Waste Connections posts mixed Q1 2026 results

Waste Connections, Inc. reported first quarter 2026 revenue of $2.371 billion, up from $2.228 billion a year earlier, driven by solid waste organic growth and acquisitions.

Rhea-AI Filing Summary

Waste Connections, Inc. reported first quarter 2026 revenue of $2.371 billion, up from $2.228 billion a year earlier, driven by solid waste organic growth and acquisitions. Adjusted EBITDA rose to $769.5 million, with margin improving to 32.5%.

GAAP net income declined to $219.3 million, or $0.86 per diluted share, from $241.5 million, or $0.93, primarily due to $80.4 million in impairments related to landfill closure and post-closure cost adjustments. Adjusted net income increased to $314.9 million, or $1.23 per diluted share, from $293.1 million, or $1.13.

The company generated adjusted free cash flow of $245.9 million, down from $332.1 million, as higher capital expenditures more than offset stable operating cash flow. Management highlighted record safety performance, lower voluntary turnover, expanding use of A.I., a robust acquisition pipeline, and year-to-date share repurchases of over $360 million, or about 1% of shares outstanding.

Positive

• None.

Negative

• Adjusted free cash flow declined to $245.9 million from $332.1 million, as significantly higher capital expenditures and other uses of cash reduced liquidity generation despite stable operating cash flow.

Insights

Equity research analyst

Revenue and adjusted profits grew, but GAAP earnings and free cash flow declined.

Waste Connections delivered Q1 2026 revenue of $2.371 billion, up from $2.228 billion. $769.5 million in adjusted EBITDA and a 32.5% margin show healthy underlying operations, supported by solid waste organic growth and acquisition contributions.

However, GAAP operating income fell due to $80.4 million in impairments tied to landfill closure and post-closure costs, pressuring net income to $219.3 million. Adjusted net income rose to $314.9 million, or $1.23 per diluted share, indicating core profitability improvement.

Adjusted free cash flow dropped to $245.9 million from $332.1 million as capital expenditures increased to $296.6 million. Management points to an active acquisition pipeline, AI-driven efficiency initiatives, and over $360 million in share repurchases year-to-date. Subsequent filings may provide more detail on 2026 outlook execution.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $2,370,631,000 Net income: $219,344,000 Diluted EPS: $0.86 +5 more

8 metrics

Revenue $2,370,631,000 Three months ended March 31, 2026

Net income $219,344,000 Three months ended March 31, 2026

Diluted EPS $0.86 Three months ended March 31, 2026

Adjusted net income $314,880,000 Three months ended March 31, 2026

Adjusted EBITDA $769,528,000 Three months ended March 31, 2026; 32.5% of revenues

Adjusted free cash flow $245,877,000 Three months ended March 31, 2026

Capital expenditures $296,596,000 Three months ended March 31, 2026

Landfill-related impairments $80,400,000 (approximate) Impairments related to landfill closure and post-closure costs in Q1 2026

Key Terms

Adjusted EBITDA, Adjusted free cash flow, Core Price, Yield, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA(a) in the first quarter was $769.5 million, up from $712.2 million..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Adjusted free cash flow financial

"Adjusted free cash flow, a non-GAAP financial measure, is provided supplementally..."

Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.

Core Price financial

"Core Price (b) | | | 6.0%"

Core price is a measure of general price changes that excludes highly volatile items—typically food and energy—so it highlights the underlying trend in what things cost. Investors watch core price because it gives a clearer signal of persistent inflation that can influence central bank decisions, interest rates and asset values; think of it as looking at the steady pattern after removing short-term weather-driven spikes.

Yield financial

"Yield, or change in average price per unit of service, reflects the impacts of customer churn..."

Yield is the income an investment generates, expressed as a percentage of the money you put in or the asset’s current price — for example, interest from a bond or dividends from a stock. It matters to investors because it shows how much cash return they can expect relative to cost, much like comparing the annual rent you get from a house to what you paid for it, and helps assess income versus risk and price changes.

Unit Volume financial

"Unit Volume reflects estimated change in units of activity."

closure and post-closure liabilities financial

"Adjustments to closure and post-closure liabilities | | | - | | | 76,845"

Earnings Snapshot

Revenue: $2,370,631,000

Q1 2026

Revenue $2,370,631,000 up from $2,228,176,000 in Q1 2025

Net income $219,344,000 down from $241,510,000 in Q1 2025

Adjusted EBITDA $769,528,000 up from $712,213,000 in Q1 2025

Adjusted EPS (diluted) $1.23 up from $1.13 in Q1 2025

Adjusted free cash flow $245,877,000 down from $332,075,000 in Q1 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Waste Connections (WCN) perform financially in Q1 2026?

Waste Connections reported Q1 2026 revenue of $2.371 billion, up from $2.228 billion a year earlier. Net income was $219.3 million, or $0.86 per diluted share, while adjusted net income reached $314.9 million, or $1.23 per diluted share.

What happened to Waste Connections’ net income and EPS versus last year?

Waste Connections’ GAAP net income fell to $219.3 million from $241.5 million, with diluted EPS at $0.86 versus $0.93 a year ago. The decline mainly reflects $80.4 million of impairments tied to landfill closure and post-closure cost adjustments.

How strong was Waste Connections’ adjusted EBITDA in Q1 2026?

Adjusted EBITDA increased to $769.5 million in Q1 2026 from $712.2 million a year earlier. The company achieved an adjusted EBITDA margin of 32.5%, up from 32.0%, highlighting solid underlying operating performance despite weather impacts and higher fuel costs.

What were Waste Connections’ adjusted free cash flow trends in Q1 2026?

Adjusted free cash flow was $245.9 million in Q1 2026, down from $332.1 million in Q1 2025. The decline reflects higher capital expenditures of $296.6 million, which more than offset slightly higher net cash provided by operating activities of $545.6 million.

How much stock did Waste Connections repurchase year-to-date 2026?

Management reported year-to-date share repurchases of over $360 million, representing approximately 1% of shares outstanding. These repurchases reflect ongoing capital returns to shareholders alongside the company’s continued focus on acquisitions and internal investments.

What drove Waste Connections’ solid waste organic growth in Q1 2026?

For Q1 2026, solid waste internal growth totaled 3.1%, driven by 4.7% Yield and 6.0% Core Price, partially offset by a 1.5% decline in Unit Volume and modest recycling and surcharge impacts, indicating pricing strength despite softer volumes.

How did acquisitions contribute to Waste Connections’ Q1 2026 revenue?

Revenues from acquisitions, net of divestitures, were $55.3 million for Q1 2026, compared with $129.3 million in the prior-year period. This indicates acquisitions remained a growth contributor, though at a lower level than the comparable quarter in 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 04/22/2026 - 04:09 PM EDT Learn about SEC filing dates

0001318220false00013182202026-04-222026-04-22

​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant To Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 22, 2026

Waste Connections, Inc.

(Exact name of registrant as specified in its charter)

​	​	​	​	​
Ontario, Canada	​ ​ ​	1-34370	​ ​ ​	98-1202763
(State or other jurisdiction of Incorporation)	​	(Commission File Number)	​	(I.R.S. Employer Identification No.)

​

6220 Hwy 7, Suite 600

Woodbridge

Ontario L4H 4G3

Canada

(Address of principal executive offices)

Registrant’s telephone number, including area code: (905) 532-7510

Not Applicable

(Former name or address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, no par value	WCN	New York Stock Exchange NYSE Texas Toronto Stock Exchange

​

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

​	​	​
​	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​	​	​
​	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
​	​	​
​	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
​	​	​
​	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

​

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

​

​

​

​

Item 2.02  Results of Operations and Financial Condition.

​

See Item 7.01 below.

Item 7.01 Regulation FD Disclosure.

On April 22, 2026, Waste Connections, Inc., a corporation organized under the laws of Ontario, Canada (“Waste Connections” or the “Company”), issued a press release announcing its first quarter 2026 results.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information furnished in Items 2.02 and 7.01 is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section, and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Safe Harbor and Forward-Looking Information

This document contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements are often identified by the words "may," "might," "believes," "thinks," "expects," "estimate," "continue," "intends" or other words of similar meaning. All of the forward-looking statements included in this document are made pursuant to the safe harbor provisions of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this document include, but are not limited to, statements about expected 2026 financial results, outlook and related assumptions, and potential acquisition activity. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada.  You should not place undue reliance on forward-looking statements, which speak only as of the date of this document.  Waste Connections undertakes no obligation to update the forward-looking statements set forth in this document, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.

​

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No.	Description
99.1	Press Release, dated April 22, 2026, issued by Waste Connections, Inc.
104	The cover page of Waste Connections, Inc. on Current Report on Form 8-K formatted in Inline XBRL.

​

​

​

SIGNATURES

​

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

​

​	​	​
​	WASTE CONNECTIONS, INC.
​	​
​	​
Date: April 22, 2026	BY:	/s/ Mary Anne Whitney
​	​	Mary Anne Whitney
​	​	Executive Vice President and Chief Financial Officer

​

​

Exhibit 99.1

​

WASTE CONNECTIONS REPORTS FIRST QUARTER 2026 RESULTS

​

​

- Better than expected Q1 results, with improving trends positioning for upside to 2026 outlook

- Revenue of $2.371 billion, above expectations and up 6.4% year over year

- Net income of $219.3 million and adjusted EBITDA^(a) of $769.5 million, above expectations and up 8.0% year over year

- Adjusted EBITDA margin^(a) of 32.5%, above expectations and up 50 basis points year over year

- Net income and adjusted net income^(a) per share of $0.86 and $1.23, respectively

- Year-to-date share repurchases of 1% of outstanding shares

​

​

TORONTO, ONTARIO, April 22, 2026 - Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the first quarter of 2026.    

​

“We’re extremely pleased by the strong start to 2026 and remain well-positioned for the full year, with upside potential from commodity-related impacts, solid waste organic growth and additional acquisitions.  On revenue and adjusted EBITDA above our expectations, we delivered adjusted EBITDA^(a) margin of 32.5% in spite of outsized weather events and in advance of recovering higher fuel costs,” said Ronald J. Mittelstaedt, President and Chief Executive Officer.

​

“In spite of geopolitical instability, our results reflect consistency of execution as we continue to benefit from operating momentum from improved employee engagement, with safety performance at record levels and voluntary turnover now below 10%,” continued Mr. Mittelstaedt.  “Moreover, we should be well-positioned for incremental benefits from higher fuel and other commodities, as well as strong pricing retention and increased special waste activity, and also longer term as a result of our expanding use of A.I. through technology-related investments.”

​

Mr. Mittelstaedt concluded, “Finally, we continue to anticipate another outsized year of acquisition activity, given a robust  pipeline, along with increasing return of capital to shareholders, including year-to-date share repurchases of over $360 million or approximately 1% of shares outstanding.”

​

​

Q1 2026 Results

​

Revenue in the first quarter totaled $2.371 billion, up from $2.228 billion in the prior year period.  Operating income was $364.1 million, which included $80.4 million primarily in impairments related to adjustments to landfill closure and post closure costs.  This compares to operating income of $390.2 million in the prior year period, which included $20.2 million primarily in transaction-related expenses, impairments and other operating items and fair value accounting changes associated with certain equity awards.  Net income in the first quarter was $219.3 million, or $0.86 per share on a diluted basis of 255.9 million shares. In the prior year period, the Company reported net income of $241.5 million, or $0.93 per share on a diluted basis of 258.9 million shares.  

​

Adjusted net income^(a) in the first quarter was $314.9 million, or $1.23 per diluted share, up from $293.1 million, or $1.13 per diluted share, in the prior year period.  Adjusted EBITDA^(a) in the first quarter was $769.5 million, up from $712.2 million in the prior year period.  Adjusted net income, adjusted net income per diluted share and adjusted EBITDA, all non-GAAP measures, primarily exclude impairments and transaction-related items, as reflected in the detailed reconciliations in the attached tables.

​

​

​

​

​

​

​

​

Q1 2026 Earnings Conference Call

​

Waste Connections will be hosting a conference call related to first quarter earnings on April 23^rd at 8:30 A.M. Eastern Time.  A live audio webcast of the conference call can be accessed by visiting investors.wasteconnections.com and selecting "Events & Presentations" from the website menu. Alternatively, conference call participants can preregister by clicking here. Registered participants will receive dial-in instructions and a personalized code for entry to the conference call. Shortly after the conclusion of the conference call, a webcast replay will be available on the Waste Connections investor website or by clicking here.

​

About Waste Connections

​

Waste Connections (wasteconnections.com) is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves approximately nine million residential, commercial and industrial customers in mostly exclusive and secondary markets across 46 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections views its Environmental, Social and Governance (“ESG”) efforts as integral to its business, with initiatives consistent with its objective of long-term value creation and focused on reducing emissions, increasing resource recovery of both recyclable commodities and clean energy fuels, reducing reliance on off-site disposal for landfill leachate, further improving safety and enhancing employee engagement. Visit wasteconnections.com/sustainability for more information and updates on our progress towards targeted achievement.

​

Safe Harbor and Forward-Looking Information

​

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements are often identified by the words "may," "might," "believes," "thinks," "expects," "estimate," "continue," "intends" or other words of similar meaning. All of the forward-looking statements included in this press release are made pursuant to the safe harbor provisions of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements about expected 2026 financial results, outlook and related assumptions, and potential acquisition activity. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada.  You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.  Waste Connections undertakes no obligation to update the forward-looking statements set forth in this press release, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.

​

– financial tables attached –

CONTACT:

Mary Anne Whitney / (832) 442-2253 Joe Box / (832) 442-2153

maryannew@wasteconnections.com joe.box@wasteconnections.com

​

​

​

​

​

​

​

​

​

​

​

​

----------------------------------------------------------------------------------------------------------------------------------------------------

^(a) Non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule.

-2-

​

Waste Connections, Inc.

CONDENSED Consolidated Statements of NET INCOME

THRee months ended MARCH 31, 2025 and 2026

(Unaudited)

(in thousands of U.S. dollars, except share and per share amounts)

​

	​			​
​	​	Three months ended March 31,
​	​ ​ ​	2025		​ ​ ​	2026
​	​	​		​	​
Revenues	​	$	2,228,176	​	$	2,370,631
Operating expenses:	​	​	​	​	​	​
Cost of operations	​	​	1,291,443	​	​	1,361,099
Selling, general and administrative	​	​	250,134	​	​	251,119
Depreciation	​	​	242,307	​	​	267,485
Amortization of intangibles	​	​	47,642	​	​	47,264
Impairments and other operating items	​	​	6,440	​	​	79,584
Operating income	​	​	390,210	​	​	364,080
​	​	​	​	​	​	​
Interest expense	​	​	(80,875)	​	​	(87,719)
Interest income	​	​	1,770	​	​	3,113
Other income, net	​	​	1,872	​	​	4,085
Income before income tax provision	​	​	312,977	​	​	283,559
​	​	​	​	​	​	​
Income tax provision	​	​	(71,467)	​	​	(64,215)
Net income	​	$	241,510	​	$	219,344
​	​	​	​	​	​	​
Earnings per common share:	​	​	​	​	​	​
Basic	​	$	0.94	​	$	0.86
Diluted	​	$	0.93	​	$	0.86
​	​	​	​	​	​	​
Shares used in the per share calculations:	​	​	​	​	​	​
Basic	​	​	258,193,975	​	​	255,347,786
Diluted	​	​	258,904,806	​	​	255,873,686
​	​	​	​	​	​	​
​	​	​	​	​	​	​
Cash dividends per common share	​	$	0.315	​	$	0.350

​

-3-

​

Waste Connections, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands of U.S. dollars, except share and per share amounts)

​

	​	​	​	​	​	​	​
​	​ ​ ​	December 31, 2025		​ ​ ​	March 31, 2026
ASSETS	​	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​	​
Cash and equivalents	​	$	45,968	​	$	112,447	​
Accounts receivable, net of allowance for credit losses of $21,402 and $27,828 at December 31, 2025 and March 31, 2026, respectively	​	​	1,024,992	​	​	1,033,086	​
Prepaid expenses and other current assets	​	​	240,603	​	​	230,786	​
Total current assets	​	​	1,311,563	​	​	1,376,319	​
​	​	​	​	​	​	​	​
Restricted cash	​	​	183,612	​	​	210,199	​
Restricted investments	​	​	80,757	​	​	80,397	​
Property and equipment, net	​	​	8,733,327	​	​	8,714,069	​
Operating lease right-of-use assets	​	​	312,508	​	​	324,034	​
Goodwill	​	​	8,392,249	​	​	8,414,577	​
Intangible assets, net	​	​	2,006,200	​	​	1,959,957	​
Other assets, net	​	​	109,147	​	​	106,803	​
Total assets	​	$	21,129,363	​	$	21,186,355	​
​ LIABILITIES AND SHAREHOLDERS’ EQUITY	​	​	​	​	​	​	​
Current liabilities:	​	​	​	​	​	​	​
Accounts payable	​	$	765,227	​	$	712,423	​
Book overdraft	​	​	14,674	​	​	8,560	​
Deferred revenue	​	​	416,025	​	​	424,835	​
Accrued liabilities	​	​	810,367	​	​	745,013	​
Current portion of operating lease liabilities	​	​	44,272	​	​	46,335	​
Current portion of contingent consideration	​	​	65,029	​	​	61,945	​
Current portion of long-term debt and notes payable	​	​	8,667	​	​	8,355	​
Total current liabilities	​	​	2,124,261	​	​	2,007,466	​
​	​	​	​	​	​	​	​
Long-term portion of debt and notes payable	​	​	8,811,104	​	​	9,093,831	​
Long-term portion of operating lease liabilities	​	​	267,000	​	​	278,167	​
Long-term portion of contingent consideration	​	​	19,667	​	​	19,216	​
Deferred income taxes	​	​	1,085,613	​	​	1,113,470	​
Other long-term liabilities	​	​	576,337	​	​	616,586	​
Total liabilities	​	​	12,883,982	​	​	13,128,736	​
Commitments and contingencies	​	​	​	​	​	​	​
Shareholders’ equity:	​	​	​	​	​	​	​
Common shares: Unlimited shares authorized; 255,661,011 shares issued and 255,614,663 shares outstanding at December 31, 2025; 254,260,257 shares issued and 254,213,909 shares outstanding at March 31, 2026	​	​	2,783,431	​	​	2,502,503	​
Additional paid-in capital	​	​	373,239	​	​	366,546	​
Accumulated other comprehensive loss	​	​	(111,044)	​	​	(141,783)	​
Treasury shares: 46,348 and 46,348 shares at December 31, 2025 and March 31, 2026, respectively	​	​	-	​	​	-	​
Retained earnings	​	​	5,199,755	​	​	5,330,353	​
Total shareholders’ equity	​	​	8,245,381	​	​	8,057,619	​
Total liabilities and shareholders’ equity	​	$	21,129,363	​	$	21,186,355	​

​

-4-

​

Waste Connections, Inc.

Condensed Consolidated Statements of Cash Flows

Three months ended march 31, 2025 and 2026

(Unaudited)

(in thousands of U.S. dollars)

​

	​	​	​	​	​	​	​
​	​	Three months ended March 31,					​
​	​ ​ ​	2025		​ ​ ​	2026
Cash flows from operating activities:	​	​	​	​	​	​	​
Net income	​	$	241,510	​	$	219,344	​
Adjustments to reconcile net income to net cash provided by operating activities:	​	​	​	​	​	​	​
Loss from disposal of assets, impairments and other	​	​	7,778	​	​	2,519	​
Adjustments to closure and post-closure liabilities	​	​	-	​	​	76,845	​
Depreciation	​	​	242,307	​	​	267,485	​
Amortization of intangibles	​	​	47,642	​	​	47,264	​
Deferred income taxes, net of acquisitions	​	​	36,165	​	​	28,537	​
Current period provision for expected credit losses	​	​	2,470	​	​	12,105	​
Amortization of debt issuance costs	​	​	2,034	​	​	2,163	​
Share-based compensation	​	​	23,438	​	​	17,587	​
Interest accretion	​	​	12,737	​	​	11,200	​
Adjustments to contingent consideration	​	​	(1,500)	​	​	-	​
Other	​	​	(1,013)	​	​	127	​
Net change in operating assets and liabilities, net of acquisitions	​	​	(72,029)	​	​	(139,578)	​
Net cash provided by operating activities	​	​	541,539	​	​	545,598	​
	​	​		​	​		​
Cash flows from investing activities:	​	​		​	​		​
Payments for acquisitions, net of cash acquired	​	​	(380,417)	​	​	(63,087)	​
Capital expenditures for property and equipment	​	​	(212,455)	​	​	(296,596)	​
Proceeds from disposal of assets	​	​	969	​	​	1,779	​
Other	​	​	(11,308)	​	​	2,203	​
Net cash used in investing activities	​	​	(603,211)	​	​	(355,701)	​
	​	​		​	​		​
Cash flows from financing activities:	​	​	​	​	​		​
Proceeds from long-term debt	​	​	782,904	​	​	1,156,176	​
Principal payments on notes payable and long-term debt	​	​	(541,737)	​	​	(843,898)	​
Payment of contingent consideration recorded at acquisition date	​	​	(20,137)	​	​	(4,108)	​
Change in book overdraft	​	​	(110)	​	​	(6,114)	​
Payments for repurchase of common shares	​	​	-	​	​	(283,959)	​
Payments for cash dividends	​	​	(81,477)	​	​	(88,746)	​
Tax withholdings related to net share settlements of equity-based compensation	​	​	(28,981)	​	​	(24,515)	​
Debt issuance costs	​	​	-	​	​	(4,008)	​
Proceeds from issuance of shares under employee share purchase plan	​	​	2,593	​	​	3,031	​
Proceeds from sale of common shares held in trust	​	​	324	​	​	-	​
Net cash provided by (used in) financing activities	​	​	113,379	​	​	(96,141)	​
​	​	​	​	​	​	​	​
Effect of exchange rate changes on cash, cash equivalents and restricted cash	​	​	(434)	​	​	(690)	​
	​	​		​	​		​
Net increase in cash, cash equivalents and restricted cash	​	​	51,273	​	​	93,066	​
Cash, cash equivalents and restricted cash at beginning of period	​	​	198,173	​	​	229,580	​
Cash, cash equivalents and restricted cash at end of period	​	$	249,446	​	$	322,646	​
	​	​		​	​		​
​	​	​	​	​	​	​	​

​

-5-

​

ADDITIONAL STATISTICS

(in thousands of U.S. dollars, except where noted)

​

​

Solid Waste Internal Growth:  The following table reflects a breakdown of the components of our solid waste internal growth for the three months ended March 31, 2026:

​

​	​	​	​
​	​ ​ ​	Three months ended March 31, 2026
Yield(a)	​	​	4.7%
Surcharges	​	​	(0.1%)
Unit Volume(a)	​	​	(1.5%)
Recycling	​	​	(0.5%)
Foreign Exchange Impact	​	​	0.5%
Total	​	​	3.1%
​	​	​	​
Core Price(b)	​	​	6.0%

​

​

-----------------------------------------------------------------------------

^(a) In the first quarter of 2026, WCN began providing a breakdown of organic growth in solid waste collection, transfer and disposal to include Yield and Unit Volume, which are performance metrics used by management to evaluate the effectiveness of our pricing and organic growth strategies.

Yield, or change in average price per unit of service, reflects the impacts of customer churn and new business activity and the resulting mix by line of business and by geographic segment;Unit Volume reflects estimated change in units of activity.  

​

^(b) Core Price is defined as the revenue growth attributable to price increases, net of rollbacks, on solid waste collection, transfer and disposal customers.  This definition is consistent with Core Price references provided in prior periods.

​

​

Revenue Breakdown: The following table reflects a breakdown of our revenue for the three-month periods ended March 31, 2025 and 2026:

​

​

​

​

​

​

​

​

Three months ended March 31, 2025

​

​

​ ​ ​

Revenue

​ ​ ​

Inter-company Elimination

​ ​ ​

Reported Revenue

​ ​ ​

%

Solid Waste Collection

​

$

1,621,077

​

$

(4,536)

​

$

1,616,541

​

72.5

%

Solid Waste Disposal and Transfer

​

​

658,023

​

​

(296,282)

​

​

361,741

​

16.2

%

Solid Waste Recycling

​

​

61,341

​

​

(2,084)

​

​

59,257

​

2.7

%

E&P Waste Treatment, Recovery and Disposal

​

​

150,899

​

​

(6,374)

​

​

144,525

​

6.5

%

Intermodal and Other

​

​

46,549

​

​

(437)

​

​

46,112

​

2.1

%

Total

​

$

2,537,889

​

$

(309,713)

​

$

2,228,176

​

100.0

%

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2026

​

​

​ ​ ​

Revenue

​ ​ ​

Inter-company Elimination

​ ​ ​

Reported Revenue

​ ​ ​

%

Solid Waste Collection

​

$

1,709,628

​

$

(5,182)

​

$

1,704,446

​

71.9

%

Solid Waste Disposal and Transfer

​

​

714,624

​

​

(328,515)

​

​

386,109

​

16.3

%

Solid Waste Recycling

​

​

53,649

​

​

(2,061)

​

​

51,588

​

2.2

%

E&P Waste Treatment, Recovery and Disposal

​

​

187,572

​

​

(8,013)

​

​

179,559

​

7.6

%

Intermodal and Other

​

​

49,346

​

​

(417)

​

​

48,929

​

2.0

%

Total

​

$

2,714,819

​

$

(344,188)

​

$

2,370,631

​

100.0

%

​

​

​

​

​

​

​

​

-6-

​

​

ADDITIONAL STATISTICS (continued)

(in thousands of U.S. dollars, except where noted)

​

​

Contribution from Acquisitions: The following table reflects revenues from acquisitions, net of divestitures, for the three- month periods ended March 31, 2025 and 2026:

​

	​			​
​	​	Three months ended March 31,
​	​ ​ ​	2025		​ ​ ​	2026
Acquisitions, net	​	$	129,298	​	$	55,253

​

​

Other Cash Flow Items: The following table reflects cash interest and cash taxes for the three-month periods ended March 31, 2025 and 2026:

​

	​			​
​	​	Three months ended March 31,
​	​ ​ ​	2025		​ ​ ​	2026
Cash Interest Paid	​	$	84,154	​	$	108,244
Cash Taxes Paid	​	​	22,176	​	​	21,873

​

​

Debt to Book Capitalization at March 31, 2026: 53%

​

​

Internalization for the three months ended March 31, 2026: 60%

​

​

Days Sales Outstanding for the three months ended March 31, 2026: 39 (23 net of deferred revenue)

​

​

Share Information for the three months ended March 31, 2026:

​

Basic shares outstanding		255,347,786
Dilutive effect of equity-based awards	​	525,900
Diluted shares outstanding	​	255,873,686

​

​

-7-

​

​

NON-GAAP RECONCILIATION SCHEDULE

(in thousands of U.S. dollars, except where noted)

​

Reconciliation of Adjusted EBITDA:

​

Adjusted EBITDA, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a performance and valuation measure in the solid waste industry.  Management uses adjusted EBITDA as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections’ operations.  Waste Connections defines adjusted EBITDA as net income, plus income tax provision, plus interest expense, less interest income, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on impairments and other operating items, plus other expense, less other income.  Waste Connections further adjusts this calculation to exclude the effects of other items management believes impact the ability to assess the operating performance of its business.  This measure is not a substitute for, and should be used in conjunction with, GAAP financial measures.  Other companies may calculate adjusted EBITDA differently.  

​

​

	​			​
​	​	Three months ended March 31,
​	​ ​ ​	2025		​ ​ ​	2026
Net income	​	$	241,510	​	$	219,344
Plus: Income tax provision	​	​	71,467	​	​	64,215
Plus: Interest expense	​	​	80,875	​	​	87,719
Less: Interest income	​	​	(1,770)	​	​	(3,113)
Plus: Depreciation and amortization	​	​	289,949	​	​	314,749
Plus: Closure and post-closure accretion	​	​	11,874	​	​	10,291
Plus: Impairments and other operating items	​	​	6,440	​	​	79,584
Less: Other income, net	​	​	(1,872)	​	​	(4,085)
Adjustments:	​	​	​	​	​	​
Plus: Transaction-related expenses(a)	​	​	11,970	​	​	2,360
Plus/(Less): Fair value changes to equity awards(b)	​	​	1,770	​	​	(1,536)
Adjusted EBITDA	​	$	712,213	​	$	769,528
​	​	​	​	​	​	​
As % of revenues	​	​	32.0%	​	​	32.5%

​

​

____________________________

(a) Reflects the addback of acquisition-related transaction costs.

(b) Reflects fair value accounting changes associated with certain equity awards.

​

-8-

​

​

NON-GAAP RECONCILIATION SCHEDULE (continued)

(in thousands of U.S. dollars, except where noted)

​

Reconciliation of Adjusted Free Cash Flow:

​

Adjusted free cash flow, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a liquidity measure in the solid waste industry.  Waste Connections calculates adjusted free cash flow as net cash provided by operating activities, plus or minus change in book overdraft, plus proceeds from disposal of assets, less capital expenditures for property and equipment.  Waste Connections further adjusts this calculation to exclude the effects of items management believes impact the ability to evaluate the liquidity of its business operations.  This measure is not a substitute for, and should be used in conjunction with, GAAP liquidity or financial measures.  Other companies may calculate adjusted free cash flow differently.

​

​

	​			​
​	​	Three months ended March 31,
​	​ ​ ​	2025		​ ​ ​	2026
Net cash provided by operating activities	​	$	541,539	​	$	545,598
Less: Change in book overdraft	​	​	(110)	​	​	(6,114)
Plus: Proceeds from disposal of assets	​	​	969	​	​	1,779
Less: Capital expenditures for property and equipment	​	​	(212,455)	​	​	(296,596)
Adjustments:	​	​		​	​
Transaction-related expenses(a)	​	​	2,392	​	​	1,614
Pre-existing Progressive Waste share-based grants(b)	​	​	16	​	​	-
Executive separation costs(c)	​	​	449	​	​	-
Tax effect(d)	​	​	(725)	​	​	(404)
Adjusted free cash flow	​	$	332,075	​	$	245,877
	​			​	​
As % of revenues	​	​	14.9%	​	​	10.4%

​

​

___________________________

(a) Reflects the addback of acquisition-related transaction costs.

(b) Reflects the cash settlement of pre-existing Progressive Waste share-based awards during the period.

(c) Reflects the cash component of severance expense associated with an executive departure from 2023.

(d) The aggregate tax effect of footnotes (a) through (c) is calculated based on the applied tax rates for the respective periods.

​

-9-

​

​

NON-GAAP RECONCILIATION SCHEDULE (continued)

(in thousands of U.S. dollars, except per share amounts)

​

Reconciliation of Adjusted Net Income and Adjusted Net Income per Diluted Share:

​

Adjusted net income and adjusted net income per diluted share, both non-GAAP financial measures, are provided supplementally because they are widely used by investors as valuation measures in the solid waste industry.  Management uses adjusted net income and adjusted net income per diluted share as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections’ operations.  Waste Connections provides adjusted net income to exclude the effects of items management believes impact the comparability of operating results between periods.  Adjusted net income has limitations due to the fact that it excludes items that have an impact on the Company’s financial condition and results of operations.  Adjusted net income and adjusted net income per diluted share are not a substitute for, and should be used in conjunction with, GAAP financial measures.  Other companies may calculate these non-GAAP financial measures differently.  

​

​

	​			​
​	​	Three months ended March 31,
​		2025		​ ​	2026
Reported net income	​	$	241,510	​	$	219,344
Adjustments:	​	​	​	​	​	​
Amortization of intangibles(a)	​	​	47,642	​	​	47,264
Impairments and other operating items(b)	​	​	6,440	​	​	79,584
Transaction-related expenses(c)	​	​	11,970	​	​	2,360
Fair value changes to equity awards(d)	​	​	1,770	​	​	(1,536)
Tax effect(e)	​	​	(16,212)	​	​	(32,136)
Adjusted net income	​	$	293,120	​	$	314,880
Diluted earnings per common share:	​	​	​	​	​	​
Reported net income	​	$	0.93	​	$	0.86
Adjusted net income	​	$	1.13	​	$	1.23

​

​

____________________________

(a) Reflects the elimination of the non-cash amortization of acquisition-related intangible assets.

(b) Reflects the addback of impairments and other operating items.

(c) Reflects the addback of acquisition-related transaction costs.

(d) Reflects fair value accounting changes associated with certain equity awards.

(e) The aggregate tax effect of the adjustments in footnotes (a) through (d) is calculated based on the applied tax rates for the respective periods.

-10-

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 412.5 KB

Other Documents

• EX-101 EX-101.SCH 3.5 KB
• EX-101 EX-101.DEF 3.1 KB
• EX-101 EX-101.LAB 17.5 KB
• EX-101 EX-101.PRE 11.6 KB