Boyd Group Reports Record Q1 Sales and Adjusted EBITDA, Driven by Acquisitions and Margin Expansion
BGSI is trading near its 52-week low of $110.8 (1.5% above the low).
Summary
Boyd Group Services Inc. reported record first-quarter 2026 sales of $996.7 million and Adjusted EBITDA of $122.4 million, driven by strong new location growth, positive same-store sales, and significant cost savings from Project 360 and acquisition synergies. The company also reduced its pro forma debt leverage.
Key Events · Earnings and Guidance · BGSI
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Record Financial Performance
Reported all-time record first-quarter sales of $996.7 million, a 28.1% increase year-over-year, and all-time record Adjusted EBITDA of $122.4 million, up 51.9%. Adjusted EBITDA margins expanded by 200 basis points to 12.3%.
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Strong Operational Execution
Achieved 1.7% same-store sales growth (2.6% adjusted for weather impact) and added 269 locations, increasing the collision location footprint by 33% year-over-year. The integration of Joe Hudson's Collision Center is fully complete.
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Significant Cost Savings and Synergies
Realized over $20 million in incremental cost savings from Project 360 and Joe Hudson's acquisition synergies in Q1 2026, contributing to margin expansion. The company remains committed to a 14%+ Adjusted EBITDA margin goal.
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Improved Debt Leverage
Reduced pro forma debt leverage from 3.1x to 2.9x following the significant acquisition activity, indicating improved financial health post-integration.
Analysis · BGSI · Trade & Services
Boyd Group Services Inc. delivered strong first-quarter results, with record sales and Adjusted EBITDA, demonstrating successful integration of the Joe Hudson's acquisition and effective execution of Project 360 cost savings. The significant increase in profitability and margin expansion, coupled with a reduction in pro forma debt leverage, indicates robust operational performance and strategic execution. This positive performance, while the stock trades near its 52-week low, could signal a potential turning point for investor sentiment.
At the time of this filing, BGSI was trading at $112.46 on NYSE in the Trade & Services sector, with a market capitalization of approximately $3.1B. The 52-week trading range was $110.80 to $183.10. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.