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Jun 30, 2025
Waste Connections Q2 2025 Earnings Report
Waste Connections posted solid Q2 2025 results with revenue growth and improved profitability despite economic headwinds.
Key Takeaways
Waste Connections reported strong Q2 2025 results with revenue of $2.407 billion and net income of $290.3 million. Adjusted EPS reached $1.29, driven by solid waste core pricing growth and improved safety performance. Operating income rose to $459.5 million, and adjusted EBITDA margin improved to 32.7%. The company maintained its full-year outlook, citing a strong acquisition pipeline and robust cash flow generation.
Revenue increased to $2.407 billion, up from $2.248 billion in Q2 2024
Net income grew to $290.3 million, with EPS of $1.12
Adjusted EPS reached $1.29, reflecting higher core pricing and efficiency gains
Free cash flow remained strong at $367 million despite higher capital expenditures
Revenue by Segment
Forward Guidance
The company maintained its full-year 2025 outlook, projecting revenue of $9.45 billion and adjusted EBITDA margin expansion to 33%, supported by acquisitions and improved commodity-related activity.
Positive Outlook
- Full-year revenue outlook reaffirmed at $9.45 billion
- Expected adjusted EBITDA margin expansion to 33%
- Strong acquisition pipeline with $200 million annualized revenue added
- Robust free cash flow generation to support shareholder returns
- Upside potential from improving commodity-related activity
Challenges Ahead
- Headwinds from weaker commodity-related activities persist
- Continued sluggishness in the economy
- Tariff-induced uncertainties remain a risk
- Incremental operational headwinds affecting volumes
Historical Earnings Impact
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Avg. Return Before/After Earnings
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