Jun 2026 (Q2 FY26) — Jul 23, 2026
Waste Connections, Inc. Q2 FY26 — Strong First Half Performance Drives Increased Full-Year Outlook
Read the full callWaste Connections (WCN) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Waste Connections earnings: last reported Thu, 23 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,562 | +6.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 17.1 | −2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
13 of 16 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year 2026 acquisition revenue contribution | approximately $125 million | Dec 2025 | The increase to our full year outlook included an increase of about $50 million associated with '26. | Revised Up |
| Full-year 2026 adjusted free cash flow | conversion of adjusted EBITDA to adjusted free cash flow should improve relative to 2025 | Sep 2025 | there is no change to our expectations for adjusted free cash flow for 2026 in the range of $1.4 billion to $1.45 billion | On Track |
| Insurance/risk management cost benefit realized in P&L | benefit in the P&L throughout 2026 | Mar 2025 | that was the first time we'd really seen it flip from being a headwind to a tailwind | Achieved |
3 of Waste Connections, Inc.'s 28 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 25 more targets are in the full ledger.
Claimed
- Q2 revenue of $2.562 billion exceeded expectations, up 6.4% year-over-year.
- Adjusted EBITDA of $840.1 million, up 6.8% year-over-year, with margin expanding to 32.8% (up 10 bps YoY).
- Underlying EBITDA margin expanded by 70 basis points, driven by favorable price/cost spread, employee retention, and safety savings.
- Solid waste organic growth from total price was 6.7%, including 5.6% core pricing, outpacing expectations.
- Year-to-date acquisitions totaled approximately $100 million in annualized revenue, with another $30 million anticipated to close soon.
Qualified
- Q2 solid waste volumes were down 1.9% year-over-year due to macroeconomic uncertainty, with roll-off pulls down 2%.
- Rapidly spiking fuel and related costs created a 40 bps drag on adjusted EBITDA margin in Q2.
- Lower commodity values resulted in a 20 bps drag on adjusted EBITDA margin in Q2.
- Customer sensitivity to higher overall pricing, exacerbated by fuel-related surcharges, likely increased churn by 10-15 basis points in certain markets.
- Special waste tons were down year-over-year in Q2, though July activity showed improvement.
Price
$165.69 −1.32% · −$2.21
Performance −4.2% 1Y
1Y: $172.97 on 17 Oct 2025 → $165.69. High $178.54 (29 Dec 2025), low $149.02 (29 May 2026).
- Previous close
- $167.9
- 52-week range
- $149.02 – $178.54
- One year
- −4.78%
Overview
- Symbol
- WCN
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 16 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year 2026 acquisition revenue contribution | approximately $125 million | Dec 2025 | The increase to our full year outlook included an increase of about $50 million associated with '26. | Revised Up |
| Full-year 2026 adjusted free cash flow | conversion of adjusted EBITDA to adjusted free cash flow should improve relative to 2025 | Sep 2025 | there is no change to our expectations for adjusted free cash flow for 2026 in the range of $1.4 billion to $1.45 billion | On Track |
| Insurance/risk management cost benefit realized in P&L | benefit in the P&L throughout 2026 | Mar 2025 | that was the first time we'd really seen it flip from being a headwind to a tailwind | Achieved |
Claimed
- Q2 revenue of $2.562 billion exceeded expectations, up 6.4% year-over-year.
- Adjusted EBITDA of $840.1 million, up 6.8% year-over-year, with margin expanding to 32.8% (up 10 bps YoY).
- Underlying EBITDA margin expanded by 70 basis points, driven by favorable price/cost spread, employee retention, and safety savings.
- Solid waste organic growth from total price was 6.7%, including 5.6% core pricing, outpacing expectations.
- Year-to-date acquisitions totaled approximately $100 million in annualized revenue, with another $30 million anticipated to close soon.
Qualified
- Q2 solid waste volumes were down 1.9% year-over-year due to macroeconomic uncertainty, with roll-off pulls down 2%.
- Rapidly spiking fuel and related costs created a 40 bps drag on adjusted EBITDA margin in Q2.
- Lower commodity values resulted in a 20 bps drag on adjusted EBITDA margin in Q2.
- Customer sensitivity to higher overall pricing, exacerbated by fuel-related surcharges, likely increased churn by 10-15 basis points in certain markets.
- Special waste tons were down year-over-year in Q2, though July activity showed improvement.
The full ledger
Open Waste Connections, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 28 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
Waste Connections Q1 FY26 — Broad-based beat: 6% core price and underlying margin expansion despite weather and a March diesel spike
Read the full callDec 2025 (Q4 FY25) — Feb 12, 2026
Waste Connections Q4 FY25 — Strong Margin Expansion and Double-Digit FCF Growth Outlook
Read the full callEvery analysed call
Waste Connections earnings calls (WCN)
Financials
What the filings say
Net profit, year on year: +232% (quarter to dec 2025 against dec 2024).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,338 | 2,260 | 2,228 | 2,407 | 2,458 | 2,373 | 2,371 | 2,562 |
| Operating profit | 475 | -199 | 390 | 460 | 440 | 421 | 364 | 438 |
| Operating margin | 20.3% | −8.8% | 17.5% | 19.1% | 17.9% | 17.7% | 15.4% | 17.1% |
| Interest | 84 | 82 | 81 | 83 | 84 | 86 | 88 | 91 |
| Profit before tax | 400 | -282 | 313 | 389 | 375 | 341 | 284 | 384 |
| Tax rate | 23.0% | 30.4% | 22.8% | 25.4% | 23.6% | 24.2% | 22.6% | 22.8% |
| Net profit | 308 | -196 | 242 | 290 | 286 | 259 | — | — |
| EPS ($ per share) | 1.19 | — | 0.94 | 1.12 | 1.11 | — | 0.86 | 1.17 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 2,265 | 2,654 | 2,659 | 3,057 | 3,649 | 4,142 | 4,457 | 5,200 |
| Total liabilities | 6,167 | 6,799 | 7,129 | 7,706 | 10,021 | 10,218 | 11,957 | 12,884 |
| Fixed assets | 5,169 | 5,516 | 5,285 | 5,722 | 6,951 | 7,228 | 8,036 | 8,733 |
| Total assets | 12,627 | 13,738 | 13,992 | 14,700 | 17,135 | 17,916 | 19,818 | 21,129 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,411 | 1,541 | 1,409 | 1,698 | 2,022 | 2,127 | 2,229 | 2,414 |
| Cash from investing | -1,372 | -1,426 | -1,046 | -1,693 | -3,087 | -1,581 | -3,159 | -2,023 |
| Cash from financing | -188 | -96 | -78 | -499 | 1,028 | -544 | 945 | -360 |
| Net cash flow | -149 | 19 | 291 | -495 | -38 | 3 | 14 | 31 |
| Capital expenditure | -546 | -634 | -597 | -744 | -913 | -934 | -1,056 | -1,179 |
| Free cash flow | 865 | 906 | 811 | 954 | 1,110 | 1,193 | 1,173 | 1,235 |
WCN revenue by segment
Western shrank from 20% to 19% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Southern | 19% | 20% | 20% | 20% | 20% | 21% | 21% | 20% | +8.7% |
| Western | 20% | 20% | 20% | 19% | 20% | 20% | 20% | 19% | +6.7% |
| Eastern | 17% | 18% | 18% | 18% | 18% | 18% | 17% | 17% | +0.4% |
| Central | 17% | 17% | 17% | 17% | 17% | 17% | 17% | 17% | +5.4% |
| Canada | 15% | 14% | 14% | 14% | 14% | 14% | 15% | 15% | +12.3% |
| Mid South | 11% | 12% | 12% | 12% | 12% | 11% | 11% | 12% | +5.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
WCN operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Change vs prior quarter |
|---|---|---|---|---|---|
| Employees | 24KWe'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 | 24KTo 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 | 25KWe'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 | — |
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.
Insider filings
198 filings between Oct 28, 2025 and Aug 19, 2026.
Open market
decisions to buy or sellPurchases
$7.61M
1 purchase by 1 insider
Sales
$6.46M
16 sales by 10 insiders
Compensation
not trading decisions- 85
- Option exercise — converted options into shares
- 85
- Tax withheld — shares kept back by the company to cover tax
Also filed: 8 other filings, 3 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| MITTELSTAEDT RONALD J | $7.61M | — | May 12, 2026 |
| GUILLET EDWARD E | — | $1.57M | Oct 28, 2025 |
| Shea Patrick James | — | $1.17M | Jun 5, 2026 |
| HANSEN ERIC | — | $988.9K | Apr 30, 2026 |
| NIELSEN III ROBERT | — | $679.2K | Aug 19, 2026 |
| Cloninger Robert Michael | — | $480.7K | Jul 28, 2026 |
| LITTLE JAMES | — | $427.2K | Apr 27, 2026 |
| RIVARD PHILIP | — | $416.4K | Aug 18, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 19, 2026 | NIELSEN III ROBERT SR VP Operations | Sale | 700 | $119.0K |
| Aug 18, 2026 | RIVARD PHILIP SR VP Business Development | Sale | 2,500 | $416.4K |
| Aug 13, 2026 | Netherton Susan SR VP People, Training & Dev | Sale | 1,750 | $290.5K |
| Jul 29, 2026 | NIELSEN III ROBERT SR VP Operations | Sale | 300 | $51.9K |
| Jul 28, 2026 | Cloninger Robert Michael SR VP, Deputy General Counsel | Sale | 2,573 | $440.0K |
| Jul 28, 2026 | Cloninger Robert Michael SR VP, Deputy General Counsel | Sale | 238 | $40.8K |
| Jun 30, 2026 | PIO DOMENIC SR VP Operations | Other | 95 | $15.0K |
| Jun 30, 2026 | BRADLEY AARON SR VP PERFORMANCE OPTIMIZATION | Other | 42 | $6.7K |
| Jun 30, 2026 | Black Matthew Stephen Sr VP Chief Tax Officer | Other | 16 | $2.5K |
| Jun 30, 2026 | CRAFT JASON Executive Vice President & COO | Other | 54 | $8.6K |
| Jun 9, 2026 | Shea Patrick James Exec VP, General Counsel & Sec | Gift | 100 | $0 |
| Jun 8, 2026 | Shea Patrick James Exec VP, General Counsel & Sec | Gift | 15 | $0 |
| Jun 5, 2026 | CRAFT JASON Executive Vice President & COO | Sale | 1,500 | $234.9K |
| Jun 5, 2026 | Shea Patrick James Exec VP, General Counsel & Sec | Sale | 7,500 | $1.17M |
| May 14, 2026 | NIELSEN III ROBERT SR VP Operations | Sale | 500 | $77.8K |
| May 13, 2026 | NIELSEN III ROBERT SR VP Operations | Sale | 290 | $43.8K |
| May 12, 2026 | NIELSEN III ROBERT SR VP Operations | Sale | 337 | $51.6K |
| May 12, 2026 | MITTELSTAEDT RONALD J President & CEO | Purchase | 50,000 | $7.61M |
| Apr 30, 2026 | HANSEN ERIC Senior Vice President and CIO | Sale | 6,000 | $988.9K |
| Apr 27, 2026 | LITTLE JAMES Executive VP Engineering | Sale | 2,605 | $427.2K |
| Apr 1, 2026 | FLORNESS DANIEL L Director | Tax withheld | 178 | $29.0K |
| Apr 1, 2026 | FLORNESS DANIEL L Director | Option exercise | 332 | $0 |
| Mar 4, 2026 | TAN DEREK SR VP Chief Accounting Officer | Sale | 1,173 | $200.6K |
| Feb 18, 2026 | Shea Patrick James Exec VP, General Counsel & Sec | Option exercise | 1,255 | $0 |
| Feb 18, 2026 | HANSEN ERIC Senior Vice President and CIO | Tax withheld | 297 | $48.3K |
| Feb 18, 2026 | HANSEN ERIC Senior Vice President and CIO | Option exercise | 754 | $0 |
| Feb 18, 2026 | LITTLE JAMES Executive VP Engineering | Tax withheld | 482 | $78.5K |
| Feb 18, 2026 | MITTELSTAEDT RONALD J President & CEO | Tax withheld | 346 | $56.3K |
| Feb 18, 2026 | LITTLE JAMES Executive VP Engineering | Option exercise | 1,224 | $0 |
| Feb 18, 2026 | Shea Patrick James Exec VP, General Counsel & Sec | Tax withheld | 494 | $80.4K |
| Feb 18, 2026 | MITTELSTAEDT RONALD J President & CEO | Option exercise | 878 | $0 |
| Feb 18, 2026 | BRADLEY AARON SR VP PERFORMANCE OPTIMIZATION | Option exercise | 310 | $0 |
| Feb 18, 2026 | NIELSEN III ROBERT SR VP Operations | Tax withheld | 316 | $51.4K |
| Feb 18, 2026 | NIELSEN III ROBERT SR VP Operations | Option exercise | 801 | $0 |
| Feb 18, 2026 | RIVARD PHILIP SR VP Business Development | Option exercise | 640 | $0 |
| Feb 18, 2026 | CRAFT JASON Executive Vice President & COO | Tax withheld | 332 | $54.0K |
| Feb 18, 2026 | CRAFT JASON Executive Vice President & COO | Option exercise | 842 | $0 |
| Feb 18, 2026 | Cloninger Robert Michael SR VP, Deputy General Counsel | Tax withheld | 250 | $40.7K |
| Feb 18, 2026 | Cloninger Robert Michael SR VP, Deputy General Counsel | Option exercise | 635 | $0 |
| Feb 18, 2026 | Netherton Susan SR VP People, Training & Dev | Tax withheld | 250 | $40.7K |
| Feb 18, 2026 | Netherton Susan SR VP People, Training & Dev | Option exercise | 635 | $0 |
| Feb 18, 2026 | RIVARD PHILIP SR VP Business Development | Tax withheld | 252 | $41.0K |
| Feb 18, 2026 | Whitney Mary Anne Executive Vice President & CFO | Tax withheld | 566 | $92.1K |
| Feb 18, 2026 | Whitney Mary Anne Executive Vice President & CFO | Option exercise | 1,436 | $0 |
| Feb 18, 2026 | Black Matthew Stephen Sr VP Chief Tax Officer | Tax withheld | 317 | $51.6K |
| Feb 18, 2026 | BRADLEY AARON SR VP PERFORMANCE OPTIMIZATION | Tax withheld | 122 | $19.9K |
| Feb 18, 2026 | Black Matthew Stephen Sr VP Chief Tax Officer | Option exercise | 804 | $0 |
| Feb 17, 2026 | MITTELSTAEDT RONALD J President & CEO | Option exercise | 2,561 | $0 |
| Feb 17, 2026 | MITTELSTAEDT RONALD J President & CEO | Tax withheld | 1,008 | $162.6K |
| Feb 17, 2026 | MITTELSTAEDT RONALD J President & CEO | Option exercise | 10,834 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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