01—Abstract
Summary
Summary of the 10-Q filed July 24, 2025. Cited figures are marked; the original filing is the authoritative source.
Waste Connections, Inc. reported second-quarter 2025 revenues of $2.407 billiona, up from $2.248 billion a year earlier, and net income of $290.3 million, up from $275.4 million.
For the six months ended June 30, 2025, revenues were $4.635 billionb and net income was $531.8 million. Operating income rose to $459.5 million for the quarter, and diluted EPS was $1.12 versus $1.07. The filing attributes the revenue growth primarily to price increases and acquisitions, partially offset by volume losses of $56.2 million in the quarter.
Adjusted EBITDA was $786.4 millionc for the quarter, and net cash from operating activities was $1.180 billion for the six months. Cash dividends were $0.315 per share in the quarter. The balance sheet showed total assets of $20.68 billion and total liabilities of $12.32 billion at June 30, 2025, with a working capital deficit of $651.5 million.
Long-term debt and notes payable totaled $8.34 billiond. In June 2025 the company issued $500 million of 5.25% Senior Notes due 2035. Capital expenditures for the six months were $497.8 million, and full-year 2025 capital expenditures are expected to be between $1.200 billion and $1.250 billion.
The most significant risk disclosure concerns the Chiquita Canyon Landfill in Los Angeles County, where an elevated temperature landfill event has led to numerous NOVs, civil suits involving approximately 9,700 plaintiffs, and a County lawsuit seeking an injunction and a receiver; the company cannot currently determine the likelihood or amount of outcomes. Subsequent to June 30, 2025, the company repurchased 1,297,239 shares for $240.2 million and the board declared a quarterly dividend of $0.315 per share.
02—Key points
Key Highlights
- Q2 2025 revenue of $2.407 billion, up from $2.248 billion; six-month revenue of $4.635 billion, up from $4.321 billion.
- Q2 2025 operating income of $459.5 million (19.1% of revenue) versus $424.7 million in Q2 2024; net income of $290.3 million versus $275.4 million.
- Diluted EPS of $1.12 for Q2 2025 versus $1.07; adjusted diluted EPS of $1.29 versus $1.24 as stated in the filing's non-GAAP reconciliation.
- Net price increases of $132.8 million in Q2 2025 at existing operations, partially offset by volume losses of $56.2 million.
- Six-month operating cash flow of $1.180 billion; capital expenditures of $497.8 million; 2025 capex guidance of $1.200 billion to $1.250 billion.
- Chiquita Canyon Landfill litigation and regulatory matters, including about 9,700 civil plaintiffs and a County of Los Angeles lawsuit seeking an injunction, remain unresolved, with no determinable outcome stated by the company.
- Subsequent to June 30, 2025, the company repurchased 1,297,239 common shares for $240.2 million and declared a $0.315 quarterly dividend.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2025, Waste Connections kept $0.12.
- Revenue$2.41B100.0%
- Cost of revenue−$1.39B57.9%
- Gross profit$1.01B42.1%
- Operating costs−$554.7M23.0%
- Operating income$459.5M19.1%
- Interest, other & tax−$169.3M7.0%
- Net income$290.3M12.1%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed July 24, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $2.41B$2.25B | +7.1% |
| Cost of Revenue | $1.39B$1.30B | +7.1% |
| Gross Profit | $1.01B$947.10M | +7.1% |
| SG&A Expenses | $242.97M$228.85M | +6.2% |
| Operating Income | $459.55M$424.70M | +8.2% |
| Net Income | $290.28M$275.40M | +5.4% |
| EPS (Basic) | $1.12$1.07 | +4.7% |
| EPS (Diluted) | $1.12$1.07 | +4.7% |
| Shares Outstanding (Basic) | 258.38M257.99M | +0.1% |
| Shares Outstanding (Diluted) | 258.98M258.57M | +0.2% |
05—Questions
Frequently Asked Questions
How did Waste Connections perform financially in the second quarter of 2025?
Revenue rose to $2.407 billion from $2.248 billion, and net income attributable to Waste Connections rose to $290.3 million from $275.5 million. Operating income increased to $459.5 million from $424.7 million, driven mainly by price increases and acquisitions, partly offset by increased risk management, labor and benefits costs.
What is the status of the Chiquita Canyon Landfill matters?
Chiquita Canyon, LLC closed active waste disposal as of December 31, 2024. The company faces numerous NOVs from SCAQMD and other agencies, civil suits involving approximately 9,700 plaintiffs, and a County of Los Angeles complaint seeking an injunction. The company states it is not able to determine the likelihood of any outcome or the likely penalties.
How is the company's balance sheet and debt position?
At June 30, 2025, total assets were $20.68 billion and total liabilities were $12.32 billion. Long-term debt and notes payable were $8.34 billion, and the revolver balance was $1.906 billion. The company had a working capital deficit of $651.5 million and cash and equivalents of $110.2 million.
What capital allocation actions did the company take?
The company issued $500 million of 5.25% Senior Notes due 2035 in June 2025, paid $162.95 million in dividends in the six months, and repurchased 2,100 shares for $389 thousand during the period. After June 30, 2025, it repurchased 1,297,239 shares for $240.2 million, and the board approved a quarterly dividend of $0.315.
What are the company's expectations for 2025 capital spending?
The company expects total capital expenditures for property and equipment in 2025 of between approximately $1.200 billion and $1.250 billion, including $100 million to $150 million for renewable natural gas facilities, to be funded mainly from cash on hand, internally generated funds and revolver borrowings.
06—Continue