Waste Connections, Inc.(WCN)Earnings, Financials & Key Ratios

WCN•NYSE

$153.48

$39.11B mkt cap·36.7× P/E·Price updated May 6, 2026

SectorIndustrials IndustryWaste Management Sub-IndustrySolid Waste Collection and Disposal

AboutWaste Connections, Inc. provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals. The company also owns and operates transfer stations that receive compact and/or load waste to be transported to landfills or treatment facilities through truck, rail, or barge; and intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest through a network of intermodal facilities. In addition, it provides E&P waste treatment, recovery, and disposal services for waste resulting from oil and natural gas exploration and production activity, such as drilling fluids, drill cuttings, completion fluids, and flowback water; production wastes and produced water during a well's operating life; contaminated soils that require treatment during site reclamation; and substances, which require clean-up after a spill, reserve pit clean-up, or pipeline rupture. Further, the company offers leasing services to its customers. As of December 31, 2021, it owned 334 solid waste collection operations; 142 transfer stations; 61 municipal solid waste (MSW) landfills; 12 E&P waste landfills; 14 non-MSW landfills; 71 recycling operations; 4 intermodal operations; 23 E&P liquid waste injection wells; and 19 E&P waste treatment and oil recovery facilities. The company also operates an additional 53 transfer stations, 10 MSW landfills, and 2 intermodal operations. Waste Connections, Inc. was founded in 1997 and is based in Woodbridge, Canada.Show more

Revenue$9.5B+6.5%
EBITDA$2.96B+32.6%
Net Income$1.08B+75.0%
EPS (Diluted)4.18+74.9%
Gross Margin38.96%-6.8%
EBITDA Margin31.14%+24.5%
Operating Margin18.13%+51.4%
Net Margin11.37%+64.2%
ROE13.43%+69.2%
ROIC7.65%+47.3%
Debt/Equity1.14+6.9%
Interest Coverage5.34+27.1%

Analysis→Technical→

WCN Key Insights

Waste Connections, Inc. (WCN) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Strong 5Y profit CAGR of 39.5%
✓15 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.8%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

WCN Price & Volume

Waste Connections, Inc. (WCN) stock price & volume — 10-year historical chart

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WCN Growth Metrics

Waste Connections, Inc. (WCN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years16.2%

5 Years11.78%

3 Years9.63%

TTM6.29%

Profit CAGR

10 Years-

5 Years39.48%

3 Years8.94%

TTM68.25%

EPS CAGR

10 Years-

5 Years39.9%

3 Years8.86%

TTM69.14%

Return on Capital

10 Years6.88%

5 Years7.94%

3 Years7.77%

Last Year9.3%

WCN Recent Earnings

Waste Connections, Inc. (WCN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 11/12 qtrs (92%)●Beat Revenue 6/12 qtrs (50%)

Q2 2026Latest

Apr 22, 2026

EPS

$1.23

Est $1.19

+3.4%

Revenue

$2.3B

Est $2.3B

+0.3%

Q1 2026

Feb 11, 2026

EPS

$1.29

Est $1.28

+0.8%

Revenue

$2.4B

Est $2.4B

-1.3%

Q4 2025

Oct 21, 2025

EPS

$1.44

Est $1.38

+4.3%

Revenue

$2.5B

Est $2.4B

+3.7%

Q3 2025

Jul 23, 2025

EPS

$1.29

Est $1.25

+3.2%

Revenue

$2.4B

Est $2.5B

-1.6%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 22, 2026	$1.23vs $1.19+3.4%	$2.3Bvs $2.3B+0.3%
Q1 2026	Feb 11, 2026	$1.29vs $1.28+0.8%	$2.4Bvs $2.4B-1.3%
Q4 2025	Oct 21, 2025	$1.44vs $1.38+4.3%	$2.5Bvs $2.4B+3.7%
Q3 2025	Jul 23, 2025	$1.29vs $1.25+3.2%	$2.4Bvs $2.5B-1.6%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
WMWaste Management, Inc.Direct Competitor	88.94B	220.52	32.91	14.24%	10.99%	28.85%	2.29
RSGRepublic Services, Inc.Direct Competitor	61.82B	199.69	29.15	3.49%	12.9%	17.88%	0.05
CWSTCasella Waste Systems, Inc.Direct Competitor	5.3B	84.58	704.83	17.95%	0.38%	0.46%	0.79
CLHClean Harbors, Inc.Product Competitor	15.35B	288.01	39.56	2.39%	6.53%	14.37%	1.26
CEVACEVA, Inc.Product Competitor	832.42M	34.66	-93.68	9.77%	-10.49%	-4.2%	0.02
PESIPerma-Fix Environmental Services, Inc.Supply Chain	218.49M	11.78	-15.71	4.33%	-22.35%	-24.89%	0.09
ERIIEnergy Recovery, Inc.Supply Chain	613.34M	11.61	27.64	-7.07%	25.89%	17.36%	0.05
CVNACarvana Co.Supply Chain	84.42B	389.38	46.08	48.63%	7.09%	45.92%	0.15

Compare WCN vs Peers

Waste Connections, Inc. (WCN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs WM

Most directly comparable listed peer for WCN.

Scale Benchmark

vs CAT

Larger-name benchmark to compare WCN against a more recognizable public peer.

Peer Set

Compare Top 5

vs WM, RSG, CWST, CLH

WCN Income Statement

Waste Connections, Inc. (WCN) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Sales/Revenue	4.63B	4.92B	5.39B	5.45B	6.15B	7.21B	8.02B	8.92B	9.5B	9.65B
Revenue Growth %	37.16%	6.32%	9.46%	1.06%	12.95%	17.24%	11.23%	11.19%	6.55%	6.29%
Cost of Goods Sold	2.7B	2.87B	3.2B	3.28B	3.65B	4.34B	4.74B	5.19B	5.8B	5.87B
COGS % of Revenue	58.41%	58.21%	59.36%	60.17%	59.4%	60.12%	59.14%	58.21%	61.04%	-
Gross Profit	1.93B▲ 0%	2.06B▲ 6.8%	2.19B▲ 6.4%	2.17B▼ 0.9%	2.5B▲ 15.1%	2.88B▲ 15.2%	3.28B▲ 14.0%	3.73B▲ 13.7%	3.7B▼ 0.7%	3.78B▲ 0%
Gross Margin %	41.59%	41.79%	40.64%	39.83%	40.6%	39.88%	40.86%	41.79%	38.96%	39.14%
Gross Profit Growth %	35.79%	6.83%	6.45%	-0.95%	15.13%	15.16%	13.96%	13.74%	-0.67%	-
Operating Expenses	1.3B	1.22B	1.35B	1.76B	1.46B	1.63B	2.04B	2.66B	1.98B	2.08B
OpEx % of Revenue	28.04%	24.88%	25.09%	32.26%	23.7%	22.65%	25.44%	29.82%	20.84%	-
Selling, General & Admin	476.97M	503.82M	530.84M	522.29M	592.63M	671.45M	774.09M	855.79M	946.64M	959.6M
SG&A % of Revenue	10.3%	10.23%	9.85%	9.59%	9.63%	9.31%	9.65%	9.59%	9.96%	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	821.65M	721.18M	821.3M	1.23B	865.04M	962.21M	1.27B	1.8B	1.03B	4M
Operating Income	627.1M▲ 0%	832.24M▲ 32.7%	837.78M▲ 0.7%	412.43M▼ 50.8%	1.04B▲ 152.1%	1.24B▲ 19.5%	1.24B▼ 0.5%	1.07B▼ 13.6%	1.72B▲ 61.3%	1.7B▲ 0%
Operating Margin %	13.54%	16.91%	15.55%	7.57%	16.9%	17.22%	15.41%	11.97%	18.13%	17.59%
Operating Income Growth %	38.65%	32.71%	0.66%	-50.77%	152.07%	19.48%	-0.47%	-13.64%	61.35%	-
EBITDA	1.26B	1.51B	1.58B	1.16B	1.85B	2.16B	2.24B	2.23B	2.96B	2.73B
EBITDA Margin %	27.2%	30.73%	29.35%	21.39%	30.12%	29.97%	27.92%	25.02%	31.14%	28.31%
EBITDA Growth %	37.48%	20.1%	4.56%	-26.36%	59.05%	16.65%	3.63%	-0.36%	32.63%	19.68%
D&A (Non-Cash Add-back)	632.48M	680.49M	743.92M	752.4M	813.01M	918.96M	1B	1.16B	1.24B	947.06M
EBIT	748.15M	872.93M	861.22M	845.15M	1.08B	1.27B	1.34B	1.23B	1.77B	1.82B
Net Interest Income	-121.54M	-118.56M	-132.58M	-175.72M	-178.62M	-194.89M	-250.19M	-280.58M	-319.5M	-328.55M
Interest Income	5.36M	6.8M	10M	5.53M	2.89M	5.71M	9.52M	11.05M	12.18M	13.53M
Interest Expense	126.9M	125.37M	142.58M	181.25M	181.51M	200.61M	259.71M	291.63M	331.68M	342.08M
Other Income/Expense	-118.59M	-125.1M	-131.89M	-158.51M	-268.88M	-193.23M	-252.81M	-304.73M	-299.48M	-302.76M
Pretax Income	508.51M▲ 0%	707.14M▲ 39.1%	705.89M▼ 0.2%	253.91M▼ 64.0%	770.74M▲ 203.5%	1.05B▲ 36.1%	983.5M▼ 6.2%	762.93M▼ 22.4%	1.42B▲ 86.5%	1.39B▲ 0%
Pretax Margin %	10.98%	14.36%	13.1%	4.66%	12.53%	14.54%	12.26%	8.55%	14.98%	14.45%
Income Tax	-68.91M	159.99M	139.21M	49.92M	152.25M	212.96M	220.68M	146.36M	342.63M	335.38M
Effective Tax Rate %	-13.55%	22.62%	19.72%	19.66%	19.75%	20.3%	22.44%	19.18%	24.08%	24.06%
Net Income	576.82M▲ 0%	546.87M▼ 5.2%	566.84M▲ 3.7%	204.68M▼ 63.9%	618.05M▲ 202.0%	835.66M▲ 35.2%	762.8M▼ 8.7%	617.57M▼ 19.0%	1.08B▲ 75.0%	1.06B▲ 0%
Net Margin %	12.46%	11.11%	10.52%	3.76%	10.05%	11.59%	9.51%	6.92%	11.37%	10.97%
Net Income Growth %	133.96%	-5.19%	3.65%	-63.89%	201.96%	35.21%	-8.72%	-19.04%	74.96%	68.25%
Net Income (Continuing)	577.42M	547.15M	566.68M	203.99M	618.49M	836M	762.83M	616.57M	1.08B	1.06B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	5.4M	5.58M	4.85M	4.17M	4.61M	4.95M	4.97M	0	0	0
EPS (Diluted)	2.18▲ 0%	2.07▼ 5.0%	2.19▲ 5.8%	0.78▼ 64.4%	2.36▲ 202.6%	3.24▲ 37.3%	2.95▼ 9.0%	2.39▼ 19.0%	4.18▲ 74.9%	4.14▲ 0%
EPS Growth %	103.74%	-5.05%	5.8%	-64.38%	202.56%	37.29%	-8.95%	-18.98%	74.9%	69.14%
EPS (Basic)	2.19	2.07	2.20	0.78	2.37	3.25	2.96	2.39	4.19	-
Diluted Shares Outstanding	264.3M	264.4M	264.53M	263.69M	261.73M	258.04M	258.15M	258.66M	256.47M	255.87M
Basic Shares Outstanding	263.68M	263.65M	263.79M	263.19M	261.17M	257.38M	257.55M	257.97M	255.8M	255.35M
Dividend Payout Ratio	22.88%	27.9%	30.88%	97.66%	35.63%	29.08%	35.48%	48.94%	31.43%	-

WCN Balance Sheet

Waste Connections, Inc. (WCN) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Current Assets	1.18B	1.09B	1.13B	1.41B	1.03B	1.12B	1.14B	1.23B	1.31B	1.38B
Cash & Short-Term Investments	433.81M	319.31M	326.74M	617.29M	147.44M	78.64M	78.4M	62.37M	45.88M	112.45M
Cash Only	433.81M	319.31M	326.74M	617.29M	147.44M	78.64M	78.4M	62.37M	45.88M	112.45M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	554.46M	609.54M	662.81M	680.33M	770.92M	876.92M	885.08M	972.63M	1.07B	1.03B
Days Sales Outstanding	43.71	45.19	44.9	45.6	45.74	44.38	40.27	39.8	41	39.75
Inventory	0	0	0	36.73M	44.26M	55.19M	61.67M	71.16M	78.72M	0
Days Inventory Outstanding	-	-	-	4.09	4.42	4.65	4.74	5	4.95	1.22
Other Current Assets	1.6M	0	0	46.52M	37.01M	63.2M	76.13M	66.61M	70.67M	230.79M
Total Non-Current Assets	10.84B	11.53B	12.61B	12.58B	13.67B	16.02B	16.77B	18.59B	19.92B	19.81B
Property, Plant & Equipment	4.82B	5.17B	5.7B	5.46B	5.88B	7.14B	7.49B	8.34B	9.03B	9.04B
Fixed Asset Turnover	0.96x	0.95x	0.95x	1.00x	1.05x	1.01x	1.07x	1.07x	1.05x	1.09x
Goodwill	4.68B	5.03B	5.51B	5.73B	6.19B	6.9B	7.4B	7.95B	8.38B	8.41B
Intangible Assets	1.09B	1.13B	1.16B	1.16B	1.35B	1.67B	1.6B	1.99B	2B	1.96B
Long-Term Investments	0	0	0	0	131.01M	170.75M	182M	227.73M	265.6M	755.41M
Other Non-Current Assets	247.67M	205.12M	233.62M	246.93M	115.38M	126.57M	94.04M	77.02M	107.23M	716.07M
Total Assets	12.01B▲ 0%	12.63B▲ 5.1%	13.74B▲ 8.8%	13.99B▲ 1.9%	14.7B▲ 5.1%	17.13B▲ 16.6%	17.92B▲ 4.6%	19.82B▲ 10.6%	21.23B▲ 7.1%	21.19B▲ 0%
Asset Turnover	0.39x	0.39x	0.39x	0.39x	0.42x	0.42x	0.45x	0.45x	0.45x	0.46x
Asset Growth %	8.2%	5.1%	8.79%	1.85%	5.06%	16.56%	4.56%	10.62%	7.13%	22.28%
Total Current Liabilities	802.6M	886.84M	1.01B	1.03B	1.23B	1.51B	1.69B	1.88B	2.12B	2.01B
Accounts Payable	330.52M	359.97M	436.97M	290.82M	392.87M	638.73M	642.46M	637.37M	763.83M	712.42M
Days Payables Outstanding	44.6	45.85	49.86	32.39	39.24	53.77	49.42	44.81	48.07	46.1
Short-Term Debt	11.66M	1.79M	465K	8.27M	6.02M	6.76M	26.46M	7.85M	67.49M	54.69M
Deferred Revenue (Current)	145.2M	179.28M	216.44M	233.6M	273.72M	325M	355.2M	382.5M	415.27M	1.66B
Other Current Liabilities	28.57M	24.25M	37.1M	69.83M	89.57M	68.54M	109.1M	70.13M	721.46M	815.52M
Current Ratio	1.47x	1.23x	1.12x	1.37x	0.84x	0.74x	0.68x	0.65x	0.62x	0.62x
Quick Ratio	1.47x	1.23x	1.12x	1.33x	0.80x	0.70x	0.64x	0.62x	0.58x	0.58x
Cash Conversion Cycle	-	-	-	17.29	10.92	-4.74	-4.41	-0.01	-2.11	-5.12
Total Non-Current Liabilities	4.94B	5.28B	5.79B	6.1B	6.47B	8.51B	8.53B	10.08B	10.88B	11.12B
Long-Term Debt	3.9B	4.15B	4.35B	4.71B	5.04B	6.89B	6.72B	8.07B	9.06B	9.37B
Capital Lease Obligations	0	0	160.03M	147.22M	129.63M	165.46M	238.44M	272.11M	266.51M	816.04M
Deferred Tax Liabilities	690.77M	760.03M	818.62M	760.04M	850.92M	1.01B	1.02B	958.34M	1.22B	4.44B
Other Non-Current Liabilities	347.67M	366.81M	459.68M	484.33M	452.58M	438.96M	544.47M	775.25M	328.41M	2.28B
Total Liabilities	5.74B	6.17B	6.8B	7.13B	7.71B	10.02B	10.22B	11.96B	13B	13.13B
Total Debt	3.91B	4.16B	4.54B	4.89B	5.21B	7.1B	7.02B	8.39B	9.4B	9.43B
Net Debt	3.48B	3.84B	4.22B	4.28B	5.07B	7.02B	6.94B	8.33B	9.35B	9.31B
Debt / Equity	0.62x	0.64x	0.65x	0.71x	0.75x	1.00x	0.91x	1.07x	1.14x	1.14x
Debt / EBITDA	3.11x	2.75x	2.87x	4.20x	2.81x	3.28x	3.14x	3.76x	3.17x	3.45x
Net Debt / EBITDA	2.76x	2.54x	2.67x	3.67x	2.73x	3.25x	3.10x	3.73x	3.16x	3.16x
Interest Coverage	5.90x	6.96x	6.04x	4.66x	5.94x	6.32x	5.17x	4.20x	5.34x	5.31x
Total Equity	6.27B▲ 0%	6.46B▲ 3.0%	6.94B▲ 7.4%	6.86B▼ 1.1%	6.99B▲ 1.9%	7.11B▲ 1.7%	7.7B▲ 8.2%	7.86B▲ 2.1%	8.23B▲ 4.7%	8.06B▲ 0%
Equity Growth %	10.95%	2.97%	7.4%	-1.08%	1.9%	1.72%	8.21%	2.11%	4.71%	8.1%
Book Value per Share	23.74	24.43	26.23	26.03	26.72	27.57	29.82	30.39	32.09	31.49
Total Shareholders' Equity	6.27B	6.45B	6.93B	6.86B	6.99B	7.11B	7.69B	7.86B	8.23B	8.06B
Common Stock	4.19B	4.13B	4.14B	4.03B	3.69B	3.27B	3.28B	3.28B	2.78B	2.5B
Retained Earnings	1.86B	2.26B	2.65B	2.66B	3.06B	3.65B	4.14B	4.46B	5.19B	5.33B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	108.41M	-74.79M	-10.96M	-651K	39.58M	-56.83M	-9.83M	-205.74M	-110.84M	-141.78M
Minority Interest	5.4M	5.58M	4.85M	4.17M	4.61M	4.95M	4.97M	0	0	0

WCN Cash Flow Statement

Waste Connections, Inc. (WCN) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	1.19B	1.41B	1.54B	1.41B	1.7B	2.02B	2.13B	2.23B	2.46B	2.46B
Operating CF Margin %	25.64%	28.67%	28.59%	25.86%	27.61%	28.04%	26.51%	24.99%	25.85%	-
Operating CF Growth %	49.28%	18.86%	9.16%	-8.57%	20.57%	19.09%	5.16%	4.8%	10.2%	24.36%
Net Income	577.42M	547.15M	566.68M	203.99M	618.49M	836M	762.83M	616.57M	1.1B	1.06B
Depreciation & Amortization	632.48M	680.49M	743.92M	752.4M	813.01M	918.96M	1B	1.16B	1.25B	1.26B
Stock-Based Compensation	39.36M	43.8M	42.67M	45.75M	58.22M	63.48M	70.44M	77.89M	0	73.6M
Deferred Taxes	-153.28M	77.86M	54.64M	-50.49M	14.56M	93.48M	6.33M	-57.28M	118.7M	-13.35M
Other Non-Cash Items	162.01M	30.49M	105.38M	480.83M	174.93M	37.77M	271.48M	637.3M	257.35M	199.25M
Working Capital Changes	-70.73M	31.44M	27.26M	-23.97M	19.01M	72.8M	12.53M	-209.31M	-268.79M	-152.66M
Change in Receivables	-38.93M	-37.72M	-22.93M	46.84M	-54.69M	-100.55M	-20.63M	-10.65M	-69.25M	0
Change in Inventory	-66.46M	41.07M	-14.9M	70.86M	-4.38M	0	0	0	0	0
Change in Payables	50.01M	16.14M	71.15M	-148.36M	66.75M	192.85M	32.33M	-33.32M	58.08M	0
Cash from Investing	-966.23M	-1.37B	-1.43B	-1.05B	-1.69B	-3.09B	-1.58B	-3.16B	-2.06B	-1.78B
Capital Expenditures	-479.29M	-546.14M	-666.09M	-664.56M	-744.32M	-912.68M	-934M	-1.06B	-1.22B	-186.97M
CapEx % of Revenue	10.35%	11.09%	12.36%	12.2%	12.1%	12.66%	11.64%	11.84%	12.79%	-
Acquisitions	-410.69M	-830.09M	-761.61M	-388.79M	-985.45M	-2.21B	-676.79M	-2.08B	-821.59M	-500.25M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-76.25M	4.42M	1.69M	7.31M	36.28M	32.41M	29.71M	-19.31M	-21.8M	-1.09B
Cash from Financing	56.76M	-187.58M	-95.89M	-78.22M	-499.5M	1.03B	-544.4M	944.95M	-366.34M	-569.56M
Debt Issued (Net)	203.65M	51.96M	105.08M	272.67M	219.09M	1.74B	-233.39M	1.32B	549.02M	601.2M
Equity Issued (Net)	-13.99M	-73.96M	4.04M	-104.97M	-338.56M	-424.34M	794K	2.01M	-508.48M	-340.7M
Dividends Paid	-131.97M	-152.55M	-175.07M	-199.88M	-220.2M	-243.01M	-270.6M	-302.26M	-339.65M	-341.08M
Share Repurchases	0	-58.93M	0	-105.65M	-338.99M	-425M	0	0	-514.37M	-343.37M
Other Financing	-919K	-13.03M	-29.95M	-46.03M	-159.82M	-46.35M	-41.21M	-73.86M	-67.23M	-488.98M
Net Change in Cash	279.43M▲ 0%	-149.26M▼ 153.4%	19.25M▲ 112.9%	291.17M▲ 1412.2%	-494.77M▼ 269.9%	-38.25M▲ 92.3%	2.67M▲ 107.0%	14.13M▲ 428.6%	-16.44M▼ 216.3%	73.2M▲ 0%
Free Cash Flow	707.97M▲ 0%	865.09M▲ 22.2%	874.46M▲ 1.1%	743.96M▼ 14.9%	953.91M▲ 28.2%	1.11B▲ 16.3%	1.19B▲ 7.5%	1.17B▼ 1.7%	1.24B▲ 5.8%	2.23B▲ 0%
FCF Margin %	15.29%	17.57%	16.23%	13.66%	15.51%	15.39%	14.87%	13.15%	13.06%	23.13%
FCF Growth %	57.12%	22.19%	1.08%	-14.92%	28.22%	16.34%	7.48%	-1.67%	5.81%	88.81%
FCF per Share	2.68	3.27	3.31	2.82	3.64	4.30	4.62	4.53	4.84	4.84
FCF Conversion (FCF/Net Income)	2.06x	2.58x	2.72x	6.88x	2.75x	2.42x	2.79x	3.61x	2.27x	2.11x
Interest Paid	115.64M	124.34M	139.69M	142.31M	157.49M	177.42M	260.92M	298.93M	308.32M	0
Taxes Paid	155.53M	52.46M	81.05M	104.62M	146.2M	100.16M	207.02M	216M	221.02M	0

WCN Key Ratios

Waste Connections, Inc. (WCN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	9.67%	8.59%	8.46%	2.97%	8.92%	11.85%	10.3%	7.94%	13.43%	12.93%
Return on Invested Capital (ROIC)	4.98%	6.23%	5.86%	2.77%	6.72%	7.11%	6.44%	5.19%	7.65%	7.65%
Gross Margin	41.59%	41.79%	40.64%	39.83%	40.6%	39.88%	40.86%	41.79%	38.96%	39.14%
Net Margin	12.46%	11.11%	10.52%	3.76%	10.05%	11.59%	9.51%	6.92%	11.37%	10.97%
Debt / Equity	0.62x	0.64x	0.65x	0.71x	0.75x	1.00x	0.91x	1.07x	1.14x	1.14x
Interest Coverage	5.90x	6.96x	6.04x	4.66x	5.94x	6.32x	5.17x	4.20x	5.34x	5.31x
FCF Conversion	2.06x	2.58x	2.72x	6.88x	2.75x	2.42x	2.79x	3.61x	2.27x	2.11x
Revenue Growth	37.16%	6.32%	9.46%	1.06%	12.95%	17.24%	11.23%	11.19%	6.55%	6.29%

WCN SEC Filings & Documents

Waste Connections, Inc. (WCN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 22, 2026·SEC

Material company update

Mar 18, 2026·SEC

Material company update

Mar 16, 2026·SEC

10-K Annual Reports

FY 2026

Feb 12, 2026·SEC

FY 2025

Feb 13, 2025·SEC

10-Q Quarterly Reports

FY 2026

Apr 23, 2026·SEC

FY 2025

Oct 22, 2025·SEC

FY 2025

Jul 24, 2025·SEC

WCN Frequently Asked Questions

Waste Connections, Inc. (WCN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Waste Connections, Inc. (WCN) reported $9.65B in revenue for fiscal year 2025. This represents a 155478% increase from $6.2M in 1997.

Waste Connections, Inc. (WCN) grew revenue by 6.5% over the past year. This is steady growth.

Yes, Waste Connections, Inc. (WCN) is profitable, generating $1.06B in net income for fiscal year 2025 (11.4% net margin).

Dividend & Returns

Yes, Waste Connections, Inc. (WCN) pays a dividend with a yield of 0.86%. This makes it attractive for income-focused investors.

Waste Connections, Inc. (WCN) has a return on equity (ROE) of 13.4%. This is reasonable for most industries.

Waste Connections, Inc. (WCN) generated $2.23B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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