Waste Connections (WCN) investor relations material

Executive summary

• Q3 2025 revenue reached $2.46 billion, up 5.1% year-over-year and exceeding expectations, with nine-month revenue at $7.09 billion.

• Adjusted EBITDA for Q3 was $830.3 million (33.8% margin), with adjusted net income at $372.0 million ($1.44 per share).

• Employee turnover and safety incidents continued multi-year declines, supporting operational excellence.

• Robust acquisition activity contributed $300 million in annualized revenue year-to-date, with 12 non-hazardous and 2 E&P waste acquisitions closed.

• Board authorized an 11.1% increase in the quarterly dividend, marking the 15th consecutive annual double-digit increase.

Financial highlights

• Q3 2025 revenue was $2.458 billion, up 5.1% year-over-year, with $77 million contributed by acquisitions net of divestitures.

• Adjusted EBITDA for Q3 was $830.3 million, up 5.4% year-over-year, with a margin of 33.8%.

• Adjusted free cash flow for the nine months ended September 30, 2025, was $1.08 billion, with a full-year outlook of $1.3 billion.

• Net income for Q3 2025 was $286.3 million ($1.11 per share), down from $308.0 million in Q3 2024.

• Cash provided by operating activities for nine months was $1.86 billion, with capital expenditures of $794.9 million.

Outlook and guidance

• Full-year 2025 guidance remains unchanged, with Q4 revenue expected at $2.36 billion and adjusted EBITDA margin up 90 basis points to 33.3%.

• 2025 outlook projects revenue of $9.45 billion and adjusted EBITDA of $3.12 billion, with a 33.0% margin.

• For 2026, mid-single-digit revenue growth is anticipated, led by price-driven organic growth and 1% revenue carryover from 2025 acquisitions.

• Capital expenditures for 2025 are expected to be $1.2–$1.25 billion, including $75–$125 million for renewable natural gas facilities.

• Management expects to fund capital needs through cash on hand, operations, and credit facilities.