BYD

Oxford Industries, Inc. OXM is likely to post a year-over-year increase in its bottom line when it reports second-quarter fiscal 2026 results on Sept. 3, after market close. The Zacks Consensus Estimate for quarterly earnings is pegged at $1.32 per share, indicating an increase of 4.8% from the prior-year number. The consensus estimate for earnings has been stable in the past 30 days.The consensus estimate for quarterly revenues is pegged at $393.2 million, indicating a dip of 2.5% year over year.In the last reported quarter, the company delivered an earnings surprise of 9.5%. It has a negative trailing four-quarter earnings surprise of 65.8%, on average. Oxford Industries’ quarterly results are expected to benefit from efforts to optimize its sourcing network, mitigate tariff-related cost pressures and safeguard margins. The company is also implementing targeted price increases on new products to offset higher costs while carefully managing consumer demand. Meanwhile, its continued focus on expanding direct-to-consumer sales across retail and e-commerce is expected to have supported margin improvement and strengthen customer engagement.In addition, Oxford Industries is strengthening Tommy Bahama through improved assortments, stronger execution of key products, product innovation and lifestyle-focused storytelling, while focusing on expanding its women’s business. At Johnny Was, the company is pursuing a turnaround by tightening inventory purchases, reducing promotional activity, enhancing merchandise productivity and refining its assortment and marketing strategies. OXM is also rationalizing the Johnny Was store base by closing underperforming locations and creating a more productive and efficient retail footprint.For Lilly Pulitzer, Oxford is improving merchandising and marketing by addressing entry-price gaps, product allocation, assortment and brand messaging, while responding more quickly to changes in demand. The company is also working to grow Beaufort Bonnet Company and Duck Head through stronger brand storytelling and broader distribution. The company is maintaining strict control over expenses and inventory, limiting discretionary spending and reducing unnecessary promotions to protect profitability. Such endeavors are likely to have aided OXM’s performance during the quarter under review.On the flip side, Oxford Industries has been facing headwinds, including higher tariff-related costs and continued uncertainty around trade policies. The company is also dealing with cautious consumer spending and weaker discretionary demand amid economic and geopolitical uncertainty. Performance at Lilly Pulitzer remains under pressure, particularly in e-commerce, with merchandising gaps, product assortment issues, entry price points and brand messaging affecting sales. Johnny Was is also experiencing weakness in its wholesale business, especially among specialty stores, while its direct-to-consumer sales remain soft. In addition, declining demand from specialty retailers and challenges at certain retail partners, including Saks Global, are weighing on wholesale performance. Such factors are likely to have hurt the company’s top-line performance during the quarter under review. The Zacks Consensus Estimate for Lilly Pulitzer and Johnny Was revenues is pegged at $84 million and $39.50 million, respectively, showing year-over-year decreases of 6.7% and 13%. Oxford Industries, Inc. price-eps-surprise | Oxford Industries, Inc. Quote Our proven model does not conclusively predict an earnings beat for Oxford Industries this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.Oxford Industries has an Earnings ESP of 0.00% and a Zacks Rank of 3. You can uncover the best stocks before they're reported with our Earnings ESP Filter. From a valuation perspective, Oxford Industries has a forward 12-month price-to-earnings ratio of 13.50X, below the five-year high of 17.83X and the Textile - Apparel industry’s average of 14.86X.The recent market movements show that OXM’s shares have gained 2% in the past six months against the industry's 7.5% decline. Here are some companies, which according to our model, have the right combination of elements to beat on earnings this reporting cycle.Boyd Gaming Corporation BYD currently has an Earnings ESP of +0.43% and a Zacks Rank of 3. BYD is likely to register a top-line decrease when it reports third-quarter 2026 results. The Zacks Consensus Estimate for its quarterly revenues is pegged at $1 billion, indicating a 0.04% drop from the figure reported in the year-ago quarter. You can see the complete list of today’s Zacks #1 Rank stocks here.The consensus estimate for BYD’s third-quarter earnings is pegged at $1.74 a share, implying a 1.2% rise from the year-earlier quarter. BYD has a trailing four-quarter average earnings surprise of 5.4%.Cintas Corporation CTAS currently has an Earnings ESP of +0.09% and a Zacks Rank of 3. The Zacks Consensus Estimate for first-quarter fiscal 2027 earnings per share is pegged at $1.35, which implies 12.5% year-over-year growth.The consensus estimate for quarterly revenues is pegged at nearly $3 billion, implying 9.2% year-over-year growth. CTAS has a trailing four-quarter earnings surprise of 1.8%, on average.Carnival CCL currently has an Earnings ESP of +0.32% and a Zacks Rank of 3. CCL is likely to register growth in its top line when it reports third-quarter fiscal 2026 results. The Zacks Consensus Estimate for its quarterly revenues is pegged at $8.4 billion, indicating a 2.6% increase from the figure in the year-ago quarter. The consensus estimate for CCL’s earnings is pegged at $1.36 per share, implying a 4.9% drop from the year-ago quarter’s actual. CCL displays a trailing four-quarter earnings surprise of 18.2%, on average. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Oxford Industries, Inc. (OXM) : Free Stock Analysis Report Carnival Corporation (CCL) : Free Stock Analysis Report Cintas Corporation (CTAS) : Free Stock Analysis Report Boyd Gaming Corporation (BYD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

The Toro Company TTC is likely to post a year-over-year increase in its top and bottom lines when it reports third-quarter fiscal 2026 results on Sept. 3, before market open. The Zacks Consensus Estimate for quarterly earnings is pegged at $1.30 per share, indicating an increase of 4.8% from the prior-year number. The consensus estimate for earnings has been stable in the past 30 days.The consensus estimate for quarterly revenues is pegged at $1.2 billion, indicating a rise of 5.2% year over year.In the last reported quarter, the company delivered an earnings surprise of 6.7%. It has a trailing four-quarter earnings surprise of 7%, on average. Toro’s quarterly results are expected to reflect benefits from the ongoing execution of its strategic efforts. It is focused on driving growth through its AMP productivity program, which leverages lean principles, Kaizen events and continuous improvements to generate cost savings and improve operational efficiency. In addition, the company is seeing strength across its Toro, Exmark and Ventrac brands.The company is also streamlining its manufacturing footprint, workforce and product portfolio to strengthen margins and offset inflationary and tariff pressures. Toro is increasing investments in electrification, smart-connected products, autonomous solutions, Artificial Intelligence and advanced manufacturing technologies to enhance product innovation and efficiency. The company is expanding its underground construction business through strong demand for Ditch Witch equipment and the integration of Tornado, while also seeking to increase parts and service penetration. In golf, Toro is advancing autonomous solutions to help customers improve productivity and address labor constraints. The company also remains open to disciplined acquisitions, particularly in the Professional segment, where it can leverage existing capabilities and technology to enter adjacent markets. All the aforesaid factors are likely to boost TTC’s results in the quarter under review.The Zacks Consensus Estimate for Professional and Residential segments’ sales is pegged at $983 million and $197 million, respectively, showing year-over-year increases of 5.6% and 2.1%.On the flip side, Toro continues to face headwinds, including higher material and fuel costs, tariff expenses, inflation and challenging consumer confidence. Residential demand remains pressured by cautious consumers, with some homeowners trading down to lower-priced products, while weakness in European residential markets is also weighing on international performance. Toro Company (The) price-eps-surprise | Toro Company (The) Quote Our proven model does not conclusively predict an earnings beat for Toro this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.Toro has an Earnings ESP of 0.00% and a Zacks Rank of 3. You can uncover the best stocks before they're reported with our Earnings ESP Filter. From a valuation perspective, Toro’s shares are trading at a premium relative to the industry benchmarks. The stock has a forward 12-month price-to-earnings ratio of 20.29X, above the five-year median of 19.26X and the Tools - Handheld industry’s average of 19.57X.The recent market movements show that Toro shares have gained 0.9% in the past six months compared with the industry's 3% growth. Here are some companies, which according to our model, have the right combination of elements to beat on earnings this reporting cycle.Boyd Gaming Corporation BYD currently has an Earnings ESP of +0.43% and a Zacks Rank of 3. BYD is likely to register a top-line decrease when it reports third-quarter 2026 results. The Zacks Consensus Estimate for its quarterly revenues is pegged at $1 billion, indicating a 0.04% drop from the figure reported in the year-ago quarter. You can see the complete list of today’s Zacks #1 Rank stocks here.The consensus estimate for BYD’s third-quarter earnings is pegged at $1.74 a share, implying a 1.2% rise from the year-earlier quarter. BYD has a trailing four-quarter average earnings surprise of 5.4%.Cintas Corporation CTAS currently has an Earnings ESP of +0.09% and a Zacks Rank of 3. The Zacks Consensus Estimate for first-quarter fiscal 2027 earnings per share is pegged at $1.35, which implies 12.5% year-over-year growth.The consensus estimate for quarterly revenues is pegged at nearly $3 billion, implying 9.2% year-over-year growth. CTAS has a trailing four-quarter earnings surprise of 1.8%, on average.Carnival CCL currently has an Earnings ESP of +0.32% and a Zacks Rank of 3. CCL is likely to register growth in its top line when it reports third-quarter fiscal 2026 results. The Zacks Consensus Estimate for its quarterly revenues is pegged at $8.4 billion, indicating a 2.6% increase from the figure in the year-ago quarter. The consensus estimate for CCL’s earnings is pegged at $1.36 per share, implying a 4.9% drop from the year-ago quarter’s actual. CCL displays a trailing four-quarter earnings surprise of 18.2%, on average. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Toro Company (The) (TTC) : Free Stock Analysis Report Carnival Corporation (CCL) : Free Stock Analysis Report Cintas Corporation (CTAS) : Free Stock Analysis Report Boyd Gaming Corporation (BYD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

PVH Corporation PVH is likely to post a year-over-year increase in its bottom line when it reports second-quarter fiscal 2026 results on Sept. 2, after market close. The Zacks Consensus Estimate for quarterly earnings is pegged at $3.08 per share, indicating an increase of 22.2% from the prior-year number. However, the consensus estimate for revenues has dipped a penny in the past 30 days.The consensus estimate for quarterly revenues is pegged at $2.1 billion, indicating a decrease of 3.2% year over year.In the last reported quarter, the company delivered an earnings surprise of 11.7%. It has a trailing four-quarter earnings surprise of 16.5%, on average. PVH Corp.’s quarterly results are expected to reflect continued benefits from the ongoing execution of the PVH+ Plan and improving momentum across its iconic brands, Calvin Klein and Tommy Hilfiger. The company has been witnessing strength in direct-to-consumer (DTC) channels, particularly e-commerce, supported by stronger consumer engagement, increased traffic and focused marketing investments. The company is focused on strengthening its core brands by targeting key consumer segments, expanding product innovation and concentrating on high-potential categories. The Zacks Consensus Estimate for DTC revenues is pegged at $1 billion for the quarter under review.Calvin Klein is emphasizing underwear and denim, while Tommy Hilfiger is focusing on sweaters, outerwear, shirts and knits. PVH is also accelerating its shift toward a more data and demand-driven operating model. Its enterprise data platform and partnerships with OpenAI and Salesforce are helping connect consumer, product and operational insights to improve decision-making and respond more quickly to demand. The company is simultaneously investing in its shopping experience, including e-commerce, stores and shop-in-shops, while strengthening its supply chain and inventory management. The Zacks Consensus Estimate for Calvin Klein and Tommy Hilfiger brands’ revenues is pegged at $953 million and $1.1 billion, respectively, showing sequential increases of 6.5% and 2.9%.On its last earnings call, PVH had forecast a non-GAAP operating margin of about 9.5%, up from 8.2% in the year-ago period, reflecting an estimated positive impact of roughly 470 basis points tied to tariff refunds. Management had projected non-GAAP earnings to be $3.00-$3.10 per share compared with $2.52 a year ago, including an estimated $0.05 per-share benefit from foreign currency translation.However, PVH continues to operate against a challenging global consumer backdrop. The prolonged Middle East conflict has been weighing on the EMEA business through weaker wholesale demand in the Middle East, reduced tourism and softer demand in Turkey, as well as lower consumer traffic and spending across Europe. Higher fuel costs and weak consumer sentiment are likely to have remained pressure points. Tariffs also remain a significant margin headwind. In addition, cautious wholesale partners, particularly in APAC, continued to weigh on sales, while higher marketing investments and softer revenue expectations are contributing to SG&A deleverage. These challenges could weigh on PVH’s performance.On its last earnings call, PVH had expected approximately $195 million in gross tariff costs in EBIT, equivalent to an unfavorable impact of about 215 basis points on operating margin, although tariff refunds and mitigation actions are expected to have partly offset the pressure. PVH had expected second-quarter fiscal 2026 revenues to decline 3-4% year over year, with revenues projected to decrease 4-5% on a constant-currency basis. PVH Corp. price-eps-surprise | PVH Corp. Quote Our proven model does not conclusively predict an earnings beat for PVH Corp. this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.PVH Corp. has an Earnings ESP of 0.00% and a Zacks Rank of 3. You can uncover the best stocks before they're reported with our Earnings ESP Filter. From a valuation perspective, PVH Corp.’s shares present an attractive opportunity, trading at a discount relative to historical and industry benchmarks. With a forward 12-month price-to-earnings ratio of 6.01X, below the five-year median of 7.73X and the Textile - Apparel industry’s average of 14.99X, the stock offers compelling value for investors seeking exposure to the sector. Image Source: Zacks Investment Research The recent market movements show that PVH’s shares have gained 8.7% in the past six months against the industry's 6.1% decline. Here are some companies, which according to our model, have the right combination of elements to beat on earnings this reporting cycle.Boyd Gaming Corporation BYD currently has an Earnings ESP of +0.43% and a Zacks Rank of 3. BYD is likely to register a top-line decrease when it reports third-quarter 2026 results. The Zacks Consensus Estimate for its quarterly revenues is pegged at $1 billion, indicating a 0.04% drop from the figure reported in the year-ago quarter. You can see the complete list of today’s Zacks #1 Rank stocks here.The consensus estimate for BYD’s third-quarter earnings is pegged at $1.74 a share, implying a 1.2% rise from the year-earlier quarter. BYD has a trailing four-quarter average earnings surprise of 5.4%.Cintas Corporation CTAS currently has an Earnings ESP of +0.09% and a Zacks Rank of 3. The Zacks Consensus Estimate for first-quarter fiscal 2027 earnings per share is pegged at $1.35, which implies 12.5% year-over-year growth.The consensus estimate for quarterly revenues is pegged at nearly $3 billion, implying 9.2% year-over-year growth. CTAS has a trailing four-quarter earnings surprise of 1.8%, on average.Carnival CCL currently has an Earnings ESP of +0.32% and a Zacks Rank of 3. CCL is likely to register growth in its top line when it reports third-quarter fiscal 2026 results. The Zacks Consensus Estimate for its quarterly revenues is pegged at $8.4 billion, indicating a 2.6% increase from the figure in the year-ago quarter. The consensus estimate for CCL’s earnings is pegged at $1.36 per share, implying a 4.9% drop from the year-ago quarter’s actual. CCL displays a trailing four-quarter earnings surprise of 18.2%, on average. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PVH Corp. (PVH) : Free Stock Analysis Report Carnival Corporation (CCL) : Free Stock Analysis Report Cintas Corporation (CTAS) : Free Stock Analysis Report Boyd Gaming Corporation (BYD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Boyd Gaming’s second quarter results showed a stable performance, with revenue in line with Wall Street expectations and non-GAAP earnings slightly above consensus. Management attributed the steady outcome to growth in the Midwest and South segment, as well as ongoing benefits from recent capital investments. CEO Keith Smith highlighted that “guests continue to stay and spend closer to home,” benefiting regional properties, while the Las Vegas locals business remained stable outside of destination-focused properties. Ongoing construction at the Suncoast and softness in destination business weighed on Las Vegas results, but improvements in the core local customer base and efficiencies in operations supported margins across the broader portfolio. Is now the time to buy BYD? Find out in our full research report (it’s free). Revenue: $1.03 billion vs analyst estimates of $1.04 billion (flat year on year, in line) Adjusted EPS: $1.93 vs analyst estimates of $1.89 (2% beat) Adjusted EBITDA: $321.6 million vs analyst estimates of $310.7 million (31.1% margin, 3.5% beat) Operating Margin: 19.4%, down from 23.4% in the same quarter last year Market Capitalization: $6.75 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Barry Jonas (Truist Securities) asked about the drivers of Midwest and South growth amid macro volatility; CEO Keith Smith pointed to guests staying closer to home, higher-end consumer resilience, and stable local customer trends. Steve Wieczynski (Stifel) questioned the cadence of Las Vegas locals’ performance and the impact of property reinvestment; management clarified that results outside the Orleans and Suncoast were steady, and the pace of capital projects will remain measured. David Katz (Jefferies) inquired about priorities for property upgrades and the potential for external M&A; Smith said Amelia Belle is next in line, and any M&A would need to meet strict strategic and financial criteria. Shaun Kelley (Bank of America) sought clarity on the scope of Orleans renovations and construction disruption; management expects Suncoast disruption to end in Q3, with no major disruptions in 2027 as projects phase out. Steven Pizzella (Deutsche Bank) asked about anticipated market share gains in the Las Vegas locals market; CFO Josh Hirsberg noted market share growth excluding the impacted properties and expects further gains as renovations and new properties come online. In the coming quarters, the StockStory team will watch (1) the pace of recovery in Las Vegas as Suncoast renovations conclude and Cadence Crossing matures, (2) sustained margin discipline and regional performance in the Midwest and South segment, and (3) progress on new development projects like the Norfolk resort and Par-A-Dice modernization. Monitoring the evolving competitive landscape and consumer spending patterns will also be critical to tracking Boyd Gaming’s execution. Boyd Gaming currently trades at $91.50, up from $86.56 just before the earnings. Is there an opportunity in the stock? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was anchored by the Midwest and South segment, which achieved its strongest margins in nearly two years at 38% due to core and retail customers choosing to spend closer to home. The Las Vegas Locals segment faced a dual headwind of continued softness in destination business and significant construction disruption at the Suncoast property. Excluding the two impacted properties, the Las Vegas Locals portfolio demonstrated underlying strength with 4% revenue growth and margins exceeding 50%. Management attributes the weakness in the Las Vegas Locals segment to softer destination business and construction disruption at the Suncoast, noting that the core local resident base remains healthy with stable gaming revenues. The Southern Nevada economy remains a structural tailwind, characterized by the fastest employment growth of any major U.S. metro area and wage increases doubling the national average. Operating efficiencies remained a core focus, maintaining company-wide property margins at 40% despite inflationary pressures on labor and benefits. The Managed business segment saw an 18% EBITDAR increase following the successful completion of the first phase of the Sky River expansion. Management expects improved performance at the Suncoast starting in the fourth quarter of 2026 once modernization of the casino floor and public spaces is finalized. The company raised full-year 2026 guidance for the Online segment to $35 million–$40 million and the Managed segment to $113 million–$117 million based on recent momentum. A major refresh of the Orleans casino floor is scheduled to begin in the first half of 2027, following the completion of current hotel renovations by year-end 2026. The development pipeline includes a late 2027 opening for the Norfolk, Virginia resort and a planned land-based conversion of the Amelia Belle property in Louisiana starting in late 2027. Boyd intends to maintain a consistent capital return profile, targeting $150 million in share repurchases per quarter supplemented by quarterly dividends. Construction disruption at Suncoast had a quantified negative EBITDAR impact of approximately $3 million during the second quarter. The destination business softness in Las Vegas resulted in a consistent $5 million EBITDAR headwind, a trend management expects to persist into the second half of the year. The company expects to complete the sale of its Shreveport property by the end of July 2026. Total 2026 capital expenditures are projected between $650 million and $700 million, with $300 million dedicated to the Virginia resort development. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that while they are lapping the start of the destination softness in Q3, they do not expect a pivot to positive growth immediately. The outlook for Q3 is a 'less bad' scenario with an estimated $3 million headwind compared to the $5 million seen in previous quarters. The improved flow-through was driven by resetting employee benefit programs after identifying them as a drag in the second half of the prior year. Management expressed confidence that expenses are now manageable, though future margins depend on plan usage and continued operational discipline. Management clarified that the Amelia Belle project was simply 'next in line' and does not postpone other strategic investments. The decision was based on internal prioritization metrics rather than a shift away from larger properties. Excluding the properties under renovation, Boyd has actually grown its market share in the Las Vegas Locals market. Management expects further share gains as Suncoast returns to full capacity and the new Cadence Crossing property matures.

Image source: The Motley Fool. Thursday, July 23, 2026 at 5:00 p.m. ET Vice President of Corporate Communications - David Strow President and Chief Executive Officer - Keith E. Smith Executive Vice President and Chief Financial Officer - Josh Hirsberg Operator: Good afternoon. And welcome to the Boyd Gaming Second Quarter 26 Earnings Conference Call. David Strow: This is David Strow, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, 07/23/2026. At this time, all lines are in listen only mode. Following our remarks, we will conduct a question-and-answer session. If at any time during this call, you require immediate assistance please press *0 for the operator. Our speakers for today's call are Keith E. Smith, President and Chief Executive Officer and Josh Hirsberg, Chief Financial Officer. Our comments today will include statements that are forward looking statements within the meaning of the Private Securities Litigation Reform Act. All forward looking statements in our comments are as of today's date. And we undertake no obligation to update or revise the forward looking statements. Actual results may differ materially from those projected in any forward looking statement. There are certain risks and uncertainties, including those disclosed in our filings with the SEC that may impact our results. During our call today, we will make reference to non GAAP financial measures. A complete reconciliation of historical non GAAP to GAAP financial measures please refer to our earnings press release and our Form 8-Ks furnished to the SEC today both of which are available at investors.boygaming.com. We do not provide a reconciliation of forward looking non GAAP financial measures due to our inability to project special charges and certain expenses. Today's call is being webcast live at boydgaming.com. Will be available for replay in the Investor Relations section of our website shortly after the completion of this call. So with that, I would now like to turn the call over to Keith E. Smith. Keith? Keith E. Smith: Thanks, David. Good afternoon, everyone. Our second quarter results reflect the continued benefits our diversified business model, the success of our ongoing capital investment program, and broad based growth in play across our customer segments. A company wide basis, revenues increased 3% and EBITDA grew 2% for the quarter, adjusting for the impact of last year's FanDuel transaction and the tax pass through amounts related to our market access agreement. This performance was led by strong growth across our Midwest and South segment, solid contributions from Boyd Interactive and increased management fees from Sky River. We also maintain operating efficiencies throughout the business delivering property operating margins of 40%. Consistent with the last several years. Strong performances of our Midwest and South online and managed segments in the quarter partially offset by continued softness in destination business in Las Vegas primarily at the Orleans and ongoing construction disruption at the Sun Coast. Excluding the Orleans and Suncoast, the balance of our Las Vegas local segment delivered revenue and EBITDAR growth strong margins during the quarter reflecting the continued strength of our local customer. And while we are only 3 weeks into the third quarter, the overall trends of the second quarter are continuing into July. Now looking at our results by segment, First, our Midwest and South segment delivered a strong performance on top of last year's solid results. Revenues grew 3% in the quarter, by growth in gaming revenues, while EBITDA grew 4% with property margin expanding to nearly 38%. This was the segment's strongest margin in almost 2 years, demonstrating our continued ability to drive operating efficiencies throughout our business. These results were supported by growth in play for both our core and retail customers Our guests continue to stay and spend closer to home. We are also benefiting from our property investments throughout the segment our recent hotel renovations and new food and beverage offerings contributing to our strong performance across the Midwest and South. In addition, we continue to deliver growth in properties where we have made larger or strategic investments such as treasure chests and Maristar St. Charles. Moving to our Las Vegas local segment. While our Las Vegas locals business continues to be impacted, by the softer destination business and ongoing construction activity at the Sun Coast, overall gaming revenues for the segment were even with prior year with stable play from our core and retail customers. Excluding the Orleans and Suncoast, remainder of our Las Vegas Local segment achieved solid results for the second quarter. Revenues from these properties increased 4% in the quarter driven by increases in gaming revenues. While EBITDAR grew 3% and margins once again exceeded 50%. The growth in gaming revenues driven by increased play record and retail guests demonstrating the underlying strength of our Locals customer. And while results of the Suncoast for both our first and second quarter were impacted by construction activity, we expect to finalize our renovations of the casino floor and other public areas by the end of Q3. Once this work is complete, we will have modernized all public spaces in the building including the entire casino floor, the sports book, bingo room, and the high limit room. And we will significantly enhance our food and beverage offerings expanded and refreshed the property's meeting space. As a result, we expect to deliver improved performance of the Suncoast starting in Q4. We are also finalizing plans for a refresh of the Orleans casino floor of public spaces. We expect to begin this work at the Orleans in first half of 2027. At Cadence Crossing, visitation and revenues have been strong since its debut in late March, and we remain confident we will achieve our long term return on this investment. Beyond these projects, we continue to invest in our properties throughout the Las Vegas Valley. We recently opened new restaurants in Gold Coast, Sam's Town, and Sun Coast. And plan to introduce others throughout the Las Vegas Valley in the coming months. We have hotel renovations underway at the Orleans and Suncoast both of which are expected to be complete by year end. And we are updating our sportsbook in Sam's Town and Aliante both opening in time for the upcoming football season. In all, by early 2027, will have renovated over 70% of our Las Vegas hotel room inventory introduced 17 new food and beverage concepts, and significantly enhanced our Southern Nevada presence with our new Cadence Crossing property and the investments we are making at the Suncoast. Together, these investments are elevating the competitiveness and the appeal of our Las Vegas locals portfolio and positioning this segment for long term growth. Our confidence in our Locals business is also supported by the growth of the Southern Nevada economy. Southern Nevada employment is increasing at the fastest rate of any major metro area in the country. Job growth is occurring across most major employment sectors, further diversifies diversifying the local economy has added more than 200 thousand jobs outside of the hospitality sector over the last 10 years. Employment growth is also driving further gains in local incomes. Weekly wages are increasing at more than 2x the rate of the national average. And Las Vegas remains an attractive destination for relocation. Offering 1 of the most competitive cost of living environments in the Western United States. In all, Southern Nevada's continued growth in population employment, and personal income support our confidence in our long term prospects for our Las Vegas locals business. Next, in our Downtown Las Vegas segment, trends in the business were consistent with recent quarters. While play from both core and Hawaiian guest was stable, our downtown business was impacted by lower pedestrian traffic throughout the downtown area reflecting continued softness in destination business. Next, our online segment achieved revenue and EBITDAR growth on a comparable basis. These results reflected strong growth from Boyd Interactive as well as contributions from our market access agreements that were consistent with the last several quarters. Finally, our managed business grew EBITDAR by 18% year over year. This outstanding performance was driven by the recent completion of the first phase of the Sky River expansion project significantly increased the casino floor and added a new multilevel parking structure. With Phase 1 off to a strong start, we will now begin the work on Phase 2, which will add a 300-room motel, 3 new food and beverage outlets, full service spa, and a new entertainment and event center. Once complete in early 2028, we are confident this expansion will further strengthen Sky River's position as 1 of Northern California's most successful popular gaming destinations. So in all, our second quarter performance is driven by our diversified business model, broad based growth in play from our core and retail customers, and the success of our recent capital investments. While we are investing in our properties across the country, we also continue to build development pipeline to drive long term growth. In Virginia, our resort development on the Norfolk Waterfront remains on time and on budget for a late 2027 opening. Once complete, this upscale resort will be a true market leader. 65 thousand-square-foot casino, a 100-room hotel, 8 food and beverage outlets, live entertainment, and an outdoor amenity deck. We will also offer the most convenient gaming destination for many of the 1.8 million residents of the Hampton Roads region as well as the 15 million tourists who visit nearby Virginia Beach each year. Next, in Illinois, our modernization of the Par-A-Dice Casino is in the design phase. Once complete, this project will transform Par-A-Dice into a single level entertainment facility with a modern casino floor enhanced amenities. Positioning this property for growth well into the future. With Par-A-Dice in the design process we are gearing up for our next growth projects. 1 such project is in Louisiana. At our Amelia Belle property. Subject to regulatory approval, we are planning to convert this property to a land based facility a modern casino floor and enhanced food and beverage offerings. Once design work is complete, expect to begin construction on this project in late 2027. As we invest in future growth of our business, we continue to balance our capital investments with our commitment to returning significant capital to our shareholders. To that end, we returned over $170 million to our shareholders during the second quarter through a combination of share repurchases and dividends. Going forward, we intend to continue repurchases at a $150 million per quarter pace. Supplemented by our quarterly dividend. In summary, this was another successful quarter for our company. On a company wide basis, we grew both revenues and EBITDA on a comparable basis with strong performances for our Midwest and South operations, our online segment, our managed business much of our Las Vegas locals portfolio. We continue to drive growth in play from our core and retail on a company wide basis. The capital investments we have made at our properties supported growth during the quarter. And position our properties for future success. In addition, we continue to build our development pipeline to drive long term growth. And we continued our commitment to returning capital to our shareholders. Repurchasing nearly 1.9 million shares in Q2 alone. Supported by a strong balance sheet, efficient operating model and robust free cash flow, our company is well positioned for the future. And to continue creating long term shareholder value. I would like to thank the entire Boyd team for their contributions to our continued success. Their hard work and dedication helped create memorable experiences for our guests. And we are grateful for all they do for our company. Thank you for your time today, and I would now like to turn the call over to Josh. Josh Hirsberg: Thanks, Keith. During the quarter, our Midwest and South segment delivered another strong performance. giving us revenue and EBITDAR growth As well as achieving margins that were their highest in nearly 2 years. And in our online and managed segments, we also produced strong results on a comparable basis. And in Las Vegas, excluding Orleans and Suncoast, Las Vegas local segment generated revenue and EBITDAR growth continuing to deliver margins over 50%. As a result of Boyd Interactive's strong performance, we are raising full year guidance for our online segment by $5 million to $35 million to $40 million full-year 2026. And given the positive response to Sky River's recent expansion, we are raising our guidance by $3 million for our managed business to $113 million to $117 million for the full year. During the quarter, we invested $142 million in capital expenditures, bringing year to date CapEx to $297 million. We remain on track to spend between $650 million to $700 million for the full year. Full year capital expenditure estimate includes about $250 million of maintenance capital, $75 million in incremental hotel capital associated with our Orleans hotel remodel. Which is on track to be completed by the end of this year. $50 million in growth capital primarily related to completing cadence and the design and preconstruction efforts related to our Par-A-Dice project. Finally, $300 million for our casino resort development. In terms of our capital return program, during the second quarter we paid $15 million in dividends repurchased $156 million 1.9 million shares at an average price of $83.60 per share. Our actual share count at the end of the second quarter was 73.1 million shares. We plan to continue repurchasing approximately $150 million in shares per quarter putting us on track inclusive of dividends to return more than $650 million to shareholders this year representing approximately $9 a share in value for our shareholders. Since we began our capital return program in late 21, we have returned over $3 billion to our shareholders reducing our share count by 35%. Even with our capital investments capital return program, Our balance sheet remains strong. We finished the quarter with traditional leverage of 2.2x lease adjusted leverage of 2.7x. We have ample capacity available under our credit facility, and our next debt maturity is in December 2027, which we intend to refinance later this year or in the first half of 2027. Debt balances at June 30th, reflected $267 million in tax credit payments made during the second quarter that were related to last year's FanDuel transaction. And finally, as a reminder, we previously announced we had entered into an agreement to sell our Shreveport property. Expect to complete the sale of this property by the end of July. So in conclusion, our second quarter results reflected the benefits of our diversified business model, our ongoing capital investment program, broad based growth in play from our core and retail customers. Our strong balance sheet, consistent operating performance and robust free cash flow all position us well to continue creating long term value for our shareholders. David, this concludes our remarks and we are now ready to take any questions. Operator: Thank you, Josh. We will now begin our question-and-answer session. If you would like to ask a question. With our prompt, that your hand has been raised. Should you wish to withdraw your request, please *2. If you are using a speakerphone, please use your handset when asking your questions. We will pause for a moment while we compile our list of questioners. Our first question comes from Barry Jonas Truist Securities. Barry, please go ahead. Barry Jonas: Great. Hey, guys. Keith, you mentioned guests staying closer to home in the opening remarks. Can you talk a little bit more about what may be driving growth in the Midwest and South? And maybe help us sensitively think that outlook is all the macro volatility we are seeing. Keith E. Smith: Sure. Look, I think we have seen guests or believe that guests are staying closer to home and spending their dollars closer to home for the last several quarters. you know, whether that is a result of just everything going on in the world or higher airfares, It just appears that our Midwest and South portfolio is, you know, outperforming our Las Vegas portfolio. And so that is what all that is driven by or how that comes together there is a lot going on with the consumer these days. For the higher-end consumer, if they are in the stock market, they are doing quite well. you know, there are you know, tax credits from 1 big beautiful bill. There are, you know, larger tax refunds this year. Those are all offset by things like higher gas prices and higher inflation. So all that nets out as we can report it, we are seeing good growth Our core customers, good growth from our retail customers, in the Midwest and South. But importantly, we also see that here in Las Vegas in our locals region. Know, the locals region for Boyd anyways is really impacted by declines in the destination side of the Orleans. But when it comes to the Las Vegas locals customer, we see good growth there also. Barry Jonas: Great. And that may be goes into my follow-up. I wanted to ask about the destination business and the locals. Was the negative say, year over year EBITDA impact in this quarter about similar to what you guys saw last quarter? And maybe just walk us through how that shifts as we go into Q3 when I believe we lapped comparisons. Thank you. Josh Hirsberg: Yes. So Barry, this is Josh. I will try to take that. So I would say that in the Las Vegas locals market or segment for us, Destination continued to be an impact. It was a similar level at around $5 million of EBITDAR. that is a level we have seen really very consistently since Q3 of 2025. Think when we anniversary it in Q3 of 2026, it is not realistic to really expect it to kind of pivot to flat to positive. Just do not see any indication that those trends are changing. I think our expectation is things to just to be less bad. I think we put a number out there around $3 million as kind of our best estimate for Q3. Think a similar amount probably for Q4, maybe a little bit not as bad as Q3 but similar level. So destination for us has been very consistent. Do not expect it to flip just because we had not really seen any indication it is changing, of getting worse or getting better, but I just do not think it is realistic to expect it to all of a sudden start to improve once we anniversary it. So it is kind of a less bad scenario for us. Think similarly, with another impact during the quarter was Suncoast construction disruption, Keith mentioned it. It was the first quarter that we saw a full impact of construction disruption. And we estimate that to be have been around $3 million for Q2. And we expect that to be a similar level in Q3 before Suncoast comes online and starts to contribute in Q4. And then obviously the last piece of the Las Vegas local, and you really did not ask about this, but I will just volunteer it, is Cadence, which has had a good start in terms of revenue growth and we are kind of adjusting the expense side of things as we move through time. We expect Cadence to start contributing later in Q3 and then continue to ramp into Q4 and after. So those I think are the moving pieces that is going on within the Las Vegas market. And I think the last point I would make is that the truly local customer remains pretty healthy for us. And that is what is on the gaming revenue side mitigating the impacts that we are seeing from destination customers and some of that construction disruption. Barry Jonas: Great. that is really helpful. Thank you. Operator: Our next question comes from Steven Wieczynski of Stifel. Steven, please go ahead. Steve Wieczynski: Yes. Hey, guys. Good afternoon. So Keith or Josh, wondering if you could go through the cadence of the second quarter in the Las Vegas locals market. Just trying to get a sense for maybe what you saw across the different months in the quarter and if they were if they were pretty similar or they were dramatically different. And then, Keith, you noted the first 3 weeks so far in the third quarter in July were similar to the second quarter. I just want to be sure that, that means outside of Orleans and Suncoast, the rest of the portfolio is performing in line with recent trends. I wanna make sure I heard that right. Keith E. Smith: So with respect to your last question, you heard it right. Is that outside of Suncoast and the Orleans, the rest of the portfolio here locally as well as throughout the Midwest, is performing the same as we saw in Q2. Once again, I note it is only 3 weeks, and we certainly expect it to continue. But it is only 3 weeks into the quarter. With respect to kind of the cadence of the second quarter, look, every month is different, and so we look at the quarter in the aggregate. June was probably a little softer. May was a little stronger. Know, April was fine. you know, when you combine them all in the quarter was pretty much what we expected, I would not take anything away from whether the fact May was a little stronger, June was a little weaker. I do not read any trends into that at all. Josh Hirsberg: And, Steven, this is Josh. I would just add, you know, what Keith comments around locals outside of Orleans and Suncoast, Midwest and South are obviously correct. I think reality is even Suncoast and Orleans are performing generally in line with what we expect, but we really had not seen a change to an inflection in either directional destination, and we had a construction disruption that we expect to occur in Q2 happened at level that we expected as well. So, I would say the business in general, big picture is performing just in line with what we expected coming into the quarter. And all that continues to play out in a similar fashion so far in the first couple of weeks of July. Steve Wieczynski: Okay. Gotcha. Thanks for that, guys. And then second question, would be around reinvesting in your portfolio. And I guess my question is, I mean, you have seen strong returns from the properties that you have reinvested in. So just wondering if that makes you guys think about getting a little bit more aggressive with other assets, whether that is in the regional portfolio, whether that is in the Las Vegas locals market, but any color there, I think, would be helpful. Keith E. Smith: I would say that we are probably at a pace of reinvesting that we can comfortably handle right now. there is only so many things that you can do and do them in a high quality fashion. So the team is fully engaged. We have a list of projects when we are done with these that we will continue to engage on. But I would not expect that pace or the amount of money we spend is going to pick up. It will continue but it will not pick up. I think we are pretty comfortable with the cadence of and the trajectory we are on right now of these cap capital projects. Steve Wieczynski: Okay. Great. Thanks, guys. Appreciate it. Yep. Operator: Our next question comes from David Katz of Jefferies. David, please go ahead. David Katz: Evening, everyone. Afternoon, everybody. you know, 2 things. you know, 1, the internal investment on Emilia Bell. Obviously, it presents a return opportunity. I am Frankly, I am just curious how the decision to focus on that 1, you know, versus, you know, say, some of the larger properties in the portfolio? Was it or was this really just the next best opportunity? Keith E. Smith: Well, there is, you know, there is a number of factors that go into how we prioritize projects, not appropriate to kind of go into those details. At this point. it is the appropriate time to tackle Amelia Belle. it is not a 1-off project. We can do multiple things at a time, and we are Once again, there is a number of other projects that we will continue to process, and we will update you on as we get ready to start them. So you know, Amelia Belle does not postpone or take the place of anything else. It just happens to be next in line for us. David Katz: Understood. And you know, I think we all have talked about your boundaries. Know, for external M&A, and I think we probably have a pretty good sense of where some of the more obvious opportunities are. But I would love to get a sense for you know, what your you know, seeing out there, what your appetite is, and, you know, whether we might see some external you know, property level M&A in the near term from you all. Keith E. Smith: The risk of being, you know, repetitive or sound something like a broken record, you know, we have had the same view on M&A We have the same view on M&A today that we have had for quite a while. We are interested. We are always looking. it is got to be strategic. it is got to be right asset in the right market at the right price. They have to be higher quality assets. We have got, you know, the business is performing at a very high level. We are returning significant dollars to our shareholders. We have a strong balance sheet. And so we do not need to do M&A. But if the right opportunity comes along, we certainly have our eyes open. We are not afraid to execute. But once again, it, as it always has, has to tick those boxes. So think it is any different than, unfortunately, the answer I have provided in previous years, and it remains the same today. Nothing's changed for us. Just because we have a strong balance sheet and robust free cash flow does not cause us to be more or less aggressive. I was repetitive. First. Thanks. Nope. Quite alright. Operator: Our next question comes from Shaun Kelley of Bank of America. Shaun, please go ahead. Shaun Kelley: Yes. Hi. Good afternoon, everybody, and thanks for taking my question. Josh or Keith, just I wanted to go back to Locals for a second. And think you had mentioned a bit about an ongoing or an additional renovation project at the Orleans starting in 2027, if I caught that correctly. Obviously, I think you are working on the rooms now. So could you just talk about scope and scale there, if I caught that right or correct me if I did not? And then secondarily and probably more importantly, just help us think on net what is construction disruption going to look like in 2027 versus 2026 for the segment? you know, obviously, Suncoast and the Orleans rooms should be largely done by then. So on net, should we see a little less disruption next year than what we saw this So a couple of comments. Keith E. Smith: 1, you heard correctly that we are in the design process for a refresh of the Orleans. The casino space as well as public spaces. It is 1 of our you know, premier top properties and great proximity to the strip. And so we are in the process of going through that. Do not have scale and scope to announce at this point. That will come at a later date. As you think about construction disruption, 1, we would expect it to largely conclude at the Suncoast, we would expect it to largely conclude at the end of Q3. And therefore, in Q4, we expect Suncoast to start producing better performance. It relates to the Orleans, and I think I indicated in my prepared remarks that we would be probably starting that project, you know, sometime in 2027. The initial part of that will be behind walls off space right now. I think as we phase, we will. we will. Therefore, there will be no construction disruption at the Orleans in 2027 There will be no construction disruption at Suncoast in 2027. So as you think of the locals portfolio, it basically should be absent construction disruption. Perfect. Shaun Kelley: Thank you very much. Operator: The next question comes from Benjamin Chaiken of Mizuho. Benjamin, please go ahead. Benjamin Chaiken: Thanks for taking my question. If I am not mistaken, I think you said Ex Orleans and Suncoast revenue EBITDA were higher year over year. I think when you gave I think you gave a similar update a quarter ago, and it was closer to flat. Am I reading too much into that? Or did trends sequentially accelerate? Keith E. Smith: you heard right. Absent Orleans and Suncoast, we did see growth in revenues and growth in EBIT EBITDAR the remaining Las Vegas locals properties. I will have to see if Josh has the numbers. I do not have the numbers handy in terms of did it accelerate In Q2 versus Q1. Josh Hirsberg: Yeah. Q1, I think, Benjamin, you are right from memory. It was flat more flattish in Q1, and then we saw better performance from that group of properties in Q2. And I would say that it was, you know, it was contributions from a broader set of properties as we End the Q2. And we started to see obviously, 1 difference is cadence. From an EBITDA perspective. That was not contributing, so it was just a mix of properties changed and contribution from revenue versus EBITDA. changed based on the mix, the change in the mix of properties. Benjamin Chaiken: Understood. that is helpful. And then just 1 quick 1 on downtown. Did airfares impact the Hawaiian play at all? And is that something you are watching for Q3? Thanks. Keith E. Smith: Airplays is something we have been watching for years, and we take a look at every day and every week. Monitor for Q2. Did not have any material impact on the visitation. They will play from our Hawaiian guests was relatively stable during the quarter. It materially impacted by airfares or anything else, but it was something we do pay attention to all the time because it has the potential to impact travel from Hawaii. Josh Hirsberg: Yeah. Then that is, you know, from the perspective of downtown, to date, it is been really all about a similar impact. Or a similar topic we have seen in the locals, so that is been destination. So it was just not getting the walker in the kind of the retail traffic downtown that we typically strip when they have a vacation. So just destination in general is affecting downtown. As well. Benjamin Chaiken: Understood. Thank you. Welcome. Operator: Our next question comes from Steven Pizzella of Deutsche Bank. Steve, please go ahead. Steven Pizzella: Hey, good afternoon, thanks for taking my question. Think you mentioned by early 2027, you will have renovated over 70% of Las Vegas' hotel rooms inventory. Plus the new F&B concepts and you have, of course, Cadence Crossing. Do you expect that to lead to gaining market share in the Locals region? Josh Hirsberg: We certainly expect to continue to grow here, yes. I think that reality is if you look at our Las Vegas locals market share without Orleans and Suncoast, which is what we have talked about quite a bit have been impacted for different reasons. But without those 2 properties, we have actually grown market share in the Las Vegas locals market. So with Suncoast coming back online, fully renovated, with Cadence you know, gaining its sea legs, so to speak. it is only been open for barely 4 months at this point, but as it continues to grow, yes, we would expect to continue to grow our market share there. Steven Pizzella: Okay. Thank you. Then just a quick follow-up. Wanted to see if we could get an update on the current promotional environment in locals in the Midwest and South. Keith E. Smith: Stable. Not much has changed. As I have said for a couple of quarters, those folks that have been aggressive over the last several quarters or last year or so remain aggressive. Those that have remained stable have remained stable. that is true both here in Las Vegas. As well as around the country. We have not, you know, in our markets anyways, have not noted any you know, considerable pickup in how aggressive people are being. Steven Pizzella: Great. Thank you. Operator: Our next question comes from Brandt Montour of Barclays. Brandt, please go ahead. Brandt Montour: Great. Thanks for the question. So I wanted to circle back to the managed or sorry. The, yeah, the managed business Josh, you gave a an updated look at how the full year you expect the full year to come in. The implied back half in that full year target would seem to sort of step back from the second quarter levels. And I just wanna understand, you know, what is driving that. there is a reason for maybe sort of post you know, expansion, cool down? I do not I do not know what you are seeing, but let me let us whatever you can say to help us. Understand that would be helpful. Josh Hirsberg: Yeah. It is a little bit of a slowdown from what the business we saw in Q2, only anticipating that you open something, you got a lot of demand. And it will settle in at a at a at a level. But that is kinda what went into the expectation. There is still an expectation that it will grow and that is why we increased guidance overall. By $3 million. So 5. No. it is 3. So you know, that will just get spread evenly over the 2 quarters. Brandt Montour: Okay. that is helpful. And then online, similar question. A little bit different. Yeah. you did guide up does not seem like that you are looking for a step back per se. Or at least it is not as obvious in the online back half. But maybe you just break out PALA or sorry. Boyd Interactive the eye gaming piece, you know, what is the sort of you know, cadence of momentum there. you know, this is obviously an asset that gets overlooked, but you it feels like you have some, you know, impressive growth under the hood. What can what else can you tell us about the path there? Josh Hirsberg: So, I mean, if you think about online, just think about it as 2 big buckets. 1 is just the market agreements. Obviously, they got renegotiated and changed with the FanDuel transaction last year. This year, they are in system with what we said before, that is about $1 million a month. So about $12 million a year for market access. Then the rest is really Boyd Interactive. And the growth inherent in that little business. So, hopefully, that is that is that gives you a sense. Brandt Montour: Sure. that is helpful. Thanks very much. Operator: Our next question comes from John DeCree of CBRE. John, please go ahead. John DeCree: Hi, Keith. Josh. Good afternoon. Wanted to go back to an earlier comment I think I heard in the prepared remarks about operating efficiency specific to Midwest and South, obviously, something you all have been focused on in perpetuity. But we have noticed in Q1, really, that flow through in the Midwest and South kinda stepped back up into the you know, 40%-plus range. We saw the same in Q2, and last year, we were getting some revenue growth. But really not the flow through. And so Josh, I am curious if you could kinda tell us if you have made any changes or tweaks in the Midwest and South segment, you know, anything specific on the operating structure? Any cost cuts or, you know, if it is just kind of mostly blocking and tackle. I am not sure if you can kinda say how you got that flow through back up to you know, the forties and if that is sustainable from here. Josh Hirsberg: Yeah. Thanks, John. I think that the flow through is really a reflection we had a little bit of trouble in the second half of last year where we had revenue growth but limited more limited flow through. you know, as we dug into it more and more, it really became obvious that was really largely kind of a benefits related issue. There were some other moving pieces, but so we reset some of our programs to try to address that. I think we have gotten it under control now. We will we will see as we move through the year. Obviously, the will depend on usage of the plans and things of that nature as we move through the rest of the year. But for right now, we outside of benefits, when we look at expenses just more broadly, I think we feel like they are very manageable at this stage, and that is what you are seeing not only in the flow-through in the Midwest and South and the margins there, but also outside of Orleans and Suncoast, we are seeing good margin maintaining good margins in the rest of the portfolio. As those were over 50% as well, not only reflecting the strength of the local customer here in Las Vegas, but also kinda being able to manage our expense structure So, John, you said this. Keith E. Smith: I mean, the management teams are focused on this every single day and every single week in terms of managing expenses, finding ways to continue to mitigate lower cost. And so it is something that is a huge focus all the time, the team is always working on and you know, some quarters are more successful than others. Understood, Keith. John DeCree: Thank you. Josh, thanks. I will I will leave it there. that is all for me. Appreciate it, guys. Yep. Operator: Have time for 1 last question from Daniel Politzer of JPMorgan. Daniel, please go ahead. Daniel Politzer: Hey, good afternoon, and thanks for taking the question. It sounds like on the Locals business, you are kind of getting through that destination softness. Suncoast, I think the disruption ends in the third quarter. Then you are going to have Cadence starting to contribute. When can we start penciling in top line growth again in this segment? Is it fair that we could see it begin in the third quarter? Or is it something we will have to wait for 2027 for? Josh Hirsberg: Yes. So Daniel, ultimately, I think at least from an EBITDAR perspective, expect to start to see maybe flat to growth in Q4 I am not sure if you will. I think you will continue to see could see some revenue growth in Q3. That will just depend on how quickly we finish out Suncoast, but I am not Like, the plans right now are for it to, like, go late into Q3. So I am not sure we will really get the benefit of top line growth in from the segment in Q3. I think it is really all about Q4. Daniel Politzer: Got it. Thanks. And just a quick follow-up. Virginia, that is not something we hear a lot I get it is not opening, you know, until late next year. I guess, can you just remind us how you think about the cash-on-cash returns for that $750 million to spend Yeah. Josh Hirsberg: So the general targets are kind of a 15% cash on cash return for a project like that. And that is generally what we would expect it to ramp up to Maybe not necessarily in the first year, but certainly as it transitions from the first to second year. Daniel Politzer: Got it. Thanks so much, everyone. Welcome. Sure. Operator: This concludes our question-and-answer session. I would now like to turn the call over to Josh for concluding remarks. Josh Hirsberg: Thanks, David, and thanks for everyone joining the call. If there is any follow-up just feel free to reach out to the company. Before you buy stock in Boyd Gaming, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Boyd Gaming wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Boyd Gaming (BYD) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Boyd Gaming (BYD) has just reported second quarter and first half 2026 results, giving investors fresh numbers on revenue, earnings and profitability across its casino and online operations. See our latest analysis for Boyd Gaming. Despite beating earnings expectations, Boyd Gaming's recent results and board appointments have coincided with some cooling in short term sentiment. The 7 day share price return is 3.58% and the 90 day share price return is 3.19%, while the 1 year total shareholder return of 6.10% and 5 year total shareholder return of 56.72% point to a much stronger longer term picture. If Boyd Gaming's mixed near term momentum has you thinking about diversification, this could be a good moment to broaden your watchlist with the 17 top founder-led companies Boyd Gaming shares have slipped over the past week but still sit above where they were three months ago. Should you treat the recent softness as an early entry or wait for a clearer value gap to open up? Boyd Gaming's most followed valuation narrative puts fair value at $94.13 per share, compared with the latest close of $86.56. This frames the current discount investors are looking at. Read the complete narrative. Want to see what is sitting behind that tight range of analyst views? Revenue growth assumptions, margin compression and a punchy future earnings multiple are doing the heavy lifting. Result: Fair Value of $94.13 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, that story can change quickly if competitive pressure at properties like The Orleans lingers, or if weather related disruptions again unsettle Midwest & South results. Find out about the key risks to this Boyd Gaming narrative. Alongside the analyst fair value of $94.13 per Boyd Gaming share, the SWS DCF model points to an estimated future cash flow value of $123.50, meaning the current $86.56 price sits about 29.9% below that figure. If the cash flow assumptions hold, is the market being too cautious today? For a closer look at how this cash flow view is built and what would need to change for it to shift, Look into how the SWS DCF model arrives at its fair value. With Boyd Gaming's mixed signals and differing valuation views in mind, consider the information while it is current and form your own stance by weighing its 2 key rewards and 4 important warning signs If Boyd Gaming has sharpened your focus on valuation and risk, do not stop here. Broaden your opportunity set with targeted stock ideas backed by consistent data. Spot potential value early by scanning companies that currently screen as 38 high quality undervalued stocks based on strong fundamentals and pricing that may not fully reflect their underlying business performance. Strengthen your income stream by reviewing 7 dividend fortresses that combine higher yields with fundamental checks designed to support more resilient shareholder payouts. Prioritise capital protection by filtering for 79 resilient stocks with low risk scores so you can focus on companies with lower overall risk scores instead of chasing every headline move. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BYD. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Revenue Growth: Increased 3% company-wide for the second quarter. EBITDAR Growth: Grew 2% for the quarter, adjusting for last year's FanDuel transaction and tax pass-through amounts. Midwest and South Segment Revenue: Grew 3% in the quarter. Midwest and South Segment EBITDA: Increased 4% with property margins expanding to nearly 38%. Las Vegas Local Segment Revenue (excluding Orleans and Suncoast): Increased 4% in the quarter. Las Vegas Local Segment EBITDAR (excluding Orleans and Suncoast): Grew 3% with margins exceeding 50%. Managed Business EBITDA Growth: Increased by 18% year-over-year. Online Segment Revenue and EBITDA: Achieved growth on a comparable basis. Capital Expenditures: $142 million invested during the quarter, with year-to-date CapEx at $297 million. Share Repurchases: 1.9 million shares repurchased at an average price of $83.60 per share. Dividends Paid: $15 million during the second quarter. Share Count: 73.1 million shares at the end of the second quarter. Leverage: Traditional leverage at 2.2 times and lease-adjusted leverage at 2.7 times. Warning! GuruFocus has detected 5 Warning Sign with BYD. Is BYD fairly valued? Test your thesis with our free DCF calculator. Release Date: July 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Boyd Gaming Corp (NYSE:BYD) reported a 3% increase in company-wide revenues and a 2% growth in EBITDAR for the second quarter, driven by strong performances in the Midwest and South segments. The Midwest and South segment achieved its highest property margins in nearly two years, with a 4% growth in EBITDA and a 3% increase in revenues. The Las Vegas local segment, excluding the Orleans and Suncoast, saw a 4% increase in revenues and a 3% growth in EBITDAR, with margins exceeding 50%. Boyd Interactive and the managed business segments contributed to revenue and EBITDA growth, with the managed business growing EBITDA by 18% year-over-year. The company returned over $170 million to shareholders through share repurchases and dividends during the second quarter, demonstrating a strong commitment to shareholder returns. The Las Vegas destination business continued to experience softness, particularly impacting the Orleans and Suncoast properties. Ongoing construction at the Suncoast led to disruptions, with an estimated $3 million impact on EBITDAR for the second quarter. The downtown Las Vegas segment was affected by lower pedestrian traffic, reflecting continued softness in destination business. Despite strong performances in other segments, the Las Vegas locals market faced challenges due to construction disruptions and destination business declines. The company anticipates continued construction disruption at the Suncoast into the third quarter, potentially impacting short-term performance. Q: Keith, you mentioned guests staying closer to home in the opening remarks. Can you talk a little bit more about what may be driving growth in the Midwest and South? A: Keith Smith, President and CEO, explained that guests are staying closer to home due to factors like higher airfares and macroeconomic conditions. The Midwest and South portfolio is outperforming Las Vegas, with good growth from core and retail customers. The Las Vegas locals market also shows strength, despite declines in destination business. Q: Was the negative year-over-year EBITDA impact in the Las Vegas locals market similar to last quarter? How does this shift going into Q3? A: Josh Hirsberg, CFO, noted that the impact was consistent at around $5 million of EBITDAR. They expect this to lessen in Q3, estimating around $3 million. Construction disruption at Suncoast also impacted Q2, expected to continue in Q3 before improvements in Q4. Q: Can you discuss the cadence of the second-quarter in the Las Vegas locals market and if trends are continuing into Q3? A: Keith Smith confirmed that outside of Suncoast and Orleans, the rest of the portfolio is performing consistently with Q2. The quarter's performance was as expected, with no significant trends from month-to-month variations. Q: Are you considering more aggressive reinvestment in your portfolio given the strong returns from properties you've reinvested in? A: Keith Smith stated they are comfortable with the current pace of reinvestment. The team is fully engaged with ongoing projects, and while they have a list of future projects, they do not plan to increase the pace or spending significantly. Q: What is the outlook for external M&A, and are there any potential opportunities? A: Keith Smith reiterated their consistent view on M&A, emphasizing strategic fit, right asset, market, and price. They are open to opportunities but do not feel pressured to pursue M&A due to their strong balance sheet and shareholder returns. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Boyd Gaming (BYD) came out with quarterly earnings of $1.93 per share, beating the Zacks Consensus Estimate of $1.86 per share. This compares to earnings of $1.87 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +3.76%. A quarter ago, it was expected that this casino operator would post earnings of $1.76 per share when it actually produced earnings of $1.6, delivering a surprise of -9.09%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Boyd, which belongs to the Zacks Gaming industry, posted revenues of $1.03 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.58%. This compares to year-ago revenues of $1.03 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Boyd shares have added about 1.7% since the beginning of the year versus the S&P 500's gain of 9.6%. While Boyd has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Boyd was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.75 on $1.01 billion in revenues for the coming quarter and $7.23 on $4.14 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Gaming is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Wynn Resorts (WYNN), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4. This casino operator is expected to post quarterly earnings of $1.04 per share in its upcoming report, which represents a year-over-year change of -4.6%. The consensus EPS estimate for the quarter has been revised 1.8% lower over the last 30 days to the current level. Wynn Resorts' revenues are expected to be $1.85 billion, up 6.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Boyd Gaming Corporation (BYD) : Free Stock Analysis Report Wynn Resorts, Limited (WYNN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research