Waste Connections, Inc. (WCN) Financial Statements
Industry: Refuse Systems
In fiscal 2025, Waste Connections reported revenue of $9.47B, up 6.1% from $8.92B the year before. Net income was $1.08B (a 11.4% net margin), or $4.17 per diluted share. Gross margin was 42.4% and operating margin was 18.1%. Operating activities generated $2.41B of cash, leaving $1.23B of free cash flow. At fiscal year end, Waste Connections held $21.13B in total assets against $12.88B in total liabilities, including $46.0M of cash and equivalents.
Open the full interactive Waste Connections financials → Quarterly statements, key ratios, valuation history and price charts.
Waste Connections Key Stats
| Share Price | $153.67 |
|---|---|
| Market Cap | $39.01B |
| P/E Ratio | 36.9 |
| Revenue YoY Growth | +6.1% |
| 52-Week Range | $148.70 – $177.39 |
| Shares Outstanding | 253.5 million (basic, 2026 Q2) |
Waste Connections Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $5.45B | $6.15B | $7.21B | $8.02B | $8.92B | $9.47B |
| Cost of Goods Sold | $3.28B | $3.65B | $4.34B | $4.74B | $5.19B | $5.46B |
| Gross Profit | $2.17B | $2.50B | $2.88B | $3.28B | $3.73B | $4.01B |
| Operating Income | $412.4M | $1.04B | $1.24B | $1.24B | $1.07B | $1.71B |
| Pre-Tax Income | $253.9M | $770.7M | $1.05B | $983.5M | $762.9M | $1.42B |
| Income Tax | $49.9M | $152.3M | $213.0M | $220.7M | $146.4M | $341.4M |
| Net Income | $204.7M | $618.0M | $835.7M | $762.8M | $617.6M | $1.08B |
| Diluted EPS | $0.78 | $2.36 | $3.24 | $2.95 | $2.39 | $4.17 |
Waste Connections Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $2.46B | $2.37B | $2.37B | $2.56B |
| Net Income | $286.3M | $258.5M | $219.3M | $296.4M |
| Diluted EPS | $1.11 | $1.00 | $0.86 | $1.17 |
Waste Connections Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $617.3M | $147.4M | $78.6M | $78.4M | $62.4M | $46.0M |
| Current Assets | $1.41B | $1.03B | $1.12B | $1.14B | $1.23B | $1.31B |
| Total Assets | $13.99B | $14.70B | $17.13B | $17.92B | $19.82B | $21.13B |
| Current Liabilities | $1.03B | $1.23B | $1.51B | $1.69B | $1.88B | $2.12B |
| Total Long-Term Debt | $4.72B | $5.05B | $6.90B | $6.75B | $8.08B | $8.82B |
| Total Liabilities | $7.13B | $7.71B | $10.02B | $10.22B | $11.96B | $12.88B |
| Shareholders' Equity | $6.86B | $6.99B | $7.11B | $7.69B | $7.86B | $8.25B |
Waste Connections Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $1.41B | $1.70B | $2.02B | $2.13B | $2.23B | $2.41B |
| Cash From Investing | -$1.05B | -$1.69B | -$3.09B | -$1.58B | -$3.16B | -$2.02B |
| Cash From Financing | -$78.2M | -$499.5M | $1.03B | -$544.4M | $944.9M | -$360.0M |
| Free Cash Flow | $811.5M | $953.9M | $1.11B | $1.19B | $1.17B | $1.23B |
Figures from Waste Connections' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Waste Connections financials page for every line item.
Waste Connections Company Profile
| Ticker | WCN |
|---|---|
| Exchange | NYSE |
| Industry | Refuse Systems |
| Headquarters | Woodbridge, Ontario, Canada |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001318220 |
Frequently Asked Questions
What was Waste Connections' revenue in fiscal 2025?
Waste Connections (WCN) reported revenue of $9.47B for fiscal 2025.
What is Waste Connections' annual revenue history?
Waste Connections' annual revenue by fiscal year: 2020: $5.45B; 2021: $6.15B; 2022: $7.21B; 2023: $8.02B; 2024: $8.92B; 2025: $9.47B.
What was Waste Connections' net income in fiscal 2025?
Waste Connections reported net income of $1.08B for fiscal 2025.
What was Waste Connections' earnings per share (EPS) in fiscal 2025?
Waste Connections' diluted EPS was $4.17 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Waste Connections generate in fiscal 2025?
Waste Connections generated $1.23B of free cash flow in fiscal 2025.
What was Waste Connections' revenue last quarter?
In its most recent reported quarter (2026 Q2), Waste Connections reported revenue of $2.56B.
How much debt does Waste Connections have?
Waste Connections reported $8.82B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Waste Connections are outstanding?
Waste Connections reported a weighted average of 253.5 million basic shares outstanding in 2026 Q2.
What is Waste Connections' market cap?
Based on its latest closing price, Waste Connections (WCN) has a market capitalization of about $39.01B.
When does Waste Connections' fiscal year end?
Waste Connections' fiscal year end, as registered with the SEC, is December 31.
Where is Waste Connections headquartered?
Waste Connections lists its business address in Woodbridge, Ontario, Canada in its SEC filings.