Waste Connections (WCN) Financials

$197.26 +2.87 (+1.48%)

Closing price 03:59 PM Eastern

Extended Trading

$196.60 -0.66 (-0.33%)

As of 05:38 PM Eastern

Annual Income Statements for Waste Connections

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

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

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 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	242	-196	308	275	230	127	229	209	198	194	237
Consolidated Net Income / (Loss)	242	-196	308	275	229	127	229	209	198	194	237
Net Income / (Loss) Continuing Operations	242	-196	308	275	229	127	229	209	198	194	237
Total Pre-Tax Income	313	-282	400	356	289	161	292	278	252	251	286
Total Operating Income	390	-199	475	425	367	225	353	344	315	312	327
Total Gross Profit	937	936	994	947	851	840	860	824	754	731	759
Total Revenue	2,228	2,260	2,338	2,248	2,073	2,036	2,065	2,021	1,901	1,869	1,880
Operating Revenue	2,228	2,260	2,338	2,248	2,073	2,036	2,065	2,021	1,901	1,869	1,880
Total Cost of Revenue	1,291	1,325	1,344	1,301	1,222	1,196	1,205	1,197	1,147	1,138	1,121
Operating Cost of Revenue	1,291	1,325	1,344	1,301	1,222	1,196	1,205	1,197	1,147	1,138	1,121
Total Operating Expenses	547	1,135	519	522	484	615	507	480	439	419	432
Selling, General & Admin Expense	250	211	223	229	221	193	196	216	194	178	187
Depreciation Expense	242	262	248	241	223	213	215	213	204	201	193
Amortization Expense	48	60	45	44	40	40	39	39	39	42	39
Impairment Charge	6.44	602	2.90	8.19	0.35	170	56	11	1.87	-1.24	13
Total Other Income / (Expense), net	-77	-82	-75	-69	-78	-63	-61	-66	-62	-61	-41
Interest Expense	81	82	84	82	78	70	69	68	68	65	51
Interest & Investment Income	1.77	2.22	3.33	4.01	2.05	2.46	2.83	1.34	2.72	3.38	1.78
Other Income / (Expense), net	1.87	-2.26	4.90	9.65	-1.82	4.14	5.37	-0.20	3.17	0.78	8.49
Income Tax Expense	71	-86	92	81	59	35	63	69	54	57	49
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	0.00	-0.08	-0.93	-0.12	0.17	-0.04	0.02	-0.05	0.21
Basic Earnings per Share	$0.94	($0.76)	$1.19	$1.07	$0.89	$0.49	$0.89	$0.81	$0.77	$0.76	$0.92
Weighted Average Basic Shares Outstanding	258.19M	257.97M	258.02M	257.99M	257.80M	257.55M	257.63M	257.60M	257.37M	257.38M	257.20M
Diluted Earnings per Share	$0.93	($0.76)	$1.19	$1.07	$0.89	$0.48	$0.89	$0.81	$0.77	$0.76	$0.92
Weighted Average Diluted Shares Outstanding	258.90M	258.66M	258.76M	258.57M	258.48M	258.15M	258.23M	258.11M	257.99M	258.04M	257.89M
Weighted Average Basic & Diluted Shares Outstanding	258.39M	258.09M	258.06M	258.04M	258.02M	257.68M	257.64M	257.63M	257.56M	257.22M	257.20M
Cash Dividends to Common per Share	$0.32	$0.32	$0.29	$0.29	$0.29	$0.29	$0.26	$0.26	$0.26	$0.26	$0.23

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

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 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	51	-40	46	-25	34	-15	-5.30	-36	59	-127	-16
Net Cash From Operating Activities	542	569	558	611	490	556	554	574	442	522	526
Net Cash From Continuing Operating Activities	542	569	558	611	490	556	554	574	442	522	526
Net Income / (Loss) Continuing Operations	242	-196	308	275	229	127	229	209	198	194	237
Consolidated Net Income / (Loss)	242	-196	308	275	229	127	229	209	198	194	237
Depreciation Expense	242	262	248	241	223	213	215	213	204	201	193
Amortization Expense	50	62	47	46	44	41	41	41	41	43	40
Non-Cash Adjustments To Reconcile Net Income	45	639	-2.85	29	40	158	79	43	25	24	26
Changes in Operating Assets and Liabilities, net	-37	-198	-43	19	-45	17	-10	68	-25	60	30
Net Cash From Investing Activities	-603	-513	-852	-460	-1,335	-395	-581	-287	-318	-1,229	-967
Net Cash From Continuing Investing Activities	-603	-513	-852	-460	-1,335	-395	-581	-287	-318	-1,229	-967
Purchase of Property, Plant & Equipment	-212	-397	-272	-217	-170	-318	-221	-218	-176	-294	-247
Acquisitions	-380	-111	-575	-279	-1,156	-104	-360	-69	-145	-934	-726
Sale of Property, Plant & Equipment	0.97	2.27	2.64	1.91	1.09	23	4.86	2.56	1.26	7.34	6.45
Other Investing Activities, net	-11	-8.35	-7.64	35	-9.29	3.69	-4.41	-2.52	1.38	-7.57	-0.27
Net Cash From Financing Activities	113	-95	338	-177	878	-178	23	-324	-65	578	425
Net Cash From Continuing Financing Activities	113	-95	338	-177	878	-178	23	-324	-65	578	425
Repayment of Debt	-542	-486	-527	-889	-1,361	-670	-615	-454	-315	-1,018	-1,145
Payment of Dividends	-81	-81	-74	-74	-74	-74	-66	-65	-66	-65	-59
Issuance of Debt	783	472	952	788	2,353	576	704	202	337	1,668	1,631
Issuance of Common Equity	2.92	0.82	3.22	-	2.47	0.03	2.07	-	2.61	-0.00	1.72
Other Financing Activities, net	-49	-1.84	-15	-1.62	-42	-11	-2.80	-6.58	-24	-5.69	-3.42
Effect of Exchange Rate Changes	-0.43	-0.49	1.02	-0.52	-0.58	2.40	-1.21	0.21	-0.05	1.18	-1.27

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

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

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.50%	11.04%	13.26%	11.24%	9.06%	8.90%	9.83%	11.27%	15.44%	15.08%	17.70%
EBITDA Growth	8.24%	-74.68%	26.30%	20.69%	12.29%	-13.24%	8.01%	7.81%	15.06%	19.69%	14.50%
EBIT Growth	7.43%	-188.10%	34.02%	26.29%	14.82%	-26.89%	6.89%	5.20%	17.56%	25.03%	16.29%
NOPAT Growth	3.38%	-179.15%	32.19%	26.77%	18.01%	-26.95%	2.16%	-0.91%	14.54%	23.27%	10.32%
Net Income Growth	5.40%	-254.79%	34.41%	31.66%	15.82%	-34.83%	-3.35%	-6.71%	9.68%	16.75%	106.82%
EPS Growth	4.49%	-258.33%	33.71%	32.10%	15.58%	-36.84%	-3.26%	-6.90%	11.59%	20.63%	109.09%
Operating Cash Flow Growth	10.45%	2.34%	0.75%	6.45%	10.84%	6.43%	5.26%	7.80%	0.33%	21.97%	24.91%
Free Cash Flow Firm Growth	64.35%	-438.46%	-37.76%	16.88%	21.80%	83.35%	13.45%	-31.13%	-34.76%	-126.02%	-107.86%
Invested Capital Growth	4.72%	10.04%	13.43%	11.28%	10.67%	3.39%	10.90%	14.42%	14.61%	16.89%	13.91%
Revenue Q/Q Growth	-1.42%	-3.34%	4.02%	8.47%	1.82%	-1.41%	2.16%	6.35%	1.67%	-0.56%	3.49%
EBITDA Q/Q Growth	458.97%	-84.23%	7.52%	14.18%	30.74%	-21.31%	2.75%	6.24%	1.02%	-2.05%	2.55%
EBIT Q/Q Growth	294.63%	-141.95%	10.57%	19.01%	59.62%	-36.19%	4.19%	8.20%	1.63%	-6.71%	2.54%
NOPAT Q/Q Growth	315.95%	-138.09%	11.40%	12.80%	65.34%	-36.38%	6.83%	5.01%	2.36%	-11.03%	3.62%
Net Income Q/Q Growth	223.22%	-163.63%	11.85%	20.20%	80.94%	-44.75%	9.57%	5.73%	1.82%	-18.06%	5.76%
EPS Q/Q Growth	222.37%	-163.87%	11.22%	20.22%	85.42%	-46.07%	9.88%	5.19%	1.32%	-17.39%	5.75%
Operating Cash Flow Q/Q Growth	-4.81%	1.90%	-8.68%	24.69%	-11.81%	0.32%	-3.52%	29.84%	-15.31%	-0.78%	-1.19%
Free Cash Flow Firm Q/Q Growth	72.94%	-1.66%	-24.33%	-4.23%	-308.73%	73.99%	24.98%	1.95%	13.00%	-35.23%	-13.66%
Invested Capital Q/Q Growth	2.61%	-2.74%	4.18%	0.73%	7.82%	0.25%	2.21%	0.17%	0.72%	7.54%	5.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.04%	41.39%	42.52%	42.13%	41.05%	41.26%	41.66%	40.76%	39.65%	39.12%	40.39%
EBITDA Margin	30.70%	5.41%	33.18%	32.10%	30.49%	23.75%	29.75%	29.58%	29.61%	29.81%	30.26%
Operating Margin	17.51%	-8.81%	20.33%	18.89%	17.70%	11.03%	17.10%	17.03%	16.56%	16.69%	17.38%
EBIT Margin	17.60%	-8.91%	20.54%	19.32%	17.61%	11.23%	17.36%	17.02%	16.73%	16.73%	17.83%
Profit (Net Income) Margin	10.84%	-8.67%	13.17%	12.25%	11.05%	6.22%	11.10%	10.35%	10.41%	10.39%	12.61%
Tax Burden Percent	77.17%	69.59%	77.00%	77.36%	79.41%	78.46%	78.45%	75.32%	78.44%	77.30%	82.95%
Interest Burden Percent	79.82%	139.81%	83.30%	81.96%	79.06%	70.58%	81.53%	80.75%	79.35%	80.37%	85.27%
Effective Tax Rate	22.83%	0.00%	23.00%	22.64%	20.59%	21.54%	21.55%	24.68%	21.56%	22.70%	17.05%
Return on Invested Capital (ROIC)	7.78%	-3.67%	8.95%	8.35%	7.85%	4.94%	7.77%	7.53%	7.44%	7.26%	8.32%
ROIC Less NNEP Spread (ROIC-NNEP)	7.02%	-4.45%	8.15%	7.60%	6.98%	4.19%	7.01%	6.68%	6.63%	6.44%	7.67%
Return on Net Nonoperating Assets (RNNOA)	6.99%	-4.13%	7.49%	6.90%	6.64%	3.77%	6.07%	5.50%	5.71%	5.27%	5.72%
Return on Equity (ROE)	14.76%	-7.80%	16.44%	15.25%	14.50%	8.71%	13.84%	13.03%	13.15%	12.53%	14.04%
Cash Return on Invested Capital (CROIC)	0.92%	-3.81%	-4.95%	-3.40%	-3.29%	3.49%	-2.78%	-5.65%	-5.78%	-7.85%	-5.18%
Operating Return on Assets (OROA)	8.12%	-4.21%	9.44%	8.88%	7.95%	5.14%	8.05%	7.97%	7.65%	7.58%	8.17%
Return on Assets (ROA)	5.00%	-4.10%	6.06%	5.63%	4.99%	2.85%	5.15%	4.84%	4.76%	4.71%	5.78%
Return on Common Equity (ROCE)	14.76%	-7.80%	16.43%	15.25%	14.49%	8.70%	13.83%	13.02%	13.15%	12.52%	14.03%
Return on Equity Simple (ROE_SIMPLE)	7.85%	0.00%	11.37%	10.78%	10.20%	0.00%	10.95%	11.25%	11.80%	0.00%	11.65%
Net Operating Profit after Tax (NOPAT)	301	-139	366	329	291	176	277	259	247	241	271
NOPAT Margin	13.51%	-6.17%	15.65%	14.61%	14.05%	8.65%	13.41%	12.82%	12.99%	12.90%	14.42%
Net Nonoperating Expense Percent (NNEP)	0.76%	0.78%	0.80%	0.76%	0.87%	0.74%	0.76%	0.85%	0.81%	0.81%	0.66%
Return On Investment Capital (ROIC_SIMPLE)	1.83%	-0.87%	-	-	-	1.21%	-	-	-	1.71%	-
Cost of Revenue to Revenue	57.96%	58.61%	57.48%	57.87%	58.95%	58.74%	58.34%	59.24%	60.35%	60.88%	59.61%
SG&A Expenses to Revenue	11.23%	9.35%	9.52%	10.18%	10.65%	9.47%	9.51%	10.71%	10.19%	9.51%	9.94%
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	24.53%	50.20%	22.20%	23.24%	23.36%	30.24%	24.56%	23.73%	23.09%	22.43%	23.01%
Earnings before Interest and Taxes (EBIT)	392	-201	480	434	365	229	358	344	318	313	335
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	684	122	776	722	632	483	614	598	563	557	569
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.29	5.63	5.59	5.67	5.69	4.97	4.53	4.90	4.91	4.73	4.95
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)	5.55	4.96	5.31	5.37	5.41	4.76	4.37	4.76	4.76	4.66	4.93
Price to Earnings (P/E)	80.08	71.70	49.07	52.53	55.74	50.08	41.37	43.59	41.62	40.22	42.55
Dividend Yield	0.61%	0.68%	0.64%	0.63%	0.63%	0.88%	0.76%	0.86%	0.70%	0.72%	0.69%
Earnings Yield	1.25%	1.39%	2.04%	1.90%	1.79%	2.00%	2.42%	2.29%	2.40%	2.49%	2.35%
Enterprise Value to Invested Capital (EV/IC)	3.63	3.32	3.35	3.41	3.38	3.14	2.89	3.09	3.04	2.92	3.14
Enterprise Value to Revenue (EV/Rev)	6.46	5.86	6.23	6.28	6.35	5.60	5.23	5.62	5.67	5.61	5.80
Enterprise Value to EBITDA (EV/EBITDA)	25.45	23.22	20.73	21.58	22.36	19.88	17.63	18.87	18.86	18.63	19.44
Enterprise Value to EBIT (EV/EBIT)	53.05	48.49	35.92	38.16	40.16	35.96	30.85	32.94	32.72	32.46	34.15
Enterprise Value to NOPAT (EV/NOPAT)	67.28	60.59	46.64	49.32	51.87	46.83	40.15	42.32	41.41	40.83	42.78
Enterprise Value to Operating Cash Flow (EV/OCF)	25.71	23.45	24.45	23.92	23.93	21.11	19.65	20.89	20.90	19.99	20.94
Enterprise Value to Free Cash Flow (EV/FCFF)	405.64	0.00	0.00	0.00	0.00	91.55	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.05	1.04	1.00	0.98	1.02	0.89	0.91	0.91	0.97	0.98	0.90
Long-Term Debt to Equity	1.05	1.03	0.99	0.96	1.00	0.87	0.90	0.90	0.96	0.97	0.89
Financial Leverage	1.00	0.93	0.92	0.91	0.95	0.90	0.86	0.82	0.86	0.82	0.75
Leverage Ratio	2.49	2.43	2.39	2.37	2.42	2.37	2.33	2.29	2.33	2.26	2.20
Compound Leverage Factor	1.99	3.39	1.99	1.95	1.91	1.67	1.90	1.85	1.85	1.81	1.88
Debt to Total Capital	51.30%	50.87%	49.89%	49.43%	50.37%	47.07%	47.75%	47.55%	49.15%	49.44%	47.47%
Short-Term Debt to Total Capital	0.33%	0.42%	0.38%	0.68%	0.72%	0.84%	0.92%	0.57%	0.53%	0.48%	0.47%
Long-Term Debt to Total Capital	50.97%	50.45%	49.50%	48.75%	49.65%	46.24%	46.83%	46.98%	48.62%	48.97%	47.00%
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	0.00%	0.00%	0.00%	0.00%	0.03%	0.03%	0.04%	0.03%	0.03%	0.04%	0.04%
Common Equity to Total Capital	48.70%	49.13%	50.11%	50.57%	49.60%	52.89%	52.22%	52.41%	50.82%	50.52%	52.50%
Debt to EBITDA	3.66	3.61	3.15	3.18	3.40	3.03	2.97	2.96	3.12	3.21	3.02
Net Debt to EBITDA	3.58	3.55	3.07	3.12	3.32	2.97	2.90	2.89	3.03	3.14	2.90
Long-Term Debt to EBITDA	3.64	3.58	3.12	3.14	3.35	2.98	2.92	2.92	3.09	3.18	2.99
Debt to NOPAT	9.69	9.43	7.08	7.28	7.88	7.14	6.77	6.63	6.85	7.03	6.65
Net Debt to NOPAT	9.48	9.27	6.91	7.13	7.70	6.98	6.61	6.47	6.65	6.88	6.37
Long-Term Debt to NOPAT	9.62	9.36	7.03	7.18	7.77	7.01	6.64	6.55	6.78	6.96	6.58
Altman Z-Score	3.27	2.91	3.16	3.20	3.14	3.02	2.84	3.01	2.92	2.76	3.04
Noncontrolling Interest Sharing Ratio	0.03%	0.03%	0.03%	0.03%	0.06%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.70	0.65	0.77	0.70	0.75	0.68	0.73	0.76	0.82	0.74	0.89
Quick Ratio	0.58	0.53	0.63	0.59	0.62	0.55	0.61	0.65	0.69	0.60	0.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-426	-1,574	-1,548	-1,245	-1,195	-292	-1,124	-1,498	-1,528	-1,756	-1,298
Operating Cash Flow to CapEx	256.06%	144.25%	207.17%	283.96%	290.35%	188.11%	255.90%	266.15%	253.46%	181.99%	218.96%
Free Cash Flow to Firm to Interest Expense	-5.27	-19.10	-18.54	-15.11	-15.22	-4.19	-16.28	-22.18	-22.35	-27.11	-25.38
Operating Cash Flow to Interest Expense	6.70	6.90	6.68	7.42	6.25	7.97	8.03	8.50	6.47	8.07	10.29
Operating Cash Flow Less CapEx to Interest Expense	4.08	2.12	3.46	4.81	4.10	3.73	4.89	5.31	3.92	3.63	5.59
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.47	0.46	0.46	0.45	0.46	0.46	0.47	0.46	0.45	0.46
Accounts Receivable Turnover	9.82	9.96	9.35	9.27	9.58	9.49	9.36	9.28	9.68	9.35	9.27
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	1.13	1.17	1.13	1.13	1.11	1.13	1.17	1.19	1.17	1.14	1.18
Accounts Payable Turnover	8.66	8.11	7.72	8.19	8.64	7.41	8.43	8.89	9.47	8.41	9.84
Days Sales Outstanding (DSO)	37.18	36.66	39.02	39.38	38.12	38.47	39.01	39.34	37.70	39.06	39.37
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)	42.16	44.99	47.25	44.57	42.26	49.28	43.32	41.07	38.56	43.42	37.08
Cash Conversion Cycle (CCC)	-4.98	-8.32	-8.24	-5.20	-4.15	-10.82	-4.31	-1.73	-0.86	-4.36	2.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,134	15,724	16,167	15,519	15,407	14,290	14,253	13,945	13,921	13,821	12,853
Invested Capital Turnover	0.58	0.59	0.57	0.57	0.56	0.57	0.58	0.59	0.57	0.56	0.58
Increase / (Decrease) in Invested Capital	727	1,434	1,914	1,574	1,486	468	1,401	1,757	1,774	1,997	1,569
Enterprise Value (EV)	58,634	52,278	54,171	52,896	52,043	44,902	41,123	43,146	42,300	40,423	40,388
Market Capitalization	50,376	44,278	46,142	45,247	44,317	38,200	34,353	36,543	35,507	33,608	34,366
Book Value per Share	$31.05	$30.46	$32.02	$30.94	$30.21	$29.86	$29.45	$28.94	$28.12	$27.64	$26.98
Tangible Book Value per Share	($8.17)	($8.07)	($6.37)	($6.26)	($6.55)	($5.10)	($5.22)	($4.65)	($5.46)	($5.71)	($4.38)
Total Capital	16,457	16,000	16,485	15,787	15,699	14,544	14,528	14,223	14,236	14,071	13,217
Total Debt	8,443	8,140	8,224	7,804	7,908	6,846	6,937	6,763	6,997	6,957	6,274
Total Long-Term Debt	8,388	8,073	8,161	7,696	7,795	6,725	6,803	6,681	6,922	6,890	6,212
Net Debt	8,258	7,999	8,029	7,649	7,722	6,697	6,765	6,598	6,789	6,810	6,017
Capital Expenditures (CapEx)	211	394	269	215	169	296	217	216	175	287	240
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-605	-647	-451	-506	-413	-503	-387	-362	-308	-407	-287
Debt-free Net Working Capital (DFNWC)	-494	-585	-336	-427	-301	-425	-290	-270	-174	-328	-87
Net Working Capital (NWC)	-548	-652	-399	-535	-414	-546	-424	-352	-249	-395	-148
Net Nonoperating Expense (NNE)	60	57	58	53	62	50	48	50	49	47	34
Net Nonoperating Obligations (NNO)	8,120	7,864	7,906	7,536	7,616	6,592	6,662	6,486	6,682	6,708	5,909
Total Depreciation and Amortization (D&A)	292	324	296	287	267	255	256	254	245	244	234
Debt-free, Cash-free Net Working Capital to Revenue	-6.66%	-7.26%	-5.18%	-6.01%	-5.05%	-6.27%	-4.92%	-4.72%	-4.12%	-5.64%	-4.12%
Debt-free Net Working Capital to Revenue	-5.44%	-6.56%	-3.86%	-5.08%	-3.68%	-5.29%	-3.70%	-3.52%	-2.33%	-4.55%	-1.25%
Net Working Capital to Revenue	-6.04%	-7.31%	-4.59%	-6.35%	-5.06%	-6.81%	-5.40%	-4.59%	-3.33%	-5.48%	-2.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.94	($0.76)	$1.19	$1.07	$0.89	$0.49	$0.89	$0.81	$0.77	$0.76	$0.92
Adjusted Weighted Average Basic Shares Outstanding	258.19M	257.97M	258.02M	257.99M	257.80M	257.55M	257.63M	257.60M	257.37M	257.38M	257.20M
Adjusted Diluted Earnings per Share	$0.93	($0.76)	$1.19	$1.07	$0.89	$0.48	$0.89	$0.81	$0.77	$0.76	$0.92
Adjusted Weighted Average Diluted Shares Outstanding	258.90M	258.66M	258.76M	258.57M	258.48M	258.15M	258.23M	258.11M	257.99M	258.04M	257.89M
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	258.39M	258.09M	258.06M	258.04M	258.02M	257.68M	257.64M	257.63M	257.56M	257.22M	257.20M
Normalized Net Operating Profit after Tax (NOPAT)	306	282	368	335	292	309	321	267	248	240	282
Normalized NOPAT Margin	13.74%	12.46%	15.75%	14.90%	14.07%	15.19%	15.56%	13.23%	13.06%	12.85%	15.01%
Pre Tax Income Margin	14.05%	-12.46%	17.11%	15.83%	13.92%	7.93%	14.15%	13.74%	13.27%	13.45%	15.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.85	-2.44	5.75	5.27	4.65	3.28	5.19	5.09	4.65	4.83	6.55
NOPAT to Interest Expense	3.72	-1.69	4.38	3.99	3.71	2.53	4.01	3.84	3.61	3.72	5.30
EBIT Less CapEx to Interest Expense	2.23	-7.23	2.52	2.66	2.50	-0.96	2.05	1.90	2.10	0.40	1.85
NOPAT Less CapEx to Interest Expense	1.11	-6.48	1.16	1.37	1.56	-1.71	0.87	0.64	1.06	-0.71	0.60
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	49.31%	49.02%	31.41%	33.33%	35.06%	35.47%	31.56%	30.45%	29.22%	29.07%	29.35%
Augmented Payout Ratio	49.31%	49.02%	31.41%	33.33%	35.06%	35.47%	31.56%	30.45%	29.22%	79.91%	86.06%

Frequently Asked Questions About Waste Connections' Financials

When does Waste Connections's 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 9 years?

Waste Connections' net income appears to be on an upward trend, with a most recent value of $616.57 million in 2024, falling from -$94.69 million in 2015. 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's operating income?

Waste Connections's 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 9 years?

Over the last 9 years, Waste Connections' total revenue changed from $2.12 billion in 2015 to $8.92 billion in 2024, a change of 321.3%.

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 282.0% increase since 2015.

How much cash does Waste Connections have?

In the past 9 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 9 years?

Over the last 9 years, Waste Connections' book value per share changed from 10.72 in 2015 to 30.46 in 2024, a change of 184.2%.

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This page (NYSE:WCN) was last updated on 5/30/2025 by MarketBeat.com Staff

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Waste Connections (WCN) Financials

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Waste Connections (WCN) Financials

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