Boyd Group Services (BYD) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 revenue of $790.2 million, up 5% year-over-year, with adjusted EBITDA of $98.4 million and margin improvement to 12.4% from 10.7% year-over-year.

• Returned to positive same-store sales growth of 2.4% in Q3 2025, with momentum continuing into Q4 and aligning with the five-year plan.

• Surpassed 1,000 locations, added 24 new sites in Q3, and announced a definitive agreement to acquire Joe Hudson's Collision Center for $1.3 billion, adding 258 locations.

• Completed a $897 million U.S. IPO, began trading on the NYSE, and completed a CAD 275 million bond offering.

• Five-year plan targets $5 billion in revenue, $700 million adjusted EBITDA, over 1,400 locations, and 10% market share by 2029.

Financial highlights

• Q3 2025 sales increased 5% year-over-year to $790.2 million; same-store sales excluding FX up 2.4%.

• Adjusted EBITDA rose 22.8% to $98.4 million, with margin up to 12.4% from 10.7%.

• Adjusted net earnings were $13.3 million ($0.62/share), up from $3.2 million ($0.15/share) in Q3 2024.

• Net earnings were $10.8 million ($0.51/share), up from $2.9 million ($0.13/share) in Q3 2024.

• Gross margin improved to 46.3%, up from 45.7% year-over-year.

Outlook and guidance

• Five-year plan aims for $5 billion revenue and $700 million adjusted EBITDA by 2029, with 3-5% annual same-store sales growth and 5-7% annual unit growth.

• Project 360 cost savings on track for $70 million run rate by end of 2026 and $100 million by 2029, with $30 million already realized.

• Same-store sales growth in October exceeded Q3, trending within the 3%-5% long-term range.

• New location growth expected to average 8-10 start-ups per quarter, with 13 planned for Q4 2025 and a target of 80-100 new locations annually.

• Joe Hudson's acquisition expected to deliver $35-45 million in synergies, about half realized near-term.