Waste Connections (WCN) financial statements
Waste Connections reported revenue of $9.5B in fiscal 2025, up 12.1% a year over 9 years.
Net income was $1.1B and the operating margin 18.1%, against 13.4% in 2016.
Free cash flow was $1.2B, and the company returned $334M in dividends and $506M in net buybacks.
The diluted share count rose 12% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Waste Connections's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.4B | $4.6B | $4.9B | $5.4B | $5.4B | $6.2B | $7.2B | $8.0B | $8.9B | $9.5B |
| Cost of revenue | $2.0B | $2.7B | $2.9B | $3.2B | $3.3B | $3.7B | $4.3B | $4.7B | $5.2B | $5.5B |
| Gross profit | $1.4B | $1.9B | $2.1B | $2.2B | $2.2B | $2.5B | $2.9B | $3.3B | $3.7B | $4.0B |
| Selling, general and admin | $474M | $510M | $524M | $546M | $538M | $612M | $696M | $799M | $883M | $960M |
| Operating income | $452M | $627M | $832M | $838M | $412M | $1.0B | $1.2B | $1.2B | $1.1B | $1.7B |
| Interest expense | $93M | $125M | $132M | $147M | $162M | $163M | $202M | $275M | $327M | $335M |
| Pre-tax income | $361M | $509M | $707M | $706M | $254M | $771M | $1.0B | $984M | $763M | $1.4B |
| Income tax | $114M | -$69M | $160M | $139M | $50M | $152M | $213M | $221M | $146M | $341M |
| Net income | $247M | $577M | $547M | $567M | $205M | $618M | $836M | $763M | $618M | $1.1B |
| EPS (diluted) | $1.07 | $2.18 | $2.07 | $2.14 | $0.78 | $2.36 | $3.24 | $2.95 | $2.39 | $4.17 |
| Diluted shares | 231M | 264M | 264M | 265M | 264M | 262M | 258M | 258M | 259M | 258M |
| Gross margin | 42.0% | 41.6% | 41.8% | 40.6% | 39.8% | 40.6% | 39.9% | 40.9% | 41.8% | 42.4% |
| Operating margin | 13.4% | 13.5% | 16.9% | 15.5% | 7.6% | 16.9% | 17.2% | 15.4% | 12.0% | 18.1% |
| Net margin | 7.3% | 12.5% | 11.1% | 10.5% | 3.8% | 10.0% | 11.6% | 9.5% | 6.9% | 11.4% |
Balance sheet
Fiscal years, from Waste Connections's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $154M | $434M | $319M | $327M | $617M | $147M | $79M | $78M | $62M | $46M |
| Receivables | $485M | $554M | $610M | $663M | $630M | $710M | $834M | $857M | $935M | $1.0B |
| Total current assets | $743M | $1.2B | $1.1B | $1.1B | $1.4B | $1.0B | $1.1B | $1.1B | $1.2B | $1.3B |
| Property, plant and equipment | $4.7B | $4.8B | $5.2B | $5.5B | $5.3B | $5.7B | $7.0B | $7.2B | $8.0B | $8.7B |
| Goodwill | $4.4B | $4.7B | $5.0B | $5.5B | $5.7B | $6.2B | $6.9B | $7.4B | $8.0B | $8.4B |
| Total assets | $11.1B | $12.0B | $12.6B | $13.7B | $14.0B | $14.7B | $17.1B | $17.9B | $19.8B | $21.1B |
| Total current liabilities | $692M | $803M | $887M | $1.0B | $1.0B | $1.2B | $1.5B | $1.7B | $1.9B | $2.1B |
| Long-term debt | $3.6B | $3.9B | $4.2B | $4.4B | $4.7B | $5.0B | $6.9B | $6.7B | $8.1B | $8.8B |
| Total liabilities | $5.4B | $5.7B | $6.2B | $6.8B | $7.1B | $7.7B | $10.0B | $10.2B | $12.0B | $12.9B |
| Shareholders' equity | $5.6B | $6.3B | $6.5B | $6.9B | $6.9B | $7.0B | $7.1B | $7.7B | $7.9B | $8.2B |
| Net debt | $3.5B | $3.5B | $3.8B | $4.0B | $4.1B | $4.9B | $6.8B | $6.6B | $8.0B | $8.8B |
Cash flow
Fiscal years, from Waste Connections's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $795M | $1.2B | $1.4B | $1.5B | $1.4B | $1.7B | $2.0B | $2.1B | $2.2B | $2.4B |
| Capital spending | $345M | $479M | $546M | $634M | $597M | $744M | $913M | $934M | $1.1B | $1.2B |
| Free cash flow | $451M | $708M | $865M | $906M | $811M | $954M | $1.1B | $1.2B | $1.2B | $1.2B |
| Stock-based compensation | $45M | $39M | $44M | $43M | $46M | $58M | $63M | $70M | $78M | $79M |
| Dividends paid | $93M | $132M | $153M | $175M | $200M | $220M | $243M | $271M | $302M | $334M |
| Share buybacks (net) | — | — | -$59M | — | -$106M | -$339M | -$425M | $0 | $0 | -$506M |
| Net borrowing | -$245M | $204M | $52M | $105M | $273M | $219M | $1.7B | -$233M | $1.3B | $544M |
| Free cash flow margin | 13.3% | 15.3% | 17.6% | 16.8% | 14.9% | 15.5% | 15.4% | 14.9% | 13.2% | 13.0% |
| Dividends per share | $0.40 | $0.50 | $0.58 | $0.66 | $0.76 | $0.84 | $0.94 | $1.05 | $1.17 | $1.29 |
Questions
What was Waste Connections's revenue in 2025?
$9.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Waste Connections generate?
$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From Waste Connections's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.