Boyd Group Services (BYD) Q4 2025 earnings summary

Executive summary

• Achieved second consecutive quarter of positive same-store sales growth and solid year-over-year adjusted EBITDA margin improvement.

• Completed transformative acquisition of Joe Hudson's Collision Center, expanding U.S. presence and scale by adding 258 locations in the US Southeast.

• Listed shares on the NYSE and completed significant financing activities to support growth.

Financial highlights

• Full-year sales increased 2.4% year-over-year to $3.14 billion, with $94.2 million from 119 new locations, offsetting a 0.2% decline in same-store sales.

• Adjusted EBITDA rose 12.4% to $376.3 million, with margin expanding to 12.0% from 10.9% year-over-year.

• Adjusted net earnings increased 28.8% to $62.4 million; adjusted EPS up 23.0% to $2.78.

• Net earnings decreased 25.0% to $18.4 million, impacted by $22.6 million in acquisition and transformational costs.

• Cash flows from operating activities increased to $353.0 million from $313.3 million year-over-year.

Outlook and guidance

• Industry conditions improved through 2025 and into early 2026, with repairable claims volume declines moderating each quarter.

• Integration of Joe Hudson's progressing as planned, with 44% of locations converted to Boyd's systems and branding by early 2026.

• Plans to open eight start-up locations in Q1 2026, with 24 more in development for the year, complemented by further acquisitions.

• Management remains confident in long-term growth via acquisitions and organic expansion in a fragmented market.