Let’s dig into the relative performance of Waste Connections (NYSE:WCN) and its peers as we unravel the now-completed Q2 waste management earnings season.

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 8 waste management stocks we track reported a mixed Q2. As a group, revenues beat analysts’ consensus estimates by 0.8%.

While some waste management stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.8% 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 $2.56 billion, up 6.4% year on year. This print exceeded analysts’ expectations by 0.9%. Overall, it was a strong quarter for the company with a beat of analysts’ EPS estimates and a narrow beat of analysts’ EBITDA estimates.

Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 5% since reporting and currently trades at $159.46.

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

Best Q2: 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 $1.74 billion, up 11.9% year on year, outperforming analysts’ expectations by 6.1%. The business had a stunning quarter with EBITDA guidance for next quarter exceeding analysts’ expectations and a solid beat of analysts’ EBITDA estimates.

Clean Harbors scored the biggest analyst estimate beat among its peers. The market seems happy with the results as the stock is up 5.6% since reporting. It currently trades at $320.75.

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

Weakest Q2: Perma-Fix (NASDAQ:PESI)

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

Perma-Fix reported revenues of $12.89 million, down 11.7% year on year, in line with analysts’ expectations. It was a softer quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.

As expected, the stock is down 6.1% since the results and currently trades at $18.25.

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

Quest Resource (NASDAQ:QRHC)

Recycling corporate waste to help companies be more sustainable, Quest Resource (NASDAQ:QRHC) is a provider of waste and recycling services.

Quest Resource reported revenues of $64.07 million, up 7.6% year on year. This result beat analysts’ expectations by 0.8%. Aside from that, it was a mixed quarter as it also logged an impressive beat of analysts’ EBITDA estimates but a significant miss of analysts’ EPS estimates.

The stock is up 7.9% since reporting and currently trades at $1.37.

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

Republic Services (NYSE:RSG)

Processing several million tons of recyclables annually, Republic (NYSE:RSG) provides waste management services for residences, companies, and municipalities.

Republic Services reported revenues of $4.43 billion, up 4.6% year on year. This print surpassed analysts’ expectations by 1.5%. It was a satisfactory quarter as it also produced a decent beat of analysts’ EBITDA estimates.

The stock is up 5.7% since reporting and currently trades at $221.56.

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

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.