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Waste Connections (WCN)
NYSE:WCN
Earnings Data
Report Date
Apr 29, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.19Last Year’s EPS
1.15Same Quarter Last Year
Strong Buy
Based on 18 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights strong underlying operating performance: robust pricing, margin expansion (Q4 margin +110 bps, full-year margin 33%), solid adjusted EBITDA and free cash flow generation, disciplined M&A, meaningful shareholder returns, and tangible operational wins (safety, lower turnover, driver academies). These positives are partially offset by material one-off and ongoing headwinds — notably the Chiquita Canyon closure costs (~$200M in 2025; $100–150M expected in 2026), multiyear lows in recycled commodity values (20–30 bps margin drag baked into 2026), slower C&D/roll-off volumes, and RNG ramp/timing risks and lower RINs. Overall, the company presents a constructive outlook with margin and free cash flow expansion guided for 2026 and clear paths to additional upside (commodity recovery, M&A, RNG ramp, AI-driven efficiencies); the strength of the highlights outweighs the manageable but meaningful lowlights.Company Guidance
Adjusted EBITDA Growth and Margin Expansion
Q4 adjusted EBITDA of $796,000,000, up 8.7% year-over-year and 33.5% of revenue (Q4 margin +110 bps YoY). Full-year 2025 adjusted EBITDA of $3,125,000,000, up 7.7% YoY, with an industry-leading full-year adjusted EBITDA margin of 33% (reported +50 bps YoY; normalized >33.6%). 2026 guidance calls for adjusted EBITDA of $3,300,000,000–$3,325,000,000 and margin of 33.3%–33.4% (up 30–40 bps YoY).
Strong Pricing and Solid Waste Performance
Core solid waste pricing of 6.5% for full-year 2025 (Q4 pricing 6.4%), which exceeded original expectations and drove an outsized price-cost spread. 2026 organic solid waste growth guidance of 3.5%–4% with core pricing of 5%–5.5% and an expected yield of ~4% (implying volumes flat to down ~0.5%).
Robust Free Cash Flow and Shareholder Returns
2025 adjusted free cash flow of $1,260,000,000 (~50% conversion of adjusted EBITDA). Returned over $830,000,000 to shareholders in 2025 through dividends (> $330,000,000) and share repurchases (> $500,000,000); quarterly dividend per share increased by 11.1%.
Disciplined Acquisitions and Balance Sheet Strength
Closed roughly $330,000,000 of acquired annualized revenue in 2025 (19 acquisitions); full-year net acquisition contribution $377,000,000. 2026 rollover contribution expected around $125,000,000. Debt-to-EBITDA leverage of ~2.75x, enabling continued M&A and capital returns.
Operational Improvements — Safety, Retention and Labor Initiatives
Multiyear lows in employee turnover and safety incident rates; voluntary employee turnover met the 2025 target of 10%. Safety-related incidents down almost 20% YoY in January. Driver academy program: ~35% of new driver hires trained in 2025 with retention roughly double non-academy hires; forecast >60% of driver hires to be academy-trained in 2026.
Sustainability and Technology Investments
Progress on RNG and recycling: five RNG facilities online with remainder expected by year-end; aggregate RNG/recycling CapEx in 2026 ~ $100,000,000. Company expects RNG run-rate EBITDA in the ~$100,000,000–$120,000,000 range when fully ramped (targeting 2027). Multiyear AI rollout underway (dynamic real-time routing, mobile customer engagement) aimed at efficiency, safety and customer-service improvements with paybacks in months to ~1.5 years.
WCN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
WCN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 11, 2026 | $171.34 | $157.25 | -8.22% |
Oct 21, 2025 | $173.07 | $177.72 | +2.69% |
Jul 23, 2025 | $183.35 | $187.14 | +2.07% |
Apr 23, 2025 | $194.22 | $195.25 | +0.53% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Waste Connections (WCN) report earnings?
Waste Connections (WCN) is schdueled to report earning on Apr 29, 2026, After Close (Confirmed).
What is Waste Connections (WCN) earnings time?
Waste Connections (WCN) earnings time is at Apr 29, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is WCN EPS forecast?
WCN EPS forecast for the fiscal quarter 2026 (Q1) is 1.19.
