Waste Connections: Can Renewable Natural Gas Become Its Biggest Profit Catalyst?

Waste Connections, Inc. reported its fourth quarter and full-year 2025 financial results, reflecting a continuation of disciplined operational execution amid challenging market conditions. The company delivered adjusted EBITDA margin expansion of 110 basis points in Q4 2025, culminating in an industry-leading full-year adjusted EBITDA margin of 33%, up 100 basis points year-over-year excluding lower recycled commodity values. Revenue for the quarter totaled $2.373 billion, with acquisitions contributing approximately $58 million in the period and $377 million for the full year. Price-led organic growth, particularly solid waste core pricing of 6.5%, exceeded expectations and helped offset volume declines and pressures from depressed commodity prices. Volumes declined across certain categories, with construction and demolition debris tons down 5% for the year and about 15% versus 2023, while municipal solid waste and special waste increased modestly. The company intentionally managed shedding lower margin volume, driving a price/cost spread that contributed to margin expansion.