The earnings call reflects a strong financial performance with record-breaking acquisition activity and significant growth in revenue and EBITDA. However, challenges such as the closure of Chiquita Canyon landfill and declines in volume and commodities impacted the financial results. Despite these challenges, the overall sentiment is neutral due to the balanced nature of the highlights and lowlights.

Company Guidance

During the Waste Connections Inc. Q4 2024 earnings call, the company provided forward-looking guidance highlighting expectations for 2025. Price-led organic solid waste growth is projected, supported by ongoing acquisition activities, which should position the company at or above the high end of its potential outcome range with a normalized adjusted free cash flow exceeding $1.55 billion. The company expects full-year 2025 revenues between $9.45 billion and $9.6 billion, with adjusted EBITDA ranging from $3.12 billion to $3.2 billion, reflecting a margin expansion of 50 to 80 basis points year-over-year. The adjusted free cash flow is anticipated to be between $1.3 billion to $1.35 billion, with capital expenditures estimated at $1.2 billion to $1.225 billion, including $100 million to $150 million for renewable natural gas (RNG) projects. For Q1 2025, revenue is expected to be between $2.2 billion to $2.225 billion, and adjusted EBITDA is estimated at $700 million to $710 million. The company also plans to close active waste disposal operations at Chiquita Canyon landfill by year-end 2024, affecting volume growth by an estimated 0.5 percentage points in 2025.

Record-Breaking Acquisition Activity

In 2024, Waste Connections closed approximately $750 million in annualized revenue from 24 acquisitions, marking a record year for acquisition activity.

Revenue and Adjusted EBITDA Growth

Q4 2024 revenue increased by 11% year-over-year to $2.26 billion, and adjusted EBITDA was up 11.6% year-over-year to $732 million, marking significant financial growth.

Employee Engagement and Retention

Waste Connections achieved multiyear lows for employee turnover, down over 1,000 basis points from 2022, with improvements in operational execution and employee engagement.

Strong Organic Growth and Pricing Strategy

Solid waste core pricing of 7.1% supported by strong operational execution and acquisition integration, leading to industry-leading margins.

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Waste Connections (WCN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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WCN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 23, 2025	2025 (Q1)	1.08 / -	0.733	―	―	―
Feb 12, 2025	2024 (Q4)	1.19 / 1.16	1.11	4.50% (+0.05)	―
Oct 23, 2024	2024 (Q3)	1.30 / 1.35	1.17	15.38% (+0.18)	―
Jul 24, 2024	2024 (Q2)	1.17 / 1.24	1.02	21.57% (+0.22)	―
Apr 24, 2024	2024 (Q1)	1.00 / 1.04	0.89	16.85% (+0.15)	―
Feb 13, 2024	2023 (Q4)	1.08 / 1.11	0.89	24.72% (+0.22)	―
Oct 25, 2023	2023 (Q3)	1.14 / 1.17	1.1	6.36% (+0.07)	―
Aug 02, 2023	2023 (Q2)	1.01 / 1.02	1	2.00% (+0.02)	―
Apr 26, 2023	2023 (Q1)	0.87 / 0.89	0.82	8.54% (+0.07)	―
Feb 15, 2023	2022 (Q4)	0.88 / 0.89	0.83	7.23% (+0.06)	―

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

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WCN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 12, 2025	$189.98	$188.85	-0.59%
Oct 23, 2024	$180.04	$178.25	-0.99%
Jul 24, 2024	$179.11	$174.89	-2.36%
Apr 24, 2024	$165.34	$164.34	-0.60%

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.

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