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Waste Connections
Waste Connections (WCN) investor relations material
Waste Connections Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved industry-leading adjusted EBITDA margin of 33% for 2025, up 50–100 basis points year-over-year, driven by price-led organic growth and operational improvements.
Returned over $830 million to shareholders via share repurchases and dividends, with a record $839.3 million in 2025, while maintaining flexibility for future growth.
Closed 19 acquisitions in 2025, adding $330 million in annualized revenue, and expect $125 million rollover revenue in 2026 from deals already completed.
Employee turnover and safety incident rates reached multiyear lows, with voluntary turnover at 10% and safety incidents down 20% year-over-year in January.
Continued investment in sustainability, ESG, and AI-driven initiatives to enhance efficiency, customer service, and asset utilization.
Financial highlights
Full year 2025 revenue was $9.467 billion, with Q4 revenue at $2.373 billion; adjusted EBITDA for the year was $3.125 billion (33.0% margin), up 50 basis points year-over-year.
Adjusted free cash flow for 2025 was $1.26 billion, with a 50% conversion rate from adjusted EBITDA and 13.3% of revenue.
Capital expenditures totaled $1.194 billion in 2025, including $100 million for RNG projects.
Solid waste core pricing rose 6.5% in 2025, exceeding expectations, while reported volume declined 2.7% in Q4.
10-year total shareholder return of 405%, outperforming major indices.
Outlook and guidance
2026 revenue expected between $9.9 billion and $9.95 billion, with organic growth of 3.5%-4% in solid waste and core pricing of 5%-5.5%.
Adjusted EBITDA projected at $3.3-$3.325 billion, with margin of 33.3%-33.4%, up 30-40 basis points year-over-year.
Adjusted free cash flow expected to increase double digits to $1.4-$1.45 billion; CapEx estimated at $1.25 billion, including $100 million for RNG and recycling.
Guidance excludes impact from future acquisitions and assumes no material macroeconomic improvement.
Preliminary 2026 framework targets mid-single digit revenue growth and further margin expansion.
Reconcile 2025 annualized vs actual acquired revenue
How did lower turnover impact 2025 margins?
2026 capital allocation priorities
Partial view of Summaries dataset, powered by Quartr API
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Next Waste Connections earnings date
Q1 202623 Apr, 2026
Waste Connections
Next Waste Connections earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Waste Connections Inc provides waste management services, including solid waste collection, transfer, disposal, and recycling. It serves residential, commercial, and industrial customers primarily across the United States and Canada. The company focuses on secondary and rural markets, offering environmental services that include oilfield waste handling and recovery operations. The company is headquartered in The Woodlands, Texas, and its shares are listed on the NYSE.
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