Waste Connections Delivers Q3 Beat, Increases Dividend 10%, and Raises Full-Year 2026 Outlook

Executive Summary

On October 21, 2026, Waste Connections, Inc. (NYSE/TSX: WCN) filed a Current Report on Form 8-K under Items 2.02 and 7.01 disclosing its financial results for the third quarter ended September 30, 2026, alongside an upward revision to its full-year 2026 financial guidance.

Key Financial Highlights

Q3 2026 vs. Q3 2025

• Revenue: $2.638 billion, up 7.3% year-over-year compared to $2.458 billion in Q3 2025.
• Operating Income: $541.7 million, compared to $439.6 million in the prior-year period.
• Net Income: $359.2 million ($1.43 per diluted share on 251.9 million shares), up 25.5% compared to $286.3 million ($1.11 per diluted share on 257.6 million shares) in Q3 2025.
• Adjusted Net Income (Non-GAAP): $398.9 million ($1.58 per diluted share), compared to $372.0 million ($1.44 per diluted share) in Q3 2025.
• Adjusted EBITDA (Non-GAAP): $895.8 million (34.0% of revenue), expanding from $830.3 million in the prior-year period.

Nine-Month Year-to-Date (YTD) 2026

• Revenue: $7.570 billion, compared to $7.094 billion in the first nine months of 2025.
• Operating Income: $1.343 billion, compared to $1.289 billion in 2025.
• Net Income: $875.0 million ($3.45 per diluted share), up from $818.1 million ($3.16 per diluted share).
• Adjusted EBITDA: $2.505 billion, up from $2.329 billion.

Capital Allocation & Shareholder Returns

• Dividend Increase: Raised regular quarterly cash dividend by 10%, representing the company's sixteenth consecutive year of double-digit percentage dividend increases.
• Share Repurchases: Repurchased more than $1.0 billion of common shares year-to-date, retiring approximately 2.5% of total outstanding shares.
• M&A Activity: Completed acquisitions year-to-date representing approximately $130 million in annualized revenues.

Raised Full-Year 2026 Guidance

Waste Connections raised its full-year 2026 financial outlook for the second time this fiscal year:

• Revenue: Approximately $10.09 billion.
• Net Income: Approximately $1.18 billion.
• Adjusted EBITDA: Approximately $3.345 billion.
• Capital Expenditures: Approximately $1.25 billion.
• Net Cash Provided by Operating Activities: Between $2.64 billion and $2.69 billion.
• Adjusted Free Cash Flow: Between $1.40 billion and $1.45 billion.