Free Trial

Waste Connections (WCN) Financials

Waste Connections logo
$184.70 -1.78 (-0.96%)
Closing price 08/22/2025 03:59 PM Eastern
Extended Trading
$184.78 +0.09 (+0.05%)
As of 08/22/2025 07:29 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
Annual Income Statements for Waste Connections

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

Quarterly Income Statements for Waste Connections

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

Annual Cash Flow Statements for Waste Connections

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

Quarterly Cash Flow Statements for Waste Connections

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

Annual Balance Sheets for Waste Connections

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

Quarterly Balance Sheets for Waste Connections

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

Annual Metrics And Ratios for Waste Connections

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%

Quarterly Metrics And Ratios for Waste Connections

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%

Key Financial Trends

Waste Connections (NYSE: WCN) has demonstrated a generally positive financial trajectory over the past several years, with improvements in revenues, profitability, and cash flow, though there was a notable loss in Q4 2024. Here is a summary of key trends and financial highlights extracted from the data spanning from Q3 2022 through Q2 2025.

  • Steady Revenue Growth: Operating revenues increased from approximately $1.88 billion in Q3 2022 to over $2.4 billion by Q2 2025, indicating consistent business expansion.
  • Increasing Net Income: Net income has generally increased from about $237 million in Q3 2022 to $290 million in Q2 2025, illustrating improving profitability.
  • Strong Operating Cash Flow: Net cash from continuing operating activities rose from roughly $526 million in Q3 2022 to $638 million by Q2 2025, suggesting robust cash generation capability.
  • Controlled Operating Expenses: Despite increasing revenues, total operating expenses have grown at a slower pace, helping gross profit improve over time.
  • Stable Dividend Payments: Dividends per share have shown a steady increase from $0.23 in Q4 2022 to $0.315 in Q2 2025, demonstrating commitment to returning capital to shareholders.
  • Moderate Debt Levels: Total long-term debt rose from about $6.2 billion in Q3 2022 to approximately $8.3 billion in Q2 2025. This suggests moderate leverage levels that require monitoring.
  • Asset Base Expansion: Total assets increased from $16.1 billion in Q3 2022 to nearly $20.7 billion by Q2 2025, reflecting investments and acquisitions growth.
  • Amortization and Depreciation Trends: Depreciation expense increased slightly over the years in line with fixed assets growth, and amortization expenses fluctuated mainly due to acquisitions.
  • One Quarter of Net Loss: Q4 2024 experienced a significant loss of $196 million, contrasting with earnings in other quarters. This anomaly may indicate an unusual event or impairment impacting earnings.
  • Significant Acquisitions and Capital Expenditures: Substantial cash outflows for acquisitions and property, plant & equipment purchases regularly exceed $200 million per quarter, affecting free cash flow and requiring effective integration.

Overall Analysis: Waste Connections has shown consistent revenue and net income growth, supported by healthy operating cash flows and a stable dividend policy. The company’s expanding asset base and moderate increase in debt highlight growth investments, including acquisitions. However, the notable net loss in Q4 2024 warrants attention to underlying causes, such as impairment charges or one-time expenses. The ongoing sizable capital expenditures and acquisitions suggest a growth-oriented strategy that, while strengthening the company’s market position, may pressure liquidity in the short term.

Investors should watch for trends in earnings stability post the Q4 2024 loss, debt management, and the returns generated from acquisitions. The overall financial health at the latest quarter (Q2 2025) appears solid with increasing profitability and cash flow generation.

08/24/25 03:42 AMAI 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. See where experts think Waste Connections is headed by visiting Waste Connections' forecast page.

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%.



This page (NYSE:WCN) was last updated on 8/24/2025 by MarketBeat.com Staff
From Our Partners