Boyd Group has announced its Q4 and Full Year 2025 Results. Key highlights were:

• Sales increased by 2.4% over the same period in 2024 to $3.1 billion, including incremental sales from 119 new locations of $94.2 million, partially offset by same-store sales[1] declines of 0.2%. Fiscal 2025 included one fewer selling and production day than fiscal 2024, which reduced selling and production capacity by approximately 0.4% and resulted in the decline in same-store sales
• Adjusted EBITDA1 increased 12.4% to $376.3 million, compared with Adjusted EBITDA of $334.8 million in 2024
• Adjusted net earnings1 increased 28.8% to $62.4 million, compared with $48.5 million in Adjusted net earnings in 2024 and Adjusted net earnings per share1 increased 23.0% to $2.78, compared with $2.26 in 2024. Commencing in the fourth quarter, the calculation of Adjusted net earnings excludes amortization of intangibles arising on acquisitions. Comparative periods have been restated for consistency. Prior to the adjustment for amortization of intangibles arising on acquisitions, Adjusted net earnings in 2025 was $44.4 million, compared with $30.9 million in 2024 and Adjusted net earnings per share was $1.98, compared with $1.44 in 2024
• Net earnings decreased 25.0% to $18.4 million, compared with $24.5 million in 2024 and net earnings per share decreased 28.3% to $0.82, compared with $1.14 in 2024. Net earnings in 2025 were impacted by acquisition and transformational cost initiatives of $22.6 million (net of tax), including $9.1 million related to the Joe Hudson’s Collision Center acquisition and $9.9 million to Project 360 implementation
• Increased cash flows provided by operating activities of $353.0 million, compared with $313.3 million in 2024
• Completed a C$275 million unsecured note offering and increased and extended Boyd’s revolving credit facility at more favorable terms in August 2025
• Announced a definitive agreement to purchase Joe Hudson’s Collision Center (“Joe Hudson’s”) for $1.3 billion, subject to post-closing adjustments
• Completed a $897 million bought deal initial public offering in the U.S. and a C$525 million senior unsecured note offering to secure financing for the Joe Hudson’s acquisition
• Boyd Group Services Inc. shares began trading on the New York Stock Exchange under symbol “BGSI”
• Increased quarterly dividends by 2.0% in November 2025, bringing dividends to an annualized amount of C$0.624 per share from C$0.612 per share
• Announced an amendment to Boyd’s revolving credit facility in December 2025, increasing the facility size, improving terms and facilitating the Joe Hudson’s acquisition
• Increased internalization of scanning and calibration services in the U.S. business to 75% in the fourth quarter of 2025 from 53% in the fourth quarter of 2024
• Added 70 collision locations, including 43 acquisition locations and 27 start-up locations

“Boyd Group closed out 2025 with strong momentum, highlighted by our second consecutive quarter of positive same-store sales growth, continued outperformance relative to industry trends, margin expansion and a strengthened competitive position”, said Brian Kaner, President & CEO of the Boyd Group. “As industry conditions improved, our results reflected disciplined execution of our growth strategy and substantial progress on our Project 360 initiative. We also announced the definitive agreement to acquire Joe Hudson’s Collision Center and listed our shares on the New York Stock Exchange, two significant milestones that further increase our scale, deepen our U.S. presence, and position Boyd for continued long-term growth and value creation.”

Kaner added that, “our strong operating performance in 2025 was driven by improvements in same-store sales, growth from new locations, including four small multi-shop operator acquisitions, and strong margin improvement from the continued execution of Project 360. Adjusted EBITDA increased 12.4% year-over-year, supported by a 110 basis point expansion in Adjusted EBITDA margins to 12.0%, demonstrating meaningful progress towards the Company’s Adjusted EBITDA margin1 goal of 14%+. I am proud of the Boyd team’s outstanding commitment and performance throughout 2025,” Kaner stated. “When we launched Project 360 in the fourth quarter of 2024, we set ambitious goals, and it’s rewarding to see the substantial progress we have made.”

Looking ahead to 2026, Kaner said he’s excited about the opportunities available. “The transformative acquisition of Joe Hudson’s Collision Center marks a significant milestone, and we are confident that our increased scale, greater market density, and expanded growth platform will help us deliver even more value for our shareholders and customers. Our disciplined execution and clear focus on growth positions Boyd for continued success”, Kaner concluded.


Industry outlook

Industry conditions steadily improved throughout 2025 and into the early part of 2026. Based on fourth quarter claims processing platform data, the Boyd Group estimates that repairable claims volume declined in the range of 2-4% during the quarter. This represents a notable improvement compared to earlier in the year, when claims were down an estimated 9-10% in the first quarter, 6-8% in the second quarter and 3-5% in the third quarter. Thus far in 2026, we have continued to see sustained improvement in the key industry drivers that supported this recovery, including insurance premium inflation falling below overall CPI levels, insurance rate reductions across several carriers and increasing used vehicle prices.

In the early months of 2026, while winter storms benefitted our northern regions, this benefit was partially offset by unusual storm activity in the U.S. South. These storms resulted in lower driving activity and therefore a short-term reduction in volume in Boyd’s southern locations, including Joe Hudson’s. As the quarter has progressed, the Boyd Group said it saw volumes in the south normalize with overall same-store sales thus far tracking similar to fourth quarter levels.

According to the Boyd Group, integration of Joe Hudson’s acquisition and realization of associated synergies are progressing well and remain in line within initial expectations. Boyd has made solid progress with the integration of Joe Hudson’s during the early months of 2026 with conversion of approximately 44% of locations over to the Company’s information technology platforms and branding. This initiative is expected to be complete early in the second quarter.

As the company advances the integration of Joe Hudson’s, Boyd Group says it is well-positioned to execute on an established pipeline of approximately eight to ten new start-up locations per quarter. In the first quarter of 2026, Boyd expects to open eight start-up locations, with an additional 24 currently in development through December 31, 2026. Start-up location development will be complemented by acquisitions, including single shop and small MSO acquisitions.

As in prior years, first quarter expenses have been impacted by higher payroll taxes that occur early in the year, while the fourth quarter of 2025 benefited from reductions in expense accruals as certain estimates were firmed up at amounts lower than previously accrued.

In the long-term, management says it remains confident in its business model and its ability to enhance its industry position by expanding its presence in North America through strategic acquisitions alongside organic growth from Boyd’s existing operations. Through more than 30 years of disciplined execution, Boyd now operates over 1,300 locations across North America, and with the acquisition of Joe Hudson’s has solidified its position as the second largest independent collision repair operator. Despite this success, Boyd’s market share remains relatively modest in a highly fragmented industry of approximately 30,000 repair locations. According to the company, this fragmentation provides significant consolidation and scale-driven efficiency opportunities for Boyd over the long-term.

On March 18, Boyd Group hosted a conference call that reviewed the company’s Q4 and Full 2025 earnings. More details can be found at https://www.boydgroup.com.