Waste Connections Stock Barely Moves Since Q3 Earnings Beat Estimates

Core Insights - Waste Connections, Inc. (WCN) reported strong third-quarter 2025 results, with earnings and revenues exceeding Zacks Consensus Estimates [1][9] - Despite the earnings beat, the stock price has not shown significant movement since the results were released on October 21 [1] Financial Performance - Adjusted earnings were $1.44 per share, surpassing the Zacks Consensus Estimate by 4.4% and increasing 6.7% year-over-year [2] - Revenues reached $2.5 billion, slightly beating consensus estimates and growing 5.1% from the previous year [2] - Adjusted EBITDA was $787.4 million, down 5.4% from the year-ago quarter, with an adjusted EBITDA margin of 33.7%, a decrease of 10 basis points year-over-year [5][9] Segment Performance - Solid Waste Collection segment revenues grew 6.6% year-over-year to $1.7 billion, meeting estimates [3] - Solid Waste Disposal and Transfer segment revenues increased to $456.4 million, surpassing projections [3] - Solid Waste Recycling segment revenues fell 16.2% year-over-year to $56.2 million, missing estimates [4] - E&P Waste Treatment, Recovery and Disposal segment revenues rose 21.6% year-over-year to $179.1 million, exceeding estimates [4] Balance Sheet and Cash Flow - Cash and cash equivalents at the end of Q3 2025 were $117.6 million, up from $110.2 million in the previous quarter [6] - Long-term debt increased to $8.6 billion from $8.3 billion in the prior quarter [6] - Generated $677.4 million in cash from operating activities, with adjusted free cash flow of $384.6 million [7] Outlook - For FY25, the company expects revenues of $9.45 billion, slightly below the Zacks Consensus Estimate of $9.46 billion [8] - Anticipated adjusted EBITDA for FY25 is $3.12 billion, representing nearly 33% of total revenues [8]