Despite high capital intensity with CapEx reaching 16.6% of revenue in 2025Q4, the company maintains an OCF/NI ratio frequently exceeding 2.0, indicating strong non-cash earnings conversion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 2.42B | 2.46B | 2.23B | 2.13B | 2.02B | 1.7B | 1.41B | 1.54B | 1.41B | 1.19B | 795.31M | 577M | 545.22M | 484.06M | 416.33M | 388.17M | 328.4M | 303.64M | 270.41M | 219.07M | 204.23M | 199.81M | 179.63M | 157.22M | 127.92M | 87.2M | 53.78M | 21.9M | 6.1M | 2.6M |
| Operating CF Margin % | - | 25.85% | 24.99% | 26.51% | 28.04% | 27.61% | 25.86% | 28.59% | 28.67% | 25.64% | 23.56% | 27.25% | 26.22% | 25.1% | 25.06% | 26.54% | 24% | 23.43% | 29.8% | 21.01% | 25.42% | 26.68% | 111.29% | 27.9% | 25.65% | 23.1% | 17.67% | 11.99% | 11.3% | 41.94% |
| Operating CF Growth % | 24.36% | 10.2% | 4.8% | 5.16% | 19.09% | 20.57% | -8.57% | 9.16% | 18.86% | 49.28% | 37.84% | 5.83% | 12.63% | 16.27% | 7.25% | 18.2% | 8.15% | 12.29% | 23.44% | 7.26% | 2.21% | 11.24% | 14.25% | 22.9% | 46.7% | 62.15% | 145.55% | 259.02% | 134.62% | - |
| Net Income | 1.06B | 1.1B | 616.57M | 762.83M | 836M | 618.49M | 203.99M | 566.68M | 547.15M | 577.42M | 247.32M | -94.69M | 233.33M | 196M | 159.66M | 166.17M | 136.14M | 110.81M | 105.56M | 99.08M | 77.42M | 83.94M | 72.27M | 65.6M | 55.47M | 30.53M | 28.19M | 9.2M | 2.8M | -5.1M |
| Depreciation & Amortization | 1.26B | 1.25B | 1.16B | 1B | 918.96M | 813.01M | 752.4M | 743.92M | 680.49M | 632.48M | 463.91M | 269.43M | 257.94M | 243.86M | 193.58M | 167.1M | 147.46M | 130.76M | 97.43M | 87.81M | 81.1M | 67.04M | 60.63M | 49.75M | 41.17M | 37.73M | 27.2M | 15M | 4.3M | 1.2M |
| Stock-Based Compensation | 73.6M | 0 | 77.89M | 70.44M | 63.48M | 58.22M | 45.75M | 42.67M | 43.8M | 39.36M | 44.77M | 20.32M | 18.45M | 15.4M | 17.29M | 11.88M | 11.33M | 9.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -13.35M | 118.7M | -57.28M | 6.33M | 93.48M | 14.56M | -50.49M | 54.64M | 77.86M | -153.28M | 42.3M | -132.45M | 31.03M | 38.68M | 29.69M | 50.99M | 26.43M | 38.22M | 31.9M | 12.44M | 26.59M | -792K | 26.57M | 27.93M | 10.13M | 12.44M | 1.3M | 2.2M | 1.4M | -400K |
| Other Non-Cash Items | 199.25M | 257.35M | 637.3M | 271.48M | 37.77M | 174.93M | 480.83M | 105.38M | 30.49M | 162.01M | 32.18M | 503.84M | 3.21M | 2.11M | 1.98M | -173K | -5.1M | 3.66M | 4.24M | -7.54M | -4.27M | 22.46M | 23.16M | 13.99M | 9.73M | 18.85M | 1.64M | 1.6M | 200K | 100K |
| Working Capital Changes | -152.66M | -268.79M | -209.31M | 12.53M | 72.8M | 19.01M | -23.97M | 27.26M | 31.44M | -70.73M | -35.17M | 10.56M | 1.26M | -11.99M | 14.12M | -7.8M | 12.13M | 10.85M | 18.42M | 12.16M | 9.69M | 27.16M | -3.01M | -54K | 11.42M | -12.35M | -4.55M | -6.1M | -3.4M | 2.4M |
| Change in Receivables | 0 | -69.25M | -10.65M | -20.63M | -100.55M | -54.69M | 46.84M | -22.93M | -37.72M | -38.93M | -5.25M | 17.35M | -22.17M | 1.61M | 1.55M | -14.51M | -9.32M | -4.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -4.38M | 70.86M | -14.9M | 41.07M | -66.46M | -91.69M | 5.44M | 1.89M | 7.81M | 7.1M | 6.12M | 18.61M | -1.52M | 0 | 0 | -1.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 58.08M | -33.32M | 32.33M | 192.85M | 66.75M | -148.36M | 71.15M | 16.14M | 50.01M | 54.22M | -16.67M | 10.17M | -26.99M | 2.76M | -2.91M | -853K | 13.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.78B | -2.06B | -3.16B | -1.58B | -3.09B | -1.69B | -1.05B | -1.43B | -1.37B | -966.23M | -296.39M | -470.53M | -363.41M | -251.01M | -1.73B | -400.5M | -214.22M | -548.23M | -467.65M | -235.61M | -134.55M | -173.27M | -112.47M | -160.95M | -222.89M | -90.84M | -192.97M | -256.2M | -62.5M | -11.9M |
| Capital Expenditures | -186.97M | -1.22B | -1.06B | -934M | -912.68M | -744.32M | -664.56M | -666.09M | -546.14M | -479.29M | -344.72M | -238.83M | -241.28M | -209.87M | -153.52M | -141.92M | -134.83M | -128.25M | -113.5M | -124.23M | -96.52M | -97.48M | -71.2M | -70.21M | -56.78M | -40.22M | -25.41M | -252.3M | -62.5M | -11.8M |
| CapEx % of Revenue | 1.94% | 12.79% | 11.84% | 11.64% | 12.66% | 12.1% | 12.2% | 12.36% | 11.09% | 10.35% | 10.21% | 11.28% | 11.6% | 10.88% | 9.24% | 9.7% | 9.86% | 9.9% | 12.51% | 11.92% | 12.01% | 13.02% | 44.11% | 12.46% | 11.39% | 10.65% | 8.35% | 138.17% | 115.74% | 190.32% |
| Acquisitions | -500.25M | -821.59M | -2.08B | -676.79M | -2.21B | -985.45M | -388.79M | -761.61M | -830.09M | -410.69M | 48.64M | -230.52M | -126.18M | -46.16M | -1.58B | -258.35M | -81.01M | -420.01M | -355.15M | -109.43M | -38.59M | -80.85M | -46.78M | -84.86M | -166.63M | -52.85M | -168.31M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.09B | -21.8M | -19.31M | 29.71M | 32.41M | 36.28M | 7.31M | 1.69M | 4.42M | -76.25M | -309K | -1.18M | 4.05M | 5.01M | -461K | -229K | 6.66M | 35K | 999K | -1.95M | 563K | 5.06M | 5.52M | -5.88M | 511K | 2.23M | 741K | -3.9M | -100K | -100K |
| Cash from Financing | -569.56M | -366.34M | 944.95M | -544.4M | 1.03B | -499.5M | -78.22M | -95.89M | -187.58M | 56.76M | -354.87M | -109.84M | -181.05M | -242.67M | 1.33B | 15.11M | -113.94M | -11.04M | 452.2M | -8.11M | -42.25M | -22.64M | -68.83M | 4.95M | 91.76M | 8.46M | 139.27M | 233.3M | 58.3M | 10.1M |
| Debt Issued (Net) | 601.2M | 549.02M | 1.32B | -233.39M | 1.74B | 219.09M | 272.67M | 105.08M | 51.96M | 203.65M | -244.75M | 60.3M | -89.2M | -165.96M | 1.04B | 170.63M | 16.45M | 32.14M | 72.5M | 57.39M | 28.65M | 75.73M | -21.49M | 8.1M | 90.04M | 16.88M | 54.91M | 170M | 33.93M | 6.2M |
| Equity Issued (Net) | -340.7M | -508.48M | 2.01M | 794K | -424.34M | -338.56M | -104.97M | 4.04M | -73.96M | -13.99M | 19.87M | -91.17M | -7.32M | -5.44M | 350.99M | -108.49M | -166.32M | -62.62M | 362.4M | -81.25M | -68.1M | -85.16M | -35.93M | 12.27M | 10.51M | 7.62M | 82.11M | 66.6M | 23.99M | 7M |
| Dividends Paid | -341.08M | -339.65M | -302.26M | -270.6M | -243.01M | -220.2M | -199.88M | -175.07M | -152.55M | -131.97M | -92.55M | -65.99M | -58.91M | -51.21M | -44.47M | -35.57M | 0 | 0 | 0 | 0 | 0 | -10.49M | -11.03M | 0 | 0 | 0 | 0 | -500K | -200K | 0 |
| Share Repurchases | -343.37M | -514.37M | 0 | 0 | -425M | -338.99M | -105.65M | 0 | -58.93M | 0 | 0 | -91.17M | -7.32M | -5.44M | -18.6M | -116.82M | -172.41M | -68.13M | -31.53M | -110.33M | -100.25M | -113.87M | -72.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -488.98M | -67.23M | -73.86M | -41.21M | -46.35M | -159.82M | -46.03M | -29.95M | -13.03M | -919K | -37.44M | -12.99M | -25.48M | -20.05M | -13.73M | -12.97M | 40.71M | 19.45M | 25.53M | 15.04M | -2.8M | -2.72M | 16.57M | -4.09M | -2.9M | -16.04M | 2.25M | -2.8M | 581K | -500K |
| Net Change in Cash | 73.2M | -16.44M | 14.13M | 2.67M | -38.25M | -494.77M | 291.17M | 19.25M | -149.26M | 279.43M | 143.41M | -3.38M | 762K | -9.62M | 10.57M | 2.77M | 234K | -255.63M | 254.97M | -24.65M | 27.43M | 3.9M | -1.67M | 1.21M | -3.21M | 4.82M | 68K | -1M | 58.3M | 10.1M |
| Free Cash Flow | 2.23B | 1.24B | 1.17B | 1.19B | 1.11B | 953.91M | 743.96M | 874.46M | 865.09M | 707.97M | 450.59M | 338.17M | 303.94M | 274.19M | 262.81M | 246.25M | 193.57M | 175.39M | 156.91M | 94.83M | 107.72M | 102.33M | 108.42M | 87M | 71.14M | 46.98M | 28.37M | -230.4M | -56.4M | -9.2M |
| FCF Margin % | 23.13% | 13.06% | 13.15% | 14.87% | 15.39% | 15.51% | 13.66% | 16.23% | 17.57% | 15.29% | 13.35% | 15.97% | 14.62% | 14.22% | 15.82% | 16.84% | 14.15% | 13.53% | 17.29% | 9.1% | 13.41% | 13.67% | 67.17% | 15.44% | 14.27% | 12.44% | 9.32% | -126.18% | -104.44% | -148.39% |
| FCF Growth % | 88.81% | 5.81% | -1.67% | 7.48% | 16.34% | 28.22% | -14.92% | 1.08% | 22.19% | 57.12% | 33.24% | 11.26% | 10.85% | 4.33% | 6.73% | 27.21% | 10.37% | 11.77% | 65.46% | -11.96% | 5.26% | -5.62% | 24.62% | 22.3% | 51.42% | 65.62% | 112.31% | -308.51% | -513.04% | - |
| FCF per Share | 8.72 | 4.84 | 4.53 | 4.62 | 4.30 | 3.64 | 2.82 | 3.31 | 3.27 | 2.68 | 1.95 | 1.83 | 1.62 | 1.47 | 1.44 | 1.45 | 1.10 | 0.97 | 0.98 | 0.60 | 0.68 | 0.63 | 0.65 | 0.52 | 0.43 | 0.34 | 0.23 | -2.28 | -0.90 | -0.21 |
| FCF Conversion (FCF/Net Income) | 2.11x | 2.27x | 3.61x | 2.79x | 2.42x | 2.75x | 6.88x | 2.72x | 2.58x | 2.06x | 3.23x | -6.03x | 2.34x | 2.47x | 2.62x | 2.42x | 2.34x | 2.54x | 3.04x | 2.03x | 2.71x | 2.29x | 10.78x | 2.40x | 2.31x | 2.86x | 1.91x | 2.38x | 3.39x | -0.51x |
| Interest Paid | 0 | 308.32M | 298.93M | 260.92M | 177.42M | 157.49M | 142.31M | 139.69M | 124.34M | 115.64M | 87.65M | 55.67M | 60.22M | 66.98M | 49.83M | 0 | 39.91M | 41.66M | 32.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 221.02M | 216M | 207.02M | 100.16M | 146.2M | 104.62M | 81.05M | 52.46M | 155.53M | 69.59M | 102.28M | 116.24M | -81.71M | 69.95M | 0 | 50.11M | 26.85M | 24.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Acquisition integration cost volatility
As reported in financial statements, WCN consistently generates operating cash flow significantly higher than net income, with an OCF/NI ratio frequently exceeding 2.0, which suggests that non-cash charges like depreciation and amortization are the primary drivers of the company's reported cash-generating capacity relative to accounting profits.
The persistent gap between net income and operating cash flow indicates that the company's earnings quality is heavily reliant on non-cash accounting adjustments. Investors should monitor whether this divergence reflects genuine operational efficiency or simply the heavy capital intensity inherent in landfill ownership and fleet maintenance.
Based on WCN's reported figures, free cash flow margins have exhibited significant volatility, ranging from a low of 6.5% in 2025Q4 to a peak of 47.8% in 2025Q3, highlighting the sensitivity of cash generation to the timing of large-scale capital expenditures and acquisition-related cash outflows.
The erratic nature of free cash flow suggests that the company's ability to fund internal growth is periodically interrupted by lumpy investment cycles. This trajectory warrants caution, as it may indicate that the business requires substantial, unpredictable reinvestment to maintain its competitive position in secondary markets.
According to recent SEC filings, WCN's capital expenditures as a percentage of revenue have trended upward, reaching 16.6% in 2025Q4, which suggests that the company is facing increasing pressure to reinvest in its asset base to sustain its landfill-centric business model and operational footprint.
The rising capital intensity appears to be a structural response to the need for ongoing landfill development and fleet modernization. If this trend continues, it may constrain the company's ability to generate excess cash for shareholder returns or further debt-funded expansion.
As evidenced by the quarterly cash flow data, WCN has prioritized inorganic growth, with net acquisition spending reaching as high as $1.2 billion in 2024Q1, which indicates that the company's capital allocation strategy is heavily skewed toward consolidating fragmented secondary markets through frequent, high-cost acquisitions.
The reliance on acquisitions to drive growth suggests that organic expansion may be reaching a saturation point in the company's core geographies. Investors should monitor whether the returns on these acquisitions justify the significant cash outflows, especially given the potential for integration-related margin compression.
Quick answers to the most common questions about buying WCN stock.
Waste Connections, Inc. (WCN) generated $2.46B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Waste Connections, Inc. (WCN) generated $1.24B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Waste Connections, Inc. (WCN) spent $1.22B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Waste Connections, Inc. (WCN) returned $339.7M to shareholders via cash dividends and spent $514.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.