Waste Connections Reports Strong Q4 & Full Year 2025 Results, Provides Positive 2026 Outlook

summarizeSummary

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.

check_boxKey Events

• 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.

auto_awesomeAnalysis

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.