Waste Connections Q3 10-Q: $359M Net Income, Dividend Raised to $0.385, $132M Closure Charge
WCN sits 15% above its 52-week low of $146.89.
Summary
Waste Connections' Q3 10-Q confirms the earnings beat reported yesterday and adds a 10% dividend hike to $0.385, a $132M non-cash landfill closure charge, and a new $825M Chiquita Canyon damages claim.
Key Events · Earnings and Guidance · WCN
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Q3 Earnings Confirmed in Full 10-Q
Revenue of $2.638B versus $2.458B a year ago; net income $359.2M, or $1.43 per diluted share, up from $286.3M and $1.11.
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Dividend Raised 10% to $0.385
Board increased the quarterly dividend by $0.035 from $0.350 to $0.385, payable November 19, 2026 to holders of record November 5, 2026.
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$132M Non-Cash Closure Liability Charge
Nine-month impairments and other operating items rose to $139.9M from $70.6M, including $132.0M to adjust closure and post-closure liabilities — an accounting adjustment, not a cash outflow.
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Buybacks Continue at Pace
Repurchased 5,731,941 shares for $944.4M in the first nine months at an average $164.77, plus 640,033 shares for $102.9M after quarter-end; 11,564,983 shares remain authorized under the NCIB.
Analysis · WCN · Energy & Transportation
The 10-Q fills in the numbers behind yesterday's Q3 beat: revenue of $2.638B and net income of $359.2M ($1.43 diluted) versus $286.3M a year ago. Beyond the headline, two items stand out. First, nine-month impairments and other operating items jumped to $139.9M from $70.6M, driven by a $132.0M non-cash adjustment to landfill closure and post-closure liabilities. That is an accounting true-up, not cash out the door, but it explains why GAAP operating margin fell to 17.7% for the nine months despite record revenue. Second, the board raised the quarterly dividend 10% to $0.385 (payable Nov 19) while the company kept buying back stock aggressively: 5.73M shares for $944.4M in the first nine months, plus another 640,033 for $102.9M after quarter-end. The Chiquita Canyon overhang also grew. A new suit filed June 5, 2026 seeks more than $825M for the landfill's closure, and roughly 14,000 plaintiffs are now in the consolidated odor litigation, with the company still unable to estimate a loss range.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 29.4% of the 1560 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.47%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, WCN was trading at $169.56 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $42.4B. The 52-week trading range was $146.89 to $179.74. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.