Waste Connections, Inc

wasteconnections.com

What Do They Do?

Handles non-hazardous waste collection, transfer, disposal and recycling for households, businesses and municipalities; also treats oilfield waste and moves cargo and waste containers by rail.

How Do They Make Money?

Collection customers pay under service agreements, municipal contracts, franchise arrangements or household subscriptions; households are billed monthly or quarterly in advance and commercial customers monthly. Landfill and transfer fees depend on waste volume and are charged when service is performed; recycling revenue comes from selling materials.

revenue

Segment	Share	Revenue
Western	20% FY2022: 20%
Southern	20% FY2022: 21%
Eastern	18% FY2022: 17%
Central	17% FY2022: 18%
Canada	14% FY2022: 13%
MidSouth	12% FY2022: 11%

Who Are Their Customers?

Households subscribe for residential collection, while businesses and public agencies use service agreements, municipal contracts or franchise arrangements.

Do Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025 and turned 13 cents into free cash flow.

Operating income, FY2025

18% of revenue

▲ +60% vs FY2024 ($1.1B, 12%)

Net income, FY2025

11% of revenue

▲ +74% vs FY2024 ($617.6M, 7%)

Free cash flow, FY2025

13% of revenue

▲ +5% vs FY2024 ($1.2B, 13%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +7%; vs $2.5B in Q3 FY2025
Net income: ▲ +25%; vs $286.3M in Q3 FY2025

Southern share of revenue vs 19.7% in Q3 FY2025

Jul 22, 2026 Raises its full-year financial outlook Revenue outlook is $10.02 billion to $10.05 billion, and adjusted EBITDA outlook is $3.33 billion to $3.34 billion.

Growing. Revenue grew 54% in 4 years, from $6.2B in FY2021 to $9.5B in FY2025, about 11% a year.

Revenue over time

Western Southern Eastern Central Canada MidSouth

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Waste Management, Republic Services, GFL Environmental, Clean Harbors, Secure Waste Infrastructure, Select Water Solutions, Ecoserv, Oilfield Water Logistics, Albright Flush Systems, and Plains Environmental

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