Boyd Group Services (BYD) Q4 2025 earnings summary

Executive summary

• Revenue reached CAD 3.1 billion ($3.14 billion) in 2025, up 2.4% year-over-year, driven by new locations, operational improvements, and incremental sales from 119 new sites.

• Adjusted EBITDA grew 12.4% to CAD 376.3 million, with margin expansion to 12% for the year and 13.1% in Q4.

• Achieved second consecutive quarter of positive same-store sales growth, with Q4 same-store sales up 2.2% year-over-year.

• Completed transformative acquisition of Joe Hudson's Collision Center, expanding U.S. presence and scale.

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

Financial highlights

• Q4 sales increased 5.5% year-over-year to CAD 793.9 million.

• Gross margin in Q4 was 46.3%, up from 45.8% in Q4 2024; annual gross margin rose to 46.4%.

• Q4 adjusted EBITDA was CAD 103.6 million, up 24.2% year-over-year; margin improved by 200 bps.

• Full-year adjusted net earnings rose 28.8% to CAD 62.4 million; adjusted EPS increased to CAD 2.78.

• Net earnings decreased 25% to $18.4 million, impacted by $22.6 million in acquisition and transformational costs.

Outlook and guidance

• Expect to open eight new locations in Q1 2026 and 24 more through the year.

• Pipeline for single shop and small MSO acquisitions remains strong; no slowdown expected despite Joe Hudson's integration.

• Project 360 and Joe Hudson's synergies to deliver CAD 50 million in cost savings in 2026.

• Targeting long-term same-store sales growth in the 3%-5% range.

• Management remains confident in long-term growth via consolidation in a fragmented industry.