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Mar 31
Waste Connections Q1 2025 Earnings Report
Waste Connections delivered better-than-expected results in Q1 2025, led by price-driven growth and active M&A.
Key Takeaways
Waste Connections exceeded its outlook for Q1 2025 with strong revenue, solid net income, and record adjusted EBITDA margin, bolstered by pricing strength and acquisitions.
Revenue reached $2.228 billion, surpassing expectations.
Net income came in at $241.5 million, with adjusted EPS of $1.13.
Adjusted EBITDA margin improved to 32.0%.
Year-to-date acquisitions contributed over $125 million in annualized revenue.
Waste Connections
Waste Connections
Waste Connections Revenue by Segment
Revenue by Segment
Solid Waste Collection Revenue
CapyFin.comSolid Waste Disposal & Transfer Revenue
CapyFin.comSolid Waste Recycling Revenue
CapyFin.comE&P Waste Treatment Revenue
CapyFin.comIntermodal & Other Revenue
CapyFin.com Forward Guidance
Waste Connections is positioned for a strong 2025 with continued acquisition momentum and pricing discipline.
Positive Outlook
- Continued acquisition activity with $125M+ in annualized revenue.
- Core pricing strength supports margin expansion.
- Improving employee retention for the tenth straight quarter.
- Record safety performance during Q1.
- Strong financial flexibility for further capital returns.
Challenges Ahead
- Volume weakness due to prolonged weather events.
- Surcharges and FX had a slightly negative impact on growth.
- Rising operating expenses and SG&A costs.
- Lower capital efficiency due to increased capital expenditures.
- Intermodal and landfill segments showed revenue declines YoY.
Revenue & Expenses
Visualization of income flow from segment revenue to net income