Boyd Group EBITDA Rises 12.4% to $376.3M with 110 bps Margin Gain
Boyd Group reported 2025 revenue of $3.1 billion, up 2.4%, with adjusted EBITDA rising 12.4% to $376.3 million and margins expanding 110 bps to 12%. The company opened 70 new locations, realized $40 million in Project 360 cost savings but saw net earnings decline to $18.4 million.
1. 2025 Revenue and Sales Growth
Boyd Group achieved $3.1 billion in revenue for 2025, a 2.4% increase year-over-year, supported by a 2.2% same-store sales gain in the fourth quarter.
2. Profitability and Earnings
Full-year adjusted EBITDA rose 12.4% to $376.3 million, pushing margins up 110 basis points to 12%. However, net earnings fell to $18.4 million from $24.5 million, while adjusted net earnings increased 28.8% to $62.4 million.
3. Expansion and Capital Markets Activity
The company opened 70 new locations in 2025—27 start-ups and 43 acquisitions—and completed four small MSO deals plus the Joe Hudson's Collision Center acquisition. Two unsecured note offerings and NYSE listing strengthened its capital profile.
4. Cost Savings and Operational Challenges
Project 360 delivered $40 million in annualized cost savings. Operational headwinds included technician vacation scheduling and storm-related volume dips, while net debt stood at $488.1 million at year-end.