Waste Connections, Inc. Earnings Recaps
Q2 2026
Jul 25, 2026
Shares rose modestly by 1.0% following a quarter that delivered solid revenue and EBITDA growth but showed signs of volume weakness amid macroeconomic uncertainty and sustained cost pressures. The market reaction suggests cautious optimism rather than broad enthusiasm.
Key takeaways
- Revenue grew 6.4% year-over-year to $2.562 billion, driven more by price increases (+6.7% total price including fuel surcharges) than volume, which declined 1.9%.
- Adjusted EBITDA margin expanded 70 basis points to 32.8%, overcoming cost inflation from sharply rising fuel prices and lower commodity values.
- Solid waste volumes remain pressured by macroeconomic uncertainty and elevated fuel surcharges, which likely contributed to higher customer churn in some markets.
- Special waste tons declined year-over-year, though early signs of rebound appeared in July; C&D waste tons increased for the first time in ten quarters.
- Management reiterated strong M&A activity with $100 million in acquisitions closed year-to-date and ongoing purchases, alongside opportunistic share repurchases totaling $692 million in 2026 so far.
Q3 2025
Oct 24, 2025
Waste Connections delivered strong Q3 2025 results with adjusted EBITDA margins reaching 33.8%, driven by solid waste pricing improvements and effective cost management, amid a challenging economic backdrop.
Key takeaways
- Revenue growth of 6.3% in solid waste pricing, with adjusted EBITDA margins up 100 basis points year-over-year.
- Successful M&A activity, generating approximately $300 million in annualized revenues, enhancing market position.
- Consecutive record low safety incident rates and reduced employee turnover, indicating a robust operational foundation.
- 11.1% increase in quarterly cash dividend reflects commitment to returning capital to shareholders, marking 15 years of double-digit annual dividend growth.
- Significant progress towards sustainability targets, with a 19% reduction in emissions and improved employee engagement metrics driving long-term value creation.
Q2 2025
Jul 25, 2025
Waste Connections, Inc. reported Q2 2025 results that exceeded expectations, driven by strong solid waste pricing and operational efficiencies despite ongoing economic challenges.
Key takeaways
- Revenue growth of 7.1% reflecting a solid 6.6% price increase in core solid waste services, surpassing inflation.
- Adjusted EBITDA margins improved to 32.7%, benefiting from operational improvements and a significant decrease in voluntary turnover.
- Successful acquisition strategy in motion with $200 million in annualized revenue from completed deals and a robust pipeline for further growth.
- Improved safety metrics and employee retention are enhancing operational performance and positioning the company for future volume recovery.
- Full-year outlook remains intact with 6% revenue growth and adjusted EBITDA margin expansion anticipated.