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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $9.47B | $8.92B | $8.02B | $7.21B | $6.15B | $5.45B |
| Cost of Revenue | $5.46B | $5.19B | $4.74B | $4.34B | $3.65B | $3.28B |
| Gross Profit | $4.01B | $3.73B | $3.28B | $2.88B | $2.50B | $2.17B |
| R&D | - | - | - | - | - | - |
| SG&A | $959.54M | $883.45M | $799.12M | $696.47M | $612.34M | $537.63M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $1.23B | $1.16B | $1.00B | $918.96M | $813.01M | $752.40M |
| Operating Income | $1.71B | $1.07B | $1.24B | $1.24B | $1.04B | $412.43M |
| Interest Expense | $334.55M | $326.80M | $274.64M | $202.33M | $162.80M | $162.38M |
| Income Tax | $341.36M | $146.36M | $220.68M | $212.96M | $152.25M | $49.92M |
| Net Income | $1.08B | $617.57M | $762.80M | $835.66M | $618.05M | $204.68M |
| EPS - Basic | $4.18 | $2.39 | $2.96 | $3.25 | $2.37 | $0.78 |
| EPS - Diluted | $4.17 | $2.39 | $2.95 | $3.24 | $2.36 | $0.78 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $45.97M | $62.37M | $78.40M | $78.64M | $147.44M | $617.29M |
| Accounts Receivable | $1.02B | $935.03M | $856.95M | $833.86M | $709.61M | $630.26M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $765.23M | $637.37M | $642.46M | $638.73M | $392.87M | $290.82M |
| Current Assets | $1.31B | $1.23B | $1.14B | $1.12B | $1.03B | $1.41B |
| Total Assets | $21.13B | $19.82B | $17.92B | $17.13B | $14.70B | $13.99B |
| Current Liabilities | $2.12B | $1.88B | $1.69B | $1.51B | $1.23B | $1.03B |
| Long-term Debt | - | - | - | $6.89B | $5.04B | $4.71B |
| Total Liabilities | $12.88B | $11.96B | $10.22B | $10.02B | $7.71B | $7.13B |
| Stockholders' Equity | $8.25B | $7.86B | $7.69B | $7.11B | $6.99B | $6.86B |
| Retained Earnings | $5.20B | $4.46B | $4.14B | $3.65B | $3.06B | $2.66B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.41B | $2.23B | $2.13B | $2.02B | $1.70B | $1.41B |
| Investing Cash Flow | ($2.02B) | ($3.16B) | ($1.58B) | ($3.09B) | ($1.69B) | ($1.05B) |
| Financing Cash Flow | ($360.04M) | $944.95M | ($544.40M) | $1.03B | ($499.50M) | ($78.22M) |
| CapEx | $1.18B | $1.06B | $934.00M | $912.68M | $744.32M | $597.05M |
| Free Cash Flow | $1.23B | $1.17B | $1.19B | $1.11B | $953.91M | $811.47M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 42.4% | 41.8% | 40.9% | 39.9% | 40.6% | 39.8% |
| Operating margin | 18.1% | 12.0% | 15.4% | 17.2% | 16.9% | 7.6% |
| EBITDA margin | 31.1% | 25.0% | 27.9% | 30.0% | 30.1% | 21.4% |
| Net margin | 11.4% | 6.9% | 9.5% | 11.6% | 10.0% | 3.8% |
| Free cash flow margin | 13.0% | 13.2% | 14.9% | 15.4% | 15.5% | 14.9% |
| FCF / Net income | 1.15 | 1.90 | 1.56 | 1.33 | 1.54 | 3.96 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 10.1% | 9.9% | 10.0% | 9.7% | 10.0% | 9.9% |
| Effective tax rate | 24.1% | 19.2% | 22.4% | 20.3% | 19.8% | 19.6% |
| Return on assets | 5.1% | 3.1% | 4.3% | 4.9% | 4.2% | 1.5% |
| Return on equity | 13.1% | 7.9% | 9.9% | 11.8% | 8.8% | 3.0% |
| Return on invested capital | - | - | - | 7.1% | 6.9% | 2.9% |
| Liquidity | ||||||
| Current ratio | 0.62 | 0.65 | 0.68 | 0.74 | 0.84 | 1.37 |
| Quick ratio | 0.62 | 0.65 | 0.68 | 0.74 | 0.84 | 1.37 |
| Cash ratio | 0.02 | 0.03 | 0.05 | 0.05 | 0.12 | 0.60 |
| Leverage | ||||||
| Debt / Equity | - | - | - | 0.97 | 0.72 | 0.69 |
| Debt / Assets | - | - | - | 0.40 | 0.34 | 0.34 |
| Debt / EBITDA | - | - | - | 3.19 | 2.72 | 4.04 |
| Interest coverage | 5.1x | 3.3x | 4.5x | 6.1x | 6.4x | 2.5x |
| Equity multiplier | 2.56 | 2.52 | 2.33 | 2.41 | 2.10 | 2.04 |
| Liabilities / Assets | 0.61 | 0.60 | 0.57 | 0.58 | 0.52 | 0.51 |
| Efficiency | ||||||
| Asset turnover | 0.45 | 0.45 | 0.45 | 0.42 | 0.42 | 0.39 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 40d | 38d | 39d | 42d | 42d | 42d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 51d | 45d | 49d | 54d | 39d | 32d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 42.1x | 71.8x | 50.6x | 40.9x | 57.7x | 131.5x |
| P / B | 5.5x | 5.6x | 5.0x | 4.8x | 5.1x | 3.9x |
| P / S | 4.8x | 5.0x | 4.8x | 4.7x | 5.8x | 5.0x |
| EV / EBITDA | 15.4x | 19.9x | 17.2x | 19.0x | 21.9x | 26.7x |
| Growth | ||||||
| Revenue growth (YoY) | 6.1% | 11.2% | 11.2% | 17.2% | 13.0% | 1.1% |
| Revenue CAGR (3y) | 9.5% | 13.2% | 13.8% | 10.2% | 22.1% | 5.6% |
| Revenue CAGR (5y) | 11.7% | 10.6% | 18.9% | 9.3% | 12.8% | 23.1% |
| Gross profit growth (YoY) | 7.6% | 13.7% | 14.0% | 15.2% | 15.1% | -0.9% |
| Operating income growth (YoY) | 60.2% | -13.6% | -0.5% | 19.5% | 152.1% | -50.8% |
| Net income growth (YoY) | 74.3% | -19.0% | -8.7% | 35.2% | 202.0% | -63.9% |
| EPS growth (YoY) | 74.5% | -19.0% | -9.0% | 37.3% | 202.6% | -63.6% |
| EPS CAGR (3y) | 8.8% | 0.4% | 55.8% | 14.8% | 4.5% | -29.0% |
| EPS CAGR (5y) | 39.8% | 2.2% | 7.3% | 8.2% | 8.1% | -7.0% |
| FCF growth (YoY) | 5.3% | -1.7% | 7.5% | 16.3% | 17.6% | -23.5% |
| FCF CAGR (5y) | 8.8% | 2.0% | 6.6% | 28.6% | 16.2% | 30.2% |
| Book value growth (YoY) | 4.9% | 2.2% | 8.2% | 1.7% | 1.9% | -1.1% |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.15
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
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 |