Analyst Consensus ?
ConsensusBuy32 ratings
Bullish2681.3%
Neutral618.7%
Bearish00.0%
Waste Connections, Inc. · WCN · FY2025 Q4 · Calendar Q1 2026
Waste Connections pairs resilient pricing with acquisition and technology plans
The call supports a constructive operating picture: pricing, cost discipline, acquisitions, and sustainability projects provide several growth levers. The case remains execution-dependent, with volume sensitivity, commodity prices, Chiquita Canyon costs, and technology rollout as key tests.
Reported After market closeNYSEIndustrials
$46.60B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.29
Consensus $1.28
EPS surprise
+0.8%
Reported versus consensus
Reported revenue
$2.35B
Consensus $2.38B
Revenue surprise
-1.3%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-8.2%
Event window
SPY move
-1.5%
Same window
Abnormal move
-6.7%
Stock minus SPY
Volume
2.7×
Versus trailing sessions
Subsequent drift
+5.7%
Up to 20 sessions
WCNSPY benchmark
Ask FN2 about WCN FY2025 Q4
Transcript, numbers and history already loaded
Why did WCN fall 8.2% after beating EPS estimates in FY2025 Q4?What changed in WCN's guidance and outlook in FY2025 Q4?Give me the bull and bear case for WCN after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management highlighted a 33% full-year adjusted EBITDA margin, continued acquisition contribution, near-term RNG completions, and early AI-routing and mobile-platform deployment. Chiquita Canyon remediation and regulatory work remain important, while expected 2026 outlays are lower than the 2025 peak.
Guidance delta
Maintained; management described a conservative outlook with no macroeconomic upside embedded.
Key takeaways
- Adjusted EBITDA margin reached 33% for the year, up 100 basis points year over year, supported by pricing and cost discipline.
- Acquisition activity delivered approximately $330 million of revenue in 2025, with a pipeline that could add approximately $125 million in 2026.
- Most RNG projects are expected online by year-end, while a new recycling facility is slated for 2027.
- AI-enabled routing and mobile customer platforms are in early rollout, with efficiency and service benefits still to be demonstrated.
- Chiquita Canyon regulatory and remediation costs remain a risk, although management expects outlays to decline after the 2025 peak.
Management priorities
- Complete remaining RNG facilities and bring them online in 2026.
- Launch the new recycling facility in 2027.
- Scale real-time routing and mobile connectivity platforms across the fleet by Q4 2026.
- Continue disciplined acquisitions targeting approximately $125 million of revenue in 2026.
- Expand driver academies to supply more than 60% of driver hires in 2026.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$186.15Current
$145Low
$194.73Average
$220High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 23, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Citigroup | Neutral | Neutral | Maintain | Oct 15, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 13, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 8, 2026 |
| CIBC | Outperform | Outperform | Maintain | Oct 8, 2026 |
| UBS | Buy | Neutral | Upgrade | Sep 18, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 28, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 24, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Apr 24, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Apr 24, 2026 |
| Stifel | Buy | Buy | Maintain | Feb 13, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Feb 13, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jan 23, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jan 5, 2026 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Jul 22, 2025 |
| Truist Securities | Buy | Buy | Maintain | Feb 14, 2025 |
| Jefferies | Buy | Buy | Maintain | Jan 23, 2025 |
| Wells Fargo | Overweight | Overweight | Maintain | Feb 15, 2024 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Nov 21, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 9, 2022 |
| Keybanc | Overweight | Overweight | Maintain | Oct 21, 2021 |
| Goldman Sachs | Neutral | Buy | Downgrade | Mar 13, 2020 |
| B of A Securities | Buy | Buy | Maintain | Feb 13, 2020 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Apr 25, 2019 |
| Bank of America | Buy | Buy | Maintain | Feb 14, 2019 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 20, 2018 |
| Imperial Capital | Outperform | Outperform | Maintain | Apr 6, 2016 |
| BB&T Capital | Hold | Buy | Downgrade | Mar 14, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Jul 28, 2015 |
| S&P Capital IQ | Hold | Buy | Downgrade | Jan 21, 2014 |
| Wunderlich Securities | Outperform | Outperform | Maintain | Oct 24, 2013 |
| Wunderlich | Outperform | Outperform | Maintain | Oct 24, 2013 |
| Wedbush | Outperform | Outperform | Maintain | Sep 19, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $186.15. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Goldman Sachs | Analyst unavailable | $205 | $184.88 | +10.1% | Oct 22, 2026 |
| Scotiabank | Analyst unavailable | $193 | $162.13 | +3.7% | Oct 15, 2026 |
| Raymond James | Analyst unavailable | $189 | $152.99 | +1.5% | Oct 9, 2026 |
| CIBC | Analyst unavailable | $184 | $153.47 | -1.2% | Oct 8, 2026 |
| UBS | Analyst unavailable | $200 | $155.23 | +7.4% | Sep 18, 2026 |
| UBS | Analyst unavailable | $176 | $165.71 | -5.5% | Aug 4, 2026 |
| Barclays | Analyst unavailable | $187 | $169.35 | +0.5% | Jul 28, 2026 |
| CIBC | Analyst unavailable | $199 | $168.33 | +6.9% | Jul 24, 2026 |
| Barclays | Analyst unavailable | $180 | $161.54 | -3.3% | Apr 28, 2026 |
| BMO Capital | Analyst unavailable | $208 | $167.88 | +11.7% | Apr 24, 2026 |
| RBC Capital | Analyst unavailable | $218 | $168.89 | +17.1% | Apr 24, 2026 |
| Goldman Sachs | Adam Bubes | $211 | $168.89 | +13.3% | Apr 23, 2026 |
| RBC Capital | Sabahat Khan | $210 | $160.85 | +12.8% | Feb 17, 2026 |
| Morgan Stanley | Toni Kaplan | $205 | $161.28 | +10.1% | Feb 13, 2026 |
| Scotiabank | Analyst unavailable | $197 | $161.9 | +5.8% | Feb 13, 2026 |
| Deutsche Bank | Analyst unavailable | $212 | $161.09 | +13.9% | Feb 13, 2026 |
| Stifel Nicolaus | Analyst unavailable | $213 | $157.58 | +14.4% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $176 | $157.58 | -5.5% | Feb 13, 2026 |
| Oppenheimer | Noah Kaye | $205 | $170.15 | +10.1% | Jan 23, 2026 |
| Scotiabank | Analyst unavailable | $204 | $166.11 | +9.6% | Jan 21, 2026 |
| CIBC | Analyst unavailable | $208 | $167.33 | +11.7% | Jan 8, 2026 |
| Bernstein | Connor Cerniglia | $205 | $175.14 | +10.1% | Jan 5, 2026 |
| UBS | Analyst unavailable | $205 | $172.18 | +10.1% | Jan 5, 2026 |
| Morgan Stanley | Toni Kaplan | $220 | $176.62 | +18.2% | Dec 17, 2025 |
| Goldman Sachs | Analyst unavailable | $202 | $175.3 | +8.5% | Nov 24, 2025 |
| Wells Fargo | Jerry Revich | $186 | $167.39 | -0.1% | Nov 13, 2025 |
| Scotiabank | Konark Gupta | $210 | $177.74 | +12.8% | Oct 23, 2025 |
| Oppenheimer | Analyst unavailable | $206 | $177.46 | +10.7% | Oct 23, 2025 |
| UBS | Analyst unavailable | $195 | $178.47 | +4.8% | Oct 23, 2025 |
| Barclays | Analyst unavailable | $194 | $178.47 | +4.2% | Oct 23, 2025 |
| UBS | Analyst unavailable | $190 | $169.74 | +2.1% | Oct 16, 2025 |
| Scotiabank | Analyst unavailable | $208 | $170.2 | +11.7% | Oct 10, 2025 |
| Raymond James | Analyst unavailable | $213 | $174.42 | +14.4% | Oct 6, 2025 |
| CIBC | Kevin Chiang | $215 | $186.95 | +15.5% | Jul 25, 2025 |
| RBC Capital | Analyst unavailable | $221 | $194.47 | +18.7% | Apr 25, 2025 |
| Truist Financial | Tobey Sommer | $220 | $192.58 | +18.2% | Apr 25, 2025 |
| Oppenheimer | Noah Kaye | $195 | $185.79 | +4.8% | Dec 13, 2024 |
| Oppenheimer | Noah Kaye | $194 | $181.92 | +4.2% | Oct 21, 2024 |
| Citigroup | Bryan Burgmeier | $190 | $175.66 | +2.1% | Jul 26, 2024 |
| RBC Capital | Derek Spronck | $196 | $168.01 | +5.3% | Apr 8, 2024 |
| Oppenheimer | Noah Kaye | $180 | $171.74 | -3.3% | Mar 18, 2024 |
| Morgan Stanley | Toni Kaplan | $160 | $125.32 | -14.0% | Jul 2, 2022 |
| UBS | Jon Windham | $150 | $135.52 | -19.4% | Oct 29, 2021 |
| Deutsche Bank | Kyle White, CFA | $145 | $135.52 | -22.1% | Oct 29, 2021 |
| KeyBanc | Sean Eastman | $146 | $132.48 | -21.6% | Oct 21, 2021 |
| Stifel Nicolaus | Michael E. Hoffman | $154 | $125.04 | -17.3% | Aug 6, 2021 |
Track every rating change on WCN the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationWaste Connections, Inc. is a leading environmental services provider that delivers a full spectrum of non-hazardous waste management solutions, including collection, transfer, disposal, and resource recovery, across both the United States and Canada. The company offers essential waste collection services to a diverse customer base, spanning residential, commercial, municipal, industrial, and exploration and production (E&P) sectors. Beyond collection, their operations encompass landfill management for final waste disposition and comprehensive recycling programs for a wide array of materials, such as compostables, cardboard, mixed paper, plastic containers, glass bottles, and both ferrous and aluminum metals. Waste Connections also maintains and operates a network of transfer stations, which efficiently receive, compact, and load waste for subsequent transport—by truck, rail, or barge—to either landfills or specialized treatment facilities.…
Historical context
All WCN earningsIndustrials peers this season
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|---|---|---|---|---|
| BE Bloom Energy Corporation | FY2026 Q3 · Calendar Q4 2026 | +36.0% | -8.7% | Bloom Energy Raises Outlook as AI Power Demand Drives Expansion |
| SNA Snap-on Incorporated | FY2026 Q3 · Calendar Q4 2026 | -5.9% | -3.4% | Snap-on: C&I strength offsets organic sales pressure in Q3 |
| HON Honeywell International Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.6% | +1.7% | Honeywell Raises 2026 Outlook as Backlog and Forge Support Growth |
| LMT Lockheed Martin Corporation | FY2026 Q3 · Calendar Q4 2026 | +6.0% | +7.0% | Lockheed Martin: backlog and guidance rise, with execution risks |
| NSC Norfolk Southern Corporation | FY2026 Q3 · Calendar Q4 2026 | +4.6% | +3.1% | Norfolk Southern posts strong Q3 as capex outlook rises |
| POOL Pool Corporation | FY2026 Q3 · Calendar Q4 2026 | +1.2% | +14.4% | POOL: Q3 growth held up as freight costs pressured margins |
Latest beats and misses
Who reports nextBeat on EPS
- DECKFY2027 Q2 · October 22, 2026+13.4% EPS-0.2% move
- OMCFY2026 Q3 · October 22, 2026+2.2% EPS+2.6% move
- SSNCFY2026 Q3 · October 22, 2026+0.6% EPS+2.8% move
- BEFY2026 Q3 · October 22, 2026+36.0% EPS-8.7% move
- ROPFY2026 Q3 · October 22, 2026+1.7% EPS+9.7% move
- BPOPFY2026 Q3 · October 22, 2026+5.8% EPS-2.8% move
Missed on EPS
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
- HBANPFY2026 Q3 · October 22, 2026-5.3% EPS0.0% move
- PCGFY2026 Q3 · October 22, 2026-0.8% EPS-1.3% move
Get the WCN recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-23T15:40:45.510437+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-23T15:40:45.507696+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-23. For educational purposes only; not investment advice.