WCN

EX-99.1

2 wcn-20260722xex99d1.htm

EX-99.1

_

​

Exhibit 99.1

​

​

WASTE CONNECTIONS REPORTS SECOND QUARTER 2026 RESULTS AND

RAISES FULL YEAR OUTLOOK

​

​

-Better than expected results drive increase to full year 2026 outlook, with upside from improving commodities and ongoing acquisition activity

-Revenue of $2.562 billion, above expectations and up 6.4%

-Net income of $296.4 million, or $1.17 per share, adjusted net income* of $381.7 million, or $1.50 per share

-Adjusted EBITDA* of $840.1 million, above expectations and up 6.8%

-Adjusted EBITDA* margin of 32.8% of revenue

-Record year-to-date share repurchases of $614.5 million, or approximately 1.5% of shares outstanding

​

​

TORONTO, ONTARIO, July 22, 2026 - Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the second quarter of 2026 and raised its outlook for the full year.

​

“We are extremely pleased to deliver results above expectations, led primarily by strong operational execution driving a top-to-bottom beat in the second quarter.  Most notably, adjusted EBITDA* margin expanded to 32.8% on 70 basis points of underlying margin expansion overcoming cost pressures primarily from rapidly spiking fuel and related costs, as well as ongoing drags from comparatively lower commodity values,” said Ronald J. Mittelstaedt, President and Chief Executive Officer.  "Our outperformance, in spite of ongoing geopolitical instability and the associated uncertainty, is a reflection of our differentiated strategy and a purposeful culture, both of which will continue to set us apart."

​

“Our achievements in the first half of 2026, with recent commodity values and ongoing fuel cost recovery, plus contributions from acquisitions closed to date, position us to increase our full year outlook to revenue of $10.02 billion to $10.05 billion and adjusted EBITDA* of $3.33 billion to $3.34 billion, with upside from improving trends in commodities and contributions from incremental acquisitions.”

Mr. Mittelstaedt added, “Along with a record amount of share repurchases, we’ve completed acquisitions with over $100 million in annualized revenue and remain well-positioned for another outsized year of activity.  The enduring strength of our balance sheet and free cash flow generation once again demonstrates our ability to fund our growth strategy while increasing our return of capital to shareholders.”

​

​

Q2 2026 Results

​

Revenue in the second quarter totaled $2.562 billion, up from $2.407 billion in the year ago period.  Operating income was $437.6 million, which included $58.5 million primarily attributable to impairments related to adjustments to landfill closure and post closure costs and $7.9 million primarily in transaction-related expenses.  This compares to operating income of $459.5 million in the second quarter of 2025, which included $7.3 million primarily in impairments and other operating items and transaction-related expenses.  Net income in the second quarter was $296.4 million, or $1.17 per share on a diluted basis of 253.9 million shares.  In the year ago period, the Company reported net income of $290.3 million, or $1.12 per share on a diluted basis of 259.0 million shares.

​

Adjusted net income* in the second quarter was $381.7 million, or $1.50 per diluted share, versus $333.1 million, or $1.29 per diluted share, in the prior year period.  Adjusted EBITDA* in the second quarter was $840.1 million, as compared to $786.4 million in the

-1-

​

prior year period.  Adjusted net income, adjusted net income per diluted share and adjusted EBITDA, all non-GAAP measures, primarily exclude impairments and acquisition-related items, as reflected in the detailed reconciliations in the attached tables.

​

Six Months Year to Date Results

​

For the six months ended June 30, 2026, revenue was $4.932 billion, up from $4.635 billion in the year ago period.  Operating income, which included $138.0 million primarily attributable to adjustments to landfill closure and post closure costs, $9.9 million in transaction-related expenses, partially offset by $1.3 million in fair value changes to equity awards, was $801.6 million, as compared to operating income of $849.8 million in the prior year period, which included $27.5 million primarily attributable to transaction-related expenses and impairments and other operating items.

​

Net income for the six months ended June 30, 2026 was $515.7 million, or $2.02 per share on a diluted basis of 254.9 million shares.  In the year ago period, the Company reported net income of $531.8 million, or $2.05 per share on a diluted basis of 258.9 million shares.

​

Adjusted net income* for the six months ended June 30, 2026 was $696.6 million, or $2.73 per diluted share, compared to $626.2 million, or $2.42 per diluted share, in the year ago period. Adjusted EBITDA* for the six months ended June 30, 2026 was $1.610  billion, as compared to $1.499 billion in the pr

SEC.gov | Request Rate Threshold Exceeded

U.S. Securities and Exchange Commission

You’ve Exceeded the SEC’s Traffic Limit

Your request rate has exceeded the SEC’s maximum allowable requests per second. Your access to SEC.gov will be limited for 10 minutes.

Current guidelines limit each user to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. To ensure that SEC.gov remains available to all users, we reserve the right to block IP addresses that submit excessive requests.

The block will be lifted automatically by waiting 10 minutes. Continuing to exceed the SEC’s maximum allowable request rate during the time-out period will extend the duration of the time-out period. To ensure fair access for all users, please reduce the rate of your requests and visit SEC.gov again after the 10 minute time-out period has passed.

For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. For more information, contact opendata@sec.gov.

For more information, please see the SEC’s Web Site Privacy and Security Policy. Thank you for your interest in the U.S. Securities and Exchange Commission.

Reference ID: 0.e618d017.1784333133.424f0c88

More Information

Internet Security Policy

By using this site, you are agreeing to security monitoring and auditing. For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users.

Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. §§ 1001 and 1030).

To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. We reserve the right to block IP addresses that submit excessive requests. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests.

If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website.

Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users.

Note: We do not offer technical support for developing or debugging scripted downloading processes.

Waste Connections, Inc._February 11, 2026 0001318220false00013182202026-02-112026-02-11 ​ ​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant To Section 13 or 15 (d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 11, 2026

Waste Connections, Inc. (Exact name of registrant as specified in its charter)

​

​

​

​

​

Ontario, Canada ​ ​ ​ 1-34370 ​ ​ ​ 98-1202763

(State or other jurisdiction of Incorporation) ​ (Commission File Number) ​ (I.R.S. Employer Identification No.)

​ 6220 Hwy 7, Suite 600 Woodbridge Ontario L4H 4G3 Canada (Address of principal executive offices) Registrant’s telephone number, including area code: (905) 532-7510 Not Applicable (Former name or address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, no par value WCN New York Stock Exchange NYSE Texas, Inc. Toronto Stock Exchange

​ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): ​

​

​

​ ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

​ ​ ​

​ ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

​ ​ ​

​ ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

​ ​ ​

​ ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

​ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ ​ ​ ​ ​

Item 2.02  Results of Operations and Financial Condition. ​ See Item 7.01 below. Item 7.01 Regulation FD Disclosure. On February 11, 2026, Waste Connections, Inc., a corporation organized under the laws of Ontario, Canada (“Waste Connections” or the “Company”), issued a press release announcing its fourth quarter and full year 2025 results and its full year 2026 outlook.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information furnished in Items 2.02 and 7.01 is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section, and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Safe Harbor and Forward-Looking Information

This document 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 document 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 document 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 document.  Waste Connections undertakes no obligation to update the forward-looking statements set forth in this document, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws. ​ Item 9.01 Financial Statements and Exhibits. (d)Exhibits.

Exhibit No. Description

99.1 Press Release, dated February 11, 2026, issued by Waste Connections, Inc.

104