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Dec 31, 2025
Waste Connections Q4 2025 Earnings Report
Waste Connections reported fourth quarter 2025 results with higher revenue, strong operating income, and improved margins compared to the prior year period.
Key Takeaways
In Q4 2025, Waste Connections generated $2373306000 in revenue and $258499000 in net income, compared to a net loss in the prior year. Operating income was $420828000 and adjusted EBITDA reached $795591000, reflecting margin expansion and continued solid waste pricing strength.
Revenue increased to $2373306000, driven by core pricing and acquisitions.
Net income improved to $258499000 from a net loss in the prior year quarter.
Operating income totaled $420828000, reflecting significantly lower impairments year over year.
Adjusted EBITDA rose to $795591000 with margin expansion to 33.5%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, Waste Connections expects revenue between $9900000000 and $9950000000 and net income between $1223000000 and $1238000000, with adjusted EBITDA projected between $3300000000 and $3325000000 and adjusted free cash flow between $1400000000 and $1450000000.
Positive Outlook
- Revenue expected to grow to between $9900000000 and $9950000000.
- Net income projected in the range of $1223000000 to $1238000000.
- Adjusted EBITDA expected between $3300000000 and $3325000000.
- Adjusted free cash flow projected between $1400000000 and $1450000000.
- Operating cash flow expected between $2650000000 and $2700000000.
Challenges Ahead
- Outlook assumes no change in the current economic environment.
- Capital expenditures expected to remain high at approximately $1250000000.
- Guidance excludes transaction-related expenses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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