$WCN · Waste Connections, Inc.
Waste Connections reported Q3 2026 results on October 21, 2026, with revenue of $2.638B, net income of $359.2M ($1.43/share), and adjusted EBITDA of $895.8M at a 34.0% margin — all above expectations. The company raised its full-year 2026 outlook to revenue of approximately $10.09B and adjusted EBITDA of approximately $3.345B, with adjusted free cash flow of $1.40B–$1.45B.
- Q3 revenue of $2.638B exceeded expectations, up from $2.458B in the prior year period.
- Adjusted EBITDA of $895.8M at 34.0% margin, above expectations, with 50 bps of underlying margin expansion.
- Adjusted EPS of $1.58 vs. $1.44 in Q3 2025; GAAP EPS of $1.43 vs. $1.11.
- Full-year 2026 revenue outlook raised to ~$10.09B and adjusted EBITDA to ~$3.345B.
- Year-to-date share repurchases exceeded $1B (2.5% of outstanding shares); quarterly dividend raised 10%.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. The broad beat-and-raise quarter with $1B+ in buybacks and a 10% dividend hike is likely to be received positively.
A broad beat-and-raise quarter with 50 bps of underlying margin expansion, $1B+ in buybacks, and a 10% dividend hike signals exceptional capital allocation and operating momentum at a $42B+ waste haus
Waste Connections' 34.0% adjusted EBITDA margin and 50 bps of underlying expansion reinforce its premium positioning among solid waste peers. Improving landfill volumes and commodity-driven revenue strength signal favorable macro tailwinds for the sector.
Late-quarter surge in diesel pricing pressured margins; $139.9M in impairments and other operating items for the nine-month period, up from $70.6M in the prior year. Outlook assumes no change in current economic environment.
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