Company Reports

Waste Connections posted a good set of results in the second quarter as adjusted EPS came in at $1.50 per share, 16% higher on a year-over-year basis. Strong core pricing, acquisition volume, and fuel surcharges led to continued strength in margins for the quarter.

As a fully integrated waste hauler, Waste Connections leverages its large network of collection routes and transfer stations, which bestows significant control over the waste stream and strong internalization rates, funneling trash from commercial, industrial, and residential end markets into its valuable landfill assets. The firm has benefited from industry consolidation. Outside the large public waste haulers, which account for roughly half of industry revenue, size falls off quickly, and the market becomes fragmented.

Waste Connections' first-quarter results were slightly better than our expectations. The firm reported adjusted earnings per share of USD 1.23, 8.9% higher year over year. Strong core pricing, acquisition volume, commodity-related tailwinds, and margin expansion were highlights of the quarter.

As a fully integrated waste hauler, Waste Connections leverages its large network of collection routes and transfer stations, which bestows significant control over the waste stream and strong internalization rates, funneling trash from commercial, industrial, and residential end markets into its valuable landfill assets. The firm has benefited from industry consolidation. Outside the large public waste haulers, which account for roughly half of industry revenue, size falls off quickly, and the market becomes fragmented.

Waste Connections' fourth-quarter results were largely in line with our expectations as the firm reported adjusted EPS of $1.29 per share, 11.2% higher on a year-over-year basis. Strong core pricing, acquisition volume, and margins more than offset volume- and commodity-related headwinds.

As a fully integrated waste hauler, Waste Connections leverages its large network of collection routes and transfer stations, which bestows significant control over the waste stream and strong internalization rates, funneling trash from commercial, industrial, and residential end markets into its valuable landfill assets. The firm has benefited from industry consolidation. Outside the large public waste haulers, which account for roughly half of industry revenue, size falls off quickly, and the market becomes fragmented.

The competitive positioning of fully integrated waste haulers continues to strengthen as the industry consolidates. These firms leverage a vast network of collection routes, transfer stations, and landfills, which bestows significant control over the waste stream and higher internalization rates.

Waste Connections' third-quarter revenue increased 5.1% from the year-ago quarter, and adjusted EBITDA margin edged up 10 basis points to 33.8%. Strong core price and acquisitions more than offset lower solid waste volume and commodity-related revenue.

As a fully integrated waste hauler, Waste Connections leverages its large network of collection routes that bestows significant control over the waste stream, funneling trash from commercial, industrial, and residential end markets into its valuable landfill assets. Waste Connections' secondary and rural market strategy faces less competition and delivers higher profit margins relative to larger, urban-focused rivals Waste Management and Republic Services.

As a fully integrated waste hauler, Waste Connections leverages its large network of collection routes that bestows significant control over the waste stream, funneling trash from commercial, industrial, and residential end markets into its valuable landfill assets. Waste Connections' secondary and rural market strategy faces less competition and delivers higher profit margins relative to larger, urban-focused competitors Waste Management and Republic Services.

Waste Connections' second-quarter revenue increased 7.1% compared with the year-ago quarter, and adjusted EBITDA margin edged up 10 basis points to 32.7%. Strong core price and acquisitions more than offset lower solid waste volume and commodity-related revenue.

As a fully integrated waste hauler, Waste Connections leverages its large network of collection routes that bestows significant control over the waste stream, funneling trash from commercial, industrial, and residential end markets into its valuable landfill assets. Waste Connections' secondary and rural market strategy faces less competition and delivers higher profit margins relative to larger, urban-focused competitors Waste Management and Republic Services.

As a fully integrated waste hauler, Waste Connections leverages its large network of collection routes that bestows significant control over the waste stream, funneling trash from commercial, industrial, and residential end markets into its valuable landfill assets. Waste Connections' secondary and rural market strategy faces less competition and delivers higher profit margins relative to larger, urban-focused competitors Waste Management and Republic Services.

Waste Connections' first-quarter 2025 revenue increased 7.5% year over year, aided by continued strong pricing gains and acquisitions. Adjusted EBITDA margin expanded 60 basis points to 32.0%. Management's full-year 33.3% adjusted EBITDA margin target appears in reach.

Waste Connections' fourth-quarter revenue increased 11% year over year as robust pricing and acquired revenue more than offset lower volumes. Adjusted EBITDA margin, which excludes a large charge for a landfill closure, was 32.4% up 20 basis points year over year.

As a fully integrated waste hauler, Waste Connections leverages its large network of collection routes that bestows significant control over the waste stream, funneling trash from commercial, industrial, and residential end markets into its valuable landfill assets. Waste Connections' secondary and rural market strategy faces less competition and delivers higher profit margins relative to larger, urban-focused competitors Waste Management and Republic Services.

As a fully integrated waste hauler, Waste Connections leverages its large network of collection routes that bestows significant control over the waste stream, funneling trash from commercial, industrial, and residential end markets into its valuable landfill assets. Waste Connections' secondary and rural market strategy faces less competition and delivers higher profit margins relative to larger, urban-focused competitors Waste Management and Republic Services.

Strong top-line growth and margin expansion continues for Waste Connections, with third-quarter revenue 13% higher than the year-ago quarter. Adjusted EBITDA margin improved 120 basis points to 33.7%.

As a fully integrated waste hauler, Waste Connections leverages its large network of collection routes that bestows significant control over the waste stream, funneling trash from commercial, industrial, and residential end markets into its valuable landfill assets. Waste Connections' secondary and rural market strategy faces less competition and delivers higher profit margins relative to larger, urban-focused competitors Waste Management and Republic Services.

As a fully integrated waste hauler, Waste Connections leverages its large network of collection routes that bestows significant control over the waste stream, funneling trash from commercial, industrial, and residential end markets into its valuable landfill assets. Waste Connections' secondary and rural market strategy faces less competition and delivers higher profit margins relative to larger, urban-focused competitors Waste Management and Republic Services.