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Waste Connections 8-K Report, Financial Results (Jul 23, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed July 23, 2025
Period End
July 23, 2025
Security
WCN
In the record · 2016–202610-K1110-Q328-K180

WCN filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 180 current reports (8-K) between 2016 and 2026.

  1. Auditor change8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Aug ’19Aug ’19
  3. Material agreement8-K · Aug ’22Aug ’22
  4. Material agreement8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed July 23, 2025. Cited figures are marked; the original filing is the authoritative source.

Waste Connections, Inc. (TSX/NYSE: WCN) reported second quarter 2025 results on July 23, 2025, with revenue of $2.407 billiona, up from $2.248 billion a year earlier, and operating income of $459.5 million versus $424.7 million.

Net income attributable to Waste Connections was $290.3 millionb, or $1.12 per diluted share, compared with $275.5 million, or $1.07 per diluted share, in the prior-year period. Adjusted net income was $333.1 million, or $1.29 per diluted share, and adjusted EBITDA was $786.4 million, or 32.7% of revenue, compared with $731.8 million in the prior-year quarter. The company stated that solid waste core price grew 6.6% in the quarter, and that results were above its outlook for the quarter despite lower-than-expected contributions from commodity-related activities and economic sluggishness.

For the full year 2025, the company maintained its outlook for approximately $9.450 billionc in revenue and $3.120 billion in adjusted EBITDA, about 33.0% of revenue, and it estimated adjusted free cash flow of approximately $1.300 billion. Capital expenditures are expected to be between $1.200 billion and $1.250 billion. Management said the outlook remains within the ranges provided in February and excludes the effect of additional acquisitions.

Waste Connections has completed acquisitions with approximately $200 milliond in annualized revenue so far in 2025, and it noted opportunistic share repurchases were already underway. Six-month results showed revenue of $4.635 billion, operating income of $849.8 million, net income of $531.8 million, and adjusted EBITDA of $1.499 billion.

Cash flow from operations for the six months was $1.180 billion, and capital expenditures were $497.8 million. The company also furnished Exhibit 99.1, a press release announcing these second quarter 2025 results and updated outlook, and it scheduled a conference call for July 24, 2025.

02—Key points

Key Highlights

  1. Q2 2025 revenue of $2.407 billion, up from $2.248 billion in the prior-year quarter.
  2. Q2 2025 net income attributable to Waste Connections of $290.3 million, or $1.12 per diluted share, versus $1.07 per diluted share a year earlier.
  3. Q2 2025 adjusted EBITDA of $786.4 million, or 32.7% of revenue, up from $731.8 million; adjusted net income of $333.1 million, or $1.29 per diluted share.
  4. Solid waste core price growth of 6.6% in Q2 2025, with solid waste volume down 2.6% in the quarter.
  5. Full-year 2025 outlook maintained: revenue of approximately $9.450 billion, adjusted EBITDA of approximately $3.120 billion (about 33.0% of revenue), and adjusted free cash flow of approximately $1.300 billion.
  6. Approximately $200 million in annualized revenue acquired so far in 2025, with opportunistic share repurchases already underway.
  7. Six-month 2025 net cash provided by operating activities of $1.180 billion, versus $1.102 billion in the prior-year period.

03—Questions

Frequently Asked Questions

  1. How did Waste Connections perform in the second quarter of 2025?

    Revenue rose to $2.407 billion from $2.248 billion, operating income increased to $459.5 million from $424.7 million, and diluted earnings per share were $1.12 versus $1.07. Adjusted EBITDA was $786.4 million, or 32.7% of revenue. The company said results were above its outlook for the quarter.

  2. Did the company change its full-year 2025 outlook?

    No, the company said its full-year 2025 outlook remains within the ranges it gave in February. It estimates revenue of about $9.450 billion, adjusted EBITDA of about $3.120 billion (about 33.0% of revenue), and adjusted free cash flow of about $1.300 billion. The outlook excludes the impact of additional acquisitions that may close during the year.

  3. What drove pricing and volume trends in the quarter?

    Solid waste core price grew 6.6% in the second quarter, while volume was down 2.6%. The company cited tariff-related uncertainty and continued economic sluggishness, along with lower-than-expected contributions from higher-margin commodity-related activities.

  4. What is the company's acquisition and capital return strategy?

    Management said it has completed acquisitions with approximately $200 million in annualized revenue in 2025, has a robust pipeline, and has almost half the year still ahead. It said its financial profile keeps it well positioned for more acquisitions while maintaining flexibility for increased return of capital to shareholders, including opportunistic share repurchases already underway.

  5. What does the filing say about the earnings call?

    The company scheduled a conference call on July 24, 2025 at 8:30 a.m. Eastern Time, with a live audio webcast on its investor website and a replay available until July 31, 2025.

04—Continue

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