Waste Connections reported third quarter 2026 results that exceeded internal and analyst expectations for revenue and adjusted EBITDA. The company delivered underlying margin expansion and sequential improvement in waste volumes, prompting management to raise its full-year guidance for the second time this year.

Key Highlights

  • Revenue grew to $2.638 billion, surpassing the $2.59 billion estimate driven by disciplined pricing and improved landfill activity.
  • Adjusted EBITDA reached $895.8 million, or 34.0% of revenue, matching the high-threshold investor target despite a late-quarter surge in diesel costs.
  • Solid waste unit volumes showed a sequential improvement of 70 basis points, although they remained down 1.2% year-over-year.
  • Management raised full-year 2026 revenue guidance to $10.09 billion and adjusted EBITDA to $3.345 billion, with adjusted free cash flow expected at approximately $1.425 billion at the midpoint.
  • The quarterly dividend was increased by 10%, marking the company's sixteenth consecutive double-digit annual increase.