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Neither Waste Connections (NYSE/TSX: WCN) nor Republic Services (NYSE: RSG) is a universal winner. Both reported Q2 2026 adjusted EBITDA margins above 32%, but their operating mixes, reported growth measures, and capital-allocation figures differ. Which waste stock fits your portfolio depends on the business exposure you want, how you weigh pricing against volume and acquisitions, and—critically—each stock’s valuation and your existing portfolio. The latest results covered here are for the quarter ended June 30, 2026, not Q3: WCN released its results July 22 and RSG released its results August 6.
How Waste Connections and Republic Services differ
Both companies collect, process, and manage waste, with businesses that include landfill disposal and recycling. Their reported footprints and service descriptions are not measured on a harmonized basis, so customer and location counts should be read as company-reported context rather than a like-for-like scale comparison.
| Company | Disclosed business mix | Disclosed footprint |
|---|---|---|
| Waste Connections (WCN) | Collection, transfer, disposal, recycling, renewable fuels, non-hazardous oilfield waste, and Pacific Northwest intermodal services, according to its FY2025 annual report. | Approximately nine million residential, commercial, and industrial customers across 46 U.S. states and six Canadian provinces, according to its FY2025 annual report. |
| Republic Services (RSG) | Recycling; solid, special, and hazardous waste services; field and industrial services; emergency response; and equipment rental and cleaning, according to its investor profile. | 13 million customers and more than 1,000 North American locations, according to its investor profile. |
WCN’s disclosures make its Canadian operations, non-hazardous oilfield waste, and Pacific Northwest intermodal services visible parts of its profile. RSG’s descriptions emphasize a broad environmental-services offering, including hazardous and special waste and field services. Those differences may matter if you want a particular mix of waste and environmental-services activities; the descriptions alone do not establish which company will grow faster or earn a better return.
What the Q2 2026 results show—and what they do not
The reported results show similar adjusted EBITDA margins for the quarter and positive revenue growth at both companies. The figures below are issuer-reported, and each company defines its own non-GAAP adjustments. RSG’s revenue base is larger, so dollar totals for EBITDA should not be read as a direct measure of comparative operating quality.
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| Measure | Waste Connections | Republic Services |
|---|---|---|
| Q2 2026 revenue | $2.562 billion, up 6.4% year over year (WCN Q2 release, July 22, 2026). | Total revenue growth of 4.6%; the Q2 release reported growth rather than a dollar revenue figure in the cited results (RSG Q2 release, August 6, 2026). |
| Q2 2026 adjusted EBITDA | $840.1 million, up 6.8% year over year (WCN Q2 release, July 22, 2026). | $1.423 billion (RSG Q2 release, August 6, 2026). |
| Q2 2026 adjusted EBITDA margin | 32.8% (WCN Q2 release, July 22, 2026). | 32.1% (RSG Q2 release, August 6, 2026). |
| Six-month results reported | Revenue of $4.932 billion and adjusted EBITDA of $1.610 billion for the first half of 2026 (WCN Q2 release, July 22, 2026). | Cash flow from operations of $2.38 billion and adjusted free cash flow of $1.58 billion for the first half of 2026 (RSG Q2 release, August 6, 2026). |
The table is not a matched comparison of cash conversion: WCN’s cited six-month figures are revenue and adjusted EBITDA, while RSG’s are operating cash flow and adjusted free cash flow. Adjusted EBITDA and adjusted free cash flow are non-GAAP measures; their definitions and adjustments can differ by issuer. Operating cash flow, capital spending, and the company-specific reconciliation behind adjusted free cash flow are useful context when reviewing the releases, but these headline figures do not by themselves establish which business converts earnings to cash more effectively.
Pricing, yield, and volume: read the measures by scope
Pricing measures help show whether growth is coming from rates charged to customers, while volume offers a view of activity. The reported metrics here cover different revenue scopes, so they are indicators to examine within each company’s disclosures—not a perfectly matched contest.
| Q2 2026 measure | Waste Connections | Republic Services |
|---|---|---|
| Price or yield | 4.6% yield and 5.6% core price for solid-waste collection, transfer, and disposal (WCN Q2 release, July 22, 2026). | 5.3% core price growth on total revenue and 3.4% revenue growth from average yield on total revenue (RSG Q2 release, August 6, 2026). |
| Volume | Unit volume declined 1.9% in solid-waste collection, transfer, and disposal (WCN Q2 release, July 22, 2026). | Volume declined 1.6% (RSG Q2 release, August 6, 2026); the release’s measure relates to total and related-business revenue. |
WCN also cited lower commodity values as a factor affecting its results. Commodity-related effects can make reported growth differ from underlying pricing and activity, so investors comparing the companies should look at the relevant revenue categories and explanations in each release rather than assume the reported price, yield, and volume measures cover identical work.
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Acquisitions, dividends, and repurchases
Both companies use a mix of acquisitions and shareholder returns. The amounts below cover the first half of 2026 unless otherwise stated; they show reported capital allocation, not the future return shareholders will receive.
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|---|---|---|
| Acquisitions | Not stated in the cited WCN Q2 release figures. | $860 million invested in acquisitions in the first half of 2026 (RSG Q2 release, August 6, 2026). |
| Share repurchases | $614.5 million in the first half of 2026 (WCN Q2 release, July 22, 2026). | $651 million in the first half of 2026 (included in reported shareholder returns; RSG Q2 release, August 6, 2026). |
| Cash dividends paid | $177.1 million in the first half of 2026 (WCN Q2 release, July 22, 2026). | $385 million in the first half of 2026 (included in reported shareholder returns; RSG Q2 release, August 6, 2026). |
| Quarterly per-share dividend | $0.35 per share in Q2 2026 (WCN Q2 release, July 22, 2026). | $0.67 per share announced for October 2026, after a $0.045 increase (RSG Q2 release, August 6, 2026). |
The per-share dividend amounts are not dividend yields: yield depends on share price, which is not included here. WCN’s FY2025 annual report calculated a 13.9% compound annual growth rate in its regular quarterly per-share dividend through 15 consecutive double-digit annual increases since the dividend began. RSG’s FY2025 Form 10-K reported a 6.3% five-year dividend compound annual growth rate through FY2025 and 22 consecutive annual increases. These are historical company-reported records, not commitments to keep raising dividends at those rates.
Repurchases reduce the share count when shares are retired, but the amount spent does not establish that a stock is undervalued or guarantee appreciation. Acquisition spending likewise does not show whether a particular deal will earn an attractive return.
Balance-sheet figures need their definitions and dates
WCN’s FY2025 annual report described year-end debt-to-EBITDA leverage of 2.75 times. Its Q2 2026 release reported debt to book capitalization of 54% at June 30, 2026. Those are different measures, from different reporting periods, and should not be treated as a direct comparison or combined into one leverage trend.
RSG’s FY2025 Form 10-K reported senior-debt ratings of A- from S&P, A- from Fitch, and A3 from Moody’s. A credit rating is an agency assessment of creditworthiness, not a guarantee against loss or a measure of expected share-price performance. The cited figures do not provide a matched, same-date leverage comparison for the two companies.
2026 outlooks are management estimates, not valuation signals
Company guidance can help investors compare management’s current expectations, but it depends on assumptions and can differ materially from actual results. The ranges below are guidance reported in each company’s Q2 release, not realized full-year results.
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| 2026 guidance | Waste Connections (July 22, 2026 release) | Republic Services (August 6, 2026 release) |
|---|---|---|
| Revenue | $10.02–$10.05 billion | $17.20–$17.30 billion |
| Adjusted EBITDA | $3.33–$3.34 billion | $5.525–$5.550 billion |
| Adjusted free cash flow | $1.40–$1.45 billion | $2.540–$2.575 billion |
| Adjusted diluted EPS | Not stated in the cited WCN Q2 release guidance. | $7.23–$7.28 |
WCN noted rapidly rising fuel-related costs, lower commodity values, and landfill closure and post-closure adjustments among considerations affecting its outlook, along with risks described in its securities filings. RSG said its guidance was based on current economic conditions and could be affected by changes. Its FY2025 Form 10-K identifies capital structure and environmental-services operations as matters for investors to examine. These disclosures do not quantify a matched probability or relative severity of risk across the two stocks.
In their Q2 releases, WCN CEO Ronald J. Mittelstaedt attributed the company’s reported outperformance amid geopolitical instability and uncertainty to its strategy and culture. RSG CEO Jon Vander Ark described the quarter’s results as reflecting the strength and resilience of its business model. Those are management characterizations, not independent validation of future performance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A practical framework for deciding which stock fits
Use the companies’ filings and your own portfolio information to answer these questions before choosing between WCN and RSG:
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- Which operating mix do you want? Examine how much exposure each company has to the services relevant to your thesis—such as WCN’s oilfield waste and intermodal operations or RSG’s hazardous and special waste and field services—using the companies’ own descriptions and segment disclosures.
- What is driving growth? Compare pricing or yield, volume, acquisition contributions, and commodity-related effects within each issuer’s defined measures. A price increase alongside falling volume is a different growth mix from one with rising activity; neither metric alone predicts future results.
- How are earnings translating into cash? Review operating cash flow, capital expenditures, and the reconciliations for adjusted EBITDA and adjusted free cash flow in the relevant releases. Non-GAAP figures are company-defined and should not be presumed identical.
- How does management allocate capital? Weigh acquisition spending, dividends, and repurchases alongside debt and credit information, with the dates and definitions attached. Do not assume that a larger buyback or acquisition budget is automatically better for shareholders.
- Does the stock price fit your expectations? Compare current prices and valuation measures with the earnings and cash-flow assumptions you consider reasonable. The operating results and guidance summarized here do not establish that either stock is cheap, overvalued, or likely to outperform.
- Does it fit your circumstances? Consider your time horizon, tolerance for share-price losses, income needs, tax situation, and existing exposure to individual companies and industrial or environmental-services businesses.
Which waste stock fits your portfolio?
WCN may warrant closer examination if its disclosed mix—including Canadian operations, non-hazardous oilfield waste, or Pacific Northwest intermodal services—matches the exposure you want. RSG may merit closer examination if its described hazardous and special waste, environmental, or field-services offerings better match your thesis. The Q2 2026 results show both companies reporting adjusted EBITDA margins above 32%, but differences in business scope and non-GAAP definitions prevent that similarity from deciding the investment question.
A portfolio-fit decision also requires current share prices, valuation multiples, expected returns, and your own portfolio context. Those inputs are not established by operating results or management guidance alone; without them, there is no evidence-based valuation winner between WCN and RSG.
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