Waste Connections (WCN) Financials

$174.52 +1.49 (+0.86%)

As of 12:54 PM Eastern

Annual Income Statements for Waste Connections

This table shows Waste Connections' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	233	-96	247	577	547	567	205	618	836	763	618
Consolidated Net Income / (Loss)	233	-95	247	577	547	567	204	618	836	763	617
Net Income / (Loss) Continuing Operations	233	-95	247	577	547	567	204	618	836	763	617
Total Pre-Tax Income	386	-126	361	509	707	706	254	771	1,049	984	763
Total Operating Income	449	-62	452	627	832	838	412	1,040	1,242	1,236	1,068
Total Gross Profit	941	940	1,418	1,926	2,057	2,190	2,169	2,497	2,876	3,277	3,728
Total Revenue	2,079	2,117	3,376	4,630	4,923	5,389	5,446	6,151	7,212	8,022	8,920
Operating Revenue	2,079	2,117	3,376	4,630	4,923	5,389	5,446	6,151	7,212	8,022	8,920
Total Cost of Revenue	1,138	1,177	1,958	2,705	2,866	3,199	3,277	3,654	4,336	4,745	5,192
Operating Cost of Revenue	1,138	1,177	1,958	2,705	2,866	3,199	3,277	3,654	4,336	4,745	5,192
Total Operating Expenses	492	1,001	966	1,299	1,225	1,352	1,757	1,458	1,634	2,041	2,660
Selling, General & Admin Expense	229	237	474	510	524	546	538	612	696	799	883
Depreciation Expense	231	240	394	530	573	618	621	674	763	846	974
Amortization Expense	27	29	70	102	108	126	131	139	156	158	190
Impairment Charge	4.09	494	28	156	20	62	467	32	18	239	613
Total Other Income / (Expense), net	-64	-65	-91	-119	-125	-132	-159	-269	-193	-253	-305
Interest Expense	65	64	93	125	132	147	162	278	202	275	327
Interest & Investment Income	-	0.49	0.60	5.17	7.17	9.78	5.25	2.92	5.95	9.35	12
Other Income / (Expense), net	1.07	-1.01	1.17	1.54	-0.17	5.70	-1.39	6.29	3.15	12	10
Income Tax Expense	152	-32	114	-69	160	139	50	152	213	221	146
Net Income / (Loss) Attributable to Noncontrolling Interest	0.80	1.07	0.78	0.60	0.28	-0.16	-0.69	0.44	0.34	0.03	-1.00
Basic Earnings per Share	$1.87	($0.52)	$1.07	$2.19	$2.07	$2.15	$0.78	$2.37	$3.25	$2.96	$2.39
Weighted Average Basic Shares Outstanding	124.22M	185.24M	230.33M	263.68M	263.65M	263.79M	263.19M	261.17M	257.38M	257.55M	257.97M
Diluted Earnings per Share	$1.86	($0.52)	$1.07	$2.18	$2.07	$2.14	$0.78	$2.36	$3.24	$2.95	$2.39
Weighted Average Diluted Shares Outstanding	124.79M	185.24M	231.08M	264.30M	264.40M	264.53M	263.69M	261.73M	258.04M	258.15M	258.66M
Weighted Average Basic & Diluted Shares Outstanding	124.30M	122.80M	230.40M	263.40M	264.20M	263.69M	262.23M	257.33M	257.22M	257.68M	258.09M
Cash Dividends to Common per Share	$0.48	$0.36	$0.41	$0.50	$0.58	$0.67	$0.76	$0.85	$0.95	$1.05	$1.17

This table shows Waste Connections' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	194	198	209	229	127	230	275	308	-196	242	290
Consolidated Net Income / (Loss)	194	198	209	229	127	229	275	308	-196	242	290
Net Income / (Loss) Continuing Operations	194	198	209	229	127	229	275	308	-196	242	290
Total Pre-Tax Income	251	252	278	292	161	289	356	400	-282	313	389
Total Operating Income	312	315	344	353	225	367	425	475	-199	390	460
Total Gross Profit	731	754	824	860	840	851	947	994	936	937	1,014
Total Revenue	1,869	1,901	2,021	2,065	2,036	2,073	2,248	2,338	2,260	2,228	2,407
Operating Revenue	1,869	1,901	2,021	2,065	2,036	2,073	2,248	2,338	2,260	2,228	2,407
Total Cost of Revenue	1,138	1,147	1,197	1,205	1,196	1,222	1,301	1,344	1,325	1,291	1,393
Operating Cost of Revenue	1,138	1,147	1,197	1,205	1,196	1,222	1,301	1,344	1,325	1,291	1,393
Total Operating Expenses	419	439	480	507	615	484	522	519	1,135	547	555
Selling, General & Admin Expense	178	194	216	196	193	221	229	223	211	250	243
Depreciation Expense	201	204	213	215	213	223	241	248	262	242	257
Amortization Expense	42	39	39	39	40	40	44	45	60	48	50
Impairment Charge	-1.24	1.87	11	56	170	0.35	8.19	2.90	602	6.44	4.03
Total Other Income / (Expense), net	-61	-62	-66	-61	-63	-78	-69	-75	-82	-77	-70
Interest Expense	65	68	68	69	70	78	82	84	82	81	83
Interest & Investment Income	3.38	2.72	1.34	2.83	2.46	2.05	4.01	3.33	2.22	1.77	2.31
Other Income / (Expense), net	0.78	3.17	-0.20	5.37	4.14	-1.82	9.65	4.90	-2.26	1.87	10
Income Tax Expense	57	54	69	63	35	59	81	92	-86	71	99
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.05	0.02	-0.04	0.17	-0.12	-0.93	-0.08	0.00	0.00	0.00	0.00
Basic Earnings per Share	$0.76	$0.77	$0.81	$0.89	$0.49	$0.89	$1.07	$1.19	($0.76)	$0.94	$1.12
Weighted Average Basic Shares Outstanding	257.38M	257.37M	257.60M	257.63M	257.55M	257.80M	257.99M	258.02M	257.97M	258.19M	258.38M
Diluted Earnings per Share	$0.76	$0.77	$0.81	$0.89	$0.48	$0.89	$1.07	$1.19	($0.76)	$0.93	$1.12
Weighted Average Diluted Shares Outstanding	258.04M	257.99M	258.11M	258.23M	258.15M	258.48M	258.57M	258.76M	258.66M	258.90M	258.98M
Weighted Average Basic & Diluted Shares Outstanding	257.22M	257.56M	257.63M	257.64M	257.68M	258.02M	258.04M	258.06M	258.09M	258.39M	257.47M
Cash Dividends to Common per Share	$0.26	$0.26	$0.26	$0.26	$0.29	$0.29	$0.29	$0.29	$0.32	$0.32	$0.32

This table details how cash moves in and out of Waste Connections' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	0.76	-3.38	148	383	-148	19	291	-495	-38	2.67	14
Net Cash From Operating Activities	545	577	795	1,187	1,411	1,541	1,409	1,698	2,022	2,127	2,229
Net Cash From Continuing Operating Activities	545	577	795	1,187	1,411	1,535	1,407	1,698	2,022	2,127	2,229
Net Income / (Loss) Continuing Operations	233	-95	247	577	547	567	204	618	836	763	617
Consolidated Net Income / (Loss)	233	-95	247	577	547	567	204	618	836	763	617
Depreciation Expense	231	240	394	530	573	618	621	674	763	846	974
Amortization Expense	30	32	75	107	112	131	139	144	161	164	200
Non-Cash Adjustments To Reconcile Net Income	23	543	75	179	70	129	516	225	97	305	705
Changes in Operating Assets and Liabilities, net	28	-144	4.50	-206	110	90	-73	37	165	49	-267
Net Cash From Investing Activities	-363	-471	-293	-861	-1,372	-1,426	-1,046	-1,693	-3,087	-1,581	-3,159
Net Cash From Continuing Investing Activities	-363	-471	-293	-861	-1,372	-1,426	-1,046	-1,693	-3,087	-1,581	-3,159
Purchase of Property, Plant & Equipment	-241	-239	-345	-479	-546	-666	-665	-744	-913	-934	-1,056
Acquisitions	-126	-231	-17	-411	-830	-737	-389	-960	-2,207	-677	-2,121
Sale of Property, Plant & Equipment	9.42	2.88	4.60	28	5.39	3.57	19	43	31	32	7.90
Other Investing Activities, net	-5.37	-4.07	-6.10	0.64	-0.97	-1.87	-12	-6.49	1.73	-1.87	9.79
Net Cash From Financing Activities	-181	-110	-355	57	-188	-96	-78	-499	1,028	-544	945
Net Cash From Continuing Financing Activities	-181	-110	-355	57	-188	-96	-78	-499	1,028	-544	945
Repayment of Debt	-526	-1,436	-3,729	-774	-980	-1,479	-1,553	-2,023	-3,088	-2,053	-3,263
Repurchase of Common Equity	-7.32	-91	-	-	-59	0.00	-106	-339	-425	0.00	0.00
Payment of Dividends	-59	-66	-93	-132	-153	-176	-200	-220	-243	-271	-302
Issuance of Debt	433	1,490	3,469	983	1,023	1,576	1,816	2,112	4,816	1,819	4,564
Issuance of Common Equity	3.38	0.57	20	11	2.67	4.04	0.68	1.65	3.93	4.70	6.50
Other Financing Activities, net	-24	-6.57	-23	-31	-21	-21	-36	-32	-35	-44	-61
Effect of Exchange Rate Changes	-	-	-	-	-	0.61	6.91	-0.03	-2.04	1.34	-0.56
Cash Interest Paid	60	56	88	116	124	140	142	157	177	261	299
Cash Income Taxes Paid	116	102	70	156	52	81	105	146	100	207	216

This table details how cash moves in and out of Waste Connections' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-127	59	-36	-5.30	-15	34	-25	46	-40	51	18
Net Cash From Operating Activities	522	442	574	554	556	490	611	558	569	542	638
Net Cash From Continuing Operating Activities	522	442	574	554	556	490	611	558	569	542	638
Net Income / (Loss) Continuing Operations	194	198	209	229	127	229	275	308	-196	242	290
Consolidated Net Income / (Loss)	194	198	209	229	127	229	275	308	-196	242	290
Depreciation Expense	201	204	213	215	213	223	241	248	262	242	257
Amortization Expense	43	41	41	41	41	44	46	47	62	50	52
Non-Cash Adjustments To Reconcile Net Income	24	25	43	79	158	40	29	-2.85	639	45	94
Changes in Operating Assets and Liabilities, net	60	-25	68	-10	17	-45	19	-43	-198	-37	-56
Net Cash From Investing Activities	-1,229	-318	-287	-581	-395	-1,335	-460	-852	-513	-603	-417
Net Cash From Continuing Investing Activities	-1,229	-318	-287	-581	-395	-1,335	-460	-852	-513	-603	-417
Purchase of Property, Plant & Equipment	-294	-176	-218	-221	-318	-170	-217	-272	-397	-212	-285
Acquisitions	-934	-145	-69	-360	-104	-1,156	-279	-575	-111	-380	-130
Sale of Property, Plant & Equipment	7.34	1.26	2.56	4.86	23	1.09	1.91	2.64	2.27	0.97	4.45
Other Investing Activities, net	-7.57	1.38	-2.52	-4.41	3.69	-9.29	35	-7.64	-8.35	-11	-5.58
Net Cash From Financing Activities	578	-65	-324	23	-178	878	-177	338	-95	113	-206
Net Cash From Continuing Financing Activities	578	-65	-324	23	-178	878	-177	338	-95	113	-206
Repayment of Debt	-1,018	-315	-454	-615	-670	-1,361	-889	-527	-486	-542	-950
Payment of Dividends	-65	-66	-65	-66	-74	-74	-74	-74	-81	-81	-81
Issuance of Debt	1,668	337	202	704	576	2,353	788	952	472	783	831
Other Financing Activities, net	-5.69	-24	-6.58	-2.80	-11	-42	-1.62	-15	-1.84	-49	-4.71
Effect of Exchange Rate Changes	1.18	-0.05	0.21	-1.21	2.40	-0.58	-0.52	1.02	-0.49	-0.43	2.44

This table presents Waste Connections' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,376	5,122	11,104	12,015	12,627	13,738	13,992	14,700	17,135	17,916	19,818
Total Current Assets	296	362	743	1,177	1,093	1,131	1,408	1,033	1,118	1,142	1,227
Cash & Equivalents	42	11	154	434	319	327	617	147	79	78	62
Accounts Receivable	216	255	485	554	610	663	630	710	834	857	935
Prepaid Expenses	36	47	98	187	164	141	161	176	205	206	230
Plant, Property, & Equipment, net	929	2,738	4,738	4,821	5,169	5,516	5,285	5,722	6,951	7,228	8,036
Total Noncurrent Assets	2,152	2,021	5,622	6,017	6,365	7,091	7,300	7,945	9,066	9,546	10,555
Long-Term Investments	0.89	46	63	48	47	51	58	59	68	70	78
Goodwill	937	1,423	4,390	4,682	5,032	5,511	5,727	6,188	6,902	7,404	7,950
Intangible Assets	166	511	1,067	1,087	1,129	1,163	1,155	1,351	1,674	1,604	1,992
Other Noncurrent Operating Assets	967	41	68	68	73	269	263	276	319	362	399
Other Noncurrent Nonoperating Assets	75	-	34	132	85	96	97	72	103	106	136
Total Liabilities & Shareholders' Equity	3,376	5,122	11,104	12,015	12,627	13,738	13,992	14,700	17,135	17,916	19,818
Total Liabilities	2,148	3,130	5,449	5,741	6,167	6,799	7,129	7,706	10,021	10,218	11,957
Total Current Liabilities	330	378	692	803	887	1,007	1,029	1,233	1,513	1,688	1,879
Short-Term Debt	5.43	24	23	27	13	27	52	69	67	121	67
Accounts Payable	87	115	251	331	360	437	291	393	639	642	637
Accrued Expenses	174	136	269	278	316	281	405	443	431	521	737
Current Deferred Revenue	16	90	134	145	179	216	234	274	325	355	383
Other Current Liabilities	26	12	11	19	19	46	48	55	51	47	55
Total Noncurrent Liabilities	1,817	2,752	4,757	4,938	5,280	5,792	6,100	6,474	8,508	8,530	10,079
Long-Term Debt	1,553	2,147	3,617	3,900	4,153	4,354	4,709	5,041	6,890	6,725	8,073
Noncurrent Deferred & Payable Income Tax Liabilities	127	452	779	691	760	819	760	851	1,014	1,022	958
Other Noncurrent Operating Liabilities	17	152	361	348	367	620	632	582	604	783	1,047
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,229	1,992	5,655	6,274	6,460	6,938	6,863	6,994	7,114	7,698	7,860
Total Preferred & Common Equity	1,229	1,985	5,648	6,269	6,455	6,934	6,859	6,989	7,109	7,693	7,860
Total Common Equity	1,229	1,985	5,648	6,269	6,455	6,934	6,859	6,989	7,109	7,693	7,860
Common Stock	1,738	738	4,277	4,303	4,265	4,290	4,201	3,893	3,516	3,561	3,609
Retained Earnings	-377	1,259	1,413	1,857	2,265	2,654	2,659	3,057	3,649	4,142	4,457
Treasury Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accumulated Other Comprehensive Income / (Loss)	-123	-12	-43	108	-75	-11	-0.65	40	-57	-9.83	-206
Noncontrolling Interest	-	6.58	7.36	5.40	5.58	4.85	4.17	4.61	4.95	4.97	0.00

This table presents Waste Connections' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	16,131	17,227	17,360	17,731	19,083	19,302	20,095	20,254	20,679
Total Current Assets	1,230	1,134	1,112	1,152	1,217	1,236	1,355	1,281	1,350
Cash & Equivalents	200	134	92	96	112	79	115	111	110
Accounts Receivable	811	815	855	868	897	961	991	952	1,032
Prepaid Expenses	219	186	164	187	208	196	249	218	208
Plant, Property, & Equipment, net	6,353	6,957	7,030	7,097	7,827	7,896	8,234	8,223	8,381
Total Noncurrent Assets	8,547	9,136	9,218	9,483	10,038	10,170	10,506	10,750	10,948
Long-Term Investments	56	74	73	76	75	75	79	74	78
Goodwill	6,575	6,941	6,992	7,313	7,597	7,705	7,923	8,056	8,221
Intangible Assets	1,489	1,697	1,660	1,619	1,877	1,895	1,983	2,067	2,062
Other Noncurrent Operating Assets	319	317	380	372	384	381	398	415	430
Other Noncurrent Nonoperating Assets	108	107	113	103	106	114	123	138	157
Total Liabilities & Shareholders' Equity	16,131	17,227	17,360	17,731	19,083	19,302	20,095	20,254	20,679
Total Liabilities	9,187	9,988	9,900	10,140	11,292	11,318	11,834	12,240	12,325
Total Current Liabilities	1,379	1,383	1,463	1,576	1,632	1,770	1,754	1,829	2,001
Short-Term Debt	62	75	82	134	113	107	63	55	97
Accounts Payable	508	526	539	605	590	663	706	626	730
Accrued Expenses	458	390	453	446	507	570	553	690	706
Current Deferred Revenue	306	337	341	343	370	376	377	404	412
Other Current Liabilities	45	55	48	48	51	55	54	54	57
Total Noncurrent Liabilities	7,809	8,605	8,437	8,564	9,660	9,548	10,080	10,411	10,324
Long-Term Debt	6,212	6,922	6,681	6,803	7,795	7,696	8,161	8,388	8,337
Noncurrent Deferred & Payable Income Tax Liabilities	986	1,041	1,049	1,048	1,053	1,069	1,099	1,012	1,035
Other Noncurrent Operating Liabilities	610	642	706	712	812	783	820	1,011	951
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,943	7,239	7,459	7,591	7,791	7,983	8,261	8,014	8,354
Total Preferred & Common Equity	6,938	7,234	7,455	7,586	7,787	7,983	8,261	8,014	8,354
Total Common Equity	6,938	7,234	7,455	7,586	7,787	7,983	8,261	8,014	8,354
Common Stock	3,501	3,513	3,530	3,547	3,552	3,570	3,592	3,604	3,622
Retained Earnings	3,520	3,782	3,925	4,089	4,298	4,500	4,734	4,617	4,826
Treasury Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accumulated Other Comprehensive Income / (Loss)	-83	-61	-1.08	-49	-63	-87	-65	-207	-94
Noncontrolling Interest	5.00	4.97	4.93	5.10	4.05	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from Waste Connections' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.80%	1.83%	59.44%	37.16%	6.32%	9.46%	1.06%	12.95%	17.24%	11.23%	11.19%
EBITDA Growth	10.80%	-70.48%	339.17%	37.22%	19.86%	4.99%	-26.47%	59.18%	16.40%	4.09%	-0.29%
EBIT Growth	14.15%	-113.89%	825.13%	38.63%	32.36%	1.37%	-51.27%	154.46%	19.07%	0.28%	-13.67%
NOPAT Growth	13.11%	-116.97%	770.92%	130.03%	-9.57%	4.44%	-50.73%	151.78%	18.67%	-3.14%	-10.02%
Net Income Growth	19.04%	-140.58%	361.18%	133.47%	-5.24%	3.57%	-64.00%	203.19%	35.17%	-8.75%	-19.17%
EPS Growth	17.72%	-127.96%	361.18%	103.74%	-5.05%	3.38%	-63.55%	202.56%	37.29%	-8.95%	-18.98%
Operating Cash Flow Growth	12.61%	5.86%	37.84%	49.28%	18.86%	9.16%	-8.57%	20.57%	19.09%	5.16%	4.80%
Free Cash Flow Firm Growth	-27.56%	-86.47%	-20,385.14%	103.54%	-65.48%	-94.17%	9,739.00%	-142.60%	-628.57%	148.71%	-216.53%
Invested Capital Growth	2.54%	-1.65%	120.16%	6.06%	6.13%	6.58%	0.06%	8.96%	16.89%	3.39%	10.04%
Revenue Q/Q Growth	1.98%	0.27%	18.07%	2.40%	2.17%	1.90%	0.67%	3.82%	3.52%	2.12%	2.58%
EBITDA Q/Q Growth	2.79%	-4.27%	13.92%	4.37%	2.56%	-0.54%	2.58%	3.82%	4.41%	-3.16%	-13.82%
EBIT Q/Q Growth	3.75%	-26.54%	9.10%	6.17%	2.62%	-0.29%	0.85%	5.16%	5.29%	-6.31%	-28.52%
NOPAT Q/Q Growth	4.26%	-25.14%	16.51%	64.56%	-24.89%	0.01%	1.41%	3.75%	4.87%	-6.37%	-25.71%
Net Income Q/Q Growth	5.19%	-9.90%	15.57%	65.92%	-25.02%	0.11%	-1.27%	6.15%	3.45%	-8.15%	-34.35%
EPS Q/Q Growth	5.08%	26.76%	15.57%	65.15%	-25.27%	-0.47%	0.00%	5.83%	4.18%	-8.67%	-34.16%
Operating Cash Flow Q/Q Growth	6.22%	-2.84%	21.89%	3.70%	5.58%	-1.18%	-8.58%	13.75%	4.88%	1.60%	0.59%
Free Cash Flow Firm Q/Q Growth	-20.43%	-83.43%	7.52%	-9.55%	-83.48%	-97.98%	2.65%	-108.73%	-61.02%	230.26%	24.06%
Invested Capital Q/Q Growth	3.47%	6.36%	-0.95%	2.24%	2.86%	4.26%	4.21%	4.80%	7.54%	0.25%	-2.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.25%	44.39%	42.01%	41.59%	41.79%	40.64%	39.83%	40.60%	39.88%	40.86%	41.79%
EBITDA Margin	34.21%	9.92%	27.32%	27.33%	30.81%	29.55%	21.50%	30.30%	30.09%	28.15%	25.25%
Operating Margin	21.61%	-2.91%	13.40%	13.54%	16.91%	15.55%	7.57%	16.90%	17.22%	15.41%	11.97%
EBIT Margin	21.66%	-2.95%	13.43%	13.58%	16.90%	15.65%	7.55%	17.00%	17.27%	15.57%	12.09%
Profit (Net Income) Margin	11.22%	-4.47%	7.33%	12.47%	11.11%	10.52%	3.75%	10.05%	11.59%	9.51%	6.91%
Tax Burden Percent	60.50%	74.98%	68.44%	113.55%	77.38%	80.28%	80.34%	80.25%	79.70%	77.56%	80.82%
Interest Burden Percent	85.64%	201.94%	79.69%	80.89%	84.99%	83.69%	61.77%	73.69%	84.23%	78.76%	70.76%
Effective Tax Rate	39.50%	25.02%	31.56%	-13.55%	22.62%	19.72%	19.66%	19.75%	20.30%	22.44%	19.18%
Return on Invested Capital (ROIC)	6.59%	-1.11%	4.71%	7.65%	6.52%	6.40%	3.05%	7.36%	7.72%	6.82%	5.75%
ROIC Less NNEP Spread (ROIC-NNEP)	4.65%	-3.51%	2.45%	3.63%	3.76%	3.62%	-0.17%	2.46%	5.05%	3.87%	2.34%
Return on Net Nonoperating Assets (RNNOA)	4.31%	-3.37%	1.76%	2.04%	2.08%	2.06%	-0.10%	1.57%	4.13%	3.48%	2.18%
Return on Equity (ROE)	10.90%	-4.48%	6.47%	9.68%	8.59%	8.46%	2.96%	8.93%	11.85%	10.30%	7.93%
Cash Return on Invested Capital (CROIC)	4.09%	0.55%	-70.35%	1.76%	0.57%	0.03%	2.99%	-1.22%	-7.85%	3.49%	-3.81%
Operating Return on Assets (OROA)	8.74%	-1.21%	5.59%	5.44%	6.75%	6.40%	2.96%	7.29%	7.82%	7.13%	5.71%
Return on Assets (ROA)	4.53%	-1.83%	3.05%	5.00%	4.44%	4.30%	1.47%	4.31%	5.25%	4.35%	3.27%
Return on Common Equity (ROCE)	10.87%	-4.47%	6.46%	9.67%	8.59%	8.45%	2.95%	8.92%	11.84%	10.29%	7.92%
Return on Equity Simple (ROE_SIMPLE)	-	-	4.38%	9.21%	8.48%	8.17%	2.97%	8.85%	11.76%	9.92%	7.84%
Net Operating Profit after Tax (NOPAT)	272	-46	310	712	644	673	331	834	990	959	863
NOPAT Margin	13.07%	-2.18%	9.17%	15.38%	13.08%	12.48%	6.08%	13.56%	13.73%	11.95%	9.67%
Net Nonoperating Expense Percent (NNEP)	1.94%	2.39%	2.26%	4.02%	2.75%	2.78%	3.23%	4.89%	2.67%	2.95%	3.41%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	7.04%	6.59%	5.39%
Cost of Revenue to Revenue	54.75%	55.61%	57.99%	58.41%	58.21%	59.36%	60.17%	59.40%	60.12%	59.14%	58.21%
SG&A Expenses to Revenue	11.04%	11.22%	14.05%	11.01%	10.65%	10.14%	9.87%	9.95%	9.66%	9.96%	9.90%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.64%	47.30%	28.61%	28.04%	24.88%	25.09%	32.26%	23.70%	22.65%	25.44%	29.82%
Earnings before Interest and Taxes (EBIT)	450	-63	453	629	832	843	411	1,046	1,245	1,249	1,078
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	711	210	922	1,265	1,517	1,592	1,171	1,864	2,170	2,258	2,252
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.58	3.41	2.31	2.85	2.92	3.35	3.84	5.00	4.73	4.97	5.63
Price to Tangible Book Value (P/TBV)	144.30	132.33	68.58	35.75	63.96	89.38	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.69	3.19	3.86	3.86	3.82	4.31	4.84	5.68	4.66	4.76	4.96
Price to Earnings (P/E)	15.14	0.00	52.88	30.95	34.42	40.93	128.68	56.50	40.22	50.08	71.70
Dividend Yield	1.97%	1.39%	0.89%	0.74%	0.81%	0.76%	0.76%	0.63%	0.72%	0.88%	0.68%
Earnings Yield	6.60%	-1.42%	1.89%	3.23%	2.91%	2.44%	0.78%	1.77%	2.49%	2.00%	1.39%
Enterprise Value to Invested Capital (EV/IC)	1.31	2.16	1.82	2.22	2.22	2.51	2.80	3.37	2.92	3.14	3.32
Enterprise Value to Revenue (EV/Rev)	2.63	4.19	4.88	4.60	4.60	5.05	5.59	6.47	5.61	5.60	5.86
Enterprise Value to EBITDA (EV/EBITDA)	7.69	42.29	17.86	16.84	14.92	17.09	25.99	21.37	18.63	19.88	23.22
Enterprise Value to EBIT (EV/EBIT)	12.14	0.00	36.31	33.89	27.19	32.26	74.03	38.08	32.46	35.96	48.49
Enterprise Value to NOPAT (EV/NOPAT)	20.12	0.00	53.19	29.92	35.14	40.46	91.83	47.74	40.83	46.83	60.59
Enterprise Value to Operating Cash Flow (EV/OCF)	10.03	15.39	20.70	17.94	16.03	17.66	21.60	23.45	19.99	21.11	23.45
Enterprise Value to Free Cash Flow (EV/FCFF)	32.45	389.55	0.00	130.01	400.02	8,251.89	93.79	0.00	0.00	91.55	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.89	1.09	0.64	0.63	0.65	0.63	0.69	0.73	0.98	0.89	1.04
Long-Term Debt to Equity	0.88	1.08	0.64	0.62	0.64	0.63	0.69	0.72	0.97	0.87	1.03
Financial Leverage	0.93	0.96	0.72	0.56	0.55	0.57	0.57	0.64	0.82	0.90	0.93
Leverage Ratio	2.41	2.45	2.12	1.94	1.94	1.97	2.01	2.07	2.26	2.37	2.43
Compound Leverage Factor	2.06	4.95	1.69	1.57	1.64	1.65	1.24	1.53	1.90	1.86	1.72
Debt to Total Capital	47.20%	52.16%	39.16%	38.50%	39.21%	38.70%	40.95%	42.22%	49.44%	47.07%	50.87%
Short-Term Debt to Total Capital	0.60%	0.58%	0.25%	0.27%	0.13%	0.24%	0.44%	0.57%	0.48%	0.84%	0.42%
Long-Term Debt to Total Capital	46.60%	51.57%	38.91%	38.23%	39.08%	38.46%	40.51%	41.65%	48.97%	46.24%	50.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.13%	0.16%	0.08%	0.05%	0.05%	0.04%	0.04%	0.04%	0.04%	0.03%	0.00%
Common Equity to Total Capital	52.67%	47.68%	60.76%	61.45%	60.74%	61.25%	59.01%	57.75%	50.52%	52.89%	49.13%
Debt to EBITDA	2.81	10.34	3.95	3.10	2.75	2.75	4.07	2.74	3.21	3.03	3.61
Net Debt to EBITDA	2.73	10.07	3.71	2.72	2.51	2.51	3.49	2.63	3.14	2.97	3.55
Long-Term Debt to EBITDA	2.77	10.22	3.92	3.08	2.74	2.73	4.02	2.70	3.18	2.98	3.58
Debt to NOPAT	7.35	-47.06	11.76	5.51	6.47	6.51	14.37	6.12	7.03	7.14	9.43
Net Debt to NOPAT	7.14	-45.82	11.05	4.84	5.90	5.95	12.33	5.88	6.88	6.98	9.27
Long-Term Debt to NOPAT	7.25	-46.54	11.68	5.48	6.45	6.47	14.21	6.04	6.96	7.01	9.36
Altman Z-Score	1.76	2.01	2.06	2.68	2.71	2.92	3.00	3.65	2.94	3.21	3.13
Noncontrolling Interest Sharing Ratio	0.25%	0.29%	0.18%	0.11%	0.09%	0.08%	0.07%	0.06%	0.07%	0.07%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.02	0.96	1.07	1.47	1.23	1.12	1.37	0.84	0.74	0.68	0.65
Quick Ratio	0.76	0.70	0.92	1.23	1.05	0.98	1.21	0.70	0.60	0.55	0.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	168	23	-4,624	164	57	3.30	324	-138	-1,007	490	-572
Operating Cash Flow to CapEx	235.09%	244.54%	233.83%	263.34%	260.97%	232.53%	218.21%	242.07%	229.31%	235.68%	212.67%
Free Cash Flow to Firm to Interest Expense	2.61	0.35	-49.88	1.31	0.43	0.02	2.00	-0.50	-4.98	1.79	-1.75
Operating Cash Flow to Interest Expense	8.43	8.98	8.58	9.48	10.68	10.45	8.67	6.11	10.00	7.74	6.82
Operating Cash Flow Less CapEx to Interest Expense	4.84	5.31	4.91	5.88	6.59	5.96	4.70	3.58	5.64	4.46	3.61
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.41	0.42	0.40	0.40	0.41	0.39	0.43	0.45	0.46	0.47
Accounts Receivable Turnover	8.42	8.22	9.12	8.91	8.46	8.47	8.42	9.18	9.35	9.49	9.96
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.82	0.79	0.90	0.97	0.99	1.01	1.01	1.12	1.14	1.13	1.17
Accounts Payable Turnover	10.07	9.98	10.68	9.30	8.30	8.03	9.00	10.69	8.41	7.41	8.11
Days Sales Outstanding (DSO)	43.36	44.40	40.02	40.97	43.15	43.09	43.33	39.75	39.06	38.47	36.66
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	36.25	36.57	34.16	39.25	43.97	45.47	40.53	34.15	43.42	49.28	44.99
Cash Conversion Cycle (CCC)	7.11	7.84	5.86	1.72	-0.82	-2.38	2.80	5.61	-4.36	-10.82	-8.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,175	4,106	9,040	9,588	10,176	10,845	10,852	11,824	13,821	14,290	15,724
Invested Capital Turnover	0.50	0.51	0.51	0.50	0.50	0.51	0.50	0.54	0.56	0.57	0.59
Increase / (Decrease) in Invested Capital	103	-69	4,934	548	587	669	6.92	972	1,997	468	1,434
Enterprise Value (EV)	5,468	8,881	16,467	21,305	22,628	27,209	30,428	39,829	40,423	44,902	52,278
Market Capitalization	3,521	6,760	13,037	17,854	18,822	23,201	26,338	34,922	33,608	38,200	44,278
Book Value per Share	$17.86	$10.72	$32.25	$23.78	$24.50	$26.30	$26.09	$26.83	$27.64	$29.86	$30.46
Tangible Book Value per Share	$0.20	$0.28	$1.09	$1.89	$1.12	$0.98	($0.09)	($2.11)	($5.71)	($5.10)	($8.07)
Total Capital	4,230	4,163	9,295	10,201	10,627	11,319	11,624	12,103	14,071	14,544	16,000
Total Debt	1,996	2,171	3,640	3,927	4,167	4,381	4,760	5,109	6,957	6,846	8,140
Total Long-Term Debt	1,971	2,147	3,617	3,900	4,153	4,354	4,709	5,041	6,890	6,725	8,073
Net Debt	1,941	2,114	3,422	3,446	3,800	4,003	4,085	4,903	6,810	6,697	7,999
Capital Expenditures (CapEx)	232	236	340	451	541	663	645	702	882	902	1,048
Debt-free, Cash-free Net Working Capital (DFCFNWC)	17	-2.48	-80	-32	-100	-176	-186	-279	-407	-503	-647
Debt-free Net Working Capital (DFNWC)	31	8.50	74	402	219	150	431	-131	-328	-425	-585
Net Working Capital (NWC)	5.83	-16	51	374	206	123	380	-200	-395	-546	-652
Net Nonoperating Expense (NNE)	38	49	62	135	97	106	127	216	154	196	246
Net Nonoperating Obligations (NNO)	1,941	2,114	3,385	3,314	3,715	3,907	3,988	4,831	6,708	6,592	7,864
Total Depreciation and Amortization (D&A)	261	273	469	637	685	749	760	818	924	1,010	1,174
Debt-free, Cash-free Net Working Capital to Revenue	0.81%	-0.12%	-2.37%	-0.69%	-2.03%	-3.27%	-3.42%	-4.53%	-5.64%	-6.27%	-7.26%
Debt-free Net Working Capital to Revenue	1.50%	0.40%	2.20%	8.68%	4.46%	2.79%	7.92%	-2.13%	-4.55%	-5.29%	-6.56%
Net Working Capital to Revenue	0.28%	-0.75%	1.52%	8.08%	4.19%	2.29%	6.97%	-3.25%	-5.48%	-6.81%	-7.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.87	($0.52)	$1.07	$2.19	$2.07	$2.15	$0.78	$2.37	$3.25	$2.96	$2.39
Adjusted Weighted Average Basic Shares Outstanding	124.22M	185.24M	230.33M	263.68M	263.65M	263.79M	263.19M	261.17M	257.38M	257.55M	257.97M
Adjusted Diluted Earnings per Share	$1.86	($0.52)	$1.07	$2.18	$2.07	$2.14	$0.78	$2.36	$3.24	$2.95	$2.39
Adjusted Weighted Average Diluted Shares Outstanding	124.79M	185.24M	231.08M	264.30M	264.40M	264.53M	263.69M	261.73M	258.04M	258.15M	258.66M
Adjusted Basic & Diluted Earnings per Share	$1.87	($0.52)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	124.30M	184.20M	263.14M	263.67M	263.28M	263.69M	262.23M	257.33M	257.22M	257.68M	258.09M
Normalized Net Operating Profit after Tax (NOPAT)	274	325	328	549	660	722	706	860	1,005	1,144	1,358
Normalized NOPAT Margin	13.19%	15.33%	9.73%	11.85%	13.40%	13.40%	12.97%	13.98%	13.93%	14.26%	15.23%
Pre Tax Income Margin	18.55%	-5.96%	10.70%	10.98%	14.36%	13.10%	4.66%	12.53%	14.55%	12.26%	8.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.96	-0.97	4.89	5.02	6.30	5.72	2.53	3.76	6.16	4.55	3.30
NOPAT to Interest Expense	4.20	-0.72	3.34	5.68	4.87	4.56	2.04	3.00	4.89	3.49	2.64
EBIT Less CapEx to Interest Expense	3.38	-4.65	1.22	1.42	2.21	1.23	-1.44	1.24	1.80	1.26	0.09
NOPAT Less CapEx to Interest Expense	0.62	-4.39	-0.33	2.08	0.78	0.07	-1.93	0.48	0.53	0.21	-0.57
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.41%	-69.69%	37.42%	22.86%	27.90%	30.99%	97.99%	35.60%	29.07%	35.47%	49.02%
Augmented Payout Ratio	28.54%	-165.96%	37.42%	22.86%	38.67%	30.99%	149.78%	90.41%	79.91%	35.47%	49.02%

This table displays calculated financial ratios and metrics derived from Waste Connections' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.08%	15.44%	11.27%	9.83%	8.90%	9.06%	11.24%	13.26%	11.04%	7.50%	7.07%
EBITDA Growth	19.69%	15.06%	7.81%	8.01%	-13.24%	12.29%	20.69%	26.30%	-74.68%	8.24%	8.00%
EBIT Growth	25.03%	17.56%	5.20%	6.89%	-26.89%	14.82%	26.29%	34.02%	-188.10%	7.43%	8.11%
NOPAT Growth	23.27%	14.54%	-0.91%	2.16%	-26.95%	18.01%	26.77%	32.19%	-179.15%	3.38%	4.33%
Net Income Growth	16.75%	9.68%	-6.71%	-3.35%	-34.83%	15.82%	31.66%	34.41%	-254.79%	5.40%	5.40%
EPS Growth	20.63%	11.59%	-6.90%	-3.26%	-36.84%	15.58%	32.10%	33.71%	-258.33%	4.49%	4.67%
Operating Cash Flow Growth	21.97%	0.33%	7.80%	5.26%	6.43%	10.84%	6.45%	0.75%	2.34%	10.45%	4.39%
Free Cash Flow Firm Growth	-126.02%	-34.76%	-31.13%	13.45%	83.35%	21.80%	16.88%	-37.76%	-438.46%	64.35%	53.38%
Invested Capital Growth	16.89%	14.61%	14.42%	10.90%	3.39%	10.67%	11.28%	13.43%	10.04%	4.72%	5.95%
Revenue Q/Q Growth	-0.56%	1.67%	6.35%	2.16%	-1.41%	1.82%	8.47%	4.02%	-3.34%	-1.42%	8.03%
EBITDA Q/Q Growth	-2.05%	1.02%	6.24%	2.75%	-21.31%	30.74%	14.18%	7.52%	-84.23%	458.97%	13.92%
EBIT Q/Q Growth	-6.71%	1.63%	8.20%	4.19%	-36.19%	59.62%	19.01%	10.57%	-141.95%	294.63%	19.77%
NOPAT Q/Q Growth	-11.03%	2.36%	5.01%	6.83%	-36.38%	65.34%	12.80%	11.40%	-138.09%	315.95%	13.84%
Net Income Q/Q Growth	-18.06%	1.82%	5.73%	9.57%	-44.75%	80.94%	20.20%	11.85%	-163.63%	223.22%	20.19%
EPS Q/Q Growth	-17.39%	1.32%	5.19%	9.88%	-46.07%	85.42%	20.22%	11.22%	-163.87%	222.37%	20.43%
Operating Cash Flow Q/Q Growth	-0.78%	-15.31%	29.84%	-3.52%	0.32%	-11.81%	24.69%	-8.68%	1.90%	-4.81%	17.85%
Free Cash Flow Firm Q/Q Growth	-35.23%	13.00%	1.95%	24.98%	73.99%	-308.73%	-4.23%	-24.33%	-1.66%	72.94%	-36.30%
Invested Capital Q/Q Growth	7.54%	0.72%	0.17%	2.21%	0.25%	7.82%	0.73%	4.18%	-2.74%	2.61%	1.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.12%	39.65%	40.76%	41.66%	41.26%	41.05%	42.13%	42.52%	41.39%	42.04%	42.13%
EBITDA Margin	29.81%	29.61%	29.58%	29.75%	23.75%	30.49%	32.10%	33.18%	5.41%	30.70%	32.38%
Operating Margin	16.69%	16.56%	17.03%	17.10%	11.03%	17.70%	18.89%	20.33%	-8.81%	17.51%	19.09%
EBIT Margin	16.73%	16.73%	17.02%	17.36%	11.23%	17.61%	19.32%	20.54%	-8.91%	17.60%	19.51%
Profit (Net Income) Margin	10.39%	10.41%	10.35%	11.10%	6.22%	11.05%	12.25%	13.17%	-8.67%	10.84%	12.06%
Tax Burden Percent	77.30%	78.44%	75.32%	78.45%	78.46%	79.41%	77.36%	77.00%	69.59%	77.17%	74.59%
Interest Burden Percent	80.37%	79.35%	80.75%	81.53%	70.58%	79.06%	81.96%	83.30%	139.81%	79.82%	82.87%
Effective Tax Rate	22.70%	21.56%	24.68%	21.55%	21.54%	20.59%	22.64%	23.00%	0.00%	22.83%	25.41%
Return on Invested Capital (ROIC)	7.26%	7.44%	7.53%	7.77%	4.94%	7.85%	8.35%	8.95%	-3.67%	7.78%	8.23%
ROIC Less NNEP Spread (ROIC-NNEP)	6.44%	6.63%	6.68%	7.01%	4.19%	6.98%	7.60%	8.15%	-4.45%	7.02%	7.56%
Return on Net Nonoperating Assets (RNNOA)	5.27%	5.71%	5.50%	6.07%	3.77%	6.64%	6.90%	7.49%	-4.13%	6.99%	7.23%
Return on Equity (ROE)	12.53%	13.15%	13.03%	13.84%	8.71%	14.50%	15.25%	16.44%	-7.80%	14.76%	15.46%
Cash Return on Invested Capital (CROIC)	-7.85%	-5.78%	-5.65%	-2.78%	3.49%	-3.29%	-3.40%	-4.95%	-3.81%	0.92%	-0.25%
Operating Return on Assets (OROA)	7.58%	7.65%	7.97%	8.05%	5.14%	7.95%	8.88%	9.44%	-4.21%	8.12%	9.01%
Return on Assets (ROA)	4.71%	4.76%	4.84%	5.15%	2.85%	4.99%	5.63%	6.06%	-4.10%	5.00%	5.57%
Return on Common Equity (ROCE)	12.52%	13.15%	13.02%	13.83%	8.70%	14.49%	15.25%	16.43%	-7.80%	14.76%	15.46%
Return on Equity Simple (ROE_SIMPLE)	0.00%	11.80%	11.25%	10.95%	0.00%	10.20%	10.78%	11.37%	0.00%	7.85%	7.71%
Net Operating Profit after Tax (NOPAT)	241	247	259	277	176	291	329	366	-139	301	343
NOPAT Margin	12.90%	12.99%	12.82%	13.41%	8.65%	14.05%	14.61%	15.65%	-6.17%	13.51%	14.24%
Net Nonoperating Expense Percent (NNEP)	0.81%	0.81%	0.85%	0.76%	0.74%	0.87%	0.76%	0.80%	0.78%	0.76%	0.67%
Return On Investment Capital (ROIC_SIMPLE)	1.71%	-	-	-	1.21%	-	-	-	-0.87%	1.83%	2.04%
Cost of Revenue to Revenue	60.88%	60.35%	59.24%	58.34%	58.74%	58.95%	57.87%	57.48%	58.61%	57.96%	57.87%
SG&A Expenses to Revenue	9.51%	10.19%	10.71%	9.51%	9.47%	10.65%	10.18%	9.52%	9.35%	11.23%	10.09%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.43%	23.09%	23.73%	24.56%	30.24%	23.36%	23.24%	22.20%	50.20%	24.53%	23.04%
Earnings before Interest and Taxes (EBIT)	313	318	344	358	229	365	434	480	-201	392	470
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	557	563	598	614	483	632	722	776	122	684	779
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.73	4.91	4.90	4.53	4.97	5.69	5.67	5.59	5.63	6.29	5.78
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.66	4.76	4.76	4.37	4.76	5.41	5.37	5.31	4.96	5.55	5.23
Price to Earnings (P/E)	40.22	41.62	43.59	41.37	50.08	55.74	52.53	49.07	71.70	80.08	74.94
Dividend Yield	0.72%	0.70%	0.86%	0.76%	0.88%	0.63%	0.63%	0.64%	0.68%	0.61%	0.66%
Earnings Yield	2.49%	2.40%	2.29%	2.42%	2.00%	1.79%	1.90%	2.04%	1.39%	1.25%	1.33%
Enterprise Value to Invested Capital (EV/IC)	2.92	3.04	3.09	2.89	3.14	3.38	3.41	3.35	3.32	3.63	3.44
Enterprise Value to Revenue (EV/Rev)	5.61	5.67	5.62	5.23	5.60	6.35	6.28	6.23	5.86	6.46	6.12
Enterprise Value to EBITDA (EV/EBITDA)	18.63	18.86	18.87	17.63	19.88	22.36	21.58	20.73	23.22	25.45	23.92
Enterprise Value to EBIT (EV/EBIT)	32.46	32.72	32.94	30.85	35.96	40.16	38.16	35.92	48.49	53.05	49.53
Enterprise Value to NOPAT (EV/NOPAT)	40.83	41.41	42.32	40.15	46.83	51.87	49.32	46.64	60.59	67.28	63.95
Enterprise Value to Operating Cash Flow (EV/OCF)	19.99	20.90	20.89	19.65	21.11	23.93	23.92	24.45	23.45	25.71	24.49
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	91.55	0.00	0.00	0.00	0.00	405.64	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.98	0.97	0.91	0.91	0.89	1.02	0.98	1.00	1.04	1.05	1.01
Long-Term Debt to Equity	0.97	0.96	0.90	0.90	0.87	1.00	0.96	0.99	1.03	1.05	1.00
Financial Leverage	0.82	0.86	0.82	0.86	0.90	0.95	0.91	0.92	0.93	1.00	0.96
Leverage Ratio	2.26	2.33	2.29	2.33	2.37	2.42	2.37	2.39	2.43	2.49	2.45
Compound Leverage Factor	1.81	1.85	1.85	1.90	1.67	1.91	1.95	1.99	3.39	1.99	2.03
Debt to Total Capital	49.44%	49.15%	47.55%	47.75%	47.07%	50.37%	49.43%	49.89%	50.87%	51.30%	50.24%
Short-Term Debt to Total Capital	0.48%	0.53%	0.57%	0.92%	0.84%	0.72%	0.68%	0.38%	0.42%	0.33%	0.58%
Long-Term Debt to Total Capital	48.97%	48.62%	46.98%	46.83%	46.24%	49.65%	48.75%	49.50%	50.45%	50.97%	49.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.04%	0.03%	0.03%	0.04%	0.03%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	50.52%	50.82%	52.41%	52.22%	52.89%	49.60%	50.57%	50.11%	49.13%	48.70%	49.76%
Debt to EBITDA	3.21	3.12	2.96	2.97	3.03	3.40	3.18	3.15	3.61	3.66	3.57
Net Debt to EBITDA	3.14	3.03	2.89	2.90	2.97	3.32	3.12	3.07	3.55	3.58	3.49
Long-Term Debt to EBITDA	3.18	3.09	2.92	2.92	2.98	3.35	3.14	3.12	3.58	3.64	3.53
Debt to NOPAT	7.03	6.85	6.63	6.77	7.14	7.88	7.28	7.08	9.43	9.69	9.55
Net Debt to NOPAT	6.88	6.65	6.47	6.61	6.98	7.70	7.13	6.91	9.27	9.48	9.33
Long-Term Debt to NOPAT	6.96	6.78	6.55	6.64	7.01	7.77	7.18	7.03	9.36	9.62	9.44
Altman Z-Score	2.76	2.92	3.01	2.84	3.02	3.14	3.20	3.16	2.91	3.27	3.16
Noncontrolling Interest Sharing Ratio	0.07%	0.07%	0.07%	0.07%	0.07%	0.06%	0.03%	0.03%	0.03%	0.03%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.74	0.82	0.76	0.73	0.68	0.75	0.70	0.77	0.65	0.70	0.67
Quick Ratio	0.60	0.69	0.65	0.61	0.55	0.62	0.59	0.63	0.53	0.58	0.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,756	-1,528	-1,498	-1,124	-292	-1,195	-1,245	-1,548	-1,574	-426	-580
Operating Cash Flow to CapEx	181.99%	253.46%	266.15%	255.90%	188.11%	290.35%	283.96%	207.17%	144.25%	256.06%	227.23%
Free Cash Flow to Firm to Interest Expense	-27.11	-22.35	-22.18	-16.28	-4.19	-15.22	-15.11	-18.54	-19.10	-5.27	-7.02
Operating Cash Flow to Interest Expense	8.07	6.47	8.50	8.03	7.97	6.25	7.42	6.68	6.90	6.70	7.71
Operating Cash Flow Less CapEx to Interest Expense	3.63	3.92	5.31	4.89	3.73	4.10	4.81	3.46	2.12	4.08	4.32
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.46	0.47	0.46	0.46	0.45	0.46	0.46	0.47	0.46	0.46
Accounts Receivable Turnover	9.35	9.68	9.28	9.36	9.49	9.58	9.27	9.35	9.96	9.82	9.26
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.14	1.17	1.19	1.17	1.13	1.11	1.13	1.13	1.17	1.13	1.13
Accounts Payable Turnover	8.41	9.47	8.89	8.43	7.41	8.64	8.19	7.72	8.11	8.66	7.69
Days Sales Outstanding (DSO)	39.06	37.70	39.34	39.01	38.47	38.12	39.38	39.02	36.66	37.18	39.40
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	43.42	38.56	41.07	43.32	49.28	42.26	44.57	47.25	44.99	42.16	47.49
Cash Conversion Cycle (CCC)	-4.36	-0.86	-1.73	-4.31	-10.82	-4.15	-5.20	-8.24	-8.32	-4.98	-8.09
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	13,821	13,921	13,945	14,253	14,290	15,407	15,519	16,167	15,724	16,134	16,442
Invested Capital Turnover	0.56	0.57	0.59	0.58	0.57	0.56	0.57	0.57	0.59	0.58	0.58
Increase / (Decrease) in Invested Capital	1,997	1,774	1,757	1,401	468	1,486	1,574	1,914	1,434	727	923
Enterprise Value (EV)	40,423	42,300	43,146	41,123	44,902	52,043	52,896	54,171	52,278	58,634	56,493
Market Capitalization	33,608	35,507	36,543	34,353	38,200	44,317	45,247	46,142	44,278	50,376	48,247
Book Value per Share	$27.64	$28.12	$28.94	$29.45	$29.86	$30.21	$30.94	$32.02	$30.46	$31.05	$32.33
Tangible Book Value per Share	($5.71)	($5.46)	($4.65)	($5.22)	($5.10)	($6.55)	($6.26)	($6.37)	($8.07)	($8.17)	($7.47)
Total Capital	14,071	14,236	14,223	14,528	14,544	15,699	15,787	16,485	16,000	16,457	16,787
Total Debt	6,957	6,997	6,763	6,937	6,846	7,908	7,804	8,224	8,140	8,443	8,434
Total Long-Term Debt	6,890	6,922	6,681	6,803	6,725	7,795	7,696	8,161	8,073	8,388	8,337
Net Debt	6,810	6,789	6,598	6,765	6,697	7,722	7,649	8,029	7,999	8,258	8,246
Capital Expenditures (CapEx)	287	175	216	217	296	169	215	269	394	211	281
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-407	-308	-362	-387	-503	-413	-506	-451	-647	-605	-665
Debt-free Net Working Capital (DFNWC)	-328	-174	-270	-290	-425	-301	-427	-336	-585	-494	-555
Net Working Capital (NWC)	-395	-249	-352	-424	-546	-414	-535	-399	-652	-548	-651
Net Nonoperating Expense (NNE)	47	49	50	48	50	62	53	58	57	60	53
Net Nonoperating Obligations (NNO)	6,708	6,682	6,486	6,662	6,592	7,616	7,536	7,906	7,864	8,120	8,088
Total Depreciation and Amortization (D&A)	244	245	254	256	255	267	287	296	324	292	310
Debt-free, Cash-free Net Working Capital to Revenue	-5.64%	-4.12%	-4.72%	-4.92%	-6.27%	-5.05%	-6.01%	-5.18%	-7.26%	-6.66%	-7.20%
Debt-free Net Working Capital to Revenue	-4.55%	-2.33%	-3.52%	-3.70%	-5.29%	-3.68%	-5.08%	-3.86%	-6.56%	-5.44%	-6.01%
Net Working Capital to Revenue	-5.48%	-3.33%	-4.59%	-5.40%	-6.81%	-5.06%	-6.35%	-4.59%	-7.31%	-6.04%	-7.06%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.76	$0.77	$0.81	$0.89	$0.49	$0.89	$1.07	$1.19	($0.76)	$0.94	$1.12
Adjusted Weighted Average Basic Shares Outstanding	257.38M	257.37M	257.60M	257.63M	257.55M	257.80M	257.99M	258.02M	257.97M	258.19M	258.38M
Adjusted Diluted Earnings per Share	$0.76	$0.77	$0.81	$0.89	$0.48	$0.89	$1.07	$1.19	($0.76)	$0.93	$1.12
Adjusted Weighted Average Diluted Shares Outstanding	258.04M	257.99M	258.11M	258.23M	258.15M	258.48M	258.57M	258.76M	258.66M	258.90M	258.98M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	257.22M	257.56M	257.63M	257.64M	257.68M	258.02M	258.04M	258.06M	258.09M	258.39M	257.47M
Normalized Net Operating Profit after Tax (NOPAT)	240	248	267	321	309	292	335	368	282	306	346
Normalized NOPAT Margin	12.85%	13.06%	13.23%	15.56%	15.19%	14.07%	14.90%	15.75%	12.46%	13.74%	14.37%
Pre Tax Income Margin	13.45%	13.27%	13.74%	14.15%	7.93%	13.92%	15.83%	17.11%	-12.46%	14.05%	16.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.83	4.65	5.09	5.19	3.28	4.65	5.27	5.75	-2.44	4.85	5.67
NOPAT to Interest Expense	3.72	3.61	3.84	4.01	2.53	3.71	3.99	4.38	-1.69	3.72	4.14
EBIT Less CapEx to Interest Expense	0.40	2.10	1.90	2.05	-0.96	2.50	2.66	2.52	-7.23	2.23	2.28
NOPAT Less CapEx to Interest Expense	-0.71	1.06	0.64	0.87	-1.71	1.56	1.37	1.16	-6.48	1.11	0.75
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	29.07%	29.22%	30.45%	31.56%	35.47%	35.06%	33.33%	31.41%	49.02%	49.31%	49.38%
Augmented Payout Ratio	79.91%	29.22%	30.45%	31.56%	35.47%	35.06%	33.33%	31.41%	49.02%	49.31%	49.44%

Financials Breakdown Chart

Key Financial Trends

Waste Connections (NYSE: WCN) has shown consistent growth in its financial performance over the last four years through the second quarter of 2025. Below are the key takeaways and trends observed across income, cash flow, and balance sheet data.

Revenue Growth: Revenue has steadily increased from approximately $1.87 billion in Q3 2022 to $2.41 billion in Q2 2025, reflecting consistent top-line growth over nearly three years.
Rising Net Income: Net income improved dramatically from about $126 million loss in Q4 2024 to a net income of $290 million in Q2 2025, showing a strong recovery and profitability gain.
Solid Operating Cash Flow: Operating cash flow is robust and increasing, reaching $638 million in Q2 2025, indicating strong cash generation from core operations.
Increasing Operating Income: Operating income grew from a loss of $199 million in Q4 2024 to $460 million in Q2 2025, demonstrating better operational efficiency.
Consistent Dividend Payouts: The company has consistently paid dividends around $0.255 to $0.315 per share each quarter, signaling stable shareholder returns.
Asset Base Expansion: Total assets have grown from about $16.1 billion in Q3 2022 to $20.7 billion by Q2 2025, driven by investments in property, plant & equipment and goodwill, reflecting strategic growth initiatives.
Debt Management: Long-term debt has increased moderately from roughly $6.2 billion in Q3 2022 to $8.3 billion in Q2 2025, while the company has also made substantial repayments, showing active debt management.
Amortization and Depreciation Expenses: These non-cash expenses have increased over the years, totaling approximately $310 million in Q2 2025, consistent with capital investments.
Large Acquisitions Expenditures: Significant cash outflows toward acquisitions (e.g., $1.15 billion in Q1 2023 and ongoing investment) could pressure free cash flow in the short term.
Volatile Quarterly Earnings: While substantially profitable in recent quarters, the fourth quarter of 2024 showed a loss, highlighting potential seasonality or operational challenges during that period.

Overall, Waste Connections displays a stable upward trajectory in revenue and profits, supported by strong cash flow from operations and strategic investments in assets and acquisitions. Debt levels have increased but appear managed with consistent repayments. While acquisition costs and some quarterly earnings volatility introduce risk, the company's steady dividend payments and improving margins are promising for investors seeking growth with income.

10/03/25 12:55 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Waste Connections' Financials

When does Waste Connections' financial year end?

According to the most recent income statement we have on file, Waste Connections' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Waste Connections' net income changed over the last 10 years?

Waste Connections' net income appears to be on an upward trend, with a most recent value of $616.57 million in 2024, rising from $233.33 million in 2014. The previous period was $762.83 million in 2023. Check out Waste Connections' forecast to explore projected trends and price targets.

What is Waste Connections' operating income?

Waste Connections' total operating income in 2024 was $1.07 billion, based on the following breakdown:

Total Gross Profit: $3.73 billion
Total Operating Expenses: $2.66 billion

How has Waste Connections' revenue changed over the last 10 years?

Over the last 10 years, Waste Connections' total revenue changed from $2.08 billion in 2014 to $8.92 billion in 2024, a change of 329.0%.

How much debt does Waste Connections have?

Waste Connections' total liabilities were at $11.96 billion at the end of 2024, a 17.0% increase from 2023, and a 456.8% increase since 2014.

How much cash does Waste Connections have?

In the past 10 years, Waste Connections' cash and equivalents has ranged from $10.97 million in 2015 to $617.29 million in 2020, and is currently $62.37 million as of their latest financial filing in 2024.

How has Waste Connections' book value per share changed over the last 10 years?

Over the last 10 years, Waste Connections' book value per share changed from 17.86 in 2014 to 30.46 in 2024, a change of 70.6%.

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This page (NYSE:WCN) was last updated on 10/3/2025 by MarketBeat.com Staff

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Waste Connections (WCN) Financials

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Waste Connections (WCN) Financials

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