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Waste Connections, Inc.

Waste Connections, Inc.

NYSE•WCN
CEO: Mr. Ronald J. Mittelstaedt
Sector: Industrials
Industry: Waste Management
Listing Date: 1998-05-22
Waste Connections, Inc. provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals. The company owns and operates transfer stations that receive compact and/or load waste to be transported to landfills or treatment facilities through truck, rail, or barge; and intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest through a network of intermodal facilities. In addition, it provides E&P waste treatment, recovery, and disposal services for waste resulting from oil and natural gas exploration and production activity, such as drilling fluids, drill cuttings, completion fluids, and flowback water; production wastes and produced water during a well's operating life; contaminated soils that require treatment during site reclamation; and substances, which require clean-up after a spill, reserve pit clean-up, or pipeline rupture. Further, the company offers leasing services to its customers. Waste Connections, Inc. was founded in 1997 and is based in Woodbridge, Canada.
Contact Information
6220 Highway 7, Suite 600, Woodbridge, ON, L4H 4G3, Canada
905-532-7510
www.wasteconnections.com
Market Cap
$42.79B
P/E (TTM)
68.0
54.4
Dividend Yield
0.8%
52W High
$201.66
52W Low
$163.27
52W Range
7%
5.6
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$3.71B+58.57%
4-Quarter Trend

EPS

$1.11-6.72%
4-Quarter Trend

FCF

$1.18B+310.66%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month Revenue Growth Nine months revenues reached $7.09B USD, marking 6.5% growth from $6.659B USD prior period.
Strong Operating Cash Flow Operating cash flow provided $1.857B USD for nine months, representing a $197.2M USD increase.
Acquisition Investment Activity Transferred $720.1M USD consideration for acquisitions during nine months ended September 30, 2025.
Quarterly Dividend Increase Quarterly cash dividend increased to $0.315 USD per share in October 2025, effective for Q4.

Risk Factors

Chiquita Canyon Litigation Significant ongoing litigation regarding Chiquita Canyon Landfill odor claims and County action remains unresolved.
3Q Net Income Decline 3Q Net income attributable to WCN fell 6.8% to $286.3M USD, driven by $60.1M in impairments.
Diesel Price Volatility Exposure Exposed to unpredictable diesel fuel prices; no fuel hedge agreements were in place as of September 30, 2025.
Contingent Consideration Liability $109.1M USD Level 3 liability for contingent consideration remains outstanding at the balance sheet date.

Outlook

Share Repurchase Authorization Board renewed NCIB to buy back up to 12.86M common shares through August 2026, subject to approvals.
2025 Capital Expenditure Forecast Expect total 2025 capital expenditures between $1.200B USD and $1.250B USD, including RNG facilities.
ESG Commitment Funding Committed $500M USD toward long-term aspirational ESG targets focusing on emissions and resource recovery.
Subsequent Dividend Hike Announced subsequent dividend increase to $0.350 USD per share, effective for the November 2025 payment.

Peer Comparison

Revenue (TTM)

Ferguson Enterprises Inc.FERG
$30.76B
+3.8%
Carrier Global CorporationCARR
$22.06B
-1.7%
W.W. Grainger, Inc.GWW
$17.75B
+4.8%

Gross Margin (Latest Quarter)

Ferrovial SEFER
88.3%
-1.2 pp
Paychex, Inc.PAYX
73.1%
+2.0 pp
Fastenal CompanyFAST
45.3%
+0.3 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
RSG$63.85B30.217.9%2.7%
FERG$49.35B27.033.0%33.7%
CARR$48.28B12.227.9%32.4%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+17.9%
Strong Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 22, 2025|
    Revenue: $3.71B+58.6%
    |
    EPS: $1.11-6.7%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 24, 2025|
    Revenue: $2.45B+8.8%
    |
    EPS: $1.12+4.7%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 24, 2025|
    Revenue: $2.23B+7.5%
    |
    EPS: $0.93+4.5%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 13, 2025|
    Revenue: $8.92B+11.2%
    |
    EPS: $2.39-19.3%
    Miss
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 24, 2024|
    Revenue: $2.34B+13.3%
    |
    EPS: $1.19+35.2%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 25, 2024|
    Revenue: $2.25B+11.2%
    |
    EPS: $1.07+30.5%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: Apr 25, 2024|
    Revenue: $2.07B+9.1%
    |
    EPS: $0.89+15.6%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 14, 2024|
    Revenue: $8.02B+11.2%
    |
    EPS: $2.96-5.1%
    Miss