Sep 2026 (Q3 FY26) — Oct 22, 2026
Boyd Gaming Q3 FY26 — Diversified Model Drives Growth Amidst Las Vegas Destination Softness
Read the full callBoyd Gaming earnings: last reported Thu, 22 Oct 2026, for the quarter ended Sep 2026.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,034 | +0.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 19.4 | −4.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 131 | −13.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
19 of 25 judged targets kept · 20 open · verdicts reflect calls analysed to Sep 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Share repurchases | approximately $150 million | Jun 2026 | In terms of our capital return program, during the third quarter, we paid $15 million in dividends and made $164 million in stock purchases, representing 2 million shares. | Achieved |
| Total capital expenditures | $650 million to $700 million | Dec 2025 | We now expect to spend approximately $650 million for this year, including $250 million of maintenance capital, $75 million of incremental hotel capital associated with our Orleans hotel remodel, which is on schedule to be completed by the end of this year. | Revised Up |
| Amelia Belle land-based conversion construction start | Begin construction, subject to regulatory approval | Jun 2026 | This project is also in the design phase, and we expect to be in construction in late 2027, subject to the necessary regulatory approvals. | On Track |
6 of BOYD GAMING CORP's 45 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 42 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: $82.99 on 22 Oct 2025 → $71.69. High $91.26 (28 Jul 2026), low $66.07 (1 Oct 2026).
Overview
Guidance
19 of 25 judged targets kept · 20 open · verdicts reflect calls analysed to Sep 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Share repurchases | approximately $150 million | Jun 2026 | In terms of our capital return program, during the third quarter, we paid $15 million in dividends and made $164 million in stock purchases, representing 2 million shares. | Achieved |
| Total capital expenditures | $650 million to $700 million | Dec 2025 | We now expect to spend approximately $650 million for this year, including $250 million of maintenance capital, $75 million of incremental hotel capital associated with our Orleans hotel remodel, which is on schedule to be completed by the end of this year. | Revised Up |
| Amelia Belle land-based conversion construction start | Begin construction, subject to regulatory approval | Jun 2026 | This project is also in the design phase, and we expect to be in construction in late 2027, subject to the necessary regulatory approvals. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 45 tracked commitments, with each call’s wording and source.
Call summaries
Boyd Gaming Q3 FY26 — Diversified Model Drives Growth Amidst Las Vegas Destination Softness
Read the full callBoyd Gaming Q2 FY26 — Diversified Growth and Capital Returns
Read the full callBoyd Gaming Q1 FY26 — Diversified Portfolio Drives Strong Midwest & South Performance Amidst Las Vegas Headwinds
Read the full callEvery analysed call
Financials
Net profit, year on year: −13% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 961 | 1,041 | 992 | 1,034 | 1,004 | 1,062 | 997 | 1,034 |
| Expenses | 741 | 780 | 792 | 792 | 865 | 896 | 833 | 834 |
| Operating profit | 220 | 261 | 200 | 242 | 140 | 166 | 164 | 201 |
| Operating margin | 22.9% | 25.1% | 20.2% | 23.4% | 13.9% | 15.7% | 16.4% | 19.4% |
| Other income | -46 | -45 | -48 | -49 | 1,702 | -24 | -27 | -30 |
| Interest | 46 | 46 | 48 | 51 | 33 | 25 | 28 | 31 |
| Profit before tax | 174 | 216 | 152 | 193 | 1,842 | 142 | 137 | 171 |
| Tax rate | 24.6% | 21.1% | 27.1% | 22.1% | 21.9% | 2.5% | 23.9% | 23.8% |
| Net profit | 131 | 171 | 111 | 151 | 1,440 | 140 | 106 | 131 |
| EPS ($ per share) | 1.43 | — | 1.31 | 1.84 | 17.81 | — | 1.37 | 1.75 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 253 | 381 | 246 | 710 | 1,286 | 1,744 | 1,583 | 2,609 |
| Total liabilities | 4,611 | 5,385 | 5,435 | 4,685 | 4,721 | 4,529 | 4,810 | 3,967 |
| Fixed assets | 2,716 | 2,673 | 2,526 | 2,394 | 2,394 | 2,543 | 2,679 | 2,871 |
| Total assets | 5,756 | 6,650 | 6,559 | 6,224 | 6,311 | 6,273 | 6,392 | 6,575 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 435 | 549 | 289 | 1,010 | 976 | 915 | 957 | 977 |
| Cash from investing | -1,135 | -231 | -171 | -130 | -422 | -264 | -434 | 1,043 |
| Cash from financing | 746 | -320 | 147 | -1,059 | -616 | -637 | -510 | -1,982 |
| Net cash flow | 46 | -3 | 265 | -178 | -62 | 13 | 13 | 37 |
| Capital expenditure | -162 | -208 | -175 | -199 | -269 | -374 | -400 | -588 |
| Free cash flow | 273 | 341 | 114 | 811 | 707 | 541 | 557 | 388 |
Midwest and South shrank from 54% to 51% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Midwest and South | 54% | 50% | 51% | 52% | 54% | 50% | 53% | 54% | +3.1% |
| Las Vegas Locals | 22% | 22% | 22% | — | 21% | — | — | 22% | — |
| Online | 15% | 18% | 17% | 17% | 16% | 19% | 16% | 15% | -8.6% |
| Downtown Las Vegas | 6% | 6% | 6% | 5% | 5% | 6% | 6% | 5% | -5.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
40 filings between Nov 7, 2025 and Aug 24, 2026.
Purchases
None
No insider bought shares.
Sales
$26.43M
11 sales by 7 insiders
| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| SMITH KEITH | — | $8.59M | Jun 3, 2026 |
| JOHNSON MARIANNE BOYD | — | $8.45M | Aug 24, 2026 |
| BOYD WILLIAM R | — | $4.15M | Feb 18, 2026 |
| Hirsberg Josh | — | $3.20M | Jul 28, 2026 |
| Thompson Stephen S. | — | $1.63M | Feb 27, 2026 |
| Clinton Uri | — | $304.1K | Jun 9, 2026 |
| SPADAFOR CHRISTINE J. | — | $100.1K | May 13, 2026 |
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 24, 2026 | JOHNSON MARIANNE BOYD Director | Sale | 12 | $984 |
| Jul 28, 2026 | Hirsberg Josh CFO & Treasurer | Sale | 12,777 | $1.15M |
| Jul 22, 2026 | Andersen Stacia J.P. Director | Award | 2,043 | $0 |
| Jul 22, 2026 | ROETH GEORGE C Director | Award | 2,043 | $0 |
| Jun 30, 2026 | JOHNSON MARIANNE BOYD Director | Tax withheld | 30,823 | $2.72M |
| Jun 30, 2026 | JOHNSON MARIANNE BOYD Director | Award | 30,351 | $0 |
| Jun 9, 2026 | Clinton Uri Chief Legal Off. & Secretary | Sale | 3,468 | $304.1K |
| Jun 3, 2026 | SMITH KEITH President and CEO | Sale | 100,000 | $8.59M |
| May 13, 2026 | SPADAFOR CHRISTINE J. Director | Sale | 1,237 | $100.1K |
| May 7, 2026 | BOYD WILLIAM R Director | Award | 2,347 | $0 |
| May 7, 2026 | Hartmeier Michael A. Director | Award | 2,347 | $0 |
| May 7, 2026 | JOHNSON MARIANNE BOYD Chairman | Award | 2,347 | $0 |
| May 7, 2026 | Thoman A. Randall Director | Award | 2,347 | $0 |
| May 7, 2026 | WHETSELL PAUL W Director | Award | 2,347 | $0 |
| May 7, 2026 | Bailey John Robert Director | Award | 2,347 | $0 |
| May 7, 2026 | SPADAFOR CHRISTINE J. Director | Award | 2,347 | $0 |
| May 5, 2026 | JOHNSON MARIANNE BOYD Chairman | Sale | 62,914 | $5.29M |
| May 1, 2026 | JOHNSON MARIANNE BOYD Chairman | Sale | 37,086 | $3.16M |
| Feb 27, 2026 | Thompson Stephen S. Chief Administrative Officer | Sale | 19,530 | $1.63M |
| Feb 26, 2026 | Hirsberg Josh CFO & Treasurer | Sale | 23,924 | $2.05M |
| Feb 26, 2026 | Hirsberg Josh CFO & Treasurer | Option exercise | 23,924 | $424.7K |
| Feb 23, 2026 | SMITH KEITH President and CEO | Award | 35,608 | $0 |
| Feb 22, 2026 | JOHNSON MARIANNE BOYD Executive Chairman | Award | 8,953 | $0 |
| Feb 22, 2026 | JOHNSON MARIANNE BOYD Executive Chairman | Tax withheld | 3,524 | $303.8K |
| Feb 22, 2026 | Thompson Stephen S. Chief Administrative Officer | Award | 15,798 | $0 |
| Feb 22, 2026 | SMITH KEITH President and CEO | Tax withheld | 41,234 | $3.55M |
| Feb 22, 2026 | SMITH KEITH President and CEO | Award | 63,188 | $0 |
| Feb 22, 2026 | Thompson Stephen S. Chief Administrative Officer | Tax withheld | 12,868 | $1.11M |
| Feb 22, 2026 | Nelson Lori M. SVP, Chief Accounting Officer | Tax withheld | 743 | $64.0K |
| Feb 22, 2026 | Nelson Lori M. SVP, Chief Accounting Officer | Award | 525 | $0 |
| Feb 22, 2026 | Hirsberg Josh CFO & Treasurer | Award | 16,455 | $0 |
| Feb 22, 2026 | Clinton Uri General Counsel & Secretary | Tax withheld | 9,499 | $818.8K |
| Feb 22, 2026 | Clinton Uri General Counsel & Secretary | Award | 11,586 | $0 |
| Feb 22, 2026 | Hirsberg Josh CFO & Treasurer | Tax withheld | 16,918 | $1.46M |
| Feb 19, 2026 | Nelson Lori M. SVP, Chief Accounting Officer | Award | 1,335 | $0 |
| Feb 19, 2026 | SMITH KEITH President and CEO | Award | 42,730 | $0 |
| Feb 19, 2026 | Hirsberg Josh CFO & Treasurer | Award | 16,024 | $0 |
| Feb 19, 2026 | Clinton Uri General Counsel & Secretary | Award | 11,869 | $0 |
| Feb 18, 2026 | BOYD WILLIAM R Director | Sale | 30,000 | $2.55M |
| Nov 7, 2025 | BOYD WILLIAM R Director | Sale | 20,000 | $1.61M |
| Sep 4, 2025 | JOHNSON MARIANNE BOYD Executive Chairman | Sale | 100,000 | $8.66M |
| Aug 25, 2025 | SMITH KEITH President and CEO | Gift | 50,000 | $0 |
| Aug 22, 2025 | Hirsberg Josh CFO & Treasurer | Sale | 40,035 | $3.42M |
| Aug 22, 2025 | SMITH KEITH President and CEO | Sale | 25,000 | $2.13M |
| Aug 21, 2025 | JOHNSON MARIANNE BOYD Executive Chairman | Other | 45,482 | $0 |
| Aug 21, 2025 | BOYD WILLIAM R Director | Other | 45,482 | $0 |
| Aug 19, 2025 | SMITH KEITH President and CEO | Sale | 25,000 | $2.10M |
| Aug 18, 2025 | SMITH KEITH President and CEO | Sale | 50,000 | $4.15M |
| Aug 18, 2025 | BOYD WILLIAM R Director | Other | 300,000 | $0 |
| Aug 18, 2025 | JOHNSON MARIANNE BOYD Executive Chairman | Other | 300,000 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Free account. Everything above stays public.
Write why you follow BOYD GAMING CORP and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading