Waste Connections Reports 7.1% Revenue Growth and Increased Net Income in Q2 2025

Waste Connections, Inc. reported a notable increase in financial performance for the second quarter of 2025, with revenues reaching $2.407 billion, a 7.1% increase from $2.248 billion in the same period last year. For the first half of 2025, total revenues also rose by 7.3% to $4.635 billion compared to $4.321 billion in the first half of 2024. The growth was primarily driven by acquisitions, which contributed $115 million and $246 million to revenues for the three and six months ended June 30, 2025, respectively. Additionally, the company experienced a net increase in prices charged to customers, amounting to $132.8 million for the quarter.

In terms of profitability, Waste Connections reported a net income of $290.3 million for the second quarter, up from $275.4 million a year earlier, translating to earnings per share of $1.12, compared to $1.07 in the prior year. For the first half of 2025, net income was $531.8 million, an increase from $504.5 million in the same period of 2024. The company’s operating income also saw an increase of 8.2% to $459.5 million for the quarter, reflecting a strong operating margin of 19.1%.

Operationally, Waste Connections continued to expand its footprint, acquiring ten non-hazardous solid waste collection and recycling businesses during the first half of 2025. The company’s total assets increased to $20.679 billion as of June 30, 2025, up from $19.818 billion at the end of 2024. The company also reported a total employee headcount of 18,000, reflecting its growth strategy and operational expansion.

The filing indicated that the company faced challenges, including a decrease in roll-off volumes and lower post-collection volumes, which resulted in revenue losses of $56.2 million for the quarter. However, the company managed to offset some of these losses through price increases and operational efficiencies. Waste Connections also reported a working capital deficit of $651.5 million, which slightly improved from $651.9 million at the end of 2024, primarily due to increased cash and equivalents.

Looking ahead, Waste Connections remains optimistic about its growth trajectory, emphasizing its commitment to strategic acquisitions and operational efficiencies. The company plans to continue investing in capital expenditures, with expectations of spending between $1.2 billion and $1.25 billion in 2025, including investments in renewable natural gas facilities. The company’s management expressed confidence in its ability to navigate market conditions and maintain its competitive position in the solid waste industry.