Boyd Group Services (BYD) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $996.7 million, up 28.1% year-over-year, and record adjusted EBITDA of $122.4 million, up 51.9%, driven by the Joe Hudson's acquisition, new locations, and positive same-store sales growth.

• Expanded footprint by 33% to over 1,300 locations, including 258 from Joe Hudson's, solidifying a leading North American presence.

• Integration of Joe Hudson's completed or on track, with $20 million in Q1 synergies realized and $40 million annualized expected, 50% to be realized in 2026.

• Third consecutive quarter of positive same-store sales growth, with Q1 up 1.7% (2.6% adjusted for weather impacts).

• Maintains leadership in collision repair and U.S. retail glass, focusing on operational excellence and insurer partnerships.

Financial highlights

• Revenue rose 28.1% to $996.7 million; adjusted EBITDA up 51.9% to $122.4 million with margin expanding to 12.3% from 10.3%.

• Gross profit increased 29.1% to $463.7 million (46.5% margin); operating expenses as % of sales fell to 34.2%.

• Net loss of $7.9 million, impacted by $16.6 million in acquisition and transformation costs.

• Adjusted net earnings more than doubled to $16.1 million ($0.58/share) from $6.6 million ($0.31/share) prior year.

• Cash flow from operations before working capital changes was $101.9 million, up from $72.9 million.

Outlook and guidance

• Long-term targets: $5B+ revenue, 1,400+ units, $700M+ adjusted EBITDA, 14%+ margins, 3–5% same-store sales growth, and 5–7% annual unit growth.

• Project 360 and Joe Hudson's synergies expected to deliver $140 million in annualized cost savings by 2029.

• Five start-up locations to open in Q2 2026, with 17 more by year-end; positive same-store sales trends continued into Q2.

• Leverage expected to decline to 2.6x by end of 2026.