What is the revenue and EPS growth rate for Waste Connections year over year?

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

What factors drove the changes in Waste Connections's revenue and profit?

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

What is Waste Connections's latest dividend and current dividend yield?

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

Did Waste Connections beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Waste Connections next quarter?

- **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.

Waste Connections, Inc. (WCN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

WCN

WCN fundamentals

You can ask Aime