Waste Connections (WCN) Company Report

Waste Connections reported strong Q3 2025 financial results, with revenue of $2.458 billion, a 5.1% year-over-year increase, and adjusted EBITDA of $830.3 million, up 5.4% year over year, achieving a 33.8% margin.
The company achieved 80 basis points of underlying solid waste margin expansion, supported by a 55% reduction in voluntary employee turnover from its peak and over 25% reduction in safety incident rates ,.
Strategic growth continued with approximately $300 million in annualized revenues from acquisitions either closed or under definitive agreement year to date, while shareholder returns were enhanced by an 11.1% increase in the regular quarterly cash dividend and the repurchase of approximately 2.4 million shares.
For 2026, the preliminary outlook anticipates mid-single-digit revenue growth and continued above-average underlying solid waste margin expansion, with improved conversion of adjusted EBITDA to adjusted free cash flow.

Oct 22, 2025, 12:30 PM

Transcript

Waste Connections Reports Third Quarter 2025 Results

WCN

Earnings

Dividends

Share Buyback

Waste Connections reported Q3 2025 revenue of $2.458 billion and adjusted EBITDA of $830.3 million, both exceeding expectations.
Adjusted net income attributable to Waste Connections was $372.0 million, or $1.44 per diluted share for Q3 2025.
The company increased its regular quarterly dividend by 11.1% and completed share repurchases of approximately 1% of shares outstanding.
Acquisitions year-to-date totaled approximately $300 million in annualized revenue.
The full year 2025 outlook remains unchanged.

Oct 21, 2025, 8:23 PM

8-K

Waste Connections Announces 11.1% Increase in Quarterly Dividend

WCN

Dividends

Waste Connections, Inc. (WCN) announced an 11.1% increase in its regular quarterly cash dividend.
The quarterly cash dividend will increase from $0.315 U.S. per common share to $0.35 U.S. per common share.
This increased dividend will be paid on November 20, 2025, to shareholders of record on November 5, 2025.
The Board intends to review the quarterly dividend each October, with a long-term objective of increasing the amount.

Oct 21, 2025, 8:17 PM

Press Release

Waste Connections Reports Third Quarter 2025 Results

WCN

Earnings

Dividends

Share Buyback

Waste Connections reported revenue of $2.458 billion for the third quarter of 2025, exceeding expectations.
Net income for Q3 2025 was $286.3 million, or $1.11 per diluted share, while adjusted net income was $372.0 million, or $1.44 per diluted share.
Adjusted EBITDA for the third quarter of 2025 was $830.3 million, with an Adjusted EBITDA margin of 33.8% of revenue, both above expectations.
The company increased its regular quarterly dividend by 11.1% and completed share repurchases of approximately 1% of shares outstanding.
Waste Connections has closed or has under definitive agreement approximately $300 million in annualized revenue from acquisitions year to date, and there is no change to its full year 2025 outlook as provided in July.

Oct 21, 2025, 8:15 PM

Press Release

Waste Connections Inc. Maintains Full-Year 2025 Outlook Amidst Acquisition Activity and Headwinds

WCN

Earnings

Guidance Update

M&A

Waste Connections Inc. maintained its full-year 2025 outlook, projecting revenue of approximately $9.45 billion, adjusted EBITDA of about $3.12 billion (or 33% margin), and adjusted free cash flow of approximately $1.3 billion.
The company has completed acquisitions totaling approximately $200 million in annualized revenue year-to-date and anticipates closing an additional $100 million to $200 million in acquisitions by late 2025 or early 2026.
Waste Connections is actively engaged in opportunistic share repurchases, having bought back 1.3 million shares totaling over $240 million year-to-date, and plans to review its dividend for a potential increase in October.
Despite maintaining its outlook, the company noted incremental headwinds in Q2 2025, including lower contributions from commodity-related activities, continued economic sluggishness, and tariff-induced uncertainties, which are expected to impact E&P and recycled commodity revenues in the second half of the year.

Jul 24, 2025, 5:40 PM

Waste Connections Issues $500M Senior Notes Offering

WCN

Debt Issuance

Waste Connections, Inc. announced a public offering of $500,000,000 aggregate principal amount of its 5.250% Senior Notes due 2035, as disclosed in the 8-K filing dated June 4, 2025.
The Notes are issued under the Base Indenture with enhancements via the Tenth Supplemental Indenture, featuring interest payments on March 1 and September 1 (beginning March 1, 2026) with a maturity date of September 1, 2035.

Jun 4, 2025, 12:00 AM

8-K

Waste Connections Announces Senior Notes Offering

WCN

Debt Issuance

Waste Connections, Inc. plans to offer $500 million of 5.250% Senior Notes due 2035 in an underwritten public offering.
The net proceeds from the offering are intended to repay a portion of borrowings under the company’s revolving credit facility.
BofA Securities, J.P. Morgan, PNC Capital Markets LLC, and Truist Securities are acting as joint book-running managers and underwriters.

May 29, 2025, 12:00 AM

8-K

Waste Connections Q1 2025 Results & Q2 2025 Guidance Outlook

WCN

Earnings

M&A

Guidance Update

Revenue Acceleration/Inflection

Robust Q1 2025 performance: Delivered $2.228 billion in revenue (up 7.5% YoY), net income of $241.5 million, and adjusted EBITDA of $712.2 million (up 9.5% YoY, 32.0% margin)
Strong operational growth: Fueled by a 6.9% core price increase and acquisitions contributing over $125 million in annualized revenue, complemented by $332.1 million in adjusted free cash flow
Operational improvements: Achieved record low safety incident rates and marked the tenth consecutive quarter of enhanced employee retention, positioning the company for continued margin expansion
Q2 2025 Guidance: Forecasts revenue between $2.375 billion and $2.400 billion, net income between $281.0 million and $285.5 million, and adjusted EBITDA of $777 million to $785 million (~32.7% margin)
Full year outlook: Expects core pricing to average around 6%, with Q1 trends providing visibility for future cost savings and sustained performance

Apr 24, 2025, 12:31 PM

Transcript 8-K Press Release 8-K

Earnings Transcripts

Quarterly earnings call transcripts for Waste Connections.