Boyd Group Services Inc. announced Q2 2026 results with record quarterly revenue of $1.01 billion, representing 30% sales growth and 45% EBITDA increase, driven by the Joe Hudson's acquisition integration and Project 360 cost savings initiatives.
- Record Revenue: Q2 2026 quarterly revenue surpassed $1 billion for the first time, reaching $1,013.7 million, a 29.9% increase from Q2 2025.
- EBITDA Growth: Adjusted EBITDA increased 44.9% to $135.9 million with margins expanding to 13.4% from 12.0% year-over-year.
- Synergy Acceleration: Boyd realized $35 million in total cost savings in the first six months of 2026, with 2026 targets increased to $65 million from the original $50 million.
- Market Share Gains: Boyd continued outperforming industry volumes with positive same-store sales growth driven entirely by market share gains despite flat to down 2% industry repairable-claims volumes.
- Expansion Plans: Boyd plans to open 13 new start-up locations by year-end 2026 and complement organic growth with disciplined acquisitions while maintaining balance-sheet flexibility.
Boyd Group Services Inc. has announced its financial results for the second quarter that ended on June 30, 2026.
“The Boyd team delivered another strong quarter, with sales increasing 30% in the second quarter and Adjusted EBITDA growing 45%. Quarterly revenue surpassed $1 billion for the first time in Boyd’s history, while Adjusted EBITDA margins reached 13.4%, up from 12.0% in Q2 2025 and 11.5% in Q2 2024, reflecting the continued benefits of Project 360 and synergy realization,” said Brian Kaner, president and CEO of the Boyd Group, in the press release.
“We also successfully completed the conversion of Joe Hudson’s 258 locations during the quarter, accelerating synergy realization, which contributed to the strength in our profitability. Combined with our strong balance sheet, these achievements position us well to continue executing our growth strategy, enhancing profitability and creating long-term value for our shareholders.”
Boyd summarized its Q2 results as follows:
Sales increased 29.9% to $1,013.7 million from Q2 2025, driven by $211.3 million from 340 new locations that were not in operation for the entire Q2 2025, in addition to 2.9% same-store sales. Q2 2026 had the same number of selling and production days as the prior year period.
Gross profit increased by 31.4% to $480.0 million as gross margins expanded from 46.8% in Q2 2025 to 47.4% in Q2 2026. According to the press release, gross margins benefited from increased paint and parts margins, driven by Joe Hudson’s synergy realization and Project 360, in addition to higher sublet, scanning and calibration margins. Lower labour margins and variability in performance-based pricing partially offset these gains.
Adjusted EBITDA increased 44.9% to $135.9 million with Adjusted EBITDA margins expanding to 13.4% from 12.0% as a result of the contribution from Joe Hudson’s acquisition, cost savings from Project 360 and faster than expected synergy realization.
Boyd’s net earnings were $1.3 million, lower than the $5.4 million in the same period of the prior year. Higher depreciation and amortization costs from new location growth and higher finance costs related to the Joe Hudson’s acquisition impacted net earnings. Adjusted net earnings increased 46.7% to $22.4 million, while Adjusted earnings per share increased to $0.80 from $0.71, largely driven by the increase in Adjusted EBITDA.
Boyd completed the conversion of Joe Hudson’s locations during Q2, and the timing of synergy realization came in ahead of expectations. Boyd realized $15 million in cost savings from Project 360 and acquisition synergies in Q2 and a total of $35 million in the first six months of 2026.
Moreover, Boyd added 10 new locations during Q2, including four single shop acquisitions and six new start up locations.
Boyd presented a favourable outlook on its Q2 results, noting in the press release that industry repairable-claims volumes showed continued stabilization. Based on Q2 claims-processing data, Boyd estimates that repairable-claims volumes were flat to down 2% year-over-year and are representative of a meaningful improvement from the declines in Q2 2025 and consistent with Boyd’s long-term planning assumptions.
Boyd continued to outperform underlying industry volumes and gain market share, reflective of its insurer relationships and scale and business model. “These share gains delivered positive same-store sales growth for the quarter, with only limited contribution from total cost of repair (‘TCOR’) growth,” the press release stated.
Same-store sales growth was positive in the low single digits, driven entirely by continued share gains in July 2026. TCOR growth continues to face well-documented, short-term transitory pressures, but long-term structural tailwinds remain intact.
Boyd takes the inherent monthly and quarterly variability into account when evaluating same-store sales over longer periods. Therefore, Boyd does not view any single period as indicative of sustainable market share expansion or multi-year strategic targets.
According to the press release, Boyd’s scale and network allow it to invest in client capabilities and provide multiple company-specific growth paths independent of any single industry variable.
Boyd continues to focus on strengthening its position as a leading direct repair program multi-shop operator by deepening insurer relationships, improving opportunity capture and capacity utilization and expanding its presence in priority markets. These initiatives are expected to support continued growth and additional share gains. Boyd also “intends to complement organic growth through disciplined acquisitions and new-location development, together with continued investment in glass, scanning, calibration and other adjacent capabilities, while maintaining balance-sheet flexibility,” the press release stated.
Due to faster-than-expected gains from Joe Hudson’s integration, Boyd is accelerating its Project 360 and acquisition cost savings target of $140 million, now anticipating $35 million in Joe Hudson’s synergies in 2026, up from the previous $20 million target. Because of this, expected total cost savings in 2026 have increased to $65 million from $50 million, with the remaining $35 million expected to be realized ratably from 2027 to 2029, the press release reported.
The conversion of Joe Hudson’s location established a stronger operating foundation and drove meaningful year-over-year profit growth. While the transition has resulted in temporary sales disruptions continuing into Q3, throughput and local market execution initiatives are driving revenue on a more profitable foundation.
Boyd expects to open three new start-up locations during Q3 and currently has an additional 10 start-up locations targeted for completion in Q4. According to the press release, organic expansion is expected to be complemented by single-location acquisitions, supported by Boyd’s strong balance sheet.
Management held a conference call with a live audio webcast on Wednesday, August 12, 2026, at 8 a.m. EDT, reviewing the company’s Q2 2026 results. An archived replay of the webcast will be available for 90 days on Boyd’s website.
