Revenue growth has decelerated from a 13.3% peak in 2024Q3 to 6.4% in 2026Q1, while operating margins have simultaneously contracted to 15.4% from a 20.3% high.
| 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 |
|---|
| Sales/Revenue | 9.65B | 9.5B | 8.92B | 8.02B | 7.21B | 6.15B | 5.45B | 5.39B | 4.92B | 4.63B | 3.38B | 2.12B | 2.08B | 1.93B | 1.66B | 1.46B | 1.37B | 1.3B | 907.31M | 1.04B | 803.43M | 748.82M | 161.41M | 563.51M | 498.66M | 377.53M | 304.36M | 182.6M | 54M | 6.2M |
| Revenue Growth % | 6.29% | 6.55% | 11.19% | 11.23% | 17.24% | 12.95% | 1.06% | 9.46% | 6.32% | 37.16% | 59.44% | 1.83% | 7.8% | 16.08% | 13.6% | 6.92% | 5.55% | 42.85% | -12.97% | 29.76% | 7.29% | 363.93% | -71.36% | 13% | 32.08% | 24.04% | 66.68% | 238.15% | 770.97% | - |
| Cost of Goods Sold | 5.87B | 5.8B | 5.19B | 4.74B | 4.34B | 3.65B | 3.28B | 3.2B | 2.87B | 2.7B | 1.96B | 1.18B | 1.14B | 1.06B | 956.36M | 995.63M | 929.78M | 895.51M | 627.15M | 708.8M | 553.22M | 499.63M | 123.76M | 316.84M | 281.33M | 210.59M | 174.51M | 111.3M | 36.4M | 3.8M |
| COGS % of Revenue | - | 61.04% | 58.21% | 59.14% | 60.12% | 59.4% | 60.17% | 59.36% | 58.21% | 58.41% | 57.99% | 55.61% | 54.75% | 55.21% | 57.56% | 68.07% | 67.96% | 69.09% | 69.12% | 67.99% | 68.86% | 66.72% | 76.67% | 56.23% | 56.42% | 55.78% | 57.34% | 60.95% | 67.41% | 61.29% |
| Gross Profit | 3.78B | 3.7B | 3.73B | 3.28B | 2.88B | 2.5B | 2.17B | 2.19B | 2.06B | 1.93B | 1.42B | 939.88M | 940.78M | 863.98M | 705.26M | 467.06M | 438.29M | 400.58M | 280.16M | 333.7M | 250.21M | 249.19M | 37.65M | 246.67M | 217.33M | 166.94M | 129.84M | 71.3M | 17.6M | 2.4M |
| Gross Margin % | 39.14% | 38.96% | 41.79% | 40.86% | 39.88% | 40.6% | 39.83% | 40.64% | 41.79% | 41.59% | 42.01% | 44.39% | 45.25% | 44.79% | 42.44% | 31.93% | 32.04% | 30.91% | 30.88% | 32.01% | 31.14% | 33.28% | 23.33% | 43.77% | 43.58% | 44.22% | 42.66% | 39.05% | 32.59% | 38.71% |
| Gross Profit Growth % | - | -0.67% | 13.74% | 13.96% | 15.16% | 15.13% | -0.95% | 6.45% | 6.83% | 35.79% | 50.89% | -0.1% | 8.89% | 22.5% | 51% | 6.56% | 9.41% | 42.98% | -16.04% | 33.37% | 0.41% | 561.84% | -84.74% | 13.5% | 30.18% | 28.57% | 82.11% | 305.11% | 633.33% | - |
| Operating Expenses | 2.08B | 1.98B | 2.66B | 2.04B | 1.63B | 1.46B | 1.76B | 1.35B | 1.22B | 1.3B | 965.85M | 1B | 491.51M | 470.53M | 387.12M | 157.38M | 155.35M | 150.16M | 96.05M | 108.29M | 82.39M | 75.09M | 23.38M | 101.71M | 86.34M | 73.02M | 52.61M | 30.7M | 9.6M | 1.8M |
| OpEx % of Revenue | - | 20.84% | 29.82% | 25.44% | 22.65% | 23.7% | 32.26% | 25.09% | 24.88% | 28.04% | 28.61% | 47.3% | 23.64% | 24.4% | 23.3% | 10.76% | 11.36% | 11.59% | 10.59% | 10.39% | 10.26% | 10.03% | 14.48% | 18.05% | 17.32% | 19.34% | 17.29% | 16.81% | 17.78% | 29.03% |
| Selling, General & Admin | 959.6M | 946.64M | 855.79M | 774.09M | 671.45M | 592.63M | 522.29M | 530.84M | 503.82M | 476.97M | 382.26M | 233.25M | 227.33M | 209.94M | 184.11M | 157.38M | 155.35M | 150.16M | 96.05M | 108.29M | 82.39M | 75.09M | 23.38M | 54.37M | 47.37M | 32.01M | 25.42M | 15.7M | 5.3M | 600K |
| SG&A % of Revenue | - | 9.96% | 9.59% | 9.65% | 9.31% | 9.63% | 9.59% | 9.85% | 10.23% | 10.3% | 11.32% | 11.02% | 10.93% | 10.88% | 11.08% | 10.76% | 11.36% | 11.59% | 10.59% | 10.39% | 10.26% | 10.03% | 14.48% | 9.65% | 9.5% | 8.48% | 8.35% | 8.6% | 9.81% | 9.68% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 1.03B | 1.8B | 1.27B | 962.21M | 865.04M | 1.23B | 821.3M | 721.18M | 821.65M | 583.59M | 768.16M | 264.18M | 260.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 101.71M | 86.34M | 73.02M | 52.61M | 30.7M | 9.6M | 1.8M |
| Operating Income | 1.7B | 1.72B | 1.07B | 1.24B | 1.24B | 1.04B | 412.43M | 837.78M | 832.24M | 627.1M | 452.3M | -61.53M | 449.27M | 393.44M | 327.34M | 309.68M | 282.95M | 250.42M | 184.11M | 225.41M | 167.81M | 174.09M | 14.27M | 144.95M | 130.99M | 93.92M | 77.23M | 40.6M | 8M | 600K |
| Operating Margin % | 17.59% | 18.13% | 11.97% | 15.41% | 17.22% | 16.9% | 7.57% | 15.55% | 16.91% | 13.54% | 13.4% | -2.91% | 21.61% | 20.4% | 19.7% | 21.17% | 20.68% | 19.32% | 20.29% | 21.62% | 20.89% | 23.25% | 8.84% | 25.72% | 26.27% | 24.88% | 25.38% | 22.23% | 14.81% | 9.68% |
| Operating Income Growth % | - | 61.35% | -13.64% | -0.47% | 19.48% | 152.07% | -50.77% | 0.66% | 32.71% | 38.65% | 835.06% | -113.7% | 14.19% | 20.19% | 5.7% | 9.45% | 12.99% | 36.02% | -18.32% | 34.32% | -3.61% | 1119.88% | -90.15% | 10.66% | 39.47% | 21.6% | 90.23% | 407.5% | 1233.33% | - |
| EBITDA | 2.73B | 2.96B | 2.23B | 2.24B | 2.16B | 1.85B | 1.16B | 1.58B | 1.51B | 1.26B | 916.21M | 207.9M | 707.21M | 637.31M | 520.92M | 472.05M | 435.8M | 392.67M | 268.33M | 318.54M | 240.78M | 241.56M | 53.89M | 194.7M | 172.16M | 131.65M | 104.43M | 55.6M | 12.3M | 1.8M |
| EBITDA Margin % | 28.31% | 31.14% | 25.02% | 27.92% | 29.97% | 30.12% | 21.39% | 29.35% | 30.73% | 27.2% | 27.14% | 9.82% | 34.01% | 33.04% | 31.35% | 32.27% | 31.86% | 30.3% | 29.57% | 30.56% | 29.97% | 32.26% | 33.39% | 34.55% | 34.52% | 34.87% | 34.31% | 30.45% | 22.78% | 29.03% |
| EBITDA Growth % | 19.68% | 32.63% | -0.36% | 3.63% | 16.65% | 59.05% | -26.36% | 4.56% | 20.1% | 37.48% | 340.69% | -70.6% | 10.97% | 22.34% | 10.35% | 8.32% | 10.98% | 46.34% | -15.76% | 32.3% | -0.32% | 348.25% | -72.32% | 13.1% | 30.77% | 26.07% | 87.82% | 352.03% | 583.33% | - |
| D&A (Non-Cash Add-back) | 947.06M | 1.24B | 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 | 162.36M | 152.85M | 142.25M | 84.22M | 93.13M | 72.96M | 67.46M | 39.62M | 49.75M | 41.17M | 37.73M | 27.2M | 15M | 4.3M | 1.2M |
| EBIT | 1.82B | 1.77B | 1.23B | 1.34B | 1.27B | 1.08B | 845.15M | 861.22M | 872.93M | 748.15M | 571.01M | 439.89M | 459.86M | 410.12M | 327.34M | 308.64M | 275.33M | 244.27M | 185.87M | 225.45M | 163.37M | 174.78M | 15.1M | 145.4M | 129.02M | 93.92M | 77.23M | 41.02M | 10.01M | -1.3M |
| Net Interest Income | -328.55M | -319.5M | -280.58M | -250.19M | -194.89M | -178.62M | -175.72M | -132.58M | -118.56M | -121.54M | -84.43M | -59.16M | -61.67M | -71.36M | -53.25M | -42.74M | -40.99M | -51.94M | -34.41M | -36.36M | -28.23M | -24.36M | -5.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 13.53M | 12.18M | 11.05M | 9.52M | 5.71M | 2.89M | 5.53M | 10M | 6.8M | 5.36M | 594.76K | 0 | 0 | 0 | 0 | 514.98K | 611.6K | 1.54M | 2.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 342.08M | 331.68M | 291.63M | 259.71M | 200.61M | 181.51M | 181.25M | 142.58M | 125.37M | 126.9M | 85.02M | 59.16M | 61.67M | 71.36M | 53.25M | 43.26M | 41.6M | 53.48M | 37.26M | 36.36M | 28.23M | 24.36M | 5.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -302.76M | -299.48M | -304.73M | -252.81M | -193.23M | -268.88M | -158.51M | -131.89M | -125.1M | -118.59M | -90.93M | -64.75M | -63.61M | -72.52M | -62.24M | -44.3M | -49.22M | -59.64M | -35.5M | -36.32M | -32.67M | -23.67M | -4.29M | -42.05M | -41.26M | -43.27M | -29.73M | -20.86M | -4.71M | -2M |
| Pretax Income | 1.39B | 1.42B | 762.93M | 983.5M | 1.05B | 770.74M | 253.91M | 705.89M | 707.14M | 508.51M | 361.37M | -126.29M | 385.66M | 320.92M | 265.1M | 265.39M | 233.73M | 190.79M | 148.61M | 189.1M | 135.14M | 150.42M | 9.98M | 102.55M | 88.58M | 50.65M | 47.5M | 20.1M | 5.2M | -5.4M |
| Pretax Margin % | 14.45% | 14.98% | 8.55% | 12.26% | 14.54% | 12.53% | 4.66% | 13.1% | 14.36% | 10.98% | 10.7% | -5.96% | 18.55% | 16.64% | 15.95% | 18.14% | 17.08% | 14.72% | 16.38% | 18.14% | 16.82% | 20.09% | 6.18% | 18.2% | 17.76% | 13.41% | 15.61% | 11.01% | 9.63% | -87.1% |
| Income Tax | 335.38M | 342.63M | 146.36M | 220.68M | 212.96M | 152.25M | 49.92M | 139.21M | 159.99M | -68.91M | 114.04M | -31.59M | 152.34M | 124.92M | 105.44M | 103.93M | 92.6M | 70.24M | 49.08M | 65.16M | 47.1M | 49.86M | -6.68M | 37.23M | 33.11M | 19.93M | 19.31M | 10.9M | 2.4M | -300K |
| Effective Tax Rate % | 24.06% | 24.08% | 19.18% | 22.44% | 20.3% | 19.75% | 19.66% | 19.72% | 22.62% | -13.55% | 31.56% | 25.02% | 39.5% | 38.92% | 39.77% | 39.16% | 39.62% | 36.82% | 33.02% | 34.46% | 34.86% | 33.15% | -66.98% | 36.31% | 37.38% | 39.36% | 40.65% | 54.23% | 46.15% | 5.56% |
| Net Income | 1.06B | 1.08B | 617.57M | 762.8M | 835.66M | 618.05M | 204.68M | 566.84M | 546.87M | 576.82M | 246.54M | -95.76M | 232.53M | 195.66M | 159.09M | 160.56M | 140.05M | 119.48M | 88.95M | 107.76M | 75.46M | 87.07M | 16.66M | 65.6M | 55.47M | 30.53M | 28.19M | 9.2M | 1.8M | -5.1M |
| Net Margin % | 10.97% | 11.37% | 6.92% | 9.51% | 11.59% | 10.05% | 3.76% | 10.52% | 11.11% | 12.46% | 7.3% | -4.52% | 11.18% | 10.14% | 9.57% | 10.98% | 10.24% | 9.22% | 9.8% | 10.34% | 9.39% | 11.63% | 10.32% | 11.64% | 11.12% | 8.09% | 9.26% | 5.04% | 3.33% | -82.26% |
| Net Income Growth % | 68.25% | 74.96% | -19.04% | -8.72% | 35.21% | 201.96% | -63.89% | 3.65% | -5.19% | 133.96% | 357.45% | -141.18% | 18.84% | 22.98% | -0.91% | 14.64% | 17.22% | 34.31% | -17.45% | 42.81% | -13.34% | 422.63% | -74.6% | 18.26% | 81.69% | 8.3% | 206.4% | 411.11% | 135.29% | - |
| Net Income (Continuing) | 1.06B | 1.08B | 616.57M | 762.83M | 836M | 618.49M | 203.99M | 566.68M | 547.15M | 577.42M | 247.32M | -94.69M | 233.33M | 196M | 0 | 161.46M | 141.13M | 120.55M | 99.53M | 123.93M | 88.03M | 100.56M | 16.66M | 65.81M | 54.95M | 30.71M | 28.19M | 9.23M | 2.27M | -3.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -55.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 4.97M | 4.95M | 4.61M | 4.17M | 4.85M | 5.58M | 5.4M | 7.36M | 6.58M | 5.56M | 5.13M | 4.97M | 4.78M | 4.27M | 3.23M | 668K | 30.22M | 27.99M | 26.36M | 24.42M | 23.93M | 23.08M | 19.82M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.14 | 4.18 | 2.39 | 2.95 | 3.24 | 2.36 | 0.78 | 2.19 | 2.07 | 2.18 | 1.07 | -0.52 | 1.24 | 1.05 | 0.87 | 0.97 | 0.77 | 0.61 | 0.64 | 0.63 | 0.49 | 0.52 | 0.44 | 0.43 | 0.37 | 0.22 | 0.23 | 0.09 | 0.02 | -0.18 |
| EPS Growth % | 69.14% | 74.9% | -18.98% | -8.95% | 37.29% | 202.56% | -64.38% | 5.8% | -5.05% | 103.74% | 305.77% | -141.94% | 18.1% | 20.69% | -10.31% | 25.97% | 26.23% | -4.69% | 1.59% | 28.57% | -5.77% | 18.18% | 2.33% | 16.22% | 68.18% | -4.35% | 153.03% | 318.89% | 112.06% | - |
| EPS (Basic) | - | 4.19 | 2.39 | 2.96 | 3.25 | 2.37 | 0.78 | 2.20 | 2.07 | 2.19 | 1.07 | -0.52 | 1.25 | 1.05 | 0.87 | 0.98 | 0.78 | 0.61 | 0.65 | 0.64 | 0.51 | 0.53 | 0.46 | 0.45 | 0.39 | 0.22 | 0.24 | 0.10 | 0.03 | -0.12 |
| Diluted Shares Outstanding | 255.87M | 256.47M | 258.66M | 258.15M | 258.04M | 261.73M | 263.69M | 264.53M | 264.4M | 264.3M | 231.08M | 185.24M | 187.18M | 186.25M | 182.74M | 170.38M | 175.34M | 180.76M | 160.69M | 157.49M | 158.42M | 162.71M | 166.96M | 166.41M | 163.65M | 140.11M | 121.47M | 100.89M | 62.39M | 43.1M |
| Basic Shares Outstanding | 255.35M | 255.8M | 257.97M | 257.55M | 257.38M | 261.17M | 263.19M | 263.79M | 263.65M | 263.68M | 230.33M | 184.16M | 186.32M | 185.4M | 181.76M | 169.08M | 173.47M | 178.68M | 157.56M | 153.54M | 153.31M | 157.61M | 157.21M | 143.41M | 140.49M | 137.04M | 117.96M | 94.44M | 52.72M | 43.1M |
| Dividend Payout Ratio | - | 31.43% | 48.94% | 35.48% | 29.08% | 35.63% | 97.66% | 30.88% | 27.9% | 22.88% | 37.54% | - | 25.33% | 26.18% | 27.95% | 22.15% | 6.11% | - | 9.25% | - | - | 12.04% | 174.9% | 14.79% | 10.6% | - | - | 5.43% | 11.11% | - |
Margin compression from inflation
According to the provided quarterly income statements, Waste Connections' year-over-year revenue growth has decelerated from a peak of 13.3% in 2024Q3 to 6.4% by 2026Q1, suggesting that the company is transitioning from an aggressive acquisition-led expansion phase toward a more mature, organic growth trajectory.
The consistent decline in top-line growth rates indicates that the company may be exhausting its immediate pipeline of high-value secondary market acquisitions. Investors should monitor whether this deceleration reflects a broader industry saturation or a strategic pivot toward prioritizing margin preservation over pure volume expansion.
As reported in financial statements, gross margins experienced a significant anomaly in 2025Q4, dropping to 29.1% from a historical average exceeding 41%, which highlights potential sensitivity to operational cost spikes or accounting adjustments that warrant further investigation by stakeholders assessing long-term profitability.
While the company typically maintains gross margins above 40%, the sharp contraction in late 2025 suggests that the cost structure is not as insulated from external shocks as previously assumed. This volatility may indicate that the company's vertical integration strategy is susceptible to localized labor or fuel cost pressures that cannot be immediately offset by pricing actions.
Based on WCN's reported figures, operating income margins have fluctuated significantly, falling to 15.4% in 2026Q1 from a 20.3% peak in 2024Q3, suggesting that the company is currently struggling to maintain operating leverage as SG&A expenses scale disproportionately relative to gross profit generation.
The inability to consistently expand operating margins despite revenue growth implies that administrative and overhead costs are becoming a drag on bottom-line performance. This trend suggests that the decentralized management model may be incurring higher-than-expected integration costs as the company scales its footprint.
Data from the income statement reveals a notable net loss in 2024Q4, which, when contrasted with the consistent profitability in other periods, suggests that non-operating items or significant one-time charges may be masking the true underlying earnings power of the core waste management business.
The wide variance in quarterly net income, particularly the negative print in 2024Q4, raises questions regarding the predictability of earnings for long-term valuation models. Analysts should be wary of relying on adjusted metrics, as the underlying GAAP figures indicate that the company's profitability is subject to significant, non-recurring accounting volatility.
Quick answers to the most common questions about buying WCN stock.
For fiscal year 2025, Waste Connections, Inc. (WCN) reported total revenue of $9.50B. This represents a 153180.6% increase compared to $6.2M in 1997.
Waste Connections, Inc. (WCN) is profitable, generating $1.08B in net income for the fiscal year ending 2025 with a net profit margin of 11.4%.
Waste Connections, Inc. (WCN) reported an operating income of $1.72B, resulting in an operating profit margin of 18.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Waste Connections, Inc. (WCN) generated $3.70B in gross profit for the year, representing a gross profit margin of 39.0%. This demonstrates the company's core pricing power and production efficiency.