Waste Connections, Inc. (WCN): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Waste Connections, Inc. makes its money, and honestly, that's smart; this sector is built to last. As someone who's mapped out balance sheets for two decades, I can tell you their model hinges on disciplined, decentralized execution, fueled by strategic tuck-in acquisitions. We're talking about a company projecting $9.45 billion in revenue for 2025, underpinned by strong pricing power-their core solid waste fees rose about 6.5%-and a massive $1.3 billion in expected adjusted free cash flow. Below, I've broken down their entire nine-block strategy, from their key landfill assets to their specialized E&P waste revenue streams, so you can see the engine room of this operation.

Waste Connections, Inc. (WCN) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel Waste Connections, Inc.'s growth engine, especially as they navigate a dynamic M&A and regulatory environment in late 2025. These partnerships aren't just nice-to-haves; they are essential for securing capacity and driving the vertical integration that defines their profitability.

Local and regional waste operators for tuck-in acquisitions

The partnership strategy here is about integration-buying smaller, regional operators to fill gaps in the existing footprint. Waste Connections, Inc. has been extremely active, reporting that they have closed on or are under agreement for acquisitions worth about $300 million in annualized revenue year-to-date 2025. This follows a strong 2024 where they set a company record. For context, in the first quarter of 2025 alone, they secured over $125 million in annualized revenue from acquisitions. The M&A focus remains opportunistic, with CEO Ronald J. Mittelstaedt noting they are on pace for an enormous year.

Here's a snapshot of recent acquisition-related spending:

Period	Acquisition Spend (Net of Cash Acquired)	Annualized Revenue from Deals Closed/Agreed YTD
Q1 2025	$380.4 million	Over $125 million (YTD)
Q2 2025	$130.3 million	Approximately $200 million (as of Q2 2025)
H1 2025 Total (Approx.)	$510.7 million (Sum of Q1 & Q2)	Approximately $300 million (as of Q3/Oct 2025)

They have the capacity to do both bolt-on deals and larger strategic plays. It's a core driver of their growth profile.

Municipalities for exclusive long-term collection contracts

Securing exclusive, long-term municipal contracts is key because they provide stable, predictable revenue streams, often with built-in fee escalators. These contracts help Waste Connections, Inc. internalize waste flow to their own disposal assets, which is the most profitable operational structure. We see these partnerships structured for the long haul. For instance, a contract with the City of The Village, Oklahoma, was approved in April 2025 to run from July 1, 2025, through June 30, 2035, representing a 10-year term. These agreements often grant the contractor the exclusive privilege to collect waste across the municipality's streets and public properties.

The value of these relationships is evident in their pricing strategy:

• Core solid waste pricing for the full year 2025 is targeted at 6.5%.
• Core pricing in Q2 2025 was 6.6%.
• Long-term contracts often limit fee adjustments to less than 100% of the increase in an applicable price index.

Technology providers for Renewable Natural Gas (RNG) facilities

Waste Connections, Inc. views RNG as a significant avenue for growth, investing over $200 million toward adding approximately a dozen new RNG plants. They already operate 10 RNG facilities, including one of the largest in North America. A primary partner in this space is Vision RNG, with whom they have agreements for facilities in Nebraska, Missouri, and Oklahoma. The Nebraska project, for example, is expected to produce 310,000 mmBtu of RNG annually.

The financial commitment to this segment is managed actively:

• Investment target for RNG plants: Over $200 million.
• 2025 RNG-related CapEx guidance was recently pulled back to between $75 million and $125 million.
• Biogas recovered for beneficial conversion increased 4% in 2023 to 30.1 billion standard cubic feet (SCF).

These projects monetize environmental attributes like Renewable Identification Numbers (RINs), aligning environmental benefits with economic gains.

Equipment vendors for accelerated fleet purchases in 2025

Waste Connections, Inc. is proactively partnering with equipment vendors to accelerate fleet purchases in 2025. This is a direct hedge against potential 2026 tariff hikes, which are estimated to increase truck body and chassis costs by 2-3%. This forward buying minimizes future capital expenditure disruption. The overall capital expenditure plan for 2025 is substantial, guided to be between $1.2 billion and $1.25 billion.

You should note the fuel purchasing strategy as well, which involves vendors for fixed-price contracts:

• Expected total diesel fuel purchase for 2025: Approximately 92.2 million gallons.
• Gallons under fixed-price contracts: 42.6 million gallons.

If you're tracking near-term risk, a $0.10 per gallon increase in unhedged diesel over the remaining nine months of 2025 would decrease pre-tax income by approximately $3.7 million.

Financial institutions for debt financing of M&A activity

To fund growth, including M&A, Waste Connections, Inc. maintains strong relationships with major financial institutions to manage its capital structure. A key move in May 2025 involved a $500 million senior notes offering, priced at 5.25% interest, due in 2035. This provided about $495 million in net proceeds to pay down revolving credit facility borrowings, extending maturities. The company targets a leverage ratio of 2.5x - 3.0x total debt to adjusted EBITDA.

The underwriters for that specific offering included BofA Securities, J.P. Morgan, PNC Capital Markets, and Truist Securities. As of the end of 2024, the company had $2.011 billion in surety bonds and $170.7 million in letters of credit outstanding to secure contractual performance.

Finance: draft 13-week cash view by Friday.

Waste Connections, Inc. (WCN) - Canvas Business Model: Key Activities

You're looking at the core engine of Waste Connections, Inc. as of late 2025, focusing purely on what they actually do to generate revenue and maintain their market position. It's all about the physical work and the strategic moves that support it.

Non-hazardous solid waste collection and disposal

This is the bread and butter. The operational scale is reflected in the top-line numbers reported through the third quarter of 2025. For the nine months ended September 30, 2025, Waste Connections, Inc. generated total revenue of $7.094 billion. The third quarter alone brought in $2.458 billion in revenue. Within that Q3 performance, core solid waste pricing increased by 6.3%, though reported volumes were down 2.7%. The full year 2025 revenue outlook remains estimated at approximately $9.45 billion.

Here's a quick look at the financial scale of the core business through Q3 2025:

Metric	Amount (Q3 2025)	Amount (Nine Months Ended Sept 30, 2025)
Revenue	$2.458 billion	$7.094 billion
Adjusted EBITDA	$830.3 million	$2.329 billion
Adjusted EBITDA Margin	33.8% of revenue	Not explicitly stated as a combined margin

Strategic acquisitions, targeting $300 million in annualized 2025 revenue

Acquisitions are a constant, high-priority activity. As of the third quarter 2025 results announcement, Waste Connections, Inc. had closed or agreed to acquisitions totaling approximately $300 million in annualized revenue year-to-date. This follows earlier milestones, with annualized revenues from deals closed year-to-date reaching over $125 million by the end of Q1 2025 and approximately $200 million by the end of Q2 2025. The company expects to close another $100 million to $200 million in acquisitions later in 2025 or by early 2026.

Operating and managing integrated landfill assets

Managing the disposal side means running the landfills, which includes handling environmental liabilities and asset write-downs. In the third quarter of 2025, operating income included $60.1 million in impairments and other operating items, primarily related to the write-down of contracts and a non-operating E&P waste facility permit, plus an environmental liability at an operating facility. Landfill tons specifically showed a 1% increase in Q3 2025. The company's full-year 2025 capital expenditures outlook includes between $1.200 billion and $1.225 billion in total CapEx.

Resource recovery, including recycling and renewable fuels generation

This activity supports the overall service offering. The 2025 outlook provided in February included earmarking capital expenditures specifically for Renewable Natural Gas (RNG) facilities between $100 million and $150 million. Waste Connections, Inc. provides resource recovery primarily through recycling and renewable fuels generation.

Maintaining a decentralized operational model for local efficiency

The structure itself is a key activity driving performance. The President and CEO noted that industry-leading results are indicative of the durability of their unique approach to market selection and their decentralized operating model. Operational execution supported core solid waste pricing of 6.9% in Q1 2025. Employee retention improved for the tenth consecutive quarter as of Q1 2025. In Q3 2025, there was another quarterly step down in employee turnover and new record low safety incident rates.

You should look at the projected cash flow metrics for the full year 2025 to see the output of this efficient model:

• Net cash provided by operating activities estimated between $2.500 billion and $2.575 billion.
• Adjusted free cash flow estimated between $1.300 billion and $1.350 billion.

Finance: draft 13-week cash view by Friday.

Waste Connections, Inc. (WCN) - Canvas Business Model: Key Resources

The Key Resources for Waste Connections, Inc. are anchored in its physical infrastructure and the financial strength required to maintain and expand that network.

Vertically integrated network of collection, transfer, and disposal sites

Waste Connections, Inc. operates a significant physical footprint across North America, which is central to its service delivery. As of late 2024, the company operated:

• 113 active landfills.
• 163 transfer stations.
• 89 recycling operations.

This network serves residential, commercial, industrial, and energy end markets across 46 states in the U.S. and six provinces in Canada. The company serves approximately nine million residential, commercial, and industrial customers, mostly in exclusive and secondary markets. For the third quarter of 2025, Waste Connections generated revenue of $2.075 billion.

Asset Type	Count (as of late 2024)	Segment Detail
Active Landfills	113	Includes 20 Exploration & Production (E&P) waste landfills and 16 non-MSW landfills.
Transfer Stations	163	Facilitates efficient movement of waste volumes.
Recycling Operations	89	Supports resource recovery efforts.

Landfill capacity with long-term disposal rights

A critical resource is the long-term right to dispose of waste, which provides a margin floor. As of December 31, 2024, the average remaining landfill life was estimated at 31 years, with ongoing capacity expansion efforts. Landfill economics, with long useful life spans and amortized capital expenditures, defend margins.

Extensive fleet of collection vehicles and specialized equipment

The physical collection and transfer capability relies on a large, specialized fleet. Capital expenditures for property and equipment in 2025 were estimated to be between $1.200 billion and $1.225 billion. The company is proactively accelerating fleet purchases in 2025 to mitigate potential 2026 tariff hikes, which could increase truck body and chassis costs by 2-3%. The company has 23,854 total employees supporting these operations.

Specialized non-hazardous Exploration & Production (E&P) waste facilities

Waste Connections, Inc. has dedicated infrastructure for the energy sector. This includes 20 active E&P waste landfills. Most E&P waste handled is exempt from stringent Resource Conservation and Recovery Act (RCRA) regulation as a hazardous waste, though operations require state-level permits for land treatment and disposal.

Strong financial profile supporting $1.3 billion in adjusted free cash flow for 2025

The financial strength underpins all operational and growth activities, particularly acquisitions. The full-year 2025 outlook estimated adjusted free cash flow between $1.300 billion and $1.350 billion, with a normalized figure in excess of $1.550 billion. The company maintained a leverage ratio target of 2.5x to 3.0x total debt to EBITDA. For the six months ended June 30, 2025, net income was $531.8 million.

Waste Connections, Inc. (WCN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Waste Connections, Inc. over competitors, grounded in their operational performance through late 2025. This isn't just about picking up trash; it's about a differentiated service model that drives pricing power and operational excellence.

Integrated, end-to-end waste management solutions

Waste Connections, Inc. provides a full suite of services, which means they manage the material from the point of generation through final disposition or resource recovery. This integration is key to capturing value across the chain. For instance, they are actively converting landfill gas into renewable natural gas (RNG) or electricity, which powers approximately 312,000 homes per year through their RNG sites. They serve approximately nine million residential, commercial, and industrial customers.

The scope of their operations is substantial, with a full-year 2025 revenue outlook maintained at $9.45 billion to $9.6 billion. Their Q3 2025 revenue hit $2.458 billion.

Reliable service in exclusive and secondary North American markets

Waste Connections, Inc. deliberately focuses on markets where they can secure a leading position, often through exclusive contracts or by being the primary provider in secondary and rural areas. This market selection strategy is a core differentiator. As of their August 2025 presentation, their revenue split shows 86% derived from the U.S. and 14% from Canada. This focus on less competitive, high-share markets supports their pricing discipline.

The company is the third largest solid waste company in North America. Their service footprint covers 46 states in the U.S. and six provinces in Canada.

Pricing power, with core solid waste pricing up around 6.5% in 2025

You see the direct result of their market focus in their pricing execution. They have consistently achieved strong price realization throughout 2025, which directly fuels margin expansion. This is defintely a primary value driver.

Here's the quick math on core pricing for the year:

Period/Metric	Core Solid Waste Pricing	Underlying Solid Waste Margin Impact
Q1 2025 Sequential	6.9%	Not explicitly stated for Q1
Q2 2025	6.6%	Expanded by approximately 70 basis points
Q3 2025	Strong pricing retention	Expansion of approximately 80 basis points

The expectation for the full-year 2025 core pricing remains at least 6%.

Commitment to sustainability, targeting a 30% emissions reduction

Waste Connections, Inc. ties its environmental stewardship directly to long-term value creation, backing it with significant capital. They doubled their aspirational goal to reduce Scope 1 and 2 emissions by 30% from the 2019 baseline.

• Scope 1 and 2 emissions reduction achieved as of 2025 report: 19% from 2019 baseline.
• Emissions intensity reduction since 2019: 35%.
• Total capital commitment to sustainability objectives: $500 million.
• Capital allocated specifically toward RNG plants: $200 million.
• New recycling goal increase announced for 2025: 30% boost.

Specialized handling of non-hazardous E&P and special waste

The E&P (Exploration & Production) Waste Treatment, Recovery and Disposal segment is a high-growth area, showing significant acceleration. This specialized service line provides a counter-cyclical or complementary revenue stream to the core municipal business.

The E&P segment delivered a 21.6% year-over-year revenue increase in Q3 2025. Still, managing this segment involves specific risks; for example, Q3 2025 operating income included a $60.1 million charge related to impairments, which covered the write-down of contracts and a non-operating E&P waste facility permit. This shows the active management required in these specialized areas.

Finance: draft 13-week cash view by Friday.

Waste Connections, Inc. (WCN) - Canvas Business Model: Customer Relationships

You're looking at how Waste Connections, Inc. keeps its customers locked in, which is key for a business built on long-term service agreements. Their approach heavily relies on keeping things local and executing flawlessly on the ground.

Dedicated local management teams for tailored service

Waste Connections, Inc. operates on a decentralized decision-making structure. This means local managers have the authority to make many operational decisions without needing executive sign-off, provided they follow company-wide policies. The risk here is that poor local decisions could definitely lead to customer loss or cost increases. Still, the intent is to provide tailored service that resonates locally.

Long-term, high-retention contracts, especially with municipalities

The company secures its base through contracts that are designed for longevity. For instance, as of December 31, 2024, Waste Connections, Inc. had provided surety bonds to customers and regulatory authorities totaling approximately $934.3 million, which are primarily used to guarantee municipal contract performance and meet asset closure requirements. This financial backing underscores commitment to these long-term obligations.

• Strong pricing retention was noted as a factor bolstering results in Q3 2025.
• The company has been engaged in the 'purposeful shedding and non-renewal' of contracts deemed poor quality.

Operational excellence driving customer loyalty and low churn

Customer loyalty is directly tied to operational consistency, which Waste Connections, Inc. measures through employee stability and safety. Their exemplary operational execution supports their pricing power. Here are the hard numbers reflecting this focus as of mid-to-late 2025:

Metric	Latest Data Point	Period/Date
Voluntary Employee Turnover Rate	Less than 11% annually	As of Q2 2025
Total Employee Turnover Rate	Below 22% annually	As of Q2 2025
Solid Waste Core Pricing Growth	6.9%	Q1 2025
Solid Waste Core Pricing Growth	6.6%	Q2 2025
Solid Waste Margin Expansion (from operational trends)	Approximately 70 basis points	Q2 2025
Solid Waste Margin Expansion (from operational trends)	Approximately 80 basis points	Q3 2025
Year-over-Year Safety Incident Rate Reduction	15% down	Q2 2025

This focus on internal execution-keeping employees and keeping them safe-is what they believe translates directly into retaining price increases and keeping customers satisfied. That's the quick math on their operational advantage.

Proactive communication on service changes and environmental compliance

While specific metrics on proactive communication frequency aren't public, the decentralized structure implies that local management is responsible for communicating service changes. Furthermore, the company's commitment to environmental compliance, evidenced by the large surety bond figures, suggests that clear communication regarding regulatory adherence is an inherent part of managing these municipal relationships.

Digital tools for billing and service requests

The company acknowledges that staffing levels help in customer service response, which feeds holistically into retention. Although specific adoption rates or transaction volumes for digital billing and service request platforms aren't quantified in the latest reports, the operational focus suggests these tools are integrated to support the local management teams.

Waste Connections, Inc. (WCN) - Canvas Business Model: Channels

The Channels component for Waste Connections, Inc. centers on its extensive, integrated physical network and its strategy for securing long-term service rights across its markets.

Direct sales efforts, supported by district management and sales personnel, focus on maintaining relationships with local governmental officials to secure, renew, and renegotiate existing franchise agreements and municipal contracts, while also targeting new agreements that meet acceptable financial returns. The company serves approximately nine million residential, commercial, and industrial customers across 46 states in the U.S. and six provinces in Canada as of the third quarter of 2025.

The foundation of service delivery relies on exclusive franchise agreements and municipal contracts, which typically provide an exclusive period, often seven years or longer for franchise agreements, though some, like a noted Santa Clara County agreement, can span ten years (July 1, 2025, through June 30, 2035). Municipal contracts often have a shorter term and are subject to competitive bidding at the end of the term. The company is also actively engaged in growth through acquisitions, closing deals year-to-date in 2025 that added over $125 million in annualized revenue as of the first quarter.

The physical network is the backbone, connecting collection to disposal and processing assets. This network includes a significant number of owned and operated facilities, designed to create vertical integration advantages, especially where transfer stations link high-volume collection areas to lower-cost disposal sites. Transfer revenue alone was reported at $1,349M.

Customer service and digital interaction are managed through customer service centers, though specific metrics on portal usage are not publicly detailed. The company's operational scale, however, necessitates robust support for its nine million customer base.

Intermodal services act as a specialized channel for long-haul waste movement, primarily in the Pacific Northwest, utilizing a network of facilities and equipment like double-stack rail cars to move cargo and solid waste containers.

Here's a look at the scale of the physical network as of late 2025 reporting periods:

Asset Type	Owned and Operated Count	Notes/Financial Data
Transfer Stations	210	Transfer Revenue: $1,349M
MSW Landfills	63	Supports collection contracts
Non-MSW Landfills	16	Accepts C&D, industrial waste
E&P Waste Landfills	9	Supports E&P waste services
Intermodal Operations	4	Used for rail haul movement in Pacific Northwest

The effectiveness of these channels is reflected in the pricing power achieved, with core solid waste pricing reaching 6.9 percent in the first quarter of 2025. The full-year 2025 revenue outlook is estimated to be approximately $9.450 billion.

Key elements defining the channel strategy include:

• Securing contracts with weighted average remaining life of approximately five years.
• Operating 210 transfer stations to optimize logistics.
• Serving approximately nine million customers across 46 states and six provinces.
• Achieving 6.9% core solid waste pricing in Q1 2025.
• Generating $1,349M in transfer revenue.

Waste Connections, Inc. (WCN) - Canvas Business Model: Customer Segments

Waste Connections, Inc. serves approximately nine million residential, commercial, and industrial customers across its footprint. This service area spans 46 U.S. states and six Canadian provinces.

The customer base is segmented across several core areas, reflecting the integrated nature of the business model. The company's strategy emphasizes securing control over the waste stream by funneling material from collection points into its owned disposal and transfer assets.

For the second quarter ended June 30, 2025, the revenue composition by major service line was reported as follows:

Service Line	Q2 2025 Revenue Percentage
Solid Waste Collection	70%
Solid Waste Disposal and Transfer	18.3%
Recycling	2.8%

The customer segments served include:

• Residential customers across 46 U.S. states and six Canadian provinces.
• Commercial and industrial businesses, such as retail and manufacturing operations.
• Municipal governments, typically secured through long-term service contracts.
• Exploration & Production (E&P) companies requiring specialized non-hazardous oilfield waste treatment, recovery, and disposal services in various U.S. and Canadian basins.

The operational focus is distinctly aimed at specific market types to enhance competitive positioning and financial returns:

• Emphasis on secondary and rural markets.
• Strategy designed to achieve higher local market share.
• Focusing on these markets helps reduce customer churn.
• This approach typically delivers higher profit margins relative to urban-focused competitors.

For the nine months ended September 30, 2025, total revenue reached $7.094 billion.

Waste Connections, Inc. (WCN) - Canvas Business Model: Cost Structure

You're looking at the major drains on Waste Connections, Inc.'s cash flow, the things that keep the engine running but also eat up the revenue. Honestly, this is where the rubber meets the road for an asset-heavy business like this.

Capital Expenditures (CapEx) are a huge, recurring cost. For the full year 2025, Waste Connections estimates its capital expenditures to be between $1.2 billion and $1.25 billion. This spending covers maintaining and expanding the fleet and infrastructure, plus specific investments like the estimated $100 million to $150 million earmarked for Renewable Natural Gas (RNG) facilities in 2025.

Operating costs are significant, driven by the physical nature of the service. For the twelve months ending September 30, 2025, Waste Connections' total operating expenses reached $8.264 billion, up from $7.852 billion in 2024. Input cost inflation, which hits labor, fuel, and maintenance hard, was noted in the 4% to 4.5% range recently. You see this reflected in the Cost of Operations for Q2 2025, which rose to $1.393 billion.

Here's a look at some of the specific, non-routine, or recurring fixed costs that hit the bottom line:

Cost Component	Financial Amount (2025 Data)	Period/Context
Estimated Chiquita Canyon Post-Closure Management Cost	$100 million to $150 million	Projected for Calendar Year 2025
Interest Expense (Cash Paid)	$84.154 million	Three Months Ended March 31, 2025
Interest Expense (Total)	$82.8 million	Six Months Ended June 30, 2025
Estimated Future Amortization Expense (Finite-Lived Intangibles)	$200.421 million	For the Year Ending December 31, 2025

The company's appetite for growth through mergers and acquisitions feeds directly into integration costs. While the exact integration expense isn't always broken out separately, the scale of the deals gives you a sense of the associated costs. Waste Connections completed deals representing about $200 million in annualized revenue in 2025 so far, with cash flow items related to acquisitions in Q1 2025 totaling $129.298 million. They plan to close an additional $100 million to $200 million in annualized revenue later in the year or by early 2026.

Servicing the balance sheet is a fixed commitment. As of Q2 2025, Waste Connections carried $8.417 billion in long-term debt. The debt to book capitalization ratio stood at 50% as of June 30, 2025. This debt level necessitates consistent debt servicing costs. The company's debt profile requires ongoing interest payments, which is a non-negotiable cost of capital.

You should keep an eye on the specific, non-routine costs tied to regulatory compliance and legacy sites. The Chiquita Canyon situation is a prime example. Beyond the projected $100-$150 million management cost for 2025, the company incurred $480.8 million in Q4 2024 just to increase the closure and post-closure liability for that single site. That's a major, non-operational cost hitting the books.

Here are the key cost drivers you need to track:

• Capital Expenditures: Expected range of $1.2 billion to $1.25 billion for 2025.
• Operating Expenses (LTM): Hit $8.264 billion as of September 30, 2025.
• Acquisition Scale: $200 million in annualized revenue closed in 2025, with more expected.
• Long-Term Debt: Stood at $8.417 billion at Q2 2025.

Finance: draft 13-week cash view by Friday.

Waste Connections, Inc. (WCN) - Canvas Business Model: Revenue Streams

You're looking at how Waste Connections, Inc. actually brings in the money as of late 2025. It's a mix of recurring service fees and value from materials, with a clear focus on the core business.

The primary revenue drivers are locked into the physical movement and final resting place of waste. Solid waste collection fees are the biggest piece of the pie, consistently representing approximately 70% of total revenue. Following that, solid waste disposal and transfer fees, often called landfill tipping fees, account for about 18.3% of revenue.

Here's a quick look at the major revenue stream percentages based on recent reporting:

Revenue Stream Component	Approximate Percentage of Revenue
Solid Waste Collection Fees	70%
Solid Waste Disposal and Transfer Fees	18.3%
Sales of Recovered Materials (Recycling)	2.8%
Specialized E&P Waste Treatment and Disposal	Reported at $169.8 million for Q2 2025

Waste Connections, Inc. has maintained its full-year 2025 revenue outlook. Management reaffirmed the expectation for total revenue to be approximately $9.45 billion for fiscal year 2025. This is built upon the 2024 full-year revenue of $8.92 billion.

Other important, though smaller, revenue components include:

• Sales of recovered materials (recycling), which was reported at 2.8% of revenue in Q2 2025, showing growth even with subdued commodity prices.
• Fees from specialized E&P (Exploration & Production) waste treatment and disposal services, which saw significant growth, hitting $169.8 million in the second quarter of 2025.
• Revenue generated from resource recovery, such as renewable natural gas (RNG) generation at their landfills; the 2025 outlook included capital expenditures for RNG facilities estimated between $100 million and $150 million.

The company's Q2 2025 revenue came in at $2.41 billion. Honestly, the stability comes from those collection contracts, but the growth story is in the specialized services and acquisitions.