Waste Connections, Inc.
Waste Connections, Inc. is classed by the SEC under Refuse Systems (industry code 4953), based in Woodbridge, ON. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of $9.5 billion and a profit of $1.1 billion (its filed statements).
vs its business-model standard
Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a usage business: prior from its industry code (SEC 4953, Refuse Systems); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.
The grade, in three tenses
Headline 6.3 out of ten, 9 of 9 metrics filed: past 6.6 out of ten, present 6.5 out of ten, future 5.9 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.
The nine metrics
- Surviving crises (past): 4.5 out of ten. 1 warning event since 2017; the latest 2017-03-29. 45th percentile among 11 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Track record (past): 8.3 out of ten. +12.1% a year over 10 filed years; profitable in 10 of 10. 83rd percentile among 9 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Shareholder treatment (past): 6.1 out of ten. Share count steady. 21% of cash flow returned. Insiders: 16 sales, 1 purchases. 61st percentile among 8 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Financial health (present): 6.4 out of ten. ROE 13%: 13¢ of profit per shareholder dollar. Leverage 61%: owes 61¢ per asset dollar. 64th percentile among 10 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Industry position (present): 7.1 out of ten. top 29% of 10 in its family; net margin 11.4%. 71st percentile among 10 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Leadership (present): 5.6 out of ten. top 44% of 6 in its family for leadership; chief executive since 2023. 56th percentile among 6 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
- Room to expand (future): 6.4 out of ten. top 36% of 10 in its family for room to expand. 64th percentile among 10 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Growth drivers (future): 5.2 out of ten. top 48% of 9 in its family for growth drivers. 52nd percentile among 9 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Expectations vs reality (future): 6.5 out of ten. top 35% of 8 in its family for expectations against reality. 65th percentile among 8 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
The filing record
Newest annual report: Form 10-K filed 2026-02-12 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-07-23 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-07-22 (on EDGAR). Newest filing: Form 4, 2026-08-21. Filings on record since 2005. Read from EDGAR 2026-10-12.
Where the revenue comes from
Lines of business in fiscal 2025: Southern 20%, Western 20%, Eastern 18%, Central 17%, Canada 14%, Mid South 12%. As tagged in its annual report (Form 10-K, filed 2026-02-12).
Who runs it
Mittelstaedt, Ronald J (President & CEO); Craft, Jason (Executive Vice President & COO); Hansen, Eric (Senior Vice President and CIO); Whitney, Mary Anne (Executive Vice President & CFO); Black, Matthew Stephen (Sr VP Chief Tax Officer); Tan, Derek (SR VP Chief Accounting Officer); Nielsen, III Robert (SR VP Operations); Rivard, Philip (SR VP Business Development); Netherton, Susan (SR VP People, Training & Dev); Dague, Derek M (SR VP PERFORMANCE OPTIMIZATION); and 13 more. 23 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.
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