Waste Connections

Waste Connections, Inc. (Waste Connections) collects, transfers and disposes of non-hazardous solid waste, and it recovers materials through recycling and renewable fuels. It serves about nine million residential, commercial and industrial customers in 46 U.S. states and six Canadian provinces, mostly in exclusive and secondary markets. It also treats and disposes of oilfield waste (E&P waste) in several basins in the United States and Canada.

Revenue was $9.467 billion in 2025 and $2.638 billion in Q3 2026. The company is incorporated in Ontario and reports in U.S. dollars. Its shares trade on the Toronto Stock Exchange and the New York Stock Exchange as WCN.

The head office is in The Woodlands, Texas. Ronald J. Mittelstaedt is President and Chief Executive Officer.

Waste Connections' price already includes many years of steady growth for a waste company. Price increases, landfill volumes and acquisitions drive earnings, and the adjusted EBITDA margin was 34.0% in Q3 2026. Growth can still slow, because solid waste volumes only started to improve in 2026, commodity revenue and E&P waste depend on oil and recycled material prices, and diesel costs rose late in Q3 2026. For the price to hold, three things must be true.

Price increases must stay above cost inflation while volumes recover. Acquisitions must keep adding revenue at good returns. And adjusted free cash flow must keep growing at about 10% a year while the company repurchases shares and raises the dividend. The Q4 2026 report with the 2027 outlook, expected in February 2027, is the next test.

1. Oct 21, 2026Passed

   Q3 2026 results: margin and volumesAn adjusted EBITDA margin of 33% or more with an unchanged or higher 2026 outlook passes; a lower outlook fails.Outcome: The margin was 34.0%, solid waste volumes improved from Q2, and the 2026 outlook rose for the second time.
2. Feb 10, 2027 · est.Pending

   Q4 2026 results and 2027 outlookA 2027 outlook with revenue and adjusted EBITDA growth of about 6% or more passes; lower growth fails.
3. Apr 2027 · est.Pending

   Q1 2027 results: volumes and fuel costsPositive solid waste volume growth with a stable margin passes; falling volumes or a lower margin fail.

Every passed and failed checkpoint across all picks

• October 21, 2026Waste Connections reported Q3 2026 results. Revenue rose to $2.638 billion from $2.458 billion, adjusted EPS rose to $1.58 from $1.44, and the adjusted EBITDA margin was 34.0%. It raised its 2026 outlook for the second time, to revenue of about $10.09 billion and adjusted EBITDA of about $3.345 billion.
• October 21, 2026The Board raised the quarterly dividend by 10% to $0.385 per share from $0.350. Share repurchases in 2026 to the date of the report were more than $1 billion, about 2.5% of the shares.
• August 7, 2026Waste Connections renewed its normal course issuer bid. It can repurchase up to 12,578,462 shares from August 12, 2026 to August 11, 2027.

Last earnings

October 21, 2026 (8-K on sec.gov)

Next earnings

Expected about February 10, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 22, 2026 · wcn-20260930x10q
• 8-KEarnings release and Investor disclosureFiled October 21, 2026 · Press release and exhibits
• 8-KOther company newsFiled August 7, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled August 4, 2026 · Read it on sec.gov
• 8-KNew material agreement and Investor disclosureFiled July 28, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 23, 2026 · wcn-20260630x10q
• 8-KEarnings release and Investor disclosureFiled July 22, 2026 · Press release and exhibits
• 8-KShareholder vote results and Other company newsFiled May 15, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 23, 2026 · wcn-20260331x10q
• 8-KEarnings release and Investor disclosureFiled April 22, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1318220)

• Revenue from recycled materials, renewable fuels and E&P waste moves with market prices and oil and gas drilling. Lower prices or less drilling would lower revenue and margins.
• Fuel and labor are large costs. A late rise in diesel prices hurt margins in Q3 2026, and higher wages can do the same.
• Acquisitions are a main source of growth. Fewer deals, higher prices for targets or weak results from bought companies would slow growth.
• Landfills carry long environmental duties. Impairments and other operating items were $139.9 million in the first nine months of 2026, and new environmental liabilities can cause more charges.
• Debt principal was $9.5 billion at September 30, 2026, and the revolving credit facility pays floating rates. Higher interest rates would raise interest costs.

Waste Connections funds its business with senior notes, a revolving credit facility and cash flow. At September 30, 2026, debt principal was $9,510 million, including $1,929 million drawn on the revolving credit facility, and cash and equivalents were $95.7 million. Read more

Yield at the current rate

0.8% (current annual rate, at today’s price)

Dividend yield

0.7% (last 12 months, at today’s price of CA$271.03)

Paid per share

CA$1.984 in the last 12 months (4 payments)

Current annual rate

CA$2.152 (CA$0.538 × 4 a year)

Latest ex-dividend date

November 5, 2026, CA$0.538 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 12.1% a year. From 2015 to 2025, the dividend grew by about 7.1% a year.

One-off payments far above the usual dividend are left out of these numbers.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.