Waste Connections, Inc. (WCN) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone. Thank you for joining us and welcome to the Waste Connections Q4 2025 earnings call. After today's prepared remarks, we will host a question and answer session. If you'd like to ask a question, please press star one on your telephone keypad. To withdraw your question, please press star one again. I will now hand the call over to Ron Mittelstadt, President and CEO. Please go ahead, Ron. Okay, thank you, Operator, and good morning. I would like to welcome everyone to this conference call to discuss our fourth quarter 2025 results and our outlook for 2026. I'm joined this morning by Marianne Whitney, our CFO, and several other members of our senior management. As noted in our earnings release, adjusted EBITDA margin expanded by 110 basis points in Q4, capping a strong year for waste connections driven by price-led organic growth, solid waste, and continued operating improvements. For full year 2025, we delivered an industry-leading adjusted EBITDA margin of 33 percent, up 100 basis points year over year, excluding lower commodities. We also completed approximately $330 million of acquired annualized revenue and returned over $830 million to shareholders through share repurchases and dividends, while preserving flexibility for continued growth and return of capital. Before we get into much more detail, Let me turn the call over to Marianne for our forward-looking disclaimer and other housekeeping items. Thank you, Ron, and good morning. The discussion during today's call includes forward-looking statements made pursuant to the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including forward-looking information within the meaning of applicable Canadian securities laws. Actual results could differ materially from those...