Waste Connections Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue rose 7.3% YoY and adjusted EBITDA margin reached 34%, prompting higher 2026 guidance. The 2027 framework points to mid- to high-single-digit revenue growth and double-digit adjusted FCF/share growth, with fuel, commodities and acquisition timing key variables.
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Q2 revenue rose 6.4% and adjusted EBITDA rose 6.8%, with adjusted margin reaching 32.8%. FY26 revenue and adjusted EBITDA guidance increased; fuel costs and soft volumes remain offsets, while commodity trends and acquisitions may provide upside.
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Industry consolidation and AI-driven initiatives are driving margin expansion and operational efficiency. Personalized AI pricing and dynamic routing are reducing churn and costs, while M&A remains focused on suburban and rural markets. Workforce retention has improved through targeted recruitment and training.
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Q1 2026 delivered strong revenue and EBITDA growth, with margin expansion and robust pricing despite fuel and weather headwinds. AI initiatives, disciplined M&A, and improved special waste activity support a positive full-year outlook, with risks mitigated by hedges and surcharges.
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 saw double-digit revenue and EBITDA growth, driven by strong pricing, acquisitions, and higher commodity values. The full-year outlook was raised, with continued margin expansion, robust M&A activity, and technology investments supporting future growth.