The earnings call was largely positive, with revenue and EBITDA exceeding expectations and strong acquisition and operational performance. However, challenges remain with volume declines in certain segments and commodity-driven headwinds. The company is taking proactive steps to mitigate these issues.

Company Guidance -

Q3 2025

In the Q2 2025 earnings call, Waste Connections, Inc. reported robust financial performance, exceeding their forecast despite facing economic and operational headwinds. The company completed $200 million in annualized revenue from acquisitions, maintaining flexibility for further acquisitions and share repurchases. The full-year 2025 outlook anticipates approximately 6% revenue growth and a 50 basis point increase in adjusted EBITDA margin to 33%. The second quarter saw a revenue increase of 7.1%, driven by 6.6% core solid waste pricing, although volumes declined by 2.6% due to strategic trade-offs and sluggish economic activity. The company highlighted improvements in employee retention and safety, contributing to operational efficiency, with adjusted EBITDA margins holding at 32.7%. Looking ahead, Waste Connections expects continued margin expansion and remains optimistic about future growth, supported by technology advancements and a favorable M&A pipeline.

Exceeded Quarterly Revenue Expectations

Revenue for Q2 2025 was $2.407 billion, exceeding the high end of the outlook and up 7.1% year-over-year.

Strong Acquisition Activity

Completed approximately $200 million in annualized revenue from acquisitions with an additional pipeline of $100-$200 million expected to close by early 2026.

High Employee Retention and Safety Improvements

Voluntary turnover decreased to less than 11%, down almost 60% from mid-2022, marking the 11th consecutive quarter of improvement. Safety incident rates were down 15% year-over-year.

Consistent EBITDA Margin Expansion

Adjusted EBITDA margin for Q2 was 32.7%, consistent with guidance despite economic headwinds.

Opportunistic Share Repurchases

Repurchased 1.3 million shares, about 0.5% of shares outstanding, with plans for continued 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$250.58	C$257.03	+2.57%
Apr 23, 2025	C$270.86	C$272.25	+0.51%
Feb 12, 2025	C$270.13	C$267.17	-1.10%
Oct 23, 2024	C$248.28	C$246.37	-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.