Boyd Group Services Inc.

Boyd Group Services reported second-quarter revenue of $1,013.7 million, up 29.9% and past the $1 billion quarterly threshold for the first time, while net earnings fell to $1.3 million from $5.4 million a year earlier. Adjusted EBITDA rose 44.9% to $135.9 million and adjusted EBITDA margin expanded to 13.4% from 12.0%, with gross margin at 47.4% versus 46.8%. Same-store sales grew 2.9%, reversing a 2.1% decline a year earlier, and Boyd completed the conversion of all 258 Joe Hudson's locations during the quarter. The company realized $15 million of incremental savings in the quarter through Project 360 and integration efforts, totaling $35 million for the first half of 2026, and raised its full-year savings target to $65 million from $50 million, while debt leverage improved to 2.8 times from 3.1 times at year-end 2025. Management attributed the profit decline to elevated depreciation and amortization tied to new facility growth and higher financing costs from the Joe Hudson's acquisition, and warned that temporary sales disruptions from location conversions spilled into the third quarter.