NYSE : WCN
Waste Connections, Inc. — Financial statements
Industrials · Waste Management · Canada
Last price 183.91 USD (Oct 30, 2026, 9:53 AM EDT) · Market cap 46.01B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Waste Connections, Inc. (WCN) reported revenue of 9.94B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 9.94B | 9.47B | 8.92B | 8.02B | 7.21B | 6.15B |
| Cost of Revenue | 5.71B | 5.46B | 5.19B | 4.74B | 4.34B | 3.65B |
| Gross Profit | 4.24B | 4.01B | 3.73B | 3.28B | 2.88B | 2.50B |
| Selling, General & Admin | 977.73M | 934.93M | 855.79M | 774.09M | 671.45M | 592.63M |
| Amortization of Goodwill & Intangibles | 195.98M | 201.54M | 189.77M | 157.57M | 155.68M | 139.28M |
| Other Operating Expenses | 40.81M | 67.01M | 482.31M | 238.80M | 18.23M | 13.66M |
| Operating Expenses | 2.32B | 2.23B | 2.50B | 2.02B | 1.61B | 1.42B |
| Operating Income | 1.92B | 1.78B | 1.23B | 1.26B | 1.27B | 1.08B |
| Interest Expense | -361.77M | -334.55M | -326.80M | -274.64M | -202.33M | -162.80M |
| Interest & Investment Income | 13.19M | 12.14M | 11.61M | 9.35M | 5.95M | 2.92M |
| Currency Exchange Gain (Loss) | -300.00K | 5.50M | 2.70M | |||
| Other Non Operating Income (Expenses) | 37.70M | 13.45M | -4.23M | 12.48M | 3.15M | 6.29M |
| EBT Excluding Unusual Items | 1.61B | 1.47B | 909.28M | 1.01B | 1.07B | 924.40M |
| Merger & Restructuring Charges | -17.79M | -24.61M | -27.65M | -8.93M | -25.02M | -19.71M |
| Gain (Loss) on Sale of Investments | 12.00M | |||||
| Gain (Loss) on Sale of Assets | -2.60M | -12.70M | -14.30M | |||
| Asset Writedown | -116.10M | -18.66M | ||||
| Legal Settlements | 2.50M | |||||
| Other Unusual Items | -129.90M | -30.00M | -2.80M | -16.11M | -115.29M | |
| Pretax Income | 1.46B | 1.42B | 762.93M | 983.50M | 1.05B | 770.74M |
| Income Tax Expense | 325.95M | 341.36M | 146.36M | 220.68M | 212.96M | 152.25M |
| Earnings From Continuing Operations | 1.13B | 1.08B | 616.57M | 762.83M | 836.00M | 618.49M |
| Minority Interest in Earnings | 1.00M | -26.00K | -339.00K | -442.00K | ||
| Net Income | 1.13B | 1.08B | 617.57M | 762.80M | 835.66M | 618.05M |
| Net Income to Common | 1.13B | 1.08B | 617.57M | 762.80M | 835.66M | 618.05M |
| Shares Outstanding (Basic) | 253.97M | 257.32M | 257.97M | 257.55M | 257.38M | 261.17M |
| Shares Outstanding (Diluted) | 254.51M | 257.98M | 258.66M | 258.15M | 258.04M | 261.73M |
| EPS (Basic) | 4.46 | 4.18 | 2.39 | 2.96 | 3.25 | 2.37 |
| EPS (Diluted) | 4.46 | 4.17 | 2.39 | 2.95 | 3.24 | 2.36 |
| Free Cash Flow | 1.23B | 1.22B | 1.17B | 1.19B | 1.11B | 953.91M |
| Free Cash Flow Per Share | 4.85 | 4.73 | 4.54 | 4.62 | 4.30 | 3.65 |
| Dividend Per Share | 1.40 | 1.29 | 1.17 | 1.05 | 0.94 | 0.84 |
| Gross Margin | 42.62% | 42.37% | 41.79% | 40.86% | 39.88% | 40.60% |
| Operating Margin | 19.31% | 18.78% | 13.74% | 15.72% | 17.57% | 17.52% |
| Profit Margin | 11.40% | 11.37% | 6.92% | 9.51% | 11.59% | 10.05% |
| Free Cash Flow Margin | 12.41% | 12.88% | 13.15% | 14.87% | 15.39% | 15.51% |
| EBITDA | 3.22B | 3.01B | 2.39B | 2.26B | 2.19B | 1.89B |
| EBITDA Margin | 32.38% | 31.79% | 26.79% | 28.23% | 30.31% | 30.74% |
| D&A For EBITDA | 1.30B | 1.23B | 1.16B | 1.00B | 918.96M | 813.01M |
| EBIT | 1.92B | 1.78B | 1.23B | 1.26B | 1.27B | 1.08B |
| EBIT Margin | 19.31% | 18.78% | 13.74% | 15.72% | 17.57% | 17.52% |
| Effective Tax Rate | 22.33% | 24.07% | 19.18% | 22.44% | 20.30% | 19.75% |
| Advertising Expenses | 10.30M | 9.20M | 9.10M | 8.34M | 7.16M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 95.69M | 45.97M | 62.37M | 78.40M | 78.64M | 147.44M |
| Trading Asset Securities | 2.45M | 15.84M | 17.91M | |||
| Cash & Short-Term Investments | 98.14M | 45.97M | 62.37M | 94.24M | 96.54M | 147.44M |
| Accounts Receivable | 1.11B | 1.02B | 935.03M | 856.95M | 833.86M | 709.61M |
| Other Receivables | 44.53M | 37.60M | 28.12M | 43.05M | 61.30M | |
| Receivables | 1.11B | 1.07B | 972.63M | 885.08M | 876.92M | 770.92M |
| Inventory | 78.86M | 71.16M | 61.67M | 55.19M | 44.26M | |
| Prepaid Expenses | 232.69M | 31.57M | 40.01M | 26.61M | 31.59M | 22.47M |
| Other Current Assets | 85.63M | 80.75M | 74.19M | 57.41M | 47.69M | |
| Total Current Assets | 1.44B | 1.31B | 1.23B | 1.14B | 1.12B | 1.03B |
| Property, Plant & Equipment | 9.33B | 9.05B | 8.34B | 7.49B | 7.14B | 5.88B |
| Long-Term Investments | 446.00K | 3.38M | 6.95M | 13.90M | ||
| Goodwill | 8.41B | 8.39B | 7.95B | 7.40B | 6.90B | 6.19B |
| Other Intangible Assets | 1.97B | 2.01B | 1.99B | 1.60B | 1.67B | 1.35B |
| Long-Term Deferred Charges | 30.82M | 33.43M | 28.16M | 25.98M | 23.82M | 18.48M |
| Other Long-Term Assets | 335.25M | 339.64M | 273.20M | 243.12M | 259.60M | 227.91M |
| Total Assets | 21.51B | 21.13B | 19.82B | 17.92B | 17.13B | 14.70B |
| Accounts Payable | 811.50M | 765.23M | 637.37M | 642.46M | 638.73M | 392.87M |
| Accrued Expenses | 670.57M | 659.28M | 533.47M | 424.28M | 409.35M | 397.50M |
| Short-Term Debt | 14.84M | 14.67M | 14.63M | 14.86M | 15.64M | 16.72M |
| Current Portion of Long-Term Debt | 7.80M | 4.08M | 7.85M | 26.46M | 6.76M | 24.70M |
| Current Portion of Leases | 48.04M | 48.85M | 40.49M | 32.53M | 35.17M | 38.02M |
| Current Unearned Revenue | 436.14M | 416.02M | 382.50M | 355.20M | 325.00M | 273.72M |
| Other Current Liabilities | 165.92M | 216.11M | 262.52M | 192.15M | 81.99M | 89.22M |
| Total Current Liabilities | 2.15B | 2.12B | 1.88B | 1.69B | 1.51B | 1.23B |
| Long-Term Debt | 9.41B | 8.80B | 8.06B | 6.71B | 6.88B | 5.06B |
| Long-Term Leases | 288.83M | 278.39M | 281.35M | 248.47M | 176.93M | 140.15M |
| Long-Term Deferred Tax Liabilities | 1.15B | 1.09B | 958.34M | 1.02B | 1.01B | 850.92M |
| Other Long-Term Liabilities | 622.55M | 596.00M | 775.25M | 544.47M | 438.96M | 420.18M |
| Total Liabilities | 13.63B | 12.88B | 11.96B | 10.22B | 10.02B | 7.71B |
| Common Stock | 1.85B | 2.78B | 3.28B | 3.28B | 3.27B | 3.69B |
| Additional Paid-In Capital | 406.38M | 373.24M | 325.93M | 284.28M | 244.08M | 199.48M |
| Retained Earnings | 5.81B | 5.20B | 4.46B | 4.14B | 3.65B | 3.06B |
| Comprehensive Income & Other | -176.88M | -111.04M | -205.74M | -9.83M | -56.83M | 39.58M |
| Total Common Equity | 7.88B | 8.25B | 7.86B | 7.69B | 7.11B | 6.99B |
| Minority Interest | 4.97M | 4.95M | 4.61M | |||
| Shareholders' Equity | 7.88B | 8.25B | 7.86B | 7.70B | 7.11B | 6.99B |
| Total Liabilities & Equity | 21.51B | 21.13B | 19.82B | 17.92B | 17.13B | 14.70B |
| Total Debt | 9.77B | 9.15B | 8.41B | 7.04B | 7.11B | 5.28B |
| Net Cash (Debt) | -9.67B | -9.10B | -8.35B | -6.94B | -7.02B | -5.13B |
| Net Cash Per Share | -38.01 | -35.27 | -32.26 | -26.89 | -27.19 | -19.62 |
| Filing Date Shares Outstanding | 250.18M | 255.63M | 258.09M | 257.68M | 257.22M | 257.33M |
| Total Common Shares Outstanding | 250.25M | 255.61M | 258.02M | 257.60M | 257.15M | 260.21M |
| Working Capital | -717.78M | -812.70M | -651.92M | -546.15M | -395.00M | -199.97M |
| Book Value Per Share | 31.50 | 32.26 | 30.46 | 29.86 | 27.64 | 26.86 |
| Tangible Book Value | -2.50B | -2.15B | -2.08B | -1.32B | -1.47B | -549.30M |
| Tangible Book Value Per Share | -9.98 | -8.42 | -8.07 | -5.11 | -5.71 | -2.11 |
| Land | 2.77B | 2.33B | 1.81B | 1.67B | 1.34B | |
| Machinery | 5.65B | 4.97B | 4.31B | 3.90B | 3.42B | |
| Construction In Progress | 249.25M | 191.40M | 167.03M | 132.37M | 82.19M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.13B | 1.08B | 617.57M | 762.80M | 835.66M | 618.05M |
| Depreciation & Amortization | 1.30B | 1.23B | 1.16B | 1.00B | 918.96M | 813.01M |
| Other Amortization | 9.06M | 8.38M | 10.01M | 6.48M | 5.45M | 5.05M |
| Loss (Gain) From Sale of Assets | 52.16M | 113.56M | 122.64M | 38.88M | 9.52M | 11.35M |
| Asset Writedown & Restructuring Costs | 16.38M | |||||
| Stock-Based Compensation | 80.84M | 79.45M | 77.89M | 70.44M | 63.48M | 58.22M |
| Provision & Write-off of Bad Debts | 24.66M | 14.49M | 20.24M | 17.43M | 17.35M | 9.72M |
| Other Operating Activities | 216.89M | 153.69M | 426.12M | 215.05M | 99.26M | 147.44M |
| Change in Accounts Receivable | -68.06M | -68.06M | -10.65M | -20.63M | -100.55M | -54.69M |
| Change in Accounts Payable | 57.08M | 57.08M | -33.32M | 32.33M | 192.85M | 66.75M |
| Change in Unearned Revenue | 27.33M | 27.33M | 18.23M | 26.52M | 42.25M | 31.71M |
| Change in Other Net Operating Assets | -304.95M | -280.52M | -183.57M | -25.68M | -61.76M | -24.76M |
| Operating Cash Flow | 2.53B | 2.41B | 2.23B | 2.13B | 2.02B | 1.70B |
| Capital Expenditures | -1.29B | -1.19B | -1.06B | -934.00M | -912.68M | -744.32M |
| Sale of Property, Plant & Equipment | 6.44M | 10.12M | 7.90M | 31.58M | 30.68M | 42.77M |
| Cash Acquisitions | -558.95M | -817.58M | -2.12B | -676.79M | -2.21B | -985.45M |
| Divestitures | 37.00M | |||||
| Other Investing Activities | 1.26M | -21.43M | -27.21M | -1.87M | 1.73M | -6.49M |
| Investing Cash Flow | -1.90B | -2.02B | -3.16B | -1.58B | -3.09B | -1.69B |
| Short-Term Debt Issued | 46.00K | |||||
| Long-Term Debt Issued | 2.67B | 4.56B | 1.82B | 4.82B | 2.11B | |
| Total Debt Issued | 3.12B | 2.67B | 4.56B | 1.82B | 4.82B | 2.11B |
| Short-Term Debt Repaid | -227.00K | -790.00K | -1.08M | -367.00K | ||
| Long-Term Debt Repaid | -2.13B | -3.25B | -2.05B | -3.07B | -1.89B | |
| Total Debt Repaid | -2.34B | -2.13B | -3.25B | -2.05B | -3.08B | -1.89B |
| Net Debt Issued (Repaid) | 777.18M | 544.44M | 1.32B | -234.18M | 1.74B | 218.73M |
| Issuance of Common Stock | 6.31M | 5.79M | 6.50M | 4.70M | 3.93M | 1.65M |
| Repurchase of Common Stock | -1.04B | -537.33M | -32.93M | -31.01M | -443.36M | -357.60M |
| Common Dividends Paid | -355.35M | -333.81M | -302.26M | -270.60M | -243.01M | -220.20M |
| Other Financing Activities | -26.77M | -39.13M | -45.19M | -13.32M | -30.18M | -142.07M |
| Financing Cash Flow | -636.19M | -360.04M | 944.95M | -544.40M | 1.03B | -499.50M |
| Foreign Exchange Rate Adjustments | -2.67M | 622.00K | -561.00K | 1.34M | -2.04M | -25.00K |
| Net Cash Flow | -11.77M | 31.41M | 14.13M | 2.67M | -38.25M | -494.77M |
| Free Cash Flow | 1.23B | 1.22B | 1.17B | 1.19B | 1.11B | 953.91M |
| Free Cash Flow Margin | 12.41% | 12.88% | 13.15% | 14.87% | 15.39% | 15.51% |
| Free Cash Flow Per Share | 4.85 | 4.73 | 4.54 | 4.62 | 4.30 | 3.65 |
| Levered Free Cash Flow | 1.08B | 1.17B | 842.46M | 895.39M | 906.76M | 810.31M |
| Unlevered Free Cash Flow | 1.29B | 1.37B | 1.04B | 1.06B | 1.03B | 907.00M |
| Cash Interest Paid | 308.32M | 308.32M | 298.93M | 260.92M | 177.42M | 157.49M |
| Cash Income Tax Paid | 221.02M | 221.02M | 216.00M | 207.02M | 100.16M | 146.20M |
| Change in Working Capital | -288.60M | -264.17M | -209.31M | 12.53M | 72.80M | 19.01M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 46.95B | 44.89B | 44.28B | 38.46B | 34.09B | 35.50B |
| Enterprise Value | 56.62B | 53.73B | 52.65B | 45.47B | 40.30B | 40.29B |
| Last Close Price | 184.08 | 174.23 | 169.28 | 146.28 | 128.91 | 131.58 |
| PE Ratio | 42.09 | 41.70 | 71.70 | 50.42 | 40.79 | 57.44 |
| Forward PE | 31.20 | 31.88 | 33.15 | 32.94 | 32.67 | 37.23 |
| PS Ratio | 4.71 | 4.74 | 4.96 | 4.79 | 4.73 | 5.77 |
| PB Ratio | 5.84 | 5.44 | 5.63 | 5.00 | 4.79 | 5.08 |
| P/FCF Ratio | 37.95 | 36.80 | 37.75 | 32.24 | 30.71 | 37.22 |
| P/OCF Ratio | 18.54 | 18.59 | 19.86 | 18.08 | 16.85 | 20.91 |
| PEG Ratio | 3.19 | 3.09 | 2.68 | 3.02 | 2.64 | 2.62 |
| EV/Sales Ratio | 5.69 | 5.67 | 5.90 | 5.67 | 5.59 | 6.55 |
| EV/EBITDA Ratio | 17.56 | 17.85 | 22.03 | 20.08 | 18.44 | 21.31 |
| EV/EBIT Ratio | 29.44 | 30.23 | 42.95 | 36.05 | 31.81 | 37.38 |
| EV/FCF Ratio | 45.79 | 44.05 | 44.89 | 38.12 | 36.32 | 42.24 |
| Debt / Equity Ratio | 1.24 | 1.11 | 1.07 | 0.91 | 1.00 | 0.76 |
| Debt / EBITDA Ratio | 2.97 | 2.98 | 3.44 | 3.04 | 3.19 | 2.73 |
| Debt / FCF Ratio | 7.92 | 7.50 | 7.17 | 5.90 | 6.41 | 5.54 |
| Net Debt / Equity Ratio | 1.23 | 1.10 | 1.06 | 0.90 | 0.99 | 0.73 |
| Net Debt / EBITDA Ratio | 3.00 | 3.02 | 3.49 | 3.07 | 3.21 | 2.71 |
| Net Debt / FCF Ratio | 7.84 | 7.46 | 7.12 | 5.82 | 6.32 | 5.38 |
| Asset Turnover | 0.47 | 0.46 | 0.47 | 0.46 | 0.45 | 0.43 |
| Inventory Turnover | 72.73 | 78.17 | 81.20 | 87.20 | 90.24 | |
| Quick Ratio | 0.56 | 0.53 | 0.55 | 0.58 | 0.64 | 0.74 |
| Current Ratio | 0.67 | 0.62 | 0.65 | 0.68 | 0.74 | 0.84 |
| Return on Equity (ROE) | 14.19% | 13.37% | 7.93% | 10.30% | 11.85% | 8.93% |
| Return on Assets (ROA) | 5.67% | 5.43% | 4.06% | 4.50% | 4.98% | 4.70% |
| Return on Invested Capital (ROIC) | 8.52% | 8.04% | 6.42% | 6.80% | 7.69% | 7.40% |
| Return on Capital Employed (ROCE) | 9.90% | 9.40% | 6.80% | 7.80% | 8.10% | 8.00% |
| Earnings Yield | 2.38% | 2.40% | 1.40% | 1.98% | 2.45% | 1.74% |
| FCF Yield | 2.63% | 2.72% | 2.65% | 3.10% | 3.26% | 2.69% |
| Dividend Yield | 0.82% | 0.74% | 0.68% | 0.70% | 0.71% | 0.62% |
| Payout Ratio | 34.54% | 31.01% | 48.94% | 35.48% | 29.08% | 35.63% |
| Buyback Yield / Dilution | 1.57% | 0.27% | -0.20% | -0.04% | 1.41% | 0.74% |
| Total Shareholder Return | 2.40% | 1.00% | 0.48% | 0.66% | 2.12% | 1.36% |