Waste Connections, Inc. (WCN) SEC Filings & Earnings Calls

Debt Level Increase

“Total debt increased to $9,510,441 from $8,888,839 at year-end 2025.”

Foreign Currency Translation Risk

“Foreign currency translation adjustment of $(66,371) in 9M 2026 vs $74,628 in prior year period.”

Diesel cost surge could pressure margins if sustained

“we overcame a late quarter surge in diesel pricing to deliver adjusted EBITDA margin * of 34%” · word for word

Increased leverage from new debt issuance

“Creation of a direct financial obligation through supplemental indenture for senior notes.”

Increased debt and interest expense from new notes

“Issuance of C$700M in senior notes with fixed interest rates of 4.200% and 4.550%.”

Impairment and operating item volatility

“Impairments and other operating items 58,466 4,030” · word for word

Leverage increase

“Long-term portion of debt and notes payable $ 9,283,810 $ 8,811,104” · word for word

Fuel cost pressure and geopolitical instability create uncertainty.

“cost pressures primarily from rapidly spiking fuel and related costs... ongoing geopolitical instability and the associated uncertainty” · word for word

Impairments related to landfill closure costs impacted operating income.

“operating income was $437.6 million, which included $58.5 million primarily attributable to impairments related to adjustments to landfill closure and post closure costs” · word for word

Impairment and liability adjustment risk

“Impairments and other operating items $79,584 vs $6,440 for the three months ended March 31, 2026 and 2025, respectively.”

Credit loss risk

“Current period provision for expected credit losses $12,105 vs $2,470 for the three months ended March 31, 2026 and 2025, respectively.”

Impairments related to landfill closure and post-closure costs of $80.4M impacted operating income.

“Operating income was $364.1 million, which included $80.4 million primarily in impairments related to adjustments to landfill closure and post closure costs.” · word for word

Geopolitical instability and weather events cited as headwinds.

“In spite of geopolitical instability, our results reflect consistency of execution... we delivered adjusted EBITDA margin of 32.5% in spite of outsized weather events.”

PFAS Regulation

“The potential increased regulation of per- and polyfluoroalkyl substances (PFAS), bisphenol A (BPA) phthalates, methane and other emerging contaminants could result in greater expenditures for closure and post-closure costs.” · word for word

Chiquita Canyon Landfill Liability

“In 2023 and 2024, an ongoing elevated temperature landfill (ETLF) event resulted in increased leachate generation and related capital and operating expenses that increased our closure and post closure costs at our Chiquita Canyon Landfill, which ultimately ceased active waste disposal operations as of December 31, 2024.” · word for word

Volume Decline from Contract Shedding

“Volumes decreased by 2.8% due primarily to the intentional shedding of lower quality revenue, including through the purposeful non-renewal of certain residential hauling contracts.” · word for word

Commodity price exposure at cyclical lows could pressure revenue if recovery does not materialize

“upside from any improvement in the broader economy or commodities that are approaching historical cyclical lows” · word for word

Environmental liability at an operating facility resulted in $39.1M impairment in Q4 2025

“$39.1 million in impairments and other items primarily related to an environmental liability at an operating facility” · word for word