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Did Waste Connections beat or miss consensus estimates last quarter?

What does Waste Connections do and what are its main business segments?

What guidance did Waste Connections's management provide for the next earnings period?

What is Waste Connections's gross profit margin?

What were the key takeaways from Waste Connections's earnings call?

- **Revenue Growth**: Q3 revenue of $2.458 billion (+5.1% YoY) driven by 6.3% core pricing and $77 million from acquisitions. Full-year 2025 core pricing expected at 6.5%.
- **Margin Expansion**: Adjusted EBITDA margin of 33.8% (up 100 basis points YoY), with 80 basis points from employee retention and operational efficiency. Normalized margins (excluding commodities) at 34.7%.
- **M&A Activity**: $300 million in annualized revenue from acquisitions YTD, including large Florida deals. Q4 acquisition of NYC transfer station expected to close.
- **Technology Investment**: AI tools for pricing retention and route optimization, with 30% reduction in churn on price increases. Full deployment across 75% of operations by 2027.
- **ESG Progress**: 19% emissions reduction, 25% safety incident rate improvement, and 55% voluntary turnover reduction since 2022.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $2.458 billion exceeded expectations, driven by 6.3% core pricing and $77 million from acquisitions. Full-year 2025 core pricing expected at 6.5%.
- **Margin Expansion**: Adjusted EBITDA margin of 33.8% (up 100 basis points YoY), with 80 basis points from employee retention and operational efficiency. Normalized margins (excluding commodities) at 34.7%.
- **M&A Activity**: $300 million in annualized revenue from acquisitions YTD, including large Florida deals. Q4 acquisition of NYC transfer station expected to close.
- **Technology Investment**: AI tools for pricing retention and route optimization, with 30% reduction in churn on price increases. Full deployment across 75% of operations by 2027.
- **ESG Progress**: 19% emissions reduction, 25% safety incident rate improvement, and 55% voluntary turnover reduction since 2022.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q3 GAAP net income of $420 million, Non-GAAP EPS of $1.08. Adjusted free cash flow of $1.084 billion YTD, targeting $1.3 billion for 2025.
- **Cost Control**: Operating expenses down 5% YoY. Risk management costs remain headwind (20-30 basis points), but improving safety trends expected to reduce this in 2026.
- **Commodities Impact**: Recycled commodities and RINs down 27% YoY, contributing 70 basis points margin drag. RNG investments expected to contribute in 2027.
- **Leverage**: Debt-to-EBITDA ratio comfortably within 2.75x target range.

**【Q&A Key Highlights】**
- **2026 Outlook**: Mid-single-digit revenue growth (price-led organic + M&A). Margin expansion offset by 30-40 basis points from M&A and commodities. RNG investments to start contributing in 2027.
- **Labor Market**: 130 basis points of margin expansion unlocked through reduced turnover, with 65-70 basis points remaining to achieve 100 basis point target.
- **Chiquita Landfill**: Remediation costs running ahead of expectations, but total outlay unchanged. 220,000 gallons/day leachate treated, down from 400,000 in 2023.
- **RINs and RNG**: RNG investments expected to require $1.50-$2.00/RIN to break even. Current RIN prices ($2.25) limit near-term returns.
- **Volume Trends**: MSW volumes stable, C&D activity moderating. Special waste up 10% Q3, but event-driven and lumpy.
- **Share Repurchases**: $2.4 million shares bought YTD under 5% NCIB. Opportunistic approach to capital allocation.

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