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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 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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Posted by Defense World Staff on Jul 23rd, 2026

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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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.

Posted by Defense World Staff on Jul 20th, 2026

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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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.

TORONTO--(BUSINESS WIRE)--Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the first quarter of 2026.

“We’re extremely pleased by the strong start to 2026 and remain well-positioned for the full year, with upside potential from commodity-related impacts, solid waste organic growth and additional acquisitions. On revenue and adjusted EBITDA above our expectations, we delivered adjusted EBITDA(a) margin of 32.5% in spite of outsized weather events and in advance of recovering higher fuel costs,” said Ronald J. Mittelstaedt, President and Chief Executive Officer.

“In spite of geopolitical instability, our results reflect consistency of execution as we continue to benefit from operating momentum from improved employee engagement, with safety performance at record levels and voluntary turnover now below 10%,” continued Mr. Mittelstaedt. “Moreover, we should be well-positioned for incremental benefits from higher fuel and other commodities, as well as strong pricing retention and increased special waste activity, and also longer term as a result of our expanding use of A.I. through technology-related investments.”

Mr. Mittelstaedt concluded, “Finally, we continue to anticipate another outsized year of acquisition activity, given a robust pipeline, along with increasing return of capital to shareholders, including year-to-date share repurchases of over $360 million or approximately 1% of shares outstanding.”

Q1 2026 Results

Revenue in the first quarter totaled $2.371 billion, up from $2.228 billion in the prior year period. Operating income was $364.1 million, which included $80.4 million primarily in impairments related to adjustments to landfill closure and post closure costs. This compares to operating income of $390.2 million in the prior year period, which included $20.2 million primarily in transaction-related expenses, impairments and other operating items and fair value accounting changes associated with certain equity awards. Net income in the first quarter was $219.3 million, or $0.86 per share on a diluted basis of 255.9 million shares. In the prior year period, the Company reported net income of $241.5 million, or $0.93 per share on a diluted basis of 258.9 million shares.

Adjusted net income(a) in the first quarter was $314.9 million, or $1.23 per diluted share, up from $293.1 million, or $1.13 per diluted share, in the prior year period. Adjusted EBITDA(a) in the first quarter was $769.5 million, up from $712.2 million in the prior year period. Adjusted net income, adjusted net income per diluted share and adjusted EBITDA, all non-GAAP measures, primarily exclude impairments and transaction-related items, as reflected in the detailed reconciliations in the attached tables.

Q1 2026 Earnings Conference Call

Waste Connections will be hosting a conference call related to first quarter earnings on April 23rd 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 & Presentations" from the website menu. Alternatively, conference call participants can preregister by clicking here. Registered participants will receive dial-in instructions and a personalized code for entry to the conference call. Shortly after the conclusion of the conference call, a webcast replay will be available on the Waste Connections investor website or by clicking here.

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 non-hazardous 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 Environmental, Social and Governance (“ESG”) 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 Information

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 are often identified by the words "may," "might," "believes," "thinks," "expects," "estimate," "continue," "intends" or other words of similar meaning. 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 expected 2026 financial results, outlook and related assumptions, and potential acquisition activity. 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.

– financial tables attached –

WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

THREE MONTHS ENDED MARCH 31, 2025 AND 2026

(Unaudited)

(in thousands of U.S. dollars, except share and per share amounts)

Three months ended
March 31,

2025

2026

Revenues

$

2,228,176

$

2,370,631

Operating expenses:

Cost of operations

1,291,443

1,361,099

Selling, general and administrative

250,134

251,119

Depreciation

242,307

267,485

Amortization of intangibles

47,642

47,264

Impairments and other operating items

6,440

79,584

Operating income

390,210

364,080

Interest expense

(80,875

)

(87,719

)

Interest income

1,770

3,113

Other income, net

1,872

4,085

Income before income tax provision

312,977

283,559

Income tax provision

(71,467

)

(64,215

)

Net income

$

241,510

$

219,344

Earnings per common share:

Basic

$

0.94

$

0.86

Diluted

$

0.93

$

0.86

Shares used in the per share calculations:

Basic

258,193,975

255,347,786

Diluted

258,904,806

255,873,686

Cash dividends per common share

$

0.315

$

0.350

WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands of U.S. dollars, except share and per share amounts)

December 31,
2025

March 31,
2026

ASSETS

Current assets:

Cash and equivalents

$

45,968

$

112,447

Accounts receivable, net of allowance for credit losses of $21,402 and $27,828 at December 31, 2025 and March 31, 2026, respectively

1,024,992

1,033,086

Prepaid expenses and other current assets

240,603

230,786

Total current assets

1,311,563

1,376,319

Restricted cash

183,612

210,199

Restricted investments

80,757

80,397

Property and equipment, net

8,733,327

8,714,069

Operating lease right-of-use assets

312,508

324,034

Goodwill

8,392,249

8,414,577

Intangible assets, net

2,006,200

1,959,957

Other assets, net

109,147

106,803

Total assets

$

21,129,363

$

21,186,355

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

765,227

$

712,423

Book overdraft

14,674

8,560

Deferred revenue

416,025

424,835

Accrued liabilities

810,367

745,013

Current portion of operating lease liabilities

44,272

46,335

Current portion of contingent consideration

65,029

61,945

Current portion of long-term debt and notes payable

8,667

8,355

Total current liabilities

2,124,261

2,007,466

Long-term portion of debt and notes payable

8,811,104

9,093,831

Long-term portion of operating lease liabilities

267,000

278,167

Long-term portion of contingent consideration

19,667

19,216

Deferred income taxes

1,085,613

1,113,470

Other long-term liabilities

576,337

616,586

Total liabilities

12,883,982

13,128,736

Commitments and contingencies

Shareholders’ equity:

Common shares: Unlimited shares authorized; 255,661,011 shares issued and 255,614,663 shares outstanding at December 31, 2025; 254,260,257 shares issued and 254,213,909 shares outstanding at March 31, 2026

2,783,431

2,502,503

Additional paid-in capital

373,239

366,546

Accumulated other comprehensive loss

(111,044

)

(141,783

)

Treasury shares: 46,348 and 46,348 shares at December 31, 2025 and March 31, 2026, respectively

-

-

Retained earnings

5,199,755

5,330,353

Total shareholders’ equity

8,245,381

8,057,619

Total liabilities and shareholders’ equity

$

21,129,363

$

21,186,355

WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2025 AND 2026

(Unaudited)

(in thousands of U.S. dollars)

Three months ended March 31,

2025

2026

Cash flows from operating activities:

Net income

$

241,510

$

219,344

Adjustments to reconcile net income to net cash provided by operating activities:

Loss from disposal of assets, impairments and other

7,778

2,519

Adjustments to closure and post-closure liabilities

-

76,845

Depreciation

242,307

267,485

Amortization of intangibles

47,642

47,264

Deferred income taxes, net of acquisitions

36,165

28,537

Current period provision for expected credit losses

2,470

12,105

Amortization of debt issuance costs

2,034

2,163

Share-based compensation

23,438

17,587

Interest accretion

12,737

11,200

Adjustments to contingent consideration

(1,500

)

-

Other

(1,013

)

127

Net change in operating assets and liabilities, net of acquisitions

(72,029

)

(139,578

)

Net cash provided by operating activities

541,539

545,598

Cash flows from investing activities:

Payments for acquisitions, net of cash acquired

(380,417

)

(63,087

)

Capital expenditures for property and equipment

(212,455

)

(296,596

)

Proceeds from disposal of assets

969

1,779

Other

(11,308

)

2,203

Net cash used in investing activities

(603,211

)

(355,701

)

Cash flows from financing activities:

Proceeds from long-term debt

782,904

1,156,176

Principal payments on notes payable and long-term debt

(541,737

)

(843,898

)

Payment of contingent consideration recorded at acquisition date

(20,137

)

(4,108

)

Change in book overdraft

(110

)

(6,114

)

Payments for repurchase of common shares

-

(283,959

)

Payments for cash dividends

(81,477

)

(88,746

)

Tax withholdings related to net share settlements of equity-based compensation

(28,981

)

(24,515

)

Debt issuance costs

-

(4,008

)

Proceeds from issuance of shares under employee share purchase plan

2,593

3,031

Proceeds from sale of common shares held in trust

324

-

Net cash provided by (used in) financing activities

113,379

(96,141

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(434

)

(690

)

Net increase in cash, cash equivalents and restricted cash

51,273

93,066

Cash, cash equivalents and restricted cash at beginning of period

198,173

229,580

Cash, cash equivalents and restricted cash at end of period

$

249,446

$

322,646

ADDITIONAL STATISTICS
(in thousands of U.S. dollars, except where noted)

Solid Waste Internal Growth: The following table reflects a breakdown of the components of our solid waste internal growth for the three months ended March 31, 2026:

  Three months ended

March 31, 2026

Yield(a)

4.7

%

Surcharges

(0.1

%)

Unit Volume(a)

(1.5

%)

Recycling

(0.5

%)

Foreign Exchange Impact

0.5

%

Total

3.1

%

Core Price(b)

6.0

%

Revenue Breakdown: The following table reflects a breakdown of our revenue for the three-month periods ended March 31, 2025 and 2026:

Three months ended March 31, 2025

Revenue

Inter-company
Elimination

Reported
Revenue

%

Solid Waste Collection

$

1,621,077

$

(4,536

)

$

1,616,541

72.5

%

Solid Waste Disposal and Transfer

658,023

(296,282

)

361,741

16.2

%

Solid Waste Recycling

61,341

(2,084

)

59,257

2.7

%

E&P Waste Treatment, Recovery and Disposal

150,899

(6,374

)

144,525

6.5

%

Intermodal and Other

46,549

(437

)

46,112

2.1

%

Total

$

2,537,889

$

(309,713

)

$

2,228,176

100.0

%

Three months ended March 31, 2026

Revenue

Inter-company
Elimination

Reported
Revenue

%

Solid Waste Collection

$

1,709,628

$

(5,182

)

$

1,704,446

71.9

%

Solid Waste Disposal and Transfer

714,624

(328,515

)

386,109

16.3

%

Solid Waste Recycling

53,649

(2,061

)

51,588

2.2

%

E&P Waste Treatment, Recovery and Disposal

187,572

(8,013

)

179,559

7.6

%

Intermodal and Other

49,346

(417

)

48,929

2.0

%

Total

$

2,714,819

$

(344,188

)

$

2,370,631

100.0

%

ADDITIONAL STATISTICS (continued)

(in thousands of U.S. dollars, except where noted)

Contribution from Acquisitions: The following table reflects revenues from acquisitions, net of divestitures, for the three- month periods ended March 31, 2025 and 2026:

  Three months ended
March 31,

2025

2026

Acquisitions, net

$

129,298

$

55,253

Other Cash Flow Items: The following table reflects cash interest and cash taxes for the three-month periods ended March 31, 2025 and 2026:

Three months ended
March 31,

2025

2026

Cash Interest Paid

$

84,154

$

108,244

Cash Taxes Paid

22,176

21,873

  Debt to Book Capitalization at March 31, 2026: 53%

Internalization for the three months ended March 31, 2026: 60%

Days Sales Outstanding for the three months ended March 31, 2026: 39 (23 net of deferred revenue)

Share Information for the three months ended March 31, 2026:

  Basic shares outstanding

255,347,786

Dilutive effect of equity-based awards

525,900

Diluted shares outstanding

255,873,686

NON-GAAP RECONCILIATION SCHEDULE
(in thousands of U.S. dollars, except where noted)

Reconciliation of Adjusted EBITDA:

Adjusted EBITDA, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a performance and valuation measure in the solid waste industry. Management uses adjusted EBITDA as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections’ operations. Waste Connections defines adjusted EBITDA as net income, plus income tax provision, plus interest expense, less interest income, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on impairments and other operating items, plus other expense, less other income. Waste Connections further adjusts this calculation to exclude the effects of other items management believes impact the ability to assess the operating performance of its business. This measure is not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate adjusted EBITDA differently.

  Three months ended
March 31,

2025

2026

Net income

$

241,510

$

219,344

Plus: Income tax provision

71,467

64,215

Plus: Interest expense

80,875

87,719

Less: Interest income

(1,770)

(3,113)

Plus: Depreciation and amortization

289,949

314,749

Plus: Closure and post-closure accretion

11,874

10,291

Plus: Impairments and other operating items

6,440

79,584

Less: Other income, net

(1,872)

(4,085)

Adjustments:

Plus: Transaction-related expenses(a)

11,970

2,360

Plus/(Less): Fair value changes to equity awards(b)

1,770

(1,536)

Adjusted EBITDA

$

712,213

$

769,528

As % of revenues

32.0%

32.5%

NON-GAAP RECONCILIATION SCHEDULE (continued)
(in thousands of U.S. dollars, except where noted)

Reconciliation of Adjusted Free Cash Flow:

Adjusted free cash flow, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a liquidity measure in the solid waste industry. Waste Connections calculates adjusted free cash flow as net cash provided by operating activities, plus or minus change in book overdraft, plus proceeds from disposal of assets, less capital expenditures for property and equipment. Waste Connections further adjusts this calculation to exclude the effects of items management believes impact the ability to evaluate the liquidity of its business operations. This measure is not a substitute for, and should be used in conjunction with, GAAP liquidity or financial measures. Other companies may calculate adjusted free cash flow differently.

  Three months ended
March 31,

2025

2026

Net cash provided by operating activities

$

541,539

$

545,598

Less: Change in book overdraft

(110

)

(6,114

)

Plus: Proceeds from disposal of assets

969

1,779

Less: Capital expenditures for property and equipment

(212,455

)

(296,596

)

Adjustments:

Transaction-related expenses(a)

2,392

1,614

Pre-existing Progressive Waste share-based grants(b)

16

-

Executive separation costs(c)

449

-

Tax effect(d)

(725

)

(404

)

Adjusted free cash flow

$

332,075

$

245,877

As % of revenues

14.9

%

10.4

%

NON-GAAP RECONCILIATION SCHEDULE (continued)

(in thousands of U.S. dollars, except per share amounts)

Reconciliation of Adjusted Net Income and Adjusted Net Income per Diluted Share:

Adjusted net income and adjusted net income per diluted share, both non-GAAP financial measures, are provided supplementally because they are widely used by investors as valuation measures in the solid waste industry. Management uses adjusted net income and adjusted net income per diluted share as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections’ operations. Waste Connections provides adjusted net income to exclude the effects of items management believes impact the comparability of operating results between periods. Adjusted net income has limitations due to the fact that it excludes items that have an impact on the Company’s financial condition and results of operations. Adjusted net income and adjusted net income per diluted share are not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate these non-GAAP financial measures differently.

  Three months ended
March 31,

2025

2026

Reported net income

$

241,510

$

219,344

Adjustments:

Amortization of intangibles(a)

47,642

47,264

Impairments and other operating items(b)

6,440

79,584

Transaction-related expenses(c)

11,970

2,360

Fair value changes to equity awards(d)

1,770

(1,536

)

Tax effect(e)

(16,212

)

(32,136

)

Adjusted net income

$

293,120

$

314,880

Diluted earnings per common share:

Reported net income

$

0.93

$

0.86

Adjusted net income

$

1.13

$

1.23

More News From Waste Connections, Inc.

Waste Connections, Inc. (TSE: WCN - Get Free Report) shares crossed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of C$224.90 and traded as low as C$212.17. Waste Connections shares last traded at C$213.71, with a volume of 385,135 shares trading hands. Wall Street Analysts Forecast Growth

Posted by Defense World Staff on Apr 24th, 2026

Cwm LLC grew its position in Waste Connections, Inc. (NYSE:WCN – Free Report) by 894.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 17,773 shares of the business services provider’s stock after buying an additional 15,985 shares during the period. Cwm LLC’s holdings in Waste Connections were worth $3,117,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. CIBC Asset Management Inc boosted its stake in Waste Connections by 55.7% in the third quarter. CIBC Asset Management Inc now owns 1,991,112 shares of the business services provider’s stock valued at $350,603,000 after acquiring an additional 711,990 shares in the last quarter. Cidel Asset Management Inc. increased its position in shares of Waste Connections by 19.5% during the third quarter. Cidel Asset Management Inc. now owns 163,675 shares of the business services provider’s stock worth $28,780,000 after purchasing an additional 26,684 shares in the last quarter. Procyon Advisors LLC purchased a new stake in shares of Waste Connections during the 4th quarter valued at $1,908,000. Fisher Funds Management LTD lifted its holdings in shares of Waste Connections by 51.2% during the 3rd quarter. Fisher Funds Management LTD now owns 88,336 shares of the business services provider’s stock valued at $15,529,000 after purchasing an additional 29,925 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in shares of Waste Connections by 770.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 57,519 shares of the business services provider’s stock worth $10,112,000 after purchasing an additional 50,911 shares in the last quarter. Institutional investors own 86.09% of the company’s stock.

Waste Connections Trading Up 8.0% Shares of NYSE:WCN opened at $169.02 on Friday. Waste Connections, Inc. has a 52-week low of $154.90 and a 52-week high of $199.78. The stock has a market cap of $43.14 billion, a price-to-earnings ratio of 41.22, a PEG ratio of 2.77 and a beta of 0.61. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.07. The business has a 50-day moving average price of $164.04 and a 200-day moving average price of $168.89.

Waste Connections (NYSE:WCN – Get Free Report) last released its earnings results on Wednesday, April 22nd. The business services provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.04. The firm had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.50 billion. Waste Connections had a return on equity of 16.40% and a net margin of 10.97%.The company’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.13 earnings per share. Equities analysts predict that Waste Connections, Inc. will post 5.48 EPS for the current year.

Waste Connections Announces Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.8%. The ex-dividend date is Wednesday, May 6th. Waste Connections’s payout ratio is presently 33.57%.

Waste Connections News Summary Here are the key news stories impacting Waste Connections this week:

Positive Sentiment: Quarterly earnings beat consensus (EPS $1.23 vs $1.19) and adjusted EBITDA/margin came in above expectations, supporting near‑term cash generation. Waste Connections Reports First Quarter 2026 Results Positive Sentiment: Management reaffirmed full‑year free cash flow guidance of $1.4B–$1.45B and said it expects roughly $100M of M&A revenue closings by end of Q2/early Q3 — both points that support buyback/dividend flexibility and future growth. M&A revenue closings and FCF guidance Positive Sentiment: Board declared a regular quarterly cash dividend of $0.35/share (record May 6, pay May 21), which supports total return for income‑oriented holders. Dividend announcement Neutral Sentiment: Company highlighted pricing initiatives and AI pilots (pricing/route optimization) and special‑waste lift results that could help margins over time, but benefits are not yet fully reflected in results. Deep dive on pricing and AI Neutral Sentiment: The Q1 earnings call transcript provides detail on commodity impacts, organic growth and acquisition pipeline—useful for modeling but not an immediate stock catalyst. Earnings call transcript Negative Sentiment: Revenue missed Street expectations ($2.33B vs. ~$2.50B consensus) and reported net profit declined year‑over‑year (Q1 profit $219.3M vs $241.5M), highlighting near‑term demand/mix pressure. Profit down YoY Negative Sentiment: Management cited margin pressure from special‑waste mix and cost dynamics—these headwinds could cap near‑term margin expansion if they persist. Margin commentary Wall Street Analysts Forecast Growth WCN has been the subject of a number of research analyst reports. Scotiabank set a $197.00 price target on Waste Connections and gave the company a “sector outperform” rating in a research note on Friday, February 13th. Stifel Nicolaus set a $213.00 price target on Waste Connections and gave the stock a “buy” rating in a research note on Friday, February 13th. Sanford C. Bernstein restated an “outperform” rating and set a $205.00 price objective (up from $200.00) on shares of Waste Connections in a report on Monday, January 5th. Oppenheimer reaffirmed an “outperform” rating and issued a $205.00 price objective (down from $206.00) on shares of Waste Connections in a research report on Friday, January 23rd. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $210.00 target price (down from $219.00) on shares of Waste Connections in a research note on Tuesday, February 17th. Four investment 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $203.24.

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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 beat Q1'26 earnings estimates as revenues rise, fueled by acquisitions and pricing moves. Yet, a low current ratio flags liquidity strain.

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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 6.8% for the current fiscal year.

Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.00 to $5.50 per share. WCN also boasts an average earnings surprise of +2.9%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, WCN should be on investors' short list.

The popular clickbait framing of "recession-resistant" stocks often points to consumer staples and utilities. That is not wrong, but it skips two of the more durable and boring cash-flow profiles in the public market -- solid waste collection and contracted global infrastructure.

Both businesses get paid on volumes, and price escalators that hold up across cycles, and both pay growing dividends. Neither is a household stock, which is partly why they are still trading at reasonable levels.

Image source: Getty Images.

A garbage business with a software-like financial profile Waste Connections (WCN 0.46%) is the third-largest solid waste company in North America, but its operating philosophy reads more like a focused services compounder than a commodity hauler. The business is built around secondary and exclusive markets -- smaller cities and contracted municipalities where pricing power is durable, and competition is limited.

In February 2026, the company announced its regular quarterly cash dividend of $0.35 per share, with the board's stated long-term objective of increasing the dividend annually. The yield is modest in absolute terms, but the relevant data point is the dividend growth rate over time, which has compounded at a double-digit pace for years.

What makes the business genuinely recession-resistant is the contract structure. Residential collection is essentially non-discretionary; commercial pricing often includes automatic escalators tied to the computer price index (CPI) or fuel indexes; and landfill capacity in many markets is approaching scarcity, which supports pricing. Recycling and energy services round out the mix without changing the underlying durability.

The risks worth flagging are mostly operational and acquisition-driven. Waste Connections grows by buying smaller haulers, and any large deal carries integration risk. Diesel and labor inflation also eat into margins faster than price escalators close the gap, which has been a periodic headwind. This stock is essentially recession-proof and pays a consistent dividend. It's a safe buy even in this shaky economy.

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A globally diversified infrastructure cash-flow machine Brookfield Infrastructure Partners (BIP 0.30%) offers a very different shape of recession resistance. The partnership owns long-duration, mostly contracted or regulated assets across utilities, transport, midstream, and data infrastructure on four continents. Roughly 90% of cash flows are either inflation-indexed or subject to regulatory frameworks, meaning revenue tends to grow regardless of the economy's cycle.

In April 2026, Brookfield Infrastructure reported first-quarter results and declared a quarterly distribution of $0.455 per unit, representing a 6% increase over the prior year. For newer investors, the unit/corporation structure means the company offers both a partnership unit and a corporate share class -- same economics, different tax treatment, useful flexibility depending on the account type.

The more interesting forward driver here is data infrastructure. Brookfield has steadily built out exposure to data centers, fiber networks, and tower portfolios, which positions a defensive cash-flow business as a side-door way to invest in the AI build-out. Hyperscalers signing long-dated capacity contracts look very similar economically to a regulated utility -- fixed payments, long terms, inflation-linked escalators -- and that is exactly what Brookfield's contracts tend to look like to me.

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Why valuation still works Both names trade below their long-term valuation peaks while continuing to grow distributions. Waste Connections sets dividend reviews each October with an explicit growth bias, and Brookfield's 6% distribution hike continues a long string of annual increases. For an income-focused investor building a position that can survive a real economic slowdown, those are the kinds of consistent dividend growth signals that matter more than the headline yield.

Recession-resistant does not have to mean boring or expensive. Waste Connections delivers software-like predictability from a famously old-economy business, and Brookfield Infrastructure Partners offers globally diversified contracted cash flows with a meaningful and growing data-infrastructure tilt. Both have reasonable entry points before the broader market figures out how durable they actually are.

A month has gone by since the last earnings report for Waste Connections (WCN - Free Report) . Shares have lost about 7.8% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Waste Connections due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Waste Connections, Inc. before we dive into how investors and analysts have reacted as of late.

Waste Connections Beats on Q1 EarningsWaste Connections, Inc. reported impressive first-quarter 2026 results, with both earnings and revenues beating the Zacks Consensus Estimate.

WCN’s first-quarter earnings of $1.23 per share beat the Zacks Consensus Estimate by 3.4% and increased 8.9% year over year. Total revenues came in at $2.4 billion, marginally surpassing the consensus estimate and rising 6.4% from the year-ago quarter.

WCN’s Q1 Segmental InformationThe company logged $1.7 billion in revenues from the Solid Waste Collection segment, which gained 5.4% year over year. In the Solid Waste Disposal and Transfer segment, revenues increased 6.7% from the year-ago quarter to $386.1 million. These segments improved, backed by solid core pricing.

The Solid Waste Recycling segment witnessed a 12.9% year-over-year decline in revenues to $51.6 million. For the E&P Waste Treatment, Recovery and Disposal segment, revenues totaled $179.5 million, marking a 24.2% year-over-year increase. The Intermodal and Other segment recorded $49 million in revenues, up 6.1% from the year-ago quarter.

WCN’s Operating ResultsAdjusted EBITDA in the reported quarter was $769.5 million, up 8% from the year-ago quarter. The adjusted EBITDA margin was 32.5%, up 50 basis points from the first quarter of 2025.

The company recorded an operating income of $390.2 million, which rose 7.1% from the year-ago quarter’s recorded figure.

Key Balance Sheet & Cash Flow MetricsWaste Connections exited the first quarter of 2026 with cash and cash equivalents of $112.4 million, up from $46 million in the preceding quarter. The long-term portion of debt and notes payable was $9 billion, compared with $8.8 billion in the fourth quarter of 2025.

In the reported quarter, WCN generated $546 million in cash from operating activities. The adjusted free cash flow was $245.9 million. Capital expenditure totaled $296.6 million. The company paid out $88.7 million in dividends during the quarter.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in fresh estimates.

VGM ScoresCurrently, Waste Connections has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% 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 downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Waste Connections has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

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TORONTO--(BUSINESS WIRE)--Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced that it will report financial results for the second quarter of 2026 after the close of the stock market on July 22, 2026. The Company will be hosting an investor conference call related to this release on July 23rd 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 & Presentations" from the website menu. Alternatively, conference call participants can preregister by clicking here. Registered participants will receive dial-in instructions and a personalized code for entry to the conference call. Shortly after the conclusion of the conference call, a webcast replay will be available on the Waste Connections investor website or by clicking here.

Waste Connections may participate in investor conferences and presentations throughout the year. A schedule of investor events can be found by visiting investors.wasteconnections.com. During the 24-hour period prior to any scheduled presentations, the Company will post any presentation slides on its website under “Events & Presentations.”

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 non-hazardous 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 Environmental, Social and Governance (“ESG”) 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.

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