The second upward revision to full-year guidance in 2026 signals accelerating operational momentum. Watch the Q4 earnings call for updates on acquisition pipeline and E&P waste activity, which management cites as potential incremental upside drivers.
Price Chart
Executive Summary
Waste Connections reported Q3 2026 results that beat consensus estimates on both revenue and adjusted EPS, driven by strong operational execution, improving landfill volumes, and commodity-driven revenue. The company raised its full-year 2026 outlook for revenue and adjusted EBITDA for the second time this year, increased its quarterly dividend by 10%, and completed over $1 billion in year-to-date share repurchases.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $2.638B, up 7.3% YoY from $2.458B
- Adjusted net income per diluted share of $1.58, up 9.7% YoY from $1.44
- Adjusted EBITDA of $895.8M, up 7.9% YoY from $830.3M; margin expanded 20bps to 34.0%
- Raised full-year 2026 revenue outlook to ~$10.09B and adjusted EBITDA to ~$3.345B
- Increased quarterly dividend by 10% to $0.385/share (sixteenth consecutive annual increase)
- Year-to-date share repurchases of over $1 billion, representing 2.5% of outstanding shares
- Year-to-date closed acquisitions of approximately $130M in annualized revenues
Financial Impact
Revenue beat consensus by ~$118M (4.7%); adjusted EPS beat by $0.20 (14.5%)
Risk Factors
- Late-quarter diesel price surge could pressure margins if sustained
- Debt-to-book capitalization increased to 54% from 53% at Q1 2026
- Solid waste unit volumes remained negative at -1.2% in Q3, though improving sequentially
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-117838 |
| Document: wcn-20261021x8k.htm | 0001104659-26-117838 |
| Document: 0001104659-26-117838-index-headers.html | 0001104659-26-117838 |
| Document: 0001104659-26-117838-index.html | 0001104659-26-117838 |
| Document: 0001104659-26-117838.txt | 0001104659-26-117838 |
| 8-K Data (Synthetic) | 0001104659-26-117838 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $184.88 $186.60 | ▲ +0.93% | ▲ +1.45% | $182.24 (−1.43%) |
Oct 20, 2026 6d ago | Institutional Cluster | $168.28 $184.88 | ▲ +9.86% | ▲ +11.05% | $182.24 (+8.29%) |
Oct 12, 2026 15d ago | Institutional Cluster | $153.71 $153.67 | ▼ −0.03% | ▼ −0.01% | $182.24 (+18.56%) |
Aug 21, 2026 9w ago | Insider Cluster | $168.97 $166.15 | ▼ −1.67% | ▼ −1.99% | $182.24 (+7.85%) |
Aug 20, 2026 9w ago | Insider Cluster | $169.40 $168.97 | ▼ −0.25% | ▲ +0.04% | $182.24 (+7.58%) |
Jul 31, 2026 12w ago | Insider Cluster | $167.81 $165.57 | ▼ −1.33% | ▼ −3.14% | $182.24 (+8.60%) |
Jul 27, 2026 13w ago | 424B5 | $169.35 $169.22 | ▼ −0.08% | ▼ −0.32% | $182.24 (+7.61%) |
Jun 9, 2026 19w ago | Insider Cluster | $159.03 $155.47 | ▼ −2.24% | ▼ −3.94% | $182.24 (+14.59%) |
May 15, 2026 23w ago | 8-K | $158.92 $157.37 | ▼ −0.98% | ▼ −0.33% | $182.24 (+14.67%) |
May 12, 2026 24w ago | Insider Cluster | $156.61 $158.92 | ▲ +1.48% | ▲ +1.54% | $182.24 (+16.36%) |
US Market Status
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