Waste Connections
Collects and processes non-hazardous waste through locally managed North American networks.
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Profile
Provides waste collection, transfer, landfill disposal, recycling, oilfield-waste services, and intermodal transport across the United States and Canada. Locally managed operations pair route density with owned disposal infrastructure, while acquisitions extend the network.
Collects non-hazardous waste from residential, commercial, municipal, industrial, and construction customers, then moves it through transfer stations and owned or operated landfills. Recycling and renewable-fuel recovery complement the core collection and disposal network.
Runs six geographic operating segments across the United States and Canada, with additional oilfield-waste treatment and Pacific Northwest intermodal transport. Local managers make many operating decisions close to customers within company-wide safety and financial controls.
Builds route density and disposal capacity through repeated acquisitions. Operations depend on municipal franchises, permits, landfill capacity, environmental compliance, labor availability, and successful integration of acquired assets.
Company facts
Categories
Key statistics
Year to date −4.7% · Average volume (30d) 1.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 4, 2026 | UBS | Reiterate | Neutral | $205 | $176 |
| Jul 28, 2026 | Barclays | Reiterate | Equal Weight | $180 | $187 |
| Jul 24, 2026 | CIBC | Reiterate | Outperform | $208 | $199 |
| Apr 28, 2026 | Barclays | Reiterate | Equal Weight | $176 | $180 |
| Apr 24, 2026 | BMO Capital | Reiterate | Outperform | $208 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $1.35 | $1.50 | +11.1% | $2.51B | $2.54B | +1.1% | +0.05% |
| Apr 22, 2026Q1 FY26 | $1.19 | $1.23 | +3.4% | $2.32B | $2.33B | +0.3% | +7.91% |
| Feb 11, 2026Q4 FY25 | $1.28 | $1.29 | +0.8% | $2.38B | $2.35B | −1.3% | −8.22% |
| Oct 21, 2025Q3 FY25 | $1.38 | $1.44 | +4.3% | $2.37B | $2.46B | +3.7% | +2.69% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.23B | $2.41B | $2.46B | $2.41B | $2.37B | $2.56B | |
| Gross profit | $936.7M | $1.01B | $1.05B | $700.5M | $1.01B | $1.08B | |
| Operating income | $390.2M | $459.5M | $439.6M | $433.3M | $364.1M | $437.6M | |
| Net income | $241.5M | $290.3M | $286.3M | $262.5M | $219.3M | $296.4M | |
| Diluted EPS | $0.93 | $1.12 | $1.11 | $1.02 | $0.86 | $1.14 | |
| Gross margin | 42.0% | 42.1% | 42.8% | 29.1% | 42.6% | 42.3% | |
| Operating margin | 17.5% | 19.1% | 17.9% | 18.0% | 15.4% | 17.1% |
Fiscal years (4-quarter sums)FY21 $6.15B · FY22 $7.21B · FY23 $8.02B · FY24 $8.92B · FY25 $9.50B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $98.2M · Total debt $9.61B · Total assets $21.40B · Shareholders' equity $7.92B
Dividends
Raised for 9 straight years — most recently to $0.35 from $0.315 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 6, 2026 | Aug 6 | Aug 20 | $0.35 | |
| May 6, 2026 | May 6 | May 21 | $0.35 | |
| Feb 25, 2026 | Feb 25 | Mar 12 | $0.35 | |
| Nov 5, 2025 | Nov 5 | Nov 20 | $0.35 | raised from $0.315 |
| Aug 6, 2025 | Aug 6 | Aug 21 | $0.315 | |
| May 7, 2025 | May 7 | May 22 | $0.315 | |
| Feb 27, 2025 | Feb 27 | Mar 13 | $0.315 | |
| Nov 7, 2024 | Nov 7 | Nov 21 | $0.315 | raised from $0.285 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 252.05M · Float 251.18M · 99.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Vanguard Capital Management LLC | 15.80M | 6.27% | 13F | Aug 13, 2026 |
| Royal Bank of Canada | 13.19M | 5.23% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 11.23M | 4.46% | 13F | Aug 13, 2026 |
| Bank of Montreal /Can/ | 8.67M | 3.44% | 13F | Aug 12, 2026 |
| 1832 Asset Management L.P. | 7.46M | 2.96% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Iii Robert Nielsen | officer: SR VP Operations | −700 | $170.00 |
| Aug 18, 2026 | Philip Rivard | officer: SR VP Business Development | −2,500 | $166.57 |
| Aug 13, 2026 | Susan Netherton | officer: SR VP People, Training & Dev | −1,750 | $166.00 |
| Jul 29, 2026 | Iii Robert Nielsen | officer: SR VP Operations | −300 | $173.10 |
| Jul 28, 2026 | Robert Michael Cloninger | officer: SR VP, Deputy General Counsel | −2,811 | $171.02 |
Peers
- WM
Broad North American rival across integrated solid waste services
- Republic Services
National rival in collection, disposal, recycling, and industrial waste
- GFL
Cross-border rival in solid waste hauling and infrastructure
- Clean Harbors
Specialized rival in industrial and oilfield waste services
- Casella Waste Systems
Regional rival in eastern U.S. collection and disposal markets
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Waste Connections | $165.68 | −0.14% | $41.82B | 40.2 | 28.1 | 4.3 | +3.8% |
| WM | $219.31 | −0.15% | $87.80B | 31.1 | 25.7 | 3.4 | +4.0% |
| Republic Services | $225.00 | +1.32% | $68.34B | 31.5 | 29.2 | 4.0 | +4.6% |
| GFL | $43.30 | +1.14% | $14.95B | — | 68.8 | 3.0 | +11.5% |
| Clean Harbors | $310.71 | +0.02% | $16.40B | 37.7 | 31.0 | 2.6 | +12.0% |
| Casella Waste Systems | $93.68 | −0.02% | $5.87B | 1,005.2 | 71.2 | 3.0 | +16.9% |
| Median | 34.6 | 31.0 | 3.0 | +11.5% |