Waste Connections, Inc.
For the period ended Jun 30, 2025. Filed Jul 24, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 24, 2025
WCN$189.07-1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-24.
0001558370-25-005319
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0001558370-25-009490
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 128 previous paragraphs and 146 current paragraphs.
51 unchanged; 65 reworded; 24 added; 10 removed; 2 previous and 6 current paragraphs rearranged.
Tables are not compared: 60 previous and 65 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
Revenues. Total revenues increased $158.9 million, or 7.1%, to $2.407 billion for the three months ended June 30, 2025, from $2.248 billion for the three months ended June 30, 2024. Total revenues increased $314.4 million, or 7.3%, to $4.635 billion for the six months ended June 30, 2025, from $4.321 billion for the six months ended June 30, 2024.
Current report
Total cost of operations increased $161.4 million, or 6.4%, to $2.684 billion for the six months ended June 30, 2025, from $2.523 billion for the six months ended June 30, 2024. The increase was primarily the result of $122.8 million of additional operating costs from acquisitions closed during, or subsequent to, the six months ended June 30, 2024, and an increase in operating costs at our existing operations of $51.2 million, assuming foreign currency parity, partially offset by a decrease in operating costs of $9.8 million resulting from a lower average foreign currency exchange rate in effect during the current period and a decrease of $2.8 million from operations divested during, or subsequent to, the six months ended June 30, 2024.
Current report
Cost of operations as a percentage of revenues decreased 0.5 percentage points to 57.9% for the six months ended June 30, 2025, from 58.4% for the six months ended June 30, 2024. The decrease as a percentage of revenues was primarily
Current report
SG&A. SG&A expenses increased $14.1 million, or 6.2%, to $243.0 million for the three months ended June 30, 2025, from $228.9 million for the three months ended June 30, 2024. The increase was comprised of $7.3 million from acquisitions closed during, or subsequent to, the three months ended June 30, 2024 and an increase of $7.2 million, assuming foreign currency parity, at our existing operations, partially offset by a decrease of $0.4 million resulting from a lower average foreign currency exchange rate in effect during the current period.
Current report
SG&A expenses increased $43.5 million, or 9.7%, to $493.1 million for the six months ended June 30, 2025, from $449.6 million for the six months ended June 30, 2024. The increase was comprised of an increase of $28.4 million, assuming foreign currency parity, at our existing operations and $17.1 million from acquisitions closed during, or subsequent to, the six months ended June 30, 2024, partially offset by a decrease of $2.0 million resulting from a lower average foreign currency exchange rate in effect during the current period.
Current report
The increase in SG&A expenses at our existing operations of $28.4 million, assuming foreign currency parity, for the six months ended June 30, 2025, was comprised of higher administrative payroll expenses of $13.6 million, an increase in professional fees of $8.4 million, an increase in incentive compensation expense of $5.8 million, a collective increase in travel and meetings expenses and charitable contributions of $4.3 million and $1.2 million of other net expense increases, partially offset by decreased expenses for uncollectible accounts receivable of $4.9 million.
Current report
SG&A expenses as a percentage of revenues decreased 0.1 percentage point to 10.1% for the three months ended June 30, 2025, from 10.2% for the three months ended June 30, 2024. The decrease as a percentage of revenues was primarily driven by a 0.2 percentage point decrease due to the impact of acquisitions having lower operating costs as a percentage of revenue as compared to existing operations, partially offset by a 0.1 percentage point increase in administrative payroll expenses as a percentage of revenue.
Current report
Depreciation expense increased $35.8 million, or 7.7%, to $499.7 million for the six months ended June 30, 2025, from $463.9 million for the six months ended June 30, 2024. The increase was comprised of an increase in depreciation and depletion expense of $28.3 million from acquisitions closed during, or subsequent to, the six months ended June 30, 2024, and an increase in depreciation expense of $20.5 million from the impact of additions to our fleet and equipment purchased to support our existing operations, partially offset by a decrease of $10.3 million in depletion expense, a decrease of $2.3 million resulting from a lower average foreign currency exchange rate in effect during the current period and a decrease of $0.4 million from operations divested during, or subsequent to, the six months ended June 30, 2024.
Current report
The net losses of $4.0 million recorded during the three months ended June 30, 2025 consisted of net losses of $1.7 million on the disposal of property and equipment, $1.0 million of charges to write off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, net losses of $1.0 million from damages to an operating facility and other net losses of $0.3 million.
Current report
The net losses of $8.2 million recorded during the three months ended June 30, 2024 consisted of $4.9 million of net losses on the disposal of property and equipment, $3.1 million due to increases associated with uninsured damages to an operating facility and $1.0 million of charges to write off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, partially offset by $0.8 million of other net gains.
Current report
Impairments and other operating items increased $2.0 million, to net losses totaling $10.5 million for the six months ended June 30, 2025, from net losses totaling $8.5 million for the six months ended June 30, 2024.
Current report
The net losses of $8.5 million recorded during the six months ended June 30, 2024 consisted of $6.0 million of net losses on the disposal of property and equipment, $3.1 million due to increases associated with uninsured damages to an operating facility and $1.2 million of charges to write off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, partially offset by $1.8 million of other net gains.
Current report
Operating Income. Operating income increased $34.8 million, or 8.2%, to $459.5 million for the three months ended June 30, 2025, from $424.7 million for the three months ended June 30, 2024. Operating income increased $58.3 million, or 7.4%, to $849.8 million for the six months ended June 30, 2025, from $791.5 million for the six months ended June 30, 2024.
Current report
Other income of $10.1 million recorded during the three months ended June 30, 2025 consisted of $3.7 million from a vendor rebate and the reimbursement of expenditures, $2.9 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations, $2.1 million from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period and $1.4 million of income from other sources.
Current report
Other income of $9.6 million recorded during the three months ended June 30, 2024 consisted of $12.0 million from a gain on sale of certain investments, partially offset by $0.7 million from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period reducing the U.S. dollar consideration required to settle international liabilities and $1.7 million of net losses from other sources.
Current report
Other income, net increased $4.1 million to an income total of $11.9 million for the six months ended June 30, 2025, from an income total of $7.8 million for the six months ended June 30, 2024.
Current report
Revenue increased $37.6 million to $476.9 million for the three months ended June 30, 2025, from $439.3 million for the three months ended June 30, 2024. Revenue increased $72.1 million to $930.3 million for the six months ended June 30, 2025, from $858.2 million for the six months ended June 30, 2024. The increases for the three and six months ended June 30, 2025 were due to contributions from acquisitions and price increases, partially offset by a decrease in roll off
Current report
EBITDA decreased $6.4 million to $128.0 million, or a 27.7% EBITDA margin for the three months ended June 30, 2025, from $134.4 million, or a 29.6% EBITDA margin for the three months ended June 30, 2024. EBITDA decreased $7.2 million to $240.3 million, or a 26.7% EBITDA margin for the six months ended June 30, 2025, from $247.5 million, or a 28.2% EBITDA margin for the six months ended June 30, 2024. The decreases in our EBITDA margin for the three and six months ended June 30, 2025 were due to an operation closed subsequent to the prior period, an increase in allocated overhead expenses and higher risk management costs, partially offset by price-led increases in revenue, a decrease in landfill monitoring and maintenance costs, lower fuel costs due to diesel prices and decreased expenses for uncollectible accounts receivable.
Current report
EBITDA increased $11.2 million to $114.3 million, or a 25.9% EBITDA margin for the three months ended June 30, 2025, from $103.1 million, or a 26.7% EBITDA margin for the three months ended June 30, 2024. EBITDA increased $19.3 million to $217.4 million, or a 25.7% EBITDA margin for the six months ended June 30, 2025, from $198.1 million, or a 26.5% EBITDA margin for the six months ended June 30, 2024. The decreases in our EBITDA margin for the three and six months ended June 30, 2025 were due primarily to higher allocated corporate overhead, higher risk management expenses, higher labor costs and an increase intruck, container, equipment and facility maintenance and repair expenses, partially offset by price-led revenue growth, lower fuel costs due to diesel prices and the impact of acquisitions having higher EBITDA margins than our segment average.
Current report
EBITDA increased $4.6 million to $143.4 million, or a 35.7% EBITDA margin for the three months ended June 30, 2025, from $138.8 million, or a 36.0% EBITDA margin for the three months ended June 30, 2024. EBITDA increased $10.4 million to $275.1 million, or a 35.5% EBITDA margin for the six months ended June 30, 2025, from $264.7 million, or a 35.4% EBITDA margin for the six months ended June 30, 2024. The decrease in our EBITDA margin for the three months ended June 30, 2025 was due to higher risk management costs and an increase in allocated corporate overhead, partially offset by price-led revenue growth, lower fuel costs due to diesel prices and decreased expenses for uncollectible accounts receivable. The increase in our EBITDA margin for the six months ended June 30, 2025 was due to price-led revenue growth and lower fuel costs due to diesel prices, partially offset by higher allocated corporate overhead and higher risk management costs.
Current report
Segment expenses increased $4.4 million to $187.5 million for the three months ended June 30, 2025, from $183.1 million for the three months ended June 30, 2024. Segment expenses increased $12.5 million to $354.6 million for the six
Current report
EBITDA increased $3.8 million to $78.5 million, or a 28.0% EBITDA margin for the three months ended June 30, 2025, from $74.7 million, or a 28.4% EBITDA margin for the three months ended June 30, 2024. EBITDA increased $15.2 million to $147.4 million, or a 27.4% EBITDA margin for the six months ended June 30, 2025, from $132.2 million, or a 26.8% EBITDA margin for the six months ended June 30, 2024. The decrease in our EBITDA margin for the three months ended June 30, 2025 was due primarily to an increase in landfill monitoring and maintenance costs, higher risk management costs and an increase in allocated corporate overhead, partially offset by lower fuel costs due to diesel prices and price-led revenue growth. The increase in our EBITDA margin for the six months ended June 30, 2025 was due primarily to price-led revenue growth, lower fuel costs due to diesel prices and a decrease intruck, container, equipment and facility maintenance and repair expenses, partially offset by an increase in landfill monitoring and maintenance costs, higher risk management costs and an increase in allocated corporate overhead.
Current report
by improved receivables turnover from collection efforts. The decrease for the six months ended June 30, 2024 was due to increases in revenue, which remained as outstanding receivables at June 30,2024.
Current report
On June 4, 2025, we completed an underwritten public offering of $500.0 million aggregate principal amount of our 5.25% Senior Notes due 2035 (the “2035 Senior Notes”). The 2035 Senior Notes were issued under an indenture, dated as of November 16, 2018 (as amended, restated, supplemented or otherwise modified from time to time), by and between the Company and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee, as supplemented by a tenth supplemental indenture, dated as of June 4, 2025. See Note 9 to our Condensed Consolidated Financial Statements for further details on the 2035 Senior Notes.
Removed paragraphs (10)
Previous report
Revenues. Total revenues increased $155.5 million, or 7.5%, to $2.228 billion for the three months ended March 31, 2025, from $2.073 billion for the three months ended March 31, 2024.
Previous report
SG&A. SG&A expenses increased $29.4 million, or 13.3%, to $250.1 million for the three months ended March 31, 2025, from $220.7 million for the three months ended March 31, 2024. The increase was comprised of an increase of $21.3 million, assuming foreign currency parity, at our existing operations and $9.7 million from acquisitions closed during, or subsequent to, the three months ended March 31, 2024, partially offset by a decrease of $1.6 million resulting from a lower average foreign currency exchange rate in effect during the current period.
Previous report
The net losses of $0.4 million recorded during the three months ended March 31, 2024 consisted of $1.1 million of net losses on the disposal of property and equipment and $0.6 million of other net adjustments, partially offset by $1.3 million gain from favorable lawsuit settlements.
Previous report
Operating Income. Operating income increased $23.4 million, or 6.4%, to $390.2 million for the three months ended March 31, 2025, from $366.8 million for the three months ended March 31, 2024.
Previous report
EBITDA decreased $0.8 million to $112.3 million, or a 25.6% EBITDA margin for the three months ended March 31, 2025, from $113.1 million, or a 26.8% EBITDA margin for the three months ended March 31, 2024. The decrease in our EBITDA margin was due to an operation closed subsequent to the prior period and an increase in allocated overhead expenses relative to revenue, partially offset by a decrease in landfill monitoring and maintenance costs relative to revenue, decreased expenses for uncollectible accounts receivable and the impact of acquisitions having higher EBITDA margins than our segment average.
Previous report
EBITDA increased $8.1 million to $103.1 million, or a 25.6% EBITDA margin for the three months ended March 31, 2025, from $95.0 million, or a 26.4% EBITDA margin for the three months ended March 31, 2024. The decrease in our EBITDA margin was due primarily to higher allocated corporate overhead relative to revenue, an increase intruck, container, equipment and facility maintenance and repair expenses, higher risk management expenses and labor costs relative to revenue, partially offset by price-led revenue growth, the benefits of lower fuel costs due to lower diesel prices and a decrease in landfill monitoring and maintenance costs relative to revenue.
Previous report
EBITDA increased $5.8 million to $131.7 million, or a 35.3% EBITDA margin for the three months ended March 31, 2025, from $125.9 million, or a 34.9% EBITDA margin for the three months ended March 31, 2024. The increase in our EBITDA margin was due to price-led revenue growth and the benefits of lower fuel costs due to lower diesel prices, partially offset by higher allocated corporate overhead and higher risk management costs relative to revenue.
Previous report
Revenue increased $22.3 million to $302.7 million for the three months ended March 31, 2025, from $280.4 million for the three months ended March 31, 2024, due to contributions from acquisitions and price increases, partially offset by
Previous report
EBITDA increased $11.4 million to $68.9 million, or a 26.8% EBITDA margin for the three months ended March 31, 2025, from $57.5 million, or a 25.0% EBITDA margin for the three months ended March 31, 2024. The increase in our EBITDA margin was due primarily to price-led revenue growth, benefits of lower fuel costs due to lower diesel prices and a decrease in fees paid for the processing of recyclable materials relative to revenue, partially offset by an increase in landfill monitoring and maintenance costs and higher risk management costs relative to revenue.
Previous report
one fewer collection day in the period. The increase for the three months ended March 31, 2024 was due to an additional collection day in the period, partially offset by increases in revenue, which remained as outstanding receivables at the end of the period.
Reworded paragraphs (65)
Previous wording
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
Current wording
RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous wording
Acquisitions closed during, or subsequent to, the three months ended March 31, 2024, increased revenues by $131.0 million for the three months ended March 31, 2025.
Current wording
Acquisitions closed during, or subsequent to, the three and six months ended June 30, 2024, increased revenues by $115.0 million and $246.0 million, respectively, for the three and six months ended June 30, 2025.
Previous wording
Operations that were divested during, or subsequent to, the three months ended March 31, 2024, decreased revenues by $1.7 million for the three months ended March 31, 2025.
Current wording
Operations that were divested during, or subsequent to, the three and six months ended June 30, 2024, decreased revenues by $2.1 million and $3.8 million, respectively, for the three and six months ended June 30, 2025.
Previous wording
The impact of operations that were closed during, or subsequent to, the three months ended March 31, 2024, decreased revenues by $17.2 million, for the three months ended March 31, 2025.
Current wording
The impact of operations that were closed during, or subsequent to, the three and six months ended June 30, 2024, decreased revenues by $17.6 million and $34.9 million, respectively, for the three and six months ended June 30, 2025.
Previous wording
During the three months ended March 31, 2025, the net increase in prices charged to our customers at our existing operations was $129.5 million, consisting of $133.2 million of core price increases and decreases in surcharges of $3.7 million.
Current wording
During the three months ended June 30, 2025, the net increase in prices charged to our customers at our existing operations was $132.8 million, consisting of $136.9 million of core price increases and decreases in surcharges of $4.1 million. During the six months ended June 30, 2025, the net increase in prices charged to our customers at our existing operations was $262.3 million, consisting of $270.1 million of core price increases and decreases in surcharges of $7.8 million.
Previous wording
During the three months ended March 31, 2025, we recognized volume losses totaling $65.9 million, resulting from a decrease in roll off volumes, lower residential collection volumes due primarily to the purposeful shedding of certain low-margin municipal contracts in our Southern, Eastern and Canada segments, lower commercial revenues and lower post-collection volumes.
Current wording
During the three and six months ended June 30, 2025, we recognized volume losses totaling $56.2 million and $122.1 million, respectively, resulting from a decrease in roll off volumes, lower post-collection volumes in our Eastern and Central segments, lower residential collection volumes due primarily to the purposeful shedding of certain low-margin municipal contracts and lower commercial revenues.
Previous wording
E&P waste revenues at facilities owned during the three months ended March 31, 2025 and 2024 increased $0.4 million, due to nominal increases in overall activity levels in certain basins in our Central and Canada segments.
Current wording
E&P waste revenues at facilities owned during the three and six months ended June 30, 2025 increased $2.8 million and $3.2 million, respectively, due to nominal increases in overall activity levels in certain basins in our Canada segment.
Previous wording
Revenues from sales of recyclable commodities at facilities owned during the three months ended March 31, 2025 and 2024 decreased $2.1 million. The decrease was primarily attributable to lower prices for old corrugated cardboard, partially offset by an increase in volumes and an increase in the prices of certain grades of metal and plastic as compared to the prior period.
Current wording
prices for old corrugated cardboard, partially offset by an increase in volumes and an increase in the prices of certain grades of metal and plastic as compared to the prior periods.
Previous wording
A decrease in the average Canadian dollar to U.S. dollar currency exchange rate resulted in a decrease in revenues of $16.8 million for the three months ended March 31, 2025. The average Canadian dollar to U.S. dollar exchange rates on our Canadian revenues were 0.6968 and 0.7412 for the three months ended March 31, 2025 and 2024, respectively.
Current wording
A decrease in the average Canadian dollar to U.S. dollar currency exchange rate resulted in a decrease in revenues of $3.5 million and $20.2 million for the three and six months ended June 30, 2025, respectively. The average Canadian dollar to U.S. dollar exchange rates on our Canadian revenues were 0.7228 and 0.7308 for the three months ended June 30, 2025 and 2024, respectively. The average Canadian dollar to U.S. dollar exchange rates on our Canadian revenues were 0.7104 and 0.7356 for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Other revenues decreased $1.7 million during the three months ended March 31, 2025, due primarily to a $0.7 million decrease in other non-core revenue sources, a $0.6 million decrease in intermodal revenues and a $0.4 million decrease in landfill gas revenues on lower values for renewable energy credits.
Current wording
Other revenues decreased $5.3 million during the three months ended June 30, 2025, due primarily to a $4.5 million decrease in landfill gas revenues on lower values of renewable energy credits and a $2.1 million decrease in intermodal revenues, partially offset by a $1.3 million increase in other non-core revenue sources. Other revenues decreased $7.1 million during the six months ended June 30, 2025, due primarily to a $4.9 million decrease in landfill gas revenues on lower values for renewable energy credits and a $2.7 million decrease in intermodal revenues, partially offset by a $0.5 million increase in other non-core revenue sources.
Previous wording
Cost of Operations. Total cost of operations increased $69.7 million, or 5.7%, to $1.291 billion for the three months ended March 31, 2025, from $1.222 billion for the three months ended March 31, 2024. The increase was primarily the result of $66.4 million of additional operating costs from acquisitions closed during, or subsequent to, the three months ended March 31, 2024, and an increase in operating costs at our existing operations of $12.3 million, assuming foreign currency parity, partially offset by a decrease in operating costs of $7.9 million resulting from a lower average foreign currency exchange rate in effect during the current period and a decrease of $1.1 million from operations divested during, or subsequent to, the three months ended March 31, 2024.
Current wording
Cost of Operations. Total cost of operations increased $91.8 million, or 7.1%, to $1.393 billion for the three months ended June 30, 2025, from $1.301 billion for the three months ended June 30, 2024. The increase was primarily the result of $55.5 million of additional operating costs from acquisitions closed during, or subsequent to, the three months ended June 30, 2024, and an increase in operating costs at our existing operations of $39.9 million, assuming foreign currency parity, partially offset by a decrease in operating costs of $1.8 million resulting from a lower average foreign currency exchange rate in effect during the current period and a decrease of $1.8 million from operations divested during, or subsequent to, the three months ended June 30, 2024.
Previous wording
The increase in operating costs of $12.3 million, assuming foreign currency parity, at our existing operations for the three months ended March 31, 2025, consisted of higher labor and recurring incentive compensation expenses of $9.3 million, an increase in risk management expenses of $7.3 million, an increase in post-closure liability interest accretion expense of $4.7 million, an increase in benefits costs of $1.2 million, higher trucking costs of $0.9 million, an increase in truck, container, equipment and facility maintenance and repair expenses of $0.5 million and a net increase of other expenses of $2.4 million, partially offset by a decrease in fuel expense of $4.3 million due to lower diesel prices, a decrease in landfill monitoring and maintenance costs of $4.1 million, a decrease in disposal costs of $2.4 million, a decrease in fees paid for the processing of recyclable materials of $2.1 million and a decrease in subcontract expense of $1.1 million.
Current wording
The increase in operating costs of $39.9 million, assuming foreign currency parity, at our existing operations for the three months ended June 30, 2025, consisted of higher labor and recurring incentive compensation expenses of $17.7 million, an increase in risk management expenses of $6.9 million, higher trucking costs of $6.4 million, an increase in post-closure liability interest accretion expense of $4.9 million, an increase in benefits costs of $4.9 million, an increase in disposal costs of $2.5 million and a net increase of other expenses of $2.2 million, partially offset by a decrease in fuel expense of $5.6 million due to diesel prices.
Previous wording
Cost of operations as a percentage of revenues decreased 1.0 percentage point to 58.0% for the three months ended March 31, 2025, from 59.0% for the three months ended March 31, 2024. The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.3 percentage point decrease due to the impact of acquisitions having lower operating costs as a percentage of revenue as compared to existing operations, a 0.3 percentage point decrease in disposal costs as a result of increased internalization in certain markets, a 0.3 percentage point decrease in fuel costs due to lower diesel prices and a 0.2 percentage point decrease in landfill monitoring and maintenance costs, partially offset by a 0.1 percentage point increase due to higher costs associated with other expenses.
Current wording
Cost of operations as a percentage of revenues remained flat at 57.9% for the three months ended June 30, 2025 and the three months ended June 30, 2024. Cost of operations as a percentage of revenues was impacted by price-led revenue growth, a 0.4 percentage point decrease due to the impact of acquisitions having lower operating costs as a percentage of revenue as compared to existing operations and a 0.4 percentage point decrease in fuel costs due to diesel prices, partially offset by a 0.3 percentage point increase in labor and benefits costs, a 0.2 percentage point increase due to higher risk management costs and a 0.3 percentage point increase due to higher costs associated with other expenses.
Previous wording
The increase in SG&A expenses at our existing operations of $21.3 million, assuming foreign currency parity, for the three months ended March 31, 2025, was comprised of an increase in incentive compensation expense of $9.7 million, an increase in professional fees of $6.2 million, higher administrative payroll expenses of $3.8 million, an increase in direct acquisition expenses of $2.1 million, a collective increase in travel, meetings and training expenses of $1.7 million and $0.1 million of other net expense increases, partially offset by a decrease in deferred compensation costs of $2.3 million due to a decrease in the market value of investments held to fund our deferred compensation liability.
Current wording
The increase in SG&A expenses at our existing operations of $7.2 million, assuming foreign currency parity, for the three months ended June 30, 2025, was comprised of higher administrative payroll expenses of $5.2 million, a collective increase in travel expenses and charitable contributions of $2.6 million, an increase in deferred compensation costs of $2.3 million due to an increase in the market value of investments held to fund our deferred compensation liability, an increase in professional fees of $2.1 million and an increase in incentive compensation expense of $1.7 million, partially offset by a decrease in direct acquisition expenses of $3.3 million, decreased expenses for uncollectible accounts receivable of $3.3 million and $0.1 million of other net expense decreases.
Previous wording
SG&A expenses as a percentage of revenues increased 0.5 percentage points to 11.2% for the three months ended March 31, 2025, from 10.7% for the three months ended March 31, 2024. The increase as a percentage of revenues was primarily driven by a 0.4 percentage point increase in administrative payroll and incentive compensation and a 0.3 percentage point increase in professional fees, partially offset by a 0.2 percentage point decrease in SG&A expenses from acquisitions closed during, or subsequent to, the three months ended March 31, 2024.
Current wording
SG&A expenses as a percentage of revenues increased 0.3 percentage points to 10.7% for the six months ended June 30, 2025, from 10.4% for the six months ended June 30, 2024. The increase as a percentage of revenues was primarily driven by a 0.3 percentage point increase in administrative payroll and incentive compensation expenses and a 0.2 percentage point increase in professional fees, partially offset by a 0.2 percentage point decrease in SG&A expenses from acquisitions closed during, or subsequent to, the six months ended June 30, 2024.
Previous wording
Depreciation. Depreciation expense increased $19.6 million, or 8.8%, to $242.3 million for the three months ended March 31, 2025, from $222.7 million for the three months ended March 31, 2024. The increase was comprised of an increase in depreciation and depletion expense of $16.2 million from acquisitions closed during, or subsequent to, the three months ended March 31, 2024, and an increase in depreciation expense of $11.1 million from the impact of additions to our fleet and equipment purchased to support our existing operations, partially offset by a decrease of $5.6 million in depletion expense, a decrease of $1.9 million resulting from a lower average foreign currency exchange rate in effect
Current wording
Depreciation. Depreciation expense increased $16.2 million, or 6.7%, to $257.4 million for the three months ended June 30, 2025, from $241.2 million for the three months ended June 30, 2024. The increase was comprised of an increase in depreciation and depletion expense of $12.0 million from acquisitions closed during, or subsequent to, the three months ended June 30, 2024, and an increase in depreciation expense of $9.5 million from the impact of additions to our fleet and equipment purchased to support our existing operations, partially offset by a decrease of $4.7 million in depletion expense, a decrease of $0.4 million resulting from a lower average foreign currency exchange rate in effect during the current period and a decrease of $0.2 million from operations divested during, or subsequent to, the three months ended June 30, 2024.
Previous wording
Depreciation expense as a percentage of revenues increased 0.2 percentage points to 10.9% for the three months ended March 31, 2025, from 10.7% for the three months ended March 31, 2024. The increase as a percentage of revenues was primarily attributable to increased capital expenditures to support our existing operations and acquisitions closed during, or subsequent to, the three months ended March 31, 2024 having higher depreciation expense as a percentage of revenue than our company average, partially offset by the impact of decreased depletion expenses as a result of lower landfill volumes.
Current wording
Depreciation expense as a percentage of revenues remained flat at 10.7% for the three months ended June 30, 2025 and the three months ended June 30, 2024. Depreciation expense as a percentage of revenues increased 0.1 percentage point to 10.8% for the six months ended June 30, 2025, from 10.7% for the six months ended June 30, 2024. For both comparable periods, depreciation expense as a percentage of revenue was impacted by capital expenditures to support our existing operations and acquisitions closed during, or subsequent to, the three and six months ended June 30, 2024 having higher depreciation expense as a percentage of revenue than our company average, partially offset by the impact of decreased depletion expenses as a result of lower landfill volumes.
Previous wording
Amortization of Intangibles. Amortization of intangibles expense increased $7.3 million, or 18.2%, to $47.6 million for the three months ended March 31, 2025, from $40.3 million for the three months ended March 31, 2024. The increase was the result of $11.6 million from intangible assets acquired in acquisitions closed during, or subsequent to, the three months ended March 31, 2024, partially offset by a decrease of $3.8 million from certain intangible assets becoming fully amortized subsequent to March 31, 2024 and a decrease of $0.5 million due to a lower average foreign currency exchange rate in effect during the current period.
Current wording
Amortization of Intangibles. Amortization of intangibles expense increased $6.1 million, or 13.9%, to $50.2 million for the three months ended June 30, 2025, from $44.1 million for the three months ended June 30, 2024. The increase was the result of $9.5 million from intangible assets acquired in acquisitions closed during, or subsequent to, the three months ended June 30, 2024, partially offset by a decrease of $3.3 million from certain intangible assets becoming fully amortized subsequent to June 30, 2024 and a decrease of $0.1 million due to a lower average foreign currency exchange rate in effect during the current period.
Previous wording
Amortization of intangibles expense as a percentage of revenues increased 0.2 percentage points to 2.1% for the three months ended March 31, 2025, from 1.9% for the three months ended March 31, 2024. The increase as a percentage of revenues was primarily attributable to acquisitions closed during, or subsequent to, the three months ended March 31, 2024 having higher amortization expense as a percentage of revenue than our company average, partially offset by price-driven revenue increases in our solid waste services.
Current wording
Amortization of intangibles expense as a percentage of revenues increased 0.1 percentage points to 2.1% for the three and six months ended June 30, 2025, from 2.0% for the three and six months ended June 30, 2024. The increases as a percentage of revenues were primarily attributable to acquisitions closed during, or subsequent to, the three and six months ended June 30, 2024 having higher amortization expense as a percentage of revenue than our company average, partially offset by price-driven revenue increases in our solid waste services.
Previous wording
Impairments and Other Operating Items. Impairments and other operating items increased $6.0 million, to net losses totaling $6.4 million for the three months ended March 31, 2025, from net losses totaling $0.4 million for the three months ended March 31, 2024.
Current wording
Impairments and Other Operating Items. Impairments and other operating items decreased $4.2 million, to net losses totaling $4.0 million for the three months ended June 30, 2025, from net losses totaling $8.2 million for the three months ended June 30, 2024.
Previous wording
The net losses of $6.4 million recorded during the three months ended March 31, 2025 consisted of $3.8 million of net losses from operations divested during the current period, losses of $1.3 million on the disposal of an investment, losses of $0.7 million on the disposal of property and equipment and losses of $0.7 million from writing off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, partially offset by other net gains of $0.1 million.
Current wording
The net losses of $10.5 million recorded during the six months ended June 30, 2025 consisted of $4.5 million of net losses from operations divested during the current period, net losses of $2.5 million on the disposal of property and equipment, $1.7 million of charges to write off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, losses of $1.3 million on the disposal of an investment and other net losses of $0.5 million.
Previous wording
The increase in our operating income for the three months ended March 31, 2025 was due primarily to price increases for our solid waste services, operating income generated from acquisitions closed during, or subsequent to, the three months ended March 31, 2024, and the benefit of lower fuel costs due to lower diesel prices.
Current wording
The increases in our operating income for both the three and six months ended June 30, 2025 were due primarily to price increases for our solid waste services, operating income generated from acquisitions closed during, or subsequent to, the three and six months ended June 30, 2024, and lower fuel costs due to diesel prices, partially offset by increased risk management, labor and benefits costs.
Previous wording
Operating income as a percentage of revenues decreased 0.2 percentage points to 17.5% for the three months ended March 31, 2025, from 17.7% for the three months ended March 31, 2024. The decrease as a percentage of revenues was comprised of a 0.5 percentage point increase in selling, general and administrative expenses, a 0.3 percentage point increase in impairments and other operating items, a 0.2 percentage point increase in depreciation expense and a 0.2 percentage point increase in amortization expense, partially offset by a 1.0 percentage point decrease in cost of operations.
Current wording
Operating income as a percentage of revenues increased 0.3 percentage points to 19.1% for the three months ended June 30, 2025, from 18.8% for the three months ended June 30, 2024. The increase as a percentage of revenues was comprised of a 0.3 percentage point decrease in impairments and other operating items and a 0.1 percentage point decrease in selling, general and administrative expenses, partially offset by a 0.1 percentage point increase in amortization expense.
Previous wording
Interest Expense. Interest expense increased $2.4 million, or 3.0%, to $80.9 million for the three months ended March 31, 2025, from $78.5 million for the three months ended March 31, 2024. The increase was primarily attributable to an increase of $5.3 million from the issuance of $750.0 million of senior unsecured notes in the prior period and an increase of $3.9 million from the issuance of CAD $500.0 million of senior unsecured notes subsequent to the prior period, partially offset by a decrease of $5.7 million from lower interest rates on borrowings outstanding during the comparable periods, a
Current wording
Interest Expense. Interest expense increased $0.4 million, or 0.5%, to $82.8 million for the three months ended June 30, 2025, from $82.4 million for the three months ended June 30, 2024. The increase was primarily attributable to an increase of $3.3 million from the issuance of CAD $500.0 million of senior unsecured notes in the prior period, an increase of $3.1 million due to an increase in the average borrowings outstanding under our credit facilities during the three months ended June 30, 2025 and an increase of $2.0 million from the issuance of $500.0 million of senior unsecured notes during the three months ended June 30, 2025, partially offset by a decrease of $6.6 million from lower interest rates on borrowings outstanding during the comparable periods and $1.4 million of other net expense decreases.
Previous wording
Interest Income. Interest income decreased $0.3 million, or 13.7%, to $1.8 million for the three months ended March 31, 2025, from $2.1 million for the three months ended March 31, 2024. The decrease was primarily attributable to lower average investment rates in the current periods.
Current wording
Interest Income. Interest income decreased $1.7 million, or 42.3%, to $2.3 million for the three months ended June 30, 2025, from $4.0 million for the three months ended June 30, 2024. Interest income decreased $2.0 million, or 32.6%, to $4.1 million for the six months ended June 30, 2025, from $6.1 million for the six months ended June 30, 2024. The decreases were primarily attributable to lower average investment rates in the current periods.
Previous wording
Other Income (Expense), Net. Other income (expense), net increased $3.7 million to an income total of $1.9 million for the three months ended March 31, 2025, from an expense total of $1.8 million for the three months ended March 31, 2024.
Current wording
Other Income, Net. Other income, net increased $0.5 million to an income total of $10.1 million for the three months ended June 30, 2025, from an income total of $9.6 million for the three months ended June 30, 2024.
Previous wording
Other income of $1.9 million recorded during the three months ended March 31, 2025 consisted of $2.5 million from proceeds on insurance claims and $1.3 million of gains from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period, partially offset by $1.5 million from a decrease in the value of investments purchased to fund our employee deferred compensation obligations and $0.4 million of other investment losses.
Current wording
Other income of $11.9 million recorded during the six months ended June 30, 2025 consisted of $3.9 million of gains from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period, $3.7 million from a vendor rebate and the reimbursement of expenditures, $2.5 million from proceeds on insurance claims, $1.4 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations and $0.4 million of income from other sources.
Previous wording
Other expense of $1.8 million recorded during the three months ended March 31, 2024 consisted of $2.3 million from the write off of unamortized loan fees as a result of the early extinguishment of our 2021 Revolving and Term Credit Agreement and 2022 Term Loan Agreement, $0.5 million from an increase in the average foreign currency exchange rate in effect during the comparable reporting period and $0.7 million of net losses from other sources, partially offset by $1.7 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations.
Current wording
Other income of $7.8 million recorded during the six months ended June 30, 2024 consisted of $12.0 million from a gain on sale of certain investments and $1.8 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations, partially offset by $2.3 million from the write off of unamortized loan fees as a result of the early extinguishment of our 2021 Revolving and Term Credit Agreement and 2022 Term Loan Agreement, $1.3 million from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period reducing the U.S. dollar consideration required to settle international liabilities and $2.4 million of net losses from other sources.
Previous wording
Income Tax Provision. Income taxes increased $12.1 million, to $71.5 million for the three months ended March 31, 2025, from $59.4 million for the three months ended March 31, 2024. Our effective tax rate for the three months ended March 31, 2025 was 22.8%. Our effective tax rate for the three months ended March 31, 2024 was 20.6%.
Current wording
Income Tax Provision. Income taxes increased $18.3 million, to $98.9 million for the three months ended June 30, 2025, from $80.6 million for the three months ended June 30, 2024. Our effective tax rate for the three months ended June 30, 2025 was 25.4%. Our effective tax rate for the three months ended June 30, 2024 was 22.6%. Income taxes increased $30.4 million, to $170.4 million for the six months ended June 30, 2025, from $140.0 million for the six months ended June 30, 2024. Our effective tax rate for the six months ended June 30, 2025 was 24.3%. Our effective tax rate for the six months ended June 30, 2024 was 21.7%.
Previous wording
The income tax provision for the three months ended March 31, 2025 included a benefit of $4.6 million from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S. federal statutory rate.
Current wording
The income tax provision for the three and six months ended June 30, 2025 included a benefit of $0.2 million and $4.8 million, respectively, from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S. federal statutory rate.
Previous wording
The income tax provision for the three months ended March 31, 2024 included a benefit of $5.2 million from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S. federal statutory rate.
Current wording
The income tax provision for the three and six months ended June 30, 2024 included a benefit of $0.2 million and $5.4 million, respectively, from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S. federal statutory rate.
Previous wording
For the three months ended March 31, 2025, we managed our operations through the following six geographic solid waste operating segments: Southern, Western, Eastern, Central, Canada and MidSouth. Our six geographic solid waste operating segments comprise our reportable segments. Each operating segment is responsible for managing several vertically integrated operations, which are comprised of districts. Certain corporate or regional overhead expense allocations may affect comparability of the segment information presented herein on a period-over-period basis.
Current wording
For the six months ended June 30, 2025, we managed our operations through the following six geographic solid waste operating segments: Southern, Western, Eastern, Central, Canada and MidSouth. Our six geographic solid waste operating segments comprise our reportable segments. Each operating segment is responsible for managing several vertically integrated operations, which are comprised of districts. Certain corporate or regional overhead expense allocations may affect comparability of the segment information presented herein on a period-over-period basis.
Previous wording
Significant changes in revenue, segment expenses and EBITDA for our reportable segments for the three month period ended March 31, 2025, compared to the three month period ended March 31, 2024, are discussed below.
Current wording
Significant changes in revenue, segment expenses and EBITDA for our reportable segments for the three and six month periods ended June 30, 2025, compared to the three and six month periods ended June 30, 2024, are discussed below.
Previous wording
Revenue increased $34.5 million to $453.4 million for the three months ended March 31, 2025, from $418.9 million for the three months ended March 31, 2024, due to contributions from acquisitions and price increases, partially offset by lower commercial collection revenues, a decrease in roll off volumes and lower residential collection volumes due to the purposeful non-renewal of certain contracts.
Current wording
volumes, lower E&P waste revenues attributable to decreases in drilling and production activity, lower commercial collection revenues and lower residential collection volumes due to the purposeful non-renewal of certain contracts.
Previous wording
Segment expenses increased $14.2 million to $304.7 million for the three months ended March 31, 2025, from $290.5 million for the three months ended March 31, 2024, due to an increase in expenses from acquisitions closed during the comparable periods, an increase in allocated corporate overhead, higher risk management costs, higher labor costs and an increase in landfill monitoring and maintenance costs, partially offset by lower disposal expense and a decrease in expenses from operations divested during the current period.
Current wording
Segment expenses increased $21.8 million to $322.6 million for the three months ended June 30, 2025, from $300.8 million for the three months ended June 30, 2024. Segment expenses increased $36.0 million to $627.3 million for the six months ended June 30, 2025, from $591.3 million for the six months ended June 30, 2024. The increases to segment expenses for the three and six months ended June 30, 2025 were due to an increase in expenses from acquisitions closed during the comparable periods, an increase in allocated corporate overhead, higher risk management costs, higher labor costs and an increase in landfill monitoring and maintenance costs, partially offset by lower fuel costs due to diesel prices, a decrease in expenses from operations divested during the current period and lower disposal expense.
Previous wording
EBITDA increased $20.3 million to $148.7 million, or a 32.8% EBITDA margin for the three months ended March 31, 2025, from $128.4 million, or a 30.7% EBITDA margin for the three months ended March 31, 2024. The increase in our EBITDA margin was due to price-led increases in revenue, the purposeful non-renewal of certain residential contracts with lower EBITDA margins than our segment average, the impact of acquisitions having higher EBITDA margins than our segment average, lower disposal costs as a result of increased internalization in certain markets, and the benefit of lower fuel costs due to lower diesel prices, partially offset by higher risk management costs, increased landfill monitoring and maintenance costs and higher allocated corporate overhead relative to revenue.
Current wording
EBITDA increased $15.8 million to $154.3 million, or a 32.4% EBITDA margin for the three months ended June 30, 2025, from $138.5 million, or a 31.5% EBITDA margin for the three months ended June 30, 2024. EBITDA increased $36.1 million to $303.0 million, or a 32.6% EBITDA margin for the six months ended June 30, 2025, from $266.9 million, or a 31.1% EBITDA margin for the six months ended June 30, 2024. The increases in our EBITDA margin for the three and six months ended June 30, 2025 were due to price-led increases in revenue, the impact of acquisitions having higher EBITDA margins than our segment average, purposeful non-renewal of certain residential contracts with lower EBITDA margins than our segment average, lower fuel costs due to diesel prices and a decrease intruck, container, equipment and facility maintenance and repair expenses, partially offset by higher risk management costs, higher allocated corporate overhead and increased landfill monitoring and maintenance costs.
Previous wording
Revenue increased $16.2 million to $438.4 million for the three months ended March 31, 2025, from $422.2 million for the three months ended March 31, 2024, due to price increases, contributions from acquisitions and increases in commercial collection volumes, partially offset by a decrease from an operation closed subsequent to the prior period, a decline in intermodal revenues and lower recyclable commodity revenues due to a decrease in commodity values.
Current wording
Revenue increased $7.7 million to $461.7 million for the three months ended June 30, 2025, from $454.0 million for the three months ended June 30, 2024. Revenue increased $23.9 million to $900.1 million for the six months ended June 30, 2025, from $876.2 million for the six months ended June 30, 2024. The increases for the three and six months ended June 30, 2025 were due to price increases, contributions from acquisitions and increases in residential and commercial collection volumes, partially offset by a decrease from an operation closed subsequent to the prior period, a decline in intermodal revenues and lower recyclable commodity revenues due to a decrease in commodity values.
Previous wording
Segment expenses increased $16.9 million to $326.1 million for the three months ended March 31, 2025, from $309.2 million for the three months ended March 31, 2024, due to an increase in expenses from acquisitions closed during the comparable periods, increased labor and benefits costs, anincrease in allocated corporate overhead, increased operating costs associated with higher collection volumes and higher risk management expenses, partially offset by a decrease from an operation closed subsequent to the prior period and lower landfill monitoring and maintenance costs.
Current wording
Segment expenses increased $14.2 million to $333.7 million for the three months ended June 30, 2025, from $319.5 million for the three months ended June 30, 2024. Segment expenses increased $31.1 million to $659.8 million for the six months ended June 30, 2025, from $628.7 million for the six months ended June 30, 2024. The increases to segment expenses for the three and six months ended June 30, 2025 were due to an increase in expenses from acquisitions closed during the comparable periods, increased labor and benefits costs, anincrease in allocated corporate overhead, increased operating costs associated with higher collection volumes and higher risk management expenses, partially offset by a decrease from an operation closed subsequent to the prior period and lower landfill monitoring and maintenance costs.
Previous wording
Revenue increased $43.2 million to $403.3 million for the three months ended March 31, 2025, from $360.1 million for the three months ended March 31, 2024, due to contributions from acquisitions and price increases, partially offset by decreases in hauling and post-collection volumes and a decrease in recyclable commodity revenues as compared to the prior period.
Current wording
Revenue increased $56.1 million to $442.2 million for the three months ended June 30, 2025, from $386.1 million for the three months ended June 30, 2024. Revenue increased $99.3 million to $845.5 million for the six months ended June 30, 2025, from $746.2 million for the six months ended June 30, 2024. The increases for the three and six months ended June 30, 2025 were due to contributions from acquisitions and price increases, partially offset by decreases in hauling and post-collection volumes and a decrease in recyclable commodity revenues as compared to the prior period.
Previous wording
Segment expenses increased $35.1 million to $300.2 million for the three months ended March 31, 2025, from $265.1 million for the three months ended March 31, 2024, due to an increase in expenses from acquisitions closed during the comparable periods, increases in allocated corporate overhead, an increase in truck, container, equipment and facility maintenance and repair expenses, an increase in labor and higher risk management expenses, partially offset by a decrease in landfill monitoring and maintenance costs, lower fuel costs and decreased trucking costs due to lower transfer volumes.
Current wording
Segment expenses increased $44.9 million to $327.9 million for the three months ended June 30, 2025, from $283.0 million for the three months ended June 30, 2024. Segment expenses increased $79.9 million to $628.0 million for the six months ended June 30, 2025, from $548.1 million for the six months ended June 30, 2024. The increases to segment expenses for the three and six months ended June 30, 2025 were due to an increase in expenses from acquisitions closed during the comparable periods, increases in allocated corporate overhead, an increase in labor costs, higher risk management expenses and an increase in truck, container, equipment and facility maintenance and repair expenses, partially offset by lower fuel costs due to diesel prices, a decrease in landfill monitoring and maintenance costs and decreased trucking costs due to lower transfer volumes.
Showing the first 40 of 65 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
Revenues from sales of recyclable commodities at facilities owned during the three and six months ended June 30, 2025 and 2024 decreased $7.0 million and $9.0 million, respectively. The decreases were primarily attributable to lower
Current report — wording carried from elsewhere
The increase in operating costs of $51.2 million, assuming foreign currency parity, at our existing operations for the six months ended June 30, 2025, consisted of higher labor and recurring incentive compensation expenses of $26.8 million, an increase in risk management expenses of $14.3 million, an increase in post-closure liability interest accretion expense of $7.7 million, higher trucking costs of $7.7 million and an increase in benefits costs of $6.5 million, partially offset by a decrease in fuel expense of $9.8 million due to diesel prices and a net decrease of other expenses of $2.0 million.
Current report — wording carried from elsewhere
driven by the impact of price-led revenue growth, a 0.4 percentage point decrease due to the impact of acquisitions having lower operating costs as a percentage of revenue as compared to existing operations, a 0.3 percentage point decrease in fuel costs due to diesel prices, a 0.2 percentage point decrease intruck, container, equipment and facility maintenance and repair expenses anda 0.2 percentage point decrease in disposal costs as a result of increased internalization in certain markets, partially offset by a 0.3 percentage point increase due to higher risk management costs and a 0.3 percentage point increase in labor and benefits costs.
Current report — wording carried from elsewhere
Amortization of intangibles expense increased $13.5 million, or 15.9%, to $97.9 million for the six months ended June 30, 2025, from $84.4 million for the six months ended June 30, 2024. The increase was the result of $21.2 million from intangible assets acquired in acquisitions closed during, or subsequent to, the six months ended June 30, 2024, partially offset by a decrease of $7.1 million from certain intangible assets becoming fully amortized subsequent to June 30, 2024 and a decrease of $0.6 million due to a lower average foreign currency exchange rate in effect during the current period.
Current report — wording carried from elsewhere
Operating income as a percentage of revenues remained flat at 18.3% for the six months ended June 30, 2025 and the six months ended June 30, 2024. Operating income as a percentage of revenues was impacted by a 0.3 percentage point increase in selling, general and administrative expenses, a 0.1 percentage point increase in depreciation expense and a 0.1 percentage point increase in amortization expense, partially offset by a 0.5 percentage point decrease in cost of operations.
Current report — wording carried from elsewhere
Interest expense increased $2.7 million, or 1.7%, to $163.6 million for the six months ended June 30, 2025, from $160.9 million for the six months ended June 30, 2024. The increase was primarily attributable to an increase of $7.2 million from the issuance of CAD $500.0 million of senior unsecured notes andan increase of $5.3 million from the issuance of $750.0 million of senior unsecured notes in the prior period, an increase of $2.5 million due to higher average borrowings outstanding under our credit facilities during the six months ended June 30, 2025 and an increase of $2.0 million from the issuance of $500.0 million of senior unsecured notes during the six months ended June 30, 2025, partially offset by a decrease of $12.3 million from lower interest rates on borrowings outstanding during the comparable periods and $2.0 million of other net expense decreases.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
during the current period and a decrease of $0.2 million from operations divested during, or subsequent to, the three months ended March 31, 2024.
Previous report — wording carried elsewhere
decrease of $0.6 million due to a decrease in the average borrowings outstanding under our credit facilities during the three months ended March 31, 2025 and $0.5 million of other net expense decreases.