Boyd Group Posts 12.4% Adjusted EBITDA Growth on $3.14B Sales
Boyd Group’s FY2025 sales rose 2.4% to $3.14B, driven by $94.2M from 119 new sites despite same-store sales slipping 0.2%. Adjusted EBITDA climbed 12.4% to $376.3M, while adjusted EPS jumped 23% to $2.78, though GAAP net income fell 25% to $18.4M after $22.6M of acquisition-related charges.
1. Full Year 2025 Financial Results
For the year ended December 31, 2025, revenue rose 2.4% year-over-year to $3.14 billion, including $94.2 million from 119 new locations and a 0.2% same-store sales decline. Adjusted EBITDA grew 12.4% to $376.3 million and adjusted net earnings increased 28.8% to $62.4 million ($2.78 per share), while net earnings fell 25% to $18.4 million ($0.82 per share) after $22.6 million of acquisition and transformational costs.
2. Capital Raises and Financing Initiatives
In 2025, the company issued C$275 million unsecured notes, completed an $897 million U.S. IPO and a C$525 million senior note offering to fund the $1.3 billion Joe Hudson’s acquisition, and extended its revolving credit facility on improved terms. Quarterly dividends were increased by 2% to C$0.624 annually, with two C$0.156 per-share dividends declared for early 2026.
3. Acquisitions and Network Expansion
Boyd added 70 collision locations in 2025, including 43 acquisitions and 27 start-ups, and closed on Joe Hudson’s Collision Center post-year-end, acquiring 258 Southeast U.S. locations. As of March 2026, 44% of Joe Hudson’s sites have been rebranded and integrated, and internalization of scanning and calibration rose to 75% from 53%.