SECURE Waste Infrastructure Posts Strong Q2 2026 Results, Maintains Full-Year Guidance
Event summary
- SECURE Waste Infrastructure reported Q2 2026 revenue of $422 million, up 19% YoY, with Adjusted EBITDA of $129 million (up 20% per share).
- Net income rose 43% YoY to $43 million, driven by contributions from recently completed growth projects.
- Discretionary free cash flow reached $76 million, reducing total leverage to 1.9x.
- The company maintains its full-year Adjusted EBITDA guidance at the top end of its $520M–$550M range.
- SECURE expects to close its acquisition of GFL Environmental in the second half of 2026, pending Competition Bureau approval.
The big picture
SECURE's strong Q2 performance underscores the resilience of its infrastructure-backed business model amid favorable operating conditions in Western Canada. The pending GFL acquisition, if approved, would create one of North America's leading environmental services companies, enhancing scale and vertical integration. However, regulatory hurdles and commodity price volatility remain key risks to watch.
What we're watching
- Regulatory Approval Timing
- Whether the Competition Bureau will clear SECURE's GFL acquisition by year-end, as expected.
- Integration Challenges
- How SECURE will manage the operational and financial integration of GFL post-closing.
- Commodity Price Sensitivity
- The extent to which moderating commodity prices could impact SECURE's full-year outlook.