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Waste Connections Business Segments

Business, geographic, and product segment breakdowns

Waste Connections generates $9.6B in annual revenue across 4 key segments: Canada ($1.5B), Central ($1.8B), Eastern ($2.1B), and Mid South ($1.3B). The company-wide operating margin is 17.53%. Based on the Q1 2026 filing.

Canada (TTM)$1.5BCentral (TTM)$1.8BEastern (TTM)$2.1BMid South (TTM)$1.3BSouthern (TTM)$2.2BWestern (TTM)$2.1B
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$39.5B
P/E Ratio37.46
ROE13.37%

Products & Services

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Commercial—$712.5M$731.6M$750.4M—$761.6M
Residential—$571.6M$592.2M$600.8M—$600.1M
Landfill$380M$338.8M$402.1M$414.6M$386.5M$360.4M
Transfer$338.6M$319.3M$381.9M$389.8M$370.6M$354.2M
Industrial And Construction Roll Off—$337M$367M$379.1M—$347.9M
Exploration And Production Waste Treatment Recovery And Disposal$146.3M$150.9M$178.1M$188.7M$171.1M$187.6M
Solid Waste Recycling$59.8M$61.3M$69.2M$58.4M$51.2M$53.6M
Other—$46.5M———$49.3M

Accrual For Environmental Loss Contingencies Discount Rate

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Landfill5.5%———5.5%—

Impairment Of Long Lived Asset

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Landfill$29M$29M$29M$29M$29M—

Inflation Rate For Purposes Of Computing Layers For Final Capping Closure And Post Closure Obligations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Landfill0.7%0.7%0.7%0.7%0.7%—

Number Of Businesses Acquired

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Solid Waste3.003.007.002.005.003.00

Geographic

PP&E (Net)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CA$1.2B———$1.2B—
US$6.9B———$7.5B—

Business Segments

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Southern$3.9B$4.2B$4.3B$4.4B$4.5B$4.5B
Eastern$3.5B$3.7B$3.7B$3.7B$3.8B$3.8B
Canada$3.6B$3.5B$3.8B$3.7B$3.7B$3.7B
Western$3.5B$3.5B$3.5B$3.5B$3.6B$3.6B
Central$2.8B$2.8B$2.9B$2.9B$2.9B$2.9B
Mid South$2B$2B$2B$2B$2.1B$2.1B

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Southern$59.6M$55.9M$60.9M$61.4M$65.5M$65.8M
Eastern$60.9M$56.2M$59.7M$60.1M$59.1M$57.3M
Western$52.5M$52M$53.4M$54.7M$54.8M$55.5M
Canada$66.6M$45.8M$48.9M$51.4M$52.4M$51.5M
Central$42.7M$42.4M$44.6M$45.9M$46.1M$45.3M
Mid South$36.7M$35.2M$37.5M$38.2M$37.2M$35.5M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Canada$1.9B$1.9B$2B$2B$2B$2B
Southern$1.6B$1.7B$1.7B$1.8B$1.8B$1.8B
Eastern$1.7B$1.8B$1.8B$1.8B$1.8B$1.8B
Central$1B$1B$1B$1B$1B$1B
Western$864.6M$863.4M$863.4M$867M$866.6M$903.2M
Mid South$849.4M$849.1M$849.1M$849.1M$855.7M$857.6M

Goodwill Acquired

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Western$20.9M$0$0$2.4M—$36.6M
Central$223K$2M$10.2M$474K$0$5.4M
Eastern$8.2M$26.8M$16.6M$1.1M$11M$2.1M
Canada$185.5M$0$12.9M$11K$698K$0
Mid South$0$0$0$0$6.2M$0
Southern—$76.6M$22.2M$90M$67.8M$0

Goodwill Changes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Southern—$0———$10.2M
Mid South—-$325K———$1.9M
Canada—-$10K———$14K

Goodwill Adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Canada-$119.1M$1.7M$103.1M—$31.3M-$33.8M
Central$0$0$0$0$0$0
Eastern$0$0$0$0$0$0
Mid South$0$0$0$0$0$0
Southern$0$0$0$0$0$0
Western$0$0$0$0$0$0

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Southern$500.1M$507.7M$538.9M$547M$552.9M$555.3M
Western$508.3M$499.7M$528.8M$553.3M$529.8M$526.6M
Eastern$491.5M$480.5M$533.3M$532.5M$503.5M$490M
Central$420.9M$415M$452M$465.4M$450.9M$446.1M
Canada$351.3M$332.5M$378.7M$386.5M$364.1M$377.6M
Mid South$310.7M$302.5M$334.3M$339.7M$326.3M$319.1M

Segment Expenditure Addition To Long Lived Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Southern$70.5M$32.5M$60.6M$49.7M$73.4M$59.2M
Western$71.1M$34.3M$44.6M$56.8M$77.1M$56.7M
Canada$63.2M$31.8M$36.4M$35.5M$42.2M$51.4M
Eastern$63.7M$39.7M$49.1M$54.6M$79M$47.2M
Central$63.4M$46M$48.1M$44.5M$78.8M$44.1M
Mid South$59.9M$20.2M$31.2M$42.3M$49.4M$32.6M

Segment Reporting Information Earnings Before Interest Taxes Depreciation And Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Southern$145.1M$148.7M$154.3M$158.4M$171M$160.5M
Canada$140.4M$135.6M$155.9M$159.9M$146.8M$148.9M
Central$134.6M$131.7M$143.4M$150.6M$149.1M$145.1M
Western$125.8M$112.3M$128M$143.8M$129.1M$123.4M
Eastern$105.1M$103.1M$114.3M$121M$113.3M$108M
Mid South$74.2M$68.9M$78.5M$80.6M$78M$73.3M

Segment Reporting Information Earnings Before Interest Taxes Depreciation And Amortization Margin

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Canada—44.8%45.4%45.7%—43.2%
Central—35.3%35.7%36.4%0.4%36.6%
Southern0.3%32.8%32.4%32.6%0.5%32.6%
Mid South0.2%26.8%28.0%28.5%0.2%27.4%
Western—25.6%27.7%29.6%0.1%26.7%
Eastern—25.6%25.9%27.5%0.2%26.6%

Segment Reporting Information Segment Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Western-$320.4M-$326.1M-$333.7M-$342.5M-$334M-$339.1M
Southern-$300.7M-$304.7M-$322.6M-$327M-$321M-$332.5M
Eastern-$305.3M-$300.2M-$327.9M-$319.8M-$302.7M-$297.7M
Central-$241.6M-$241.7M-$258.7M-$262.7M-$251.9M-$251.7M
Canada-$179M-$167.2M-$187.5M-$189.9M-$182.1M-$195.9M
Mid South-$188.2M-$188.1M-$202.2M-$202.2M-$194.1M-$194.5M

Segment Reporting Other Item Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Western-$597.3M$191K$3.5M$2.7M$530K-$64.1M
Eastern-$1.3M-$1.8M-$2.1M$7M-$3.1M-$5M
Southern-$3.7M-$5.3M-$1.8M-$55.4M-$37.9M-$2.9M
Canada$1M$99K-$824K-$2.3M—-$1.2M
Central—-$142K-$461K$997K-$805K$616K
Mid South—-$400K-$169K-$177K-$254K-$101K

Goodwill Impairment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Geographic Operating Segments$0$0$0$0$0—

Impairment Of Intangible Assets Indefinitelived Excluding Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Geographic Operating Segments—$0$0$0$0—

Accumulated Impairment Of Intangible Assets Indefinite Lived Excluding Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Solid Waste Collection And Transportation Permits$0———$0—

Finite Lived Intangible Assets Accumulated Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Solid Waste Collection And Transportation Permits$0———$0—

Indefinite Lived Intangible Assets Excluding Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Solid Waste Collection And Transportation Permits$181.6M$181.6M$181.6M$181.6M$181.6M$181.6M