The earnings call reflected a balanced sentiment, highlighting strong financial performance and strategic advancements in acquisitions and operational metrics. However, these positives were tempered by ongoing challenges in commodity-related activities, regulatory hurdles, and sector-specific volume declines.

Company Guidance

During the Waste Connections, Inc. Q2 2025 earnings call, the company provided updated guidance for the year, maintaining its full-year outlook despite headwinds from lower commodity contributions and economic sluggishness. For 2025, Waste Connections expects approximately 6% revenue growth with a 50 basis point increase in adjusted EBITDA margin to 33%. The company has completed $200 million in annualized revenue acquisitions so far and anticipates an additional $100 to $200 million in acquisitions by early 2026. Revenue in Q2 2025 was $2.407 billion, up 7.1% year-over-year, while adjusted EBITDA rose to $786.4 million, reflecting a 32.7% margin. The company highlighted strong operational execution, with improvements in employee retention and safety, contributing to cost management and pricing ahead of inflation. Waste Connections also discussed its capital allocation strategy, emphasizing a balance between acquisitions and opportunistic share repurchases, with $240 million in buybacks year-to-date. The company remains optimistic about future growth, focusing on technology and sustainability projects to drive additional margin expansion beyond the current $10 billion revenue run rate.

Exceeding Earnings Outlook

The company delivered results above the high end of their outlook for Q2 2025, despite facing economic and industry-specific headwinds.

Strong Acquisition Activity

Completed approximately $200 million in annualized revenue from acquisitions with an additional $100-200 million expected later in 2025 or early 2026.

Revenue and Margin Growth

Reported revenue growth of 7.1% driven by 6.6% core solid waste pricing, with an adjusted EBITDA margin expansion to 33% for the full year 2025.

Improved Employee Metrics

Continued improvements in employee retention and safety, with voluntary turnover declining to less than 11% and safety incident rates dropping by 15% year-over-year.

Opportunistic Share Repurchases

The company repurchased 1.3 million shares or about 0.5% of shares outstanding, with plans to continue opportunistic buybacks.

Waste Connections (TSE:WCN) Earnings, Revenues Date & History

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TSE:WCN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	1.89 / -	1.87	―	―	―
Jul 23, 2025	2025 (Q2)	1.72 / 1.76	1.713	2.57% (+0.04)	―
Apr 23, 2025	2025 (Q1)	1.52 / 1.57	1.425	10.04% (+0.14)	―
Feb 12, 2025	2024 (Q4)	1.70 / 1.65	1.505	9.63% (+0.15)	―
Oct 23, 2024	2024 (Q3)	1.79 / 1.87	1.617	15.65% (+0.25)	―
Jul 24, 2024	2024 (Q2)	1.60 / 1.71	1.363	25.68% (+0.35)	―
Apr 24, 2024	2024 (Q1)	1.36 / 1.43	1.211	17.67% (+0.21)	―
Feb 13, 2024	2023 (Q4)	1.46 / 1.50	1.197	25.73% (+0.31)	―
Oct 25, 2023	2023 (Q3)	1.54 / 1.62	1.51	7.09% (+0.11)	―
Aug 02, 2023	2023 (Q2)	1.35 / 1.36	1.288	5.82% (+0.07)	―

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

TSE:WCN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 23, 2025	C$250.16	C$256.60	+2.57%
Apr 23, 2025	C$270.40	C$271.79	+0.51%
Feb 12, 2025	C$269.68	C$266.72	-1.10%
Oct 23, 2024	C$247.86	C$245.95	-0.77%

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.