Financials · WCN

Waste Connections Inc. (WCN) financials

For the twelve months ended Sep 30, 2026, Waste Connections Inc. reported $9.94B of revenue and $1.13B of net income.

Revenue, TTM
$9.94B
Revenue growth, YoY
+6.3%
Net income, TTM
$1.13B
Net income growth, YoY
+82.2%
Net margin
11.4%
Free cash flow, TTM
$1.25B
EPS, diluted, TTM
$4.47
EPS growth, YoY
+86.2%
Cash
$95.69M
Total debt
$9.43B
P/E
41.73
P/S
4.76
Market cap
$47.30B
Annual revenue$9.47B
FY2016FY2025
Annual net income$1.08B
FY2016FY2025
Annual free cash flow$1.23B
FY2016FY2025

WCN revenue and earnings growth

WCN revenueQ3 2026$2.64B

Quarter YoY
+7.3%
QoQ
+3.0%
FY YoY
+6.1%
5Y CAGR
+11.7%
10Y CAGR
+16.2%

WCN revenue was $2.64B in fiscal Q3 2026 (ended Sep 30, 2026), up 7.3% from a year earlier and up 3.0% from the prior quarter. For the full fiscal 2025 it was $9.47B, up 6.1% from fiscal 2024. Compound annual growth was +11.7% over 5 years and +16.2% over 10 years. It rose in each of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

WCN net incomeQ3 2026$359.22M

Quarter YoY
+25.5%
QoQ
+21.2%
FY YoY
+74.3%
5Y CAGR
+39.4%

WCN net income was $359.22M in fiscal Q3 2026 (ended Sep 30, 2026), up 25.5% from a year earlier and up 21.2% from the prior quarter. For the full fiscal 2025 it was $1.08B, up 74.3% from fiscal 2024. Compound annual growth was +39.4% over 5 years. It rose in 5 of the last 9 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

WCN EPSQ3 2026$1.43

Quarter YoY
+28.8%
QoQ
+22.2%
FY YoY
+74.5%
5Y CAGR
+39.8%

WCN diluted EPS was $1.43 in fiscal Q3 2026 (ended Sep 30, 2026), up 28.8% from a year earlier and up 22.2% from the prior quarter. For the full fiscal 2025 it was $4.17, up 74.5% from fiscal 2024. Compound annual growth was +39.8% over 5 years.

WCN free cash flowQ3 2026$397.14M

Quarter YoY
+4.4%
QoQ
-7.8%
FY YoY
+5.3%
5Y CAGR
+8.8%
10Y CAGR
+13.8%

WCN free cash flow was $397.14M in fiscal Q3 2026 (ended Sep 30, 2026), up 4.4% from a year earlier and down 7.8% from the prior quarter. For the full fiscal 2025 it was $1.23B, up 5.3% from fiscal 2024. Compound annual growth was +8.8% over 5 years and +13.8% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

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Income statement

Income statement
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue$9.47B$8.92B$8.02B$7.21B$6.15B$5.45B$5.39B$4.92B$4.63B$3.38B
Cost of revenue$5.46B$5.19B$4.74B$4.34B$3.65B$3.28B$3.20B$2.87B$2.70B$1.96B
Gross profit$4.01B$3.73B$3.28B$2.88B$2.50B$2.17B$2.19B$2.06B$1.93B$1.42B
Selling, general and admin$959.54M$883.45M$799.12M$696.47M$612.34M$537.63M$546.28M$524.39M$509.64M$474.26M
Operating income$1.71B$1.07B$1.24B$1.24B$1.04B$412.43M$837.78M$832.24M$627.10M$452.30M
Interest expense$334.55M$326.80M$274.64M$202.33M$162.80M$162.38M$147.37M$132.10M$125.30M$92.71M
Pre-tax income$1.42B$762.93M$983.50M$1.05B$770.74M$253.91M$705.89M$707.14M$508.51M$361.37M
Income tax$341.36M$146.36M$220.68M$212.96M$152.25M$49.92M$139.21M$159.99M-$68.91M$114.04M
Net income$1.08B$617.57M$762.80M$835.66M$618.05M$204.68M$566.84M$546.87M$576.82M$246.54M
EPS, basic$4.18$2.39$2.96$3.25$2.37$0.78$2.15$2.07$2.19$1.07
EPS, diluted$4.17$2.39$2.95$3.24$2.36$0.78$2.14$2.07$2.18$1.07
Diluted shares258.0M258.7M258.1M258.0M261.7M263.7M264.5M264.4M264.3M231.1M

Balance sheet

Balance sheet
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Cash and equivalents$45.97M$198.17M$184.04M$181.36M$219.62M$714.39M$423.22M$403.97M$553.23M$168.48M
Receivables$1.02B$935.03M$856.95M$833.86M$709.61M$630.26M$662.81M$609.54M$554.46M$485.14M
Current assets$1.31B$1.23B$1.14B$1.12B$1.03B$1.41B$1.13B$1.09B$1.18B$743.39M
Goodwill$8.39B$7.95B$7.40B$6.90B$6.19B$5.73B$5.51B$5.03B$4.68B$4.39B
Total assets$21.13B$19.82B$17.92B$17.13B$14.70B$13.99B$13.74B$12.63B$12.01B$11.10B
Current liabilities$2.12B$1.88B$1.69B$1.51B$1.23B$1.03B$1.01B$886.84M$802.60M$692.18M
Short-term debt---$6.76M$6.02M$8.27M$465.0K$1.79M$11.66M$1.65M
Long-term debt$8.81B$8.07B$6.72B$6.89B$5.04B$4.71B$4.35B$4.15B$3.90B$3.62B
Total debt$8.81B$8.07B$6.72B$6.90B$5.05B$4.72B$4.35B$4.16B$3.91B$3.62B
Total liabilities$12.88B$11.96B$10.22B$10.02B$7.71B$7.13B$6.80B$6.17B$5.74B$5.45B
Shareholders' equity$8.25B$7.86B$7.70B$7.11B$6.99B$6.86B$6.94B$6.46B$6.27B$5.65B

Cash flow

Cash flow
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Operating cash flow$2.41B$2.23B$2.13B$2.02B$1.70B$1.41B$1.54B$1.41B$1.19B$795.31M
Capital expenditures$1.18B$1.06B$934.00M$912.68M$744.32M$597.05M$634.41M$546.14M$479.29M$344.72M
Free cash flow$1.23B$1.17B$1.19B$1.11B$953.91M$811.47M$906.14M$865.09M$707.97M$450.59M
Investing cash flow-$2.02B-$3.16B-$1.58B-$3.09B-$1.69B-$1.05B-$1.43B-$1.37B-$860.91M-$292.58M
Financing cash flow-$360.04M$944.95M-$544.40M$1.03B-$499.50M-$78.22M-$95.89M-$187.58M$56.76M-$354.87M
Dividends paid$333.81M$302.26M$270.60M$243.01M$220.20M$199.88M$175.07M$152.55M$131.97M$92.55M
Share repurchases$505.52M$0$0$425.00M$338.99M$105.65M-$58.93M--
Stock-based compensation$79.45M$77.89M$70.44M$63.48M$58.22M$45.75M$42.67M$43.80M$39.36M$44.77M
Depreciation and amortization$1.23B$1.16B$1.00B$918.96M$813.01M$752.40M$743.92M$680.49M$632.48M$463.91M

Key ratios

Key ratios
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue growth, YoY6.1%11.2%11.2%17.2%13.0%1.1%9.5%6.3%37.2%59.4%
Net income growth, YoY74.3%-19.0%-8.7%35.2%202.0%-63.9%3.7%-5.2%134.0%-
EPS growth, YoY74.5%-19.0%-9.0%37.3%202.6%-63.6%3.4%-5.0%103.7%-
Gross margin42.4%41.8%40.9%39.9%40.6%39.8%40.6%41.8%41.6%42.0%
Operating margin18.1%12.0%15.4%17.2%16.9%7.6%15.5%16.9%13.5%13.4%
Net margin11.4%6.9%9.5%11.6%10.0%3.8%10.5%11.1%12.5%7.3%
Free cash flow margin13.0%13.2%14.9%15.4%15.5%14.9%16.8%17.6%15.3%13.3%
Return on equity13.1%7.9%9.9%11.7%8.8%3.0%8.2%8.5%9.2%4.4%
Return on assets5.1%3.1%4.3%4.9%4.2%1.5%4.1%4.3%4.8%2.2%
Current ratio0.620.650.680.740.841.371.121.231.471.07
Debt to equity1.071.030.870.970.720.690.630.640.620.64

Source: XBRL data Waste Connections Inc. files with the SEC, latest filing dated Oct 22, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 3-for-2, first reported Jul 26, 2017.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

WCN peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
WCN$9.94B+6.3%$1.13B11.4%$47.30B
WM$26.07B+5.2%$3.07B11.8%$93.94B
RSG$19.71B+4.1%$2.23B11.3%$75.20B
GFLC$6.62B+7.8%C$3.83B58.0%$20.20B
CLH$6.56B+10.1%$528.36M8.0%$14.98B
CWST$1.96B+13.6%$5.70M0.3%$6.25B
OIO$5.83M-4.4%-$4.76M-81.6%$623.0M
PESI$57.67M-4.9%-$22.81M-39.5%$298.1M
QRHC$248.49M-4.9%-$16.69M-6.7%$23.6M

WCN FAQ

9 questions
  • What is WCN revenue?
    Waste Connections Inc. (WCN) reported $9.94B of revenue for the twelve months ended Sep 30, 2026. That is up 6.3% from the year before. Revenue for fiscal 2025 was $9.47B.
  • Is WCN profitable?
    Yes. Waste Connections Inc. earned $1.13B in net income for the twelve months ended Sep 30, 2026, a net margin of 11.4%.
  • How much cash and debt does WCN have?
    Waste Connections Inc. reported $95.69M in cash and cash equivalents and $9.43B of debt on its most recent balance sheet in SEC filings.
  • How fast is WCN revenue growing?
    Waste Connections Inc.'s revenue changed +6.1% in fiscal 2025, to $9.47B. Its compound annual growth rate was +11.7% over 5 years and +16.2% over 10 years.
  • What is WCN gross margin?
    Waste Connections Inc.'s gross profit was $4.24B on $9.94B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 42.6%.
  • What is WCN free cash flow?
    Waste Connections Inc. generated $1.25B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $2.53B less capital expenditures.
  • What is WCN earnings per share?
    Diluted earnings per share were $4.47 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did WCN last report financial results?
    The latest statements here come from Waste Connections Inc.'s 10-Q filed on Oct 22, 2026, covering the period ended Sep 30, 2026.
  • Where does this WCN financial data come from?
    Quantisnow builds these statements from the structured XBRL data Waste Connections Inc. files with the SEC. It is provided for information only and is not investment advice.