WCN · Waste Connections, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.37B | - | $2.46B | $2.41B | $2.23B | - | $2.34B | $2.25B | $2.07B | - |
| Cost of Revenue | $1.36B | - | $1.41B | $1.39B | $1.29B | - | $1.34B | $1.30B | $1.22B | - |
| Gross Profit | $1.01B | - | $1.05B | $1.01B | $936.73M | - | $994.41M | $947.10M | $850.87M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $251.12M | - | $236.48M | $242.97M | $250.13M | - | $222.53M | $228.85M | $220.74M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $314.75M | - | $293.64M | $285.35M | $262.98M | - | $248.47M | $241.23M | $222.69M | - |
| Operating Income | $364.08M | - | $439.59M | $459.55M | $390.21M | - | $475.34M | $424.70M | $366.80M | - |
| Interest Expense | $87.72M | - | $84.45M | $82.75M | $78.49M | - | $69.02M | $82.38M | $78.49M | - |
| Income Tax | $64.22M | - | $88.50M | $98.88M | $71.47M | - | $92.01M | $80.58M | $59.41M | - |
| Net Income | $219.34M | - | $286.27M | $290.28M | $241.51M | - | $308.05M | $275.48M | $230.05M | - |
| EPS - Basic | $0.86 | - | $1.11 | $1.12 | $0.94 | - | $1.19 | $1.07 | $0.89 | - |
| EPS - Diluted | $0.86 | - | $1.11 | $1.12 | $0.93 | - | $1.19 | $1.07 | $0.89 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $112.45M | $45.97M | $117.60M | $110.17M | $111.23M | $62.37M | $115.27M | $78.66M | $111.98M | $78.40M |
| Accounts Receivable | $1.03B | $1.02B | $1.07B | $1.03B | $952.01M | $935.03M | $990.90M | $961.49M | $896.68M | $856.95M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $712.42M | $765.23M | $759.27M | $729.89M | $625.58M | $637.37M | $706.28M | $663.16M | $589.86M | $642.46M |
| Current Assets | $1.38B | $1.31B | $1.40B | $1.35B | $1.28B | $1.23B | $1.36B | $1.24B | $1.22B | $1.14B |
| Total Assets | $21.19B | $21.13B | $20.78B | $20.68B | $20.25B | $19.82B | $20.10B | $19.30B | $19.08B | $17.92B |
| Current Liabilities | $2.01B | $2.12B | $2.09B | $2.00B | $1.83B | $1.88B | $1.75B | $1.77B | $1.63B | $1.69B |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $13.13B | $12.88B | $12.69B | $12.32B | $12.24B | $11.96B | $11.83B | $11.32B | $11.29B | $10.22B |
| Stockholders' Equity | $8.06B | $8.25B | $8.09B | $8.35B | $8.01B | $7.86B | $8.26B | $7.98B | $7.79B | $7.69B |
| Retained Earnings | $5.33B | $5.20B | $5.03B | $4.83B | $4.62B | $4.46B | $4.73B | $4.50B | $4.30B | $4.14B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $545.60M | - | - | - | $541.54M | - | - | - | $490.31M | - |
| Investing Cash Flow | ($355.70M) | - | - | - | ($603.21M) | - | - | - | ($1.33B) | - |
| Financing Cash Flow | ($96.14M) | - | - | - | $113.38M | - | - | - | $878.48M | - |
| CapEx | $296.60M | - | - | - | $212.46M | - | - | - | $169.95M | - |
| Free Cash Flow | $249.00M | - | - | - | $329.08M | - | - | - | $320.36M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 42.6% | - | 42.8% | 42.1% | 42.0% | - | 42.5% | 42.1% | 41.1% | - |
| Operating margin | 15.4% | - | 17.9% | 19.1% | 17.5% | - | 20.3% | 18.9% | 17.7% | - |
| EBITDA margin | 28.6% | - | 29.8% | 30.9% | 29.3% | - | 31.0% | 29.6% | 28.4% | - |
| Net margin | 9.3% | - | 11.6% | 12.1% | 10.8% | - | 13.2% | 12.3% | 11.1% | - |
| Free cash flow margin | 10.5% | - | - | - | 14.8% | - | - | - | 15.5% | - |
| FCF / Net income | 1.14 | - | - | - | 1.36 | - | - | - | 1.39 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 10.6% | - | 9.6% | 10.1% | 11.2% | - | 9.5% | 10.2% | 10.6% | - |
| Effective tax rate | 22.6% | - | 23.6% | 25.4% | 22.8% | - | 23.0% | 22.6% | 20.5% | - |
| Return on assets | 1.0% | - | 1.4% | 1.4% | 1.2% | - | 1.5% | 1.4% | 1.2% | - |
| Return on equity | 2.7% | - | 3.5% | 3.5% | 3.0% | - | 3.7% | 3.5% | 3.0% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 0.69 | 0.62 | 0.67 | 0.67 | 0.70 | 0.65 | 0.77 | 0.70 | 0.75 | 0.68 |
| Quick ratio | 0.69 | 0.62 | 0.67 | 0.67 | 0.70 | 0.65 | 0.77 | 0.70 | 0.75 | 0.68 |
| Cash ratio | 0.06 | 0.02 | 0.06 | 0.06 | 0.06 | 0.03 | 0.07 | 0.04 | 0.07 | 0.05 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 4.2x | - | 5.2x | 5.6x | 5.0x | - | 6.9x | 5.2x | 4.7x | - |
| Equity multiplier | 2.63 | 2.56 | 2.57 | 2.48 | 2.53 | 2.52 | 2.43 | 2.42 | 2.45 | 2.33 |
| Liabilities / Assets | 0.62 | 0.61 | 0.61 | 0.60 | 0.60 | 0.60 | 0.59 | 0.59 | 0.59 | 0.57 |
| Efficiency | ||||||||||
| Asset turnover | 0.11 | - | 0.12 | 0.12 | 0.11 | - | 0.12 | 0.12 | 0.11 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 159d | - | 159d | 156d | 156d | - | 155d | 156d | 158d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 191d | - | 197d | 191d | 177d | - | 192d | 186d | 176d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 188.9x | - | 158.4x | 166.7x | 209.9x | - | 150.3x | 163.9x | 193.3x | - |
| P / B | 5.2x | - | 5.6x | 5.8x | 6.3x | - | 5.6x | 5.7x | 5.7x | - |
| P / S | 17.5x | - | 18.4x | 20.1x | 22.7x | - | 19.8x | 20.2x | 21.5x | - |
| EV / EBITDA | 61.1x | - | 61.6x | 64.8x | 77.2x | - | 63.8x | 68.0x | 75.2x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 6.4% | - | 5.1% | 7.1% | 7.5% | - | 13.3% | 11.2% | 9.1% | - |
| Revenue CAGR (3y) | 7.6% | - | 9.4% | 9.8% | 10.6% | - | 13.6% | 13.6% | 14.1% | - |
| Revenue CAGR (5y) | 11.2% | - | 12.1% | 13.0% | 10.5% | - | 10.6% | 10.4% | 10.7% | - |
| Gross profit growth (YoY) | 7.8% | - | 5.7% | 7.1% | 10.1% | - | 15.6% | 15.0% | 12.9% | - |
| Operating income growth (YoY) | -6.7% | - | -7.5% | 8.2% | 6.4% | - | 34.7% | 23.4% | 16.6% | - |
| Net income growth (YoY) | -9.2% | - | -7.1% | 5.4% | 5.0% | - | 34.5% | 31.7% | 16.3% | - |
| EPS growth (YoY) | -7.5% | - | -6.7% | 4.7% | 4.5% | - | 33.7% | 32.1% | 15.6% | - |
| EPS CAGR (3y) | 3.8% | - | 6.5% | 8.8% | 10.5% | - | 39.3% | 16.3% | 13.4% | - |
| EPS CAGR (5y) | 7.1% | - | 13.1% | - | 11.5% | - | 14.7% | 13.8% | 13.1% | - |
| FCF growth (YoY) | -24.3% | - | - | - | 2.7% | - | - | - | 20.2% | - |
| FCF CAGR (5y) | -3.9% | - | - | - | 7.3% | - | - | - | 5.1% | - |
| Book value growth (YoY) | 0.5% | 4.9% | -2.0% | 4.6% | 2.9% | 2.2% | 8.9% | 7.1% | 7.6% | 8.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$10.86B totalSouthern$2.15B · 19.8%
Western$2.11B · 19.5%
Eastern$2.05B · 18.9%
Central$1.78B · 16.4%
Canada$1.46B · 13.5%
Mid South$1.30B · 12.0%
Product / service
$7.05B totalSolid Waste Collection$2.94B · 41.8%
Landfill$1.54B · 21.9%
Transfer$1.46B · 20.7%
Exploration And Production Waste Treatment Recovery And Disposal$688.76M · 9.8%
Solid Waste Recycling$240.06M · 3.4%
Intermodal And Other$175.47M · 2.5%
Peer comparison
Same SIC group: Refuse Systems
Comparing Waste Connections against the 5 most active filers in the same SIC group.
Dividends
$1.01/share trailing 12 months · -17.5% YoY
| Ex-date | Per share |
|---|---|
| May 6, 2026 | $0.3500 |
| Feb 25, 2026 | $0.3500 |
| Aug 6, 2025 | $0.3150 |
| May 7, 2025 | $0.3150 |
| Feb 27, 2025 | $0.3150 |
| Nov 7, 2024 | $0.3150 |
| Aug 7, 2024 | $0.2850 |
| May 7, 2024 | $0.2850 |
| Feb 27, 2024 | $0.2850 |
| Nov 7, 2023 | $0.2850 |
| Aug 15, 2023 | $0.2550 |
| May 9, 2023 | $0.2550 |
| Feb 28, 2023 | $0.2550 |
| Nov 15, 2022 | $0.2550 |
| Aug 17, 2022 | $0.2300 |
| May 17, 2022 | $0.2300 |
| Mar 1, 2022 | $0.2300 |
| Nov 8, 2021 | $0.2300 |
| Aug 17, 2021 | $0.2050 |
| May 11, 2021 | $0.2050 |
| Mar 2, 2021 | $0.2050 |
| Nov 9, 2020 | $0.2050 |
| Jul 31, 2020 | $0.1850 |
| May 4, 2020 | $0.1850 |