Boyd Group Services (BYD) Q2 2026 earnings summary

Executive summary

• Achieved record revenue of $1.013 billion, up 29.9% year-over-year, with adjusted EBITDA rising 45% to $135.9 million and margin expanding to 13.4%.

• Margin expansion driven by Project 360 and accelerated Joe Hudson's integration, with adjusted EBITDA margin rising to 13.4%.

• Continued market share gains and positive same-store sales growth of 2.9% despite a flat to slightly declining industry claims environment.

• Integration of Joe Hudson's completed, establishing a unified operating platform and realizing significant synergies and cost savings.

Financial highlights

• Revenue increased 30% year-over-year to $1.013 billion, with $211 million from 340 new locations and 2.9% same-store sales growth.

• Gross profit rose 31% to $480 million, gross margin improved to 47.4% from 46.8% year-over-year.

• Adjusted EBITDA grew 45% to $135.9 million; adjusted EBITDA margin expanded 140 basis points to 13.4%.

• Net earnings were $1.3 million, impacted by higher amortization, depreciation, and finance costs; adjusted net earnings rose 47% to $22.4 million, adjusted EPS increased to $0.80.

• Pro forma debt leverage improved to 2.8x from 3.1x at year-end 2025.

Outlook and guidance

• Raised 2026 synergy target from $20 million to $35 million due to faster integration and synergy realization; Project 360 and acquisition cost savings target for 2026 raised to $65 million.

• Maintenance capital expenditures expected at 1.6%-1.8% of sales for 2026; Joe Hudson's capex on track at $30 million, with $9.8 million invested through Q2.

• Anticipates acceleration in acquisition activity and new location development in the second half of the year, with plans to open three new start-up locations in Q3 and ten more in Q4.