SEATTLE (Recycling Monster): Waste Connections delivered stronger-than-expected results in the third quarter of 2025. The company posted quarterly revenue of $2.46 billion, marking a 5.1% increase year-over-year. Adjusted EBITDA rose 5.5% to $830.3 million, reflecting an EBITDA margin of 33.8%. Despite these gains, net income declined 7.1% to $286.3 million compared to Q3 2024.
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The company achieved a core pricing increase of 6.3%, positioning it on track to meet its full-year target of 6.5%. Overall volumes continued a downward trend, falling 2.7%, while landfill tons increased nearly 3%, driven by higher special waste and municipal solid waste (MSW) tons. Notably, special waste tons surged 10%.
On the acquisition front, CEO Ron Mittelstaedt highlighted that Waste Connections has closed or is under agreement for acquisitions totaling approximately $300 million in annualized revenue in 2025. The company aims to finalize the acquisition of a Florida-based firm in Q4, following its recent purchase of Great Waste in Florida. Additionally, Waste Connections anticipates completing a large New York transfer station acquisition soon.