Waste Connections Reports Q2 2026 Results: Full Earnings Call Transcript

Waste Connections (TSX: WCN ) reported second-quarter financial results on Thursday.

The transcript from the company's second-quarter earnings call has been provided below.

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For comprehensive financial data and transcripts, visit View the webcast at Summary Waste Connections reported Q2 2026 revenue of $2.562 billion, a 6.4% increase year-over-year, exceeding expectations.

Adjusted EBITDA margin expanded to 32.8%, overcoming cost pressures such as rising fuel costs.

The company increased its full-year 2026 outlook, with expected revenue between $10.02 billion and $10.05 billion, and adjusted EBITDA ranging from $3.33 billion to $3.34 billion.

Organic growth in solid waste collection was driven by a 5.6% core price increase, while volumes declined by 1.9% due to macroeconomic uncertainty.

Renewable natural gas projects are ahead of schedule, with most capital outlays expected to be complete by year-end 2026.

M&A activity remains strong, with acquisitions totaling approximately $100 million in annualized revenue year-to-date.

The company is managing Chiquita Canyon Landfill impacts within expectations, with no change to 2026 free cash flow projections.

AI initiatives are contributing to financial performance, with pricing tools already yielding $20 million in EBITDA improvements.

Management maintains a positive outlook for the remainder of the year, citing improving commodity trends and potential acquisition synergies.

Full Transcript OPERATOR Hello everyone.

Thank you for joining us, and welcome to the Waste Connections Q2 2026 earnings call.

After today's prepared remarks, we will host a question and answer session.

If you would like to ask a question, please press star 1 on your telephone keypad.

To withdraw your question, please press star 1 again.

I will now hand the call over to Ron Mittelstadt, President and CEO.

Ron, please go ahead.

Ron Mittelstadt, President and CEO Okay, thank you, operator, and good morning everyone.

I'd like to welcome everyone to this conference call to discuss our second quarter results and increased outlook for 2026.

I am joined this morning by members of our senior management team, including our CFO, Marianne Whitney, who will first provide our forward-looking disclaimer and other housekeeping items.

Mary Anne Whitney, EVP - CFO Thank you, Ron, and good morning.

The discussion during today's call includes forward-looking statements made pursuant to the safe harbor provisions of the U.S.

Private Securities Litigation Reform Act of 1995, including forward-looking information within the meaning of applicable Canadian securities laws.

Actual results could differ materially from those made in such forward-looking statements due to various risks and uncertainties.

Factors that could cause actual results to differ are discussed both in the cautionary statement in our July 22 earnings release and in greater detail in Waste Connections' filings with the U.S.

Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada.

You should not place undue reliance on forward-looking statements, as there may be additional risks of which we are not presently aware or that we currently believe are immaterial, which could have an adverse impact on our business.

We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change after today's date.

On the call, we will discuss non-GAAP measures such as adjusted EBITDA, adjusted net income on both a dollar basis and per diluted share, and adjusted free cash flow.

Please refer to our earnings releases for a reconciliation of such non-GAAP measures to the most comparable GAAP measures.

Management uses certain non-GAAP measures to evaluate and monitor the ongoing financial performance of our operations.

Other companies may calculate these non-GAAP measures differently.

I will now turn the call back over to Ron.

Ron Mittelstadt, President and CEO Okay, thank you, Marianne.