Boyd Group Services (BYD) Q3 2025 earnings summary

Executive summary

• Achieved 5.0% year-over-year sales growth to $790.2 million in Q3 2025, with same-store sales up 2.4% and momentum continuing into Q4 as industry conditions normalize.

• Surpassed 1,000 locations, added 24 new sites (17 acquired, 7 start-ups), and announced a definitive agreement to acquire Joe Hudson's Collision Center for $1.3 billion, expected to close in Q4 2025, adding 258 locations.

• Completed a $897 million U.S. IPO and began trading on the NYSE, enhancing financial flexibility.

• Project 360 cost transformation initiatives delivered significant margin improvements and annualized run rate savings exceeding $30 million, targeting $70 million by 2026 and $100 million by 2029.

• Five-year plan targets $5 billion in revenue, $700 million in 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 up 2.4% excluding FX.

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

• Net earnings were $10.8 million, up from $2.9 million in Q3 2024; adjusted net earnings reached $13.3 million ($0.62/share).

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

• Debt, net of cash before lease liabilities, increased to $521 million from $487 million at year-end 2024, mainly due to new location growth.

Outlook and guidance

• Same-store sales growth in early Q4 is within the 3%-5% long-term range, supported by improved industry drivers.

• Expect to open 13 startup locations in Q4 and maintain a target of 80-100 new locations annually as part of the five-year plan.

• Project 360 on track for $70 million run rate savings by end of 2026 and $100 million by 2029.

• Joe Hudson's acquisition expected to deliver $35–$45 million in synergies by 2028, with about half realized near-term.

• Five-year goal: $5 billion revenue and double adjusted EBITDA by 2029, with a target margin of 14%.