SCHEDULE: Vanguard Group Adjusts Waste Connections Ownership Reporting

The Vanguard Group reports zero beneficial ownership in Waste Connections Inc. common stock following an internal realignment.

Summary

• The Vanguard Group filed an Amendment No. 11 to Schedule 13G for Waste Connections Inc.
• The filing indicates that The Vanguard Group now beneficially owns 0 shares, representing 0% of the Common Stock class.
• This change stems from an internal realignment within The Vanguard Group, Inc. that occurred on January 12, 2026.
• As a result of the realignment, certain subsidiaries or business divisions of The Vanguard Group, Inc. will now report beneficial ownership separately (on a disaggregated basis) in accordance with SEC Release No. 34-39538.
• The Vanguard Group, Inc. itself no longer has, or is deemed to have, beneficial ownership over the securities previously reported.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative filing, reflecting a change in reporting structure for The Vanguard Group rather than a change in investment thesis for Waste Connections Inc.

Future Outlook

No forward-looking statements or guidance regarding Waste Connections Inc.'s performance or The Vanguard Group's future investment intentions are provided, beyond the administrative change in reporting structure.

Management Comments

• On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment.
• In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release.
• These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.
• Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

Industry Context

StockSavvy.ai notes that this filing reflects an administrative change in how The Vanguard Group reports its beneficial ownership, rather than a strategic divestment from Waste Connections Inc. The underlying investment strategies are stated to remain the same, suggesting that the aggregate institutional ownership by Vanguard's various entities in Waste Connections may not have fundamentally changed, but is now reported in a disaggregated manner.

Stakeholder Impact

• Shareholders of Waste Connections Inc. should be aware that The Vanguard Group, Inc. itself no longer reports beneficial ownership, but its subsidiaries may continue to hold and report separately, meaning the overall institutional presence might not have changed significantly.

Key Dates

Keywords

Waste Connections Inc, Vanguard Group, Schedule 13G, Beneficial Ownership, Common Stock, SEC Filing, Investment Adviser, Institutional Ownership