Waste Connections is North America's third-largest non-hazardous solid waste company, collecting, transferring, and disposing of municipal solid waste (MSW) across 46 U.S. states and six Canadian provinces. Waste Connections argues it differentiates itself by targeting secondary and rural markets where it can establish dominant market positions through exclusive franchise agreements, municipal contracts, and governmental certificates, rather than competing in large urban markets. This approach reduces direct price competition and locks in multi-year revenue streams. The company owns or operates 77 MSW landfills and an extensive network of transfer stations; vertical integration into landfill ownership is a core priority, as it captures disposal economics and locks in waste volumes. Solid waste collection and disposal makes up roughly 88% of revenue. The remaining revenue comes from E&P waste services (non-hazardous treatment and disposal for oil and gas customers, ~6% of revenue) and recycling and landfill gas (~6% of revenue), including renewable natural gas (RNG) production. Core pricing is the primary earnings driver, with Waste Connections targeting a spread between price increases and cost inflation. M&A is central to growth — the company executes roughly 13-24 deals per year, targeting small private operators, then integrating acquired volumes into owned landfills and applying pricing discipline. Waste Connections also operates a rail-based disposal corridor, shipping waste from the Eastern Seaboard to its Arrowhead landfill in Alabama.