Waste Connections Posts Strong Q4 Results, Raises 2026 Outlook

Waste Connections ( (TSE:WCN) ) has issued an update.

Waste Connections reported on February 11, 2026 that fourth-quarter 2025 revenue rose to $2.373 billion, with net income of $258.5 million and adjusted EBITDA of $795.6 million, as margin expansion and reduced impairments drove a swing from a net loss a year earlier. For full year 2025, revenue grew to $9.467 billion, net income climbed to $1.077 billion and adjusted EBITDA reached $3.125 billion with a 33.0% margin, supported by $330 million of acquired annualized revenue and a record $839.3 million returned to shareholders, while improving safety and employee turnover metrics strengthened operating performance and positioned the company for another year of solid waste margin gains and double-digit adjusted free cash flow growth in 2026.

The company issued a 2026 outlook calling for revenue between $9.90 billion and $9.95 billion, net income of $1.223 billion to $1.238 billion and adjusted EBITDA of $3.300 billion to $3.325 billion, alongside operating cash flow of $2.65 billion to $2.70 billion and capital expenditures of about $1.25 billion. Management highlighted expected adjusted free cash flow of $1.40 billion to $1.45 billion, up more than 11% year over year, and said balance sheet leverage of 2.75 times provides capacity to pursue a robust acquisition pipeline and further capital returns, with potential upside from additional deals, commodity price recovery or stronger macroeconomic conditions.

The most recent analyst rating on (TSE:WCN) stock is a Buy with a C$208.00 price target. To see the full list of analyst forecasts on Waste Connections stock, see the TSE:WCN Stock Forecast page.

Spark’s Take on TSE:WCN Stock

According to Spark, TipRanks’ AI Analyst, TSE:WCN is a Outperform.

Waste Connections demonstrates strong financial performance and positive earnings call insights, which are significant strengths. However, technical indicators suggest potential overvaluation, and the high P/E ratio indicates the stock may be overpriced. The company’s strategic focus on acquisitions and sustainability positions it well for future resilience, but managing leverage and costs will be crucial to sustaining growth.

To see Spark’s full report on TSE:WCN stock, click here.

More about Waste Connections

Waste Connections, Inc. is an integrated solid waste services company providing non-hazardous waste collection, transfer and disposal services, including by rail, as well as resource recovery through recycling and renewable fuels generation. The company serves about nine million residential, commercial and industrial customers, primarily in exclusive and secondary markets across 46 U.S. states and six Canadian provinces, and also offers non-hazardous oilfield waste services in several North American basins.

Average Trading Volume: 333,247

Technical Sentiment Signal: Hold

Current Market Cap: C$59.64B

For a thorough assessment of WCN stock, go to TipRanks’ Stock Analysis page.