Waste Connections (WCN) Q3 FY25 earnings call

Earnings call· Sep 2025 (Q3 FY25)· Industrials· Oct 22, 2025

Source: earnings call transcript

Waste Connections delivered better-than-expected Q3 FY25 results, driven by strong pricing execution and significant improvements in employee retention and safety metrics. The company continues to leverage technology for operational efficiencies and pricing retention, while actively pursuing M&A opportunities. Management provided a preliminary positive outlook for FY26, anticipating continued solid waste margin expansion despite commodity and acquisition-related headwinds.

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WCN operating KPIs by quarter

WCN operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	This call Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Sep 2026 Q3 FY26	Change vs prior quarter
Employees	24K We're also humbled by the trust of many stakeholders from the communities we have the privilege to serve to the private sellers entrusting us with their legacy, and we're most grateful for the dedication of our 24,000 employees who embody the enduring values of Waste Connections and whose efforts truly set us apart. Source: earnings call transcript	24K To that end, we're most grateful for the commitment of our 24,000 employees who drive these outcomes, while putting safety first and making Waste Connections such a great place to work. Source: earnings call transcript	25K+ We're most grateful and extremely proud of the dedication of our over 25,000 employees and the local leadership team is responsible for the consistency of operational execution. Source: earnings call transcript	25K We're excited to win from within in 2026 and are grateful for the dedication of our 25,000 employees who set us apart by putting our values into action every day. Source: earnings call transcript	25K+ We're most grateful for the commitment and dedication of our over 25,000 employees as we recognize that superior execution by empowered local leadership has been and will continue to be a true differentiator. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.