Waste Connections (WCN) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Waste Connections published the results on October 21, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Waste Connections reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted net income per diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Waste Connections is incorporated in Ontario, Canada, with its principal executive offices in The Woodlands, Texas, and files 10-Q and 10-K reports in US dollars.
• Q3 2025 operating income included $63.5 million, primarily from the write-down of contracts and a non-operating E&P waste facility permit, an environmental liability and transaction-related expenses, which lowered year-ago GAAP EPS.

Source: Waste Connections Q3 2026 results, October 21, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Waste Connections splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Waste Connections's Solid Waste Collection revenue was $1.8 billion in Q3 2026, up 6% from $1.7 billion in Q3 2025, 69% of total revenue.
• Waste Connections's Solid Waste Disposal and Transfer revenue was $492 million in Q3 2026, up 8% from $456 million in Q3 2025, 19% of total revenue.
• Waste Connections's Solid Waste Recycling revenue was $64.7 million in Q3 2026, up 15% from $56.2 million in Q3 2025, 2% of total revenue.
• Waste Connections's E&P Waste Treatment, Recovery and Disposal revenue was $213 million in Q3 2026, up 19% from $179 million in Q3 2025, 8% of total revenue.
• Waste Connections's Intermodal and Other revenue was $48.4 million in Q3 2026, up 15% from $42.0 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Waste Connections said:

“Revenue is estimated to be approximately $10.09 billion”

“Capital expenditures are estimated to be approximately $1.25 billion”

“Our performance puts us firmly on track to exceed the increased full year 2026 outlook we provided in July for revenue and adjusted EBITDA”

Source: Waste Connections Q3 2026 release, Oct 21, 2026.

This is the company's own guidance as of Oct 21, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the WCN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenues and diluted EPS, each as first reported in that quarter's earnings release.

We do not hold a confirmed date for Waste Connections's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 21, 2026

Waste Connections had revenue of $2.638 billion in Q3 2026, up 7.3% from $2.458 billion. Solid waste collection is most of it: $1,819.9 million of reported revenue, or 69.0%. Disposal and transfer added $492.2 million (18.7%), E&P waste treatment, recovery and disposal $212.9 million (8.1%), recycling $64.7 million (2.4%) and intermodal and other $48.4 million (1.8%). (Waste Connections Q3 2026 release, Oct 21, 2026)

Price drove the growth. The 10-Q puts the net increase in prices at existing operations at $153.4 million, made up of $123.7 million of core price increases and $29.7 million of surcharges. Volume losses of $54.8 million came from lower roll off and commercial collection volumes in the Eastern, Southern and Canada segments, partly offset by higher landfill volumes in the Central and Western segments. Acquisitions added $53.9 million. (Waste Connections Form 10-Q, Q3 2026, Oct 22, 2026)

In Waste Connections' solid waste internal growth figures, yield contributed 4.3%, surcharges 1.3%, recycling 0.3% and unit volume minus 1.2%, for total internal growth of 4.5%. Core price was 5.5%. (Waste Connections Q3 2026 release, Oct 21, 2026)

E&P waste revenues at facilities owned in both periods rose $19.1 million, which the 10-Q attributes to added disposal capacity, a facility that resumed operations, more drilling and production in the Canada and Southern segments, and higher crude oil and natural gas prices. Recyclable commodity revenues rose $7.4 million on higher prices for old corrugated cardboard. A weaker Canadian dollar reduced revenue by $5.4 million. (Waste Connections Form 10-Q, Q3 2026, Oct 22, 2026)

Waste Connections serves approximately nine million residential, commercial and industrial customers in mostly exclusive and secondary markets across 46 states and six Canadian provinces. No single contract or customer accounted for more than 10% of total revenues. (Waste Connections Q3 2026 release, Oct 21, 2026; Waste Connections Form 10-K, 2025, Feb 12, 2026)

Waste Connections' GAAP diluted EPS was $1.43, against $1.11, on net income of $359.2 million. Adjusted net income per diluted share was $1.58, against $1.44. The adjusted figure adds back amortization of acquisition-related intangibles ($48.8 million), impairments and other operating items ($1.9 million) and transaction-related expenses ($3.0 million), less fair value changes to equity awards and a $13.4 million tax effect. (Waste Connections Q3 2026 release, Oct 21, 2026)

The year-ago quarter carried $60.1 million of impairments and other operating items, mainly the write-down of contracts and a non-operating E&P waste facility permit, against $1.9 million this quarter. GAAP EPS rose 29% and the adjusted figure rose 10%. (Waste Connections Q3 2026 release, Oct 21, 2026)

Diluted shares fell to 251.9 million from 257.6 million. Waste Connections said year-to-date share repurchases passed $1 billion, for 2.5% of outstanding shares, and it raised the regular quarterly dividend by 10%. Interest expense rose to $96.4 million from $84.4 million. (Waste Connections Q3 2026 release, Oct 21, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Waste Connections gives a full-year outlook and updates it each quarter; Q3 2026 was the second increase this year. It now expects 2026 revenue of approximately $10.09 billion, net income of approximately $1.18 billion, adjusted EBITDA of approximately $3.345 billion and capital expenditures of approximately $1.25 billion. (Waste Connections Q3 2026 release, Oct 21, 2026)

It expects net cash provided by operating activities of $2.64 billion to $2.69 billion and adjusted free cash flow of $1.40 billion to $1.45 billion. The outlook excludes acquisitions that may close during the year and transaction-related expenses, and assumes a full-year effective tax rate of approximately 22.1%. (Waste Connections Q3 2026 release, Oct 21, 2026)

A consensus figure is the average of the models published by the analysts who cover Waste Connections, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Waste Connections's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning WCN is on is WCN a buy or a sell?, what analysts expect next is on the WCN forecast, and what the company does is on the Waste Connections (WCN) stock page.

Every number on this page can be traced to a document Waste Connections published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.