[WCN] Waste Connections: Q3 2026 earnings preview, fuel recovery and volume losses

Waste Connections is a North American solid waste company that collects, transfers and landfills waste mainly in exclusive franchise markets and secondary markets across the U.S. and Canada, and it will hold its earnings call on 2026-10-20 to report the third quarter of 2026, ending September 30, 2026[1]. Heading into Waste Connections' Q3 2026 earnings, the latest disclosed quarter is the second quarter of 2026: revenue rose 6.4% to $2.562 billion, adjusted EBITDA rose 6.8% to $840.1 million for a 32.8% margin, and adjusted earnings per share were $1.50[2]. In July the company raised its full-year 2026 outlook to revenue of $10.02 billion to $10.05 billion and adjusted EBITDA of $3.33 billion to $3.34 billion[3], and CFO Mary Anne Whitney said on the call that the outlook implies a second-half adjusted EBITDA margin of about 33.7%, which could exceed 34% in the third quarter[4]. Drillr's analyst estimates table shows third-quarter consensus of $2.608 billion in revenue from 14 analysts and $1.52 in earnings per share from 17 analysts[5], while Drillr's earnings calendar carries slightly lower figures of $2.594 billion in revenue and $1.512 in EPS[6].

Three things matter most in the coming results. The first is the price-volume trade-off: second-quarter solid waste yield, the net price change after churn and mix, was 4.6%, but unit volume widened from -1.5% in the first quarter to -1.9%[7][8], and full-year core price is stepping down as planned to about 5.5%[9], so the third quarter shows whether volume losses narrow as price increases slow. The second is margin: in the second quarter, fuel surcharges of $24.5 million already exceeded the $19.3 million year-over-year increase in fuel expense[10][11], and the third quarter is seasonally the strongest for margins, so it directly tests whether management's possible margin above 34% materializes. The third is cash conversion: the company kept its full-year adjusted free cash flow outlook of $1.40 billion to $1.45 billion, which already includes a $100 million to $150 million impact from the Chiquita Canyon landfill[4], yet first-half free cash flow of $703.4 million was only $4.3 million above the prior-year period[12], so cumulative progress through the third quarter decides whether that range still holds.

Company Background and Business Structure

Waste Connections is a vertically integrated non-hazardous solid waste company that earns most of its revenue from long-term, contract-protected collection and disposal services in markets with limited competition. Founded in the U.S. in 1997 and now headquartered in Ontario, Canada, the company is listed on the New York Stock Exchange and the Toronto Stock Exchange and serves approximately nine million residential, commercial and industrial customers across 46 U.S. states and six Canadian provinces[13]. Beyond solid waste collection, transfer and landfill disposal, it runs recycling, landfill gas and renewable natural gas (RNG), oil and gas exploration and production (E&P) waste treatment, and intermodal services in the Pacific Northwest[13].

Revenue is heavily concentrated in solid waste collection, while landfills and transfer stations anchor profit and pricing power. On a reported basis for the second quarter of 2026, solid waste collection generated $1.784 billion, or 69.6% of revenue; disposal and transfer $464 million, or 18.1%; E&P waste treatment and disposal $201 million, or 7.9%; recycling $61 million, or 2.4%; and intermodal and other $51 million, or 2.0%[14]. Disposal and transfer revenue before intercompany elimination was $830 million, of which $365 million came from the company's own collection trucks, which shows that the trucks feed owned transfer stations and landfills and that roughly half of tipping fees are eliminated in consolidation[14]. At the end of 2025 the company owned or operated 77 municipal solid waste (MSW) landfills, 20 landfills and caverns that accept only E&P waste, and 17 non-MSW landfills[15].

The customer contract structure allows annual price increases, and margin differences across the six geographic segments reflect market structure. Municipal customers buy residential collection through government certificates, exclusive franchise agreements that typically run seven years or longer, or municipal contracts, while commercial and industrial customers sign service agreements of one to five years[15], and many landfill and transfer customers sign one- to ten-year disposal contracts, most with annual indexed price increases[16]. In 2025, Southern produced $1.908 billion of revenue at a 33.1% EBITDA margin, Western $1.849 billion at 27.8%, Eastern $1.702 billion at 26.5%, Central $1.590 billion at 36.2%, Canada $1.325 billion at 45.2%, and MidSouth $1.093 billion at 28.0%[17].

Financial History and Current Position

The annual record shows steady growth in revenue and adjusted EBITDA, with net income swings driven mainly by one-time items tied to Chiquita Canyon. Revenue rose 6.1% to $9.467 billion in 2025 from $8.920 billion in 2024, with acquisitions net of divestitures contributing $377.2 million; excluding acquisitions, revenue grew 1.9%, solid waste internal growth was 2.3%, core price (price increases net of rollbacks) was 6.5%, and volumes fell 2.8%, mainly because the company deliberately shed lower-quality revenue[18]. Adjusted EBITDA reached $3.125 billion in 2025, lifting the margin from 32.5% in 2024 to 33.0%; net income attributable to the company rose 74% to $1.077 billion from $617.6 million as impairments and other operating items fell from $613.0 million to $109.7 million, and adjusted net income was $1.328 billion[19].

Operating cash flow is growing, but closure spending and capital returns absorb a large share of it. Operating cash flow was $2.414 billion in 2025, compared with $2.229 billion in 2024 and $2.127 billion in 2023; in 2025 the company spent $1.179 billion on property and equipment, paid $817.6 million for acquisitions, repurchased $505.5 million of shares and paid $333.8 million in dividends[20]. Capping, closure and post-closure spending jumped from $39.4 million in 2023 to $247.9 million in 2024 and $305.6 million in 2025, a jump tied mainly to the closure of the Chiquita Canyon landfill[20].

Quarterly results in the first half of 2026 show continued gains in revenue and margin but almost no growth in free cash flow. First-quarter revenue rose 6.4% to $2.371 billion and adjusted EBITDA was $769.5 million for a 32.5% margin[8]; second-quarter revenue was $2.562 billion, adjusted EBITDA $840.1 million for a 32.8% margin, net income $296.4 million, and year-to-date buybacks reached $614.5 million, or about 1.5% of shares outstanding[2]. First-half operating cash flow was $1.279 billion and capital expenditures for property and equipment were $598.9 million, about $101 million more than the $497.8 million a year earlier, so adjusted free cash flow of $703.4 million was only slightly above the prior-year $699.1 million, at 14.3% of revenue[12].

Operating Model

Revenue growth breaks down into solid waste internal growth, incremental E&P revenue and acquisitions, and solid waste internal growth is set jointly by price, surcharges and volume. In the second quarter of 2026, solid waste internal growth of 3.6% was the sum of 4.6% yield, 1.1% surcharges, -1.9% unit volume, -0.2% recycling and 0.0% foreign exchange; core price was 5.6%, which is the starting point for pricing, while yield is the net price after customer churn and mix[7]. In dollar terms, the net price increase at existing operations was $146.3 million in the second quarter, made up of $121.8 million of core price and $24.5 million of surcharges, against $64.1 million of volume losses; E&P revenue at owned facilities rose $23.4 million, acquisitions added $47.1 million and divestitures removed $1.3 million, together producing 6.4% reported revenue growth[10].

The adjusted EBITDA margin depends on whether price increases keep outrunning inflation in labor, fuel and maintenance costs. Cost of operations was 57.7% of revenue in the second quarter, 0.2 percentage points lower than a year earlier: price-led revenue growth, a 0.5-point drop in labor and benefits and a 0.4-point drop in risk management expenses were partly offset by a 0.6-point increase from fuel and a 0.2-point increase from a new facility and taxes on revenue[11]. Management split the margin change into 70 basis points of underlying expansion, a 40-basis-point fuel drag and a 20-basis-point commodity drag[21]. Segment margins differ with market structure and landfill mix; for the first half, Canada was at 43.4%, Central 36.6%, Southern 32.8% and Western 26.9%[22].

Free cash flow is what remains of adjusted EBITDA after interest, taxes, working capital, closure spending and capital expenditures, and it often lags margin changes by one or more quarters. Adjusted free cash flow equals operating cash flow plus the change in book overdraft and asset sale proceeds, minus capital expenditures for property and equipment, plus adjustments such as transaction costs; it was $457.5 million in the second quarter, or 17.9% of revenue[12]. Because capping, closure and post-closure spending already sits inside operating cash flow, Chiquita Canyon spending directly reduces free cash flow; the company's 2026 capital expenditure outlook is about $1.25 billion[3], and free cash flow then funds acquisitions, dividends and buybacks.

Industry and Competitive Position

The North American solid waste industry consists of four public companies, Waste Management, Republic Services, Waste Connections and GFL, plus many private regional operators, and Waste Connections differentiates itself mainly through market selection. The company operates mostly in exclusive and secondary markets[13], and exclusive franchises typically grant exclusivity for seven years or longer, sometimes with a right of first refusal on renewal[15]; this structure makes pricing more predictable, but it also means price increases in competitive markets are more aggressive and more likely to cause churn. Because comparable peer operating figures for the same period are not available here, the industry comparison stays at the structural level.

The owned landfill network and E&P waste disposal are two further differences, but E&P also brings the crude oil cycle into the income statement. The company generally owns landfills for vertical integration where the economics and regulation make ownership attractive, and it also owns landfills in markets where it does not collect because it can attract outside volume[15]. E&P operations are concentrated in the Canada and Southern segments, and second-quarter E&P revenue growth at owned facilities benefited from added disposal capacity, a suspended facility resuming operations, higher production and higher crude oil and natural gas prices[10]; Canada's 45.2% EBITDA margin in 2025 was the highest of the six segments[17].

Core Debates

Can Waste Connections hold price retention as core price decelerates, keeping third-quarter yield at or above 4.5% while narrowing the unit-volume decline to better than -1.5%?

This debate matters because solid waste collection, transfer and disposal account for roughly 90% of revenue, and the company's margin expansion depends on price increases staying ahead of cost inflation. In 2025 core price was 6.5% while volumes fell 2.8%[18]; on the first-quarter call, management placed full-year 2026 core price at the high end of its prior 5% to 5.5% range, or about 5.5%[9]. If churn and volume losses do not narrow as price increases slow, the revenue growth that pricing delivers will thin quarter by quarter.

Current evidence leans positive on price retention and still negative on volume. Yield was 4.7% in the first quarter and 4.6% in the second, second-quarter core price was 5.6%, leaving a gap of about 1.0 percentage point, while unit volume widened from -1.5% in the first quarter to -1.9%, and second-quarter solid waste internal growth was 3.6%[7][8]. Management said its AI pricing tool has improved customer retention and pricing effectiveness by about 20%[9]; in the second quarter landfill tons were essentially flat, construction and demolition (C&D) tons rose 1% and roll-off rates per pull rose 5%, but CEO Ronald J. Mittelstaedt also acknowledged 10 to 15 basis points of extra volume churn related to fuel surcharges[21].

Price reaches revenue by first passing through customer churn and new business to become yield, then flowing into solid waste collection and disposal revenue; volume affects fixed-cost absorption through landfill tons and therefore the adjusted EBITDA margin. Second-quarter volume losses of $64.1 million were concentrated in roll-off and commercial collection in the Eastern, Southern and Canada segments, partly offset by higher landfill volumes in Central and Western[10]. The unresolved question is whether stable yield reflects genuine retention gains: an alternative explanation is that deliberately shedding low-margin contracts changed the business mix and made yield look stable, in which case volume losses would not narrow.

The third-quarter results should show whether yield stays at or above 4.5% with a gap to core price of no more than 1.0 percentage point, and whether unit volume narrows from -1.9% to -1.5% or better. Solid waste internal growth excluding surcharges should be no lower than roughly 2.8% for the first half, which is the first-half 3.3% minus the 0.5-point surcharge contribution[7]; the direction of landfill, special waste and C&D tons on the call is supporting evidence. If yield falls below 4.2%, volume losses widen beyond -2.5%, or the company lowers its full-year core price outlook of about 5.5%, the price-volume trade-off is deteriorating.

Will fuel surcharges catch up with diesel costs and incremental E&P volume turn into profit in the third quarter, lifting the adjusted EBITDA margin above the 34% management said was possible?

This debate is the most direct test of the underlying margin-expansion story, because the third quarter is seasonally the strongest for margins and the one in which fuel recovery should be nearly complete. In July the company raised full-year adjusted EBITDA guidance to $3.33 billion to $3.34 billion[3], and the CFO said this implies a second-half margin averaging about 33.7%, with the third quarter possibly above 34%[4]. The second-quarter margin was 32.8% and the first-quarter margin was 32.5%[2][8].

The case for a margin rebound rests on surcharges and the cost structure. Second-quarter surcharges of $24.5 million contributed 1.1 percentage points to solid waste internal growth, compared with -0.1 point in the first quarter[10][7][8]; fuel expense at existing operations rose $19.3 million year over year in the same quarter[11], and the company said it will fully recover higher fuel costs over time through surcharges[21]. Labor and benefits and risk management costs fell 0.5 and 0.4 percentage points of revenue respectively, and E&P revenue rose 12% sequentially and 18% year over year[11][21]; second-quarter E&P revenue before elimination was $211.2 million, compared with $178.1 million a year earlier[14].

The counterevidence centers on fuel exposure and on turning E&P growth into profit. The company still expects to buy about 25.2 million gallons of diesel at market prices in the second half of 2026, and each $0.10 per gallon increase would cut pre-tax income for that period by about $2.5 million[23]; Canada's second-quarter EBITDA margin fell from 45.4% a year earlier to 43.5% because of costs tied to incremental E&P and landfill volumes, a new facility and higher diesel prices[24], which shows that E&P revenue growth has not yet produced a higher margin. An alternative explanation is that part of the second-quarter beat came from items that may not last, such as lower risk management expenses. The transmission runs from diesel prices to fuel expense, then to lagged surcharge recovery and the ratio of operating costs to revenue; crude oil and natural gas prices work through drilling and production activity to E&P disposal volumes and Canada segment EBITDA.

The third-quarter results should show whether the adjusted EBITDA margin is at least 34.0%, whether surcharges at least match the year-over-year increase in fuel expense for the quarter, and whether E&P revenue growth stays above 10% while the Canada segment margin returns above 44%. If the margin falls below 33.3% with fuel still the main drag, recovery is lagging longer than management indicated; if E&P growth slows or the Canada margin keeps falling, the crude-driven volume gains have not become profit.

Can Waste Connections convert enough cash to hold its $1.40 billion to $1.45 billion adjusted free cash flow outlook while keeping Chiquita Canyon spending within the $100 million to $150 million range?

This debate sets the slope of cash flow after 2027 and is also the central point of disagreement in outside commentary. The company spends cash on about $1.25 billion of capital expenditures[3], acquisitions, dividends and buybacks, and it repurchased $614.5 million of shares in the first half[2]; closure spending at Chiquita Canyon pushed 2025 capping, closure and post-closure spending to $305.6 million[20], and when that spending fades determines how much cash is available for dividends, buybacks and acquisitions.

Current evidence shows a clear improvement in second-quarter cash conversion, but a nearly flat first half. Second-quarter adjusted free cash flow was $457.5 million, or 17.9% of revenue, compared with $367.0 million a year earlier; first-half free cash flow was $703.4 million, or 14.3% of revenue, only $4.3 million higher than a year earlier because capital expenditures for property and equipment rose from $497.8 million to $598.9 million[12]. On the second-quarter call the company reaffirmed its $1.40 billion to $1.45 billion outlook and the $100 million to $150 million Chiquita impact[4]; on the first-quarter call it described the elevated temperature reaction as "stable, controlled, and decelerating," said EPA oversight had expanded and two critical issues had been resolved per EPA guidance, noted that a long-term agreement with the EPA was still in progress, and said spending would decline from 2027[9].

Adjusted EBITDA, after cash interest, taxes, working capital and Chiquita closure and monitoring spending, becomes operating cash flow; after capital expenditures it becomes adjusted free cash flow, which then flows to dividends, buybacks and acquisitions. Two questions remain unresolved: Chiquita spending is not broken out in the financial statements, so investors must rely on management's verbal range, and as of February 6, 2026 the related civil lawsuits had approximately 11,700 plaintiffs, with the company unable to estimate a range of possible loss[25]. An alternative explanation is that the full-year outlook holds mainly because of seasonality in operating cash flow rather than a real decline in Chiquita spending.

The third-quarter results should show whether cumulative adjusted free cash flow through three quarters is at least $1.05 billion, whether capital expenditures through three quarters are on pace with the roughly $1.25 billion full-year figure, whether the 2026 Chiquita impact range stays at $100 million to $150 million, and whether a long-term EPA agreement has been signed. The company completed six small solid waste acquisitions and two small E&P acquisitions in the first half[26], and management said about $30 million of annualized revenue from franchise acquisitions was set to close in the third quarter[4]. If cumulative free cash flow falls below $1.00 billion, the full-year outlook is cut, the Chiquita range is raised or new regulatory penalties appear, the current understanding of cash conversion weakens.

Risks and Falsifiers

Civil and regulatory litigation over Chiquita Canyon is the risk with the most uncertain dollar amount. As of February 6, 2026 the mass tort litigation had approximately 11,700 plaintiffs, the company expects more complaints and plaintiffs, and it says it cannot reasonably estimate a possible loss or range[25]; related impairments and other operating items already reached $613.0 million in 2024[19], and a new judgment or settlement could create a one-time charge that hits net income and cash flow. If the contingencies section of the third-quarter 10-Q shows no new plaintiff groups, judgments or penalty amounts, the current understanding stands.

Recycled commodity and energy prices affect recycling and landfill gas revenue and are also weighing on margins. A 10% drop in average recycled commodity prices from first-half 2026 levels corresponds to about $11.3 million of revenue[23]; second-quarter recycling revenue was $61.4 million, compared with $66.8 million a year earlier[14], and commodity prices cut the margin by 20 basis points[21]. Six RNG projects are expected online by year-end, mostly in the fourth quarter, with full EBITDA contribution starting in 2027[9]. If the company stops citing commodity prices as a margin drag in the third quarter and recycling revenue is flat or up year over year, this risk is fading.

Continued price increases and high surcharges could drive more churn in competitive markets while macro uncertainty weighs on roll-off and commercial activity. Second-quarter volume losses of $64.1 million were concentrated in the Eastern, Southern and Canada segments[10], and at the second-quarter scale of losses, each additional percentage point of unit-volume decline would reduce quarterly revenue by more than $30 million, while lower landfill tons would also weaken fixed-cost absorption[7]. If third-quarter unit volume narrows to -1.5% or better and yield stays at or above 4.5%, this risk is falsified.

Diesel prices that keep rising or stay high would leave the surcharge mechanism chasing costs and keep the third-quarter margin below 34%. Surcharges reset monthly or quarterly and recovery lags further for customers billed in advance; about 25.2 million gallons of diesel will be bought at market prices in the second half, and each $0.10 per gallon increase reduces pre-tax income by about $2.5 million[23], while fuel already raised cost of operations by 0.6 percentage points of revenue in the second quarter[11]. If third-quarter surcharges at least match the fuel cost increase and the 10-Q cost breakdown shows fuel adding less than 0.6 percentage points, this risk is receding.

Remediation costs for the Chiquita Canyon elevated temperature reaction could exceed the $100 million to $150 million range, or a long-term EPA agreement could add new engineering requirements that push the spending decline beyond 2027. Capping, closure and post-closure spending was $305.6 million in 2025, compared with only $39.4 million in 2023[20]; the 2026 free cash flow outlook already includes a $100 million to $150 million impact[4], and anything above that directly reduces free cash flow. If the third-quarter call reaffirms the range and the 2027 decline path, or announces a signed long-term EPA agreement, this risk is narrowing.

What to Watch Next

• Price and volume: solid waste yield was 4.6% in Q2 2026 and 4.7% in Q1; third-quarter yield at or above 4.5% confirms retention, below 4.2% falsifies it. Unit volume was -1.9% in Q2 and -1.7% for the first half; better than -1.5% confirms improvement, worse than -2.5% falsifies it.
• Margin: the adjusted EBITDA margin was 32.8% in Q2 2026; at least 34.0% confirms the recovery, below 33.3% falsifies it. Surcharges of $24.5 million covered $19.3 million of added fuel expense in Q2, and continued coverage confirms recovery. The Canada segment margin was 43.5% in Q2 versus 45.4% a year earlier; a return above 44% confirms that E&P growth is turning into profit, while a further decline falsifies it.
• Cash conversion: first-half adjusted free cash flow was $703.4 million; at least $1.05 billion through three quarters confirms the outlook, below $1.00 billion falsifies it. The 2026 Chiquita Canyon impact range is $100 million to $150 million with no long-term EPA agreement yet; a higher range or new penalties would falsify the current understanding.

Conclusion

Waste Connections turns steady price increases into margin through exclusive markets and an owned landfill network, and its current financial position combines rising revenue and margins with cash conversion held back by Chiquita Canyon. Second-quarter 2026 revenue was $2.562 billion with a 32.8% adjusted EBITDA margin[2], while first-half adjusted free cash flow of $703.4 million was almost flat year over year[12]. The central unresolved relationship has three layers: whether volume losses narrow as core price steps down to about 5.5%, whether fuel recovery and incremental E&P push the margin past 34%, and whether Chiquita spending stays within $100 million to $150 million and starts to decline in 2027.

Only one independent outside view published after the second-quarter results could be verified against its original text: UBS's view as reported by Investing.com on September 18, 2026[27]. UBS argues that Waste Connections' multiple premium to peers has narrowed from a historical average of about 28% to about 5%, and it expects Chiquita-related spending to fall after 2026, driving free cash flow growth of roughly 17% a year from 2026 through 2029 and adjusted free cash flow per share growth of about 17%, above a peer average of 10%[27]. That view is a bet on the third debate, cash conversion, rather than on third-quarter margin, and it assumes the company's $100 million to $150 million range for 2026 and the decline from 2027 both hold. Other coverage mostly restated results without independent reasoning, so there is no second outside view to compare against, and one view should not be treated as a market consensus.

The combination that would materially strengthen the current understanding is third-quarter yield at or above 4.5% with unit volume better than -1.5%, an adjusted EBITDA margin of at least 34%, surcharges that keep covering added fuel costs, cumulative free cash flow of at least $1.05 billion through three quarters, and an unchanged Chiquita range or a signed long-term EPA agreement. Conversely, volume losses beyond -2.5%, a margin below 33.3%, cumulative free cash flow below $1.00 billion or a higher Chiquita range would call into question both the price-driven margin expansion and the cash flow inflection that UBS relies on.

Sources

[1] Drillr earnings calendar · WCN earnings call scheduled 2026-10-20 (calendar last updated 2026-09-23) · 2026-09-23 · Drillr earnings calendar

[2] WCN 8-K filed 2026-07-22 · 2Q26 results headline and raised outlook · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001318220&type=8-K&dateb=&owner=include&count=40

[3] WCN 8-K filed 2026-07-22 · 2026 full-year outlook detail · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001318220&type=8-K&dateb=&owner=include&count=40

[4] WCN 2Q26 earnings call 2026-07-23 · Investing.com transcript · 2026-07-23 · earnings-call · https://www.investing.com/news/transcripts/earnings-call-transcript-waste-connections-tops-q2-2026-estimates-lifts-outlook-93CH-4809211

[5] Drillr analyst_financial_estimates (updated 2026-09-23) · WCN 3Q26 consensus · 2026-09-23 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[6] Drillr earnings calendar (updated 2026-09-23) · WCN 2026-10-20 call and 3Q26 estimates · 2026-09-23 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[7] WCN 8-K filed 2026-07-22 · 2Q26 solid waste internal growth · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001318220&type=8-K&dateb=&owner=include&count=40

[8] WCN 8-K filed 2026-04-22 · 1Q26 results and solid waste internal growth · 2026-04-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001318220&type=8-K&dateb=&owner=include&count=40

[9] WCN 1Q26 earnings call 2026-04-23 · Drillr detailed summary (stored under 2026-07-23) · 2026-04-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[10] WCN 10-Q filed 2026-07-23 · 2Q26 revenue drivers · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1318220/000110465926086006/

[11] WCN 10-Q filed 2026-07-23 · 2Q26 cost of operations drivers · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1318220/000110465926086006/

[12] WCN 8-K filed 2026-07-22 · 2Q26 adjusted free cash flow reconciliation · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001318220&type=8-K&dateb=&owner=include&count=40

[13] WCN 8-K filed 2026-07-28 · About Waste Connections · 2026-07-28 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001318220&type=8-K&dateb=&owner=include&count=40

[14] WCN 8-K filed 2026-07-22 · 2Q26 revenue breakdown by line · 2026-07-22 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001318220&type=8-K&dateb=&owner=include&count=40

[15] WCN 10-K filed 2026-02-12 · franchise model and landfill network · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1318220/000110465926013700/

[16] WCN 10-K filed 2026-02-12 · landfill and transfer revenue recognition · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1318220/000110465926013700/

[17] WCN 10-K filed 2026-02-12 · FY2025 segment revenue and EBITDA · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1318220/000110465926013700/

[18] WCN 10-K filed 2026-02-12 · FY2025 operating results (price and volume) · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1318220/000110465926013700/

[19] WCN 10-K filed 2026-02-12 · FY2025 net income and adjusted EBITDA · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1318220/000110465926013700/

[20] WCN 10-K filed 2026-02-12 · FY2025 consolidated cash flows · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1318220/000110465926013700/

[21] WCN 2Q26 earnings call 2026-07-23 · Gloom transcript excerpts · 2026-07-23 · earnings-call · https://gloom.sh/stocks/wcn/transcripts/q2-2026

[22] WCN 10-Q filed 2026-07-23 · 1H26 segment revenue and EBITDA · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1318220/000110465926086006/

[23] WCN 10-Q filed 2026-07-23 · diesel and recycled commodity sensitivity · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1318220/000110465926086006/

[24] WCN 10-Q filed 2026-07-23 · 2Q26 Canada segment E&P volumes and margin · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1318220/000110465926086006/

[25] WCN 10-K filed 2026-02-12 · Chiquita Canyon civil litigation · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1318220/000110465926013700/

[26] WCN 10-Q filed 2026-07-23 · 1H26 acquisitions · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1318220/000110465926086006/

[27] Investing.com 2026-09-18 · UBS upgrades Waste Connections stock rating on valuation, cash flow outlook · 2026-09-18 · UBS(Investing.com 报道) · https://ca.investing.com/news/stock-market-news/ubs-upgrades-waste-connections-stock-rating-on-valuation-cash-flow-outlook-93CH-4844517