Boyd Gaming: 3 Key Takeaways for Long-Term Investors

On its third quarter of 2026 earnings call, held on Oct. 22, 2026, Boyd Gaming (NYSE:BYD) announced adjusted revenue growth of 2% following property portfolio adjustments. The company's ability to fund large developments while repurchasing shares provides a clear blueprint for compounding value. Three things management said stand out.

1. Aggressive Share Repurchases Are Driving Capital Returns

Boyd Gaming reduced its total share count by 9.4% over the past year through stock repurchases. Management aims to maintain this pace by allocating $150 million each quarter toward buybacks alongside quarterly dividends.

We plan to continue targeting approximately $150 million in shares per quarter placing us on track inclusive of dividends to return more than $680 million to shareholders this year, representing approximately $9.80 per share in value for our shareholders.
-- Josh Hirsberg, Chief Financial Officer

2. Major Resort Developments Power the Long-Term Growth Pipeline

The company is expanding its physical footprint outside core markets through major resort construction. Its project in Norfolk, Virginia, serves as the anchor for expansion into new gaming regions.

In Virginia, our resort development in Norfolk remains on time and on budget for a November 2027 opening, and we expect to celebrate the topping off by the end of this year.
-- Keith E. Smith, President and Chief Executive Officer

3. Low Leverage Preserves Financial Flexibility for Strategic Opportunities

Maintaining traditional leverage of 2.2 times operating cash flow allows the company to fund development projects and shareholder payouts without risking balance sheet stability. That balance sheet discipline provides protection against temporary regional demand shifts.

Given our strong free cash flow, we are able to make capital investments and return capital to shareholders while maintaining a strong balance sheet. We ended the quarter with traditional leverage of 2.2x and lease adjusted leverage of 2.7x.
-- Josh Hirsberg, Chief Financial Officer

Looking Ahead

Local economic fundamentals in Southern Nevada remain favorable, with population growth and job creation driving consistent core play. The company relies on its diversified property portfolio, owned real estate assets, and conservative leverage to sustain cash flow while keeping close watch on promotional discipline and destination travel patterns.

Throughout this year, our Las Vegas locals results have been supported by continued growth in play from Southern Nevada residents, and the strong underlying fundamentals of the Southern Nevada economy gives us confidence these trends will continue.
-- Keith E. Smith, President and Chief Executive Officer

As capital projects in Virginia and property remodels across Las Vegas near completion, Boyd Gaming enters its next growth phase with significant balance sheet capacity and disciplined capital allocation.

In conclusion, our consistent operating performance, strong balance sheet, and robust free cash flow position us well to continue creating long term value for our shareholders.
-- Josh Hirsberg, Chief Financial Officer

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