Waste Connections, Inc. (WCN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.35	$1.5	+11.1%	—	—	—
Q3 26	$1.18	$1.23	+4.2%	—	—	—
Q2 26	$1.27	$1.29	+1.6%	—	—	—
Q1 26	$1.38	$1.44	+4.3%	—	—	—
Q4 25	$1.25	$1.29	+3.2%	—	—	—
Q3 25	$1.08	$1.13	+4.6%	—	—	—
Q2 25	$1.19	$1.16	-2.5%	—	—	—
Q1 25	$1.29	$1.35	+4.7%	—	—	—
Q4 24	$1.17	$1.24	+6.0%	—	—	—
Q3 24	$1	$1.04	+4.0%	—	—	—
Q2 24	$1.09	$1.11	+1.8%	—	—	—
Q1 24	$1.14	$1.17	+2.6%	—	—	—
Q4 23	$1.01	$1.02	+1.0%	—	—	—
Q3 23	$0.88	$0.89	+1.1%	—	—	—
Q2 23	$0.88	$0.89	+1.1%	—	—	—
Q1 23	$1.02	$1.1	+7.8%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.18	—	—	$9.5B	—
FY24	—	$2.39	—	—	$8.9B	—
FY23	—	$2.96	—	—	$8B	—
FY22	—	$3.25	—	—	$7.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.4B	$4.6B	$4.9B	$5.4B	$5.4B	$6.2B	$7.2B	$8B	$8.9B	$9.5B
YoY change	+59.4%	+37.2%	+6.32%	+9.46%	+1.06%	+13%	+17.2%	+11.2%	+11.2%	+6.14%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.4B	4.6B	4.9B	5.4B	5.4B	6.2B	7.2B	8B	8.9B	9.5B
Cost of revenue	2B	2.7B	2.9B	3.2B	3.3B	3.7B	4.3B	4.7B	5.2B	5.5B
Gross profit	1.4B	1.9B	2.1B	2.2B	2.2B	2.5B	2.9B	3.3B	3.7B	4B
Gross margin	42%	41.6%	41.8%	40.6%	39.8%	40.6%	39.9%	40.9%	41.8%	42.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	474.3M	509.6M	524.4M	546.3M	537.6M	612.3M	696.5M	799.1M	883.4M	959.5M
Operating expenses	474.3M	509.6M	524.4M	546.3M	537.6M	612.3M	696.5M	799.1M	883.4M	959.5M
Operating income	480M	783.6M	852.4M	899.7M	879.1M	1.1B	1.3B	1.5B	1.7B	1.8B
Operating margin	14.2%	16.9%	17.3%	16.7%	16.1%	17.4%	17.5%	18.4%	18.8%	19.2%
Non-operating income, net	-26.5M	-155M	-20.3M	-56.2M	-468.1M	-141.3M	-15.1M	-226.3M	-602.5M	-79.6M
Pretax income	361.4M	508.5M	707.1M	705.9M	253.9M	770.7M	1B	983.5M	762.9M	1.4B
Income tax	114M	-68.9M	160M	139.2M	49.9M	152.3M	213M	220.7M	146.4M	341.4M
Net income	247.3M	577.4M	547.2M	566.7M	204M	618.5M	836M	762.8M	616.6M	1.1B
Net margin	7.33%	12.5%	11.1%	10.5%	3.75%	10.1%	11.6%	9.51%	6.91%	11.4%
EBITDA	944.5M	1.4B	1.5B	1.7B	1.6B	1.9B	2.2B	2.5B	2.9B	3.1B
EPS	1.07	2.19	2.07	2.15	0.78	2.37	3.25	2.96	2.39	4.18
Diluted EPS	1.07	2.18	2.07	2.14	0.78	2.36	3.24	2.95	2.39	4.17

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.1B	2B	2.1B	2.2B	2.3B	2.3B	2.2B	2.4B	2.5B	2.4B	2.4B	2.6B
Cost of revenue	1.2B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B	1.4B	1.5B
Gross profit	860.1M	840M	850.9M	947.1M	994.4M	935.5M	936.7M	1B	1.1B	1B	1B	1.1B
Gross margin	41.7%	41.3%	41.1%	42.1%	42.5%	41.4%	42%	42.1%	42.8%	42.5%	42.6%	42.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	196.3M	192.8M	220.7M	228.8M	222.5M	211.3M	250.1M	243M	236.5M	230M	251.1M	260.5M
Operating expenses	196.3M	192.8M	220.7M	228.8M	222.5M	211.3M	250.1M	243M	236.5M	230M	251.1M	260.5M
Operating income	409.5M	394.1M	367.2M	432.9M	478.2M	402.4M	396.6M	463.6M	499.7M	459.9M	443.7M	496M
Operating margin	19.8%	19.4%	17.7%	19.3%	20.5%	17.8%	17.8%	19.3%	20.3%	19.4%	18.7%	19.4%
Non-operating income, net	-51.1M	-165.5M	-2.2M	1.5M	2M	-603.8M	-4.6M	6M	-45.6M	-35.4M	-75.5M	-25.2M
Pretax income	292.2M	161.4M	288.5M	356M	400.1M	-281.6M	313M	389.2M	374.8M	341M	283.6M	383.7M
Income tax	63M	34.8M	59.4M	80.6M	92M	-85.6M	71.5M	98.9M	88.5M	82.5M	64.2M	87.3M
Net income	229.2M	126.6M	229.1M	275.4M	308M	-196M	241.5M	290.3M	286.3M	258.5M	219.3M	296.4M
Net margin	11.1%	6.22%	11.1%	12.2%	13.2%	-8.67%	10.8%	12.1%	11.6%	10.9%	9.25%	11.6%
EBITDA	672M	653.8M	630.4M	731.9M	780.1M	724.1M	690.2M	783.6M	834.7M	785.8M	765.6M	859.3M
EPS	0.89	0.49	0.89	1.07	1.19	-0.76	0.94	1.12	1.11	1.01	0.86	1.17
Diluted EPS	0.89	0.49	0.89	1.07	1.19	-0.76	0.93	1.12	1.11	1.01	0.86	1.17

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	19.6B	23.9B	27B	35.6B	34.1B	38.4B	44.3B	45.1B	39.3B
Enterprise value	—	—	23.4B	28.2B	31.3B	40.7B	41.1B	45.4B	52.6B	54.2B	48.7B
Shares outstanding	230.3M	263.7M	263.7M	263.8M	263.2M	261.2M	257.4M	257.6M	258M	257.3M	257.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	35.8	42.3	132.3	57.5	40.8	50.4	71.8	41.9	37.5
P/S	—	—	3.98	4.44	4.96	5.79	4.73	4.79	4.96	4.77	4.01
P/B	—	—	3.03	3.45	3.93	5.09	4.8	4.99	5.63	5.47	4.95
EV/EBITDA	—	—	15.2	17	19.1	21.5	18.8	18.2	18.3	17.5	15.6
EV/Sales	—	—	4.76	5.23	5.74	6.61	5.7	5.66	5.9	5.73	4.99
Earnings yield	—	—	2.8%	2.37%	0.76%	1.74%	2.45%	1.98%	1.39%	2.39%	2.67%
FCF yield	—	—	4.42%	3.65%	2.76%	2.68%	3.25%	3.1%	2.65%	2.7%	2.67%
PEG	—	—	—	—	—	—	—	—	—	—	8.4

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	42%	41.6%	41.8%	40.6%	39.8%	40.6%	39.9%	40.9%	41.8%	42.4%	42.3%
Operating margin	14.2%	16.9%	17.3%	16.7%	16.1%	17.4%	17.5%	18.4%	18.8%	19.2%	19.7%
Net margin	7.33%	12.5%	11.1%	10.5%	3.75%	10.1%	11.6%	9.51%	6.91%	11.4%	10.9%
ROE	4.37%	9.2%	8.47%	8.17%	2.97%	8.84%	11.8%	9.91%	7.84%	13.1%	13%
ROA	2.23%	4.81%	4.33%	4.13%	1.46%	4.21%	4.88%	4.26%	3.11%	5.1%	5.49%
ROIC	3.6%	8.04%	6.41%	6.47%	6.34%	7.13%	7.11%	7.81%	8.39%	7.97%	8.35%
Return on tangible assets	130.8%	121.2%	178.4%	145.4%	89.1%	-164.2%	-4.7K%	-762.8%	-930.8%	323.8%	156.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.07	1.47	1.23	1.12	1.37	0.84	0.74	0.68	0.65	0.62	0.66
Quick ratio	1.07	1.47	1.23	1.12	1.33	0.8	0.7	0.64	0.62	0.58	0.66
Debt / equity	0.64	0.62	0.64	0.65	0.71	0.75	1	0.91	1.07	1.11	1.22
Debt / assets	0.33	0.33	0.33	0.33	0.35	0.35	0.41	0.39	0.42	0.43	0.45
Net debt / EBITDA	3.67	2.44	2.49	2.54	2.62	2.67	3.21	2.78	2.91	2.94	2.93
Interest coverage	4.9	5.06	6.35	5.79	2.56	5.73	6.18	4.58	3.33	5.24	4.95
Effective tax rate	31.6%	0%	22.6%	19.7%	19.7%	19.8%	20.3%	22.4%	19.2%	24.1%	23.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	14.7	17.6	18.7	20.4	20.7	23.6	28	31.1	34.6	36.8	38.2
EPS (basic)	1.07	2.19	2.07	2.15	0.78	2.37	3.25	2.96	2.39	4.18	4.18
EPS (diluted)	1.07	2.18	2.07	2.14	0.78	2.36	3.24	2.95	2.39	4.17	4.15
Book value per share	24.6	23.8	24.5	26.3	26.1	26.8	27.6	29.9	30.5	32	31.4
FCF per share	1.96	2.68	3.28	3.31	2.83	3.65	4.31	4.63	4.55	4.74	4.6
Cash per share	0.67	1.65	1.21	1.24	2.35	0.56	0.31	0.3	0.24	0.18	0.4
Capex per share	—	—	—	—	—	—	—	—	—	4.64	5.3

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	12.6%	13.8%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	49.5%	53.6%
Payout ratio	37.4%	22.9%	27.9%	30.9%	98%	35.6%	29.1%	35.5%	49%	31%	33%
Dividend yield	—	—	0.78%	0.73%	0.74%	0.62%	0.71%	0.7%	0.68%	0.74%	0.89%

Yield

0.89%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.35

ex-dividend Aug 6, 2026

Payout ratio

33%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 6, 2026	$0.35
May 6, 2026	$0.35
Feb 25, 2026	$0.35

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.1B	$2B	$2.1B	$2.2B	$2.3B	$2.3B	$2.2B	$2.4B	$2.5B	$2.4B	$2.4B	$2.6B
YoY change	+9.83%	+8.9%	+9.06%	+11.2%	+13.3%	+11%	+7.5%	+7.07%	+5.13%	+5%	+6.39%	+6.42%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	154.4M	433.8M	319.3M	326.7M	617.3M	147.4M	78.6M	78.4M	62.4M	46M
Receivables	485.1M	554.5M	609.5M	662.8M	630.3M	709.6M	833.9M	857M	935M	1B
Inventory	—	—	—	—	36.7M	44.3M	55.2M	61.7M	71.2M	78.9M
Total current assets	743.4M	1.2B	1.1B	1.1B	1.4B	1B	1.1B	1.1B	1.2B	1.3B
Property, plant & equipment	4.7B	4.8B	5.2B	5.7B	5.5B	5.9B	7.1B	7.5B	8.3B	9B
Goodwill & intangibles	10.9B	11.5B	12.3B	13.3B	13.8B	15.1B	17.2B	18B	19.9B	20.8B
Total assets	11.1B	12B	12.6B	13.7B	14B	14.7B	17.1B	17.9B	19.8B	21.1B
Accounts payable	251.3M	330.5M	360M	437M	290.8M	392.9M	638.7M	642.5M	637.4M	765.2M
Short-term debt	1.6M	11.7M	1.8M	30.4M	38.9M	44M	41.9M	59M	48.3M	52.9M
Total current liabilities	692.2M	802.6M	886.8M	1B	1B	1.2B	1.5B	1.7B	1.9B	2.1B
Long-term debt	3.6B	3.9B	4.2B	4.5B	4.9B	5.2B	7.1B	7B	8.3B	9.1B
Total liabilities	5.4B	5.7B	6.2B	6.8B	7.1B	7.7B	10B	10.2B	12B	12.9B
Shareholders' equity	5.7B	6.3B	6.5B	6.9B	6.9B	7B	7.1B	7.7B	7.9B	8.2B
Total debt	3.6B	3.9B	4.2B	4.5B	4.9B	5.2B	7.1B	7B	8.4B	9.1B
Net debt	3.5B	3.5B	3.8B	4.2B	4.3B	5.1B	7B	6.9B	8.3B	9.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	96.2M	78.4M	112M	78.7M	115.3M	62.4M	111.2M	110.2M	117.6M	46M	112.4M	98.2M
Receivables	868.1M	857M	896.7M	961.5M	990.9M	935M	952M	1B	1.1B	1B	1B	1.1B
Inventory	—	61.7M	—	—	—	71.2M	—	—	—	78.9M	—	—
Total current assets	1.2B	1.1B	1.2B	1.2B	1.4B	1.2B	1.3B	1.3B	1.4B	1.3B	1.4B	1.4B
Property, plant & equipment	7.4B	7.5B	8.1B	8.2B	8.5B	8.3B	8.5B	8.7B	8.7B	9B	9B	9.3B
Goodwill & intangibles	17.9B	18B	18.9B	19.2B	19.8B	19.9B	20.2B	20.6B	20.6B	20.8B	20.7B	20.7B
Total assets	17.7B	17.9B	19.1B	19.3B	20.1B	19.8B	20.3B	20.7B	20.8B	21.1B	21.2B	21.4B
Accounts payable	604.5M	642.5M	589.9M	663.2M	706.3M	637.4M	625.6M	729.9M	759.3M	765.2M	712.4M	771.8M
Short-term debt	65.4M	59M	52.5M	48.5M	47.5M	48.3M	47.5M	50.5M	51.3M	52.9M	54.7M	55M
Total current liabilities	1.6B	1.7B	1.6B	1.8B	1.8B	1.9B	1.8B	2B	2.1B	2.1B	2B	2.1B
Long-term debt	7B	7B	8B	8B	8.4B	8.3B	8.7B	8.6B	8.9B	9.1B	9.4B	9.6B
Total liabilities	10.1B	10.2B	11.3B	11.3B	11.8B	12B	12.2B	12.3B	12.7B	12.9B	13.1B	13.5B
Shareholders' equity	7.6B	7.7B	7.8B	8B	8.3B	7.9B	8B	8.4B	8.1B	8.2B	8.1B	7.9B
Total debt	7.1B	7B	8.1B	8B	8.5B	8.4B	8.7B	8.7B	8.9B	9.1B	9.4B	9.6B
Net debt	7B	6.9B	8B	7.9B	8.4B	8.3B	8.6B	8.6B	8.8B	9.1B	9.3B	9.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	247.3M	577.4M	547.2M	566.7M	204M	618.5M	836M	762.8M	616.6M	1.1B
Depreciation & amortization	463.9M	632.5M	680.5M	743.9M	752.4M	813M	919M	1B	1.2B	1.2B
Stock-based compensation	44.8M	39.4M	43.8M	42.7M	45.8M	58.2M	63.5M	70.4M	77.9M	79.4M
Change in working capital	56.5M	-4.3M	-9.6M	53.2M	-110.3M	23.4M	101.6M	-19.5M	-285M	-305.3M
Operating cash flow	865.5M	1.1B	1.4B	1.5B	876.5M	1.5B	2B	2B	2B	2.4B
Capital expenditure	—	—	—	—	—	—	—	—	—	-1.2B
Investing cash flow	52.1M	-381.6M	-825.7M	-759.9M	-381.5M	-949.2M	-2.2B	-647.1M	-2.1B	-2B
Dividends paid	-92.5M	-132M	-152.6M	-175.1M	-199.9M	-220.2M	-243M	-270.6M	-302.3M	-333.8M
Share repurchases	0	0	-58.9M	0	-105.7M	-339M	-425M	0	0	-505.5M
Financing cash flow	-356.2M	65M	-188.4M	-98.5M	-77.1M	-501.1M	1B	-549.1M	940.5M	-365.5M
Net change in cash	561.4M	802.6M	345.9M	623.4M	417.9M	99.6M	874.1M	842.3M	847.6M	25.3M
Free cash flow	450.6M	708M	865.1M	874.5M	744M	953.9M	1.1B	1.2B	1.2B	1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	229.2M	126.6M	229.1M	275.4M	308M	-196M	241.5M	290.3M	286.3M	258.5M	219.3M	296.4M
Depreciation & amortization	254.4M	253.1M	263M	285.4M	293.6M	321.8M	289.9M	307.7M	315.3M	319.2M	314.7M	325.9M
Stock-based compensation	14.6M	14.3M	22M	18.9M	20.4M	16.7M	23.4M	18.5M	18.5M	19M	17.6M	24M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	533M	540M	560.7M	607M	628.6M	499.1M	603.3M	683.5M	677.4M	556.9M	545.6M	733.3M
Capital expenditure	—	—	—	—	—	—	—	—	-297.2M	-399.4M	-296.6M	-353.4M
Investing cash flow	-359.6M	-77M	-1.2B	-242.3M	-579.6M	-116.7M	-390.8M	-131.5M	-413.9M	-589.3M	-355.7M	-606.3M
Dividends paid	-65.7M	-73.8M	-73.6M	-73.7M	-74M	-81M	-81.5M	-81.5M	-81M	-89.9M	-88.7M	-88.4M
Share repurchases	0	0	—	—	—	—	—	-389K	-441.8M	-63.3M	-284M	-330.5M
Financing cash flow	21M	-178.8M	876.3M	-176.6M	336.2M	-95.4M	110.8M	-205.9M	-241.9M	-28.5M	-99.2M	-186.4M
Net change in cash	194.5M	284.2M	272.4M	188.1M	385.2M	287M	323.4M	346.2M	21.6M	-61M	90.7M	-59.4M
Free cash flow	332.8M	237.5M	320.4M	394.2M	286.2M	172.2M	329.1M	352.9M	380.3M	157.4M	249M	379.9M

Date	Ratio
Jun 19, 2017	3:2
Nov 15, 2010	3:2
Mar 14, 2007	3:2
Jun 25, 2004	3:2

Waste Connections, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history