As the Q4 earnings season wraps, let’s dig into this quarter’s best and worst performers in the waste management industry, including Waste Connections (NYSE: WCN) and its peers.

Waste management companies can possess licenses permitting them to handle hazardous materials. Furthermore, many services are performed through contracts and statutorily mandated, non-discretionary, or recurring, leading to more predictable revenue streams. However, regulation can be a headwind, rendering existing services obsolete or forcing companies to invest precious capital to comply with new, more environmentally-friendly rules. Lastly, waste management companies are at the whim of economic cycles. Interest rates, for example, can greatly impact industrial production or commercial projects that create waste and byproducts.

The 9 waste management stocks we track reported a mixed Q4. As a group, revenues missed analysts’ consensus estimates by 1.4%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 9.1% since the latest earnings results.

Waste Connections (NYSE: WCN)

Operating a network of municipal solid waste landfills in the U.S. and Canada, Waste Connections (NYSE: WCN) is North America's third-largest waste management company providing collection, disposal, and recycling services.

Waste Connections reported revenues of $2.37 billion, up 5% year on year. This print was in line with analysts’ expectations, but overall, it was a mixed quarter for the company with a narrow beat of analysts’ EBITDA estimates but full-year revenue guidance meeting analysts’ expectations.

“Adjusted EBITDA(b) margin expansion of 110 basis points in the fourth quarter capped off a remarkable year for Waste Connections, driven by price-led organic growth in solid waste and strong execution from ongoing improvements in operating trends. For the full year 2025, we delivered industry-leading adjusted EBITDA(b) margin of 33.0%, up 100 basis points year over year, excluding the impact of lower commodities,” said Ronald J. Mittelstaedt, President and Chief Executive Officer.

The stock is down 7.5% since reporting and currently trades at $158.83.

Read our full report on Waste Connections here, it’s free.

Best Q4: Enviri (NYSE: NVRI)

Cooling America’s first indoor ice rink in the 19th century, Enviri (NYSE: NVRI) offers steel and waste handling services.

Enviri reported revenues of $555 million, flat year on year, outperforming analysts’ expectations by 0.7%. The business had an exceptional quarter with a beat of analysts’ EPS and EBITDA estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 1.4% since reporting. It currently trades at $18.84.

Is now the time to buy Enviri? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Perma-Fix (NASDAQ: PESI)

Tackling hazardous waste challenges since 1990, Perma-Fix (NASDAQ: PESI) provides environmental waste treatment services.

Perma-Fix reported revenues of $15.72 million, up 6.9% year on year, falling short of analysts’ expectations by 11.2%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ EBITDA estimates.

Perma-Fix delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 13.6% since the results and currently trades at $10.41.

Read our full analysis of Perma-Fix’s results here.

Montrose (NYSE: MEG)

Founded to protect a tree-lined two-lane road, Montrose (NYSE: MEG) provides air quality monitoring, environmental laboratory testing, compliance, and environmental consulting services.

Montrose reported revenues of $193.3 million, up 2.2% year on year. This number surpassed analysts’ expectations by 2.5%. It was an exceptional quarter as it also produced a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.

The stock is down 9.7% since reporting and currently trades at $21.11.

Read our full, actionable report on Montrose here, it’s free.

Clean Harbors (NYSE: CLH)

Established in 1980, Clean Harbors (NYSE: CLH) provides environmental and industrial services like hazardous and non-hazardous waste disposal and emergency spill cleanups.

Clean Harbors reported revenues of $1.5 billion, up 4.8% year on year. This print beat analysts’ expectations by 2.5%. Overall, it was a strong quarter as it also recorded a solid beat of analysts’ revenue and EPS estimates.

Clean Harbors achieved the biggest analyst estimates beat among its peers. The stock is up 3.7% since reporting and currently trades at $279.06.

Read our full, actionable report on Clean Harbors here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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