Waste Connections Reports Strong Q4 & Full Year 2025 Results, Provides Positive 2026 Outlook
WCN is trading near its 52-week low of $162.06 (5.9% above the low).
Summary
Waste Connections, Inc. announced robust fourth quarter and full year 2025 financial results, exceeding expectations with significant revenue and adjusted EBITDA growth, alongside a positive outlook for 2026.
Key Events · Earnings and Guidance · WCN
-
Strong Q4 2025 Performance
Reported Q4 revenue of $2.373 billion and adjusted EBITDA of $795.6 million, up 8.7% year-over-year, with adjusted EBITDA margin expanding by 110 basis points to 33.5%.
-
Record Full Year 2025 Results
Achieved full year revenue of $9.467 billion and adjusted EBITDA of $3.125 billion, with a 33.0% margin. Completed approximately $330 million in annualized revenue from acquisitions and returned a record $839.3 million to shareholders, including over $500 million in share repurchases.
-
Positive 2026 Outlook
Provided 2026 guidance with estimated revenue between $9.90 billion and $9.95 billion, adjusted EBITDA between $3.300 billion and $3.325 billion, and double-digit growth in adjusted free cash flow to a range of $1.40 billion to $1.45 billion.
-
Operational Improvements
Noted a third consecutive year of declining employee turnover and safety incident rates, reaching multi-year lows, contributing to cost savings and increased productivity.
Analysis · WCN · Energy & Transportation
Waste Connections, Inc. delivered a strong financial performance for both the fourth quarter and full year 2025, exceeding expectations with significant growth in revenue, net income, and adjusted EBITDA. The company achieved notable adjusted EBITDA margin expansion, driven by price-led organic growth and operational efficiencies, including multi-year lows in employee turnover and safety incident rates. The positive momentum is expected to continue into 2026, with an optimistic outlook for revenue, net income, adjusted EBITDA, and double-digit adjusted free cash flow growth. The company's strong balance sheet, with leverage at 2.75 times, provides flexibility for further acquisitions and increased capital returns to shareholders.
At the time of this filing, WCN was trading at $171.70 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $44B. The 52-week trading range was $162.06 to $201.66. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.