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Waste Connections (WCN) investor relations material
Waste Connections Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Q3 2025 revenue reached $2.46 billion, up 5.1% year-over-year and exceeding expectations, with nine-month revenue at $7.09 billion.
Adjusted EBITDA for Q3 was $830.3 million (33.8% margin), with adjusted net income at $372.0 million ($1.44 per share).
Employee turnover and safety incidents continued multi-year declines, supporting operational excellence.
Robust acquisition activity contributed $300 million in annualized revenue year-to-date, with 12 non-hazardous and 2 E&P waste acquisitions closed.
Board authorized an 11.1% increase in the quarterly dividend, marking the 15th consecutive annual double-digit increase.
Financial highlights
Q3 2025 revenue was $2.458 billion, up 5.1% year-over-year, with $77 million contributed by acquisitions net of divestitures.
Adjusted EBITDA for Q3 was $830.3 million, up 5.4% year-over-year, with a margin of 33.8%.
Adjusted free cash flow for the nine months ended September 30, 2025, was $1.08 billion, with a full-year outlook of $1.3 billion.
Net income for Q3 2025 was $286.3 million ($1.11 per share), down from $308.0 million in Q3 2024.
Cash provided by operating activities for nine months was $1.86 billion, with capital expenditures of $794.9 million.
Outlook and guidance
Full-year 2025 guidance remains unchanged, with Q4 revenue expected at $2.36 billion and adjusted EBITDA margin up 90 basis points to 33.3%.
2025 outlook projects revenue of $9.45 billion and adjusted EBITDA of $3.12 billion, with a 33.0% margin.
For 2026, mid-single-digit revenue growth is anticipated, led by price-driven organic growth and 1% revenue carryover from 2025 acquisitions.
Capital expenditures for 2025 are expected to be $1.2–$1.25 billion, including $75–$125 million for renewable natural gas facilities.
Management expects to fund capital needs through cash on hand, operations, and credit facilities.
Detail solid waste margin expansion drivers
Reconcile YTD acquisition revenue vs prior year
Explain the -2.7% solid waste volume decline
Expected churn reduction from AI deployment?
Chiquita Canyon outlays normalization timeline?
RNG EBITDA contribution timeline?
Future margin impact from AI investments?
RNG project returns given RIN value changes?
Chiquita Canyon outlays and resolution timeline?
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Next Waste Connections earnings date
Q4 202512 Feb, 2026
Next Waste Connections earnings date
Q4 202512 Feb, 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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