Waste Connections and WM (Waste Management, Inc.) both collect and process waste, but they emphasize different parts of the business. Waste Connections highlights vertically integrated collection, transfer and disposal—often in secondary and rural markets—while WM describes a broader environmental-services portfolio that includes landfill-gas energy and healthcare solutions. Their latest reported updates here cover Q2 2026, but the selected figures measure different things and should not be treated as a direct performance ranking.
How the two companies make money
Both businesses rely on recurring waste-service operations, but each combines collection with other services and assets in a different way. Their annual filings are the best starting point for understanding those business models: Waste Connections’ 2025 Form 10-K and WM’s 2025 Form 10-K.
As an Amazon Associate I earn from qualifying purchases.
| Comparison | Waste Connections (WCN) | WM (Waste Management, Inc.) |
|---|---|---|
| Core operations | Non-hazardous waste collection, transfer, disposal and resource recovery, primarily recycling and renewable-fuels generation; it also provides exploration and production (E&P) waste treatment, recovery and disposal, and intermodal services. | Waste and environmental solutions, including collection and disposal. Its portfolio also includes landfill-gas-to-energy operations and healthcare solutions following the addition of Stericycle’s medical-waste and secure-information-destruction businesses. |
| Geographic or market emphasis | Operates across 46 U.S. states and six Canadian provinces. It says it generally targets secondary and rural markets where exclusive contracts, vertical integration or strategically positioned assets may support efficient operations. | The 2025 filing describes its waste and environmental-solutions portfolio; the source cited here does not state a directly comparable market-targeting strategy. |
| Integration and assets | Connects collection routes with transfer stations and disposal sites. It says company-owned landfills can take internally collected waste as well as third-party waste for tipping fees, while transfer stations aggregate waste for more efficient handling. | Its landfill-gas-to-energy facilities produce renewable electricity and renewable natural gas, including fuel allocated to WM’s natural-gas fleet. Stericycle expands the service platform into healthcare-related waste and information destruction. |
| Growth described in company materials | Internal growth, including pricing and route density, plus acquisitions in existing, adjacent or new markets. | Investment across waste and environmental services, including renewable-energy projects and the expanded Stericycle service platform. |
Why vertical integration matters to Waste Connections
Waste collection is local: route density, distance to a transfer station or landfill, and access to disposal capacity can affect the economics of serving an area. Waste Connections says it seeks markets where exclusive arrangements, vertically integrated operations or well-placed assets can provide an advantage. Its filing describes a cycle in which a company can collect waste, consolidate it at a transfer station, and move it to a company-owned landfill. That landfill may also accept waste from other haulers and charge tipping fees. These are potential operating advantages, not a guarantee that every route or facility will earn attractive returns.
WM’s portfolio also includes assets and services beyond collection and disposal, but the emphasis described in its filing differs: landfill-gas facilities turn captured gas into electricity or renewable natural gas, and Stericycle adds medical-waste and secure-information-destruction services. Those businesses broaden the service mix; their presence alone does not establish that they will grow faster or produce higher returns than the core waste operations.
#1 Best Overall
- This book is in perfect condition. It has never even been opened. It is straight from the store, unmarked, in pristine condition.
What drove growth in Q2 2026
Growth can come from several sources that should be considered separately: pricing, collection volume, acquisitions and capital projects. The companies’ Q2 updates show different combinations of those drivers and different financial measures.
| Company and period | Reported update | What management attributed it to |
|---|---|---|
| Waste Connections, quarter ended June 30, 2026 | Revenue was $2.562 billion, up 6.4% year over year. Adjusted EBITDA, a company-defined non-GAAP measure, was $840.1 million, up 6.8%; adjusted EBITDA margin was 32.8%. | The company attributed revenue growth to price increases and acquisition contributions. Its filing also discussed higher fuel costs and other segment-specific operating-cost pressures. It announced that it had raised its 2026 outlook, without the figures included in the reported metrics summarized here. Waste Connections’ Q2 2026 Form 10-Q |
| WM, six months ended June 30, 2026 | Operating cash flow was $1.73 billion, compared with $1.55 billion in the same 2025 period. Free cash flow, a non-GAAP measure, was $1.10 billion, compared with $818 million. | WM’s July 28, 2026 release said recycling and renewable-energy project contributions supported revenue growth and higher energy surcharges partly offset lower expected volumes. It set 2026 revenue guidance at $26.275 billion to $26.475 billion. This is management’s full-year outlook, not a Q2 revenue result. WM’s Q2 2026 earnings release |
The figures are not an apples-to-apples comparison: Waste Connections’ figures above are quarterly revenue and adjusted EBITDA, whereas WM’s cash-flow figures cover six months and its revenue range is guidance for the full year. The companies also use differently defined measures and operate at different scale and service mix. Use the figures to understand each company’s reported update, not to rank one company’s performance against the other’s.
Rank #2
Risks to weigh in the comparison
- Acquisition execution: Acquisitions can add routes, customers or service lines, but integration takes management attention and can make period-to-period comparisons less informative. Waste Connections expects acquisitions to remain part of growth; WM’s addition of Stericycle expands its platform and brings integration considerations.
- Landfill access, capacity and regulation: Collection depends on having practical access to transfer and disposal facilities. Waste Connections describes the industry as requiring substantial labor and capital resources, with complex operating and regulatory demands. Capacity constraints or facilities farther from collection routes can affect the economics of service.
- Pricing, volume and operating costs: Higher pricing can support revenue, but lower volumes can offset that benefit. In its July 28, 2026 release, WM cited lower volume expectations partly offset by higher energy surcharges; Waste Connections’ Q2 filing cited higher fuel costs alongside price and acquisition contributions.
- Commodity and energy exposure: Recycling and renewable-energy operations add revenue sources but are subject to commodity, energy, project and operating conditions. Their contribution should not be assumed to be stable simply because the companies operate those businesses.
- Capital allocation: Trucks, transfer stations, landfills and energy projects require investment. Growth is only one part of the comparison; readers evaluating the companies should also consider cash generation, capital spending and how management allocates capital, using each company’s reported definitions and periods.
Company outlooks are management forecasts based on assumptions and remain subject to risks; actual results may differ. The Q2 updates cited above are for the quarter or six-month period ended June 30, 2026, and should not be described as full-year results.
The Tool Desk
Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →How to compare the businesses without reducing them to one metric
- Start with service mix: Compare collection, transfer, disposal and recovery activities, then note WM’s landfill-gas energy and healthcare-service exposure and Waste Connections’ E&P waste and intermodal businesses.
- Assess local operating position: Consider route density, exclusive or municipal arrangements, transfer access and disposal capacity. These factors can matter more than a broad national footprint in a particular service area.
- Separate organic growth from acquisitions: Pricing and volume trends describe existing operations differently from acquired revenue. Capital projects such as renewable-energy facilities are another distinct source of contribution.
- Keep financial measures in context: Check the reporting period and definition for revenue, adjusted EBITDA, operating cash flow and free cash flow. Non-GAAP measures are company-defined and may not be calculated identically.
- Test the risk balance: Review cost pressures, regulatory and capacity needs, commodity and energy sensitivities, and whether integration or investment requirements could affect execution.
This comparison describes operating models and disclosed developments, not a price target or personalized investment recommendation.
Quick Recap
Best Value
- Ideal for Gifting
- Ideal for a bookworm
- Compact for travelling
Rank #4
- Author: Bungay Stanier, Michael.
- Publisher: Page Two
- Pages: 244
- Publication Date: 2016-02-29
- Edition: 1
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
