Waste Connections reported a strong start to Q1 2026, exceeding expectations with revenue and adjusted EBITDA growth driven by solid waste organic growth and acquisition activity. The company highlighted operational momentum, record safety performance, and strategic technology investments, positioning it well for the full year with potential upside.
Revenue of $2.371 billion, up 6.4% year over year, exceeding expectations.
positiveAdjusted EBITDA of $769.5 million, up 8.0% year over year, exceeding expectations.
positiveAdjusted EBITDA margin of 32.5%, up 50 basis points year over year, exceeding expectations.
positiveAdjusted net income per diluted share of $1.23, up from $1.13 in the prior year period.
positiveYear-to-date share repurchases of approximately 1% of outstanding shares, totaling over $360 million.
positiveSolid waste internal growth of 3.1%, driven by a yield of 4.7% and core price of 6.0%.
positiveOperating income was $364.1 million, a decrease from $390.2 million in the prior year period, impacted by $80.4 million in impairments related to adjustments to landfill closure and post closure costs.
attentionNet income decreased to $219.3 million from $241.5 million in the prior year period.
negativeDiluted earnings per share decreased to $0.86 from $0.93 in the prior year period.
negativeAdjusted free cash flow as a percentage of revenues decreased to 10.4% from 14.9% in the prior year period.
attentionCapital expenditures for property and equipment increased significantly to $296.6 million from $212.5 million in the prior year period.
attentionContribution from acquisitions decreased to $55.3 million from $129.3 million in the prior year period.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Solid Waste Collection | N/A | — | — | — |
Solid Waste Disposal and Transfer | N/A | — | — | — |
Solid Waste Recycling | N/A | — | — | — |
E&P Waste Treatment, Recovery and Disposal | N/A | — | — | — |
Intermodal and Other | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
$600 million · early March · funded by public debt market
approximately 1% of shares outstanding · year-to-date · funded by free cash flow
about 2.75 times · quarter end · funded by free cash flow and portfolio management proceeds · target: net debt to EBITDA
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Extremely pleased by the strong start to 2026 and remain well-positioned for the full year, with upside potential from commodity-related impacts, solid waste organic growth and additional acquisitions.
Results reflect consistency of execution as we continue to benefit from operating momentum from improved employee engagement, with safety performance at record levels and voluntary turnover now below 10%.
Well-positioned for incremental benefits from higher fuel and other commodities, as well as strong pricing retention and increased special waste activity, and also longer term as a result of our expanding use of A.I. through technology-related investments.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.