Waste Connections, Inc. WCN
Waste Connections, Inc. is the third largest solid waste services company in North America, providing non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation, in 46 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oil and natural gas exploration and production, or E&P, waste treatment, recovery and disposal services in several basins across the U.S and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest.
Our senior management team has extensive experience in operating, acquiring and integrating non-hazardous waste services businesses, and we intend to continue to focus our efforts on both internal and acquisition-based growth. We anticipate that a part of our future growth will come from acquiring additional waste businesses and, therefore, we expect that additional acquisitions could continue to affect period-to-period comparisons of our operating results.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| SG&A | $959.5M | $883.4M | $799.1M | $696.5M | $612.3M | $537.6M | $546.3M | $524.4M | $509.6M | $474.3M |
| Operating income | $1.71B | $1.07B | $1.24B | $1.24B | $1.04B | $412.4M | $837.8M | $832.2M | $627.1M | $452.3M |
| Interest expense | $334.6M | $326.8M | $274.6M | $202.3M | $162.8M | $162.4M | $147.4M | $132.1M | $125.3M | $92.7M |
| Pre-tax income | $1.42B | $762.9M | $983.5M | $1.05B | $770.7M | $253.9M | $705.9M | $707.1M | $508.5M | $361.4M |
| Income tax | $341.4M | $146.4M | $220.7M | $213.0M | $152.3M | $49.9M | $139.2M | $160.0M | $68.9M | $114.0M |
| Net income | $1.08B | $617.6M | $762.8M | $835.7M | $618.0M | $204.7M | $566.8M | $546.9M | $576.8M | $246.5M |
| 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 |
| Shares, diluted (wtd. avg.) | $258.0M | $258.7M | $258.1M | $258.0M | $261.7M | $263.7M | $264.5M | $264.4M | $264.3M | $231.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $46.0M | $62.4M | $184.0M | $181.4M | $219.6M | $714.4M | $423.2M | $404.0M | $553.2M | $168.5M |
| Receivables | $1.02B | $935.0M | $857.0M | $833.9M | $709.6M | $630.3M | $662.8M | $609.5M | $554.5M | $485.1M |
| Total current assets | $1.31B | $1.23B | $1.14B | $1.12B | $1.03B | $1.41B | $1.13B | $1.09B | $1.18B | $743.4M |
| Property, plant and equipment | $8.73B | $8.04B | $7.23B | $6.95B | $5.72B | $5.28B | $5.52B | $5.17B | $4.82B | $4.74B |
| Goodwill | $8.39B | $7.95B | $7.40B | $6.90B | $6.19B | $5.73B | $5.51B | $5.03B | $4.68B | $4.39B |
| Other intangibles | $2.01B | $1.99B | $1.60B | $1.67B | $1.35B | $1.16B | $1.16B | $1.13B | $1.09B | $1.07B |
| Total assets | $21.13B | $19.82B | $17.92B | $17.13B | $14.70B | $13.99B | $13.74B | $12.63B | $12.01B | $11.10B |
| Accounts payable | $765.2M | $637.4M | $642.5M | $638.7M | $392.9M | $290.8M | $437.0M | $360.0M | $330.5M | $251.3M |
| Short-term debt | — | — | — | $6.8M | $6.0M | $8.3M | $465.0K | $1.8M | $11.7M | $1.6M |
| Total current liabilities | $2.12B | $1.88B | $1.69B | $1.51B | $1.23B | $1.03B | $1.01B | $886.8M | $802.6M | $692.2M |
| Long-term debt | — | — | — | $6.89B | $5.04B | $4.71B | $4.35B | $4.15B | $3.90B | $3.62B |
| Total liabilities | $12.88B | $11.96B | $10.22B | $10.02B | $7.71B | $7.13B | $6.80B | $6.17B | $5.74B | $5.45B |
| Retained earnings | $5.20B | $4.46B | $4.14B | $3.65B | $3.06B | $2.66B | $2.65B | $2.26B | $1.86B | $1.41B |
| Total equity | $8.25B | $7.86B | $7.70B | $7.11B | $6.99B | $6.86B | $6.94B | $6.46B | $6.27B | $5.65B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.41B | $2.23B | $2.13B | $2.02B | $1.70B | $1.41B | $1.54B | $1.41B | $1.19B | $795.3M |
| Depreciation and amortisation | $1.23B | $1.16B | $1.00B | $919.0M | $813.0M | $752.4M | $743.9M | $680.5M | $632.5M | $463.9M |
| Stock-based compensation | $79.4M | $77.9M | $70.4M | $63.5M | $58.2M | $45.8M | $42.7M | $43.8M | $39.4M | $44.8M |
| Capital expenditure | $1.18B | $1.06B | $934.0M | $912.7M | $744.3M | $597.1M | $634.4M | $546.1M | $479.3M | $344.7M |
| Investing cash flow | -$2.02B | -$3.16B | -$1.58B | -$3.09B | -$1.69B | -$1.05B | -$1.43B | -$1.37B | -$860.9M | -$292.6M |
| Financing cash flow | -$360.0M | $944.9M | -$544.4M | $1.03B | -$499.5M | -$78.2M | -$95.9M | -$187.6M | $56.8M | -$354.9M |
| Dividends paid | $333.8M | $302.3M | $270.6M | $243.0M | $220.2M | $199.9M | $175.1M | $152.6M | $132.0M | $92.5M |
| Buybacks | $505.5M | $0 | $0 | $425.0M | $339.0M | $105.7M | — | $58.9M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-013700.
Others in SIC 4953
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WM | WASTE MANAGEMENT INC | $87.53B | 32.7x | 14.2% |
| RSG | REPUBLIC SERVICES, INC. | $68.20B | 32.5x | 3.5% |
| CWST | CASELLA WASTE SYSTEMS INC | $5.95B | 779.4x | 18.0% |
| QRHC | Quest Resource Holding Corp | $29.1M | — | -13.3% |
| AWX | AVALON HOLDINGS CORP | $8.6M | — | -0.3% |
| VIVK | Vivakor, Inc. | $6.7M | — | 16.3% |
| RENX | RenX Enterprises Corp. | $5.2M | — | 3,860.7% |
| OIO | OIO Group | — | — | — |