Waste Connections Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 delivered strong revenue and EBITDA growth, with margin expansion driven by pricing, AI initiatives, and improved retention. Outlook remains robust despite fuel headwinds, with continued M&A, disciplined capital allocation, and progress on RNG and rail projects.
Fiscal Year 2025
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Delivered record adjusted EBITDA margin of 33% in 2025, driven by price-led growth and operational improvements. 2026 guidance calls for continued margin expansion, double-digit free cash flow growth, and ongoing investment in sustainability and AI, with upside potential from acquisitions and commodity recovery.
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Q3 2025 results surpassed expectations with strong pricing, margin expansion, and robust M&A activity. Guidance for 2025 and 2026 remains positive, with continued focus on operational efficiency, sustainability, and disciplined capital allocation.
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Q2 2025 results exceeded expectations with 7.1% revenue growth and strong margin expansion, despite headwinds from commodities and construction-linked volumes. Full-year guidance is maintained, with robust acquisition activity and continued focus on operational efficiency and capital allocation.
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Q1 2025 saw strong revenue and margin growth driven by price-led organic gains and high M&A activity, with robust employee retention and record safety. Guidance for 2025 is reiterated, with continued focus on operational execution and strategic acquisitions.
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A differentiated market approach and disciplined M&A strategy drive industry-leading margins and cash flow, with cost inflation moderating and minimal tariff risk. Capital spending on landfill mitigation and RNG projects will temporarily lower free cash flow, but long-term conversion is set to rise as these investments mature.
Fiscal Year 2024
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Delivered double-digit revenue and EBITDA growth in 2024, driven by strong pricing, record M&A, and operational improvements. 2025 guidance calls for further margin expansion, robust free cash flow, and continued investment in sustainability and technology.
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Q3 2024 results exceeded expectations with strong revenue, margin expansion, and record M&A activity. Full-year guidance was raised, and 2025 is set for continued growth, supported by improved employee retention, robust acquisition integration, and ongoing operational efficiencies.
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Q2 2024 saw double-digit revenue and EBITDA growth, record M&A activity, and improved employee retention. Full-year guidance was raised, with continued margin expansion expected, while cost pressures and project delays in RNG remain key watchpoints.