Neither Waste Connections (NYSE/TSX: WCN) nor Republic Services (NYSE: RSG) is a clear portfolio winner on operating results alone. Both reported growth and adjusted EBITDA margins around 32% in the second quarter of 2026, but their business mixes, measurement definitions, capital allocation and share valuations differ. The better fit depends on what exposure you want and what you would pay for it.
How Waste Connections and Republic Services differ
Both companies collect, process and dispose of waste, but each has businesses beyond core collection and landfill operations. Their customer counts and service footprints below come from company descriptions and are not independently harmonized measures.
| Company | Business and footprint | What distinguishes its mix |
|---|---|---|
| Waste Connections (WCN) | Its 2025 annual report says it served approximately 9 million residential, commercial and industrial customers across 46 U.S. states and six Canadian provinces. | Alongside collection, transfer, disposal and recycling, WCN describes renewable fuels, non-hazardous oilfield waste and Pacific Northwest intermodal services. |
| Republic Services (RSG) | Its investor profile reports 13 million customers and more than 1,000 North American locations. | Its described services include recycling, solid, special and hazardous waste, field and industrial services, emergency response, and equipment rental and cleaning. |
These profiles indicate different potential sources of revenue and exposure, not a like-for-like measure of scale or diversification. For portfolio analysis, consider whether you want WCN’s disclosed Canadian, oilfield-waste and intermodal activities or RSG’s described hazardous-waste and field-services mix.
What the latest reported results show
The latest results covered the quarter ended June 30, 2026—not the third quarter. WCN released its results on July 22; RSG released its results on August 6. The figures are company-reported, and adjusted EBITDA is a non-GAAP measure that each issuer defines for itself.
#1 Best Overall
| Measure | Waste Connections | Republic Services |
|---|---|---|
| Q2 2026 revenue | $2.562 billion, up 6.4% year over year. | Total revenue grew 4.6%; the release cited adjusted EBITDA and margin but did not state a comparable revenue dollar figure in the cited results. |
| Q2 2026 adjusted EBITDA | $840.1 million, up 6.8% year over year. | $1.423 billion. |
| Q2 2026 adjusted EBITDA margin | 32.8%. | 32.1%. |
| Six-month figures reported | Revenue of $4.932 billion and adjusted EBITDA of $1.610 billion. | Cash flow from operations of $2.38 billion and adjusted free cash flow of $1.58 billion. |
The margin figures are relatively close, but a narrow difference should not be treated as proof of superior efficiency: business mix and company-specific adjustments can affect the measure. Nor should the companies’ EBITDA dollar totals be read as equivalent comparisons; RSG has a larger revenue base. Use growth, margins and cash generation together, with attention to how each company defines its non-GAAP figures.
Separate pricing from volume when judging growth
Pricing can support revenue even when collected or disposed volumes fall, so the reported price and volume measures offer more context than revenue growth alone. Their scopes differ and should not be conflated.
Rank #2
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- WCN: In Q2 2026, the company reported 4.6% yield and a 1.9% unit-volume decline for solid-waste collection, transfer and disposal. Its reported core price for those stated solid-waste categories was 5.6%.
- RSG: In the same quarter, it reported 5.3% core price growth on total revenue, 3.4% revenue growth from average yield on total revenue, and a 1.6% volume decline.
WCN cited lower commodity values as a factor in its quarter. Commodity-related effects, acquisitions and the precise category included in a price or yield measure all matter when assessing how durable reported growth may be. The numbers above describe different scopes, not a direct ranking of pricing power.
Cash generation, investment and shareholder returns
The companies use cash for acquisitions and shareholder distributions, but the disclosed first-half figures are not identical measures of capital allocation.
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| First-half 2026 item | Waste Connections | Republic Services |
|---|---|---|
| Share repurchases | $614.5 million. | $651 million. |
| Cash dividends paid | $177.1 million. | $385 million. |
| Acquisitions | Not stated in the cited Q2 figures. | $860 million invested. |
| Company-reported cash flow figures | The cited Q2 results report six-month revenue and adjusted EBITDA; they do not state a comparable six-month operating cash flow and adjusted free cash flow pair here. | $2.38 billion cash flow from operations and $1.58 billion adjusted free cash flow. |
WCN reported a quarterly dividend of $0.35 per share in Q2 2026. Its 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. That is a historical company calculation, not a promise of future increases.
RSG announced a quarterly dividend of $0.67 per share for October 2026, following a 4.5-cent increase. Its FY2025 Form 10-K reported a 6.3% five-year dividend compound annual growth rate through FY2025 and 22 consecutive annual increases. This record is also historical. Per-share dividend amounts do not tell you which stock has the higher yield without the corresponding share prices, and yield alone does not establish total return.
Rank #4
Guidance and balance-sheet context
Company outlook is management’s estimate, not a guaranteed outcome. These 2026 ranges were issued with the Q2 releases and depend on assumptions and risks, including economic conditions and acquisitions.
| 2026 company guidance | Waste Connections (July 22, 2026) | Republic Services (August 6, 2026) |
|---|---|---|
| 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 Q2 outlook. | $7.23–$7.28. |
WCN’s 2025 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. These are different measures at different dates and should not be compared as if they were the same leverage ratio. RSG’s FY2025 10-K reported senior-debt ratings of A- from S&P, A- from Fitch and A3 from Moody’s. Ratings are opinions about credit quality, not a removal of business or investment risk.
Best Value
Risks that can change the investment case
Waste operations require capital and face operating, environmental and economic uncertainties. Company outlooks may differ materially from actual results, and the available disclosures do not quantify a matched set of current risk probabilities that would establish one stock as safer.
- WCN’s Q2 release: Identified rapidly rising fuel-related costs, lower commodity values and landfill closure or post-closure adjustments, as well as risks described in its securities filings.
- RSG’s Q2 release and FY2025 10-K: The release said its 2026 guidance was based on current economic conditions and could be affected by changes; its 10-K identifies capital structure and environmental-services operations as matters investors should examine.
- For either company: Acquisitions, operating costs, regulation and other business conditions can affect results; a history of dividends or repurchases does not ensure future distributions or stock-price appreciation.
Which waste stock fits your portfolio?
Compare WCN vs. RSG stock against your intended exposure and the price you would pay, rather than selecting a winner from one quarter’s margin or dividend amount.
- Consider business exposure: Review the activities and geographies you want, including WCN’s disclosed Canadian, oilfield-waste and intermodal operations and RSG’s hazardous-waste, environmental and field-services businesses.
- Test growth quality: Examine price or yield, volume, acquisition contributions and commodity-related effects, while keeping each issuer’s definitions and covered revenue categories in view.
- Assess cash and capital allocation: Look at cash generation, investment needs, acquisitions, dividends, buybacks and dated balance-sheet information. Do not assume that distributions or credit ratings remove risk.
- Check valuation and portfolio context: Current share prices, valuation multiples, yields, taxes and your existing holdings are essential to a portfolio-fit decision. Without those inputs, operating results and guidance cannot establish that either stock is cheap, overvalued or a buy.
For context, WCN CEO Ronald J. Mittelstaedt described the company’s results as reflecting its “differentiated strategy” in the July 22, 2026 release; RSG CEO Jon Vander Ark called its business model “strength[ened]” and “resilien[t]” in the August 6 release. These are management characterizations, not independent evidence or investment recommendations.
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