The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how waste management stocks fared in Q2, starting with Perma-Fix (NASDAQ: PESI).

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%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 9.3% since the latest earnings results.

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. This print was in line with analysts’ expectations, but overall, it was a softer quarter for the company with a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.

Mark Duff, President and Chief Executive Officer of Perma-Fix, commented, “The second quarter did not deliver the financial results we expected, but it did deliver several key operational milestones we have been working toward for years. Our Perma-Fix Northwest (PFNW) facility began receiving Hanford-related waste streams as forecast, driving a 29% increase in treatment backlog to approximately $15.7 million at June 30, 2026, from $12.2 million at the end of the first quarter. In early July, PFNW began receiving liquid effluent wastes from the Direct-Feed Low-Activity Waste (DFLAW) facility — a major milestone for the Company and the culmination of years of permitting, capital investment and operational preparation. We have since begun receiving additional waste streams from DFLAW operations, and we expect those volumes to increase."

The market seems disappointed with the results as the stock is down 29.8% since reporting and currently trades at $13.63.

Read our full report on Perma-Fix 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 of the whole group. The market seems happy with the results as the stock is up 5.3% since reporting. It currently trades at $319.69.

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

Onterris (NYSE: ONT)

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

Onterris reported revenues of $186.7 million, down 20.4% year on year, falling short of analysts’ expectations by 6.3%. It was a softer quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and full-year EBITDA guidance missing analysts’ expectations significantly.

Onterris delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update in the group. As expected, the stock is down 37.8% since the results and currently trades at $14.07.

Read our full analysis of Onterris’s results here.

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 beat analysts’ expectations by 0.9%. Overall, it was a strong quarter as it also logged a beat of analysts’ EPS estimates and a narrow beat of analysts’ EBITDA estimates.

The stock is down 1.3% since reporting and currently trades at $165.64.

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

Waste Management (NYSE: WM)

Headquartered in Houston, Waste Management (NYSE: WM) is a provider of comprehensive waste management services in North America.

Waste Management reported revenues of $6.68 billion, up 4% year on year. This result met analysts’ expectations. Taking a step back, it was a mixed quarter as it also logged a decent beat of analysts’ EBITDA estimates but full-year revenue guidance slightly missing analysts’ expectations.

The stock is down 7.2% since reporting and currently trades at $222.09.

Read our full, actionable report on Waste Management 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 Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.