Waste Management: Is it a good use of your time?Waste Connections NYSE: WCN reported third-quarter results that exceeded its expectations and raised its full-year 2026 outlook, citing pricing gains, improving landfill activity, acquisition contributions and commodity-related revenue growth.
Third-quarter revenue rose 7.3% from a year earlier to $2.638 billion, including $53 million of contribution from acquisitions net of divestitures. Adjusted EBITDA increased 7.9% to $895.8 million, while adjusted EBITDA margin reached 34.0%, up 20 basis points year over year.
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The 10 Top-Rated Stocks by Wall Street Analysts in August 2021President and CEO Ron Mittelstaedt said the company delivered 50 basis points of underlying margin expansion despite higher diesel costs late in the quarter. Excluding an approximately 30-basis-point margin drag from fuel, CFO Mary Anne Whitney said adjusted EBITDA margin would have been 34.3%.
Pricing, landfill volumes and commodity trends Solid-waste organic growth was led by 5.5% core pricing, while fuel and material surcharges added 1.3%. Average yield was 4.3%, offset by a 1.2% decline in unit volumes. The volume decline improved by 70 basis points sequentially from the second quarter, driven primarily by more cyclical landfill volumes.
Landfill tons increased 3% year over year, compared with effectively flat volumes in the prior quarter. Whitney said the third quarter was the first in two years in which municipal solid waste, construction-and-demolition debris and special waste all improved year over year. Special-waste volumes rose 7%, and construction-and-demolition volumes increased 5%.
Special-waste activity was broad-based across the company’s markets, with projects ranging from infrastructure and remediation to data center, chip plant and commercial construction activity. However, management noted that residential construction remains under pressure. Mittelstaedt said new housing starts had declined to 1.2 million and could move lower if current interest-rate conditions persist.
Other business lines also contributed to growth. E&P waste revenue increased 6% sequentially, with U.S. organic growth of about 5% year over year, led by activity in the Permian Basin. Recycling revenue rose roughly 12% from a year earlier, helped by higher old corrugated container values, although plastics remained weak. Landfill gas sales climbed 35%, reflecting new renewable natural gas facilities and higher values for renewable identification numbers.
Higher 2026 outlook Waste Connections raised its full-year outlook to approximately $10.09 billion in revenue and adjusted EBITDA of about $3.345 billion, representing an adjusted EBITDA margin of 33.2%. The forecast calls for fourth-quarter revenue of approximately $2.52 billion and adjusted EBITDA margin of 33.3%.
The company said its outlook assumes no change in underlying economic trends. Additional acquisitions, further commodity improvement and fuel-cost recovery could provide upside, while movements in diesel prices and the timing of surcharge recovery could affect results.
Year-to-date adjusted free cash flow totaled $1.09 billion, and the company maintained its expectation for at least $1.4 billion for the full year. Whitney said free-cash-flow conversion was currently around 42%, with a longer-term objective of returning to a 48% to 50% range. She said renewable natural gas capital spending is substantially complete, with about $75 million of spending expected in 2026 that largely will not repeat next year.
Management also expects spending related to the Chiquita landfill remediation to decline again in 2027, following a reduction in 2026. Mittelstaedt said remediation costs have declined as the reaction has cooled, reducing leachate volumes and related disposal costs.
Capital allocation and acquisitions Year-to-date acquisitions represent $130 million in annualized revenue, including two West Coast solid-waste collection franchises acquired in the third quarter. Mittelstaedt said the acquisition pipeline remains active, with additional transactions expected to close later in 2026 or early in 2027.
The company had more than $1 billion of liquidity and leverage of approximately 2.75 times debt to adjusted EBITDA. It also repurchased more than $1 billion of stock year to date, equal to 2.5% of shares outstanding, and increased its regular quarterly cash dividend by 10%. The dividend increase marked the company’s 16th consecutive double-digit annual increase since it initiated the dividend in 2010.
Mittelstaedt said the company remains disciplined on acquisitions and does not view the recent pace of share repurchases as a substitute for M&A. He said a normalized acquisition contribution to growth could be in the range of 1% to 2%, while emphasizing that transaction timing is driven by sellers and market opportunities.
Initial framework for 2027 While Waste Connections will not issue formal 2027 guidance until February, management said it expects to be positioned for mid- to high-single-digit revenue growth, assuming current economic conditions do not materially change. The framework includes approximately 1% of combined rollover growth from acquisitions completed and RNG facilities placed into service during 2026, as well as pricing-led organic growth, surcharges, commodity-related revenue and future acquisitions.
The company expects adjusted EBITDA margin expansion in a normalized range from its solid-waste operations, with higher fuel costs expected to be largely offset by commodity-related tailwinds if current levels persist. Management also expects double-digit adjusted free-cash-flow-per-share growth, aided by declining Chiquita spending and the substantial completion of RNG capital expenditures.
On technology, Mittelstaedt said no incremental margin benefit from newer AI-driven operational initiatives is included in the preliminary 2027 framework. He said the company expects initial margin impacts to emerge in 2028, with fuller benefits potentially realized in 2029.
About Waste Connections (NYSE:WCN)Waste Connections, Inc is a North American provider of solid waste collection, transfer, disposal and recycling services. The company serves residential, commercial, industrial and construction customers, offering scheduled and on-demand collection as well as waste management solutions tailored to municipalities and businesses.
Its operations include local collection fleets, transfer stations, recycling and resource-recovery facilities, and landfills. Waste Connections also provides non-hazardous oilfield waste services, including the collection, transportation, treatment and disposal of waste generated by energy-production activities.
Founded in 1997, Waste Connections has grown through a combination of internal development and acquisitions.
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Shares of Waste Connections (WCN +9.87%) surged on Thursday after the garbage hauler boosted its cash payouts to investors.
Image source: Getty Images.
Turning trash into cashWaste Connections' third-quarter revenue rose 7% year over year to $2.6 billion.
The trash collector employs a growth-through-acquisition business model, enabling it to steadily expand its waste services network. The acquisitions it completed so far this year are projected to add roughly $130 million in annualized revenue.
Additionally, Waste Connections' focus on exclusive and secondary markets gives it strong pricing power, allowing it to increase its fees above the rate of inflation. These price hikes have helped to offset rising fuel costs as diesel prices have spiked.
$184.88+$16.60 (+9.87%)
NYSE · As of 4:00 PM ET 10/22/26
All told, Waste Connections' adjusted net income increased 7% to $399 million. Its earnings per share, boosted by stock buybacks, climbed 10% to $1.58. That topped Wall Street's estimates, which had called for per-share profits of $1.52.
Rising profits mean larger dividends for shareownersThese solid results prompted Waste Connections to lift its full-year financial forecast. Management now expects revenue of $10.1 billion, net income of $1.2 billion, and adjusted free cash flow of more than $1.4 billion.
The landfill operator also raised its quarterly dividend by 10% to $0.385 per share.
"The strength of our operating performance, free cash flow generation, and balance sheet positioned us for another double-digit annual increase in our quarterly cash dividend, our sixteenth in a row," CEO Ronald Mittelstaedt said.
Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Waste Connections. The Motley Fool has a disclosure policy.
Waste Connections, Inc. ( WCN ) Q3 2026 Earnings Call October 22, 2026 8:30 AM EDT Company Participants Ronald Mittelstaedt - Founder, CEO, President & Director Mary Whitney - Executive VP & CFO Conference Call Participants Kevin Chiang - CIBC Capital Markets, Research Division Noah Kaye - Oppenheimer & Co. Inc., Research Division Faiza Alwy - Deutsche Bank AG, Research Division Adam Bubes - Goldman Sachs Group, Inc., Research Division Toni Kaplan - Morgan Stanley, Research Division Jerry Revich - Wells Fargo Securities, LLC, Research Division Konark Gupta - Scotiabank Global Banking and Markets, Research Division James Schumm - TD Cowen, Research Division Chris Murray - ATB Cormark Capital Markets Inc., Research Division Trevor Romeo Jonathan Windham - UBS Investment Bank, Research Division Shlomo Rosenbaum - Stifel, Nicolaus & Company, Incorporated, Research Division Tobey Sommer - Truist Securities, Inc., Research Division Bryan Burgmeier - Citigroup Inc., Research Division Presentation Operator Hello, everyone. Thank you for joining us, and welcome to the Waste Connections, Inc. Q3 2026 Earnings Call.
Waste Connections just handed shareholders its sixteenth straight double-digit dividend raise from a business built around picking up garbage, and the numbers behind that streak reveal something most investors overlook about boring industries.
On October 21, 2026, Waste Connections (NYSE:WCN | WCN Price Prediction) raised its regular quarterly dividend 10.0%, to $0.385 per share from $0.350. The new amount is payable on November 19, 2026, to shareholders of record on November 5, 2026. Management called it the sixteenth consecutive double-digit annual increase. The business is hauling trash, which is about as plain as a business gets. Over the past 10 years, the adjusted share price rose from $45.98 to $168.28, a 266.02% gain.
Waste Connections: Sixteen Straight Double-Digit Raises From Hauling Garbage
What Waste Connections Actually Does
About nine million residential, commercial, and industrial customers in 46 states and six Canadian provinces rely on Waste Connections for garbage collection. It hauls that garbage to transfer stations and then buries much of it in landfills it owns. Collection is the core of the business. In the third quarter, solid waste collection brought in $1,819,886,000 of total revenue of $2.638 billion. Disposal and transfer added $492,188,000, and oilfield waste treatment and disposal added $212,855,000.
The company concentrates on what it calls mostly exclusive and secondary markets. These are smaller towns and franchise territories where one hauler often holds the contract and a new rival would have to build a route network and find somewhere to dump. Its internalization rate was 58% in the quarter. That means more than half of the waste it collected went to its own disposal sites, so it got both the landfill fee and the hauling fee.
Why the Trucks Keep Running Through a Downturn
Households keep throwing out trash in a recession, and municipal contracts usually run for years. The industry’s most recent real stress test came in 2020. During the pandemic shutdowns, commercial and industrial volumes fell in many areas while residential volumes rose. Waste Connections generated $1,408,521,000 in operating cash flow in 2020, compared with $1,540,547,000 in 2019. That was a decline of about 8.6% in the worst economic shock in decades. That fall, the board still raised the quarterly dividend from $0.185 to $0.205, an increase of about 10.8%.
The company’s ability to raise prices is plain in its own numbers. Waste Connections has raised prices steadily while the amount of waste it handles has slipped, and margins have held or widened:
The full-year 2025 margin was up 100 basis points from the prior year. In the third quarter, diesel prices jumped late in the period. Chief Executive Ronald J. Mittelstaedt said the company “overcame a late quarter surge in diesel pricing to deliver adjusted EBITDA margin of 34% on underlying margin expansion of 50 basis points.” Adjusted EPS came in at $1.58, against a consensus estimate of $1.521.
A Dividend Record Built on Cash, Paired With a Modest Yield
The quarterly dividend was $0.14 in late 2017 and is now $0.385, an increase of 175%. The dividend history shows a raise every fall since then, with each year’s higher amount held flat for four quarters before the next increase. Sixteen straight annual raises still leaves WCN decades short of the longest runs in the market (we ranked ten of those top payers by valuation in a free Dividend Kings report).
The yield is still small. At the new rate, the dividend comes to $1.54 a year, about 0.9% at the recent price of $168.28. More important is how easily the payout is covered. In 2025, the company paid $333,807,000 in dividends. Operating cash flow minus capital spending was $1,219,703,000, so the dividend took about 27% of that cash. Share buybacks used more cash than dividends this year. Repurchases have exceeded $1 billion year to date, retiring about 2.5% of outstanding shares. Management has now raised its 2026 outlook for the second time and expects adjusted free cash flow of $1.40 billion to $1.45 billion.
The share price has gone nowhere lately. The stock is down 3.41% year to date and 2.34% over the past year, but up 30.08% over five years. That kind of record holds steady over long periods and goes quiet for stretches.
One Risk Worth Tracking: Growth That Leans on Price
Solid waste volumes fell from a year earlier in each of the last four quarters. Growth has come from price increases while volumes shrank. Core price growth has also eased, from 6.4% in the fourth quarter of 2025 to 5.5% in the latest quarter. If price increases keep slowing before volumes recover, holding margins gets harder, especially when fuel costs jump the way diesel did late in the third quarter. Management pointed to a 70-basis-point sequential improvement in volumes, driven by landfill activity, as an early sign the trend is turning.
Why Patience Suits a Garbage Hauler
Waste Connections makes its money one route and one landfill at a time, and it raises prices a few percentage points a year. The latest dividend increase continues a 16-year pattern that cash flow supports well. Over the coming quarters, the key numbers to watch are volume trends and the core price.
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Waste Connections (WCN - Free Report) came out with quarterly earnings of $1.58 per share, beating the Zacks Consensus Estimate of $1.52 per share. This compares to earnings of $1.44 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.95%. A quarter ago, it was expected that this solid waste services provider would post earnings of $1.35 per share when it actually produced earnings of $1.5, delivering a surprise of +11.11%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Waste Connections, which belongs to the Zacks Waste Removal Services industry, posted revenues of $2.64 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.22%. This compares to year-ago revenues of $2.46 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Waste Connections shares have lost about 3.4% since the beginning of the year versus the S&P 500's gain of 12.7%.
What's Next for Waste Connections?While Waste Connections has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Waste Connections was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.41 on $2.51 billion in revenues for the coming quarter and $5.65 on $10.05 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Waste Removal Services is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Quest Resource (QRHC - Free Report) , has yet to report results for the quarter ended September 2026.
This recycling company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of -50%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Quest Resource's revenues are expected to be $67 million, up 5.8% from the year-ago quarter.
THE WOODLANDS, Texas--(BUSINESS WIRE)--Waste Connections, Inc. (TSX/NYSE: WCN) ("Waste Connections" or the "Company") today announced that its Board of Directors has declared a regular quarterly cash dividend on the Company's common shares and approved a 10.0% increase in the dividend. The regular quarterly cash dividend, which increases to $0.385 U.S. per common share of the Company from $0.350 U.S. per common share of the Company, will be paid on November 19, 2026 to shareholders of record on.
THE WOODLANDS, Texas--(BUSINESS WIRE)--Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the third quarter of 2026. "Another top to bottom beat in the period was driven by continued strength in operational execution along with improving trends in landfill activity and commodity-driven revenue. Sequential improvement of 70 basis points in solid waste unit volumes was led by an uptick in landfill volumes, with operating results continui.
Assenagon Asset Management S.A. cut its holdings in shares of Waste Connections, Inc. (NYSE: WCN) by 44.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 55,086 shares of the business services provider's stock after selling 44,722 shares during the quarter. Assenagon Asset
Waste Connections (WCN) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions could translate into further price increase in the near term.
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The Style Scores are broken down into four categories:
Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
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Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
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How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
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Stock to Watch: Waste Connections (WCN - Free Report) Waste Connections is an integrated solid waste services company that provides non-hazardous waste collection, transfer, disposal and recycling services across the United States and Canada. The company offers non-hazardous oilfield waste treatment, recovery and disposal services in several of the active natural resource-producing areas in the United States, including the Permian, Bakken and Eagle Ford Basins, through its R360 Environmental Solutions subsidiary.
WCN is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Business Services stock. WCN has a Momentum Style Score of A, and shares are up 0.2% over the past four weeks.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.03 to $5.65 per share. WCN boasts an average earnings surprise of +4.9%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, WCN should be on investors' short list.
The market expects Waste Connections (WCN - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on October 21, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis solid waste services provider is expected to post quarterly earnings of $1.52 per share in its upcoming report, which represents a year-over-year change of +5.6%.
Revenues are expected to be $2.61 billion, up 6% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.55% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Waste Connections?For Waste Connections, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.36%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Waste Connections will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Waste Connections would post earnings of $1.35 per share when it actually produced earnings of $1.50, delivering a surprise of +11.11%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Waste Connections doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerAnother stock from the Zacks Waste Removal Services industry, Pentair plc (PNR - Free Report) , is soon expected to post earnings of $1.07 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of -13.7%. Revenues for the quarter are expected to be $963.31 million, down 5.7% from the year-ago quarter.
The consensus EPS estimate for Pentair has remained unchanged over the last 30 days. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -2.17%.
When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Pentair will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Waste Connections gains from buyouts, strong pricing and AI-driven efficiencies as the global waste-management market expands, supporting revenue growth.
Dutch Cardiovascular Investigator Network (WCN) Leads European Enrollment in Phase 3 Study Evaluating Etripamil Nasal Spray for AFib-RVR | Source: Milestone Pharmaceuticals Inc.
MONTREAL and CHARLOTTE, N.C., Oct. 09, 2026 (GLOBE NEWSWIRE) -- Milestone® Pharmaceuticals Inc. (Nasdaq: MIST), a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines, today announced that the first European patient has been enrolled in ReVeRA-301, its ongoing Phase 3 pivotal trial evaluating etripamil nasal spray for the treatment of atrial fibrillation with rapid ventricular rate (AFib-RVR). The study participant was enrolled at a site within the Dutch Cardiovascular Investigator Network (WCN) in the Netherlands as enrollment advances toward the study’s target of approximately 150 AFib-RVR patients with treated AFib-RVR events. ReVeRA-301 is evaluating the same 70 mg repeat-dose regimen that is U.S. Food and Drug Administration (FDA)-approved for the treatment of paroxysmal supraventricular tachycardia (PSVT) as CARDAMYST® (etripamil) nasal spray.
“Enrollment of the first patient in Europe represents continued progress in the global execution of ReVeRA-301 as we advance our pivotal Phase 3 program,” said David Bharucha, M.D., PhD, FACC, Chief Medical Officer of Milestone Pharmaceuticals. “WCN brings an established network of experienced cardiovascular investigators, and our collaboration during the successful Phase 2 ReVeRA study in AFib-RVR provides a strong foundation for this next stage of clinical development. We look forward to building on that experience as we evaluate etripamil as a potential self-administered, ambulatory-setting treatment for patients experiencing AFib-RVR.”
“The enrollment of the first European patient in ReVeRA-301 marks an important milestone in advancing a new potential treatment for patients with AFib-RVR. This innovative study explores a novel approach that could help patients receive effective treatment earlier and potentially avoid hospital visits. We are proud that the Dutch WCN network can support both participating sites and Milestone Pharmaceuticals in bringing this exciting trial to patients,” said Martin Hemels, M.D., PhD, FEHRA, FESC, Cardiologist and Chair of WCN, the Dutch Cardiovascular Investigator Network.
Enrollment in ReVeRA-301 in the United States commenced in August 2026 and has since expanded to Canada.
About ReVeRA-301
ReVeRA-301 is a Phase 3 multinational, multi-center, randomized, double-blind, placebo-controlled study to evaluate the effects of etripamil nasal spray in approximately 150 patient events with AFib-RVR. Prompted by symptoms, patients will self-administer, in a medically unsupervised setting (e.g., at home), the same 70 mg dose of etripamil and repeat-dose regimen that supports the current FDA indication for the treatment of PSVT. Based on safety data demonstrated to date, Milestone is currently pursuing a single-study supplemental new drug application (sNDA) registration pathway for the treatment of AFib-RVR. The primary endpoint for ReVeRA-301 is reduction in ventricular rate (VR) within 30 minutes. The study will also evaluate a key secondary endpoint of symptom improvement via patient-reported outcomes. Clinical trial sites and enrollment information can be found at https://clinicaltrials.gov.
The trial advances research from ReVeRA-201, a multi-center Phase 2, randomized controlled study of the efficacy and safety of etripamil nasal spray for the acute reduction of symptomatic AFib-RVR in an emergency room setting. The clinical trial showed that a single dose of etripamil nasal spray at 70 mg reduced VR and improved both relief of symptoms and treatment satisfaction.
About Atrial Fibrillation with Rapid Ventricular Rate (AFib-RVR)
Atrial fibrillation (AFib) represents a substantial and growing public health burden. The most common sustained arrhythmia, AFib affects an estimated 59 million people worldwide, including people in the European Union. AFib presents with an irregular heart rate and is classified as paroxysmal, persistent, or permanent. When there is a rapid heart rate during AFib, it is referred to as “atrial fibrillation with rapid ventricular rate (AFib-RVR).”
Market research indicates that 30-40% of patients with AFib experience at least one episode of RVR per year requiring urgent medical attention. These episodes commonly cause palpitations, shortness of breath, and weakness. While AFib is rarely life-threatening, it is a serious condition that often requires treatment and increases the risk of serious complications if not properly managed. Current options for acute AFib-RVR management are limited and often involve an emergency department visit for IV beta blockers, IV calcium channel blockers, or electrical cardioversion.
About CARDAMYST in the United States
CARDAMYST® (etripamil) nasal spray is approved by the U.S. Food and Drug Administration (FDA) for the conversion of acute symptomatic episodes of paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults. It is a novel calcium channel blocker nasal spray designed as a self-administered rapid response therapy for patients, thereby bypassing the need for immediate medical oversight. The product is intended to provide health care providers with a new treatment option to enable on-demand care and patient self-management. This portable treatment may provide patients with active management and a greater sense of control over their condition. CARDAMYST is well studied with a robust clinical trial program that includes a completed Phase 3 clinical-stage program for the treatment of PSVT. Currently, etripamil is in Phase 2 development for treatment of PSVT in pediatric patients and Phase 3 development for control of acute atrial fibrillation with rapid ventricular rate (AFib-RVR) in adults. For more information, please visit CARDAMYST.com.
U.S. FDA Indication
CARDAMYST is indicated for the conversion of acute symptomatic episodes of paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults.
IMPORTANT SAFETY INFORMATION FOR CARDAMYST (etripamil)
What is CARDAMYST?
CARDAMYST is a prescription medicine used to help restore normal sinus heart rhythm in adults who have symptoms of sudden episodes of fast heartbeat called paroxysmal supraventricular tachycardia (PSVT).
It is not known if CARDAMYST is safe and effective in children.
Do not use CARDAMYST if you:
are allergic to CARDAMYST or any of its ingredients. See the Patient Information for a complete list of ingredients in CARDAMYST.have limitations in activities due to heart failure (moderate to severe heart failure).have Wolff-Parkinson-White (WPW) syndrome, Lown-Ganong-Levine syndrome, or an abnormal heart rhythm pattern called pre-excitation (delta wave) on an electrocardiogram (ECG).have sick sinus syndrome without a permanent pacemaker.have second degree or higher atrioventricular (AV) block. Before using CARDAMYST, tell your healthcare provider about all of your medical conditions, including if you:
have a history of fainting.have low blood pressure.are pregnant or plan to become pregnant. It is not known if CARDAMYST will harm your unborn baby.are breastfeeding or plan to breastfeed. It is not known if CARDAMYST passes into your breast milk. You should stop breastfeeding for 12 hours after treatment with CARDAMYST. During this time, pump and throw away your breast milk. Talk to your healthcare provider about the best way to feed your baby after using CARDAMYST. Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements.
What are the possible side effects of CARDAMYST?
CARDAMYST may cause serious side effects, including:
Fainting due to CARDAMYST effects on blood pressure, heart rate, and electrical activity of the heart. CARDAMYST may cause dizziness and fainting, especially in people with a history of fainting and certain heart problems, or people with a history of fainting during an episode of PSVT. Use CARDAMYST while sitting in a safe area where you will not fall if you become dizzy or lightheaded. Lie down if you feel dizzy or lightheaded after using CARDAMYST. If fainting occurs after using CARDAMYST, caregivers should place you on your back and seek medical help. The most common side effects of CARDAMYST include:
nasal discomfortnasal congestionrunny nose throat irritationnosebleed
These are not all of the possible side effects for CARDAMYST. Call your doctor for medical advice about side effects. You may report side effects to FDA at 1-800-FDA-1088.
Please see the full Prescribing Information
https://milestonepharma.com/etripamilprescribinginformation.pdf for CARDAMYST.
About Milestone Pharmaceuticals
Milestone Pharmaceuticals Inc. (Nasdaq: MIST) is an emerging commercial-stage biopharmaceutical company advancing innovative cardiovascular medicines to benefit people living with certain heart conditions. Milestone’s lead product is CARDAMYST® (etripamil) nasal spray, a novel calcium channel blocker, which is FDA-approved for the conversion of acute symptomatic episodes of paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults. Etripamil is also in Phase 3 development for the control of symptomatic episodic attacks associated with AFib-RVR. https://milestonepharma.com/.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “continue,” “could,” “demonstrate,” “designed,” “develop,” “estimate,” “expect,” “may,” “pending,” “plan,” “potential,” “progress,” “will,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Milestone’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include statements regarding: Milestone's business strategy and plans; the design, timing, and enrollment of the ReVeRA-301 Phase 3 clinical trial for AFib-RVR, including the anticipated number of patients and sites; the potential for etripamil to serve as a treatment option for patients with AFib-RVR, including as a self-administered therapy; the commercialization and market adoption of CARDAMYST; the development of etripamil for additional indications, including Phase 2 development in pediatric PSVT patients; expectations regarding the efficacy and safety of etripamil for AFib-RVR based on Phase 2 findings; the timing and outcomes of future interactions with U.S. and foreign regulatory bodies, including the FDA; and other statements not related to historical facts. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the risks inherent in biopharmaceutical product development and clinical trials, including the lengthy and uncertain regulatory approval process; uncertainties related to the timing of initiation, enrollment, completion, evaluation and results of Milestone’s clinical trials; risks and uncertainty related to the complexity inherent in cleaning, verifying and analyzing trial data; and whether the clinical trials will validate the safety and efficacy of etripamil for PSVT or other indications, among others, general economic, political, and market conditions, including deteriorating market conditions due to investor concerns regarding inflation, international tariffs and conflicts, and overall fluctuations in the financial markets in the United States and abroad, risks related to pandemics and public health emergencies, and risks related to the sufficiency of Milestone’s capital resources and its ability to raise additional capital in the current economic climate. These and other risks are set forth in Milestone’s filings with the U.S. Securities and Exchange Commission (SEC), including in its annual report on Form 10-K for the year ended December 31, 2025, under the caption “Risk Factors,” as such discussions may be updated from time to time by subsequent filings Milestone may make with the SEC. Except as required by law, Milestone assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
Liquidity Services (NASDAQ:LQDT – Get Free Report) and Waste Connections (NYSE:WCN – Get Free Report) are both industrials companies, but which is the superior investment? We will compare the two companies based on the strength of their earnings, valuation, dividends, risk, institutional ownership, analyst recommendations and profitability.
Volatility & Risk Liquidity Services has a beta of 1.04, meaning that its share price is 4% more volatile than the S&P 500. Comparatively, Waste Connections has a beta of 0.49, meaning that its share price is 51% less volatile than the S&P 500.
Analyst Ratings This is a summary of recent ratings and target prices for Liquidity Services and Waste Connections, as reported by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Liquidity Services 0 0 2 1 3.33 Waste Connections 0 3 14 1 2.89 Liquidity Services presently has a consensus price target of $50.00, indicating a potential upside of 21.07%. Waste Connections has a consensus price target of $202.18, indicating a potential upside of 30.24%. Given Waste Connections’ higher probable upside, analysts clearly believe Waste Connections is more favorable than Liquidity Services. Earnings and Valuation This table compares Liquidity Services and Waste Connections”s revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Liquidity Services $476.67 million 2.71 $28.09 million $1.02 40.49 Waste Connections $9.47 billion 4.12 $1.08 billion $4.15 37.40 Waste Connections has higher revenue and earnings than Liquidity Services. Waste Connections is trading at a lower price-to-earnings ratio than Liquidity Services, indicating that it is currently the more affordable of the two stocks.
Institutional & Insider Ownership 71.2% of Liquidity Services shares are owned by institutional investors. Comparatively, 86.1% of Waste Connections shares are owned by institutional investors. 28.1% of Liquidity Services shares are owned by company insiders. Comparatively, 0.3% of Waste Connections shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a stock is poised for long-term growth.
Profitability This table compares Liquidity Services and Waste Connections’ net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Liquidity Services 6.79% 17.60% 9.86% Waste Connections 10.86% 17.31% 6.62% Summary Waste Connections beats Liquidity Services on 8 of the 14 factors compared between the two stocks.
(Get Free Report)
Liquidity Services, Inc. provides e-commerce marketplaces, self-directed auction listing tools, and value-added services in the United States and internationally. The company operates through four segments: GovDeals, Retail Supply Chain Group (RSCG), Capital Assets Group (CAG), and Machinio. Its marketplaces include liquidation.com that enable corporations to sell surplus and salvage consumer goods and retail capital assets; GovDeals marketplace, which provides self-directed service solutions in which sellers list their own assets that enables local and state government entities, and commercial businesses located in the United States and Canada to sell surplus and salvage assets; and AllSurplus, a centralized marketplace that connects global buyer base with assets from across the network of marketplaces in a single destination. The company also offers a suite of services, including surplus management, asset valuation, asset sales, marketing, returns management, asset recovery, and ecommerce services. In addition, it operates a global search engine platform for listing used equipment for sale in the construction, machine tool, transportation, printing, and agriculture sectors. The company offers products from industry verticals, such as consumer electronics, general merchandise, apparel, scientific equipment, aerospace parts and equipment, technology hardware, real estate, energy equipment, industrial capital assets, heavy equipment, fleet and transportation equipment, and specialty equipment. The company was incorporated in 1999 and is headquartered in Bethesda, Maryland.
About Waste Connections (Get Free Report)
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.
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Waste Connections (WCN - Free Report) has been on a downward spiral lately with significant selling pressure. After declining 6.2% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.
We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.
RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.
Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.
So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.
However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.
Why WCN Could Bounce Back Before LongThe RSI reading of 29.06 for WCN is an indication that the heavy selling could be in the process of exhausting itself, so the stock could bounce back in a quest for reaching the old equilibrium of supply and demand.
The RSI value is not the only factor that indicates a potential turnaround for the stock in the near term. On the fundamental side, there has been strong agreement among the sell-side analysts covering the stock in raising earnings estimates for the current year. Over the last 30 days, the consensus EPS estimate for WCN has increased 0%. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.
Moreover, WCN currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
TORONTO--(BUSINESS WIRE)--Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced that it will report financial results for the third quarter of 2026 after the close of the stock market on October 21, 2026. The Company will be hosting an investor conference call related to this release on October 22nd at 8:30 A.M. Eastern Time. A live audio webcast of the conference call can be accessed by visiting investors.wasteconnections.com and selecting "Events &.
Key Takeaways WCN raised its 2026 revenue outlook to $10.02-$10.05B after Q2 revenues increased 6.4% to $2.56B. Waste Connections completed deals adding over $100M in annualized revenues, adjusted FCF was $703.4M. WCN faces rising fuel costs, weaker commodity values & lower volumes, with 2026 capex seen near $1.25B. Waste Connections, Inc. (WCN - Free Report) shares have declined 10.7% over the past year compared with the Business - Information Services industry, which plunged 11.5%. Meanwhile, the Zacks S&P 500 Composite has returned a 14.2% gain.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 top line is pegged at $10 billion, suggesting 6% year-over-year growth. The top line is further expected to move up 5.7% year over year in 2027. For 2026 earnings per share, the consensus mark is pinned at $5.62, indicating 9.1% year-over-year growth. The anticipated growth rate for 2027 is 10.8%.
Factors That Augur Well for WCN’s SuccessWCN's commitment to sustainability is encouraging, as the company continues to make progress in emissions reduction, recycling, biogas recovery and employee safety. In 2024, WCN reduced Scope 1 and 2 emissions by 9% from the 2019 baseline, while emissions intensity declined to 875 MT CO2e per million dollars of revenue from 975 in 2023. The company also recycled 2.36 million tons of commodities, up from 2.21 million tons in 2023, and increased annual landfill gas collected for energy to 32.3 billion cubic feet.
Moreover, WCN's focus on sustainability extends to its operations and workforce. The company avoided more than 7.2 million MT CO2e through recycling in 2024 and collected landfill gas for beneficial use at 30 facilities. Its safety performance also improved, with the incident rate declining to 12.8 in 2024 from 15.0 in 2023, while voluntary employee turnover fell to 12.3% from 16.7%. These initiatives support WCN's broader sustainability targets and demonstrate continued progress toward its environmental and workforce goals.
Waste Connections’ strong second-quarter 2026 performance and raised 2026 outlook supportits growth prospects. Revenues increased 6.4% year over year to $2.56 billion, while adjusted EBITDA rose 6.8% to $840.1 million. The adjusted EBITDA margin expanded to 32.8%. Solid waste internal growth of 3.6% in the quarter, driven by a 5.6% core price increase, highlights the company’s ability to generate organic growth despite lower unit volumes.
The company’s prospects are further supported by acquisition activity, improving commodity trends and strong cash generation. Waste Connections completed acquisitions with more than $100 million in annualized revenues and remains positioned to pursue further acquisition opportunities. Six-month operating cash flow rose to $1.28 billion, while adjusted free cash flow stood at $703.4 million. Consequently, WCN raised its 2026 outlook for revenues to $10.02-$10.05 billion and $3.33-$3.34 billion in adjusted EBITDA, with adjusted free cash flow expected at $1.40-$1.45 billion.
WCN’s shareholder-friendly initiatives support long-term value creation for investors. Despite fluctuations in its cash position, the company has consistently rewarded shareholders through dividend payouts. In 2023, 2024 and 2025, Waste Connections paid $271 million, $302 million and $334 million in dividends, respectively. Consistent dividend payments provide a dependable source of income for income-seeking investors. In the third quarter, the company’s board of directors declared a regular quarterly cash dividend of $0.35 per U.S. common share, payable on Aug. 20, 2026, to shareholders of record as of Aug. 6, 2026. The board intends to review the quarterly dividend each October, with a long-term objective of increasing the dividend amount.
WCN’s Key Risks to WatchWaste Connections’ prospects are facing pressure from rising costs and weaker commodity values. During the second quarter, rapidly increasing fuel and related costs weighed on profitability, while comparatively lower commodity values continued to create a drag. These pressures were reflected in operating income, which declined to $437.6 million from $459.5 million in the prior-year quarter, despite revenues increasing 6.4%.
WCN’s growth is also being affected by lower unit volumes and higher capital requirements. Solid waste unit volume declined 1.9% in the second quarter, while recycling contributed a negative 0.2% to internal growth. Moreover, capital expenditures increased to $598.9 million in the first six months of 2026 from $497.8 million a year ago, with full-year capital expenditures projected at approximately $1.25 billion. As of June 30, 2026, the company also reported debt at 54% of book capitalization, which could limit financial flexibility as it continues to invest in its operations and pursue acquisitions.
Waste Connections’ Zacks Rank & Stocks to ConsiderWCN currently carries a Zacks Rank of #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors’ consideration are Gartner, Inc. (IT - Free Report) and MediaAlpha, Inc. (MAX - Free Report) .
IT currently sports a Zacks Rank of #1. The company has an expected earnings growth rate of 9.26% for 2026.
IT has an encouraging earnings surprise history, as it has surpassed the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 13.51%.
MAX currently sports a Zacks Rank of 1. The company has an expected earnings growth rate of 18.5% for the year 2026.
The company has an encouraging earnings surprise history, as it has topped the Zacks Consensus Estimate in three of the trailing four quarters, missing in the remaining one, delivering an average earnings surprise of 79.33%.
Knightscope (NASDAQ:KSCP – Get Free Report) and Waste Connections (NYSE:WCN – Get Free Report) are both industrials companies, but which is the superior business? We will compare the two businesses based on the strength of their profitability, institutional ownership, earnings, valuation, dividends, analyst recommendations and risk.
Risk and Volatility Knightscope has a beta of 1.28, meaning that its stock price is 28% more volatile than the S&P 500. Comparatively, Waste Connections has a beta of 0.48, meaning that its stock price is 52% less volatile than the S&P 500.
Profitability This table compares Knightscope and Waste Connections’ net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Knightscope -217.29% -152.20% -90.99% Waste Connections 10.86% 17.31% 6.62% Earnings & Valuation This table compares Knightscope and Waste Connections”s gross revenue, earnings per share and valuation. Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Knightscope $11.34 million 2.53 -$33.81 million ($3.43) -0.36 Waste Connections $9.47 billion 4.23 $1.08 billion $4.15 38.40 Waste Connections has higher revenue and earnings than Knightscope. Knightscope is trading at a lower price-to-earnings ratio than Waste Connections, indicating that it is currently the more affordable of the two stocks.
Institutional and Insider Ownership 14.6% of Knightscope shares are owned by institutional investors. Comparatively, 86.1% of Waste Connections shares are owned by institutional investors. 1.8% of Knightscope shares are owned by company insiders. Comparatively, 0.3% of Waste Connections shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a stock will outperform the market over the long term.
Analyst Recommendations This is a breakdown of recent recommendations and price targets for Knightscope and Waste Connections, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Knightscope 1 0 3 0 2.50 Waste Connections 0 4 14 2 2.90 Knightscope currently has a consensus price target of $12.67, suggesting a potential upside of 929.81%. Waste Connections has a consensus price target of $201.16, suggesting a potential upside of 26.22%. Given Knightscope’s higher possible upside, equities analysts plainly believe Knightscope is more favorable than Waste Connections.
Summary Waste Connections beats Knightscope on 12 of the 15 factors compared between the two stocks.
About Knightscope (Get Free Report)
Knightscope, Inc. designs, develops, manufactures, markets, deploys, and supports autonomous security robots (ASR) in the United States. Its products include K3 and K5 ASRs designed to roam a geo-fenced area autonomously by utilizing numerous sensors and lasers, either on a random basis or based on a particular patrolling algorithm to navigate around people, vehicles, and objects in dynamic indoor or outdoor environments; K1, an ASR for used in indoors or outdoors and at ingress/egress points for both people and vehicles; and K7, a multi-terrain ASR. The company also develops and operates the Knightscope security operations center (KSOC), a browser-based interface, which allows real-time data access service to its clients for alert of an abnormal event; and Knightscope network operations center (KNOC), a custom set of tools that enables it to manage and monitor the network of ASRs with alerts related to critical indicators and statistics, including charging, software, navigation, and temperatures, as well as to execute over-the-air software upgrades, patches, and other related items. In addition, it offers Knightscope+, a virtual monitoring and response solution that provides an alternative for client sites. The company serves airports, commercial real estate, corporate campus, homeowner associations, hotels, universities, municipalities, rail, healthcare, public parks, schools, casinos, corporations, logistics, manufacturing, law enforcement, Parking areas, municipalities, universities, and property management companies, as well as the U.S. federal government. Knightscope, Inc. was incorporated in 2013 and is headquartered in Mountain View, California.
(Get Free Report)
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.
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Allworth Financial LP lifted its stake in Waste Connections, Inc. (NYSE:WCN – Free Report) by 5.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 72,524 shares of the business services provider’s stock after purchasing an additional 3,473 shares during the period. Allworth Financial LP’s holdings in Waste Connections were worth $12,089,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. California State Teachers Retirement System raised its position in Waste Connections by 17,242.8% in the 2nd quarter. California State Teachers Retirement System now owns 48,936,350 shares of the business services provider’s stock valued at $8,157,200,000 after purchasing an additional 48,654,179 shares in the last quarter. XXEC Inc. acquired a new position in shares of Waste Connections during the second quarter worth about $164,870,000. BlackRock Inc. acquired a new position in shares of Waste Connections during the second quarter worth about $1,061,947,000. Norges Bank purchased a new stake in shares of Waste Connections during the fourth quarter worth approximately $697,519,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Waste Connections during the second quarter worth approximately $589,671,000. 86.09% of the stock is owned by institutional investors and hedge funds.
Waste Connections Stock Down 1.0% WCN stock opened at $163.15 on Wednesday. The stock has a market cap of $41.04 billion, a P/E ratio of 39.31, a PEG ratio of 2.83 and a beta of 0.48. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.17. Waste Connections, Inc. has a twelve month low of $146.89 and a twelve month high of $179.74. The company’s 50 day moving average is $167.84 and its two-hundred day moving average is $163.11.
Waste Connections (NYSE:WCN – Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $1.50 EPS for the quarter, topping the consensus estimate of $1.35 by $0.15. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The firm had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same period last year, the business earned $1.29 EPS. Waste Connections’s revenue for the quarter was up 6.4% compared to the same quarter last year. Research analysts expect that Waste Connections, Inc. will post 5.62 earnings per share for the current fiscal year. Waste Connections Dividend Announcement The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were paid a dividend of $0.35 per share. The ex-dividend date was Thursday, August 6th. This represents a $1.40 annualized dividend and a dividend yield of 0.9%. Waste Connections’s dividend payout ratio is 33.73%.
Insider Activity at Waste Connections In other Waste Connections news, SVP Robert Cloninger sold 2,811 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $171.02, for a total transaction of $480,737.22. Following the completion of the sale, the senior vice president directly owned 11,666 shares of the company’s stock, valued at approximately $1,995,119.32. This trade represents a 19.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Philip Rivard sold 2,500 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $166.57, for a total transaction of $416,425.00. Following the transaction, the senior vice president owned 734 shares of the company’s stock, valued at approximately $122,262.38. The trade was a 77.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.27% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth A number of brokerages recently issued reports on WCN. Barclays lifted their price target on shares of Waste Connections from $180.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Waste Connections in a research report on Friday, August 7th. TD Cowen restated a “buy” rating and issued a $210.00 price objective (up from $200.00) on shares of Waste Connections in a report on Friday, July 24th. Citigroup lifted their price objective on shares of Waste Connections from $180.00 to $182.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $199.00 target price on shares of Waste Connections in a research note on Friday, July 24th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $200.89.
Read Our Latest Research Report on Waste Connections
Waste Connections Company Profile (Free Report)
Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.
The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.
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Key Takeaways Waste Connections stock gained 8.6% in three months compared with the industry's 3.6% growth.WCN's H1 2026 acquisitions added about $100M in annualized revenues.WCN's adjusted free cash flow rose 24.7% y/y in Q2 2026 to $457.5M or 17.9% of revenues. Waste Connections, Inc. (WCN - Free Report) stock has gained 8.6% over the past three months, outperforming the industry’s 3.6% growth and the Zacks S&P 500 Composite's 1.1% return.
3-Month Share Price Performance
Image Source: Zacks Investment Research
Let us delve deeper into the factors that have contributed to the company’s outperformance.
Thriving Market Acts Like a Tailwind
Waste Connections is benefiting from an expanding global waste-management market, driven by rising waste generation, urbanization, stricter environmental regulations and increased adoption of recycling and waste-to-energy technologies. This tailwind has helped the company generate impressive second-quarter 2026 results. WCN’s Solid Waste Collection revenues increased 5.8% year over year to $1.78 billion. Solid Waste Disposal and Transfer revenues advanced 5.1% to $464.3 million. Its Exploration and Production (E&P) Waste Treatment, Recovery and Disposal revenues increased 18.3% to $201 million, while Intermodal and Other revenues rose 18.3% to $51.3 million during the same period. These results demonstrate the company’s potential to drive growth within the expanding market.
Acquisitions Remain Key Growth Catalyst for WCN
Acquisitions have been acting as a key growth driver for Waste Connections, providing platforms for service expansion and tuck-in deals. The company completed 13, 24 and 19 acquisitions in 2023, 2024 and 2025, contributing $410.9 million, $529 million and $377 million in revenues, respectively. First-half 2026 acquisitions added about $100 million in annualized revenues. Management expects an above-average acquisition year, while the 2026 guidance excludes future deals, providing potential upside.
Strong Cash Generation & Dividend Payments
WCN’s net cash provided by operating activities totaled $733.3 million in the second quarter, rising 14.9% year over year. The adjusted free cash flow increased 24.7% year over year to $457.5 million, representing 17.9% of revenues. The company paid out $177.1 million in dividends during the first half of 2026, with a quarterly dividend of 35 cents per share during the second quarter. This solid cash position and dividend payout indicate financial flexibility and the company’s shareholder-friendly policies.
WCN’s Zacks Rank & Stocks to ConsiderWaste Connections currently carries a Zacks Rank #3 (Hold).
A couple of better-ranked stocks in the broader Business Services sector are Bright Horizons Family Solutions Inc. (BFAM - Free Report) and CBIZ, Inc. (CBZ - Free Report) .
Bright Horizons Family Solutions carries a Zacks Rank #2 (Buy) at present. It has a long-term earnings growth expectation of 13.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BFAM delivered a trailing four-quarter earnings surprise of 7.6%, on average.
CBIZ also has a Zacks Rank of 2 at present. It has a long-term earnings growth expectation of 11.6%.
CBZ beat earnings estimates in three of the last four quarters and missed once, with an average earnings surprise of 8.9%.
Alyeska Investment Group L.P. acquired a new position in shares of Waste Connections, Inc. (NYSE:WCN – Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 377,377 shares of the business services provider’s stock, valued at approximately $62,905,000. Alyeska Investment Group L.P. owned approximately 0.15% of Waste Connections as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently bought and sold shares of WCN. Kestra Private Wealth Services LLC boosted its stake in Waste Connections by 2.6% during the third quarter. Kestra Private Wealth Services LLC now owns 2,556 shares of the business services provider’s stock worth $449,000 after buying an additional 64 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Waste Connections by 1.5% in the first quarter. EverSource Wealth Advisors LLC now owns 4,312 shares of the business services provider’s stock worth $701,000 after acquiring an additional 65 shares in the last quarter. Wilmington Savings Fund Society FSB increased its position in shares of Waste Connections by 12.4% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 607 shares of the business services provider’s stock worth $106,000 after acquiring an additional 67 shares during the period. TD Private Client Wealth LLC increased its position in shares of Waste Connections by 21.1% during the fourth quarter. TD Private Client Wealth LLC now owns 407 shares of the business services provider’s stock worth $71,000 after acquiring an additional 71 shares during the period. Finally, Lido Advisors LLC raised its stake in shares of Waste Connections by 2.4% in the fourth quarter. Lido Advisors LLC now owns 3,056 shares of the business services provider’s stock valued at $537,000 after acquiring an additional 72 shares in the last quarter. 86.09% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets In other Waste Connections news, VP Patrick James Shea sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $156.26, for a total transaction of $1,171,950.00. Following the sale, the vice president owned 19,737 shares of the company’s stock, valued at approximately $3,084,103.62. This trade represents a 27.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jason Craft sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $156.59, for a total transaction of $234,885.00. Following the sale, the chief operating officer directly owned 32,861 shares in the company, valued at approximately $5,145,703.99. The trade was a 4.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 14,311 shares of company stock worth $2,303,997 in the last three months. 0.27% of the stock is owned by company insiders.
Waste Connections Stock Performance NYSE:WCN opened at $166.19 on Monday. The firm has a market capitalization of $41.81 billion, a PE ratio of 40.05, a price-to-earnings-growth ratio of 2.85 and a beta of 0.48. The business’s fifty day moving average price is $167.73 and its 200 day moving average price is $163.05. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.66 and a quick ratio of 0.66. Waste Connections, Inc. has a 12 month low of $146.89 and a 12 month high of $185.33. Waste Connections (NYSE:WCN – Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.15. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.51 billion. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.Waste Connections’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.29 EPS. On average, sell-side analysts anticipate that Waste Connections, Inc. will post 5.62 earnings per share for the current fiscal year.
Waste Connections Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 6th were paid a dividend of $0.35 per share. The ex-dividend date was Thursday, August 6th. This represents a $1.40 annualized dividend and a yield of 0.8%. Waste Connections’s payout ratio is presently 33.73%.
Analyst Upgrades and Downgrades A number of research analysts recently issued reports on WCN shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Waste Connections in a report on Friday, August 7th. Citigroup upped their price target on Waste Connections from $180.00 to $182.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. reduced their price target on Waste Connections from $210.00 to $195.00 and set an “overweight” rating on the stock in a research report on Monday, July 13th. UBS Group reiterated a “neutral” rating and issued a $176.00 price objective (up from $170.00) on shares of Waste Connections in a research note on Tuesday, August 4th. Finally, TD Cowen reissued a “buy” rating and set a $210.00 price objective (up from $200.00) on shares of Waste Connections in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Waste Connections presently has an average rating of “Moderate Buy” and a consensus price target of $200.89.
Check Out Our Latest Analysis on Waste Connections
(Free Report)
Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.
The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.
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Waste Connections (NYSE:WCN – Get Free Report) and Questor Technology (OTCMKTS:QUTIF – Get Free Report) are both industrials companies, but which is the better business? We will contrast the two companies based on the strength of their profitability, valuation, analyst recommendations, risk, earnings, dividends and institutional ownership.
Profitability This table compares Waste Connections and Questor Technology’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Waste Connections 10.86% 17.31% 6.62% Questor Technology N/A N/A N/A Insider and Institutional Ownership 86.1% of Waste Connections shares are held by institutional investors. Comparatively, 4.7% of Questor Technology shares are held by institutional investors. 0.3% of Waste Connections shares are held by company insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a stock will outperform the market over the long term.
Valuation and Earnings This table compares Waste Connections and Questor Technology”s revenue, earnings per share and valuation. Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Waste Connections $9.47 billion 4.42 $1.08 billion $4.15 40.05 Questor Technology N/A N/A N/A $0.14 1.97 Waste Connections has higher revenue and earnings than Questor Technology. Questor Technology is trading at a lower price-to-earnings ratio than Waste Connections, indicating that it is currently the more affordable of the two stocks.
Analyst Recommendations This is a breakdown of recent ratings and recommmendations for Waste Connections and Questor Technology, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Waste Connections 0 4 14 2 2.90 Questor Technology 0 0 0 0 0.00 Waste Connections currently has a consensus target price of $200.89, suggesting a potential upside of 20.88%. Given Waste Connections’ stronger consensus rating and higher probable upside, analysts plainly believe Waste Connections is more favorable than Questor Technology.
Summary Waste Connections beats Questor Technology on 12 of the 12 factors compared between the two stocks.
(Get Free Report)
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.
About Questor Technology (Get Free Report)
Questor Technology Inc., an environmental emissions reduction technology company, designs, manufactures, and services clean combustion systems in Canada and the United States. Its technology enables its customers to meet emission regulations, reduce greenhouse gas emissions, address community concerns, and enhance safety at industrial sites. The company offers its solutions for various oil and gas projects, as well as for landfill biogas, syngas, waste engine exhaust, geothermal and solar, and cement plant waste heat. It also provides equipment rental services. The company was formerly known as Interglobe Gas Technology Inc. and changed its name to Questor Technology Inc. in September 1995. Questor Technology Inc. was founded in 1994 and is headquartered in Calgary, Canada.
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Susan Netherton, Senior VP of People, Training & Development at Waste Connections (WCN -0.25%), sold 1,750 shares of common stock on Aug. 13, 2026, according to a SEC Form 4 filing.
Company snapshotSector: IndustrialsIndustry: Waste ManagementMarket Cap: $42.8 billionRevenue (TTM): $9.8 billionNet Income (TTM): $1 billionWaste Connections is a leading environmental services provider that delivers a full spectrum of non-hazardous waste management solutions across the United States and Canada. The company offers essential waste collection and disposal services to a diverse customer base spanning residential, commercial, municipal, and industrial sectors.
Transaction summaryMetricValueTransaction value$290,500Shares sold (directly held)1,750Post-transaction shares (directly held)12,980Post-transaction value$2.1 millionTransaction value based on SEC Form 4 weighted average sale price ($166.00); post-transaction value based on Aug. 13, 2026, market close ($165.53).
Key questionsWhat is the scale of the insider's remaining equity exposure?
Following this transaction, Netherton retains a direct position of 12,980 shares, valued at $2.1 million based on the Aug. 13, 2026, market close. How does the execution price align with current market levels?
The shares were sold at $166 per share, slightly below the $166.29 market close as of Aug. 14, 2026. This execution took place amid a period in which the equity had declined 11% over the preceding year.What was the impact of the transaction on Netherton's portfolio?
The sale was a direct disposition of 1,750 shares, reducing the insider's total reported equity holdings from 14,730 to 12,980. No indirect holdings or derivative securities were reported in this specific filing.Company OverviewMetricValueShare Price (as of market close 2026-08-14)$166.29Market Capitalization$42.8 billionRevenue (TTM)$9.8 billionNet Income (TTM)$1 billionCompany SnapshotWaste Connections provides comprehensive non-hazardous waste management solutions, including collection, transfer, disposal, and resource recovery services across the United States and Canada, generating revenue from diverse customer segments, including residential, commercial, municipal, industrial, and exploration and production sectors.The company operates an integrated business model that generates revenue through waste collection services, landfill operations, transfer station facilities, and resource recovery initiatives, creating multiple revenue streams from essential environmental services.Waste Connections serves a broad customer base spanning residential households, commercial enterprises, municipal governments, industrial operations, and energy sector clients, positioning itself as a critical infrastructure provider across North American markets.Waste Connections is a leading environmental services provider with a market capitalization of $42.8 billion and TTM revenues of $9.8 billion, demonstrating significant scale within the waste management sector. The company maintains a diversified operational footprint across North America, leveraging an integrated collection and disposal infrastructure to capture recurring revenue streams from essential waste management services. Waste Connections competes through operational efficiency, geographic diversification, and the provision of critical environmental infrastructure.
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What this transaction means for investorsWaste Connection recently shared some strong results from its earnings report for the second quarter of 2026, with revenue of $2.5 billion, 6.4% above the company's expectations. It also reported net income of $296.4 million, compared with $290.3 million in the year-ago period. It did show lower operating income, however, of $437.6 million compared to $459.5 million, which the company attributed to $58.5 million in impairment charges related to a landfill closure and $7.9 million in transaction-related expenses. For full-year 2026 revenue, Waste Connection expects it to fall around $10 billion.
As of this writing, the Waste Connection stock price is down 6.6% compared to the S&P 500's 18.7% return. Netherton selling shares, however, doesn't appear to be a cause for alarm. While the executive sold 1,750 shares at $166 per share, she still directly owns nearly 13,000 shares. In addition, analysts are also generally bullish on what the next 12 months could hold for the stock. Of the 27 analysts who track Waste Connection followed by CNN, 81% rate the stock as a buy. In addition, the median one-year price target for the stock is $205, representing a 20.6% gain from its current trading level. The sale ultimately appears to be more routine than anything else.
Jack Delaney has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Waste Connections. The Motley Fool has a disclosure policy.
It has been about a month since the last earnings report for Waste Connections (WCN - Free Report) . Shares have added about 0.2% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Waste Connections due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Waste Connections, Inc. before we dive into how investors and analysts have reacted as of late.
Waste Connections Beats on Q2 EarningsWaste Connections reported impressive second-quarter 2026 results, wherein earnings and revenues outpaced the Zacks Consensus Estimates.
WCN reported second-quarter 2026 adjusted earnings of $1.50 per share, beating the Zacks Consensus Estimate of $1.35 by 11.1%. Earnings increased 16.3% from $1.29 in the year-ago quarter.
Revenues of $2.56 billion surpassed the consensus estimate of $2.53 billion by 1.1% and rose 6.4% year over year. Strong pricing and operational execution supported the results, although solid waste unit volumes declined 1.9%.
WCN's Solid Waste TrendsSolid waste internal growth was 3.6% in the quarter. Core price increased 5.6%, while yield, which reflects the average price per unit of service after customer and business-mix changes, improved 4.6%. Fuel and material surcharges contributed 1.1%.
Unit volumes fell 1.9%, reflecting sluggish construction activity and customer churn related partly to fuel surcharges. Roll-off pulls declined 2%, while rates per pull rose 5%. Landfill tons were nearly flat, as a 1% increase in construction and demolition volumes offset weaker special waste activity.
Waste Connections' Segmental RevenuesSolid Waste Collection revenues increased 5.8% year over year to $1.78 billion. Solid Waste Disposal and Transfer revenues advanced 5.1% to $464.3 million. These businesses benefited from pricing, while softer volumes limited organic growth.
Solid Waste Recycling revenues declined 8.1% to $61.4 million due to lower commodity values. E&P Waste Treatment, Recovery and Disposal revenues surged 18.3% to $201 million. Intermodal and Other revenues rose 18.3% to $51.3 million.
WCN's Margin & Cost PictureAdjusted EBITDA increased 6.8% year over year to $840.1 million. The adjusted EBITDA margin expanded 10 basis points to 32.8%. Underlying margin expansion was 70 basis points, driven partly by improved employee retention, safety performance and lower risk-management costs.
Fuel costs reduced the margin by approximately 40 basis points, while lower commodity values created a 20-basis-point drag. Management expects full-year core pricing of at least 5.5% and anticipates recovering elevated fuel expenses over time through surcharges.
Operating expenses increased 6.2% to $1.48 billion. Selling, general and administrative expenses rose 7.2% to $260.5 million. Reported operating income declined 4.8% to $437.6 million, reflecting $58.5 million in impairments and other operating items.
Waste Connections' Cash Flow & Balance SheetNet cash provided by operating activities totaled $733.3 million in the quarter compared with $638.2 million a year earlier. The adjusted free cash flow increased 24.7% to $457.5 million, representing 17.9% of revenues.
For the first six months of 2026, capital expenditure was $598.9 million. WCN also spent $614.5 million in share repurchases and $177.1 million in dividends. The company ended June with $98.2 million in cash and equivalents, and $9.28 billion in long-term debt.
Waste Connections' Growth InvestmentsThe company completed acquisitions representing approximately $100 million in annualized revenues during the first half. Another $30 million of exclusive-market franchise transactions was expected to close shortly, while management continued to anticipate an above-average acquisition year.
WCN’s artificial intelligence pricing tool has generated roughly $20 million in annualized EBITDA benefits. Management is also testing AI-based routing technology and developing customer-service tools. Across seven programs, Waste Connections expects its $100-million AI investment to ultimately produce $100 million in EBITDA improvement as implementation progresses through 2028 and 2029.
WCN’s 2026 OutlookWaste Connections raised its 2026 revenue outlook to $10.02-$10.05 billion. Adjusted EBITDA is projected between $3.33 billion and $3.34 billion, implying a margin of 33.2% to 33.3%.
The company maintained its adjusted free cash flow forecast of $1.4 billion to $1.45 billion, and capital expenditure projection of $1.25 billion. The outlook excludes acquisitions that may close during the remainder of the year.
How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.
VGM ScoresAt this time, Waste Connections has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Waste Connections has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Key Takeaways Waste Connections shares rose 4.9% in three months, outpacing its industry's 2.3% return.WCN is expanding through acquisitions, new customers and landfill rail projects in key markets.Waste Connections faces weaker liquidity, rising current debt and high regulatory costs. Waste Connections, Inc. (WCN - Free Report) shares have gained 4.9% in the past three months. Meanwhile, the industry and the Zacks S&P 500 Composite have returned 2.3% and 4.2%, respectively.
3-Month Share Price Performance Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 top line is pegged at $10 billion, suggesting 6% year-over-year growth. It is further expected to move up 5.7% year-over-year in 2027.
Image Source: Zacks Investment Research
For 2026 earnings per share, the consensus mark is pinned at $5.62, indicating 9.1% year-over-year growth. The anticipated growth rate for 2027 is 10.8%.
Image Source: Zacks Investment Research
Factors That Augur Well for WCN’s SuccessIncreasing Market Penetration: The company is expanding its presence within existing and neighboring markets, acquiring customers in markets wherein waste collection services are not exclusive. Management is invested in M&A to acquire solid waste businesses across competitive and exclusive markets. Over the last two years, WCN expanded the Arrowhead landfill rail network by 300% to transport waste out of the Northeast. To stretch its footprint, the company launched a rail project to collect waste from Miami-Dade County in Florida during the second quarter of 2026.
Buyouts to Strengthen Operations Presence: In 2023, 2024 and 2025, WCN acquired 13, 24 and 19 companies, respectively. These buyouts contributed $410.9 million to revenues in 2023, $529 million in 2024 and $377 million in 2025. The company acquired these companies as an operating base and seeks to bolster acquired operations’ presence by offering additional services, customers and making “tuck-in” buyouts of other waste companies in the operating markets or adjacent ones.
Shareholder-Friendly Actions: WCN rewards its shareholders consistently despite fluctuations in cash position, strengthening long-term value for investors. In 2023, 2024 and 2025, Waste Connections paid out $271 million, $302 million and $334 million in dividends, respectively. Consistent dividend payouts allow this stock to offer a dependable payday for income-seeking investors.
Risks Faced by Waste Connections
Strict Laws & Regulations: WCN incurred millions in third-party oversight costs due to Los Angeles County during Chiquita Canyon Landfill Permit renewals. The company is required to set aside substantial financial assurance capital for long-term environmental remediation and gas management under Subtitle D Landfill Gas Management. The industry is subject to enact new or amended federal, state, and local statutes and regulations that further impose substantial capital and operational limitations.
Bleak Liquidity Position: WCN ended the second quarter of 2026 with $98 million in cash and equivalents, down from the preceding quarter’s $112 million. While the cash position weakened, the company saw a sharp rise in current debt. As of June 30, 2026, WCN's balance sheet reported $98 million in current debt, up from the preceding quarter’s $79 million.
Although the company strengthened its current asset position, its current liabilities rose 6% sequentially, resulting in a meaningful setback in WCN’s liquidity position. The company’s weak liquidity profile is highlighted by its current ratio of 0.66, down from the preceding quarter’s 0.69. Also, it sits substantially lower than the industry average of 1.02. This raises a red flag for investors, as a current ratio below 1 signals an inability to cover short-term obligations.
Image Source: Zacks Investment Research
WM’s Zacks Rank & Stocks to ConsiderThe company currently has a Zacks Rank of #3 (Hold).
Some better-ranked stocks from the broader Zacks Business Services sector are TrueBlue (TBI - Free Report) and Vontier (VNT - Free Report) , each currently sporting a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
TrueBlue has a long-term earnings growth expectation of 14%. TBI delivered a trailing four-quarter earnings surprise of 22.4%, on average.
Vontier has a long-term earnings growth expectation of 8.4%. VNT delivered a trailing four-quarter earnings surprise of 2.5%, on average.
TORONTO--(BUSINESS WIRE)--Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced that it has received approval from the Toronto Stock Exchange (the “TSX”) for the annual renewal of its normal course issuer bid (the “NCIB”). The renewal will follow on the conclusion of the Company’s current NCIB expiring August 11, 2026 (the “2025 NCIB”).
Pursuant to the renewed NCIB, Waste Connections proposes to purchase through the facilities of the TSX, the New York Stock Exchange (the “NYSE”), NYSE Texas and/or alternative Canadian trading systems, from time to time over the next 12 months, if considered advisable, up to 12,578,462 common shares, being 5% of its 251,569,244 issued and outstanding common shares as of July 31, 2026.
In accordance with TSX rules, any daily repurchases would be limited to a maximum of 95,113 common shares, which represents 25% of the average daily trading volume on the TSX of 380,453 common shares for the period from February 1, 2026, to July 31, 2026, excluding any purchases made on the TSX under the 2025 NCIB. The TSX rules also allow the Company to purchase, once a week, a block of common shares not owned by any insiders, which may exceed such daily limit. The maximum number of shares which can be purchased per day on the NYSE and NYSE Texas will be 25% of the average daily trading volume for the four calendar weeks preceding the date of purchase, subject to certain exceptions for block purchases.
Waste Connections is authorized to make purchases during the period of August 12, 2026, to August 11, 2027, or until such earlier time as the NCIB is completed or terminated at the option of the Company. Any common shares Waste Connections purchases under the NCIB will be purchased on the open market through the facilities of the TSX, the NYSE, NYSE Texas and/or alternative Canadian trading systems at the prevailing market price at the time of such transaction.
Management’s decisions regarding any share repurchases will be based on market conditions, share price and other factors, including potential acquisition growth opportunities. The NCIB has been renewed because Waste Connections believes that the repurchase of common shares is consistent with its objective to return capital to shareholders over time. All common shares purchased through the NCIB will be cancelled.
Under the 2025 NCIB, the Company sought and obtained approval from the TSX to purchase up to 12,855,691 common shares for cancellation. As of August 6, 2026, the Company had purchased 6,103,527 common shares through the facilities of the NYSE under the 2025 NCIB.
About Waste Connections
Waste Connections (wasteconnections.com) is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves approximately nine million residential, commercial and industrial customers in mostly exclusive and secondary markets across 46 states in the U.S. and six provinces in Canada. Waste Connections also provides nonhazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections views its sustainability efforts as integral to its business, with initiatives consistent with its objective of long-term value creation and focused on reducing emissions, increasing resource recovery of both recyclable commodities and clean energy fuels, reducing reliance on off-site disposal for landfill leachate, further improving safety and enhancing employee engagement. Visit wasteconnections.com/sustainability for more information and updates on our progress towards targeted achievement.
Safe Harbor and Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 (“PSLRA”), including “forward-looking information” within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections’ current beliefs and expectations regarding future events and operating performance. These forward-looking statements can be identified by use of forward-looking terminology, such as “believes,” “expects,” “intends,” “may,” “might,” “will,” “could,” “should,” or “anticipates,” or the negative thereof or comparable terminology, or by the discussions of strategy. All of the forward-looking statements included in this press release are made pursuant to the safe harbor provisions of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements about the return of capital to shareholders, including repurchases of common shares of the Company and management’s decisions related thereto. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company’s filings with the SEC and the securities commissions or similar regulatory authorities in Canada. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Waste Connections undertakes no obligation to update the forward-looking statements set forth in this press release, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.
Cetera Investment Advisers lessened its holdings in Waste Connections, Inc. (NYSE:WCN – Free Report) by 16.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,021 shares of the business services provider’s stock after selling 4,674 shares during the quarter. Cetera Investment Advisers’ holdings in Waste Connections were worth $3,895,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Trium Capital LLP bought a new stake in shares of Waste Connections during the 4th quarter valued at about $1,995,000. Nicholas Company Inc. lifted its holdings in Waste Connections by 32.4% in the fourth quarter. Nicholas Company Inc. now owns 449,112 shares of the business services provider’s stock worth $78,756,000 after acquiring an additional 109,950 shares during the last quarter. Rathbones Group PLC lifted its holdings in Waste Connections by 1.2% in the fourth quarter. Rathbones Group PLC now owns 669,442 shares of the business services provider’s stock worth $117,394,000 after acquiring an additional 7,866 shares during the last quarter. Mirabaud Asset Management Ltd boosted its stake in Waste Connections by 28.9% in the fourth quarter. Mirabaud Asset Management Ltd now owns 56,620 shares of the business services provider’s stock valued at $10,754,000 after acquiring an additional 12,680 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its stake in Waste Connections by 16.2% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 60,140 shares of the business services provider’s stock valued at $10,546,000 after acquiring an additional 8,363 shares during the period. Institutional investors own 86.09% of the company’s stock.
Waste Connections Stock Down 1.3% Shares of Waste Connections stock opened at $165.67 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.66 and a quick ratio of 0.66. Waste Connections, Inc. has a 1-year low of $146.89 and a 1-year high of $191.00. The business’s fifty day moving average price is $163.06 and its two-hundred day moving average price is $163.27. The company has a market capitalization of $41.81 billion, a P/E ratio of 39.92, a PEG ratio of 2.88 and a beta of 0.48.
Waste Connections (NYSE:WCN – Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.15. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.The company had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.51 billion. During the same quarter in the prior year, the business posted $1.29 earnings per share. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, research analysts forecast that Waste Connections, Inc. will post 5.63 EPS for the current year.
Waste Connections Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $1.40 annualized dividend and a yield of 0.8%. Waste Connections’s dividend payout ratio (DPR) is presently 33.73%.
Insider Activity at Waste Connections In other news, SVP Robert Michael Cloninger sold 2,811 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $171.02, for a total value of $480,737.22. Following the completion of the sale, the senior vice president directly owned 11,666 shares of the company’s stock, valued at approximately $1,995,119.32. This represents a 19.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ronald J. Mittelstaedt acquired 50,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average price of $152.24 per share, for a total transaction of $7,612,000.00. Following the purchase, the chief executive officer directly owned 301,017 shares of the company’s stock, valued at approximately $45,826,828.08. This trade represents a 19.92% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 11,811 shares of company stock valued at $1,887,572 over the last quarter. Corporate insiders own 0.27% of the company’s stock.
Wall Street Analysts Forecast Growth A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. dropped their price target on Waste Connections from $210.00 to $195.00 and set an “overweight” rating on the stock in a research report on Monday, July 13th. The Goldman Sachs Group restated a “buy” rating and set a $211.00 price objective on shares of Waste Connections in a research note on Thursday, April 23rd. Weiss Ratings lowered Waste Connections from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. UBS Group reiterated a “neutral” rating and issued a $176.00 target price (up from $170.00) on shares of Waste Connections in a research note on Tuesday. Finally, BMO Capital Markets reissued an “outperform” rating and set a $208.00 price target (up from $206.00) on shares of Waste Connections in a report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $200.89.
Read Our Latest Stock Analysis on Waste Connections
About Waste Connections (Free Report)
Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.
The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.
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Axiom Investment Management LLC acquired a new position in shares of Waste Connections, Inc. (NYSE:WCN – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 8,400 shares of the business services provider’s stock, valued at approximately $1,364,000. Waste Connections comprises approximately 1.0% of Axiom Investment Management LLC’s investment portfolio, making the stock its 25th biggest holding.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vestor Capital LLC increased its position in Waste Connections by 368.0% during the first quarter. Vestor Capital LLC now owns 351 shares of the business services provider’s stock worth $57,000 after buying an additional 276 shares during the period. Western Wealth Management LLC acquired a new position in shares of Waste Connections in the 1st quarter valued at $41,000. Janus Henderson Group PLC increased its holdings in shares of Waste Connections by 4.2% in the 1st quarter. Janus Henderson Group PLC now owns 210,541 shares of the business services provider’s stock valued at $34,191,000 after acquiring an additional 8,437 shares during the period. Centaurus Financial Inc. raised its holdings in shares of Waste Connections by 3.0% in the first quarter. Centaurus Financial Inc. now owns 31,958 shares of the business services provider’s stock valued at $5,190,000 after buying an additional 918 shares during the last quarter. Finally, Bull Harbor Capital LLC purchased a new stake in Waste Connections during the 1st quarter valued at approximately $362,000. Institutional investors and hedge funds own 86.09% of the company’s stock.
Waste Connections Price Performance Waste Connections stock opened at $167.54 on Friday. Waste Connections, Inc. has a 12-month low of $146.89 and a 12-month high of $191.00. The stock has a market capitalization of $42.28 billion, a P/E ratio of 40.37, a P/E/G ratio of 2.85 and a beta of 0.49. The firm’s 50-day moving average is $162.57 and its two-hundred day moving average is $163.25. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.66 and a quick ratio of 0.66.
Waste Connections (NYSE:WCN – Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.15. The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.51 billion. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The company’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.29 earnings per share. Equities analysts predict that Waste Connections, Inc. will post 5.63 earnings per share for the current year.
Waste Connections Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be issued a $0.35 dividend. The ex-dividend date is Thursday, August 6th. This represents a $1.40 annualized dividend and a yield of 0.8%. Waste Connections’s payout ratio is 33.73%.
Analyst Upgrades and Downgrades Several analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of Waste Connections from $210.00 to $195.00 and set an “overweight” rating for the company in a research note on Monday, July 13th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and set a $199.00 price target on shares of Waste Connections in a research note on Friday, July 24th. TD Cowen reiterated a “buy” rating and issued a $210.00 price target (up from $200.00) on shares of Waste Connections in a research report on Friday, July 24th. BMO Capital Markets reissued an “outperform” rating and set a $208.00 price objective (up from $206.00) on shares of Waste Connections in a research note on Friday, April 24th. Finally, Citigroup lifted their price objective on Waste Connections from $180.00 to $182.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Waste Connections presently has an average rating of “Moderate Buy” and a consensus price target of $202.42.
View Our Latest Stock Analysis on WCN
Insiders Place Their Bets In other Waste Connections news, SVP Robert Michael Cloninger sold 2,811 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $171.02, for a total transaction of $480,737.22. Following the transaction, the senior vice president owned 11,666 shares of the company’s stock, valued at $1,995,119.32. This represents a 19.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Patrick James Shea sold 7,500 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $156.26, for a total value of $1,171,950.00. Following the sale, the vice president owned 19,737 shares in the company, valued at $3,084,103.62. This trade represents a 27.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 11,811 shares of company stock valued at $1,887,572. Insiders own 0.27% of the company’s stock.
About Waste Connections (Free Report)
Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.
The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.
Featured Stories Five stocks we like better than Waste Connections Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector Amazon’s Earnings Beat Shows Why AWS Is Back at the Center of the Bull Case Apple’s Record Quarter Could Not Outrun Its Guidance Problem McKesson’s Compounding Keeps Adding Up Want to see what other hedge funds are holding WCN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Waste Connections, Inc. (NYSE:WCN – Free Report).
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Argent Capital Management LLC reduced its stake in Waste Connections, Inc. (NYSE:WCN – Free Report) by 7.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 311,473 shares of the business services provider’s stock after selling 26,822 shares during the period. Waste Connections makes up 1.6% of Argent Capital Management LLC’s portfolio, making the stock its 21st biggest position. Argent Capital Management LLC owned approximately 0.12% of Waste Connections worth $50,596,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Integrated Wealth Concepts LLC purchased a new position in shares of Waste Connections in the first quarter worth $577,000. Invesco Ltd. boosted its position in shares of Waste Connections by 12.8% during the second quarter. Invesco Ltd. now owns 219,290 shares of the business services provider’s stock valued at $40,946,000 after buying an additional 24,948 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Waste Connections by 2.9% during the second quarter. First Trust Advisors LP now owns 24,463 shares of the business services provider’s stock valued at $4,572,000 after buying an additional 688 shares during the last quarter. Jump Financial LLC bought a new stake in Waste Connections in the 2nd quarter worth about $2,714,000. Finally, State Street Corp increased its holdings in Waste Connections by 1.0% in the 2nd quarter. State Street Corp now owns 1,808,631 shares of the business services provider’s stock worth $337,708,000 after buying an additional 17,197 shares in the last quarter. 86.09% of the stock is currently owned by institutional investors.
Waste Connections Stock Up 0.8% Shares of NYSE:WCN opened at $167.54 on Friday. The business’s 50 day moving average is $162.57 and its 200 day moving average is $163.25. The stock has a market cap of $42.28 billion, a P/E ratio of 40.37, a price-to-earnings-growth ratio of 2.85 and a beta of 0.49. Waste Connections, Inc. has a 52-week low of $146.89 and a 52-week high of $191.00. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 1.17.
Waste Connections (NYSE:WCN – Get Free Report) last posted its earnings results on Wednesday, July 22nd. The business services provider reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.15. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter last year, the firm posted $1.29 EPS. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. Sell-side analysts predict that Waste Connections, Inc. will post 5.63 EPS for the current year.
Waste Connections Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, August 6th. Waste Connections’s dividend payout ratio (DPR) is 33.73%.
Insider Buying and Selling In related news, CEO Ronald J. Mittelstaedt purchased 50,000 shares of Waste Connections stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average cost of $152.24 per share, with a total value of $7,612,000.00. Following the transaction, the chief executive officer owned 301,017 shares in the company, valued at approximately $45,826,828.08. The trade was a 19.92% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jason Craft sold 1,500 shares of Waste Connections stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $156.59, for a total value of $234,885.00. Following the completion of the transaction, the chief operating officer owned 32,861 shares in the company, valued at $5,145,703.99. This trade represents a 4.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 11,811 shares of company stock valued at $1,887,572. 0.27% of the stock is owned by insiders.
Wall Street Analyst Weigh In Several research analysts have recently weighed in on the stock. Canadian Imperial Bank of Commerce reissued an “outperform” rating and set a $199.00 price objective on shares of Waste Connections in a report on Friday, July 24th. JPMorgan Chase & Co. cut their target price on shares of Waste Connections from $210.00 to $195.00 and set an “overweight” rating for the company in a research report on Monday, July 13th. The Goldman Sachs Group reiterated a “buy” rating and set a $211.00 target price on shares of Waste Connections in a research note on Thursday, April 23rd. Royal Bank Of Canada reissued an “outperform” rating and set a $218.00 price target (up from $210.00) on shares of Waste Connections in a report on Friday, April 24th. Finally, Barclays raised their price target on Waste Connections from $180.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $202.42.
Get Our Latest Research Report on Waste Connections
Waste Connections Company Profile (Free Report)
Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.
The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.
Featured Stories Five stocks we like better than Waste Connections Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector Amazon’s Earnings Beat Shows Why AWS Is Back at the Center of the Bull Case Apple’s Record Quarter Could Not Outrun Its Guidance Problem McKesson’s Compounding Keeps Adding Up Want to see what other hedge funds are holding WCN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Waste Connections, Inc. (NYSE:WCN – Free Report).
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SummaryWaste Connections, Inc. earns a Buy rating for its proven ability to compound shareholder value through disciplined capital allocation and operational excellence.WCN's differentiated operating model focuses on secondary and exclusive markets, driving superior margins, customer retention, and consistent free cash flow growth.Adjusted EBITDA margins have steadily improved from 31.5% to 33.0% (2023–2025), with free cash flow outpacing moderate revenue growth, underpinning long-term returns.Shares trade at a premium (forward P/E 30.6x), justified by robust business economics; future returns will rely on continued earnings and cash flow growth, not multiple expansion. MAGNIFIER/iStock via Getty Images
Investment Thesis Waste Connections, Inc. (WCN) has a significant track record of delivering multifold shareholder returns, along with uninterrupted and increasing dividend payouts for the last ten years, although the company's revenue growth has
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Dimensional Fund Advisors LP grew its position in Waste Connections, Inc. (NYSE:WCN – Free Report) by 19.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 745,441 shares of the business services provider’s stock after buying an additional 122,829 shares during the quarter. Dimensional Fund Advisors LP owned 0.29% of Waste Connections worth $121,086,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of WCN. City Holding Co. purchased a new position in shares of Waste Connections in the fourth quarter valued at approximately $26,000. Measured Wealth Private Client Group LLC purchased a new stake in Waste Connections during the 3rd quarter worth approximately $26,000. Transamerica Financial Advisors LLC increased its stake in Waste Connections by 346.2% during the 4th quarter. Transamerica Financial Advisors LLC now owns 174 shares of the business services provider’s stock worth $31,000 after buying an additional 135 shares during the period. Whipplewood Advisors LLC lifted its holdings in Waste Connections by 1,166.7% during the 1st quarter. Whipplewood Advisors LLC now owns 190 shares of the business services provider’s stock worth $31,000 after buying an additional 175 shares in the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in Waste Connections during the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 86.09% of the company’s stock.
Insider Activity at Waste Connections In related news, VP Patrick James Shea sold 7,500 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $156.26, for a total value of $1,171,950.00. Following the completion of the sale, the vice president directly owned 19,737 shares of the company’s stock, valued at $3,084,103.62. The trade was a 27.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jason Craft sold 1,500 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $156.59, for a total transaction of $234,885.00. Following the completion of the transaction, the chief operating officer owned 32,861 shares of the company’s stock, valued at $5,145,703.99. This represents a 4.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 15,000 shares of company stock valued at $2,395,755. Corporate insiders own 0.27% of the company’s stock.
Waste Connections Stock Up 0.0% Shares of NYSE WCN opened at $169.63 on Tuesday. The company has a market capitalization of $42.80 billion, a price-to-earnings ratio of 40.87, a price-to-earnings-growth ratio of 2.91 and a beta of 0.49. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.66 and a quick ratio of 0.66. The business has a 50-day moving average of $161.57 and a two-hundred day moving average of $163.18. Waste Connections, Inc. has a 1 year low of $146.89 and a 1 year high of $191.91.
Waste Connections (NYSE:WCN – Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.15. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.The business had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.51 billion. During the same period in the prior year, the firm posted $1.29 EPS. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, analysts forecast that Waste Connections, Inc. will post 5.6 earnings per share for the current fiscal year.
Waste Connections Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Thursday, August 6th. Waste Connections’s payout ratio is currently 33.73%.
Analysts Set New Price Targets Several analysts have recently issued reports on WCN shares. The Goldman Sachs Group reiterated a “buy” rating and issued a $211.00 price objective on shares of Waste Connections in a research note on Thursday, April 23rd. Royal Bank Of Canada reissued an “outperform” rating and set a $218.00 target price (up from $210.00) on shares of Waste Connections in a research note on Friday, April 24th. Canadian Imperial Bank of Commerce restated an “outperform” rating and set a $199.00 price target on shares of Waste Connections in a report on Friday. JPMorgan Chase & Co. reduced their price target on Waste Connections from $210.00 to $195.00 and set an “overweight” rating on the stock in a research report on Monday, July 13th. Finally, Citigroup lifted their price objective on Waste Connections from $180.00 to $182.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $202.05.
Read Our Latest Stock Report on Waste Connections
Key Stories Impacting Waste Connections Here are the key news stories impacting Waste Connections this week:
Positive Sentiment: Waste Connections priced C$700 million of senior unsecured notes, including C$300 million of 4.200% notes due 2033. The long-term financing could support acquisitions, refinancing, or other corporate needs, while the relatively attractive cost of the 2033 tranche may help limit interest-expense pressure. Waste Connections Announces Pricing of C$700 Million of Senior Notes Positive Sentiment: Analysts highlighted Waste Connections’ strong second-quarter performance: adjusted earnings exceeded expectations, revenue increased year over year, margins expanded, cash flow remained robust, and the company raised its 2026 revenue outlook. These factors reinforce the company’s growth narrative. Is WCN Stock Worth Its Premium Valuation After Strong Q2 Results? Positive Sentiment: Waste Connections is using artificial intelligence to improve pricing and operations. AI-based pricing initiatives are generating approximately $20 million in annualized EBITDA gains, while routing tools could provide additional margin and efficiency benefits. How Waste Connections Is Using AI to Expand Margins and Future Growth Positive Sentiment: J.P. Morgan maintained a Buy rating, signaling continued confidence in WCN’s operating outlook and long-term growth prospects. J.P. Morgan Remains a Buy on Waste Connections Neutral Sentiment: The company’s earnings beat and outlook increase were partly offset by its premium valuation. With WCN trading at a high earnings multiple, investors may require continued strong execution before assigning the stock further upside. Waste Connections Stock Barely Moves Since Q2 Earnings Beat Negative Sentiment: Total collection volume declined 1.9% in the second quarter, raising concerns about fixed-cost absorption and potential operating deleverage. Strong pricing and construction-and-demolition volumes helped, but weaker overall volume remains a risk. Waste Connections: Better Margins, But Volume Trend Is Still Weak Negative Sentiment: The C$700 million notes offering adds debt and future interest obligations. This is manageable relative to the company’s scale but could constrain financial flexibility, particularly given its existing leverage and premium valuation. About Waste Connections (Free Report)
Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.
The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.
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TORONTO--(BUSINESS WIRE)--Following the previous announcement of the launch of a senior notes offering, Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) announced today that it has priced an underwritten public offering in the U.S. and by way of private placement in each of the provinces of Canada (the “Offering”) of (i) C$300 million aggregate principal amount of its 4.200% Senior Notes due 2033 (the “2033 Notes”) at a price to the public of 99.838% of their face.
TORONTO--(BUSINESS WIRE)--Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) announced today that it plans to proceed, subject to market and other conditions, to offer two series of Canadian dollar-denominated senior notes due 2033 and 2036, respectively (the “Notes”), in an underwritten public offering in the U.S. and by way of private placement in each of the provinces of Canada (the “Offering”). The Notes will be senior unsecured obligations of the Company. Waste.
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Stock to Watch: Waste Connections (WCN - Free Report) Waste Connections is an integrated solid waste services company that provides non-hazardous waste collection, transfer, disposal, and recycling services across the U.S. and Canada. The company offers non-hazardous oilfield waste treatment, recovery, and disposal services in several of the active natural resource-producing areas in the United States, including the Permian, Bakken, and Eagle Ford Basins, through its R360 Environmental Solutions subsidiary.
WCN is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Additionally, the company could be a top pick for growth investors. WCN has a Growth Style Score of B, forecasting year-over-year earnings growth of 8.7% for the current fiscal year.
For fiscal 2026, seven analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.10 to $5.60 per share. WCN boasts an average earnings surprise of +4.9%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, WCN should be on investors' short list.
Key Takeaways Waste Connections beat Q2 estimates as earnings rose 16.3% y/y and revenues climbed 6.4%.Strong pricing offset a 1.9% drop in solid waste volumes and lifted adjusted EBITDA 6.8%.WCN raised its 2026 revenue outlook to $10.02-$10.05B and sees adjusted EBITDA growth to $3.34 billion. Waste Connections, Inc. (WCN - Free Report) reported impressive second-quarter 2026 results, wherein earnings and revenues outpaced the Zacks Consensus Estimates.
The stock price has not witnessed any significant impact of the earnings beat since the company released results on July 22.
WCN reported second-quarter 2026 adjusted earnings of $1.50 per share, beating the Zacks Consensus Estimate of $1.35 by 11.1%. Earnings increased 16.3% from $1.29 in the year-ago quarter.
Revenues of $2.56 billion surpassed the consensus estimate of $2.53 billion by 1.1% and rose 6.4% year over year. Strong pricing and operational execution supported the results, although solid waste unit volumes declined 1.9%.
Waste Connections shares have moved up 3.9% in the past three months, beating the industry's 2.7% increase and the Zacks S&P 500 composite’s 3.2% rally.
WCN's Solid Waste TrendsSolid waste internal growth was 3.6% in the quarter. Core price increased 5.6%, while yield, which reflects the average price per unit of service after customer and business-mix changes, improved 4.6%. Fuel and material surcharges contributed 1.1%.
Unit volumes fell 1.9%, reflecting sluggish construction activity and customer churn related partly to fuel surcharges. Roll-off pulls declined 2%, while rates per pull rose 5%. Landfill tons were nearly flat, as a 1% increase in construction and demolition volumes offset weaker special waste activity.
Waste Connections' Segmental RevenuesSolid Waste Collection revenues increased 5.8% year over year to $1.78 billion. Solid Waste Disposal and Transfer revenues advanced 5.1% to $464.3 million. These businesses benefited from pricing, while softer volumes limited organic growth.
Solid Waste Recycling revenues declined 8.1% to $61.4 million due to lower commodity values. E&P Waste Treatment, Recovery and Disposal revenues surged 18.3% to $201 million. Intermodal and Other revenues rose 18.3% to $51.3 million.
WCN's Margin & Cost PictureAdjusted EBITDA increased 6.8% year over year to $840.1 million. The adjusted EBITDA margin expanded 10 basis points to 32.8%. Underlying margin expansion was 70 basis points, driven partly by improved employee retention, safety performance and lower risk-management costs.
Fuel costs reduced the margin by approximately 40 basis points, while lower commodity values created a 20-basis-point drag. Management expects full-year core pricing of at least 5.5% and anticipates recovering elevated fuel expenses over time through surcharges.
Operating expenses increased 6.2% to $1.48 billion. Selling, general and administrative expenses rose 7.2% to $260.5 million. Reported operating income declined 4.8% to $437.6 million, reflecting $58.5 million in impairments and other operating items.
Waste Connections' Cash Flow & Balance SheetNet cash provided by operating activities totaled $733.3 million in the quarter compared with $638.2 million a year earlier. The adjusted free cash flow increased 24.7% to $457.5 million, representing 17.9% of revenues.
For the first six months of 2026, capital expenditure was $598.9 million. WCN also spent $614.5 million in share repurchases and $177.1 million in dividends. The company ended June with $98.2 million in cash and equivalents, and $9.28 billion in long-term debt.
Waste Connections' Growth InvestmentsThe company completed acquisitions representing approximately $100 million in annualized revenues during the first half. Another $30 million of exclusive-market franchise transactions was expected to close shortly, while management continued to anticipate an above-average acquisition year.
WCN’s artificial intelligence pricing tool has generated roughly $20 million in annualized EBITDA benefits. Management is also testing AI-based routing technology and developing customer-service tools. Across seven programs, Waste Connections expects its $100-million AI investment to ultimately produce $100 million in EBITDA improvement as implementation progresses through 2028 and 2029.
WCN’s 2026 OutlookWaste Connections raised its 2026 revenue outlook to $10.02-$10.05 billion. The Zacks Consensus Estimate is pinned at $10 billion. Adjusted EBITDA is projected between $3.33 billion and $3.34 billion, implying a margin of 33.2% to 33.3%.
The company maintained its adjusted free cash flow forecast of $1.4 billion to $1.45 billion, and capital expenditure projection of $1.25 billion. The outlook excludes acquisitions that may close during the remainder of the year.
WCN carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings SnapshotEquifax Inc. (EFX - Free Report) reported second-quarter 2026 adjusted earnings of $2.25 per share, up 12.5% year over year. The figure beat the Zacks Consensus Estimate of $2.21 by 1.8%.
Revenues increased 10.6% year over year to $1.7 billion and surpassed the consensus mark by a slight margin.
FactSet Research Systems Inc. (FDS - Free Report) posted third-quarter fiscal 2026 adjusted earnings of $4.53 per share, beating the Zacks Consensus Estimate of $4.44 by 2%. The figure increased 6.1% from the year-ago quarter.
Revenues of $622.9 million surpassed the consensus mark of $617.2 million by 0.9% and rose 6.4% year over year.
Key Takeaways Waste Connections beat Q2 earnings estimates by 11.1% as revenues rose 6.4% year over year.WCN raised 2026 revenue guidance to $10.02B-$10.05B and targets a 33.2%-33.3% EBITDA margin.WCN trades at 15.86X EV/EBITDA, above peers, while its $180 price target offers modest upside. Waste Connections, Inc. (WCN - Free Report) delivered a better-than-expected second quarter and raised its full-year outlook, giving investors fresh evidence of steady operating execution.
The question is valuation. WCN’s business is still producing growth, cash flow and margin resilience, but the stock already trades above its waste-services peer group on a key enterprise-value basis.
WCN Delivers a Strong Second-Quarter BeatWaste Connections reported adjusted earnings of $1.50 per share for the second quarter of 2026, topping the Zacks Consensus Estimate of $1.35 by 11.1%. Adjusted earnings increased 16.3% from $1.29 in the year-ago quarter.
Revenues of $2.56 billion surpassed the consensus mark of $2.53 billion by 1.1% and rose 6.4% year over year. Strong pricing and operating execution helped offset softer volumes, including a 1.9% decline in solid waste unit volumes.
Waste Connections Raises Its 2026 OutlookWaste Connections raised its 2026 revenue outlook to a range of $10.02 billion to $10.05 billion. Adjusted earnings before interest, taxes, depreciation and amortization are now projected between $3.33 billion and $3.34 billion.
That outlook implies an adjusted EBITDA margin of 33.2% to 33.3%. For a company whose model relies on route density, pricing discipline and local market positioning, the margin target supports the case for durable profitability rather than just revenue expansion.
WCN Generates Cash but Carries Heavy DebtAdjusted free cash flow increased 24.7% year over year to $457.5 million in the second quarter, representing 17.9% of revenues. Waste Connections also maintained its full-year adjusted free cash flow forecast of $1.4 billion to $1.45 billion.
The balance sheet is less clean. WCN ended June with $98.2 million in cash and equivalents, compared with $9.28 billion in long-term debt. That debt load does not erase the cash-generation story, but it limits the margin of safety for investors paying a premium multiple.
Waste Connections Trades at a Clear PremiumWCN trades at a trailing 12-month enterprise value to EBITDA multiple of 15.86X. That compares with 12.66X for the Zacks sub-industry and 10.11X for the broader Zacks sector.
The premium is not extreme relative to WCN’s own history. The current multiple remains below its five-year median of 18.35X and closer to its five-year low of 14.52X than its five-year high of 20.75X.
Peers such as WM (WM - Free Report) and Republic Services, Inc. (RSG - Free Report) shape the same valuation debate across waste services. WM, formerly known as Waste Management, is North America’s leading provider of comprehensive environmental solutions. Republic Services is another environmental-services leader offering recycling, waste and related solutions across North America.
WCN Offers Limited Upside to the Price TargetWCN’s price target of $180 sits above the reported share price of $169.61. The gap is positive but modest, especially for a stock that already prices in above-industry valuation expectations.
That setup puts more weight on continued execution. Investors may need additional earnings estimate increases, firmer volume trends or stronger acquisition contributions to justify paying more for the shares from current levels.
WCN Scores Point to Selective Optimism
The bottom line is that WCN looks fundamentally sound but not obviously inexpensive. The company beat second-quarter expectations, lifted its outlook and generated solid free cash flow, yet leverage and valuation keep the risk-reward balance from becoming one-sided.
The Zacks Consensus Estimate for current-year earnings has moved 1.8% higher over the past four weeks, which supports a more constructive near-term earnings view without making the stock a clear bargain.
WCN also has a Momentum Score of A, Growth Score of B and VGM Score of B. Those readings point to favorable momentum and growth characteristics. However, the Value Score of C reinforces the valuation concern, making the stock better suited for selective optimism than aggressive accumulation.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways Waste Connections' AI pricing tool has delivered about $20 million in annualized EBITDA benefits.WCN plans to invest $100 million across seven AI programs targeting $100 million in EBITDA improvement.Routing and customer-service tools need wider rollout, with implementation extending through 2028 and 2029. Waste Connections, Inc. (WCN - Free Report) is putting artificial intelligence to work in pricing, routing and customer service.
The investment case rests on whether these tools can move from pilots and early savings to recurring margin support, especially when labor availability, fuel costs and weaker commodity values can pressure waste-services profitability.
WCN Turns AI Pricing Into Measurable BenefitsWCN’s artificial intelligence pricing tool has already generated roughly $20 million in annualized EBITDA benefits. That is the clearest proof point in the company’s technology program because it has moved beyond planning and into measurable earnings contribution.
The pricing tool can help the company make better customer-level decisions. In a business where route density, contract structure and service mix affect profitability, data-driven pricing can strengthen yield and reduce revenue leakage.
Waste Connections Tests Smarter Route PlanningWaste Connections is also testing AI-based routing technology. The opportunity is straightforward. More efficient routes can reduce unnecessary miles, better match labor hours to service needs and improve collection productivity.
The program remains in development, so investors should avoid assigning full value to routing savings too early. WM (WM - Free Report) , formerly known as Waste Management, is North America’s leading provider of comprehensive environmental solutions, making operating efficiency a central issue across the industry.
WCN Builds a Broader AI Investment PlatformThe AI effort is larger than one pricing application. Across seven programs, WCN expects a planned $100 million AI investment to ultimately produce $100 million in EBITDA improvement.
Image Source: Zacks Investment Research
The timing matters. Implementation is expected to progress through 2028 and 2029, which means the earnings impact should be judged over several years rather than a single quarter.
Waste Connections Links Tech to Workforce GainsWCN’s technology push fits a broader operating culture built around safety, retention and local execution. The company has said it invests in technology to support leaders’ safety efforts and uses onboard event recording to identify risky behavior and reinforce best practices.
That operating discipline has produced tangible workforce-related gains. In 2025, Waste Connections reported a 13% reduction in incident rates and a 17% decline in voluntary turnover compared with the prior year. AI is best viewed as a productivity layer on top of that system, not a stand-alone growth engine.
WCN Must Prove Returns Across the BusinessThe risk is that planned savings arrive unevenly. Pricing benefits are already visible, but routing and customer-service tools still need broader deployment before they can be treated as dependable margin drivers.
The macro backdrop also matters. Management cited rapidly spiking fuel and related costs, along with ongoing drags from comparatively lower commodity values, even as adjusted EBITDA margin expanded to 32.8% in the second quarter. Republic Services, Inc. (RSG - Free Report) is another large environmental-services peer, so investors can compare how leading operators translate technology spending into margin durability.
Waste Connections Signals Favor the TrendThe bottom line is that WCN’s AI strategy has credible early evidence, but the full return case depends on execution through 2028 and 2029. Investors should track realized EBITDA gains, not just planned savings.
WCN also has a Momentum Score of A, Growth Score of B and VGM Score of B, which point to favorable momentum and growth characteristics. Still, the Value Score of C suggests valuation is less supportive, and some expected efficiency benefit may already be reflected in the stock.
WCN carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Bank of Nova Scotia increased its position in Waste Connections, Inc. (NYSE:WCN – Free Report) by 19.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 320,808 shares of the business services provider’s stock after purchasing an additional 51,810 shares during the quarter. Bank of Nova Scotia owned approximately 0.13% of Waste Connections worth $52,112,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. City Holding Co. acquired a new position in Waste Connections during the fourth quarter worth approximately $26,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Waste Connections in the third quarter valued at approximately $26,000. Whipplewood Advisors LLC lifted its position in shares of Waste Connections by 1,166.7% in the first quarter. Whipplewood Advisors LLC now owns 190 shares of the business services provider’s stock valued at $31,000 after buying an additional 175 shares during the last quarter. Transamerica Financial Advisors LLC boosted its stake in shares of Waste Connections by 346.2% during the 4th quarter. Transamerica Financial Advisors LLC now owns 174 shares of the business services provider’s stock worth $31,000 after acquiring an additional 135 shares during the period. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Waste Connections during the 4th quarter worth approximately $36,000. 86.09% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Waste Connections In other news, VP Patrick James Shea sold 7,500 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $156.26, for a total value of $1,171,950.00. Following the completion of the sale, the vice president owned 19,737 shares in the company, valued at $3,084,103.62. This represents a 27.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Jason Craft sold 1,500 shares of Waste Connections stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $156.59, for a total transaction of $234,885.00. Following the transaction, the chief operating officer directly owned 32,861 shares in the company, valued at approximately $5,145,703.99. This represents a 4.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 17,605 shares of company stock valued at $2,822,923 over the last three months. 0.27% of the stock is currently owned by company insiders.
Waste Connections Stock Up 0.9% Shares of NYSE:WCN opened at $169.52 on Friday. The company has a fifty day moving average of $161.36 and a 200-day moving average of $163.28. The company has a market capitalization of $42.78 billion, a PE ratio of 40.85, a price-to-earnings-growth ratio of 2.94 and a beta of 0.49. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.69 and a current ratio of 0.66. Waste Connections, Inc. has a 52-week low of $146.89 and a 52-week high of $191.91.
Waste Connections (NYSE:WCN – Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.15. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The firm had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.51 billion. During the same period in the prior year, the company posted $1.29 EPS. The company’s revenue was up 6.4% on a year-over-year basis. On average, equities analysts predict that Waste Connections, Inc. will post 5.5 EPS for the current fiscal year.
Waste Connections Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, August 6th. Waste Connections’s dividend payout ratio is presently 33.73%.
Analyst Upgrades and Downgrades Several equities research analysts have issued reports on WCN shares. JPMorgan Chase & Co. cut their price target on Waste Connections from $210.00 to $195.00 and set an “overweight” rating for the company in a report on Monday, July 13th. Citigroup increased their price objective on shares of Waste Connections from $180.00 to $182.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Barclays set a $180.00 target price on shares of Waste Connections and gave the stock an “equal weight” rating in a research note on Tuesday, April 28th. Weiss Ratings downgraded shares of Waste Connections from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $218.00 price target (up from $210.00) on shares of Waste Connections in a research note on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Waste Connections presently has a consensus rating of “Moderate Buy” and an average price target of $202.05.
Get Our Latest Stock Report on WCN
About Waste Connections (Free Report)
Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.
The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.
See Also Five stocks we like better than Waste Connections AMD and Cerbras Create A New Blueprint For Hardware Intel Earnings Reveal Whether the Chip Selloff Created a Buy CrowdStrike’s Cerebras Deal Puts Its AI Security Strategy to the Test Plugging In: How Kinder Morgan Powers Up Profits Want to see what other hedge funds are holding WCN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Waste Connections, Inc. (NYSE:WCN – Free Report).
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Bank of New York Mellon Corp decreased its holdings in Waste Connections, Inc. (NYSE:WCN – Free Report) by 5.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 304,129 shares of the business services provider’s stock after selling 16,528 shares during the quarter. Bank of New York Mellon Corp owned about 0.12% of Waste Connections worth $49,403,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Waste Connections in the fourth quarter valued at approximately $697,519,000. Capital International Investors increased its holdings in Waste Connections by 28.2% in the 4th quarter. Capital International Investors now owns 6,468,259 shares of the business services provider’s stock valued at $1,134,781,000 after purchasing an additional 1,420,921 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Waste Connections by 37.1% in the fourth quarter. JPMorgan Chase & Co. now owns 4,763,742 shares of the business services provider’s stock valued at $835,370,000 after buying an additional 1,289,042 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Waste Connections by 39.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,455,162 shares of the business services provider’s stock valued at $783,218,000 after buying an additional 1,264,150 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in Waste Connections by 58.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,900,321 shares of the business services provider’s stock worth $508,600,000 after acquiring an additional 1,065,653 shares in the last quarter. Institutional investors and hedge funds own 86.09% of the company’s stock.
Waste Connections Stock Performance WCN opened at $169.52 on Friday. Waste Connections, Inc. has a 1-year low of $146.89 and a 1-year high of $191.91. The stock has a market cap of $42.78 billion, a P/E ratio of 40.85, a P/E/G ratio of 2.94 and a beta of 0.49. The stock’s 50 day simple moving average is $161.36 and its 200 day simple moving average is $163.28. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.66 and a quick ratio of 0.69.
Waste Connections (NYSE:WCN – Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The business services provider reported $1.50 EPS for the quarter, topping the consensus estimate of $1.35 by $0.15. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The business had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same period in the previous year, the firm earned $1.29 EPS. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, equities analysts anticipate that Waste Connections, Inc. will post 5.5 EPS for the current fiscal year.
Waste Connections Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. Waste Connections’s dividend payout ratio (DPR) is presently 33.73%.
Wall Street Analyst Weigh In WCN has been the topic of several research reports. Citigroup increased their price target on shares of Waste Connections from $180.00 to $182.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. cut their target price on shares of Waste Connections from $210.00 to $195.00 and set an “overweight” rating on the stock in a research note on Monday, July 13th. BMO Capital Markets reiterated an “outperform” rating and set a $208.00 target price (up from $206.00) on shares of Waste Connections in a report on Friday, April 24th. Canadian Imperial Bank of Commerce reissued an “outperform” rating and issued a $199.00 price target on shares of Waste Connections in a research report on Friday. Finally, TD Cowen reaffirmed a “buy” rating and set a $210.00 price objective (up from $200.00) on shares of Waste Connections in a research report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $202.05.
View Our Latest Report on WCN
Insider Buying and Selling at Waste Connections In other Waste Connections news, VP Patrick James Shea sold 7,500 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $156.26, for a total value of $1,171,950.00. Following the transaction, the vice president directly owned 19,737 shares in the company, valued at approximately $3,084,103.62. This represents a 27.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Eric Hansen sold 6,000 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $164.82, for a total transaction of $988,920.00. Following the sale, the senior vice president directly owned 13,350 shares in the company, valued at $2,200,347. This represents a 31.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 17,605 shares of company stock valued at $2,822,923. 0.27% of the stock is owned by company insiders.
About Waste Connections (Free Report)
Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.
The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.
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Waste Connections, Inc. (WCN) delivered strong Q2 results, expanding margins despite a 50% spike in diesel costs and ongoing volume declines. WCN's pricing power remains evident, with price increases of ~6% outpacing the industry average and offsetting lower collected tons. Free cash flow is temporarily depressed by Chiquita Canyon remediation and RNG CapEx, but is expected to recover to ~$1.6B by 2027.
Waste Management: Is it a good use of your time?Waste Connections NYSE: WCN raised its full-year 2026 outlook after second-quarter revenue and adjusted EBITDA grew more than 6%, with management citing stronger-than-expected pricing, margin execution, acquisition activity and improving commodity trends.
President and CEO Ron Mittelstaedt said the company was “extremely pleased” with its first-half performance, which he said positioned Waste Connections for an increased outlook despite macroeconomic pressures tied to geopolitical uncertainty, elevated fuel costs and softer construction-related activity in some markets.
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The 10 Top-Rated Stocks by Wall Street Analysts in August 2021Second-quarter revenue rose 6.4% year over year to $2.562 billion, exceeding management’s expectations, according to EVP and CFO Mary Anne Whitney. Adjusted EBITDA was $840.1 million, up 6.8% from the prior-year period. Adjusted EBITDA margin was 32.8%, up 10 basis points year over year, as underlying margin expansion offset headwinds from fuel and lower commodity values.
Pricing Offsets Softer Volumes Solid waste organic growth was driven by total price of 6.7% in the quarter, including core pricing of 5.6% and fuel and material surcharges of 1.1%. Whitney said the company remains on track for full-year core price “at or above 5.5%,” with most 2026 pricing already completed or otherwise known.
Volumes, however, remained pressured. Waste Connections reported solid waste volumes down 1.9%, reflecting ongoing macroeconomic uncertainty and a slowdown in construction-related activity. Mittelstaedt said recent elevated fuel costs appeared to have affected the timing and magnitude of some projects, with certain activity paused during the quarter. He also said customer sensitivity to higher pricing, including fuel-related surcharges, likely contributed to churn in some markets.
Still, management pointed to early signs of improvement. Mittelstaedt said special waste activity in July had been encouraging and may indicate that the second-quarter slowdown was temporary. Construction and demolition tons were up year over year in the second quarter for the first time in 10 quarters, with some projects continuing into the third quarter.
Updated 2026 Outlook Reflects First-Half Strength Waste Connections increased its full-year 2026 outlook based on first-half results, recent values for recycled commodities, RINs and fuel, and acquisitions completed to date. The company now expects:
Revenue of $10.02 billion to $10.05 billion, up $100 million to $120 million from its February outlook. Adjusted EBITDA of $3.33 billion to $3.34 billion, up from the prior range of $3.30 billion to $3.325 billion. Full-year adjusted EBITDA margin of 33.2% to 33.3%. Adjusted free cash flow of $1.4 billion to $1.45 billion, unchanged from the prior outlook. Whitney said second-half adjusted EBITDA margin is expected to average about 33.7%, and could exceed 34% in the third quarter depending on fuel and commodity trends. She cautioned that fourth-quarter comparisons will be tougher because of a more typical seasonal margin step-down than the company experienced in 2025.
The free cash flow outlook includes expected 2026 impacts related to closure at Chiquita Canyon Landfill in the range of $100 million to $150 million, along with capital expenditures of $1.25 billion. Mittelstaedt said the company remains in line with its expectations for managing the elevated temperature landfill event at Chiquita Canyon, describing the reaction as “stable, controlled, and decelerating.”
Commodities, RNG Projects and M&A Provide Potential Upside Management said recycled commodity revenue improved sequentially for the second consecutive quarter, with the overall basket up 10% to 15% from year-end. Landfill gas sales rose 15% sequentially from the first quarter, helped by higher gas generation and higher renewable energy credit values.
Waste Connections also reported progress on renewable natural gas projects. Mittelstaedt said the company has started up and ramped production at several projects, including one owned facility brought online in July. RNG capital outlays are expected to be “essentially complete” by year-end, with all plants expected to be operational by early next year.
On acquisitions, Waste Connections has completed deals representing approximately $100 million in annualized revenue year to date. Mittelstaedt said another $30 million of exclusive market franchise transactions are expected to close soon during the third quarter, and he described the company as on pace for “another above-average M&A year.”
The company has also been active in share repurchases. Mittelstaedt said Waste Connections has deployed about $692 million year to date to buy back more than 1.5% of shares outstanding under its normal course issuer bid. Leverage remained nearly unchanged at 2.76 times debt to EBITDA, which management said preserves flexibility for acquisitions, further buybacks and a potential dividend increase during the company’s annual review in October.
AI Initiatives Expected to Support Future Margin Gains During the question-and-answer portion of the call, management discussed several artificial intelligence initiatives. Mittelstaedt said an AI-linked commercial pricing tool, fully deployed by the fourth quarter of 2025, has generated about $20 million of run-rate EBITDA improvement through 2026.
The company is also piloting a dynamic, real-time AI-driven routing algorithm, which is not expected to be fully deployed until the end of 2027 and is not expected to meaningfully affect profit and loss until 2028. Mittelstaedt said Waste Connections expects roughly $40 million to $50 million of route-related savings from that initiative through 2028 and 2029.
Additional AI work focused on customer service and a mobile application is expected to begin deployment in 2027. Overall, Mittelstaedt said the company is investing about $100 million across seven AI-related programs and expects about $100 million, or roughly 100 basis points, of EBITDA improvement as those efforts mature into 2028 and 2029.
Management said Waste Connections is set up for double-digit adjusted free cash flow per share growth in 2026 and is already looking ahead to similar growth in 2027, supported by declining RNG capital spending, expected contributions from RNG operations and lower cash closure outflows at Chiquita Canyon.
About Waste Connections (NYSE:WCN)Waste Connections NYSE: WCN is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.
The company's operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Bessemer Group Inc. reduced its holdings in shares of Waste Connections, Inc. (NYSE:WCN – Free Report) by 42.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,439 shares of the business services provider’s stock after selling 6,923 shares during the quarter. Bessemer Group Inc.’s holdings in Waste Connections were worth $1,534,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in WCN. Ritholtz Wealth Management increased its holdings in Waste Connections by 2.1% in the 4th quarter. Ritholtz Wealth Management now owns 3,042 shares of the business services provider’s stock valued at $533,000 after purchasing an additional 64 shares in the last quarter. Kestra Private Wealth Services LLC lifted its stake in shares of Waste Connections by 2.6% during the third quarter. Kestra Private Wealth Services LLC now owns 2,556 shares of the business services provider’s stock worth $449,000 after purchasing an additional 64 shares in the last quarter. WPG Advisers LLC lifted its stake in shares of Waste Connections by 7.7% during the fourth quarter. WPG Advisers LLC now owns 919 shares of the business services provider’s stock worth $161,000 after purchasing an additional 66 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position in shares of Waste Connections by 12.4% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 607 shares of the business services provider’s stock worth $106,000 after buying an additional 67 shares during the period. Finally, Venturi Wealth Management LLC raised its holdings in shares of Waste Connections by 2.4% during the 4th quarter. Venturi Wealth Management LLC now owns 2,991 shares of the business services provider’s stock valued at $525,000 after buying an additional 71 shares during the period. Institutional investors and hedge funds own 86.09% of the company’s stock.
Waste Connections Stock Down 0.3% Shares of NYSE:WCN opened at $167.91 on Thursday. The firm has a market cap of $42.37 billion, a PE ratio of 40.95, a price-to-earnings-growth ratio of 2.95 and a beta of 0.49. The company has a fifty day simple moving average of $160.84 and a 200 day simple moving average of $163.28. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.13. Waste Connections, Inc. has a 12-month low of $146.89 and a 12-month high of $191.91.
Waste Connections (NYSE:WCN – Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The business services provider reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.15. The firm had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.51 billion. Waste Connections had a net margin of 10.97% and a return on equity of 16.49%. The firm’s revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.29 EPS. On average, equities research analysts anticipate that Waste Connections, Inc. will post 5.49 EPS for the current fiscal year.
Insider Activity In other news, COO Jason Craft sold 1,500 shares of Waste Connections stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $156.59, for a total value of $234,885.00. Following the completion of the transaction, the chief operating officer owned 32,861 shares in the company, valued at approximately $5,145,703.99. This trade represents a 4.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ronald J. Mittelstaedt purchased 50,000 shares of the stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average price of $152.24 per share, with a total value of $7,612,000.00. Following the completion of the acquisition, the chief executive officer directly owned 301,017 shares in the company, valued at approximately $45,826,828.08. The trade was a 19.92% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold a total of 17,605 shares of company stock valued at $2,822,923 over the last three months. Company insiders own 0.27% of the company’s stock.
Trending Headlines about Waste Connections Here are the key news stories impacting Waste Connections this week:
Positive Sentiment: Waste Connections beat Q2 expectations, reporting EPS of $1.50 versus the $1.35 consensus and revenue of $2.56 billion versus $2.51 billion expected, which points to steady demand and better-than-expected execution. Waste Connections Reports Second Quarter 2026 Results and Raises Full Year Outlook Positive Sentiment: The company raised its full-year outlook after the quarter, suggesting management sees continued momentum in revenue growth and margin expansion for the rest of 2026. Waste Connections Reports Second Quarter 2026 Results and Raises Full Year Outlook Positive Sentiment: The board declared a regular quarterly cash dividend of $0.35 per share, reinforcing the company’s shareholder-return profile and financial stability. Waste Connections Announces Regular Quarterly Cash Dividend Positive Sentiment: Q2 revenue grew 6.4% year over year and cash from operations rose 14.9%, both signs of healthy underlying business performance. Waste Connections (WCN) Releases Q2 2026 Earnings: Revenue Up 6.4%, EPS Grows 4.5% Neutral Sentiment: Some individual earnings coverage also highlighted margin expansion and an upgraded outlook, but the stock’s longer-term reaction may depend on whether investors focus more on guidance strength than on mixed profit-line details. Waste Connections tops Q2 estimates, raises outlook as margins expand Wall Street Analyst Weigh In WCN has been the topic of a number of analyst reports. BMO Capital Markets reiterated an “outperform” rating and set a $208.00 price objective (up from $206.00) on shares of Waste Connections in a research note on Friday, April 24th. Citigroup upped their target price on shares of Waste Connections from $180.00 to $182.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Barclays set a $180.00 price target on shares of Waste Connections and gave the company an “equal weight” rating in a report on Tuesday, April 28th. JPMorgan Chase & Co. dropped their price target on shares of Waste Connections from $210.00 to $195.00 and set an “overweight” rating on the stock in a research note on Monday, July 13th. Finally, Weiss Ratings lowered shares of Waste Connections from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Waste Connections has an average rating of “Moderate Buy” and an average price target of $202.00.
Read Our Latest Research Report on WCN
Waste Connections Profile (Free Report)
Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.
The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.
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Waste Connections (WCN - Free Report) came out with quarterly earnings of $1.5 per share, beating the Zacks Consensus Estimate of $1.35 per share. This compares to earnings of $1.29 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +11.11%. A quarter ago, it was expected that this solid waste services provider would post earnings of $1.19 per share when it actually produced earnings of $1.23, delivering a surprise of +3.36%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Waste Connections, which belongs to the Zacks Waste Removal Services industry, posted revenues of $2.56 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.06%. This compares to year-ago revenues of $2.41 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Waste Connections shares have lost about 4% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Waste Connections?While Waste Connections has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Waste Connections was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.51 on $2.59 billion in revenues for the coming quarter and $5.49 on $10 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Waste Removal Services is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Select Water Solutions, Inc. (WTTR - Free Report) , is yet to report results for the quarter ended June 2026.
This company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +10%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Select Water Solutions, Inc.'s revenues are expected to be $365.9 million, up 0.5% from the year-ago quarter.
TORONTO--(BUSINESS WIRE)--Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the second quarter of 2026 and raised its outlook for the full year. “We are extremely pleased to deliver results above expectations, led primarily by strong operational execution driving a top-to-bottom beat in the second quarter. Most notably, adjusted EBITDA* margin expanded to 32.8% on 70 basis points of underlying margin expansion overcoming cost pressure.
TORONTO--(BUSINESS WIRE)--Waste Connections, Inc. (TSX/NYSE: WCN) ("Waste Connections" or the "Company") today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.35 U.S. per common share of the Company. The regular quarterly cash dividend will be paid on August 20, 2026 to shareholders of record at the close of business on August 6, 2026. The Board intends to review the quarterly dividend each October, with a long-term objective of increasing the amount o.
Broderick Brian C purchased a new stake in Waste Connections, Inc. (NYSE:WCN – Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 5,983 shares of the business services provider’s stock, valued at approximately $972,000.
Several other hedge funds also recently modified their holdings of WCN. SEB Asset Management AB acquired a new position in Waste Connections in the 1st quarter worth about $8,701,000. Swiss National Bank boosted its stake in shares of Waste Connections by 6.5% during the first quarter. Swiss National Bank now owns 751,345 shares of the business services provider’s stock valued at $122,048,000 after purchasing an additional 45,700 shares in the last quarter. Angeles Wealth Management LLC acquired a new stake in shares of Waste Connections during the first quarter valued at about $306,000. Aware Super Pty Ltd as trustee of Aware Super bought a new stake in shares of Waste Connections during the first quarter worth about $2,485,000. Finally, Beaumont Financial Advisors LLC grew its holdings in shares of Waste Connections by 2.7% during the first quarter. Beaumont Financial Advisors LLC now owns 32,940 shares of the business services provider’s stock worth $5,351,000 after purchasing an additional 870 shares during the last quarter. Institutional investors and hedge funds own 86.09% of the company’s stock.
Insider Buying and Selling at Waste Connections In related news, COO Jason Craft sold 1,500 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $156.59, for a total value of $234,885.00. Following the transaction, the chief operating officer owned 32,861 shares in the company, valued at $5,145,703.99. The trade was a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ronald J. Mittelstaedt purchased 50,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were purchased at an average cost of $152.24 per share, for a total transaction of $7,612,000.00. Following the transaction, the chief executive officer directly owned 301,017 shares of the company’s stock, valued at approximately $45,826,828.08. The trade was a 19.92% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 17,605 shares of company stock valued at $2,822,923 over the last three months. 0.27% of the stock is currently owned by corporate insiders.
Waste Connections Price Performance Waste Connections stock opened at $172.01 on Monday. The stock’s 50 day moving average is $159.79 and its 200 day moving average is $163.44. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a market cap of $43.40 billion, a P/E ratio of 41.95, a P/E/G ratio of 3.02 and a beta of 0.49. Waste Connections, Inc. has a one year low of $146.89 and a one year high of $191.91.
Waste Connections (NYSE:WCN – Get Free Report) last released its earnings results on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.04. Waste Connections had a net margin of 10.97% and a return on equity of 16.49%. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the prior year, the firm posted $1.13 EPS. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, research analysts expect that Waste Connections, Inc. will post 5.49 EPS for the current year.
Waste Connections Announces Dividend The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Wednesday, May 6th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Wednesday, May 6th. Waste Connections’s dividend payout ratio (DPR) is currently 34.15%.
Wall Street Analysts Forecast Growth Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. dropped their price objective on shares of Waste Connections from $210.00 to $195.00 and set an “overweight” rating for the company in a report on Monday, July 13th. Royal Bank Of Canada reissued an “outperform” rating and set a $218.00 target price (up from $210.00) on shares of Waste Connections in a report on Friday, April 24th. BMO Capital Markets restated an “outperform” rating and issued a $208.00 price target (up from $206.00) on shares of Waste Connections in a research report on Friday, April 24th. Citigroup raised their price target on shares of Waste Connections from $180.00 to $182.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Finally, Weiss Ratings lowered shares of Waste Connections from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Three analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $202.00.
Check Out Our Latest Research Report on WCN
About Waste Connections (Free Report)
Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.
The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.
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Wall Street expects a year-over-year increase in earnings on higher revenues when Waste Connections (WCN - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 22. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis solid waste services provider is expected to post quarterly earnings of $1.35 per share in its upcoming report, which represents a year-over-year change of +4.7%.
Revenues are expected to be $2.54 billion, up 5.5% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.21% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Waste Connections?For Waste Connections, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.88%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Waste Connections will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Waste Connections would post earnings of $1.19 per share when it actually produced earnings of $1.23, delivering a surprise of +3.36%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Waste Connections doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Key Takeaways WCN shares gained 11.8% in the past month, outpacing the industry's 9.7% rally.WCN expects revenues to rise 5.7% in 2026 and 6.1% in 2027, with earnings also growing.WCN's landfill tons rose 4%, aided by municipal solid waste and special waste volume gains. Shares of Waste Connections (WCN - Free Report) have gained 11.8% in the past month, outpacing the industry’s 9.7% rally.
WCN’s revenues in 2026 and 2027 are expected to increase 5.7% and 6.1% year over year, respectively. Earnings are anticipated to rise 6.8% in 2026 and 12.4% in 2027.
Factors That Augur Well for WCN’s SuccessMarket Expansion Support Top-Line Growth: Waste Connections is well-positioned to capitalize on the global waste management market's expansion. According to Grand View Research, the market is expected to see a 6% CAGR through 2033, reaching $2.4 trillion. The company accounts for an estimated 35% of total industry revenues, making it a major player with a significant market share.
Landfill Volume Drivers: Despite disruptions faced during winter, WCN witnessed a 4% increase in landfill tons, hinting at robust demand for volume moving into facilities. This growth can be attributed to a 5% rise in Municipal Solid Waste and an 8% hike in special waste tons. The first quarter of 2026 marks the sixth consecutive quarter of high special waste activity. This momentum hints at a construction demand that can benefit the company’s broader volumes in the future.
AI-Backed Tech Optimizes Operations: WCN’s AI-fueled pricing tool supported a nearly 20% year-over-year enhancement in customer retention and pricing efficiency while ensuring strong core pricing. This tool allows the company to incorporate price hikes efficiently, retaining customers for the long term and lowering returns. Management anticipates the complete deployment of AI initiatives to boost margins by 100 basis points heading into 2028.
Shareholder-Friendly Actions: Waste Connections consistently rewards its shareholders despite fluctuations in its cash position, underscoring its dedication to creating long-term value for investors. In 2023, 2024 and 2025, Waste Connections paid out $271 million, $302 million and $334 million in dividends, respectively. Consistent dividends demonstrate the company’s commitment to returning value to shareholders and support share prices.
Risks Faced by Waste ConnectionsHigh Competition: The regulated waste collection and disposal business is characterized by very low barriers to entry, allowing competitors to raise prices rapidly to gain market share. This capital-intensive industry includes larger and better-capitalized companies, which affects its ability to invest in substantial labor and capital resources.
Weak Liquidity: At the end of the first quarter of 2026, WCN’s current ratio was pegged at 0.69, lower than the industry average of 1.08. The 1.4% dip in the current ratio from the year-ago quarter due to a rise in accounts payable and a current ratio of less than 1 indicates that the company may have problems paying off its short-term obligations.
Image Source: Zacks Investment Research
Seasonality Hurts Revenues, Operating Risks High: WCN’s top-line is highly seasonal, with first-quarter revenues being the lowest. While revenues climb in the second and third quarters, fourth-quarter revenues are lower than the prior two quarters. The anticipated fluctuation between the highest and lowest quarters due to seasonality is around 10%. This is mainly due to the lower volume of solid waste generated during winter and early spring, owing to comparatively lesser construction and demolition activities, as well as reduced E&P activity.
WCN’s Zacks Rank & Stocks to ConsiderThe company has a Zacks Rank #3 (Hold) at present.
Some better-ranked stocks from the broader Zacks Business Services sector are Ralliant Corporation (RAL - Free Report) and Pentair (PNR - Free Report) , currently flaunting a Zacks Rank #1 (Strong Buy) and Zacks Rank #2 (Buy), respectively. You can see the complete list of today’s Zacks #1 Rank stocks here.
Ralliant has a long-term earnings growth expectation of 8.4%. RAL delivered a trailing four-quarter earnings surprise of 8%, on average.
Pentair has a long-term earnings growth expectation of 11%. PNR delivered a trailing four-quarter earnings surprise of 3.7%, on average.
