Waste Connections sees Q3 dip in income

Waste Connections Inc. has reported what it says are better-than-expected results in the third quarter of 2025, citing superior execution on improving operating trends and cost management.

Despite its favorable phrasing, the Toronto-based company’s $286 million net income in this year’s third quarter represents a 7 percent decrease compared with the $308 million it earned in the third quarter of 2024.

Waste Connections says its $2.458 billion revenue in this year’s third quarter is above expectations and uses the same phrase when pointing to its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin of 33.8 percent.

The company's level of acquisitions year to date, both closed or under definitive agreement, have accrued approximately $300 million in annualized revenue.

“Superior execution drove better than expected financial results in the third quarter, bolstered by continued improvement in operating trends,” Waste Connections President and CEO Ronald J. Mittelstaedt says.

Operationally, Mittelstaedt says the company experienced another quarterly step down in employee turnover and new record low safety incident rates. The CEO cites those factors, together with strong pricing retention, as helping create underlying solid waste margin expansion of approximately 80 basis points during the quarter.

“We remain well positioned to fund our differentiated growth strategy while also increasing return of capital to shareholders,” Mittelstaedt says.

Waste Connections provides waste collection, transfer and disposal services, including by rail, along with resource recovery services through recycling and renewable fuels generation, serving approximately 9 million residential, commercial and industrial customers in 46 states in the U.S. and six provinces in Canada