Waste Connections, Inc. raised its 2026 revenue and adjusted EBITDA outlook for a second time this year, as firmer landfill activity accompanied a narrower year-over-year fall in solid-waste volume.
The revenue target now stands at about $10.09 billion, with adjusted EBITDA at $3.345 billion. The company also projects $1.18 billion in net income and $1.25 billion in capital expenditures for 2026. In July, its revenue range was $10.02 billion to $10.05 billion, while adjusted EBITDA was projected at $3.33 billion to $3.34 billion.
For the quarter ended Sept. 30, revenue reached $2.638 billion, compared with $2.458 billion a year earlier. Adjusted EBITDA came to $895.8 million, versus $830.3 million. The company recorded $359.2 million in net income; its adjusted result was $398.9 million, equivalent to $1.58 for each diluted share.
Solid-waste unit volume was down 1.2% year over year in the third quarter, following a 1.9% decrease in the second. President and CEO Ronald J. Mittelstaedt said the 70-basis-point improvement from the previous quarter reflected stronger landfill activity. The company’s measure tracks unit activity and remained below the year-earlier level.
Waste Connections reported 5.5% core-price growth, a 4.3% yield and a 1.3% contribution from surcharges; revenue in its internal solid-waste business rose 4.5%. The company uses “core price” for the revenue impact of price increases after rollbacks.
The 2026 projections exclude acquisitions that might close before year-end and expenses tied to those transactions. The company puts adjusted free cash flow between $1.40 billion and $1.45 billion, and cash flow from operations between $2.64 billion and $2.69 billion.
It serves about nine million customers across the United States and Canada, spanning residential, commercial and industrial lines; its footprint covers 46 U.S. states and six Canadian provinces. Services include collection, transfer, disposal and recycling, alongside nonhazardous oilfield-waste handling.
