Waste Connections' first quarter 2026 EPS beat estimates, but revenue and key EBITDA margin targets were missed.

Waste Connections reported first quarter revenue of $2.371 billion, a 6.4% year-over-year increase but below the $2.50 billion estimate. Adjusted EPS came in at $1.23, slightly ahead of the $1.19 consensus. The company's adjusted EBITDA margin expanded year-over-year but missed analyst expectations.

Key Highlights

• Adjusted EBITDA margin was 32.5%, an expansion of 50 basis points from the prior year, though it fell short of analyst expectations of approximately 33.35%. Management cited the impact of "outsized weather events."
• Solid waste internal growth was 3.1%, driven by a core price increase of 6.0% and an overall yield of 4.7%. This was partially offset by a unit volume decline of 1.5%.
• The company repurchased over $360 million of shares year-to-date, representing about 1% of total shares outstanding.