Boyd Group Services (BYD) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of CAD 997 million ($996.7 million), up 28.1% year-over-year, and record adjusted EBITDA of CAD 122 million ($122.4 million), up 51.9%.

• Growth driven by a 33% increase in location footprint to 1,312, including the Joe Hudson's acquisition, the largest in company history.

• Third consecutive quarter of positive same-store sales growth, with Q1 same-store sales up 1.7% (2.6% adjusted for weather impacts).

• Integration of Joe Hudson's completed post-quarter, with $20 million in Q1 synergies realized and $40 million in total expected, 50% to be realized in 2026.

• Net loss of $7.9 million, impacted by $16.6 million in acquisition and transformational costs (net of tax).

Financial highlights

• Revenue rose 28.1% year-over-year to $996.7 million; same-store sales up 1.7% (2.6% ex-weather).

• Gross profit increased 29.1% to $463.7 million; gross margin at 46.5% vs. 46.2% prior year.

• Adjusted EBITDA up 51.9% to $122.4 million; margin expanded 200 bps to 12.3%.

• Adjusted net earnings rose to $16.1 million ($0.58/share) vs. $6.6 million ($0.31/share) prior year.

• Operating expenses as % of sales: 34.2% (down from 35.8% prior year).

Outlook and guidance

• Long-term framework targets 3%-5% average same-store sales growth, 5%-7% annual unit growth, and 3%-4% annual growth in average total cost of repair.

• Five start-up locations to open in Q2 2026, with 17 more by year-end.

• Project 360 and Joe Hudson's synergies expected to deliver $140 million in cost savings by 2029, with $30 million in Project 360 savings in 2026.

• Leverage expected to decline to 2.6x by end of 2026.

• Positive same-store sales trends continued into Q2, with April near low end of long-term range.