SECURE Waste Infrastructure (SES) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA reached $129 million for Q2 2026, up 20% year-over-year per basic share, reflecting strong operational performance and contributions from recent growth projects.

• Revenue increased 19% year-over-year to $422 million, with net income rising 43% to $43 million for the quarter.

• Major growth projects, including new water disposal facilities and hazardous waste upgrades, are now in service and contributing to results.

• Discretionary free cash flow was $76 million, supporting a reduction in total leverage to 1.9x.

Financial highlights

• Q2 2026 revenue: $422 million (up from $355 million in Q2 2025).

• Net income: $43 million (up from $31 million in Q2 2025); EPS (basic): $0.20 (up from $0.14).

• Adjusted EBITDA: $129 million (up from $110 million in Q2 2025); per share: $0.59 (up from $0.49).

• Funds flow from operations: $92 million (up from $83 million); discretionary free cash flow: $76 million (up from $54 million).

• Capital expenditures: $42 million; dividends declared per share: $0.105.

Outlook and guidance

• 2026 Adjusted EBITDA expected near the top of the $520–$550 million guidance range.

• Growth capital spend for 2026 on track for $100 million.

• Outlook supported by stable customer activity, increasing production volumes, and contributions from new infrastructure.

• GFL transaction expected to close in the second half of 2026, enhancing scale and diversification.