Company: WCN
Filing Date: 2025-05-30
Form Type: 424B5
Source: 0001104659-25-054854
Chunk: 23

Company: Waste Connections, Inc.
Filing Date: 2025-05-30
Form: 424B5
Chunk 23
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ained earnings                                                | ​ | ​ | ​                             | ​ |  4,617,038 | ​ | ​ | ​ | ​           | ​ |  4,617,038 | ​ | ​ |
| Total Waste Connections’ equity                                  | ​ | ​ | ​                             | ​ |  8,014,180 | ​ | ​ | ​ | ​           | ​ |  8,014,180 | ​ | ​ |
| Noncontrolling interest in subsidiaries                          | ​ | ​ | ​                             | ​ |          — | ​ | ​ | ​ | ​           | ​ |          — | ​ | ​ |
| Total equity                                                     | ​ | ​ | ​                             | ​ |  8,014,180 | ​ | ​ | ​ | ​           | ​ |  8,014,180 | ​ | ​ |
| Total capitalization                                             | ​ | ​ | ​                             | ​ | 16,479,366 | ​ | ​ | ​ | ​           | ​ | 16,479,366 | ​ | ​ |

(1) As of May 22, 2025, the Company had $2,403.9 million outstanding under the Revolving Credit Facility (exclusive of outstanding standby letters of credit of $59.6 million) and $536.5 million of remaining borrowing capacity available under the Revolving Credit Facility. The Company may draw additional proceeds under the Revolving Credit Facility prior to the closing of this offering for general corporate purposes, including to fund future acquisitions.

S-14

TABLE OF CONTENTS

### DESCRIPTION OF NOTES
The following description of the terms of the Notes, which represent a new series of, and are referred to in the accompanying base prospectus as, the “debt securities,” supplements, and to the extent inconsistent with, replaces the description of the general terms of the debt securities set forth in the accompanying base prospectus.

We will issue the Notes under the Indenture, dated as of November 16, 2018, between us and U.S. Bank Trust Company, National Association as successor in interest to U.S. Bank National Association, as trustee, as supplemented by the tenth supplemental indenture, to be dated as of June 4, 2025. In this prospectus supplement we refer to that indenture as so supplemented as the “indenture.” The terms of the Notes include those set forth in the indenture and those made a part of the indenture by reference to the Trust Indenture