Waste Connections, Inc. WCN

Utilities SIC 4953 - Refuse Systems NAICS Administrative and Support and Waste Management and Remediation Services › Waste Management and Remediation Services › Waste Treatment and Disposal derived NYSE

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.

Last close 186.60 2026-10-23
Market cap $47.03B 2026-06-30 share count
52-week range 146.89 - 187.27

Valuation FY2025 figures against the last close

P/S5.0x
P/E44.7x
P/FCF38.1x
EV/EBITDA16.0x
Dividend yield0.7%
Diluted EPS4.17

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 4.182.392.963.252.370.782.152.072.191.07
EPS, diluted 4.172.392.953.242.360.782.142.072.181.07
Shares, diluted (wtd. avg.) 258.0M258.7M258.1M258.0M261.7M263.7M264.5M264.4M264.3M231.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2.5B 5B 7.5B 10B Revenue, FY2016: 3.4B Gross profit, FY2016: 1.4B Net income, FY2016: 246.5M Revenue, FY2017: 4.6B Gross profit, FY2017: 1.9B Net income, FY2017: 576.8M Revenue, FY2018: 4.9B Gross profit, FY2018: 2.1B Net income, FY2018: 546.9M Revenue, FY2019: 5.4B Gross profit, FY2019: 2.2B Net income, FY2019: 566.8M Revenue, FY2020: 5.4B Gross profit, FY2020: 2.2B Net income, FY2020: 204.7M Revenue, FY2021: 6.2B Gross profit, FY2021: 2.5B Net income, FY2021: 618M Revenue, FY2022: 7.2B Gross profit, FY2022: 2.9B Net income, FY2022: 835.7M Revenue, FY2023: 8B Gross profit, FY2023: 3.3B Net income, FY2023: 762.8M Revenue, FY2024: 8.9B Gross profit, FY2024: 3.7B Net income, FY2024: 617.6M Revenue, FY2025: 9.5B Gross profit, FY2025: 4B Net income, FY2025: 1.1B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.38B $4.63B $4.92B $5.39B $5.45B $6.15B $7.21B $8.02B $8.92B $9.47B
Gross profit $1.42B $1.93B $2.06B $2.19B $2.17B $2.50B $2.88B $3.28B $3.73B $4.01B
Net income $246.5M $576.8M $546.9M $566.8M $204.7M $618.0M $835.7M $762.8M $617.6M $1.08B

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 4953

TickerCompanyMarket capP/ERevenue growth
WM WASTE MANAGEMENT INC $95.68B 35.7x 14.2%
RSG REPUBLIC SERVICES, INC. $73.63B 35.1x 3.5%
CWST CASELLA WASTE SYSTEMS INC $6.21B 813.4x 18.0%
QRHC Quest Resource Holding Corp $24.9M — -13.3%
AWX AVALON HOLDINGS CORP $8.3M — -0.3%
RENX RenX Enterprises Corp. $3.2M — 3,860.7%
VIVK Vivakor, Inc. $467.6K — 16.3%
OIO OIO Group — — —