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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
SECURE Waste Infrastructure
SECURE Waste Infrastructure (SES) investor relations material
SECURE Waste Infrastructure Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Achieved full-year 2025 adjusted EBITDA of $501 million (up 2–5% year-over-year), demonstrating stable, recurring cash flows and resilience despite lower commodity prices and macro headwinds.
Returned $373 million to shareholders in 2025 via dividends and share buybacks, repurchasing nearly 19 million shares (8% of outstanding shares).
Board approved a 5% dividend increase to $0.42 per share annualized, effective Q2 2026.
Advanced organic growth projects, including new water disposal facilities and metals recycling optimization.
Strategic focus on expanding service offerings, integrating acquisitions, and densifying its network in key regions.
Financial highlights
2025 revenue reached $1,472 million; Q4 revenue was $372 million.
Adjusted EBITDA for 2025 was $501 million (34% margin); Q4 adjusted EBITDA was $135 million, up 15% year-over-year.
Net income for 2025 was $123 million ($0.55 per basic share); Q4 net income was $53 million.
Discretionary free cash flow for 2025 was $273 million, with conversion above 50%.
Debt to adjusted EBITDA at year-end 2025 was 2.1x (1.8x excluding leases), with significant liquidity and no near-term maturities.
Outlook and guidance
2026 adjusted EBITDA guidance set at $520–$550 million, with 75% from Waste Management, supported by contracted infrastructure and recurring volumes.
Growth capital expenditures for 2026 expected at $75 million, focused on facility expansions and optimization.
Dividend to increase by 5% to $0.42 per share annualized, starting Q2 2026.
Strategic priorities include increasing same-store sales, executing high-value capital projects, and pursuing accretive acquisitions.
Sustaining capital expenditures projected at $85 million, including landfill cell expansions.
Potential financial upside from CES patent claim?
How will share repurchases balance with growth capex?
Quantify revenue impact of new accounting policy.
Metal recycling recovery drivers for 2026?
What are the GICS reclassification benefits?
2026 activity response to crude prices?
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Next SECURE Waste Infrastructure earnings date
Q1 20261 May, 2026
SECURE Waste Infrastructure
Next SECURE Waste Infrastructure earnings date
Q1 20261 May, 2026
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Frequently asked questions
Secure Energy Services Inc. is an energy infrastructure and environmental solutions company that provides midstream, waste management, and fluid management services to the oil and gas industry. The company operates a network of processing, recovery, and disposal facilities, offering solutions for water treatment, crude oil gathering, and recycling of drilling byproducts. Secure Energy Services Inc. is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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