$WCN

Progressive Waste Solutions Ltd.

CIK:0001318220|SEC Filings

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net income	$ 296,399	$ 290,276	$ 515,742	$ 531,787
Other comprehensive income (loss), before tax:
Foreign currency translation adjustment	(36,994)	115,886	(68,122)	117,626
Other comprehensive income (loss), before tax	(36,817)	112,604	(67,416)	109,873
Income tax (expense) benefit related to items of other comprehensive income	(47)	870	(187)	2,055
Other comprehensive income (loss), net of tax	(36,864)	113,474	(67,603)	111,928
Comprehensive income	259,535	403,750	448,139	643,715
Interest rate swap
Other comprehensive income (loss), before tax:
Interest rate swap amounts reclassified into interest expense	(442)	(3,400)	(891)	(6,724)
Changes in fair value of interest rate swaps	$ 619	$ 118	$ 1,597	$ (1,029)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 515,742	$ 531,787
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from disposal of assets, impairments and other	7,164	11,480
Adjustment to closure and post-closure liabilities	131,980	0
Depreciation	545,762	499,728
Amortization of intangibles	94,864	97,878
Deferred income taxes, net of acquisitions	37,189	58,292
Current period provision for expected credit losses	14,519	5,171
Amortization of debt issuance costs	4,502	4,101
Share-based compensation	41,539	41,956
Interest accretion	22,156	25,556
Payment of contingent consideration recorded in earnings	(1)	(400)
Adjustments to contingent consideration	(1,315)	30,584
Other	(3,778)	(2,661)
Changes in operating assets and liabilities, net of effects from acquisitions:
Net change in operating assets and liabilities, net of acquisitions	(131,437)	(123,731)
Net cash provided by operating activities	1,278,886	1,179,741
Cash Flows from Investing Activities:
Payments for acquisitions, net of cash acquired	(309,644)	(510,738)
Capital expenditures for property and equipment	(598,949)	(497,765)
Capital expenditures for undeveloped land	(51,049)	0
Proceeds from disposal of assets	2,922	5,417
Other	(5,232)	(16,886)
Net cash used in investing activities	(961,952)	(1,019,972)
Cash Flows from Financing Activities:
Proceeds from long-term debt	1,703,552	1,613,594
Principal payments on notes payable and long-term debt	(1,176,382)	(1,488,785)
Payment of contingent consideration recorded at acquisition date	(4,707)	(22,895)
Change in book overdraft	14,244	397
Payments for repurchase of common shares	(614,507)	(389)
Payments for cash dividends	(177,101)	(162,950)
Tax withholdings related to net share settlements of equity-based compensation	(24,985)	(30,934)
Debt issuance costs	(5,676)	(3,433)
Proceeds from issuance of shares under employee share purchase plan	3,031	2,593
Proceeds from sale of common shares held in trust	0	324
Net cash provided by (used in) financing activities	(282,531)	(92,478)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,405)	2,007
Net increase in cash, cash equivalents and restricted cash	31,998	69,298
Cash, cash equivalents and restricted cash at beginning of year	229,580	198,173
Cash, cash equivalents and restricted cash at end of year	261,578	267,471
Non-cash investing and financing activities:
Liabilities assumed and notes payable issued to sellers of businesses acquired	29,940	117,481
Accrued capital expenditures for property and equipment	$ 65,916	$ 50,161

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and equivalents	$ 98,180	$ 45,968
Accounts receivable, net of allowance for credit losses of $23,961 and $21,402 at June 30, 2026 and December 31, 2025, respectively	1,069,733	1,024,992
Prepaid expenses and other current assets	231,225	240,603
Total current assets	1,399,138	1,311,563
Restricted cash	163,398	183,612
Restricted investments	72,781	80,757
Property and equipment, net	8,965,023	8,733,327
Operating lease right-of-use assets	315,657	312,508
Goodwill	8,388,109	8,392,249
Intangible assets, net	1,973,464	2,006,200
Other assets, net	121,882	109,147
Total assets	21,399,452	21,129,363
Current liabilities:
Accounts payable	771,781	765,227
Book overdraft	28,918	14,674
Deferred revenue	429,904	416,025
Accrued liabilities	781,129	810,367
Current portion of operating lease liabilities	46,878	44,272
Current portion of contingent consideration	61,416	65,029
Current portion of long-term debt and notes payable	8,094	8,667
Total current liabilities	2,128,120	2,124,261
Long-term portion of debt and notes payable	9,283,810	8,811,104
Long-term portion of operating lease liabilities	270,860	267,000
Long-term portion of contingent consideration	19,647	19,667
Deferred income taxes	1,121,465	1,085,613
Other long-term liabilities	654,332	576,337
Total liabilities	13,478,234	12,883,982
Commitments and contingencies
Equity:
Common shares: Unlimited shares authorized; 252,201,043 shares issued and 252,154,695 shares outstanding at June 30, 2026; 255,661,011 shares issued and 255,614,663 shares outstanding at December 31, 2025	2,171,955	2,783,431
Additional paid-in capital	389,514	373,239
Accumulated other comprehensive loss	(178,647)	(111,044)
Treasury shares: 46,348 and 46,348 shares at June 30, 2026 and December 31, 2025, respectively	0	0
Retained earnings	5,538,396	5,199,755
Total shareholders' equity	7,921,218	8,245,381
Total liabilities and equity	$ 21,399,452	$ 21,129,363