$WCN · Waste Connections, Inc.
Waste Connections filed its 10-Q for the quarter ended September 30, 2026. Revenue rose 7.3% YoY to $2.638B, net income reached $359.2M ($1.43 GAAP EPS), and consolidated Segment EBITDA margin improved to 33.5%. The company repurchased $944.4M in common shares over the first nine months, reducing shares outstanding by approximately 5.4 million from year-end 2025.
- Q3 2026 revenue of $2.638B, up 7.3% YoY from $2.458B in Q3 2025.
- Q3 GAAP EPS of $1.43 vs. $1.11 in prior-year quarter, a 28.8% increase.
- Consolidated Segment EBITDA margin expanded to 33.5% from 33.2% in Q3 2025.
- Nine-month share repurchases totaled $944.4M, more than double the $442.2M in the same 2025 period.
- Canada segment delivered 44.5% EBITDA margin, the highest across all six operating segments.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. The $42.4B market-cap waste-services giant posted solid YoY growth and margin expansion, which typically supports the stock.
WCN's combination of 7%+ organic-like revenue growth, expanding margins, and aggressive buybacks at double the prior-year rate signals strong capital allocation conviction from management.
WCN's 33.5% consolidated EBITDA margin and 7.3% revenue growth reinforce its position among top-tier waste operators. The aggressive $944M buyback pace signals management confidence relative to peers WM and RSG, which tend to prioritize dividends.
Foreign currency translation losses of $66.4M over nine months signal CAD/USD headwinds. Impairments and other operating items surged to $139.9M in the first nine months of 2026 vs. $70.6M in 2025, driven by adjustments to closure and post-closure liabilities of $132M.
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