Waste Connections Inc New (WCN)

Waste Connections Annual Shareholders Meeting ResultsMay 15, 2026 4:05 PM
Business Wire Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced the results of its annual meeting of shareholders (the “Meeting”). All eight director nominees in the Company’s 2026 management information circular and proxy statement (the “Proxy Statement”) were nominated and elected as directors of the Company at the Meeting. Each director will serve until the close of the next annual meeting of shareholders or until his or her earlier resignation, or his or her successor is duly elected or appointed. Detailed results of the vote are: Nominee Votes
For % Votes
For Votes
Withheld % Votes
Withheld Daniel L. Florness 199,520,109 93.84 13,083,681 6.15 Edward E. “Ned” Guillet 196,083,938 92.22 16,519,852 7.77 Michael W. Harlan 196,501,112 92.42 16,102,678 7.57 Elise L. Jordan 208,573,444 98.10 4,030,346 1.89 Cherylyn Harley LeBon 210,953,439 99.22 1,650,351 0.77 Susan “Sue” Lee 141,080,632 66.35 71,523,158 33.64 Ronald J. Mittelstaedt 207,172,995 97.44 5,430,795 2.55 Carl D. Sparks 211,114,364 99.29 1,489,426 0.70 All director nominees were elected in accordance with the majority voting policy included in the Company’s Corporate Governance Guidelines and Board Charter, with each receiving a majority of the total votes cast in respect of his or her election. The shareholders approved on a non-binding, advisory basis the compensation of the Company’s named executive officers as disclosed in the Proxy Statement (“Say-on-Pay”). The shareholders approved the appointment of Grant Thornton LLP as the Company’s independent registered public accounting firm for 2026 and authorized the Company’s Board of Directors to fix the remuneration of the independent registered public accounting firm. Final voting results on all matters considered at the Meeting will be filed with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. About Waste Connections Waste Connections (wasteconnections.com) is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves approximately nine million residential, commercial and industrial customers in mostly exclusive and secondary markets across 46 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections views its Environmental, Social and Governance (“ESG”) efforts as integral to its business, with initiatives consistent with its objective of long-term value creation and focused on reducing emissions, increasing resource recovery of both recyclable commodities and clean energy fuels, reducing reliance on off-site disposal for landfill leachate, further improving safety and enhancing employee engagement. Visit wasteconnections.com/sustainability for more information and updates on our progress towards targeted achievement. View source version on businesswire.com: https://www.businesswire.com/news/home/20260515026615/en/ Mary Anne Whitney / (832) 442-2253
maryannew @etowahan
joe.box@wasteconnections.com Original: Waste Connections Annual Shareholders Meeting Results

Waste Connections Reports First Quarter 2026 ResultsApril 22, 2026 4:05 PM
Business Wire

Better than expected Q1 results, with improving trends positioning for upside to 2026 outlook



Revenue of $2.371 billion, above expectations and up 6.4% year over year



Net income of $219.3 million and adjusted EBITDA(a) of $769.5 million, above expectations and up 8.0% year over year



Adjusted EBITDA margin(a) of 32.5%, above expectations and up 50 basis points year over year



Net income and adjusted net income(a) per share of $0.86 and $1.23, respectively



Year-to-date share repurchases of 1% of outstanding shares



Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the first quarter of 2026.


“We’re extremely pleased by the strong start to 2026 and remain well-positioned for the full year, with upside potential from commodity-related impacts, solid waste organic growth and additional acquisitions. On revenue and adjusted EBITDA above our expectations, we delivered adjusted EBITDA(a) margin of 32.5% in spite of outsized weather events and in advance of recovering higher fuel costs,” said Ronald J. Mittelstaedt, President and Chief Executive Officer.


“In spite of geopolitical instability, our results reflect consistency of execution as we continue to benefit from operating momentum from improved employee engagement, with safety performance at record levels and voluntary turnover now below 10%,” continued Mr. Mittelstaedt. “Moreover, we should be well-positioned for incremental benefits from higher fuel and other commodities, as well as strong pricing retention and increased special waste activity, and also longer term as a result of our expanding use of A.I. through technology-related investments.”


Mr. Mittelstaedt concluded, “Finally, we continue to anticipate another outsized year of acquisition activity, given a robust pipeline, along with increasing return of capital to shareholders, including year-to-date share repurchases of over $360 million or approximately 1% of shares outstanding.”


Q1 2026 Results


Revenue in the first quarter totaled $2.371 billion, up from $2.228 billion in the prior year period. Operating income was $364.1 million, which included $80.4 million primarily in impairments related to adjustments to landfill closure and post closure costs. This compares to operating income of $390.2 million in the prior year period, which included $20.2 million primarily in transaction-related expenses, impairments and other operating items and fair value accounting changes associated with certain equity awards. Net income in the first quarter was $219.3 million, or $0.86 per share on a diluted basis of 255.9 million shares. In the prior year period, the Company reported net income of $241.5 million, or $0.93 per share on a diluted basis of 258.9 million shares.


Adjusted net income(a) in the first quarter was $314.9 million, or $1.23 per diluted share, up from $293.1 million, or $1.13 per diluted share, in the prior year period. Adjusted EBITDA(a) in the first quarter was $769.5 million, up from $712.2 million in the prior year period. Adjusted net income, adjusted net income per diluted share and adjusted EBITDA, all non-GAAP measures, primarily exclude impairments and transaction-related items, as reflected in the detailed reconciliations in the attached tables.


Q1 2026 Earnings Conference Call


Waste Connections will be hosting a conference call related to first quarter earnings on April 23rd at 8:30 A.M. Eastern Time. A live audio webcast of the conference call can be accessed by visiting investors.wasteconnections.com and selecting "Events & Presentations" from the website menu. Alternatively, conference call participants can preregister by clicking here. Registered participants will receive dial-in instructions and a personalized code for entry to the conference call. Shortly after the conclusion of the conference call, a webcast replay will be available on the Waste Connections investor website or by clicking here.


About Waste Connections


Waste Connections (wasteconnections.com) is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves approximately nine million residential, commercial and industrial customers in mostly exclusive and secondary markets across 46 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections views its Environmental, Social and Governance (“ESG”) efforts as integral to its business, with initiatives consistent with its objective of long-term value creation and focused on reducing emissions, increasing resource recovery of both recyclable commodities and clean energy fuels, reducing reliance on off-site disposal for landfill leachate, further improving safety and enhancing employee engagement. Visit wasteconnections.com/sustainability for more information and updates on our progress towards targeted achievement.


Safe Harbor and Forward-Looking Information


This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements are often identified by the words "may," "might," "believes," "thinks," "expects," "estimate," "continue," "intends" or other words of similar meaning. All of the forward-looking statements included in this press release are made pursuant to the safe harbor provisions of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements about expected 2026 financial results, outlook and related assumptions, and potential acquisition activity. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Waste Connections undertakes no obligation to update the forward-looking statements set forth in this press release, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.


– financial tables attached –




(a) Non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule.









WASTE CONNECTIONS, INC.








CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME








THREE MONTHS ENDED MARCH 31, 2025 AND 2026








(Unaudited)








(in thousands of U.S. dollars, except share and per share amounts)









 








 










 






 






Three months ended

March 31,








 






 






2025






 






2026








 






 






 






 






 








Revenues






 






$






2,228,176






 






 






$






2,370,631






 








Operating expenses:






 






 






 






 






 






 








Cost of operations






 






 






1,291,443






 






 






 






1,361,099






 








Selling, general and administrative






 






 






250,134






 






 






 






251,119






 








Depreciation






 






 






242,307






 






 






 






267,485






 








Amortization of intangibles






 






 






47,642






 






 






 






47,264






 








Impairments and other operating items






 






 






6,440






 






 






 






79,584






 








Operating income






 






 






390,210






 






 






 






364,080






 








 






 






 






 






 






 






 








Interest expense






 






 






(80,875






)






 






 






(87,719






)








Interest income






 






 






1,770






 






 






 






3,113






 








Other income, net






 






 






1,872






 






 






 






4,085






 








Income before income tax provision






 






 






312,977






 






 






 






283,559






 








 






 






 






 






 






 






 








Income tax provision






 






 






(71,467






)






 






 






(64,215






)








Net income






 






$






241,510






 






 






$






219,344






 








 






 






 






 






 






 






 








Earnings per common share:






 






 






 






 






 






 








Basic






 






$






0.94






 






 






$






0.86






 








Diluted






 






$






0.93






 






 






$






0.86






 








 






 






 






 






 






 






 








Shares used in the per share calculations:






 






 






 






 






 






 








Basic






 






 






258,193,975






 






 






 






255,347,786






 








Diluted






 






 






258,904,806






 






 






 






255,873,686






 








 






 






 






 






 






 






 








 






 






 






 






 






 






 








Cash dividends per common share






 






$






0.315






 






 






$






0.350






 









WASTE CONNECTIONS, INC.








CONDENSED CONSOLIDATED BALANCE SHEETS








(Unaudited)








(in thousands of U.S. dollars, except share and per share amounts)









 






 






 






 






 






 






 








 






 






December 31,

2025






 






March 31,

2026






 








ASSETS






 






 






 






 






 






 






 








Current assets:






 






 






 






 






 






 






 








Cash and equivalents






 






$






45,968






 






 






$






112,447






 






 








Accounts receivable, net of allowance for credit losses of $21,402 and $27,828 at December 31, 2025 and March 31, 2026, respectively






 






 






1,024,992






 






 






 






1,033,086






 






 








Prepaid expenses and other current assets






 






 






240,603






 






 






 






230,786






 






 








Total current assets






 






 






1,311,563






 






 






 






1,376,319






 






 








 






 






 






 






 






 






 






 








Restricted cash






 






 






183,612






 






 






 






210,199






 






 








Restricted investments






 






 






80,757






 






 






 






80,397






 






 








Property and equipment, net






 






 






8,733,327






 






 






 






8,714,069






 






 








Operating lease right-of-use assets






 






 






312,508






 






 






 






324,034






 






 








Goodwill






 






 






8,392,249






 






 






 






8,414,577






 






 








Intangible assets, net






 






 






2,006,200






 






 






 






1,959,957






 






 








Other assets, net






 






 






109,147






 






 






 






106,803






 






 








Total assets






 






$






21,129,363






 






 






$






21,186,355






 






 








 




LIABILITIES AND SHAREHOLDERS’ EQUITY






 






 






 






 






 






 






 








Current liabilities:






 






 






 






 






 






 






 








Accounts payable






 






$






765,227






 






 






$






712,423






 






 








Book overdraft






 






 






14,674






 






 






 






8,560






 






 








Deferred revenue






 






 






416,025






 






 






 






424,835






 






 








Accrued liabilities






 






 






810,367






 






 






 






745,013






 






 








Current portion of operating lease liabilities






 






 






44,272






 






 






 






46,335






 






 








Current portion of contingent consideration






 






 






65,029






 






 






 






61,945






 






 








Current portion of long-term debt and notes payable






 






 






8,667






 






 






 






8,355






 






 








Total current liabilities






 






 






2,124,261






 






 






 






2,007,466






 






 








 






 






 






 






 






 






 






 








Long-term portion of debt and notes payable






 






 






8,811,104






 






 






 






9,093,831






 






 








Long-term portion of operating lease liabilities






 






 






267,000






 






 






 






278,167






 






 








Long-term portion of contingent consideration






 






 






19,667






 






 






 






19,216






 






 








Deferred income taxes






 






 






1,085,613






 






 






 






1,113,470






 






 








Other long-term liabilities






 






 






576,337






 






 






 






616,586






 






 








Total liabilities






 






 






12,883,982






 






 






 






13,128,736






 






 








Commitments and contingencies






 






 






 






 






 






 






 








Shareholders’ equity:






 






 






 






 






 






 






 








Common shares: Unlimited shares authorized; 255,661,011 shares issued and 255,614,663 shares outstanding at December 31, 2025; 254,260,257 shares issued and 254,213,909 shares outstanding at March 31, 2026






 






 






2,783,431






 






 






 






2,502,503






 






 








Additional paid-in capital






 






 






373,239






 






 






 






366,546






 






 








Accumulated other comprehensive loss






 






 






(111,044






)






 






 






(141,783






)






 








Treasury shares: 46,348 and 46,348 shares at December 31, 2025 and March 31, 2026, respectively






 






 






-






 






 






 






-






 






 








Retained earnings






 






 






5,199,755






 






 






 






5,330,353






 






 








Total shareholders’ equity






 






 






8,245,381






 






 






 






8,057,619






 






 








Total liabilities and shareholders’ equity






 






$






21,129,363






 






 






$






21,186,355






 






 









WASTE CONNECTIONS, INC.








CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS








THREE MONTHS ENDED MARCH 31, 2025 AND 2026








(Unaudited)








(in thousands of U.S. dollars)









 






 






 






 






 






 






 








 






 






Three months ended March 31,






 








 






 






2025






 






2026






 








Cash flows from operating activities:






 






 






 






 






 






 






 








Net income






 






$






241,510






 






 






$






219,344






 






 








Adjustments to reconcile net income to net cash provided by operating activities:






 






 






 






 






 






 






 








Loss from disposal of assets, impairments and other






 






 






7,778






 






 






 






2,519






 






 








Adjustments to closure and post-closure liabilities






 






 






-






 






 






 






76,845






 






 








Depreciation






 






 






242,307






 






 






 






267,485






 






 








Amortization of intangibles






 






 






47,642






 






 






 






47,264






 






 








Deferred income taxes, net of acquisitions






 






 






36,165






 






 






 






28,537






 






 








Current period provision for expected credit losses






 






 






2,470






 






 






 






12,105






 






 








Amortization of debt issuance costs






 






 






2,034






 






 






 






2,163






 






 








Share-based compensation






 






 






23,438






 






 






 






17,587






 






 








Interest accretion






 






 






12,737






 






 






 






11,200






 






 








Adjustments to contingent consideration






 






 






(1,500






)






 






 






-






 






 








Other






 






 






(1,013






)






 






 






127






 






 








Net change in operating assets and liabilities, net of acquisitions






 






 






(72,029






)






 






 






(139,578






)






 








Net cash provided by operating activities






 






 






541,539






 






 






 






545,598






 






 









 






 







 






 







 








Cash flows from investing activities:






 






 







 






 







 








Payments for acquisitions, net of cash acquired






 






 






(380,417






)






 






 






(63,087






)






 








Capital expenditures for property and equipment






 






 






(212,455






)






 






 






(296,596






)






 








Proceeds from disposal of assets






 






 






969






 






 






 






1,779






 






 








Other






 






 






(11,308






)






 






 






2,203






 






 








Net cash used in investing activities






 






 






(603,211






)






 






 






(355,701






)






 









 






 







 






 







 








Cash flows from financing activities:






 






 






 






 






 







 








Proceeds from long-term debt






 






 






782,904






 






 






 






1,156,176






 






 








Principal payments on notes payable and long-term debt






 






 






(541,737






)






 






 






(843,898






)






 








Payment of contingent consideration recorded at acquisition date






 






 






(20,137






)






 






 






(4,108






)






 








Change in book overdraft






 






 






(110






)






 






 






(6,114






)






 








Payments for repurchase of common shares






 






 






-






 






 






 






(283,959






)






 








Payments for cash dividends






 






 






(81,477






)






 






 






(88,746






)






 








Tax withholdings related to net share settlements of equity-based compensation






 






 






(28,981






)






 






 






(24,515






)






 








Debt issuance costs






 






 






-






 






 






 






(4,008






)






 








Proceeds from issuance of shares under employee share purchase plan






 






 






2,593






 






 






 






3,031






 






 








Proceeds from sale of common shares held in trust






 






 






324






 






 






 






-






 






 








Net cash provided by (used in) financing activities






 






 






113,379






 






 






 






(96,141






)






 








 






 






 






 






 






 






 






 








Effect of exchange rate changes on cash, cash equivalents and restricted cash






 






 






(434






)






 






 






(690






)






 









 






 







 






 







 








Net increase in cash, cash equivalents and restricted cash






 






 






51,273






 






 






 






93,066






 






 








Cash, cash equivalents and restricted cash at beginning of period






 






 






198,173






 






 






 






229,580






 






 








Cash, cash equivalents and restricted cash at end of period






 






$






249,446






 






 






$






322,646






 






 









 






 







 






 







 








 






 






 






 






 






 






 






 


 









ADDITIONAL STATISTICS

(in thousands of U.S. dollars, except where noted)








 








Solid Waste Internal Growth: The following table reflects a breakdown of the components of our solid waste internal growth for the three months ended March 31, 2026:









 



 






 






Three months ended




March 31, 2026








Yield(a)






 






 






4.7






%








Surcharges






 






 






(0.1






%)








Unit Volume(a)






 






 






(1.5






%)








Recycling






 






 






(0.5






%)








Foreign Exchange Impact






 






 






0.5






%








Total






 






 






3.1






%








 






 






 






 








Core Price(b)






 






 






6.0






%









____________________________








(a) In the first quarter of 2026, WCN began providing a breakdown of organic growth in solid waste collection, transfer and disposal to include Yield and Unit Volume, which are performance metrics used by management to evaluate the effectiveness of our pricing and organic growth strategies. Yield, or change in average price per unit of service, reflects the impacts of customer churn and new business activity and the resulting mix by line of business and by geographic segment; Unit Volume reflects estimated change in units of activity.








(b) Core Price is defined as the revenue growth attributable to price increases, net of rollbacks, on solid waste collection, transfer and disposal customers. This definition is consistent with Core Price references provided in prior periods.









Revenue Breakdown: The following table reflects a breakdown of our revenue for the three-month periods ended March 31, 2025 and 2026:









 








 








 








 







 








 






 






Three months ended March 31, 2025






 








 






 






Revenue






 






Inter-company

Elimination






 






Reported

Revenue






 






%








Solid Waste Collection






 






$






1,621,077






 






$






(4,536






)






 






$






1,616,541






 






72.5






%








Solid Waste Disposal and Transfer






 






 






658,023






 






 






(296,282






)






 






 






361,741






 






16.2






%








Solid Waste Recycling






 






 






61,341






 






 






(2,084






)






 






 






59,257






 






2.7






%








E&P Waste Treatment, Recovery and Disposal






 






 






150,899






 






 






(6,374






)






 






 






144,525






 






6.5






%








Intermodal and Other






 






 






46,549






 






 






(437






)






 






 






46,112






 






2.1






%








Total






 






$






2,537,889






 






$






(309,713






)






 






$






2,228,176






 






100.0






%









 






 






Three months ended March 31, 2026






 








 






 






Revenue






 






Inter-company

Elimination






 






Reported

Revenue






 






%








Solid Waste Collection






 






$






1,709,628






 






$






(5,182






)






 






$






1,704,446






 






71.9






%








Solid Waste Disposal and Transfer






 






 






714,624






 






 






(328,515






)






 






 






386,109






 






16.3






%








Solid Waste Recycling






 






 






53,649






 






 






(2,061






)






 






 






51,588






 






2.2






%








E&P Waste Treatment, Recovery and Disposal






 






 






187,572






 






 






(8,013






)






 






 






179,559






 






7.6






%








Intermodal and Other






 






 






49,346






 






 






(417






)






 






 






48,929






 






2.0






%








Total






 






$






2,714,819






 






$






(344,188






)






 






$






2,370,631






 






100.0






%









ADDITIONAL STATISTICS (continued)




(in thousands of U.S. dollars, except where noted)








 














Contribution from Acquisitions: The following table reflects revenues from acquisitions, net of divestitures, for the three- month periods ended March 31, 2025 and 2026:













 




 








 










 






 






Three months ended

March 31,








 






 






2025






 






2026








Acquisitions, net






 






$






129,298






 






$






55,253









Other Cash Flow Items: The following table reflects cash interest and cash taxes for the three-month periods ended March 31, 2025 and 2026:















 








 










 






 






Three months ended

March 31,








 






 






2025






 






2026








Cash Interest Paid






 






$






84,154






 






$






108,244








Cash Taxes Paid






 






 






22,176






 






 






21,873










 



Debt to Book Capitalization at March 31, 2026: 53%








Internalization for the three months ended March 31, 2026: 60%








Days Sales Outstanding for the three months ended March 31, 2026: 39 (23 net of deferred revenue)








Share Information for the three months ended March 31, 2026:









 



Basic shares outstanding







255,347,786








Dilutive effect of equity-based awards






 






525,900








Diluted shares outstanding






 






255,873,686









NON-GAAP RECONCILIATION SCHEDULE

(in thousands of U.S. dollars, except where noted)








 








Reconciliation of Adjusted EBITDA:






Adjusted EBITDA, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a performance and valuation measure in the solid waste industry. Management uses adjusted EBITDA as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections’ operations. Waste Connections defines adjusted EBITDA as net income, plus income tax provision, plus interest expense, less interest income, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on impairments and other operating items, plus other expense, less other income. Waste Connections further adjusts this calculation to exclude the effects of other items management believes impact the ability to assess the operating performance of its business. This measure is not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate adjusted EBITDA differently.









 



 






 






Three months ended

March 31,








 






 






2025






 






2026








Net income






 






$






241,510






 






$






219,344








Plus: Income tax provision






 






 






71,467






 






 






64,215








Plus: Interest expense






 






 






80,875






 






 






87,719








Less: Interest income






 






 






(1,770)






 






 






(3,113)








Plus: Depreciation and amortization






 






 






289,949






 






 






314,749








Plus: Closure and post-closure accretion






 






 






11,874






 






 






10,291








Plus: Impairments and other operating items






 






 






6,440






 






 






79,584








Less: Other income, net






 






 






(1,872)






 






 






(4,085)








Adjustments:






 






 






 






 






 






 








Plus: Transaction-related expenses(a)






 






 






11,970






 






 






2,360








Plus/(Less): Fair value changes to equity awards(b)






 






 






1,770






 






 






(1,536)








Adjusted EBITDA






 






$






712,213






 






$






769,528








 






 






 






 






 






 






 








As % of revenues






 






 






32.0%






 






 






32.5%








____________________________


(a)

Reflects the addback of acquisition-related transaction costs.







(b)

Reflects fair value accounting changes associated with certain equity awards.









NON-GAAP RECONCILIATION SCHEDULE (continued)

(in thousands of U.S. dollars, except where noted)








 








Reconciliation of Adjusted Free Cash Flow:






Adjusted free cash flow, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a liquidity measure in the solid waste industry. Waste Connections calculates adjusted free cash flow as net cash provided by operating activities, plus or minus change in book overdraft, plus proceeds from disposal of assets, less capital expenditures for property and equipment. Waste Connections further adjusts this calculation to exclude the effects of items management believes impact the ability to evaluate the liquidity of its business operations. This measure is not a substitute for, and should be used in conjunction with, GAAP liquidity or financial measures. Other companies may calculate adjusted free cash flow differently.









 



 






 






Three months ended

March 31,








 






 






2025






 






2026








Net cash provided by operating activities






 






$






541,539






 






 






$






545,598






 








Less: Change in book overdraft






 






 






(110






)






 






 






(6,114






)








Plus: Proceeds from disposal of assets






 






 






969






 






 






 






1,779






 








Less: Capital expenditures for property and equipment






 






 






(212,455






)






 






 






(296,596






)








Adjustments:






 






 







 






 









Transaction-related expenses(a)






 






 






2,392






 






 






 






1,614






 








Pre-existing Progressive Waste share-based grants(b)






 






 






16






 






 






 






-






 








Executive separation costs(c)






 






 






449






 






 






 






-






 








Tax effect(d)






 






 






(725






)






 






 






(404






)








Adjusted free cash flow






 






$






332,075






 






 






$






245,877






 









 








 






 









As % of revenues






 






 






14.9






%






 






 






10.4






%








(a)

Reflects the addback of acquisition-related transaction costs.







(b)

Reflects the cash settlement of pre-existing Progressive Waste share-based awards during the period.







(c)

Reflects the cash component of severance expense associated with an executive departure from 2023.







(d)

The aggregate tax effect of footnotes (a) through (c) is calculated based on the applied tax rates for the respective periods.









NON-GAAP RECONCILIATION SCHEDULE (continued)




(in thousands of U.S. dollars, except per share amounts)








 








Reconciliation of Adjusted Net Income and Adjusted Net Income per Diluted Share:






Adjusted net income and adjusted net income per diluted share, both non-GAAP financial measures, are provided supplementally because they are widely used by investors as valuation measures in the solid waste industry. Management uses adjusted net income and adjusted net income per diluted share as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections’ operations. Waste Connections provides adjusted net income to exclude the effects of items management believes impact the comparability of operating results between periods. Adjusted net income has limitations due to the fact that it excludes items that have an impact on the Company’s financial condition and results of operations. Adjusted net income and adjusted net income per diluted share are not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate these non-GAAP financial measures differently.













 




 








 










 






 






Three months ended

March 31,








 







2025






 






2026








Reported net income






 






$






241,510






 






 






$






219,344






 








Adjustments:






 






 






 






 






 






 








Amortization of intangibles(a)






 






 






47,642






 






 






 






47,264






 








Impairments and other operating items(b)






 






 






6,440






 






 






 






79,584






 








Transaction-related expenses(c)






 






 






11,970






 






 






 






2,360






 








Fair value changes to equity awards(d)






 






 






1,770






 






 






 






(1,536






)








Tax effect(e)






 






 






(16,212






)






 






 






(32,136






)








Adjusted net income






 






$






293,120






 






 






$






314,880






 








Diluted earnings per common share:






 






 






 






 






 






 








Reported net income






 






$






0.93






 






 






$






0.86






 








Adjusted net income






 






$






1.13






 






 






$






1.23






 








(a)

Reflects the elimination of the non-cash amortization of acquisition-related intangible assets.







(b)

Reflects the addback of impairments and other operating items.







(c)

Reflects the addback of acquisition-related transaction costs.







(d)

Reflects fair value accounting changes associated with certain equity awards.







(e)

The aggregate tax effect of the adjustments in footnotes (a) through (d) is calculated based on the applied tax rates for the respective periods.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422005378/en/
Mary Anne Whitney / (832) 442-2253 Joe Box / (832) 442-2153

maryannew@wasteconnections.com joe.box@wasteconnections.com


Original: Waste Connections Reports First Quarter 2026 Results