Regulated Water Utilities

“We define adjusted EBITDA as net income attributable to Waste Connections, plus or minus net income (loss) attributable to noncontrolling interests, plus income tax provision, plus interest expense, less interest income, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on impairments and other operating items, plus other expense, less other income.”

WCN 10-Q · 2025-10-22

“The increase was primarily attributable to an increase of $6.5 million from the issuance of $500.0 million of senior unsecured notes in June 2025 and an increase of $0.6 million due to an increase in the average borrowings outstanding under our credit facilities during the 42 Table of Contents three months ended September 30, 2025 , partially offset by a decrease of $6.2 million from lower interest rates on borrowings outstanding during the comparable periods.”

WCN 10-Q · 2025-10-22

“The decrease in our EBITDA margin was due to the impact of acquisitions having lower EBITDA margins than our segment average, an increase in uncollectible accounts receivable and higher professional fees, partially offset by lower risk management costs, price-led increases in revenue, lower allocated corporate overhead and a decrease in labor costs as a percentage of revenue.”

WCN 10-Q · 2026-04-23