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Waste Connections

Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons5

North American integrated waste services company

Waste Connections, Inc. is a North American integrated waste services company that provides waste collection, transfer, disposal and recycling services, primarily of solid waste.3 From Wikipedia, CC BY-SA 4.0

$167.73 up 2.22 (1.34%)Price as of Oct 16, 2026 at 19:58 UTC

Last updated Oct 18, 2026.

Overview

1997Founded1

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  • TickerWCN on NYSE1
  • Industrywaste management1
  • HeadquartersThe Woodlands1
  • Websitewww.wasteconnections.com
  • Legal formBusiness corporations (which includes professional corporations)1
  • Incorporated inOntario, Canada6
  • Business address6220 Hwy 7, Suite 600, Woodbridge, A6 L4H 4G36
  • Filer categoryLarge accelerated filer6

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Waste Connections, Inc. is a North American integrated waste services company that provides waste collection, transfer, disposal and recycling services, primarily of solid waste. It has operations in both the United States and Canada. Its headquarters is located in The Woodlands, Texas. It is the third largest waste management company in North America.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

18.1%Operating margin8
11.4%Net margin8
6.1%Revenue growth, 20258
13.1%Return on equity8
$1.2BFree cash flow8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Solid Waste Collection brought in 62% of the revenue Waste Connections broke down this way in fiscal 2025.

  1. Solid Waste Collection$6.7B862%up 7% from 2024
  2. Landfill$1.5B814%down 1% from 2024
  3. Transfer$1.5B813%up 8% from 2024
  4. Exploration And Production Waste Treatment Recovery And Disposal$688.8M86%up 32% from 2024
  5. Solid Waste Recycling$240.1M82%down 1% from 2024
  6. Intermodal and Other$175.5M82%down 9% from 2024
Products and services by year
Products and services202320242025
Solid Waste Collection$5.9B$6.3B$6.7B
Landfill$1.5B$1.6B$1.5B
Transfer$1.2B$1.3B$1.5B
Exploration And Production Waste Treatment Recovery And Disposal$232.2M$521.5M$688.8M
Solid Waste Recycling$147.0M$241.9M$240.1M
Intermodal and Other$171.7M$191.9M$175.5M

Business segments

Southern brought in 20% of the revenue Waste Connections broke down this way in fiscal 2025.

  1. Southern$1.9B820%up 9% from 2024
  2. Western$1.8B819%up 3% from 2024
  3. Eastern$1.7B818%up 9% from 2024
  4. Central$1.6B816%up 5% from 2024
  5. Canada$1.3B814%up 5% from 2024
  6. Mid South$1.3B813%up 7% from 2024
Business segments by year
Business segments202320242025
Southern$1.6B$1.8B$1.9B
Western$1.7B$1.8B$1.8B
Eastern$1.4B$1.6B$1.7B
Central$1.4B$1.5B$1.6B
Canada$995.8M$1.3B$1.3B
Mid South$1.1B$1.2B$1.3B

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue58¢$5.5B
  • Selling, general and admin10¢$959.5M
  • Other costs17¢$1.6B
  • Income tax4¢$341.4M
  • Profit11¢$1.1B

Out of $9.5B in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Capital spending49¢$1.2B
  • Dividends paid14¢$333.8M
  • Share buybacks21¢$505.5M
  • Kept or used elsewhere16¢$395.5M

Out of $2.4B of cash from operations.8

Financial statements

Revenue91011128$9.5B in 2025+76% since 2019
0$2.5B$5.0B$7.5B$10.0B2019: $5.4B$5.4B20192020: $5.4B$5.4B2020+1%2021: $6.2B$6.2B2021+13%2022: $7.2B$7.2B2022+17%2023: $8.0B$8.0B2023+11%2024: $8.9B$8.9B2024+11%2025: $9.5B$9.5B2025+6%
Operating income91011128$1.7B in 2025+104% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $837.8M$837.8M20192020: $412.4M$412.4M2020−51%2021: $1.0B$1.0B2021+152%2022: $1.2B$1.2B2022+19%2023: $1.2B$1.2B2023−0%2024: $1.1B$1.1B2024−14%2025: $1.7B$1.7B2025+60%
Net income91011128$1.1B in 2025+90% since 2019
0$500.0M$1.0B$1.5B2019: $566.8M$566.8M20192020: $204.7M$204.7M2020−64%2021: $618.0M$618.0M2021+202%2022: $835.7M$835.7M2022+35%2023: $762.8M$762.8M2023−9%2024: $617.6M$617.6M2024−19%2025: $1.1B$1.1B2025+74%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Revenues$9.5B$8.9B$8.0B
Cost of operations$5.5B$5.2B$4.7B
Selling, general and administrative$959.5M$883.4M$799.1M
Depreciation$1.0B$974.0M$845.6M
Amortization of intangibles$201.5M$189.8M$157.6M
Impairments and other operating items$109.7M$613.0M$238.8M
Operating income$1.7B$1.1B$1.2B
Interest expense-$334.6M-$326.8M-$274.6M
Interest income$12.1M$11.6M$9.3M
Other income, net$30.2M$10.5M$12.5M
Income before income tax provision$1.4B$762.9M$983.5M
Income tax provision-$341.4M-$146.4M-$220.7M
Net income$1.1B$616.6M$762.8M
Plus: Net loss attributable to noncontrolling interests$0$1.0M-$26.0K
Net income attributable to Waste Connections$1.1B$617.6M$762.8M
Basic, dollars per share$4.18$2.39$2.96
Diluted, dollars per share$4.17$2.39$2.95
Basic, shares257.3M shares258.0M shares257.6M shares
Diluted, shares258.0M shares258.7M shares258.1M shares
Cash dividends per common share$1.29$1.17$1.05

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The story

The company was founded in 1997 by a group of professionals in Washington and Idaho with industry-related experience: James Cutler, Brad Bishop, Frank Cutler and Ron Mittelstaedt. Waste Connections, Inc. expanded very quickly. Within about a year of its founding the company decided to go public, launching its IPO in May 1998. The company then slowly expanded into California and the western United States. As of 2011, It had operations in 32 of the 50 U.S states. In December 2011, the company announced that it was moving its headquarters from Folsom, CA to The Woodlands, Texas, a suburb of Houston. Chief Executive Officer, Ron Mittelstaedt, cited California's high taxes and dysfunctional legislature as key reasons for the move.

In September 2012, it acquired R360 Environmental Solutions, a Texas waste company specializing in the oil industry. In January 2016, Waste Connections bought Progressive Waste Services of Canada for $2.67 billion. Under the deal, Waste Connections shareholders received 70% of the new company, which moved its tax headquarters to Canada. It later re-branded its Canadian division Waste Connections of Canada.

The company completed 24 acquisitions in 2024 and 13 in 2023. This was part of a broader industry trend of large companies like Waste Management and Republic Services acquiring smaller firms. The 2024 acquisitions added $750 million in annualized revenues to Waste Connections. Notable acquisitions include Royal Waste Services and Waste-Away. The Royal Waste Services entrenches Waste Connections as one of the largest commercial waste companies in New York City. As part of the 2024 acquisitions, Waste Connections added 30 facilities to its Canadian portfolio.

From Wikipedia’s article on Waste Connections, shared under CC BY-SA 4.0.7

Leadership

Who has led Waste Connections, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ronald J. Mittelstaedt2016–2020
  2. Worthing Jackman2020–2023

Chair

  1. Ronald J. Mittelstaedt2020–2023

President

  1. Steven F. Bouck2016–2018
  2. Worthing Jackman2019–2023
  3. Ronald J. Mittelstaedt2023–now

Chief financial officer

  1. Worthing Jackman2016–2018
  2. Mary Anne Whitney2019–now

Chief operating officer

  1. Darrell W. Chambliss2016–2025
  2. Jason Craft2025–now
200020052010201520202025
Board members and other officers (25)

Products and brands

Waste Connections's primary business is to provide solid waste collection and disposal services. It most often does this through contracts with municipalities to collect the waste in that municipality, for an agreed-upon rate. It also provides services directly to residential, commercial, or industrial customers. In addition, Waste Connections runs landfills for waste disposal (82 solid waste landfills as of September 2019).

In Q3 2017, 67% of revenue was from solid waste collection, 21% from solid waste disposal and transfer, 4% from recycling, 5% from its oil industry waste operations, and 3% from other sources. 16% of revenue was from Canada, with the rest from the United States.

As of 2024, three states in the U.S. passed Extended producer responsibility laws. These laws attempt to decrease externalities by making waste producers have additional responsibility for their products once they enter the waste system. These laws have not been fully implemented in the U.S. but Oregon's law is scheduled to take effect in 2025 and Colorado's is scheduled to take effect in 2026. Waste Connections expects to see additional revenues for their Materials recovery facilities (MRF) as these laws take effect.

Waste Connections is partnered with AMP to use AMP's AI powered robots which facilitate recycling. Waste Connections recycled 2.21 million tons in 2023, and is planning to expand capacity by contracting AMP to build an operate an entirely new MRF in Commerce City, Colorado. It is scheduled to open in 2026.

Read the full text

Incidents

In September 2019, the investigative journalism program CBC Marketplace installed trackers into bales of plastic and commissioned three plastic recycling companies to process them: GFL Environmental, Merlin Plastics, and Waste Connections Canada. Merlin Plastics shredded and recycled the bales and GFL Environmental incinerated the bales in a waste-to-energy facility. Trackers indicated that Waste Connections dumped the plastic bales into a landfill in Richmond and a junkyard in Surrey, British Columbia instead of recycling them. The company responded "There was some miscommunication and the driver took this load to a waste facility".

In March 2024, Waste Connections opened a relief fund to Val Verde, Live Oak, Hasley Hills, Hillcrest Parkway, Hasley Canyon and Stevenson Ranch residents pay to mitigate noxious fumes that leaked from their Chiquita Canyon Landfill in California. The company states that at least $25 million will be available through the fund, and that they distributed air purifiers to the residents. In June, the EPA announced there was an on-going investigation to the landfill and that Waste Connection could face $59,000 per day in civil penalties if they do not comply with regulations.

From Wikipedia’s article on Waste Connections, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Subsidiaries

From Wikidata.1

Employees over time

  • 202119,9981

Former names

  • Progressive Waste Solutions Ltd.May 4, 2011 to May 31, 20166
  • IESI-BFC LtdMay 27, 2009 to May 3, 20116
  • BFI Canada LtdOct 17, 2008 to May 14, 20096
  • BFI Canada Income FundFeb 14, 2005 to Feb 23, 20056

Timeline

  1. Feb 13, 2020New chief executive Worthing Jackman becomes CEO16
  2. Jun 3, 2016New chief executive Ronald J. Mittelstaedt becomes CEO17
  3. 1997Founded Founded1

Filings

484 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 73 major events, 303 insider forms, 11 large holders, 77 other. The latest 20:

  1. Aug 21, 20264 PRIMARY DOCUMENT EDGAR
  2. Aug 20, 20264 PRIMARY DOCUMENT EDGAR
  3. Aug 18, 2026144 EDGAR
  4. Aug 17, 20264 PRIMARY DOCUMENT EDGAR
  5. Aug 13, 2026144 EDGAR
  6. Aug 7, 20268-K EDGAR
  7. Aug 4, 20263 PRIMARY DOCUMENT EDGAR
  8. Aug 4, 20268-K EDGAR
  9. Jul 31, 20264 PRIMARY DOCUMENT EDGAR
  10. Jul 30, 20264 PRIMARY DOCUMENT EDGAR
  11. Jul 29, 2026424B5 EDGAR
  12. Jul 28, 2026144 EDGAR
  13. Jul 28, 20268-K EDGAR
  14. Jul 28, 2026FWP EDGAR
  15. Jul 27, 2026424B5 EDGAR
  16. Jul 23, 202610-Q EDGAR
  17. Jul 22, 20268-K EDGAR
  18. Jul 2, 20264 PRIMARY DOCUMENT EDGAR
  19. Jul 2, 20264 PRIMARY DOCUMENT EDGAR
  20. Jul 2, 20264 PRIMARY DOCUMENT EDGAR

The 484 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 11 such filings since October 2021, the latest 10:

  1. Apr 28, 2026SCHEDULE 13G
  2. Mar 27, 2026SCHEDULE 13G/A
  3. Oct 31, 2025SCHEDULE 13G/A
  4. Feb 13, 2024SC 13G/A
  5. Jun 8, 2023SC 13G/A
  6. Feb 9, 2023SC 13G/A
  7. Feb 7, 2023SC 13G/A
  8. Aug 10, 2022SC 13G/A
  9. Feb 14, 2022SC 13G/A
  10. Feb 10, 2022SC 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC15,797,275$2.6B0.1%−57,888
Royal Bank Of Canada13,188,665$2.2B0.4%+978,004
Vanguard Portfolio Management LLC11,232,978$1.9B0.1%+97,720
Bank Of Montreal /can/8,665,651$1.4B0.5%+530,018
1832 Asset Management L.P.7,456,684$1.2B1.5%+343,080
BlackRock, Inc.6,370,788$1.1B0.0%+179,224
Fmr LLC5,341,098$890.2M0.0%−3,623,552
Capital International Investors4,582,617$763.9M0.2%−645,433
Aqr Capital Management LLC4,111,035$684.0M0.2%+3,002,466
Norges Bank3,957,385$659.5M0.1%New
Wcm Investment Management, LLC3,794,258$634.1M1.1%−81,138
TD Asset Management Inc3,804,528$633.9M0.5%−225,738
Invesco Ltd.3,587,785$598.0M0.0%+3,172,521
Manufacturers Life Insurance Company, The3,544,278$589.7M0.5%−179,926
Two Sigma Investments, LP3,245,893$541.1M0.4%−198,159
Bank Of America Corp /de/3,062,730$510.5M0.0%+393,622
Citadel Advisors LLC2,890,779$481.9M0.3%−223,171
Wellington Management Group Llp2,867,268$477.9M0.1%−2,067,975
Connor, Clark & Lunn Investment Management Ltd.2,488,903$414.5M0.8%+815,814
Fiera Capital Corp2,484,844$413.4M1.5%−62,225
Jpmorgan Chase & Co2,446,717$408.9M0.0%−30,344
Vanguard Fiduciary Trust Co2,431,824$405.3M0.1%−21,813
Goldman Sachs Group Inc2,422,109$403.7M0.0%−2,291,696
Morgan Stanley2,211,929$368.7M0.0%−364,949
State Street Corp2,177,541$363.0M0.0%+211,388

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

6 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Sep 23, 2025Val T. HoyleDemocratic, HouseSale$1,001 - $15,000+20.2%Report
Jul 11, 2025Ritchie TorresDemocratic, HouseSale$1,001 - $15,000+33.5%Report
Oct 29, 2024Val T. HoyleDemocratic, HouseBuy$1,001 - $15,000−40.9%Report
Aug 31, 2023Jonathan L. JacksonDemocratic, HouseSale$15,001 - $50,000+50.6%Report
Mar 16, 2020Alan S. Lowenthal, HouseBuy$1,001 - $15,000−117.8%Report
Mar 16, 2020Alan S. Lowenthal, HouseBuy$163−117.8%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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