Capital spending increased with $295 million toward the Blue Ridge rebuild; free cash flow was lower year-to-date due to higher CapEx and lower net earnings.
Earnings per share decreased by 10% year-over-year but grew by 29% quarter-over-quarter.
Expenses increased by 2% year-over-year, including network disruption costs, inflation, and higher depreciation, partly offset by lower fuel prices.
Fuel costs decreased by $32 million year-over-year due to lower prices despite higher consumption from reroutes.
Labor and fringe expenses rose due to inflation and trucking business headcount increases, while rail headcount decreased year-over-year and sequentially.
Operating income increased $242 million from Q1, with margins improving by 550 basis points, ahead of normal seasonality.
Reported operating margin declined by 320 basis points year-over-year but increased by 550 basis points sequentially.
Total revenue was $3.6 billion for the quarter, down 3% year-over-year, largely due to lower coal and fuel prices.
Total volume was flat compared to last year, with a 4% sequential increase driven by merchandise and coal shipments.
Capital expenditures were $87 million in Q2, down from prior year due to completion of Kimball construction; Phoenix site purchased for strategic hub development.
Cash and short-term marketable securities totaled nearly $700 million at quarter end; net debt-to-EBITDA ratio improved to approximately 2x.
Clean Harbors achieved its lowest ever quarterly TRIR of 0.40 in Q2, reflecting strong safety performance and operational excellence.
Consolidated adjusted EBITDA margin increased by 60 basis points to 21.7%, driven by strong demand for disposal and recycling assets and lower SG&A costs.
Depreciation and amortization increased to $116 million in Q2 due to Kimball and higher landfill amortization; full year expected between $440 million and $450 million.
Environmental Services segment showed 13 consecutive quarters of adjusted EBITDA margin growth, driven by increased volumes, pricing, and efficiency gains.
Net cash from operating activities was $208 million; adjusted free cash flow reached a Q2 record of $133 million, up nearly 60% from prior year.
Net income declined modestly year-over-year with earnings per share of $2.36, primarily due to higher depreciation and amortization.
Q2 adjusted EBITDA was $336 million, driven by higher earnings in Environmental Services and improved corporate costs, offsetting lower SKSS contribution.
Safety-Kleen Sustainability Solutions (SKSS) revenue decreased year-over-year due to lower market pricing and reduced volumes but exceeded expectations with $38 million EBITDA in Q2.
SG&A expense as a percentage of revenue decreased 70 basis points to 12%, with full year 2025 expected in the low to mid-12% range.
Depreciation per unit (DPU) was $251, well below the sub-$300 North Star target, exceeding it by 16%, driven by fleet rotation and strong residual values.
Direct operating expenses per transaction day declined 3% year-over-year to about $36, reflecting disciplined cost control and operational efficiency.
Hertz reported $2.2 billion in revenue for Q2 2025, with adjusted corporate EBITDA turning positive at $1 million, a $460 million improvement year-over-year.
Liquidity stood at $1.4 billion at the end of June, supported by delayed Wells Fargo litigation resolution and efficient balance sheet management.
Vehicle utilization improved to 83%, a 300 basis point increase year-over-year, despite a 6% reduction in fleet size.
Adjusted EBITDA margin expanded by 140 basis points to 16%, marking a record for Q3.
Adjusted free cash flow is expected to grow approximately 27% year-over-year with a conversion rate of about 34%, a 500 basis point increase.
BrightView delivered its highest-ever adjusted EBITDA and margin in Q3 2025, with adjusted EBITDA reaching $113 million, a 5% increase year-over-year.
Net leverage improved to 2.3x from 2.4x in the prior year period, driven by lower debt levels and improved profitability.
Total revenue for Q3 was $708 million, a 4% decrease due to macroeconomic headwinds affecting maintenance discretionary spending and development projects.
Trailing 12-month EBITDA improved by $45 million or 15% over seven quarters, now totaling $344 million.
Dafinchi