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Waste Connections
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Latest analysis
Updated Oct 22, 2026
Waste Connections Q3 2026: Price-Led Revenue Growth and Margin Expansion Offset by Volume Losses and Rising Fuel Costs
Waste Connections delivered 7.3% revenue growth in Q3 2026, driven entirely by core price increases of $123.7 million and surcharges of $29.7 million, while absorbing volume losses of $54.8 million concentrated in roll-off and commercial collection across its Eastern, Southern, and Canada segments. Adjusted EBITDA reached $895.8 million at a 33.5% segment EBITDA margin, up from 33.2% in Q3 2025, as lower risk management costs and price leverage more than offset diesel-driven fuel cost increases and rising labor expenses. The company is deploying capital aggressively toward shareholder returns, increasing share repurchases by $502.3 million year-over-year while issuing $1.4 billion in new senior notes to fund an expanding debt stack now totaling $9.5 billion.
Tone: bullishRevenue
$9.5B
WCN 10-K · FY 2025
Employees
24,214
Revenue FY2024
$8.9B
Founded
1997
Profile
WCN 10-K Item 1 · Feb 12, 2026Waste Connections is the third largest solid waste services company in North America, providing non-hazardous waste collection, transfer, and disposal services across 46 U.S. states and six Canadian provinces. The company also operates E&P waste treatment and disposal services in multiple basins, recycling operations, renewable fuels generation, and intermodal services in the Pacific Northwest. Its strategy centers on exclusive franchise markets, vertical integration, and decentralized operations in secondary and rural geographies.
Read filing description ↓ Collapse description ↑
Waste Connections, Inc. is the third largest solid waste services company in North America, providing non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation, in 46 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oil and natural gas exploration and production, or E&P, waste treatment, recovery and disposal services in several basins across the U.S and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Our senior management team has extensive experience in operating, acquiring and integrating non-hazardous waste services businesses, and we intend to continue to focus our efforts on both internal and acquisition-based growth. We anticipate that a part of our future growth will come from acquiring additional waste businesses and, therefore, we expect that additional acquisitions could continue to affect period-to-period comparisons of our operating results. Our operating strategy seeks to improve financial returns and deliver superior shareholder value creation within the solid waste industry. We generally target markets where we can establish a substantial presence and operate efficiently and profitably through exclusive contracts, vertical integration or asset positioning. We also target niche markets, like non-hazardous E&P waste treatment, recovery and disposal services, with similar characteristics. We are a leading provider of waste services in most of our markets. We manage our operations on a decentralized basis through six geographic operating segments, placing decision-making authority closer to the customer.
Primary products
- Non-hazardous waste collection services
- Transfer station services
- Landfill disposal services
- Recycling services
- Beneficial reuse of landfill gas / renewable fuels generation
- E&P waste treatment, recovery and disposal services
Business segments
End markets
Geographies
Named competitors
“We are a leading provider of waste services in most of our markets.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenues in 2025 increased 6.1% to $9.467 billion from $8.920 billion in 2024, with acquisitions contributing $377.2 million and organic solid waste growth of 2.3% driven by pricing, partially offset by intentional volume shedding.
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