EarningsQ2 2026 Earnings Report
MX:WCNN Q2 2026 EPS Results
Actual EPS$26.93
Consensus EPS$24.34
Beat/MissBeat by +$2.59
One Year Ago EPS$22.39
MX:WCNN Q2 2026 Revenue Results
Actual Revenue$45.20B
Expected Revenue$45.48B
Beat/MissMissed by -$287.64M
YoY Revenue Growth+6.39%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeAfter Close
Conference CallWednesday, July 22, 2026
MX:WCNN Upcoming Earnings
Waste Connections's next earnings date is estimated for October 21, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:WCNN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple positive operational and financial developments: revenue and adjusted EBITDA grew ahead of expectations, management raised full-year revenue and EBITDA guidance, adjusted EBITDA margin expanded, RNG and commodity trends provide upside, AI investments are delivering early tangible benefits, and capital allocation (M&A and buybacks) is active with leverage steady. Headwinds include volume softness (down 1.9%), fuel-driven cost pressure (≈40 bps drag), commodity-value drag (≈20 bps), Chiquita Canyon cash impacts ($100M–$150M in 2026), and lumpy special waste volumes. On balance, the positives — including raised guidance, margin expansion, improving commodity and RNG trends, and clear AI-led productivity gains — substantially outweigh the contained, mostly manageable lowlights.Company Guidance
Revenue Growth Exceeds Expectations
Q2 revenue of $2.562 billion, up $155 million or 6.4% year-over-year; updated full-year 2026 revenue outlook to $10.02B–$10.05B (an increase of $100M–$120M from February).
Adjusted EBITDA and Margin Expansion
Q2 adjusted EBITDA of $840.1 million, up 6.8% year-over-year; adjusted EBITDA margin expanded to 32.8% (up 10 basis points YoY) with underlying margin expansion of ~70 basis points driving outperformance versus expectations; updated full-year adjusted EBITDA outlook to $3.33B–$3.34B (margin 33.2%–33.3%).
Strong Organic Pricing and Yield
Solid waste organic total price growth of 6.7% in Q2 (core price 5.6% + fuel/material surcharges 1.1%); yield of 4.6% (consistent with Q1) reflecting benefits from AI price optimization.
Free Cash Flow and Capital Return
Year-to-date adjusted free cash flow of $703 million in line with expectations; full-year adjusted free cash flow guidance maintained at $1.4B–$1.45B; opportunistic buybacks of approximately $692 million YTD (repurchased over 1.5% of shares outstanding), leverage steady at ~2.76x debt-to-EBITDA providing flexibility for further capital returns and M&A.
RNG and Commodity Trends Driving Upside
RNG development ahead of schedule: several start-ups in 2026 including one facility online in July; R&D/RNG capital largely complete by year-end with all plants expected operational by early next year; recycled commodity revenues up ~10%–15% from year-end and landfill gas sales up 15% sequentially from Q1.
M&A and Pipeline Activity
Year-to-date acquisitions ~ $100M of annualized revenue closed, plus an additional ~$30M of exclusive-model franchise transactions expected to close in Q3; management remains on pace for an above-average M&A year, with rollover contribution of about $30M to next year.
AI Investment Delivering Early Returns
Investing ~$100M across seven AI programs; commercial pricing AI deployed late 2025 produced roughly $20M of EBITDA run-rate benefit in 2026; routing and customer-service AI projects underway with expected combined longer-term EBITDA uplift of ~$100M (100 bps) by 2028–2029.
Operational Improvements and Safety
Multiyear improvements in employee retention and record safety performance materially contributed to underlying margin expansion, with risk management cost savings accounting for about half of the underlying margin improvement.
MX:WCNN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed