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WCN · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Waste Connections, Inc. (WCN) stock moving?
Waste Connections' Q3 2026 release (Oct 21) is the main fundamental driver: revenue of $2.638B beat expectations, adjusted EBITDA margin reached 34.0%, and full-year 2026 guidance was raised for a second time. Management also flagged improving landfill volumes, stronger commodity-related revenue, a 10% dividend increase, and over $1B in buybacks so far this year, with adjusted free cash flow guided to at least $1.4B. Against that, two insider sales were reported in late October and early November, one of them worth about $1.9M, which is a modest negative signal. Price action is constructive but not decisive: WCN rose from $184.56 on Oct 22 to a high of $195.34 on Nov 5 and closed at $191.14 on Nov 10, near the upper part of its recent range. The Nov 4 session carried the largest volume in the window (4.83M shares, about twice the typical level) and a sharp close higher, while volume has since eased to 1.41M, suggesting the post-news interest is fading. The 10-Q filed Oct 22 contained no new information in the provided data.
News behind the analysis
- Waste Connections Reports Third Quarter 2026 Results and Raises Full Year OutlookQ3 revenue was $2.638B, adjusted EBITDA $895.8M (34.0% of revenue), and full-year 2026 revenue and adjusted EBITDA outlook was raised for a second time. The regular quarterly dividend rose 10%, and year-to-date buybacks exceeded $1B.
- Waste Connections Senior Vice President and Chief Tax Officer Reports Insider Share SaleMatthew Stephen Black, SVP and Chief Tax Officer, sold 11,000 common shares, as reported in an SEC filing.
- Waste Connections Insider Sold Shares Worth $370,440An insider sold WCN shares valued at $370,440, according to a recent SEC filing.
About Waste Connections, Inc.
Waste Connections is North America's third-largest solid waste company. It collects, transfers, disposes of and recycles non-hazardous waste in the US and Canada. It is incorporated in Ontario and trades on both the NYSE and TSX. What sets it apart is its focus on secondary and rural markets, where it often holds exclusive franchise contracts or owns the local landfill, so it faces less competition.
How it makes money
Most of its revenue comes from solid waste collection: trash pickup for homes, businesses and construction sites. It also earns landfill disposal and transfer-station fees. Smaller sources are recycling and renewable fuel sales from landfill gas, oilfield (E&P) waste disposal, and intermodal rail and cargo services in the Pacific Northwest. Full-year 2026 revenue is expected to be about $10.1 billion. Growth comes mainly from yearly price increases (core solid waste pricing was about 5.5% in Q3 2026) and steady acquisitions of smaller haulers.
What usually moves WCN
- Annual price increases vs. waste volumes
- Acquisition pace
- Diesel fuel costs
- Recycled commodity and renewable fuel prices
- Oil and gas drilling activity (E&P waste)