Waste Connections, Inc.

Waste Connections, Inc. is a North American solid waste services company organized in Ontario, Canada, with operations across the United States and Canada. Its business includes non-hazardous waste collection, transfer, disposal, recycling, renewable fuels generation, E&P waste services, and intermodal transport for cargo and waste containers.

31,1 %

42,4 %

11,4 %

+6,1 %

0.62

0.62

— Waste Connections, Inc.
%
Solid waste collection45% Residential, commercial, industrial, and municipal collection services for non-hazardous waste.
Transfer and disposal30% Transfer station and landfill services, including tipping fees and integrated disposal.
Recycling and resource recovery10% Collection, processing, and sale of recyclable commodities and related rebates.
E&P waste services10% Treatment, recovery, and disposal of non-hazardous oil and gas exploration and production waste.
Other services5% Renewable fuels, landfill gas, and intermodal services in selected markets.

Customers include residential, commercial, industrial, and municipal accounts that need regular waste collection and...

  • Residential householdsprimary

    Households buying curbside collection and disposal services through local routes.

  • Commercial and industrial businessesprimary

    Businesses buying recurring collection, transfer, and landfill access for operational waste.

  • Municipal customerssecondary

    Cities and local governments buying contracted waste collection and disposal services.

  • Oil and gas E&P operatorssecondary

    Producers buying non-hazardous waste treatment, recovery, and disposal in selected basins.

  • Intermodal shippersemerging

    Customers moving cargo and solid waste containers through Pacific Northwest intermodal facilities.

Waste Connections operates in 46 U.S. states and six Canadian provinces, with a decentralized structure organized...

  • •Operations span 46 U.S. states and six Canadian provinces
  • •Six geographic operating segments support local decision-making
  • •Business is concentrated in secondary and rural markets
  • •E&P waste services are active in selected U.S. and Canadian basins
  • •Intermodal services are centered in the Pacific Northwest

The company focuses on vertically integrated waste services, using owned or controlled landfills and transfer stations...

01
Vertical integrationmedium-term

Owning landfills and transfer stations improves control of the waste stream and supports route economics.

02
Market densification in secondary marketsmedium-term

Dense local routes and strong regional positions reduce churn and improve operating efficiency.

03
Acquisition-led expansionshort-term

Acquisitions add routes, disposal assets, and geographic adjacency in fragmented markets.

04
Resource recovery and environmental servicesmedium-term

Recycling, landfill gas, and renewable fuels broaden the service mix and monetize waste streams.

The business depends on safe operation of trucks, transfer stations, landfills, and gas systems, so accidents, fires,...

high

Operational and safety incidents

Waste collection fleets, landfills, and fueling systems can cause accidents, fires, or explosions.

Scope
Employees, customers, facilities, and nearby communities
Materiality
high
high

Environmental and regulatory liability

Landfills and waste handling create exposure to releases, odors, closure obligations, and compliance costs.

Scope
Landfill operations and transfer/disposal assets
Materiality
high
high

Acquisition integration and inherited liabilities

Purchased businesses may underperform or carry undisclosed environmental obligations.

Scope
Acquired routes, landfills, and E&P waste assets
Materiality
high
medium

Commodity price exposure

Recycling revenue and some disposal economics depend on recycled commodity and oil prices.

Scope
Recycling services and E&P waste markets
Materiality
medium
medium

Cybersecurity and technology risk

A larger IT footprint increases exposure to breaches, data loss, and operational disruption.

Scope
Distributed operating network and customer data
Materiality
medium
Landfill depletion and closure liabilities
Affects operating expense, balance sheet liabilities, and future cash obligations
Goodwill and indefinite-lived intangible impairment
Can create large non-cash charges
Recycling commodity revenue
Can increase quarter-to-quarter volatility
Environmental contingencies and acquired liabilities
Affects provisions, contingencies, and goodwill economics

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: 29/04/2026