Welcome to our dedicated page for Waste Connections SEC filings (Ticker: WCN), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Waste Connections, Inc. files its annual report describing a large, diversified solid waste business across 46 U.S. states and six Canadian provinces. The company provides non-hazardous collection, transfer, landfill disposal, recycling, renewable fuels and E&P waste services, managed through six decentralized geographic segments.
Growth combines internal expansion with acquisitions, including 19 acquisitions in 2025 for net fair value of $966.8 million, following $2.228 billion in 2024 and $766.2 million in 2023. As of December 31, 2025, the workforce totaled about 24,214 employees, 44% ethnic minorities and 17% women, with 16% covered by collective bargaining agreements.
Safety is a core value, with behavior-based programs and technology delivering a 13% reduction in incident rates in 2025, achieving an aspirational target versus 2018 levels. Voluntary turnover fell 17% year over year and over 50% since 2022, supported by Servant Leadership training, driver academies and new benefits such as DailyPay and enhanced health programs.
The company highlights $500 million committed to long-term ESG targets, including lower Scope 1 and 2 emissions, more resource recovery and expanded landfill gas recovery, with 61 landfills already equipped with gas systems and over a dozen renewable natural gas projects in development. It operates 77 MSW landfills, 20 E&P landfills and caverns, and 17 non-MSW landfills, with an average remaining life of about 34 years when probable expansions are included.
The report also details extensive U.S. and Canadian regulatory frameworks governing waste, air, water, hazardous substances, PFAS, methane and occupational safety. Management notes that evolving rules, especially around PFAS and greenhouse gases, could increase compliance costs, affect customers’ E&P activity and influence long-term demand and operating requirements.
Waste Connections reported higher fourth quarter and full year 2025 results and issued a 2026 outlook. Q4 2025 revenue rose to $2.37 billion from $2.26 billion, with adjusted EBITDA increasing to $795.6 million and margin improving to 33.5%.
For 2025, revenue grew to $9.47 billion and net income rose to $1.08 billion, or $4.17 per diluted share. Adjusted EBITDA reached $3.13 billion with a 33.0% margin, and adjusted free cash flow was $1.26 billion. The company completed about $330 million of acquired annualized revenue and repurchased over $500 million of shares. For 2026, it targets adjusted EBITDA of $3.30–$3.33 billion and adjusted free cash flow of $1.40–$1.45 billion, implying double-digit growth in adjusted free cash flow.
Waste Connections, Inc. reported an insider share purchase by an officer. Aaron Bradley, Senior Vice President of Performance Optimization, acquired 36 common shares of Waste Connections on December 31, 2025 at a price of $166.59 per share through the company’s 2020 Employee Share Purchase Plan. The filing states these shares were bought for the offering period from July 1, 2025 to December 31, 2025 at 95% of the New York Stock Exchange closing price on December 31, 2025, as provided under the plan. After this transaction, Bradley beneficially owns 6,280 common shares, held directly.
Waste Connections, Inc. executive Jason Craft, Executive Vice President & COO, reported a small share purchase under the company’s employee stock plan. On 12/31/2025, he acquired 43 common shares of Waste Connections at $166.59 per share through the Waste Connections, Inc. 2020 Employee Share Purchase Plan for the offering period from July 1, 2025 to December 31, 2025. Following this transaction, he beneficially owns 29,663 common shares, held directly.
Waste Connections, Inc. reported that officer Matthew Black, Sr VP Chief Tax Officer, acquired additional company stock through an employee share purchase program. On December 31, 2025, he acquired 13 common shares of Waste Connections at a price of $166.59 per share. These shares were purchased under the company’s 2020 Employee Share Purchase Plan for the offering period from July 1, 2025 to December 31, 2025, which allows purchases at 95% of the closing price on the New York Stock Exchange on the purchase date. Following this transaction, Matthew Black beneficially owns 38,257 common shares, held directly.
Waste Connections, Inc. officer Domenico (Dan) Pio, Senior Vice President of Operations, reported acquiring additional company shares through an employee share purchase program. On December 31, 2025, he obtained 58 common shares of Waste Connections at a price of $166.59 per share under the company’s 2020 Employee Share Purchase Plan for the July 1, 2025 to December 31, 2025 offering period. Following this transaction, he beneficially owns 6,531 common shares, held directly.
The filing notes that the purchase price was set at 95% of the New York Stock Exchange closing price on December 31, 2025, and that Canadian dollar amounts related to the plan were converted to U.S. dollars using a Bank of Canada exchange rate of CAN $1 = US $.73 on that date.
Waste Connections, Inc. executive Patrick James Shea reported an insider disposition of company common shares. On 12/12/2025, a transaction coded “G” involved 160 common shares being disposed of at a reported price of $0.00 per share. Following this transaction, Shea directly beneficially owned 20,511 common shares of Waste Connections. Shea is identified as Executive Vice President, General Counsel & Secretary, and the filing is made as a single reporting person.
Waste Connections, Inc. executive reports share sale
A senior vice president of operations at Waste Connections, Inc. reported selling 2,000 common shares on 12/10/2025 at a price of $167.59 per share. After this transaction, the executive directly beneficially owns 1,250 common shares of the company. This filing is a routine disclosure required for company insiders when they buy or sell the company’s stock.
The Vanguard Group filed Amendment No. 10 to Schedule 13G/A on Waste Connections (WCN), reporting beneficial ownership of 31,584,815 shares, representing 12.28% of the company’s common stock as of 09/30/2025.
Vanguard reports 0 shares with sole voting power and 3,501,113 with shared voting power. It has 27,676,137 shares with sole dispositive power and 3,908,678 with shared dispositive power. The filing states the securities were acquired and are held in the ordinary course of business and not to change or influence control. Vanguard’s clients have rights to dividends or sale proceeds related to the reported securities, with no other individual client exceeding 5% of the class.
Waste Connections (WCN) reported an insider transaction on a Form 4. A company director sold 9,000 common shares on 10/28/2025 at a price of $174.4364 per share. After this sale, the director beneficially owns 14,883 shares, held directly.