Company: WCN
Filing Date: 2025-05-30
Form Type: 424B5
Source: 0001104659-25-054854
Chunk: 15

Company: Waste Connections, Inc.
Filing Date: 2025-05-30
Form: 424B5
Chunk 15
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 ​ | ​ | ​ | ​                       | ​ |    -12,396 | ​ | ​ | ​ | ​    | ​ |    -1,772 | ​ | ​ | ​ | ​    | ​ |    -2,993 | ​ | ​ |
| Adjusted Free Cash Flow                                     | ​ | ​ | ​                              | $ |  332,075 | ​ | ​ | ​ | ​    | $ |  324,793 | ​ | ​ | ​ | ​                       | $ |  1,217,526 | ​ | ​ | ​ | ​    | $ | 1,224,132 | ​ | ​ | ​ | ​    | $ | 1,164,844 | ​ | ​ |
| Adjusted Free Cash Flow as a % of Adjusted EBITDA           | ​ | ​ | ​                              | ​ |    46.6% | ​ | ​ | ​ | ​    | ​ |    49.9% | ​ | ​ | ​ | ​                       | ​ |      42.0% | ​ | ​ | ​ | ​    | ​ |     48.5% | ​ | ​ | ​ | ​    | ​ |     52.5% | ​ | ​ |

S-7

TABLE OF CONTENTS

(1)

Reflects the addback of acquisition-related payments for contingent consideration that were recorded as expenses in earnings and as a component of cash flows from operating activities as the amounts paid exceeded the fair value of the contingent consideration recorded at the acquisition date.

(2)

Reflects the elimination of cash received in conjunction with the divestiture of certain operations.

(3)

Reflects the addback of acquisition-related transaction costs.

(4)

Reflects the cash component of severance expense associated with an executive departure.

(5)

Reflects the cash settlement of pre-existing Progressive Waste share-based awards during the period.

(6)

The aggregate tax effect of footnotes (1) through (5) is calculated based on the applied income tax rates for the respective periods.

<div align='center'>S-8</div>

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### RISK FACTORS
An investment in the Notes is subject to risk. Before you decide to invest in the Notes, you should carefully consider the risk factors described below as well as those described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as updated by our subsequent