Adjusted EBITDA was $109.5 million, up 19.5% year-over-year, with margin at 23.5%, down 75 basis points due to acquisitions and Mid-Atlantic integration challenges.
Adjusted free cash flow was a record $70.8 million for the first six months, about 40% of full-year guidance.
Adjusted net income was $23 million or $0.36 per diluted share, slightly up in net income but down $0.01 per share.
Capital expenditures were $121.9 million, up $47 million year-over-year, including $40 million of upfront investment in acquisitions.
Debt stood at $1.16 billion with $218 million cash, net leverage ratio was 2.39x, and revolver remained undrawn.
Landfill business showed strong results with total tons up 9.5%, including over 12% growth in internalized volumes.
Net cash provided by operating activities was $139.6 million in the first half of 2025, up $59.9 million year-over-year.
Resource Solutions revenues rose 10.2% year-over-year despite a 16% decline in recycled commodity sales prices, with contract structures mitigating revenue impact to less than $1 million.
Revenues in Q2 2025 were $465.3 million, up 23.4% year-over-year, driven by $67.1 million from acquisitions and $21 million from organic growth (5.6%).
Solid waste revenues increased 27.1% year-over-year with pricing up 5% and volume down 0.8%.
Strategic Capacity Expansion in Pet Litter and Sustainable Products
Opening a new pet litter packaging facility in Asia in late Q3 to support demand growth.
Retooling facilities in North America and Europe with new process and packaging equipment to improve quality, efficiency, and reduce costs.
Multiple capacity expansion projects underway for renewable fuel purification, animal health solutions, and fabric care, supporting $100 million in revenue growth and margin improvement.
Strategic Focus on Long-Term Growth and Core Business Strengths
Jim Fish emphasized WM's strategy combining core business with new growth platforms, highlighting 19% operating EBITDA growth in Q2 driven by collection and disposal.
Management described WM as a 'forever stock' with sustained results across market cycles, leveraging technology to lower costs and differentiate.
The company is investing in growth platforms like acquisitions, recycling, renewable energy, and healthcare solutions, with a pipeline expecting over $500 million in acquisitions this year.
Dafinchi