Waste Connections

WCN

Market cap $42.1B

Waste Connections has outpaced a falling industry, fueled by a steady EPS growth outlook, active acquisitions adding revenues and a rising dividend signal.

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Waste Connections is a leading North American waste services provider, posting solid growth through acquisitions and cost controls, but trades near fair value. WCN's Q3 results beat expectations, with solid free cash flow and continued acquisition momentum, but higher CAPEX and debt-financed deals raise caution. Dividend growth continues with their 15th consecutive annual double-digit increase, but yield remains low, with the new buyback program advancing.

Waste Connections (WCN) reported earnings 30 days ago. What's next for the stock?

Waste Connections (WCN) remains a disciplined compounder, leveraging pricing power, route density, and municipal contracts to drive stable, resilient growth. WCN's Q3 results highlight robust free cash flow conversion, mid-30s EBITDA margins, and steady organic revenue growth, supporting a predictable compounding story. Trading at ~17.7x forward EV/EBITDA, slightly below its 5-year average, WCN offers 30-35% upside as FCF per share compounds through FY27.

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WCN third-quarter 2025 earnings and revenues beat on solid waste gains, but shares stay muted despite the upbeat results.

Waste Connections, Inc. demonstrates strong pricing power and margin expansion but faces volume softness, commodity headwinds, and regulatory risks. Waste Connections benefits from exclusive and secondary markets, supporting pricing control and operational efficiency, while workforce and safety improvements aid margins. Volume declines, weak recycling prices, and ongoing Elevated Temperature Landfill (ETLF) litigation/regulatory issues present significant near-term challenges for WCN.

Waste Connections, Inc. (NYSE:WCN ) Q3 2025 Earnings Call October 22, 2025 8:30 AM EDT Company Participants Ronald Mittelstaedt - Founder, CEO, President & Director Mary Whitney - Executive VP & CFO Conference Call Participants Patrick Brown - Raymond James & Associates, Inc., Research Division Noah Kaye - Oppenheimer & Co. Inc., Research Division Konark Gupta - Scotiabank Global Banking and Markets, Research Division Chris Murray - ATB Capital Markets Inc., Research Division Kevin Chiang - CIBC Capital Markets, Research Division James Schumm - TD Cowen, Research Division Tobey Sommer - Truist Securities, Inc., Research Division Sabahat Khan - RBC Capital Markets, Research Division William Grippin - Barclays Bank PLC, Research Division Tami Zakaria - JPMorgan Chase & Co, Research Division Michael Doumet - National Bank Financial, Inc., Research Division Shlomo Rosenbaum - Stifel, Nicolaus & Company, Incorporated, Research Division Yehuda Silverman - Morgan Stanley, Research Division Trevor Romeo - William Blair & Company L.L.C., Research Division Stephanie Benjamin Moore - Jefferies LLC, Research Division George Bancroft - Gabelli Funds, LLC Presentation Operator Good morning, everyone, and welcome to the Waste Connections, Inc. Q3 2025 Earnings Call.

Although the revenue and EPS for Waste Connections (WCN) give a sense of how its business performed in the quarter ended September 2025, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.