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Waste Connections 8-K Report, Financial Results (Oct 21, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed October 21, 2026
Period End
October 21, 2026
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 · Sep ’21Sep ’21
  4. Leadership change8-K · Aug ’25Aug ’25

01—Abstract

Summary

Summary of the 8-K filed October 21, 2026. Cited figures are marked; the original filing is the authoritative source.

Waste Connections, Inc. (TSX/NYSE: WCN) reported third quarter 2026 results on October 21, 2026, according to Exhibit 99.1, a press release that also updated its full-year 2026 outlook.

Revenue was $2.638 billiona, up from $2.458 billion a year earlier. Operating income was $541.7 million versus $439.6 million, and net income was $359.2 million, or $1.43 per diluted share, versus $286.3 million, or $1.11 per share. Adjusted EBITDA was $895.8 million, or 34.0% of revenue, compared with $830.3 million and 33.8% a year earlier.

Adjusted net income per diluted share was $1.58b versus $1.44. Management said solid waste unit volumes improved 70 basis points sequentially, led by landfill volumes, and that underlying margin expanded 50 basis points despite a late-quarter rise in diesel prices. The company raised its full-year 2026 outlook for the second time, now estimating revenue of approximately $10.09 billion, net income of approximately $1.18 billion, and adjusted EBITDA of approximately $3.345 billion.

It expects capital expenditures of approximately $1.25 billionc, net cash provided by operating activities of $2.64 billion to $2.69 billion, and adjusted free cash flow of $1.40 billion to $1.45 billion. The outlook excludes additional acquisitions that may close during the year and the expensing of transaction-related items. Management said it remains positioned for double-digit growth in adjusted free cash flow.

Capital allocation remained active. The company increased its regular quarterly dividend by 10%, its sixteenth consecutive annual increase, and completed over $1 billiond of share repurchases year to date, equal to 2.5% of outstanding shares.

It also closed acquisitions with approximately $130 million in annualized revenues year to date. Debt to book capitalization was 54% at September 30, 2026, and long-term debt and notes payable were $9.43 billion, up from $8.81 billion at December 31, 2025.

02—Key points

Key Highlights

  1. Q3 2026 revenue of $2.638 billion, up from $2.458 billion in Q3 2025; net income of $359.2 million ($1.43 per diluted share) versus $286.3 million ($1.11).
  2. Adjusted EBITDA of $895.8 million, or 34.0% of revenue, compared with $830.3 million, or 33.8%, a year earlier; adjusted net income of $398.9 million, or $1.58 per diluted share, versus $1.44.
  3. Second increase to full-year 2026 outlook: revenue of approximately $10.09 billion, net income of approximately $1.18 billion, and adjusted EBITDA of approximately $3.345 billion.
  4. Adjusted free cash flow outlook of $1.40 billion to $1.45 billion, with capital expenditures of approximately $1.25 billion.
  5. Regular quarterly dividend raised 10% to $0.350 per share from $0.315, the sixteenth consecutive annual increase.
  6. Over $1 billion of share repurchases year to date, equal to 2.5% of outstanding shares; about $130 million in annualized revenues from acquisitions closed year to date.
  7. Solid waste unit volumes improved 70 basis points sequentially, with core price of 5.5% in the quarter and debt to book capitalization of 54% at September 30, 2026.

03—Questions

Frequently Asked Questions

  1. Why did the company raise its 2026 outlook again?

    Management attributed the raise to continued strength in operational execution, improving landfill activity, and stronger commodity-driven revenue. It said Q3 results were a top-to-bottom beat, with revenue exceeding expectations and adjusted EBITDA above expectations, and that the company is on track to exceed the increased outlook it gave in July.

  2. What does the updated outlook exclude?

    The outlook assumes no change in the current economic environment and excludes the impact of additional acquisitions that may close during the year as well as the expensing of transaction-related items. Management said further acquisitions completed later in the year, or further improvement in E&P waste activity or other commodity-driven revenues, would provide incremental benefit.

  3. How did margins and cash generation perform?

    Adjusted EBITDA margin was 34.0% in Q3 2026, compared with 33.8% a year earlier, and management cited underlying margin expansion of 50 basis points despite a late-quarter surge in diesel pricing. For the nine months ended September 30, 2026, net cash provided by operating activities was $1.97 billion and adjusted free cash flow was $1.09 billion.

  4. How is the company returning capital to shareholders?

    The quarterly cash dividend rose 10% to $0.350 per share, the sixteenth consecutive annual increase. The company also completed over $1 billion of share repurchases year to date, equal to 2.5% of outstanding shares, and management described this as record return of capital to shareholders.

04—Continue

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