Boyd Group Services Inc

Latest Results (19.05.2026):

Boyd Group Services Inc. — fourth quarter of 2025: Boyd closed 2025 with a strong finish, reporting positive same‑store sales in Q4 and year‑over‑year margin expansion. Quarterly sales were $793.9 million and full‑year sales were $3.143 billion. Adjusted EBITDA rose to $103.6 million in Q4 ($376.3 million for FY 2025) and Adjusted net earnings improved materially, although GAAP net earnings were down for the year due mainly to acquisition and transformational costs tied to growth initiatives.

Quarterly sales and same‑store sales

Q4 2025 sales were $793.9M (up 5.5% year‑over‑year) and same‑store sales (ex‑FX) were +2.2% in the quarter — Boyd’s second consecutive quarter of positive same‑store growth. Full‑year sales were $3.143B (up 2.4%) with FY same‑store sales down 0.2%, explained in part by one fewer selling day in 2025.

Margin and Adjusted EBITDA

Adjusted EBITDA for Q4 was $103.6M (+24.2% YoY) and Adjusted EBITDA margin expanded to 13.1% in the quarter (12.0% for FY 2025, up 110 bps vs. 2024), reflecting Project 360 execution and operational improvements.

Adjusted net earnings and EPS

Adjusted net earnings were $22.8M in Q4 and $62.4M for FY 2025 (+28.8% YoY). Adjusted net earnings per share for the year were $2.78 (restated to exclude amortization of acquisition‑related intangibles from Q4 onward).

Net earnings and one‑time costs

GAAP net earnings fell to $18.4M for the year (down 25.0%) and EPS to $0.82, driven by $22.6M (net of tax) of acquisition and transformational cost initiatives in 2025, including costs related to the Joe Hudson’s acquisition and Project 360 implementation.

Cash flow and financing

Operating cash flow increased to $353.0M (from $313.3M in 2024). During 2025 Boyd completed multiple financings: a C$275M unsecured note offering, a C$525M senior note offering and a US$897M bought‑deal IPO in the U.S. to help fund the Joe Hudson’s transaction, and it extended/improved its revolving credit facility.

Acquisitions and integration

Boyd announced and subsequently closed the acquisition of Joe Hudson’s Collision Center (≈$1.3B deal), adding 258 locations; post‑close ~44% of those sites have been converted to Boyd systems and branding. The company also added 70 collision locations during 2025 (43 by acquisition, 27 start‑ups).

Operations & Project 360

Execution of Project 360 contributed to margin gains and efficiencies: U.S. internalization of scanning and calibration rose to 75% in Q4 2025 (from 53% in Q4 2024), and Boyd reiterated progress toward its long‑term Adjusted EBITDA margin target (14%+).

Dividends, listing and corporate milestones

Boyd increased its quarterly dividend by 2% in November 2025 to an annualized C$0.624, and after quarter‑end declared quarterly dividends of C$0.156. Shares began trading on the NYSE under BGSI during 2025, expanding U.S. capital market access.

Outlook

Management reports industry conditions improved through late 2025 and into early 2026, with repairable claims volumes normalizing. Boyd expects continued integration work on Joe Hudson’s (conversion largely complete early in Q2 2026), ongoing start‑up activity (targeting ~8–10 start‑ups per quarter) and further benefits from scale and Project 360 execution.