Boyd Gaming
Operates Las Vegas and regional casinos alongside an online gaming and market-access business.
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Profile
Operates casinos across Las Vegas and regional U.S. markets while Boyd Interactive provides B2B and B2C online casino services and market access. Four reportable segments cover Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online.
Operates gaming entertainment properties across Las Vegas and regional U.S. markets. Land-based operations are reported through Las Vegas Locals, Downtown Las Vegas, and Midwest & South, separating local, downtown, and broader regional operations.
Boyd Interactive extends the business into U.S. and Canadian online casino gaming through B2B and B2C operations, and it earns online market-access fees from third-party agreements in the United States. The company also manages Sky River Casino in California under an agreement with Wilton Rancheria.
Together, the four reportable segments combine local Las Vegas, downtown, regional, and online businesses in one reporting structure. Online market access and the Sky River operation depend on third-party agreements.
Company facts
Categories
Key statistics
Year to date −7.8% · Average volume (30d) 918.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 27, 2026 | Morgan Stanley | Reiterate | Equal Weight | $90 | $89 |
| Jul 24, 2026 | Susquehanna | Reiterate | Neutral | $89 | $87 |
| Jul 24, 2026 | Mizuho Securities | Target | $100 | $104 | |
| Jul 24, 2026 | Stifel Nicolaus | Target | $91 | $92 | |
| Jul 24, 2026 | Barclays | Reiterate | Equal Weight | $86 | $87 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $1.89 | $1.93 | +2.1% | $1.04B | $1.03B | −0.3% | +0.55% |
| Apr 23, 2026Q1 FY26 | $1.76 | $1.60 | −9.1% | $1.00B | $997.4M | −0.5% | −5.91% |
| Feb 5, 2026Q4 FY25 | $1.88 | $2.21 | +17.6% | $1.02B | $1.06B | +4.1% | −0.48% |
| Oct 23, 2025Q3 FY25 | $1.62 | $1.72 | +6.2% | $875.1M | $1.00B | +14.8% | −7.31% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $991.6M | $1.03B | $1.00B | $1.06B | $997.4M | $1.03B | |
| Gross profit | $504.3M | $527.1M | $488.2M | $204.9M | $397.1M | $429.1M | |
| Operating income | $199.9M | $242.4M | $139.8M | $294.8M | $164.0M | $200.7M | |
| Net income | $110.3M | $151.5M | $1.44B | $140.4M | $105.5M | $131.2M | |
| Diluted EPS | $1.31 | $1.84 | $17.81 | $1.79 | $1.37 | $1.75 | |
| Gross margin | 50.9% | 51.0% | 48.6% | 19.3% | 39.8% | 41.5% | |
| Operating margin | 20.2% | 23.4% | 13.9% | 27.8% | 16.4% | 19.4% |
Fiscal years (4-quarter sums)FY21 $3.37B · FY22 $3.56B · FY23 $3.74B · FY24 $3.93B · FY25 $4.09B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $322.7M · Total debt $3.26B · Total assets $6.68B · Shareholders' equity $2.50B
Dividends
Raised for 3 straight years — most recently to $0.20 from $0.18 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jul 15 | $0.20 | |
| Mar 16, 2026 | Mar 16 | Apr 15 | $0.20 | raised from $0.18 |
| Dec 15, 2025 | Dec 15 | Jan 15 | $0.18 | |
| Sep 15, 2025 | Sep 15 | Oct 15 | $0.18 | |
| Jun 16, 2025 | Jun 16 | Jul 15 | $0.18 | |
| Mar 17, 2025 | Mar 17 | Apr 15 | $0.18 | raised from $0.17 |
| Dec 16, 2024 | Dec 16 | Jan 15 | $0.17 | |
| Sep 13, 2024 | Sep 15 | Oct 15 | $0.17 |
Ownership
Shares outstanding 72.66M · Float 49.86M · 68.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Cohen & Steers, Inc. | 6.30M | 8.47% | 13G | Aug 14, 2026 |
| BlackRock, Inc. | 5.51M | 7.58% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.51M | 3.46% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 2.38M | 3.27% | 13F | Aug 13, 2026 |
| Ariel Investments, LLC | 2.18M | 3.00% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 24, 2026 | Marianne Boyd Johnson | director, 10 percent owner: | −12 | $82.00 |
| Jul 28, 2026 | Josh Hirsberg | officer: CFO & Treasurer | −12,777 | $89.76 |
| Jun 9, 2026 | Uri Clinton | officer: Chief Legal Off. & Secretary | −3,468 | $87.69 |
| Jun 3, 2026 | Keith Smith | director, officer: President and CEO | −100,000 | $85.90 |
| May 13, 2026 | Christine J. Spadafor | director | −1,237 | $80.91 |
Peers
- Caesars Entertainment
Las Vegas, regional casino and digital-gaming overlap
- PENN® Entertainment
Regional casinos and omni-channel online gaming overlap
- Red Rock Resorts
Direct Las Vegas locals casino and hospitality overlap
- MGM Resorts International
Las Vegas, regional casinos and BetMGM online overlap
- DraftKings
Online sportsbook and iGaming overlap with Boyd Interactive
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Boyd Gaming | $79.95 | +0.63% | $5.77B | 3.5 | 10.7 | 1.4 | +0.0% |
| Caesars Entertainment | $29.74 | +0.02% | $6.06B | — | — | 0.5 | +3.0% |
| PENN® Entertainment | $17.36 | +0.03% | $2.32B | — | 11.9 | 0.3 | +5.2% |
| Red Rock Resorts | $56.97 | −0.04% | $3.33B | 20.1 | 22.2 | 1.7 | −3.0% |
| MGM Resorts International | $42.20 | −0.13% | $10.64B | 25.6 | 25.7 | 0.6 | +1.1% |
| DraftKings | $25.27 | +0.09% | $12.53B | — | 43.1 | 2.0 | −4.6% |
| Median | 22.9 | 23.9 | 0.6 | +1.1% |