Waste Connections Reports Second Quarter 2026 Results and Raises Full Year Outlook

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Postmedia has not reviewed the content. by Business Wire Waste Connections Reports Second Quarter 2026 Results and Raises Full Year OutlookAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.Better than expected results drive increase to full year 2026 outlook, with upside from improving commodities and ongoing acquisition activityRevenue of $2.562 billion, above expectations and up 6.4%Net income of $296.4 million, or $1.17 per share, adjusted net income* of $381.7 million, or $1.50 per shareAdjusted EBITDA* of $840.1 million, above expectations and up 6.8%Adjusted EBITDA* margin of 32.8% of revenueRecord year-to-date share repurchases of $614.5 million, or approximately 1.5% of shares outstandingTHIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountTORONTO — Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the second quarter of 2026 and raised its outlook for the full year.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“We are extremely pleased to deliver results above expectations, led primarily by strong operational execution driving a top-to-bottom beat in the second quarter. Most notably, adjusted EBITDA* margin expanded to 32.8% on 70 basis points of underlying margin expansion overcoming cost pressures primarily from rapidly spiking fuel and related costs, as well as ongoing drags from comparatively lower commodity values,” said Ronald J. Mittelstaedt, President and Chief Executive Officer. “Our outperformance, in spite of ongoing geopolitical instability and the associated uncertainty, is a reflection of our differentiated strategy and a purposeful culture, both of which will continue to set us apart.”“Our achievements in the first half of 2026, with recent commodity values and ongoing fuel cost recovery, plus contributions from acquisitions closed to date, position us to increase our full year outlook to revenue of $10.02 billion to $10.05 billion and adjusted EBITDA* of $3.33 billion to $3.34 billion, with upside from improving trends in commodities and contributions from incremental acquisitions.”Mr. Mittelstaedt added, “Along with a record amount of share repurchases, we’ve completed acquisitions with over $100 million in annualized revenue and remain well-positioned for another outsized year of activity. The enduring strength of our balance sheet and free cash flow generation once again demonstrates our ability to fund our growth strategy while increasing our return of capital to shareholders.”Revenue in the second quarter totaled $2.562 billion, up from $2.407 billion in the year ago period. Operating income was $437.6 million, which included $58.5 million primarily attributable to impairments related to adjustments to landfill closure and post closure costs and $7.9 million primarily in transaction-related expenses. This compares to operating income of $459.5 million in the second quarter of 2025, which included $7.3 million primarily in impairments and other operating items and transaction-related expenses. Net income in the second quarter was $296.4 million, or $1.17 per share on a diluted basis of 253.9 million shares. In the year ago period, the Company reported net income of $290.3 million, or $1.12 per share on a diluted basis of 259.0 million shares.Adjusted net income* in the second quarter was $381.7 million, or $1.50 per diluted share, versus $333.1 million, or $1.29 per diluted share, in the prior year period. Adjusted EBITDA* in the second quarter was $840.1 million, as compared to $786.4 million in the prior year period. Adjusted net income, adjusted net income per diluted share and adjusted EBITDA, all non-GAAP measures, primarily exclude impairments and acquisition-related items, as reflected in the detailed reconciliations in the attached tables. Six Months Year to Date ResultsFor the six months ended June 30, 2026, revenue was $4.932 billion, up from $4.635 billion in the year ago period. Operating income, which included $138.0 million primarily attributable to adjustments to landfill closure and post closure costs, $9.9 million in transaction-related expenses, partially offset by $1.3 million in fair value changes to equity awards, was $801.6 million, as compared to operating income of $849.8 million in the prior year period, which included $27.5 million primarily attributable to transaction-related expenses and impairments and other operating items.Net income for the six months ended June 30, 2026 was $515.7 million, or $2.02 per share on a diluted basis of 254.9 million shares. In the year ago period, the Company reported net income of $531.8 million, or $2.05 per share on a diluted basis of 258.9 million shares.Adjusted net income* for the six months ended June 30, 2026 was $696.6 million, or $2.73 per diluted share, compared to $626.2 million, or $2.42 per diluted share, in the year ago period. Adjusted EBITDA* for the six months ended June 30, 2026 was $1.610 billion, as compared to $1.499 billion in the prior year period.Waste Connections also updated its outlook for 2026, which assumes no change in the current economic environment or underlying economic trends. The Company’s outlook excludes any impact from additional acquisitions that may close during the year, and expensing of transaction-related items. The outlook provided below is forward looking, and actual results may differ materially depending on risks and uncertainties detailed at the end of this release and in our periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. Certain components of the outlook for 2026 are subject to quarterly fluctuations. See reconciliations in the attached tables.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Revenue is estimated to be between $10.02 billion to $10.05 billion;Net income is estimated to be between $1.169 billion and $1.173 billion, and adjusted EBITDA* is estimated to be between $3.33 billion and $3.34 billion;Capital expenditures are estimated to be approximately $1.25 billion; andNet cash provided by operating activities is estimated to be between $2.63 billion and $2.68 billion, and adjusted free cash flow* is estimated to be between $1.40 billion and $1.45 billion.—————————————————————————————————————————————————-* A non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule Q2 2026 Earnings Conference CallWaste Connections will be hosting a conference call related to second quarter earnings on July 23rd at 8:30 A.M. Eastern Time. A live audio webcast of the conference call can be accessed by visiting investors.wasteconnections.com and selecting “Events & Presentations” from the website menu. Alternatively, conference call participants can preregister by clicking here. Registered participants will receive dial-in instructions and a personalized code for entry to the conference call. Shortly after the conclusion of the conference call, a webcast replay will be available on the Waste Connections investor website or by clicking here. About Waste Connections Waste Connections ( wasteconnections.com) is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves approximately nine million residential, commercial and industrial customers in mostly exclusive and secondary markets across 46 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections views its sustainability efforts as integral to its business, with initiatives consistent with its objective of long-term value creation and focused on reducing emissions, increasing resource recovery of both recyclable commodities and clean energy fuels, reducing reliance on off-site disposal for landfill leachate, further improving safety and enhancing employee engagement. Visit wasteconnections.com/sustainability for more information and updates on our progress towards targeted achievement. Safe Harbor and Forward-Looking InformationThis press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 (“PSLRA”), including “forward-looking information” within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections’ current beliefs and expectations regarding future events and operating performance. These forward-looking statements are often identified by the words “may,” “might,” “believes,” “thinks,” “expects,” “estimate,” “continue,” “intends” or other words of similar meaning. All of the forward-looking statements included in this press release are made pursuant to the safe harbor provisions of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements about expected 2026 financial results, outlook and related assumptions, and potential acquisition activity. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company’s filings with the SEC and the securities commissions or similar regulatory authorities in Canada. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Waste Connections undertakes no obligation to update the forward-looking statements set forth in this press release, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.– financial tables attached –WASTE CONNECTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2026 (Unaudited) (in thousands of U.S. dollars, except share and per share amounts)Three months ended June 30,Six months ended June 30,2025202620252026Revenues$2,407,055$2,561,607$4,635,231$4,932,239Operating expenses:Cost of operations1,392,8571,479,2172,684,2992,840,317Selling, general and administrative242,966260,493493,100511,612Depreciation257,421278,277499,728545,762Amortization of intangibles50,23647,60097,87894,864Impairments and other operating items4,03058,46610,471138,050Operating income459,545437,554849,755801,634Interest expense(82,751)(91,203)(163,626)(178,922)Interest income2,3144,1264,0847,239Other income, net10,05033,25311,92237,337Income before income tax provision389,158383,730702,135667,288Income tax provision(98,882)(87,331)(170,348)(151,546)Net income$290,276$296,399$531,787$515,742Earnings per common share:Basic$1.12$1.17$2.06$2.03Diluted$1.12$1.17$2.05$2.02Shares used in the per share calculations:Basic258,377,345253,457,489258,286,168254,398,232Diluted258,982,647253,856,582258,944,234254,860,729Cash dividends per common share$0.315$0.350$0.630$0.70WASTE CONNECTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands of U.S. dollars, except share and per share amounts)December 31, 2025June 30, 2026ASSETSCurrent assets:Cash and equivalents$45,968$98,180Accounts receivable, net of allowance for credit losses of $21,402 and $23,961 at December 31, 2025 and June 30, 2026, respectively1,024,9921,069,733Prepaid expenses and other current assets240,603231,225Total current assets1,311,5631,399,138Restricted cash183,612163,398Restricted investments80,75772,781Property and equipment, net8,733,3278,965,023Operating lease right-of-use assets312,508315,657Goodwill8,392,2498,388,109Intangible assets, net2,006,2001,973,464Other assets, net109,147121,882Total assets$21,129,363$21,399,452LIABILITIES AND SHAREHOLDERS’ EQUITYCurrent liabilities:Accounts payable$765,227$771,781Book overdraft14,67428,918Deferred revenue416,025429,904Accrued liabilities810,367781,129Current portion of operating lease liabilities44,27246,878Current portion of contingent consideration65,02961,416Current portion of long-term debt and notes payable8,6678,094Total current liabilities2,124,2612,128,120Long-term portion of debt and notes payable8,811,1049,283,810Long-term portion of operating lease liabilities267,000270,860Long-term portion of contingent consideration19,66719,647Deferred income taxes1,085,6131,121,465Other long-term liabilities576,337654,332Total liabilities12,883,98213,478,234Commitments and contingenciesShareholders’ equity:Common shares: Unlimited shares authorized; 255,661,011 shares issued and 255,614,663 shares outstanding at December 31, 2025; 252,201,043 shares issued and 252,154,695 shares outstanding at June 30, 20262,783,4312,171,955Additional paid-in capital373,239389,514Accumulated other comprehensive loss(111,044)(178,647)Treasury shares: 46,348 and 46,348 shares at December 31, 2025 and June 30, 2026, respectively––Retained earnings5,199,7555,538,396Total shareholders’ equity8,245,3817,921,218Total liabilities and shareholders’ equity$21,129,363$21,399,452WASTE CONNECTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2025 AND 2026 (Unaudited) (in thousands of U.S. dollars)Six months ended June 30,20252026Cash flows from operating activities:Net income$531,787$515,742Adjustments to reconcile net income to net cash provided by operating activities:Loss from disposal of assets, impairments and other11,4807,164Adjustments to closure and post-closure liabilities–131,980Depreciation499,728545,762Amortization of intangibles97,87894,864Deferred income taxes, net of acquisitions58,29237,189Current period provision for expected credit losses5,17114,519Amortization of debt issuance costs4,1014,502Share-based compensation41,95641,539Interest accretion25,55622,156Payment of contingent consideration recorded in earnings(400)(1)Adjustments to contingent consideration30,584(1,315)Other(2,661)(3,778)Net change in operating assets and liabilities, net of acquisitions(123,731)(131,437)Net cash provided by operating activities1,179,7411,278,886Cash flows from investing activities:Payments for acquisitions, net of cash acquired(510,738)(309,644)Capital expenditures for property and equipment(497,765)(598,949)Capital expenditures for undeveloped land–(51,049)Proceeds from disposal of assets5,4172,922Other(16,886)(5,232)Net cash used in investing activities(1,019,972)(961,952)Cash flows from financing activities:Proceeds from long-term debt1,613,5941,703,552Principal payments on notes payable and long-term debt(1,488,785)(1,176,382)Payment of contingent consideration recorded at acquisition date(22,895)(4,707)Change in book overdraft39714,244Payments for repurchase of common shares(389)(614,507)Payments for cash dividends(162,950)(177,101)Tax withholdings related to net share settlements of equity-based compensation(30,934)(24,985)Debt issuance costs(3,433)(5,676)Proceeds from issuance of shares under employee share purchase plan2,5933,031Proceeds from sale of common shares held in trust324–Net cash used in financing activities(92,478)(282,531)Effect of exchange rate changes on cash, cash equivalents and restricted cash2,007(2,405)Net increase in cash, cash equivalents and restricted cash69,29831,998Cash, cash equivalents and restricted cash at beginning of period198,173229,580Cash, cash equivalents and restricted cash at end of period$267,471$261,578(in thousands of U.S. dollars, except where noted)Solid Waste Internal Growth: The following table reflects a breakdown of the components of our solid waste internal growth for the three and six month periods ended June 30, 2026:Three months ended June 30, 2026Six months ended June 30, 2026Yield(a)4.6%4.6%Surcharges1.1%0.5%Unit Volume(a)(1.9%)(1.7%)Recycling(0.2%)(0.3%)Foreign Exchange Impact0.0%0.2%Total3.6%3.3%Core Price(b)5.6%5.8%—————————————————————————–(a) In the first quarter of 2026, WCN began providing a breakdown of organic growth in solid waste collection, transfer and disposal to include Yield and Unit Volume, which are performance metrics used by management to evaluate the effectiveness of our pricing and organic growth strategies. Yield, or change in average price per unit of service, reflects the impacts of customer churn and new business activity and the resulting mix by line of business and by geographic segment; Unit Volume reflects estimated change in units of activity.(b) Core Price is defined as the revenue growth attributable to price increases, net of rollbacks, on solid waste collection, transfer and disposal customers. This definition is consistent with Core Price references provided in prior periods.The following table reflects a breakdown of our revenue for the three month periods ended June 30, 2025 and 2026:Three months ended June 30, 2025RevenueInter-company EliminationReported Revenue%Solid Waste Collection$1,690,785$(5,331)$1,685,45470.0%Solid Waste Disposal and Transfer784,015(342,396)441,61918.3%Solid Waste Recycling69,163(2,358)66,8052.8%E&P Waste Treatment, Recovery and Disposal178,117(8,282)169,8357.1%Intermodal and Other43,934(592)43,3421.8%Total$2,766,014$(358,959)$2,407,055100.0%Three months ended June 30, 2026RevenueInter-company EliminationReported Revenue%Solid Waste Collection$1,789,235$(5,512)$1,783,72369.6%Solid Waste Disposal and Transfer829,536(365,280)464,25618.1%Solid Waste Recycling63,946(2,549)61,3972.4%E&P Waste Treatment, Recovery and Disposal211,153(10,198)200,9557.9%Intermodal and Other62,806(11,530)51,2762.0%Total$2,956,676$(395,069)$2,561,607100.0%ADDITIONAL STATISTICS (continued) (in thousands of U.S. dollars, except where noted)Contribution from Acquisitions: The following table reflects revenues from acquisitions, net of divestitures, closed during or subsequent to the prior periods:Three months ended June 30,Six months ended June 30,2025202620252026Acquisitions, net$112,870$45,758$242,168$101,011The following table reflects cash interest and cash taxes for the three and six month periods ended June 30, 2025 and 2026:Three months ended June 30,Six months ended June 30,2025202620252026Cash Interest Paid$71,092$64,657$155,246$172,901Cash Taxes Paid68,96577,30691,14099,179Debt to Book Capitalization as of June 30, 2026: Internalization for the three months ended June 30, 2026:Days Sales Outstanding for the three months ended June 30, 2026:38 (23 net of deferred revenue)Share Information for the three months ended June 30, 2026:Basic shares outstanding253,457,489Dilutive effect of equity-based awards399,093Diluted shares outstanding253,856,582NON-GAAP RECONCILIATION SCHEDULE (in thousands of U.S. dollars, except where noted)Reconciliation of Adjusted EBITDA:Adjusted EBITDA, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a performance and valuation measure in the solid waste industry. Management uses adjusted EBITDA as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections’ operations. Waste Connections defines adjusted EBITDA as net income, plus income tax provision, plus interest expense, less interest income, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on impairments and other operating items, plus other expense, less other income. Waste Connections further adjusts this calculation to exclude the effects of other items management believes impact the ability to assess the operating performance of its business. This measure is not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate adjusted EBITDA differently.Three months ended June 30,Six months ended June 30,2025202620252026Net income$290,276$296,399$531,787$515,742Plus: Income tax provision98,88287,331170,348151,546Plus: Interest expense82,75191,203163,626178,922Less: Interest income(2,314)(4,126)(4,084)(7,239)Plus: Depreciation and amortization307,657325,877597,606640,626Plus: Closure and post-closure accretion11,94210,32823,81620,619Plus: Impairments and other operating items4,03058,46610,471138,050Less: Other income, net(10,050)(33,253)(11,922)(37,337)Adjustments:Plus: Transaction-related expenses(a)3,9737,58815,9439,948Plus/(Less): Fair value changes to equity awards(b)(734)2671,036(1,269)Adjusted EBITDA$786,413$840,080$1,498,627$1,609,608As % of revenues32.7%32.8%32.3%32.6%____________________________(a)Reflects the addback of acquisition-related transaction costs.(b)Reflects fair value accounting changes associated with certain equity awards.NON-GAAP RECONCILIATION SCHEDULE (continued) (in thousands of U.S. dollars, except where noted)Reconciliation of Adjusted Free Cash Flow:Adjusted free cash flow, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a liquidity measure in the solid waste industry. Waste Connections calculates adjusted free cash flow as net cash provided by operating activities, plus or minus change in book overdraft, plus proceeds from disposal of assets, less capital expenditures for property and equipment. Waste Connections further adjusts this calculation to exclude the effects of items management believes impact the ability to evaluate the liquidity of its business operations. This measure is not a substitute for, and should be used in conjunction with, GAAP liquidity or financial measures. Other companies may calculate adjusted free cash flow differently.Three months ended June 30,Six months ended June 30,2025202620252026Net cash provided by operating activities$638,202$733,288$1,179,741$1,278,886Plus: Change in book overdraft50720,35839714,244Plus: Proceeds from disposal of assets4,4481,1435,4172,922Less: Capital expenditures for property and equipment(285,310)(302,354)(497,765)(598,949)Adjustments:Transaction-related expenses(a)8,7695,75911,1617,372Executive separation costs(b)1,6709782,119978Payment of contingent consideration recorded in earnings(c)40014001Pre-existing Progressive Waste share-based grants(d)––16–Tax effect(e)(1,673)(1,684)(2,398)(2,088)Adjusted free cash flow$367,013$457,489$699,088$703,366As % of revenues15.2%17.9%15.1%14.3%___________________________(a)Reflects the addback of acquisition-related transaction costs.(b)Reflects the cash component of severance expense associated with an executive departure from 2023.(c)Reflects the addback of acquisition-related payments for contingent consideration that were recorded as expenses in earnings and as a component of cash flows from operating activities as the amounts paid exceeded the fair value of the contingent consideration recorded at the acquisition date.(d)Reflects the cash settlement of pre-existing Progressive Waste share-based awards during the period.(e)The aggregate tax effect of footnotes (a) through (d) is calculated based on the applied tax rates for the respective periods.NON-GAAP RECONCILIATION SCHEDULE (continued) (in thousands of U.S. dollars, except per share amounts)Reconciliation of Adjusted Net Income and Adjusted Net Income per Diluted Share:Adjusted net income and adjusted net income per diluted share, both non-GAAP financial measures, are provided supplementally because they are widely used by investors as valuation measures in the solid waste industry. Management uses adjusted net income and adjusted net income per diluted share as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections’ operations. Waste Connections provides adjusted net income to exclude the effects of items management believes impact the comparability of operating results between periods. Adjusted net income has limitations due to the fact that it excludes items that have an impact on the Company’s financial condition and results of operations. Adjusted net income and adjusted net income per diluted share are not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate these non-GAAP financial measures differently.Three months ended June 30,Six months ended June 30,2025202620252026Reported net income$290,276$296,399$531,787$515,742Adjustments:Amortization of intangibles(a)50,23647,60097,87894,864Impairments and other operating items(b)4,03058,46610,471138,050Transaction-related expenses(c)3,9737,58815,9439,948Fair value changes to equity awards(d)(734)2671,036(1,269)Tax effect(e)(14,687)(28,629)(30,898)(60,765)Adjusted net income$333,094$381,691$626,217$696,570Diluted earnings per common share:Reported net income$1.12$1.17$2.05$2.02Adjusted net income$1.29$1.50$2.42$2.73_________________________(a)Reflects the elimination of the non-cash amortization of acquisition-related intangible assets.(b)Reflects the addback of impairments and other operating items.(c)Reflects the addback of acquisition-related transaction costs.(d)Reflects fair value accounting changes associated with certain equity awards.(e)The aggregate tax effect of the adjustments in footnotes (a) through (d) is calculated based on the applied tax rates for the respective periods.NON-GAAP RECONCILIATION SCHEDULE (in thousands of U.S. dollars, except where noted)Reconciliation of Adjusted EBITDA:Updated 2026 OutlookLow EstimateHigh EstimateNet income$1,169,000$1,173,000Plus: Income tax provision(a)351,000353,000Plus: Interest expense, net358,000358,000Plus: Depreciation and Depletion1,110,0001,114,000Plus: Amortization192,000192,000Plus: Closure and post-closure accretion40,60840,608Plus: Impairments and other operating items(b)138,050138,050Less: Other income, net(b)(37,337)(37,337)Adjustments(b)Plus: Transaction-related expenses9,9489,948Plus: Fair value changes to equity awards(1,269)(1,269)Adjusted EBITDA$3,330,000$3,340,000____________________________(a)Approximately 23.1% full year effective tax rate, including amounts reported for the six month period ended June 30, 2026.(b)Reflects amounts reported for the six month period ended June 30, 2026, as shown on page 9.Reconciliation of Adjusted Free Cash Flow:Updated 2026 OutlookLow EstimateHigh EstimateNet cash provided by operating activities$2,626,571$2,676,571Plus: Change in book overdraft(a)14,24414,244Plus: Proceeds from disposal of assets(a)2,9222,922Less: Capital expenditures for property and equipment(1,250,000)(1,250,000)Adjustments:(a)Transaction-related expenses7,3727,372Executive separation costs978978Payment of contingent consideration recorded in earnings11Tax effect(2,088)(2,088)Adjusted Free Cash Flow$1,400,000$1,450,000____________________________(a)Reflects amounts reported for the six month period ended June 30, 2026, as shown on page 10.View source version on businesswire.com: Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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