Waste Connections, Inc. reported fourth‑quarter 2025 revenue of $2.373 billion, a 5.1% increase from $2.260 billion a year earlier. Adjusted earnings per share rose to $1.29, beating the consensus estimate of $1.27 by $0.02, a 1.6% lift that reflects the company’s pricing power and disciplined cost management.
Adjusted EBITDA for the quarter reached $795.6 million, up $63.7 million from $731.9 million a year ago, while net income climbed to $258.5 million, or $1.01 per diluted share, reversing a $196.0 million loss in the same period last year. The earnings improvement is driven by higher revenue and a 110‑basis‑point expansion in adjusted EBITDA margin, which the company attributes to price‑led organic growth in solid waste and operational efficiencies.
Full‑year 2025 results show revenue of $9.467 billion, a 6.1% year‑over‑year gain, and adjusted EBITDA of $3.125 billion, up $223 million from $2.902 billion a year earlier. Adjusted net income reached $1.328 billion, or $5.15 per diluted share, compared with $4.79 a year before. The company’s full‑year margin of 33.0% represents a 100‑basis‑point increase, underscoring sustained pricing strength and cost discipline.
Segment data reveal that solid waste collection generated $1.7 billion in revenue, while solid waste disposal and transfer contributed $418.31 million. The solid waste segment’s growth was driven by higher collection volumes and successful rate increases, offsetting modest headwinds in other areas. The company’s focus on operational improvements—such as reduced employee turnover and lower safety incident rates—has delivered cost savings and productivity gains that support margin expansion.
CEO Ronald J. Mittelstaedt highlighted the company’s margin performance, noting that “Adjusted EBITDA margin expansion of 110 basis points in the fourth quarter capped off a remarkable year for Waste Connections, driven by price‑led organic growth in solid waste and strong execution from ongoing improvements in operating trends.” He added that the firm completed another year of above‑average acquisition activity, adding approximately $330 million in acquired annualized revenue, and returned a record amount to shareholders through share repurchases exceeding $500 million. The company also reported that employee turnover and safety incident rates declined for the third consecutive year, providing ongoing benefits through cost savings, increased productivity, heightened employee engagement, and improved customer service.
Looking ahead, Waste Connections projects 2026 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. Management expects adjusted EBITDA margins to remain strong and plans to continue pursuing acquisition activity while maintaining a debt‑to‑EBITDA ratio of 2.75x. The guidance signals confidence in sustained pricing power, operational execution, and a disciplined capital structure.
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