Waste Connections — Feb 11, 2026 release

enue, up 50 basis points year over year - Completed acquisitions with approximately $330 million in annualized revenue and returned record $839.3 million to shareholders ​ Expectations for 2026 - Revenue in the range of $9.90 billion to $9.95 billion - Net income (a) in the range of $1.223 billion to $1.238 billion and adjusted EBITDA (b) in the range of $3.300 billion to $3.325 billion - Net cash provided by operating activities in the range of $2.65 billion to $2.70 billion and double-digit growth in adjusted free cash flow (b) to a range of $1.40 billion to $1.45 billion - Upside from additional acquisitions, improvement in commodity prices or increases in macroeconomic activity ​ ​ TORONTO, ONTARIO, February 11, 2026 - Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the fourth quarter of 2025 and outlook for 2026.    ​ “Adjusted EBITDA (b) margin expansion of 110 basis points in the fourth quarter capped off a remarkable year for Waste Connections, driven by price-led organic growth in solid waste and strong execution from ongoing improvements in operating trends.  For the full year 2025, we delivered industry-leading adjusted EBITDA (b) margin of 33.0%, up 100 basis points year over year, excluding the impact of lower commodities,” said Ronald J. Mittelstaedt, President and Chief Executive Officer.  “We also completed another year of above-average acquisition