Boyd Group Services Inc., the parent company of Gerber Collision & Glass, reported second quarter 2026 sales of $1.01 billion, the first time quarterly revenue has topped $1 billion in the company's history, according to results released Aug. 12. Sales rose 29.9% year over year, with new locations contributing $211.3 million and same-store sales up 2.9%, a reversal from the 2.1% same-store decline the company posted in the second quarter of 2025.
The results mark a milestone quarter for one of North America's largest collision repair MSOs as it works through the integration of Joe Hudson's Collision Center, the 258-shop Southeast chain Boyd acquired for $1.3 billion in January. The company said the conversion of all Joe Hudson's locations to Boyd's systems was completed during the quarter, ahead of the synergy timeline management had previously outlined.
Margins expand on Joe Hudson's synergies
Gross profit rose 31.4% to $480.0 million as gross margins expanded to 47.4% from 46.8%. Boyd attributed this to increased paint and parts margins tied to Joe Hudson's synergy realization and Project 360, along with higher sublet, scanning, and calibration margins, partially offset by lower labor margins and variability in performance-based pricing.
Adjusted EBITDA increased 44.9% to $135.9 million, with margins expanding 140 basis points to 13.4%, up from 12.0% in the same quarter last year. Boyd attributed the increase to the accretive contribution of the Joe Hudson's acquisition, cost savings from Project 360, and faster-than-expected synergy realization.
"The Boyd team delivered another strong quarter, with sales increasing 30% in the second quarter and Adjusted EBITDA growing 45% ... 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," said Brian Kaner, president and CEO of Boyd Group.
Net earnings came in at $1.3 million, down from $5.4 million a year earlier, which the company attributed to higher depreciation and amortization from new location growth and higher finance costs tied to the Joe Hudson's acquisition. Adjusted net earnings rose 46.7% to $22.4 million.
Boyd raised its 2026 cost-savings target from Project 360 and acquisition synergies to $65 million, up from $50 million, citing faster-than-expected gains from the Joe Hudson's integration. The company now expects $35 million in Joe Hudson's-specific synergies this year, up from a prior target of $20 million.
Boyd said second quarter repairable-claims volumes were flat to down 2% year over year, an improvement from the declines the company experienced in the same period of 2025, with share gains delivering same-store sales growth for the quarter with only limited contribution from total cost of repair growth. In July, same-store sales growth was positive in the low single digits, driven entirely by continued market share gains.
New locations added, more planned
The company added 10 new locations during the quarter, four through single-shop acquisitions and six start-ups, bringing its collision location count to 1,321, up 33% year over year. Boyd said it expects to open three more start-up locations in the third quarter and has 10 additional start-ups targeted for the fourth quarter.
Boyd management held a conference call with analysts the morning of Aug. 12 to discuss the results; a replay of the webcast will be archived on the company's investor site for 90 days.
