Waste Connections Raises Quarterly Dividend 10.0% to $0.385

Waste Connections, Inc. raised its quarterly dividend 10.0% to $0.385 per share from $0.35. WCN shares trade ex-dividend on November 5, 2026, and the payment is due November 19, 2026, according to the company’s declaration.

Why the dividend changed

Waste Connections tied the increase to operating performance, free-cash-flow generation and balance-sheet capacity. Chief Executive Ronald J. Mittelstaedt said those factors supported another double-digit annual dividend increase while allowing the company to continue acquisitions and share repurchases. The board intends to review the dividend each October, with a long-term objective of raising it, the company said in its dividend announcement.

The decision followed a stronger third quarter. Revenue reached $2.638 billion, while adjusted EBITDA was $895.8 million, or 34.0% of revenue. Management attributed the performance to operating execution, improving landfill activity, stronger commodity-related revenue and higher employee retention. The company also absorbed a late-quarter increase in diesel costs while reporting underlying margin expansion, according to its quarterly results.

Waste Connections raised its full-year outlook for a second time. It projected revenue of approximately $10.09 billion, adjusted EBITDA of approximately $3.345 billion and adjusted free cash flow between $1.40 billion and $1.45 billion. The company also reported more than $1 billion of year-to-date share repurchases and acquisitions representing approximately $130 million of annualized revenue. Those commitments show that the dividend increase forms one part of a broader capital-allocation program rather than a response to a split, merger or spinoff. The company’s filing says it acquired nine non-hazardous solid-waste businesses and two E&P waste businesses during the first nine months of the year, supporting its acquisition-led expansion strategy. Waste Connections quarterly results, SEC Form 10-Q.

Dividend track record

The annual dividend record shows consistent increases through 2024. Total payments advanced from $0.76 across 4 payments in 2020 to $0.85 in 2021, $0.95 in 2022, $1.05 in 2023 and $1.17 in 2024. Those annual increases were 11.2%, 11.8%, 11.1% and 11.4%, respectively. The 5-year dividend-growth rate was 11.2% annual growth, placing the latest 10.0% raise close to the established pace.

The 2025 entry contains 3 payments totaling $0.95, down 19.2% from the prior year. That lower total reflects the payment count rather than a reduction in the per-payment rate. The recent sequence moved from $0.285 on August 7, 2024, to $0.315 on November 7, 2024, and then to $0.35 for the February 25, May 6 and August 6, 2026 ex-dividend dates. There is no recorded annual dividend cut in the history provided.

Waste Connections describes the latest action as its 16th consecutive annual dividend increase, one year longer than the completed growth streak because the new rate begins with the coming payment. The company’s stated record is therefore the relevant measure for this declaration. Waste Connections third-quarter results.

Is the dividend covered?

The dividend consumes 31% of earnings. That leaves a majority of reported earnings outside the distribution, providing room for operations, capital spending, acquisitions, debt management and repurchases.

SmarterDividends rates the dividend A with a safety score of 88. That falls within the very safe score range of 80-100. The grade reflects strong earnings coverage and a sustained record of increases, although it does not eliminate the operating and acquisition risks inherent in the business.

Yield and valuation

At a share price of $186.72, the new annual dividend of $1.54 produces a 0.82% forward yield. That is below the Industrials sector median forward yield of 1.63%. The increase raises annual income from 100 shares to $154.00, but WCN remains a lower-yielding dividend stock relative to its sector benchmark.

SmarterDividends estimates fair value at $107.50 and classifies the shares as overvalued, representing 42% downside to fair value. The 1-year price return was a 5.7% gain. These valuation measures explain why the forward yield remains below the sector median despite the higher distribution.

What to watch

The immediate dates are November 5, 2026, when the shares trade ex-dividend, and November 19, 2026, when the payment is scheduled. Investors must also watch whether operating cash generation remains consistent with the company’s updated full-year outlook and whether acquisitions or commodity-related revenue change its capital requirements.

Waste Connections is scheduled to appear at the 26th Annual Scotiabank Transportation & Industrials Conference on November 17, 2026. Management’s comments there may provide an update on operating trends, acquisition activity and capital allocation before the dividend payment. Waste Connections events calendar.