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Waste Connections 8-K Report, Financial Results (Oct 21, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed October 21, 2025
Period End
October 21, 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 October 21, 2025. Cited figures are marked; the original filing is the authoritative source.

Waste Connections, Inc., a corporation organized under the laws of Ontario, Canada, furnished a press release announcing its third quarter 2025 results (Exhibit 99.1).

Revenue was $2.458 billiona for the third quarter, up from $2.338 billion a year earlier, and $7.094 billion for the nine months ended September 30, 2025, up from $6.659 billion. Net income attributable to Waste Connections was $286.3 million, or $1.11 per diluted share, for the quarter, compared with $308.0 million, or $1.19 per share, in the prior-year period. Operating income was $439.6 million, including $60.1 million of impairments and other operating items, primarily contract write-downs, a non-operating E&P waste facility permit write-down, and an environmental liability at an operating facility.

Adjusted net income attributable to Waste Connections was $372.0 millionb, or $1.44 per diluted share, versus $1.35 a year earlier, and adjusted EBITDA was $830.3 million, or 33.8% of revenue, versus $787.4 million, a non-GAAP measure reconciled in the filing. Management said operating trends continued to improve, with solid waste margin expansion of approximately 80 basis points in the quarter, and reaffirmed that it expects full-year 2025 results in line with its July outlook. The company increased its regular quarterly dividend by 11.1% to $0.315 per share, completed share repurchases of approximately 1% of shares outstanding, and closed or signed definitive agreements for acquisitions totaling approximately $300 million in annualized revenue year to date.

For the nine months, cash provided by operating activities was $1.857 billionc, capital expenditures were $794.9 million, and adjusted free cash flow was $1.084 billion. Debt to book capitalization was 52% at September 30, 2025.

The company will host an earnings conference call on October 22, 2025 at 8:30 A.M. Eastern Time.

02—Key points

Key Highlights

  1. Q3 2025 revenue of $2.458 billion, up from $2.338 billion in Q3 2024; nine-month revenue of $7.094 billion, up from $6.659 billion
  2. Q3 2025 net income attributable to Waste Connections of $286.3 million ($1.11 per diluted share), versus $308.0 million ($1.19) a year earlier
  3. Adjusted net income attributable to Waste Connections of $372.0 million ($1.44 per diluted share) versus $1.35 in the prior-year quarter; adjusted EBITDA of $830.3 million (33.8% of revenue)
  4. Q3 operating income included $60.1 million of impairments and other operating items, primarily contract write-downs, an E&P waste facility permit write-down, and an environmental liability at an operating facility
  5. Full-year 2025 outlook unchanged from July; management expects results in line with that outlook
  6. Regular quarterly dividend increased by 11.1% to $0.315 per share; share repurchases of approximately 1% of shares outstanding completed
  7. Acquisitions of approximately $300 million in annualized revenue closed or under definitive agreement year to date

03—Questions

Frequently Asked Questions

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

    Revenue rose to $2.458 billion from $2.338 billion a year earlier. Net income attributable to Waste Connections was $286.3 million, or $1.11 per diluted share, compared with $308.0 million, or $1.19 per share, in Q3 2024. On an adjusted basis, net income was $372.0 million, or $1.44 per diluted share, up from $1.35, and adjusted EBITDA was $830.3 million compared with $787.4 million.

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

    No. The press release states there was no change to the full-year 2025 outlook provided in July, and management said it is on track to deliver full-year 2025 results in line with that outlook despite incremental commodity headwinds during the quarter.

  3. What drove the impairments and other operating items in the quarter?

    The filing states that Q3 operating income included $60.1 million in impairments and other operating items, primarily the write-down of contracts and a non-operating E&P waste facility permit, and an environmental liability at an operating facility.

  4. What capital return actions did the company announce?

    The company increased its regular quarterly dividend by 11.1%, to $0.315 per share from $0.285 a year earlier, and completed share repurchases of approximately 1% of shares outstanding. Cash dividends paid were $243.9 million and share repurchases were $442.2 million in the nine months ended September 30, 2025.

  5. What is the status of the company's acquisition activity?

    Acquisitions year to date total approximately $300 million in annualized revenue, either closed or under definitive agreement. For the nine months, payments for acquisitions, net of cash acquired, were $627.3 million, compared with $2.010 billion in the prior-year period.

04—Continue

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