BGSI Boyd Group Services Inc.
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.
Actionable Insight
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.
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
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 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 14, 2026
4w ago
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6-K
| $103.96 $107.78 | ▲ +3.67% | ▲ +4.39% | $95.81 (−7.84%) |
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May 13, 2026
4w ago
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6-K
| $98.12 $104.66 | ▲ +6.67% | ▲ +7.82% | $95.81 (−2.35%) |
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Apr 29, 2026
6w ago
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6-K
| $117.97 $121.77 | ▲ +3.22% | ▲ +0.11% | $95.81 (−18.78%) |
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Apr 9, 2026
9w ago
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6-K
| $119.64 $121.38 | ▲ +1.45% | ▼ −1.73% | $95.81 (−19.92%) |
US Market Status
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