Strong Q2 Performance: Waste Connections reported revenue of $2.407 billion, reflecting a 7.1% year-over-year growth driven by 6.6% core solid waste pricing. Adjusted EBITDA for the quarter was $786.4 million, resulting in a 32.7% margin which is consistent with guidance. This performance indicates resilience despite external challenges such as sluggish economic conditions and lower commodity contributions.

Maintained Full Year 2025 Outlook: The company reaffirmed its full-year revenue guidance at approximately $9.45 billion and adjusted EBITDA of around $3.12 billion, which reflect about 6% revenue growth and 50 basis points of adjusted EBITDA margin expansion from the previous year. This stability under challenging macroeconomic conditions is viewed as a positive outcome for investors.

Acquisition and Growth Strategy: Waste Connections has been actively pursuing acquisitions, having completed approximately $200 million in annualized revenue from acquisitions so far in 2025, with a robust pipeline for additional deals expected to close later this year or early next year. The company aims to close another $100 million to $200 million in acquisitions, providing potential upside to revenue and growth forecasts.