% and a return on equity of 30.14%. Boyd Gaming's quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.62 earnings per share.

Here are the key takeaways from Boyd Gaming's conference call:

• Company reported a strong Q1 with nearly $1 billion in revenues and $317 million of EBITDA, with property-level margins above 39% driven by Midwest & South growth.
• Near-term headwinds from softer Las Vegas destination demand (largest impact at The Orleans) and significant construction disruption at Suncoast will weigh on results through Q2 and into Q3, with destination pressure ~$5–6M of EBITDAR per quarter.
• Management is returning substantial capital—Q1 buybacks of $155M plus $14M dividends—and plans to continue repurchases at a $150M/quarter pace while maintaining a strong balance sheet (traditional leverage ~1.8x).
• Aggressive investment program with full-year capex of $650–700M (including ~$300M for the Virginia resort) and active development projects (Cadence Crossing opened, Paradise modernization approved) that should boost long‑term growth but increase near-term spend.
• Online and managed businesses are contributing to growth with Boyd Interactive reiterating $30–35M EBITDA guidance for the year and the managed & other segment expected to generate $110–114M of EBITDA.

Boyd Gaming Price Performance

Shares of Boyd Gaming stock opened at $89.10 on Friday. Boyd Gaming has a one year low of $65.29 and a one year high of $89.96. The stock's fifty day moving average is $83.79 and its 200 day moving average is $83.49. The stock has a market cap of $6.71 billion, a P/E ratio of 3.92, a P/E/G ratio of 1.80 and a beta of 1.19. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.52 and a current ratio of 0.54.

Boyd Gaming Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Monday, March 16th were paid a $0.20 dividend. This is a positive change from Boyd Gaming's previous quarterly dividend of $0.18. The ex-dividend date was Monday, March 16th. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. Boyd Gaming's dividend payout ratio (DPR) is currently 3.52%.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, insider Stephen S. Thompson sold 19,530 shares of Boyd Gaming stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $83.59, for a total transaction of $1,632,512.70. Following the transaction, the insider owned 22,009 shares of the company's stock, valued at $1,839,732.31. The trade was a 47.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Josh Hirsberg sold 23,924 shares of Boyd Gaming stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $85.86, for a total transaction of $2,054,114.64. Following the transaction, the chief financial officer directly owned 435,746 shares in the company, valued at $37,413,151.56. This represents a 5.20% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 73,454 shares of company stock worth $6,231,827. Corporate insiders own 22.82% of the company's stock.

Institutional Trading of Boyd Gaming

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Inceptionr LLC purchased a new stake in Boyd Gaming in the 4th quarter worth $505,000. EntryPoint Capital LLC purchased a new position in shares of Boyd Gaming during the fourth quarter valued at about $421,000. Certuity LLC purchased a new position in shares of Boyd Gaming during the third quarter valued at about $420,000. Watershed Asset Management L.L.C. bought a new stake in shares of Boyd Gaming in the fourth quarter worth about $406,000. Finally, Brooklyn Investment Group bought a new stake in shares of Boyd Gaming in the fourth quarter worth about $288,000. 76.81% of the stock is owned by hedge funds and other institutional investors.

Boyd Gaming announced that its board has approved a stock repurchase program on Thursday, April 23rd that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

BYD has been the subject of a number of research reports. Susquehanna reduced their price objective on Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Citigroup raised their target price on Boyd Gaming from $86.00 to $90.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Truist Financial set a $110.00 price target on Boyd Gaming in a research note on Tuesday, January 13th. Morgan Stanley reaffirmed a "mixed" rating on shares of Boyd Gaming in a research report on Wednesday, April 8th. Finally, Mizuho set a $100.00 price objective on shares of Boyd Gaming in a research note on Monday, February 2nd. Five investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $92.75.

More Boyd Gaming News

Here are the key news stories impacting Boyd Gaming this week:

• Positive Sentiment: Strong profitability and cash metrics: Boyd reported healthy margins and returns (reported net margin ~45% and ROE ~30%), operating cash flow improved year-over-year and cash balances grew — indicators of solid core cash generation that can support dividends, debt reduction or reinvestment. BOYD GAMING REPORTS FIRST-QUARTER 2026 RESULTS
• Positive Sentiment: Reiterated online EBITDA(R) guidance: Management reiterated 2026 online EBITDAR guidance of $30M–$35M, which provides clarity on a high-growth segment and soaks up some investor uncertainty around the digital business outlook. Boyd outlines 2026 capex and online EBITDAR guidance
• Neutral Sentiment: Large 2026 capex plan ($650M–$700M): Management unveiled a substantial investment program for 2026 — supports growth and property refreshes but will increase near-term cash needs and could weigh on free cash flow depending on timing. Capex plan article
• Neutral Sentiment: Mixed analyst views and price targets: Recent analyst targets vary materially (median around $90), reflecting diverging views on long‑term growth vs. near-term execution — provides both upside scenarios and downside risk depending on execution. Analyst targets and Quiver summary
• Negative Sentiment: Earnings and revenue missed expectations: Boyd reported Q1 EPS and revenue below consensus (reported EPS of $1.60 vs. consensus ~ $1.97; revenue ~ $997M vs. ~$1.04B), which triggered an initial negative market reaction after the print. MarketBeat earnings release
• Negative Sentiment: Insider and institutional selling pressure: Recent filings show meaningful insider sales and several large institutional reductions in Q4 2025, which may concern investors about near-term demand from big holders. Quiver insider & institutional activity
• Negative Sentiment: Market reaction to misses caused volatility: Several outlets report the stock fell after the earnings print due to the misses on revenue and EPS; elevated trading volume suggests investors are re‑pricing near-term expectations. Yahoo Markets earnings recap

About Boyd Gaming

Boyd Gaming Corporation NYSE: BYD is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming's offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.