Strong execution in Q1 with margin expansion and positive same-store sales. Watch for continued synergy realization from Joe Hudsons integration and same-store sales progression toward the 3-5% long-term range. The reduced leverage (2.9x) provides balance sheet flexibility for further M&A. Monitor next quarter for confirmation of margin recovery to 14% target.
Price Chart
Executive Summary
Boyd Group Services reported record Q1 2026 sales of $996.7M (+28.1% YoY) and Adjusted EBITDA of $122.4M (+51.9%), driven by the transformative Joe Hudsons acquisition (258 locations, closed January 2026) and Project 360 cost savings. Adjusted net earnings more than doubled to $16.1M ($0.58 per share), while net loss of $7.9M reflects non-recurring acquisition costs. Same-store sales rose 1.7% (2.6% adjusting for winter storms), and the company reduced pro forma leverage to 2.9x. Management expects 5 start-ups in Q2 and 17 more in H2 2026, with same-store sales in April approaching the low end of the long-term 3-5% growth range.
Key Facts
- Q1 2026 sales $996.7M vs $778.3M YoY (+28.1%)
- Adjusted EBITDA $122.4M vs $80.5M YoY (+51.9%)
- Adjusted EBITDA margin 12.3% vs 10.3% (+200 bps)
- Adjusted net earnings $16.1M vs $6.6M YoY (+144.3%)
- Adjusted EPS $0.58 vs $0.31 YoY (+87.1%)
- Same-store sales +1.7% (ex-FX); +2.6% adjusted for weather
- Added 269 new locations (258 from Joe Hudsons, 3 acquisitions, 8 start-ups)
- $20M in Project 360 and Joe Hudsons cost savings realized in Q1
- Total debt net of cash $2,004.8M; pro forma leverage reduced from 3.1x to 2.9x
- Cash dividend C$0.156 per share declared
Financial Impact
Record sales and Adjusted EBITDA; net loss from acquisition costs; margin expansion of 200 bps; cost savings target of $140M from 2025-2029, with $20M realized in Q1 2026.
Risk Factors
- Integration risk from Joe Hudsons acquisition (258 locations)
- Total cost of repair (TCOR) growth below historical averages
- Repairable claims volume decline (0-2% in Q1)
- Higher finance costs from debt-funded acquisition
- Tariff impact on costs if not passed through to customers
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-220719 |
| Document: d108532dex994.htm | 0001193125-26-220719 |
| Document: d108532dex993.htm | 0001193125-26-220719 |
| Document: d108532dex992.htm | 0001193125-26-220719 |
| Document: d108532d6k.htm | 0001193125-26-220719 |
| Document: 0001193125-26-220719-index-headers.html | 0001193125-26-220719 |
| Document: 0001193125-26-220719-index.html | 0001193125-26-220719 |
| Document: 0001193125-26-220719.txt | 0001193125-26-220719 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 6-K | $81.65 | awaiting T+20 | — | $82.77 (+1.37%) |
Oct 15, 2026 12d ago | Press Release | $81.65 | awaiting T+20 | — | $82.77 (+1.37%) |
Sep 17, 2026 5w ago | 6-K | $81.00 $81.65 | ▲ +0.80% | ▼ −0.40% | $82.77 (+2.19%) |
Sep 11, 2026 6w ago | 6-K | $90.40 $78.05 | ▼ −13.66% | ▼ −15.53% | $82.77 (−8.44%) |
Aug 12, 2026 10w ago | 6-K | $105.06 $81.55 | ▼ −22.38% | ▼ −20.48% | $82.77 (−21.22%) |
Jul 9, 2026 15w ago | 6-K | $97.77 $102.34 | ▲ +4.67% | ▲ +2.25% | $82.77 (−15.34%) |
Jul 9, 2026 15w ago | Press Release | $97.77 | awaiting T+20 | — | $82.77 (−15.34%) |
Jun 17, 2026 18w ago | 6-K | $91.33 $103.01 | ▲ +12.79% | ▲ +11.47% | $82.77 (−9.37%) |
May 14, 2026 23w ago | 6-K | $103.96 $95.81 | ▼ −7.84% | ▼ −6.98% | $82.77 (−20.38%) |
May 13, 2026 23w ago | 6-K | $98.12 $95.61 | ▼ −2.56% | ▼ −1.95% | $82.77 (−15.64%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers