The company expects 2026 organic solid waste growth of 3.5-4.0% and EBITDA margins expanding 30-40 basis points, with double-digit free cash flow growth underpinned by pricing and efficiency gains, positioning it for continued long-term growth through AI-driven initiatives and a sizable M&A pipeline. Waste Connections is well-positioned in its industry, leveraging its extensive infrastructure and diversified revenue streams.
Cyborg Score Rationale
Waste Connections reported strong 2025 financial performance with revenue of $9.47 billion, net income of $1.08 billion, and adjusted EBITDA of $3.13 billion with a 33.0% margin. The company expects double-digit free cash flow growth in 2026 underpinned by pricing and efficiency gains.
Top Insights
2025 net income reached $1.08 billion with adjusted EBITDA of $3.13 billion and 33.0% margins
Completed approximately $330 million of acquired annualized revenue and repurchased over $500 million of shares in 2025
Expects 2026 organic solid waste growth of 3.5-4.0% with 30-40 bps EBITDA margin expansion
AI-driven initiatives and a sizable M&A pipeline position the company for continued long-term growth and capital returns
Named Competitors
Waste Management — Largest waste management company in North America
Republic Services — Major waste collection and disposal services provider
GFL Environmental — Canadian integrated environmental services company
Recent Developments
(February 2026) Reported 2025 full-year revenue of $9.47 billion and adjusted EBITDA of $3.13 billion with 33.0% margin
(February 2026) Issued 2026 guidance targeting adjusted EBITDA of $3.30-$3.33 billion and adjusted free cash flow of $1.40-$1.45 billion, implying double-digit growth in adjusted FCF
(Q4 2025) Q4 2025 revenue rose to $2.37 billion with adjusted EBITDA increasing to $795.6 million and margin improving to 33.5%
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