Waste Connections, Inc. Q2 2026 Earnings Recap

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.