Waste Connections Inc
WCN - Insider Information
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+ FollowMarket Cap$48.21B
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Earnings Call Q2 2026
July 23, 2026 - AI Summary
Q2 performance stronger than expected; margins expanded despite headwinds
- Revenue $2.562B, +6.4% YoY; adjusted EBITDA $840.1M (+6.8% YoY).
- Adjusted EBITDA margin 32.8%, expanding +70 bps underlying, but partially offset by ~40 bps drag from fuel and ~20 bps drag from lower commodity values.
- Organic solid waste pricing strong: total price +6.7% = core price +5.6% plus fuel/material surcharges +1.1% (~$25M).
- Volumes down ~1.9% YoY; yield 4.6% steady (AI pricing optimization helped).
Macro + fuel created pressure, but company sees normalization improving
- Main challenge: fuel spiked rapidly ($60 to $120+ in weeks), causing margin pressure and contributing to volume churn and slower construction-driven activity.
- Management said churn impacts from fuel were broadly consistent with history, but the *speed* of increase likely added ~10–15 bps volume churn in the quarter.
- Growth slowdown appeared temporary: they’re seeing improvement in July with MSW and C&D up nominally across several weeks, and signs equipment rental demand is accelerating (waste generation may lag).
Updated full-year 2026 outlook increased (but cash flow range unchanged)
- Revenue outlook: $10.02B–$10.05B (up ~$100M–$120M vs. February guidance).
- Adjusted EBITDA outlook: $3.33B–$3.34B, with full-year margin 33.2%–33.3%.
- Adjusted free cash flow outlook unchanged: $1.4B–$1.45B (includes expected Chiquita Canyon closure outflows $100M–$150M and CapEx $1.25B).
- 2H margin cadence: average ~33.7%, with Q3 potentially exceeding 34% depending on fuel/commodities.
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$91.56
52.3% downside
Current Fair Value
52.3% downsideOvervalued by 52.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $48.21 Billion |
|---|---|
| Enterprise Value | $58.31 Billion |
| Annual dividend | $1.40 |
| Dividend yield | 0.76% |
| Earnings per Share | $4.19 |
| Beta | 0.48 |
| Outstanding Shares | 251,338,542 |
Return
| Return on Equity | 14.38% |
|---|---|
| Return on Assets | 5.27% |
| Return on Invested Capital | 9.79% |
Valuation & Multiples
| P/E Ratio | 41.27 |
|---|---|
| PEG | 161.96 |
| Price to Sales | 4.92 |
| Price to Book Ratio | 6.19 |
| Enterprise Value to Revenue | 5.86 |
| Enterprise Value to EBIT | 30.78 |
| Enterprise Value to Net Income | 51 |
| Total Debt to Enterprise | 0.17 |
| Debt to Equity | 1.29 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 21, 2026
EPS Estimate
$1.52
Consensus analyst estimateRevenue Estimate
$2.60 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 10, 2027
EPS Estimate
$1.40
Consensus analyst estimateRevenue Estimate
$2.53 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 66.02% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.23%▼ 81.81% |
|---|---|
| Total Invested | $1.29B▼ 96.37% |
| Investors Holding | 241▼ 625.00% |
About Waste Connections Inc
24,214 employees
CEO: Ronald J. Mittelstaedt
Waste Connections, Inc. is a prominent provider of comprehensive waste management services across the United States and Canada, specializing in the collection, transfer, disposal, and resource recovery of non-hazardous materials. The com...