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Waste Connections (WCN) Financials

Waste Connections logo
$176.90 -1.57 (-0.88%)
Closing price 03:59 PM Eastern
Extended Trading
$176.86 -0.04 (-0.02%)
As of 05:01 PM Eastern
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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 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 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 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 198 209 229 127 230 275 308 -196 242 290 286
Consolidated Net Income / (Loss)		 198 209 229 127 229 275 308 -196 242 290 286
Net Income / (Loss) Continuing Operations		 198 209 229 127 229 275 308 -196 242 290 286
Total Pre-Tax Income 		252 278 292 161 289 356 400 -282 313 389 375
Total Operating Income		 315 344 353 225 367 425 475 -199 390 460 440
Total Gross Profit		 754 824 860 840 851 947 994 936 937 1,014 1,052
Total Revenue		 1,901 2,021 2,065 2,036 2,073 2,248 2,338 2,260 2,228 2,407 2,458
Operating Revenue		 1,901 2,021 2,065 2,036 2,073 2,248 2,338 2,260 2,228 2,407 2,458
Total Cost of Revenue		 1,147 1,197 1,205 1,196 1,222 1,301 1,344 1,325 1,291 1,393 1,407
Operating Cost of Revenue		 1,147 1,197 1,205 1,196 1,222 1,301 1,344 1,325 1,291 1,393 1,407
Total Operating Expenses		 439 480 507 615 484 522 519 1,135 547 555 612
Selling, General & Admin Expense		 194 216 196 193 221 229 223 211 250 243 236
Depreciation Expense		 204 213 215 213 223 241 248 262 242 257 264
Amortization Expense		 39 39 39 40 40 44 45 60 48 50 51
Impairment Charge		 1.87 11 56 170 0.35 8.19 2.90 602 6.44 4.03 60
Total Other Income / (Expense), net		 -62 -66 -61 -63 -78 -69 -75 -82 -77 -70 -65
Interest Expense		 68 68 69 70 78 82 84 82 81 83 84
Interest & Investment Income		 2.72 1.34 2.83 2.46 2.05 4.01 3.33 2.22 1.77 2.31 5.09
Other Income / (Expense), net		 3.17 -0.20 5.37 4.14 -1.82 9.65 4.90 -2.26 1.87 10 15
Income Tax Expense		 54 69 63 35 59 81 92 -86 71 99 89
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.02 -0.04 0.17 -0.12 -0.93 -0.08 0.00 0.00 0.00 0.00 0.00
Basic Earnings per Share		 $0.77 $0.81 $0.89 $0.49 $0.89 $1.07 $1.19 ($0.76) $0.94 $1.12 $1.11
Weighted Average Basic Shares Outstanding		 257.37M 257.60M 257.63M 257.55M 257.80M 257.99M 258.02M 257.97M 258.19M 258.38M 256.95M
Diluted Earnings per Share		 $0.77 $0.81 $0.89 $0.48 $0.89 $1.07 $1.19 ($0.76) $0.93 $1.12 $1.11
Weighted Average Diluted Shares Outstanding		 257.99M 258.11M 258.23M 258.15M 258.48M 258.57M 258.76M 258.66M 258.90M 258.98M 257.58M
Weighted Average Basic & Diluted Shares Outstanding		 257.56M 257.63M 257.64M 257.68M 258.02M 258.04M 258.06M 258.09M 258.39M 257.47M 256.02M
Cash Dividends to Common per Share		 $0.26 $0.26 $0.26 $0.29 $0.29 $0.29 $0.29 $0.32 $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 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 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 9/30/2025
Net Change in Cash & Equivalents		 59 -36 -5.30 -15 34 -25 46 -40 51 18 23
Net Cash From Operating Activities		 442 574 554 556 490 611 558 569 542 638 677
Net Cash From Continuing Operating Activities		 442 574 554 556 490 611 558 569 542 638 677
Net Income / (Loss) Continuing Operations		 198 209 229 127 229 275 308 -196 242 290 286
Consolidated Net Income / (Loss)		 198 209 229 127 229 275 308 -196 242 290 286
Depreciation Expense		 204 213 215 213 223 241 248 262 242 257 264
Amortization Expense		 41 41 41 41 44 46 47 62 50 52 54
Non-Cash Adjustments To Reconcile Net Income		 25 43 79 158 40 29 -2.85 639 45 94 33
Changes in Operating Assets and Liabilities, net		 -25 68 -10 17 -45 19 -43 -198 -37 -56 41
Net Cash From Investing Activities		 -318 -287 -581 -395 -1,335 -460 -852 -513 -603 -417 -414
Net Cash From Continuing Investing Activities		 -318 -287 -581 -395 -1,335 -460 -852 -513 -603 -417 -414
Purchase of Property, Plant & Equipment		 -176 -218 -221 -318 -170 -217 -272 -397 -212 -285 -297
Acquisitions		 -145 -69 -360 -104 -1,156 -279 -575 -111 -380 -130 -117
Sale of Property, Plant & Equipment		 1.26 2.56 4.86 23 1.09 1.91 2.64 2.27 0.97 4.45 3.74
Other Investing Activities, net		 1.38 -2.52 -4.41 3.69 -9.29 35 -7.64 -8.35 -11 -5.58 -3.93
Net Cash From Financing Activities		 -65 -324 23 -178 878 -177 338 -95 113 -206 -239
Net Cash From Continuing Financing Activities		 -65 -324 23 -178 878 -177 338 -95 113 -206 -239
Repayment of Debt		 -315 -454 -615 -670 -1,361 -889 -527 -486 -542 -950 -322
Repurchase of Common Equity		 - - - - - - - - - - -442
Payment of Dividends		 -66 -65 -66 -74 -74 -74 -74 -81 -81 -81 -81
Issuance of Debt		 337 202 704 576 2,353 788 952 472 783 831 609
Issuance of Common Equity		 2.61 - 2.07 0.03 2.47 - 3.22 0.82 2.92 - 2.87
Other Financing Activities, net		 -24 -6.58 -2.80 -11 -42 -1.62 -15 -1.84 -49 -4.71 -5.80
Effect of Exchange Rate Changes		 -0.05 0.21 -1.21 2.40 -0.58 -0.52 1.02 -0.49 -0.43 2.44 -1.38

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 Q3 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 9/30/2025
Total Assets		 16,131 17,227 17,360 17,731 19,083 19,302 20,095 20,254 20,679 20,782
Total Current Assets		 1,230 1,134 1,112 1,152 1,217 1,236 1,355 1,281 1,350 1,404
Cash & Equivalents		 200 134 92 96 112 79 115 111 110 118
Accounts Receivable		 811 815 855 868 897 961 991 952 1,032 1,070
Prepaid Expenses		 219 186 164 187 208 196 249 218 208 216
Plant, Property, & Equipment, net		 6,353 6,957 7,030 7,097 7,827 7,896 8,234 8,223 8,381 8,423
Total Noncurrent Assets		 8,547 9,136 9,218 9,483 10,038 10,170 10,506 10,750 10,948 10,956
Long-Term Investments		 56 74 73 76 75 75 79 74 78 80
Goodwill		 6,575 6,941 6,992 7,313 7,597 7,705 7,923 8,056 8,221 8,275
Intangible Assets		 1,489 1,697 1,660 1,619 1,877 1,895 1,983 2,067 2,062 2,004
Other Noncurrent Operating Assets		 319 317 380 372 384 381 398 415 430 424
Other Noncurrent Nonoperating Assets		 108 107 113 103 106 114 123 138 157 173
Total Liabilities & Shareholders' Equity		 16,131 17,227 17,360 17,731 19,083 19,302 20,095 20,254 20,679 20,782
Total Liabilities		 9,187 9,988 9,900 10,140 11,292 11,318 11,834 12,240 12,325 12,689
Total Current Liabilities		 1,379 1,383 1,463 1,576 1,632 1,770 1,754 1,829 2,001 2,088
Short-Term Debt		 62 75 82 134 113 107 63 55 97 98
Accounts Payable		 508 526 539 605 590 663 706 626 730 759
Accrued Expenses		 458 390 453 446 507 570 553 690 706 762
Current Deferred Revenue		 306 337 341 343 370 376 377 404 412 412
Other Current Liabilities		 45 55 48 48 51 55 54 54 57 57
Total Noncurrent Liabilities		 7,809 8,605 8,437 8,564 9,660 9,548 10,080 10,411 10,324 10,602
Long-Term Debt		 6,212 6,922 6,681 6,803 7,795 7,696 8,161 8,388 8,337 8,621
Noncurrent Deferred & Payable Income Tax Liabilities		 986 1,041 1,049 1,048 1,053 1,069 1,099 1,012 1,035 1,068
Other Noncurrent Operating Liabilities		 610 642 706 712 812 783 820 1,011 951 912
Commitments & Contingencies		 0.00 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 8,093
Total Preferred & Common Equity		 6,938 7,234 7,455 7,586 7,787 7,983 8,261 8,014 8,354 8,093
Total Common Equity		 6,938 7,234 7,455 7,586 7,787 7,983 8,261 8,014 8,354 8,093
Common Stock		 3,501 3,513 3,530 3,547 3,552 3,570 3,592 3,604 3,622 3,201
Retained Earnings		 3,520 3,782 3,925 4,089 4,298 4,500 4,734 4,617 4,826 5,031
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)		 -83 -61 -1.08 -49 -63 -87 -65 -207 -94 -139
Noncontrolling Interest		 5.00 4.97 4.93 5.10 4.05 0.00 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 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 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 9/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 15.44% 11.27% 9.83% 8.90% 9.06% 11.24% 13.26% 11.04% 7.50% 7.07% 5.13%
EBITDA Growth		 15.06% 7.81% 8.01% -13.24% 12.29% 20.69% 26.30% -74.68% 8.24% 8.00% -0.55%
EBIT Growth		 17.56% 5.20% 6.89% -26.89% 14.82% 26.29% 34.02% -188.10% 7.43% 8.11% -5.44%
NOPAT Growth		 14.54% -0.91% 2.16% -26.95% 18.01% 26.77% 32.19% -179.15% 3.38% 4.33% -8.26%
Net Income Growth		 9.68% -6.71% -3.35% -34.83% 15.82% 31.66% 34.41% -254.79% 5.40% 5.40% -7.07%
EPS Growth		 11.59% -6.90% -3.26% -36.84% 15.58% 32.10% 33.71% -258.33% 4.49% 4.67% -6.72%
Operating Cash Flow Growth		 0.33% 7.80% 5.26% 6.43% 10.84% 6.45% 0.75% 2.34% 10.45% 4.39% 21.34%
Free Cash Flow Firm Growth		 -34.76% -31.13% 13.45% 83.35% 21.80% 16.88% -37.76% -438.46% 64.35% 53.38% 103.96%
Invested Capital Growth		 14.61% 14.42% 10.90% 3.39% 10.67% 11.28% 13.43% 10.04% 4.72% 5.95% 1.70%
Revenue Q/Q Growth		 1.67% 6.35% 2.16% -1.41% 1.82% 8.47% 4.02% -3.34% -1.42% 8.03% 2.13%
EBITDA Q/Q Growth		 1.02% 6.24% 2.75% -21.31% 30.74% 14.18% 7.52% -84.23% 458.97% 13.92% -0.99%
EBIT Q/Q Growth		 1.63% 8.20% 4.19% -36.19% 59.62% 19.01% 10.57% -141.95% 294.63% 19.77% -3.29%
NOPAT Q/Q Growth		 2.36% 5.01% 6.83% -36.38% 65.34% 12.80% 11.40% -138.09% 315.95% 13.84% -2.04%
Net Income Q/Q Growth		 1.82% 5.73% 9.57% -44.75% 80.94% 20.20% 11.85% -163.63% 223.22% 20.19% -1.38%
EPS Q/Q Growth		 1.32% 5.19% 9.88% -46.07% 85.42% 20.22% 11.22% -163.87% 222.37% 20.43% -0.89%
Operating Cash Flow Q/Q Growth		 -15.31% 29.84% -3.52% 0.32% -11.81% 24.69% -8.68% 1.90% -4.81% 17.85% 6.15%
Free Cash Flow Firm Q/Q Growth		 13.00% 1.95% 24.98% 73.99% -308.73% -4.23% -24.33% -1.66% 72.94% -36.30% 110.57%
Invested Capital Q/Q Growth		 0.72% 0.17% 2.21% 0.25% 7.82% 0.73% 4.18% -2.74% 2.61% 1.91% 0.00%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 39.65% 40.76% 41.66% 41.26% 41.05% 42.13% 42.52% 41.39% 42.04% 42.13% 42.77%
EBITDA Margin		 29.61% 29.58% 29.75% 23.75% 30.49% 32.10% 33.18% 5.41% 30.70% 32.38% 31.39%
Operating Margin		 16.56% 17.03% 17.10% 11.03% 17.70% 18.89% 20.33% -8.81% 17.51% 19.09% 17.88%
EBIT Margin		 16.73% 17.02% 17.36% 11.23% 17.61% 19.32% 20.54% -8.91% 17.60% 19.51% 18.47%
Profit (Net Income) Margin		 10.41% 10.35% 11.10% 6.22% 11.05% 12.25% 13.17% -8.67% 10.84% 12.06% 11.64%
Tax Burden Percent		 78.44% 75.32% 78.45% 78.46% 79.41% 77.36% 77.00% 69.59% 77.17% 74.59% 76.39%
Interest Burden Percent		 79.35% 80.75% 81.53% 70.58% 79.06% 81.96% 83.30% 139.81% 79.82% 82.87% 82.53%
Effective Tax Rate		 21.56% 24.68% 21.55% 21.54% 20.59% 22.64% 23.00% 0.00% 22.83% 25.41% 23.62%
Return on Invested Capital (ROIC)		 7.44% 7.53% 7.77% 4.94% 7.85% 8.35% 8.95% -3.67% 7.78% 8.23% 7.84%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.63% 6.68% 7.01% 4.19% 6.98% 7.60% 8.15% -4.45% 7.02% 7.56% 7.23%
Return on Net Nonoperating Assets (RNNOA)		 5.71% 5.50% 6.07% 3.77% 6.64% 6.90% 7.49% -4.13% 6.99% 7.23% 7.18%
Return on Equity (ROE)		 13.15% 13.03% 13.84% 8.71% 14.50% 15.25% 16.44% -7.80% 14.76% 15.46% 15.02%
Cash Return on Invested Capital (CROIC)		 -5.78% -5.65% -2.78% 3.49% -3.29% -3.40% -4.95% -3.81% 0.92% -0.25% 3.55%
Operating Return on Assets (OROA)		 7.65% 7.97% 8.05% 5.14% 7.95% 8.88% 9.44% -4.21% 8.12% 9.01% 8.45%
Return on Assets (ROA)		 4.76% 4.84% 5.15% 2.85% 4.99% 5.63% 6.06% -4.10% 5.00% 5.57% 5.33%
Return on Common Equity (ROCE)		 13.15% 13.02% 13.83% 8.70% 14.49% 15.25% 16.43% -7.80% 14.76% 15.46% 15.02%
Return on Equity Simple (ROE_SIMPLE)		 11.80% 11.25% 10.95% 0.00% 10.20% 10.78% 11.37% 0.00% 7.85% 7.71% 0.00%
Net Operating Profit after Tax (NOPAT)		 247 259 277 176 291 329 366 -139 301 343 336
NOPAT Margin		 12.99% 12.82% 13.41% 8.65% 14.05% 14.61% 15.65% -6.17% 13.51% 14.24% 13.66%
Net Nonoperating Expense Percent (NNEP)		 0.81% 0.85% 0.76% 0.74% 0.87% 0.76% 0.80% 0.78% 0.76% 0.67% 0.61%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 1.21% - - - -0.87% 1.83% 2.04% 2.00%
Cost of Revenue to Revenue		 60.35% 59.24% 58.34% 58.74% 58.95% 57.87% 57.48% 58.61% 57.96% 57.87% 57.23%
SG&A Expenses to Revenue		 10.19% 10.71% 9.51% 9.47% 10.65% 10.18% 9.52% 9.35% 11.23% 10.09% 9.62%
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		 23.09% 23.73% 24.56% 30.24% 23.36% 23.24% 22.20% 50.20% 24.53% 23.04% 24.89%
Earnings before Interest and Taxes (EBIT)		 318 344 358 229 365 434 480 -201 392 470 454
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 563 598 614 483 632 722 776 122 684 779 772
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.91 4.90 4.53 4.97 5.69 5.67 5.59 5.63 6.29 5.78 5.59
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)		 4.76 4.76 4.37 4.76 5.41 5.37 5.31 4.96 5.55 5.23 4.84
Price to Earnings (P/E)		 41.62 43.59 41.37 50.08 55.74 52.53 49.07 71.70 80.08 74.94 72.76
Dividend Yield		 0.70% 0.86% 0.76% 0.88% 0.63% 0.63% 0.64% 0.68% 0.61% 0.66% 0.72%
Earnings Yield		 2.40% 2.29% 2.42% 2.00% 1.79% 1.90% 2.04% 1.39% 1.25% 1.33% 1.37%
Enterprise Value to Invested Capital (EV/IC)		 3.04 3.09 2.89 3.14 3.38 3.41 3.35 3.32 3.63 3.44 3.27
Enterprise Value to Revenue (EV/Rev)		 5.67 5.62 5.23 5.60 6.35 6.28 6.23 5.86 6.46 6.12 5.75
Enterprise Value to EBITDA (EV/EBITDA)		 18.86 18.87 17.63 19.88 22.36 21.58 20.73 23.22 25.45 23.92 22.82
Enterprise Value to EBIT (EV/EBIT)		 32.72 32.94 30.85 35.96 40.16 38.16 35.92 48.49 53.05 49.53 48.26
Enterprise Value to NOPAT (EV/NOPAT)		 41.41 42.32 40.15 46.83 51.87 49.32 46.64 60.59 67.28 63.95 63.07
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.90 20.89 19.65 21.11 23.93 23.92 24.45 23.45 25.71 24.49 22.17
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 91.55 0.00 0.00 0.00 0.00 405.64 0.00 93.01
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.97 0.91 0.91 0.89 1.02 0.98 1.00 1.04 1.05 1.01 1.08
Long-Term Debt to Equity		 0.96 0.90 0.90 0.87 1.00 0.96 0.99 1.03 1.05 1.00 1.07
Financial Leverage		 0.86 0.82 0.86 0.90 0.95 0.91 0.92 0.93 1.00 0.96 0.99
Leverage Ratio		 2.33 2.29 2.33 2.37 2.42 2.37 2.39 2.43 2.49 2.45 2.50
Compound Leverage Factor		 1.85 1.85 1.90 1.67 1.91 1.95 1.99 3.39 1.99 2.03 2.06
Debt to Total Capital		 49.15% 47.55% 47.75% 47.07% 50.37% 49.43% 49.89% 50.87% 51.30% 50.24% 51.86%
Short-Term Debt to Total Capital		 0.53% 0.57% 0.92% 0.84% 0.72% 0.68% 0.38% 0.42% 0.33% 0.58% 0.58%
Long-Term Debt to Total Capital		 48.62% 46.98% 46.83% 46.24% 49.65% 48.75% 49.50% 50.45% 50.97% 49.66% 51.28%
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		 0.03% 0.03% 0.04% 0.03% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 50.82% 52.41% 52.22% 52.89% 49.60% 50.57% 50.11% 49.13% 48.70% 49.76% 48.14%
Debt to EBITDA		 3.12 2.96 2.97 3.03 3.40 3.18 3.15 3.61 3.66 3.57 3.70
Net Debt to EBITDA		 3.03 2.89 2.90 2.97 3.32 3.12 3.07 3.55 3.58 3.49 3.61
Long-Term Debt to EBITDA		 3.09 2.92 2.92 2.98 3.35 3.14 3.12 3.58 3.64 3.53 3.66
Debt to NOPAT		 6.85 6.63 6.77 7.14 7.88 7.28 7.08 9.43 9.69 9.55 10.22
Net Debt to NOPAT		 6.65 6.47 6.61 6.98 7.70 7.13 6.91 9.27 9.48 9.33 9.99
Long-Term Debt to NOPAT		 6.78 6.55 6.64 7.01 7.77 7.18 7.03 9.36 9.62 9.44 10.11
Altman Z-Score		 2.92 3.01 2.84 3.02 3.14 3.20 3.16 2.91 3.27 3.16 2.96
Noncontrolling Interest Sharing Ratio		 0.07% 0.07% 0.07% 0.07% 0.06% 0.03% 0.03% 0.03% 0.03% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.82 0.76 0.73 0.68 0.75 0.70 0.77 0.65 0.70 0.67 0.67
Quick Ratio		 0.69 0.65 0.61 0.55 0.62 0.59 0.63 0.53 0.58 0.57 0.57
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,528 -1,498 -1,124 -292 -1,195 -1,245 -1,548 -1,574 -426 -580 61
Operating Cash Flow to CapEx		 253.46% 266.15% 255.90% 188.11% 290.35% 283.96% 207.17% 144.25% 256.06% 227.23% 230.87%
Free Cash Flow to Firm to Interest Expense		 -22.35 -22.18 -16.28 -4.19 -15.22 -15.11 -18.54 -19.10 -5.27 -7.02 0.73
Operating Cash Flow to Interest Expense		 6.47 8.50 8.03 7.97 6.25 7.42 6.68 6.90 6.70 7.71 8.02
Operating Cash Flow Less CapEx to Interest Expense		 3.92 5.31 4.89 3.73 4.10 4.81 3.46 2.12 4.08 4.32 4.55
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.46 0.47 0.46 0.46 0.45 0.46 0.46 0.47 0.46 0.46 0.46
Accounts Receivable Turnover		 9.68 9.28 9.36 9.49 9.58 9.27 9.35 9.96 9.82 9.26 9.08
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		 1.17 1.19 1.17 1.13 1.11 1.13 1.13 1.17 1.13 1.13 1.12
Accounts Payable Turnover		 9.47 8.89 8.43 7.41 8.64 8.19 7.72 8.11 8.66 7.69 7.39
Days Sales Outstanding (DSO)		 37.70 39.34 39.01 38.47 38.12 39.38 39.02 36.66 37.18 39.40 40.20
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)		 38.56 41.07 43.32 49.28 42.26 44.57 47.25 44.99 42.16 47.49 49.38
Cash Conversion Cycle (CCC)		 -0.86 -1.73 -4.31 -10.82 -4.15 -5.20 -8.24 -8.32 -4.98 -8.09 -9.18
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 13,921 13,945 14,253 14,290 15,407 15,519 16,167 15,724 16,134 16,442 16,442
Invested Capital Turnover		 0.57 0.59 0.58 0.57 0.56 0.57 0.57 0.59 0.58 0.58 0.57
Increase / (Decrease) in Invested Capital		 1,774 1,757 1,401 468 1,486 1,574 1,914 1,434 727 923 274
Enterprise Value (EV)		 42,300 43,146 41,123 44,902 52,043 52,896 54,171 52,278 58,634 56,493 53,784
Market Capitalization		 35,507 36,543 34,353 38,200 44,317 45,247 46,142 44,278 50,376 48,247 45,263
Book Value per Share		 $28.12 $28.94 $29.45 $29.86 $30.21 $30.94 $32.02 $30.46 $31.05 $32.33 $31.43
Tangible Book Value per Share		 ($5.46) ($4.65) ($5.22) ($5.10) ($6.55) ($6.26) ($6.37) ($8.07) ($8.17) ($7.47) ($8.49)
Total Capital		 14,236 14,223 14,528 14,544 15,699 15,787 16,485 16,000 16,457 16,787 16,812
Total Debt		 6,997 6,763 6,937 6,846 7,908 7,804 8,224 8,140 8,443 8,434 8,719
Total Long-Term Debt		 6,922 6,681 6,803 6,725 7,795 7,696 8,161 8,073 8,388 8,337 8,621
Net Debt		 6,789 6,598 6,765 6,697 7,722 7,649 8,029 7,999 8,258 8,246 8,521
Capital Expenditures (CapEx)		 175 216 217 296 169 215 269 394 211 281 293
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -308 -362 -387 -503 -413 -506 -451 -647 -605 -665 -704
Debt-free Net Working Capital (DFNWC)		 -174 -270 -290 -425 -301 -427 -336 -585 -494 -555 -586
Net Working Capital (NWC)		 -249 -352 -424 -546 -414 -535 -399 -652 -548 -651 -684
Net Nonoperating Expense (NNE)		 49 50 48 50 62 53 58 57 60 53 50
Net Nonoperating Obligations (NNO)		 6,682 6,486 6,662 6,592 7,616 7,536 7,906 7,864 8,120 8,088 8,348
Total Depreciation and Amortization (D&A)		 245 254 256 255 267 287 296 324 292 310 318
Debt-free, Cash-free Net Working Capital to Revenue		 -4.12% -4.72% -4.92% -6.27% -5.05% -6.01% -5.18% -7.26% -6.66% -7.20% -7.53%
Debt-free Net Working Capital to Revenue		 -2.33% -3.52% -3.70% -5.29% -3.68% -5.08% -3.86% -6.56% -5.44% -6.01% -6.27%
Net Working Capital to Revenue		 -3.33% -4.59% -5.40% -6.81% -5.06% -6.35% -4.59% -7.31% -6.04% -7.06% -7.31%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.77 $0.81 $0.89 $0.49 $0.89 $1.07 $1.19 ($0.76) $0.94 $1.12 $1.11
Adjusted Weighted Average Basic Shares Outstanding		 257.37M 257.60M 257.63M 257.55M 257.80M 257.99M 258.02M 257.97M 258.19M 258.38M 256.95M
Adjusted Diluted Earnings per Share		 $0.77 $0.81 $0.89 $0.48 $0.89 $1.07 $1.19 ($0.76) $0.93 $1.12 $1.11
Adjusted Weighted Average Diluted Shares Outstanding		 257.99M 258.11M 258.23M 258.15M 258.48M 258.57M 258.76M 258.66M 258.90M 258.98M 257.58M
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		 257.56M 257.63M 257.64M 257.68M 258.02M 258.04M 258.06M 258.09M 258.39M 257.47M 256.02M
Normalized Net Operating Profit after Tax (NOPAT)		 248 267 321 309 292 335 368 282 306 346 382
Normalized NOPAT Margin		 13.06% 13.23% 15.56% 15.19% 14.07% 14.90% 15.75% 12.46% 13.74% 14.37% 15.53%
Pre Tax Income Margin		 13.27% 13.74% 14.15% 7.93% 13.92% 15.83% 17.11% -12.46% 14.05% 16.17% 15.24%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.65 5.09 5.19 3.28 4.65 5.27 5.75 -2.44 4.85 5.67 5.38
NOPAT to Interest Expense		 3.61 3.84 4.01 2.53 3.71 3.99 4.38 -1.69 3.72 4.14 3.98
EBIT Less CapEx to Interest Expense		 2.10 1.90 2.05 -0.96 2.50 2.66 2.52 -7.23 2.23 2.28 1.90
NOPAT Less CapEx to Interest Expense		 1.06 0.64 0.87 -1.71 1.56 1.37 1.16 -6.48 1.11 0.75 0.50
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 29.22% 30.45% 31.56% 35.47% 35.06% 33.33% 31.41% 49.02% 49.31% 49.38% 52.24%
Augmented Payout Ratio		 29.22% 30.45% 31.56% 35.47% 35.06% 33.33% 31.41% 49.02% 49.31% 49.44% 123.32%

Financials Breakdown Chart

Key Financial Trends

Waste Connections, Inc. (NYSE: WCN) has demonstrated solid financial performance over the past several years through Q2 2025. Below are key observations from the company's income statements, cash flow statements, and balance sheets spanning from Q3 2022 to Q2 2025.

  • Revenue Growth: Operating revenue rose from approximately $1.87 billion in Q3 2022 to $2.41 billion in Q2 2025, showing consistent top-line growth over nearly three years.
  • Profitability Recovery: After a net loss of ($196 million) in Q4 2024, the company rebounded with positive net income starting Q1 2025, reaching $290 million in Q2 2025.
  • Strong Operating Cash Flow: Net cash from continuing operating activities increased from $526 million in Q3 2022 to $638 million in Q2 2025, reflecting healthy cash generation capabilities.
  • Consistent Dividend Payments: Waste Connections maintained steady dividends per share, rising modestly from $0.23 in Q4 2022 to $0.315 by Q2 2025, indicating shareholder returns remain a priority.
  • Improved Equity Position: Total common equity increased from around $6.9 billion in Q2 2022 to over $8.35 billion by Q2 2025, signifying strengthened book value.
  • Operating Expenses: SG&A and depreciation/amortization expenses increased over time in line with growth, which is expected but warrants monitoring for efficiency improvements.
  • Capital Expenditures and Acquisitions: The company consistently invests heavily in property, plant, and equipment, plus acquisitions, with fluctuations reflecting ongoing strategic deployment of capital.
  • Debt Management: Waste Connections actively manages its debt profile, with issuance and repayment activities balancing out to maintain leverage; total liabilities rose with growth but remain supported by increased equity.
  • Sharp Q4 2024 Loss: The large net loss in Q4 2024 (-$196 million) and corresponding negative operating income indicate a significant one-time or operational challenge impacting that quarter’s profitability.
  • Impairment Charges Volatility: Notably high impairment charges in Q4 2024 ($602 million) and Q3 2023 ($56 million) increased total operating expenses sharply and hurt earnings, which may indicate challenges in asset valuation or operational setbacks.

In summary, Waste Connections has shown robust revenue growth and improved profitability since its Q4 2024 setback, supported by strong cash flow and a growing equity base. However, investors should be aware of episodic impairment charges that have weighed on financials historically and monitor how management controls operating expenses and capital deployment going forward.

10/23/25 05:21 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Waste Connections' Financials

When does Waste Connections' fiscal year end?

According to the most recent income statement we have on file, Waste Connections' financial year ends in December. Their financial 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. Find out what analysts predict for Waste Connections in the coming months.

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 10/23/2025 by MarketBeat.com Staff
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