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Waste Connections, Inc.

WCN Industrials Waste Management

Waste Connections, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.5 billion, up 6.14% from fiscal 2024.

Revenue
+7.31%
EPS
+28.8%
Free cash flow
+2.74%
Total debt
+8.87%

Quarter to September 2026, against a year earlier

190.96 0.85 −0.44%
Market cap
$48.0B
P/E
42.7×
Fwd P/E
39.5×
Dividend yield
0.75%
F-score
6/9
Altman Z
3.11
Beneish M
−2.72
Dividend safety
79/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Waste Connections, Inc. (WCN) Earnings & Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Latest quarter

For the later quarter ended September 30, 2026, Waste Connections reported adjusted EPS of $1.58 against the consensus estimate of $1.52. Revenue exceeded the consensus by 1.22%, although both reported revenue and the estimate rounded to $2.6 billion.

For Q2 FY2026, Waste Connections reported revenue of $2.6 billion, up from $2.4 billion a year earlier. Diluted EPS rose to $1.17 from $1.12. Gross margin was 42.3%, compared with 42.1% a year earlier, while operating margin fell to 17.1% from 19.1%. The company reported free cash flow of $381.0 million, up from $357.3 million.

In its filing for the later September quarter, Waste Connections attributed revenue growth in part to price increases and acquisitions. The filing also reported lower roll-off and commercial collection volumes in several segments, partly offset by higher landfill volumes elsewhere.

Q2 FY2026 Q2 FY2025 Change
Revenue $2.6 billion $2.4 billion 6.42%
Diluted EPS $1.17 $1.12 4.46%
Gross margin 42.3% 42.1% 0.1 percentage points
Operating margin 17.1% 19.1% −2.0 percentage points
Free cash flow $381.0 million $357.3 million 6.63%
Against the consensus Reported Consensus Result
Adjusted EPS $1.58 $1.52 Beat by 3.95%
Revenue $2.6 billion $2.6 billion Beat by 1.22%

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

Waste Connections’ latest earnings call commentary was unavailable for review.

Guidance

Waste Connections’ results release set out its FY2026 outlook for revenue, net income, adjusted EBITDA, operating cash flow, capital expenditures and adjusted free cash flow.

Metric For Guide Previous guide Change
Free cash flow, non-GAAP FY2026 $1.4 billion–$1.5 billion — New
Operating cash flow FY2026 $2.6 billion–$2.7 billion — New
Capex FY2026 $1.3 billion — New
EBITDA, non-GAAP FY2026 $3.3 billion — New
Net income FY2026 $1.2 billion — New
Revenue FY2026 $10.1 billion — New

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.