Waste Connections (WCN) Financials

$157.64 -2.97 (-1.85%)

Closing price 03:59 PM Eastern

Extended Trading

$157.68 +0.03 (+0.02%)

As of 05:24 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-96	247	577	547	567	205	618	836	763	618	1,077
Consolidated Net Income / (Loss)	-95	247	577	547	567	204	618	836	763	617	1,077
Net Income / (Loss) Continuing Operations	-95	247	577	547	567	204	618	836	763	617	1,077
Total Pre-Tax Income	-126	361	509	707	706	254	771	1,049	984	763	1,418
Total Operating Income	-62	452	627	832	838	412	1,040	1,242	1,236	1,068	1,710
Total Gross Profit	940	1,418	1,926	2,057	2,190	2,169	2,497	2,876	3,277	3,728	4,012
Total Revenue	2,117	3,376	4,630	4,923	5,389	5,446	6,151	7,212	8,022	8,920	9,467
Operating Revenue	2,117	3,376	4,630	4,923	5,389	5,446	6,151	7,212	8,022	8,920	9,467
Total Cost of Revenue	1,177	1,958	2,705	2,866	3,199	3,277	3,654	4,336	4,745	5,192	5,455
Operating Cost of Revenue	1,177	1,958	2,705	2,866	3,199	3,277	3,654	4,336	4,745	5,192	5,455
Total Operating Expenses	1,001	966	1,299	1,225	1,352	1,757	1,458	1,634	2,041	2,660	2,301
Selling, General & Admin Expense	237	474	510	524	546	538	612	696	799	883	960
Depreciation Expense	240	394	530	573	618	621	674	763	846	974	1,031
Amortization Expense	29	70	102	108	126	131	139	156	158	190	202
Impairment Charge	494	28	156	20	62	467	32	18	239	613	110
Total Other Income / (Expense), net	-65	-91	-119	-125	-132	-159	-269	-193	-253	-305	-292
Interest Expense	64	93	125	132	147	162	278	202	275	327	335
Interest & Investment Income	0.49	0.60	5.17	7.17	9.78	5.25	2.92	5.95	9.35	12	12
Other Income / (Expense), net	-1.01	1.17	1.54	-0.17	5.70	-1.39	6.29	3.15	12	10	30
Income Tax Expense	-32	114	-69	160	139	50	152	213	221	146	341
Net Income / (Loss) Attributable to Noncontrolling Interest	1.07	0.78	0.60	0.28	-0.16	-0.69	0.44	0.34	0.03	-1.00	0.00
Basic Earnings per Share	($0.52)	$1.07	$2.19	$2.07	$2.15	$0.78	$2.37	$3.25	$2.96	$2.39	$4.18
Weighted Average Basic Shares Outstanding	185.24M	230.33M	263.68M	263.65M	263.79M	263.19M	261.17M	257.38M	257.55M	257.97M	257.32M
Diluted Earnings per Share	($0.52)	$1.07	$2.18	$2.07	$2.14	$0.78	$2.36	$3.24	$2.95	$2.39	$4.17
Weighted Average Diluted Shares Outstanding	185.24M	231.08M	264.30M	264.40M	264.53M	263.69M	261.73M	258.04M	258.15M	258.66M	257.98M
Weighted Average Basic & Diluted Shares Outstanding	122.80M	230.40M	263.40M	264.20M	263.69M	262.23M	257.33M	257.22M	257.68M	258.09M	255.68M
Cash Dividends to Common per Share	$0.36	$0.41	$0.50	$0.58	$0.67	$0.76	$0.85	$0.95	$1.05	$1.17	$1.30

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	229	127	230	275	308	-196	242	290	286	259	219
Consolidated Net Income / (Loss)	229	127	229	275	308	-196	242	290	286	259	219
Net Income / (Loss) Continuing Operations	229	127	229	275	308	-196	242	290	286	259	219
Total Pre-Tax Income	292	161	289	356	400	-282	313	389	375	341	284
Total Operating Income	353	225	367	425	475	-199	390	460	440	421	364
Total Gross Profit	860	840	851	947	994	936	937	1,014	1,052	1,009	1,010
Total Revenue	2,065	2,036	2,073	2,248	2,338	2,260	2,228	2,407	2,458	2,373	2,371
Operating Revenue	2,065	2,036	2,073	2,248	2,338	2,260	2,228	2,407	2,458	2,373	2,371
Total Cost of Revenue	1,205	1,196	1,222	1,301	1,344	1,325	1,291	1,393	1,407	1,364	1,361
Operating Cost of Revenue	1,205	1,196	1,222	1,301	1,344	1,325	1,291	1,393	1,407	1,364	1,361
Total Operating Expenses	507	615	484	522	519	1,135	547	555	612	588	645
Selling, General & Admin Expense	196	193	221	229	223	211	250	243	236	230	251
Depreciation Expense	215	213	223	241	248	262	242	257	264	267	267
Amortization Expense	39	40	40	44	45	60	48	50	51	52	47
Impairment Charge	56	170	0.35	8.19	2.90	602	6.44	4.03	60	39	80
Total Other Income / (Expense), net	-61	-63	-78	-69	-75	-82	-77	-70	-65	-80	-81
Interest Expense	69	70	78	82	84	82	81	83	84	86	88
Interest & Investment Income	2.83	2.46	2.05	4.01	3.33	2.22	1.77	2.31	5.09	2.97	3.11
Other Income / (Expense), net	5.37	4.14	-1.82	9.65	4.90	-2.26	1.87	10	15	3.69	4.09
Income Tax Expense	63	35	59	81	92	-86	71	99	89	83	64
Basic Earnings per Share	$0.89	$0.49	$0.89	$1.07	$1.19	($0.76)	$0.94	$1.12	$1.11	$1.01	$0.86
Weighted Average Basic Shares Outstanding	257.63M	257.55M	257.80M	257.99M	258.02M	257.97M	258.19M	258.38M	256.95M	257.32M	255.35M
Diluted Earnings per Share	$0.89	$0.48	$0.89	$1.07	$1.19	($0.76)	$0.93	$1.12	$1.11	$1.01	$0.86
Weighted Average Diluted Shares Outstanding	258.23M	258.15M	258.48M	258.57M	258.76M	258.66M	258.90M	258.98M	257.58M	257.98M	255.87M
Weighted Average Basic & Diluted Shares Outstanding	257.64M	257.68M	258.02M	258.04M	258.06M	258.09M	258.39M	257.47M	256.02M	255.68M	254.08M
Cash Dividends to Common per Share	$0.26	$0.29	$0.29	$0.29	$0.29	$0.32	$0.32	$0.32	$0.32	$0.35	$0.35

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	-3.38	148	383	-148	19	291	-495	-38	2.67	14	31
Net Cash From Operating Activities	577	795	1,187	1,411	1,541	1,409	1,698	2,022	2,127	2,229	2,414
Net Cash From Continuing Operating Activities	577	795	1,187	1,411	1,535	1,407	1,698	2,022	2,127	2,229	2,414
Net Income / (Loss) Continuing Operations	-95	247	577	547	567	204	618	836	763	617	1,077
Consolidated Net Income / (Loss)	-95	247	577	547	567	204	618	836	763	617	1,077
Depreciation Expense	240	394	530	573	618	621	674	763	846	974	1,031
Amortization Expense	32	75	107	112	131	139	144	161	164	200	210
Non-Cash Adjustments To Reconcile Net Income	543	75	179	70	129	516	225	97	305	705	251
Changes in Operating Assets and Liabilities, net	-144	4.50	-206	110	90	-73	37	165	49	-267	-154
Net Cash From Investing Activities	-471	-293	-861	-1,372	-1,426	-1,046	-1,693	-3,087	-1,581	-3,159	-2,023
Net Cash From Continuing Investing Activities	-471	-293	-861	-1,372	-1,426	-1,046	-1,693	-3,087	-1,581	-3,159	-2,023
Purchase of Property, Plant & Equipment	-239	-345	-479	-546	-666	-665	-744	-913	-934	-1,056	-1,194
Acquisitions	-231	-17	-411	-830	-737	-389	-960	-2,207	-677	-2,121	-818
Sale of Property, Plant & Equipment	2.88	4.60	28	5.39	3.57	19	43	31	32	7.90	10
Other Investing Activities, net	-4.07	-6.10	0.64	-0.97	-1.87	-12	-6.49	1.73	-1.87	9.79	-21
Net Cash From Financing Activities	-110	-355	57	-188	-96	-78	-499	1,028	-544	945	-360
Net Cash From Continuing Financing Activities	-110	-355	57	-188	-96	-78	-499	1,028	-544	945	-360
Repayment of Debt	-1,436	-3,729	-774	-980	-1,479	-1,553	-2,023	-3,088	-2,053	-3,263	-2,135
Repurchase of Common Equity	-91	-	-	-59	0.00	-106	-339	-425	0.00	0.00	-506
Payment of Dividends	-66	-93	-132	-153	-176	-200	-220	-243	-271	-302	-334
Issuance of Debt	1,490	3,469	983	1,023	1,576	1,816	2,112	4,816	1,819	4,564	2,674
Issuance of Common Equity	0.57	20	11	2.67	4.04	0.68	1.65	3.93	4.70	6.50	5.79
Other Financing Activities, net	-6.57	-23	-31	-21	-21	-36	-32	-35	-44	-61	-66
Effect of Exchange Rate Changes	-	-	-	-	0.61	6.91	-0.03	-2.04	1.34	-0.56	0.62
Cash Interest Paid	56	88	116	124	140	142	157	177	261	299	308

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-5.30	-15	34	-25	46	-40	51	18	23	-61	93
Net Cash From Operating Activities	554	556	490	611	558	569	542	638	677	557	546
Net Cash From Continuing Operating Activities	554	556	490	611	558	569	542	638	677	557	546
Net Income / (Loss) Continuing Operations	229	127	229	275	308	-196	242	290	286	259	219
Consolidated Net Income / (Loss)	229	127	229	275	308	-196	242	290	286	259	219
Depreciation Expense	215	213	223	241	248	262	242	257	264	267	267
Amortization Expense	41	41	44	46	47	62	50	52	54	54	49
Non-Cash Adjustments To Reconcile Net Income	79	158	40	29	-2.85	639	82	94	33	78	120
Changes in Operating Assets and Liabilities, net	-10	17	-45	19	-43	-198	-74	-56	41	-101	-111
Net Cash From Investing Activities	-581	-395	-1,335	-460	-852	-513	-603	-417	-414	-589	-356
Net Cash From Continuing Investing Activities	-581	-395	-1,335	-460	-852	-513	-603	-417	-414	-589	-356
Purchase of Property, Plant & Equipment	-221	-318	-170	-217	-272	-397	-212	-285	-297	-399	-297
Acquisitions	-360	-104	-1,156	-279	-575	-111	-380	-130	-117	-190	-63
Sale of Property, Plant & Equipment	4.86	23	1.09	1.91	2.64	2.27	0.97	4.45	3.74	0.97	1.78
Other Investing Activities, net	-4.41	3.69	-9.29	35	-7.64	-8.35	-11	-5.58	-3.93	-0.61	2.20
Net Cash From Financing Activities	23	-178	878	-177	338	-95	113	-206	-239	-29	-96
Net Cash From Continuing Financing Activities	23	-178	878	-177	338	-95	113	-206	-239	-29	-96
Repayment of Debt	-615	-670	-1,361	-889	-527	-486	-542	-950	-322	-321	-854
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-442	-63	-284
Payment of Dividends	-66	-74	-74	-74	-74	-81	-81	-81	-81	-90	-89
Issuance of Debt	704	576	2,353	788	952	472	783	831	609	452	1,156
Issuance of Common Equity	2.07	0.03	2.47	-	3.22	0.82	2.92	-	2.87	-0.00	3.03
Other Financing Activities, net	-2.80	-11	-42	-1.62	-15	-1.84	-49	-4.71	-5.80	-6.45	-29
Effect of Exchange Rate Changes	-1.21	2.40	-0.58	-0.52	1.02	-0.49	-0.43	2.44	-1.38	-0.01	-0.69

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	5,122	11,104	12,015	12,627	13,738	13,992	14,700	17,135	17,916	19,818	21,129
Total Current Assets	362	743	1,177	1,093	1,131	1,408	1,033	1,118	1,142	1,227	1,312
Cash & Equivalents	11	154	434	319	327	617	147	79	78	62	46
Accounts Receivable	255	485	554	610	663	630	710	834	857	935	1,025
Prepaid Expenses	47	98	187	164	141	161	176	205	206	230	241
Plant, Property, & Equipment, net	2,738	4,738	4,821	5,169	5,516	5,285	5,722	6,951	7,228	8,036	8,733
Total Noncurrent Assets	2,021	5,622	6,017	6,365	7,091	7,300	7,945	9,066	9,546	10,555	11,084
Long-Term Investments	46	63	48	47	51	58	59	68	70	78	81
Goodwill	1,423	4,390	4,682	5,032	5,511	5,727	6,188	6,902	7,404	7,950	8,392
Intangible Assets	511	1,067	1,087	1,129	1,163	1,155	1,351	1,674	1,604	1,992	2,006
Other Noncurrent Operating Assets	41	68	68	73	269	263	276	319	362	399	422
Other Noncurrent Nonoperating Assets	-	34	132	85	96	97	72	103	106	136	184
Total Liabilities & Shareholders' Equity	5,122	11,104	12,015	12,627	13,738	13,992	14,700	17,135	17,916	19,818	21,129
Total Liabilities	3,130	5,449	5,741	6,167	6,799	7,129	7,706	10,021	10,218	11,957	12,884
Total Current Liabilities	378	692	803	887	1,007	1,029	1,233	1,513	1,688	1,879	2,124
Short-Term Debt	24	23	27	13	27	52	69	67	121	67	74
Accounts Payable	115	251	331	360	437	291	393	639	642	637	765
Accrued Expenses	136	269	278	316	281	405	443	431	521	737	810
Current Deferred Revenue	90	134	145	179	216	234	274	325	355	383	416
Other Current Liabilities	12	11	19	19	46	48	55	51	47	55	59
Total Noncurrent Liabilities	2,752	4,757	4,938	5,280	5,792	6,100	6,474	8,508	8,530	10,079	10,760
Long-Term Debt	2,147	3,617	3,900	4,153	4,354	4,709	5,041	6,890	6,725	8,073	8,811
Noncurrent Deferred & Payable Income Tax Liabilities	452	779	691	760	819	760	851	1,014	1,022	958	1,086
Other Noncurrent Operating Liabilities	152	361	348	367	620	632	582	604	783	1,047	863
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	1,992	5,655	6,274	6,460	6,938	6,863	6,994	7,114	7,698	7,860	8,245
Total Preferred & Common Equity	1,985	5,648	6,269	6,455	6,934	6,859	6,989	7,109	7,693	7,860	8,245
Total Common Equity	1,985	5,648	6,269	6,455	6,934	6,859	6,989	7,109	7,693	7,860	8,245
Common Stock	738	4,277	4,303	4,265	4,290	4,201	3,893	3,516	3,561	3,609	3,157
Retained Earnings	1,259	1,413	1,857	2,265	2,654	2,659	3,057	3,649	4,142	4,457	5,200
Treasury Stock	0.00	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)	-12	-43	108	-75	-11	-0.65	40	-57	-9.83	-206	-111

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	Q1 2026
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	3/31/2026
Total Assets	16,131	17,227	17,360	17,731	19,083	19,302	20,095	20,254	20,679	20,782	21,186
Total Current Assets	1,230	1,134	1,112	1,152	1,217	1,236	1,355	1,281	1,350	1,404	1,376
Cash & Equivalents	200	134	92	96	112	79	115	111	110	118	112
Accounts Receivable	811	815	855	868	897	961	991	952	1,032	1,070	1,033
Prepaid Expenses	219	186	164	187	208	196	249	218	208	216	231
Plant, Property, & Equipment, net	6,353	6,957	7,030	7,097	7,827	7,896	8,234	8,223	8,381	8,423	8,714
Total Noncurrent Assets	8,547	9,136	9,218	9,483	10,038	10,170	10,506	10,750	10,948	10,956	11,096
Long-Term Investments	56	74	73	76	75	75	79	74	78	80	80
Goodwill	6,575	6,941	6,992	7,313	7,597	7,705	7,923	8,056	8,221	8,275	8,415
Intangible Assets	1,489	1,697	1,660	1,619	1,877	1,895	1,983	2,067	2,062	2,004	1,960
Other Noncurrent Operating Assets	319	317	380	372	384	381	398	415	430	424	431
Other Noncurrent Nonoperating Assets	108	107	113	103	106	114	123	138	157	173	210
Total Liabilities & Shareholders' Equity	16,131	17,227	17,360	17,731	19,083	19,302	20,095	20,254	20,679	20,782	21,186
Total Liabilities	9,187	9,988	9,900	10,140	11,292	11,318	11,834	12,240	12,325	12,689	13,129
Total Current Liabilities	1,379	1,383	1,463	1,576	1,632	1,770	1,754	1,829	2,001	2,088	2,007
Short-Term Debt	62	75	82	134	113	107	63	55	97	98	70
Accounts Payable	508	526	539	605	590	663	706	626	730	759	712
Accrued Expenses	458	390	453	446	507	570	553	690	706	762	745
Current Deferred Revenue	306	337	341	343	370	376	377	404	412	412	425
Other Current Liabilities	45	55	48	48	51	55	54	54	57	57	55
Total Noncurrent Liabilities	7,809	8,605	8,437	8,564	9,660	9,548	10,080	10,411	10,324	10,602	11,121
Long-Term Debt	6,212	6,922	6,681	6,803	7,795	7,696	8,161	8,388	8,337	8,621	9,094
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	1,113
Other Noncurrent Operating Liabilities	610	642	706	712	812	783	820	1,011	951	912	914
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	6,943	7,239	7,459	7,591	7,791	7,983	8,261	8,014	8,354	8,093	8,058
Total Preferred & Common Equity	6,938	7,234	7,455	7,586	7,787	7,983	8,261	8,014	8,354	8,093	8,058
Total Common Equity	6,938	7,234	7,455	7,586	7,787	7,983	8,261	8,014	8,354	8,093	8,058
Common Stock	3,501	3,513	3,530	3,547	3,552	3,570	3,592	3,604	3,622	3,201	2,869
Retained Earnings	3,520	3,782	3,925	4,089	4,298	4,500	4,734	4,617	4,826	5,031	5,330
Treasury Stock	0.00	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	-142

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.83%	59.44%	37.16%	6.32%	9.46%	1.06%	12.95%	17.24%	11.23%	11.19%	6.14%
EBITDA Growth	-70.48%	339.17%	37.22%	19.86%	4.99%	-26.47%	59.18%	16.40%	4.09%	-0.29%	32.37%
EBIT Growth	-113.89%	825.13%	38.63%	32.36%	1.37%	-51.27%	154.46%	19.07%	0.28%	-13.67%	61.42%
NOPAT Growth	-116.97%	770.92%	130.03%	-9.57%	4.44%	-50.73%	151.78%	18.67%	-3.14%	-10.02%	50.49%
Net Income Growth	-140.58%	361.18%	133.47%	-5.24%	3.57%	-64.00%	203.19%	35.17%	-8.75%	-19.17%	74.60%
EPS Growth	-127.96%	361.18%	103.74%	-5.05%	3.38%	-63.55%	202.56%	37.29%	-8.95%	-18.98%	74.48%
Operating Cash Flow Growth	5.86%	37.84%	49.28%	18.86%	9.16%	-8.57%	20.57%	19.09%	5.16%	4.80%	8.31%
Free Cash Flow Firm Growth	-86.47%	-20,385.14%	103.54%	-65.48%	-94.17%	9,739.00%	-142.60%	-628.57%	148.71%	-216.53%	135.45%
Invested Capital Growth	-1.65%	120.16%	6.06%	6.13%	6.58%	0.06%	8.96%	16.89%	3.39%	10.04%	6.97%
Revenue Q/Q Growth	0.27%	18.07%	2.40%	2.17%	1.90%	0.67%	3.82%	3.52%	2.12%	2.58%	1.21%
EBITDA Q/Q Growth	-4.27%	13.92%	4.37%	2.56%	-0.54%	2.58%	3.82%	4.41%	-3.16%	-13.82%	26.45%
EBIT Q/Q Growth	-26.54%	9.10%	6.17%	2.62%	-0.29%	0.85%	5.16%	5.29%	-6.31%	-28.52%	56.17%
NOPAT Q/Q Growth	-25.14%	16.51%	64.56%	-24.89%	0.01%	1.41%	3.75%	4.87%	-6.37%	-25.71%	52.27%
Net Income Q/Q Growth	-9.90%	15.57%	65.92%	-25.02%	0.11%	-1.27%	6.15%	3.45%	-8.15%	-34.35%	73.06%
EPS Q/Q Growth	26.76%	15.57%	65.15%	-25.27%	-0.47%	0.00%	5.83%	4.18%	-8.67%	-34.16%	73.75%
Operating Cash Flow Q/Q Growth	-2.84%	21.89%	3.70%	5.58%	-1.18%	-8.58%	13.75%	4.88%	1.60%	0.59%	-0.50%
Free Cash Flow Firm Q/Q Growth	-83.43%	7.52%	-9.55%	-83.48%	-97.98%	2.65%	-108.73%	-61.02%	230.26%	24.06%	-64.96%
Invested Capital Q/Q Growth	6.36%	-0.95%	2.24%	2.86%	4.26%	4.21%	4.80%	7.54%	0.25%	-2.74%	2.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.39%	42.01%	41.59%	41.79%	40.64%	39.83%	40.60%	39.88%	40.86%	41.79%	42.37%
EBITDA Margin	9.92%	27.32%	27.33%	30.81%	29.55%	21.50%	30.30%	30.09%	28.15%	25.25%	31.49%
Operating Margin	-2.91%	13.40%	13.54%	16.91%	15.55%	7.57%	16.90%	17.22%	15.41%	11.97%	18.06%
EBIT Margin	-2.95%	13.43%	13.58%	16.90%	15.65%	7.55%	17.00%	17.27%	15.57%	12.09%	18.38%
Profit (Net Income) Margin	-4.47%	7.33%	12.47%	11.11%	10.52%	3.75%	10.05%	11.59%	9.51%	6.91%	11.37%
Tax Burden Percent	74.98%	68.44%	113.55%	77.38%	80.28%	80.34%	80.25%	79.70%	77.56%	80.82%	75.93%
Interest Burden Percent	201.94%	79.69%	80.89%	84.99%	83.69%	61.77%	73.69%	84.23%	78.76%	70.76%	81.47%
Effective Tax Rate	25.02%	31.56%	-13.55%	22.62%	19.72%	19.66%	19.75%	20.30%	22.44%	19.18%	24.07%
Return on Invested Capital (ROIC)	-1.11%	4.71%	7.65%	6.52%	6.40%	3.05%	7.36%	7.72%	6.82%	5.75%	7.98%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.51%	2.45%	3.63%	3.76%	3.62%	-0.17%	2.46%	5.05%	3.87%	2.34%	5.28%
Return on Net Nonoperating Assets (RNNOA)	-3.37%	1.76%	2.04%	2.08%	2.06%	-0.10%	1.57%	4.13%	3.48%	2.18%	5.39%
Return on Equity (ROE)	-4.48%	6.47%	9.68%	8.59%	8.46%	2.96%	8.93%	11.85%	10.30%	7.93%	13.37%
Cash Return on Invested Capital (CROIC)	0.55%	-70.35%	1.76%	0.57%	0.03%	2.99%	-1.22%	-7.85%	3.49%	-3.81%	1.25%
Operating Return on Assets (OROA)	-1.21%	5.59%	5.44%	6.75%	6.40%	2.96%	7.29%	7.82%	7.13%	5.71%	8.50%
Return on Assets (ROA)	-1.83%	3.05%	5.00%	4.44%	4.30%	1.47%	4.31%	5.25%	4.35%	3.27%	5.26%
Return on Common Equity (ROCE)	-4.47%	6.46%	9.67%	8.59%	8.45%	2.95%	8.92%	11.84%	10.29%	7.92%	13.37%
Return on Equity Simple (ROE_SIMPLE)	-	4.38%	9.21%	8.48%	8.17%	2.97%	8.85%	11.76%	9.92%	7.84%	0.00%
Net Operating Profit after Tax (NOPAT)	-46	310	712	644	673	331	834	990	959	863	1,298
NOPAT Margin	-2.18%	9.17%	15.38%	13.08%	12.48%	6.08%	13.56%	13.73%	11.95%	9.67%	13.72%
Net Nonoperating Expense Percent (NNEP)	2.39%	2.26%	4.02%	2.75%	2.78%	3.23%	4.89%	2.67%	2.95%	3.41%	2.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.04%	6.59%	5.39%	7.58%
Cost of Revenue to Revenue	55.61%	57.99%	58.41%	58.21%	59.36%	60.17%	59.40%	60.12%	59.14%	58.21%	57.63%
SG&A Expenses to Revenue	11.22%	14.05%	11.01%	10.65%	10.14%	9.87%	9.95%	9.66%	9.96%	9.90%	10.14%
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	47.30%	28.61%	28.04%	24.88%	25.09%	32.26%	23.70%	22.65%	25.44%	29.82%	24.31%
Earnings before Interest and Taxes (EBIT)	-63	453	629	832	843	411	1,046	1,245	1,249	1,078	1,740
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	210	922	1,265	1,517	1,592	1,171	1,864	2,170	2,258	2,252	2,981
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.41	2.31	2.85	2.92	3.35	3.84	5.00	4.73	4.97	5.63	5.45
Price to Tangible Book Value (P/TBV)	132.33	68.58	35.75	63.96	89.38	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.19	3.86	3.86	3.82	4.31	4.84	5.68	4.66	4.76	4.96	4.74
Price to Earnings (P/E)	0.00	52.88	30.95	34.42	40.93	128.68	56.50	40.22	50.08	71.70	41.70
Dividend Yield	1.39%	0.89%	0.74%	0.81%	0.76%	0.76%	0.63%	0.72%	0.88%	0.68%	0.74%
Earnings Yield	-1.42%	1.89%	3.23%	2.91%	2.44%	0.78%	1.77%	2.49%	2.00%	1.39%	2.40%
Enterprise Value to Invested Capital (EV/IC)	2.16	1.82	2.22	2.22	2.51	2.80	3.37	2.92	3.14	3.32	3.19
Enterprise Value to Revenue (EV/Rev)	4.19	4.88	4.60	4.60	5.05	5.59	6.47	5.61	5.60	5.86	5.67
Enterprise Value to EBITDA (EV/EBITDA)	42.29	17.86	16.84	14.92	17.09	25.99	21.37	18.63	19.88	23.22	18.00
Enterprise Value to EBIT (EV/EBIT)	0.00	36.31	33.89	27.19	32.26	74.03	38.08	32.46	35.96	48.49	30.83
Enterprise Value to NOPAT (EV/NOPAT)	0.00	53.19	29.92	35.14	40.46	91.83	47.74	40.83	46.83	60.59	41.32
Enterprise Value to Operating Cash Flow (EV/OCF)	15.39	20.70	17.94	16.03	17.66	21.60	23.45	19.99	21.11	23.45	22.23
Enterprise Value to Free Cash Flow (EV/FCFF)	389.55	0.00	130.01	400.02	8,251.89	93.79	0.00	0.00	91.55	0.00	264.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.09	0.64	0.63	0.65	0.63	0.69	0.73	0.98	0.89	1.04	1.08
Long-Term Debt to Equity	1.08	0.64	0.62	0.64	0.63	0.69	0.72	0.97	0.87	1.03	1.07
Financial Leverage	0.96	0.72	0.56	0.55	0.57	0.57	0.64	0.82	0.90	0.93	1.02
Leverage Ratio	2.45	2.12	1.94	1.94	1.97	2.01	2.07	2.26	2.37	2.43	2.54
Compound Leverage Factor	4.95	1.69	1.57	1.64	1.65	1.24	1.53	1.90	1.86	1.72	2.07
Debt to Total Capital	52.16%	39.16%	38.50%	39.21%	38.70%	40.95%	42.22%	49.44%	47.07%	50.87%	51.87%
Short-Term Debt to Total Capital	0.58%	0.25%	0.27%	0.13%	0.24%	0.44%	0.57%	0.48%	0.84%	0.42%	0.43%
Long-Term Debt to Total Capital	51.57%	38.91%	38.23%	39.08%	38.46%	40.51%	41.65%	48.97%	46.24%	50.45%	51.44%
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	0.16%	0.08%	0.05%	0.05%	0.04%	0.04%	0.04%	0.04%	0.03%	0.00%	0.00%
Common Equity to Total Capital	47.68%	60.76%	61.45%	60.74%	61.25%	59.01%	57.75%	50.52%	52.89%	49.13%	48.13%
Debt to EBITDA	10.34	3.95	3.10	2.75	2.75	4.07	2.74	3.21	3.03	3.61	2.98
Net Debt to EBITDA	10.07	3.71	2.72	2.51	2.51	3.49	2.63	3.14	2.97	3.55	2.94
Long-Term Debt to EBITDA	10.22	3.92	3.08	2.74	2.73	4.02	2.70	3.18	2.98	3.58	2.96
Debt to NOPAT	-47.06	11.76	5.51	6.47	6.51	14.37	6.12	7.03	7.14	9.43	6.84
Net Debt to NOPAT	-45.82	11.05	4.84	5.90	5.95	12.33	5.88	6.88	6.98	9.27	6.75
Long-Term Debt to NOPAT	-46.54	11.68	5.48	6.45	6.47	14.21	6.04	6.96	7.01	9.36	6.79
Altman Z-Score	2.01	2.06	2.68	2.71	2.92	3.00	3.65	2.94	3.21	3.13	3.11
Noncontrolling Interest Sharing Ratio	0.29%	0.18%	0.11%	0.09%	0.08%	0.07%	0.06%	0.07%	0.07%	0.03%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.96	1.07	1.47	1.23	1.12	1.37	0.84	0.74	0.68	0.65	0.62
Quick Ratio	0.70	0.92	1.23	1.05	0.98	1.21	0.70	0.60	0.55	0.53	0.50
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	23	-4,624	164	57	3.30	324	-138	-1,007	490	-572	203
Operating Cash Flow to CapEx	244.54%	233.83%	263.34%	260.97%	232.53%	218.21%	242.07%	229.31%	235.68%	212.67%	203.85%
Free Cash Flow to Firm to Interest Expense	0.35	-49.88	1.31	0.43	0.02	2.00	-0.50	-4.98	1.79	-1.75	0.61
Operating Cash Flow to Interest Expense	8.98	8.58	9.48	10.68	10.45	8.67	6.11	10.00	7.74	6.82	7.22
Operating Cash Flow Less CapEx to Interest Expense	5.31	4.91	5.88	6.59	5.96	4.70	3.58	5.64	4.46	3.61	3.68
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.41	0.42	0.40	0.40	0.41	0.39	0.43	0.45	0.46	0.47	0.46
Accounts Receivable Turnover	8.22	9.12	8.91	8.46	8.47	8.42	9.18	9.35	9.49	9.96	9.66
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	0.79	0.90	0.97	0.99	1.01	1.01	1.12	1.14	1.13	1.17	1.13
Accounts Payable Turnover	9.98	10.68	9.30	8.30	8.03	9.00	10.69	8.41	7.41	8.11	7.78
Days Sales Outstanding (DSO)	44.40	40.02	40.97	43.15	43.09	43.33	39.75	39.06	38.47	36.66	37.78
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)	36.57	34.16	39.25	43.97	45.47	40.53	34.15	43.42	49.28	44.99	46.92
Cash Conversion Cycle (CCC)	7.84	5.86	1.72	-0.82	-2.38	2.80	5.61	-4.36	-10.82	-8.32	-9.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,106	9,040	9,588	10,176	10,845	10,852	11,824	13,821	14,290	15,724	16,820
Invested Capital Turnover	0.51	0.51	0.50	0.50	0.51	0.50	0.54	0.56	0.57	0.59	0.58
Increase / (Decrease) in Invested Capital	-69	4,934	548	587	669	6.92	972	1,997	468	1,434	1,096
Enterprise Value (EV)	8,881	16,467	21,305	22,628	27,209	30,428	39,829	40,423	44,902	52,278	53,654
Market Capitalization	6,760	13,037	17,854	18,822	23,201	26,338	34,922	33,608	38,200	44,278	44,896
Book Value per Share	$10.72	$32.25	$23.78	$24.50	$26.30	$26.09	$26.83	$27.64	$29.86	$30.46	$32.21
Tangible Book Value per Share	$0.28	$1.09	$1.89	$1.12	$0.98	($0.09)	($2.11)	($5.71)	($5.10)	($8.07)	($8.41)
Total Capital	4,163	9,295	10,201	10,627	11,319	11,624	12,103	14,071	14,544	16,000	17,130
Total Debt	2,171	3,640	3,927	4,167	4,381	4,760	5,109	6,957	6,846	8,140	8,885
Total Long-Term Debt	2,147	3,617	3,900	4,153	4,354	4,709	5,041	6,890	6,725	8,073	8,811
Net Debt	2,114	3,422	3,446	3,800	4,003	4,085	4,903	6,810	6,697	7,999	8,758
Capital Expenditures (CapEx)	236	340	451	541	663	645	702	882	902	1,048	1,184
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.48	-80	-32	-100	-176	-186	-279	-407	-503	-647	-785
Debt-free Net Working Capital (DFNWC)	8.50	74	402	219	150	431	-131	-328	-425	-585	-739
Net Working Capital (NWC)	-16	51	374	206	123	380	-200	-395	-546	-652	-813
Net Nonoperating Expense (NNE)	49	62	135	97	106	127	216	154	196	246	222
Net Nonoperating Obligations (NNO)	2,114	3,385	3,314	3,715	3,907	3,988	4,831	6,708	6,592	7,864	8,574
Total Depreciation and Amortization (D&A)	273	469	637	685	749	760	818	924	1,010	1,174	1,240
Debt-free, Cash-free Net Working Capital to Revenue	-0.12%	-2.37%	-0.69%	-2.03%	-3.27%	-3.42%	-4.53%	-5.64%	-6.27%	-7.26%	-8.29%
Debt-free Net Working Capital to Revenue	0.40%	2.20%	8.68%	4.46%	2.79%	7.92%	-2.13%	-4.55%	-5.29%	-6.56%	-7.81%
Net Working Capital to Revenue	-0.75%	1.52%	8.08%	4.19%	2.29%	6.97%	-3.25%	-5.48%	-6.81%	-7.31%	-8.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.52)	$1.07	$2.19	$2.07	$2.15	$0.78	$2.37	$3.25	$2.96	$2.39	$4.18
Adjusted Weighted Average Basic Shares Outstanding	185.24M	230.33M	263.68M	263.65M	263.79M	263.19M	261.17M	257.38M	257.55M	257.97M	257.32M
Adjusted Diluted Earnings per Share	($0.52)	$1.07	$2.18	$2.07	$2.14	$0.78	$2.36	$3.24	$2.95	$2.39	$4.17
Adjusted Weighted Average Diluted Shares Outstanding	185.24M	231.08M	264.30M	264.40M	264.53M	263.69M	261.73M	258.04M	258.15M	258.66M	257.98M
Adjusted Basic & Diluted Earnings per Share	($0.52)	$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	184.20M	263.14M	263.67M	263.28M	263.69M	262.23M	257.33M	257.22M	257.68M	258.09M	255.68M
Normalized Net Operating Profit after Tax (NOPAT)	325	328	549	660	722	706	860	1,005	1,144	1,358	1,382
Normalized NOPAT Margin	15.33%	9.73%	11.85%	13.40%	13.40%	12.97%	13.98%	13.93%	14.26%	15.23%	14.60%
Pre Tax Income Margin	-5.96%	10.70%	10.98%	14.36%	13.10%	4.66%	12.53%	14.55%	12.26%	8.55%	14.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.97	4.89	5.02	6.30	5.72	2.53	3.76	6.16	4.55	3.30	5.20
NOPAT to Interest Expense	-0.72	3.34	5.68	4.87	4.56	2.04	3.00	4.89	3.49	2.64	3.88
EBIT Less CapEx to Interest Expense	-4.65	1.22	1.42	2.21	1.23	-1.44	1.24	1.80	1.26	0.09	1.66
NOPAT Less CapEx to Interest Expense	-4.39	-0.33	2.08	0.78	0.07	-1.93	0.48	0.53	0.21	-0.57	0.34
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-69.69%	37.42%	22.86%	27.90%	30.99%	97.99%	35.60%	29.07%	35.47%	49.02%	31.01%
Augmented Payout Ratio	-165.96%	37.42%	22.86%	38.67%	30.99%	149.78%	90.41%	79.91%	35.47%	49.02%	77.96%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	255,681,232.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	255,681,232.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.86
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.83%	8.90%	9.06%	11.24%	13.26%	11.04%	7.50%	7.07%	5.13%	5.00%	6.39%
EBITDA Growth	8.01%	-13.24%	12.29%	20.69%	26.30%	-74.68%	8.24%	8.00%	-0.55%	509.41%	0.15%
EBIT Growth	6.89%	-26.89%	14.82%	26.29%	34.02%	-188.10%	7.43%	8.11%	-5.44%	310.74%	-6.10%
NOPAT Growth	2.16%	-26.95%	18.01%	26.77%	32.19%	-179.15%	3.38%	4.33%	-8.26%	328.79%	-6.47%
Net Income Growth	-3.35%	-34.83%	15.82%	31.66%	34.41%	-254.79%	5.40%	5.40%	-7.07%	231.89%	-9.18%
EPS Growth	-3.26%	-36.84%	15.58%	32.10%	33.71%	-258.33%	4.49%	4.67%	-6.72%	232.89%	-7.53%
Operating Cash Flow Growth	5.26%	6.43%	10.84%	6.45%	0.75%	2.34%	10.45%	4.39%	21.34%	-2.12%	0.75%
Free Cash Flow Firm Growth	13.45%	83.35%	21.80%	16.88%	-37.76%	-438.46%	64.35%	53.38%	103.96%	50.64%	5.32%
Invested Capital Growth	10.90%	3.39%	10.67%	11.28%	13.43%	10.04%	4.72%	5.95%	1.70%	6.97%	4.24%
Revenue Q/Q Growth	2.16%	-1.41%	1.82%	8.47%	4.02%	-3.34%	-1.42%	8.03%	2.13%	-3.46%	-0.11%
EBITDA Q/Q Growth	2.75%	-21.31%	30.74%	14.18%	7.52%	-84.23%	458.97%	13.92%	-0.99%	-3.35%	-8.14%
EBIT Q/Q Growth	4.19%	-36.19%	59.62%	19.01%	10.57%	-141.95%	294.63%	19.77%	-3.29%	-6.52%	-13.27%
NOPAT Q/Q Growth	6.83%	-36.38%	65.34%	12.80%	11.40%	-138.09%	315.95%	13.84%	-2.04%	-5.00%	-11.72%
Net Income Q/Q Growth	9.57%	-44.75%	80.94%	20.20%	11.85%	-163.63%	223.22%	20.19%	-1.38%	-9.70%	-15.15%
EPS Q/Q Growth	9.88%	-46.07%	85.42%	20.22%	11.22%	-163.87%	222.37%	20.43%	-0.89%	-9.01%	-14.85%
Operating Cash Flow Q/Q Growth	-3.52%	0.32%	-11.81%	24.69%	-8.68%	1.90%	-4.81%	17.85%	6.15%	-17.80%	-2.03%
Free Cash Flow Firm Q/Q Growth	24.98%	73.99%	-308.73%	-4.23%	-24.33%	-1.66%	72.94%	-36.30%	110.57%	-1,366.37%	48.09%
Invested Capital Q/Q Growth	2.21%	0.25%	7.82%	0.73%	4.18%	-2.74%	2.61%	1.91%	0.00%	2.30%	-0.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.66%	41.26%	41.05%	42.13%	42.52%	41.39%	42.04%	42.13%	42.77%	42.52%	42.58%
EBITDA Margin	29.75%	23.75%	30.49%	32.10%	33.18%	5.41%	30.70%	32.38%	31.39%	31.42%	28.90%
Operating Margin	17.10%	11.03%	17.70%	18.89%	20.33%	-8.81%	17.51%	19.09%	17.88%	17.73%	15.36%
EBIT Margin	17.36%	11.23%	17.61%	19.32%	20.54%	-8.91%	17.60%	19.51%	18.47%	17.89%	15.53%
Profit (Net Income) Margin	11.10%	6.22%	11.05%	12.25%	13.17%	-8.67%	10.84%	12.06%	11.64%	10.89%	9.25%
Tax Burden Percent	78.45%	78.46%	79.41%	77.36%	77.00%	69.59%	77.17%	74.59%	76.39%	75.80%	77.35%
Interest Burden Percent	81.53%	70.58%	79.06%	81.96%	83.30%	139.81%	79.82%	82.87%	82.53%	80.33%	77.02%
Effective Tax Rate	21.55%	21.54%	20.59%	22.64%	23.00%	0.00%	22.83%	25.41%	23.62%	24.20%	22.65%
Return on Invested Capital (ROIC)	7.77%	4.94%	7.85%	8.35%	8.95%	-3.67%	7.78%	8.23%	7.84%	7.82%	6.93%
ROIC Less NNEP Spread (ROIC-NNEP)	7.01%	4.19%	6.98%	7.60%	8.15%	-4.45%	7.02%	7.56%	7.23%	7.08%	6.19%
Return on Net Nonoperating Assets (RNNOA)	6.07%	3.77%	6.64%	6.90%	7.49%	-4.13%	6.99%	7.23%	7.18%	7.23%	6.50%
Return on Equity (ROE)	13.84%	8.71%	14.50%	15.25%	16.44%	-7.80%	14.76%	15.46%	15.02%	15.05%	13.43%
Cash Return on Invested Capital (CROIC)	-2.78%	3.49%	-3.29%	-3.40%	-4.95%	-3.81%	0.92%	-0.25%	3.55%	1.25%	3.61%
Operating Return on Assets (OROA)	8.05%	5.14%	7.95%	8.88%	9.44%	-4.21%	8.12%	9.01%	8.45%	8.27%	7.20%
Return on Assets (ROA)	5.15%	2.85%	4.99%	5.63%	6.06%	-4.10%	5.00%	5.57%	5.33%	5.04%	4.29%
Return on Common Equity (ROCE)	13.83%	8.70%	14.49%	15.25%	16.43%	-7.80%	14.76%	15.46%	15.02%	15.05%	13.43%
Return on Equity Simple (ROE_SIMPLE)	10.95%	0.00%	10.20%	10.78%	11.37%	0.00%	7.85%	7.71%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	277	176	291	329	366	-139	301	343	336	319	282
NOPAT Margin	13.41%	8.65%	14.05%	14.61%	15.65%	-6.17%	13.51%	14.24%	13.66%	13.44%	11.88%
Net Nonoperating Expense Percent (NNEP)	0.76%	0.74%	0.87%	0.76%	0.80%	0.78%	0.76%	0.67%	0.61%	0.74%	0.74%
Return On Investment Capital (ROIC_SIMPLE)	-	1.21%	-	-	-	-0.87%	1.83%	2.04%	2.00%	1.86%	1.64%
Cost of Revenue to Revenue	58.34%	58.74%	58.95%	57.87%	57.48%	58.61%	57.96%	57.87%	57.23%	57.48%	57.42%
SG&A Expenses to Revenue	9.51%	9.47%	10.65%	10.18%	9.52%	9.35%	11.23%	10.09%	9.62%	9.69%	10.59%
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	24.56%	30.24%	23.36%	23.24%	22.20%	50.20%	24.53%	23.04%	24.89%	24.79%	27.23%
Earnings before Interest and Taxes (EBIT)	358	229	365	434	480	-201	392	470	454	425	368
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	614	483	632	722	776	122	684	779	772	746	685
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.53	4.97	5.69	5.67	5.59	5.63	6.29	5.78	5.59	5.45	5.15
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)	4.37	4.76	5.41	5.37	5.31	4.96	5.55	5.23	4.84	4.74	4.32
Price to Earnings (P/E)	41.37	50.08	55.74	52.53	49.07	71.70	80.08	74.94	72.76	41.70	39.39
Dividend Yield	0.76%	0.88%	0.63%	0.63%	0.64%	0.68%	0.61%	0.66%	0.72%	0.74%	0.82%
Earnings Yield	2.42%	2.00%	1.79%	1.90%	2.04%	1.39%	1.25%	1.33%	1.37%	2.40%	2.54%
Enterprise Value to Invested Capital (EV/IC)	2.89	3.14	3.38	3.41	3.35	3.32	3.63	3.44	3.27	3.19	3.00
Enterprise Value to Revenue (EV/Rev)	5.23	5.60	6.35	6.28	6.23	5.86	6.46	6.12	5.75	5.67	5.26
Enterprise Value to EBITDA (EV/EBITDA)	17.63	19.88	22.36	21.58	20.73	23.22	25.45	23.92	22.82	18.00	16.94
Enterprise Value to EBIT (EV/EBIT)	30.85	35.96	40.16	38.16	35.92	48.49	53.05	49.53	48.26	30.83	29.42
Enterprise Value to NOPAT (EV/NOPAT)	40.15	46.83	51.87	49.32	46.64	60.59	67.28	63.95	63.07	41.32	39.49
Enterprise Value to Operating Cash Flow (EV/OCF)	19.65	21.11	23.93	23.92	24.45	23.45	25.71	24.49	22.17	22.23	20.89
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	91.55	0.00	0.00	0.00	0.00	405.64	0.00	93.01	264.81	85.03
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.91	0.89	1.02	0.98	1.00	1.04	1.05	1.01	1.08	1.08	1.14
Long-Term Debt to Equity	0.90	0.87	1.00	0.96	0.99	1.03	1.05	1.00	1.07	1.07	1.13
Financial Leverage	0.86	0.90	0.95	0.91	0.92	0.93	1.00	0.96	0.99	1.02	1.05
Leverage Ratio	2.33	2.37	2.42	2.37	2.39	2.43	2.49	2.45	2.50	2.54	2.58
Compound Leverage Factor	1.90	1.67	1.91	1.95	1.99	3.39	1.99	2.03	2.06	2.04	1.99
Debt to Total Capital	47.75%	47.07%	50.37%	49.43%	49.89%	50.87%	51.30%	50.24%	51.86%	51.87%	53.21%
Short-Term Debt to Total Capital	0.92%	0.84%	0.72%	0.68%	0.38%	0.42%	0.33%	0.58%	0.58%	0.43%	0.41%
Long-Term Debt to Total Capital	46.83%	46.24%	49.65%	48.75%	49.50%	50.45%	50.97%	49.66%	51.28%	51.44%	52.80%
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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	52.22%	52.89%	49.60%	50.57%	50.11%	49.13%	48.70%	49.76%	48.14%	48.13%	46.79%
Debt to EBITDA	2.97	3.03	3.40	3.18	3.15	3.61	3.66	3.57	3.70	2.98	3.07
Net Debt to EBITDA	2.90	2.97	3.32	3.12	3.07	3.55	3.58	3.49	3.61	2.94	3.01
Long-Term Debt to EBITDA	2.92	2.98	3.35	3.14	3.12	3.58	3.64	3.53	3.66	2.96	3.05
Debt to NOPAT	6.77	7.14	7.88	7.28	7.08	9.43	9.69	9.55	10.22	6.84	7.17
Net Debt to NOPAT	6.61	6.98	7.70	7.13	6.91	9.27	9.48	9.33	9.99	6.75	7.02
Long-Term Debt to NOPAT	6.64	7.01	7.77	7.18	7.03	9.36	9.62	9.44	10.11	6.79	7.11
Altman Z-Score	2.84	3.02	3.14	3.20	3.16	2.91	3.27	3.16	2.96	2.90	2.73
Noncontrolling Interest Sharing Ratio	0.07%	0.07%	0.06%	0.03%	0.03%	0.03%	0.03%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.73	0.68	0.75	0.70	0.77	0.65	0.70	0.67	0.67	0.62	0.69
Quick Ratio	0.61	0.55	0.62	0.59	0.63	0.53	0.58	0.57	0.57	0.50	0.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,124	-292	-1,195	-1,245	-1,548	-1,574	-426	-580	61	-777	-403
Operating Cash Flow to CapEx	255.90%	188.11%	290.35%	283.96%	207.17%	144.25%	256.06%	227.23%	230.87%	139.76%	185.06%
Free Cash Flow to Firm to Interest Expense	-16.28	-4.19	-15.22	-15.11	-18.54	-19.10	-5.27	-7.02	0.73	-8.98	-4.60
Operating Cash Flow to Interest Expense	8.03	7.97	6.25	7.42	6.68	6.90	6.70	7.71	8.02	6.44	6.22
Operating Cash Flow Less CapEx to Interest Expense	4.89	3.73	4.10	4.81	3.46	2.12	4.08	4.32	4.55	1.83	2.86
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.46	0.45	0.46	0.46	0.47	0.46	0.46	0.46	0.46	0.46
Accounts Receivable Turnover	9.36	9.49	9.58	9.27	9.35	9.96	9.82	9.26	9.08	9.66	9.68
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	1.13	1.11	1.13	1.13	1.17	1.13	1.13	1.12	1.13	1.13
Accounts Payable Turnover	8.43	7.41	8.64	8.19	7.72	8.11	8.66	7.69	7.39	7.78	8.26
Days Sales Outstanding (DSO)	39.01	38.47	38.12	39.38	39.02	36.66	37.18	39.40	40.20	37.78	37.70
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)	43.32	49.28	42.26	44.57	47.25	44.99	42.16	47.49	49.38	46.92	44.20
Cash Conversion Cycle (CCC)	-4.31	-10.82	-4.15	-5.20	-8.24	-8.32	-4.98	-8.09	-9.18	-9.14	-6.50
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,253	14,290	15,407	15,519	16,167	15,724	16,134	16,442	16,442	16,820	16,819
Invested Capital Turnover	0.58	0.57	0.56	0.57	0.57	0.59	0.58	0.58	0.57	0.58	0.58
Increase / (Decrease) in Invested Capital	1,401	468	1,486	1,574	1,914	1,434	727	923	274	1,096	685
Enterprise Value (EV)	41,123	44,902	52,043	52,896	54,171	52,278	58,634	56,493	53,784	53,654	50,504
Market Capitalization	34,353	38,200	44,317	45,247	46,142	44,278	50,376	48,247	45,263	44,896	41,533
Book Value per Share	$29.45	$29.86	$30.21	$30.94	$32.02	$30.46	$31.05	$32.33	$31.43	$32.21	$31.51
Tangible Book Value per Share	($5.22)	($5.10)	($6.55)	($6.26)	($6.37)	($8.07)	($8.17)	($7.47)	($8.49)	($8.41)	($9.06)
Total Capital	14,528	14,544	15,699	15,787	16,485	16,000	16,457	16,787	16,812	17,130	17,222
Total Debt	6,937	6,846	7,908	7,804	8,224	8,140	8,443	8,434	8,719	8,885	9,164
Total Long-Term Debt	6,803	6,725	7,795	7,696	8,161	8,073	8,388	8,337	8,621	8,811	9,094
Net Debt	6,765	6,697	7,722	7,649	8,029	7,999	8,258	8,246	8,521	8,758	8,971
Capital Expenditures (CapEx)	217	296	169	215	269	394	211	281	293	398	295
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-387	-503	-413	-506	-451	-647	-605	-665	-704	-785	-673
Debt-free Net Working Capital (DFNWC)	-290	-425	-301	-427	-336	-585	-494	-555	-586	-739	-561
Net Working Capital (NWC)	-424	-546	-414	-535	-399	-652	-548	-651	-684	-813	-631
Net Nonoperating Expense (NNE)	48	50	62	53	58	57	60	53	50	61	62
Net Nonoperating Obligations (NNO)	6,662	6,592	7,616	7,536	7,906	7,864	8,120	8,088	8,348	8,574	8,761
Total Depreciation and Amortization (D&A)	256	255	267	287	296	324	292	310	318	321	317
Debt-free, Cash-free Net Working Capital to Revenue	-4.92%	-6.27%	-5.05%	-6.01%	-5.18%	-7.26%	-6.66%	-7.20%	-7.53%	-8.29%	-7.01%
Debt-free Net Working Capital to Revenue	-3.70%	-5.29%	-3.68%	-5.08%	-3.86%	-6.56%	-5.44%	-6.01%	-6.27%	-7.81%	-5.84%
Net Working Capital to Revenue	-5.40%	-6.81%	-5.06%	-6.35%	-4.59%	-7.31%	-6.04%	-7.06%	-7.31%	-8.58%	-6.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.89	$0.49	$0.89	$1.07	$1.19	($0.76)	$0.94	$1.12	$1.11	$1.01	$0.86
Adjusted Weighted Average Basic Shares Outstanding	257.63M	257.55M	257.80M	257.99M	258.02M	257.97M	258.19M	258.38M	256.95M	257.32M	255.35M
Adjusted Diluted Earnings per Share	$0.89	$0.48	$0.89	$1.07	$1.19	($0.76)	$0.93	$1.12	$1.11	$1.01	$0.86
Adjusted Weighted Average Diluted Shares Outstanding	258.23M	258.15M	258.48M	258.57M	258.76M	258.66M	258.90M	258.98M	257.58M	257.98M	255.87M
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	257.64M	257.68M	258.02M	258.04M	258.06M	258.09M	258.39M	257.47M	256.02M	255.68M	254.08M
Normalized Net Operating Profit after Tax (NOPAT)	321	309	292	335	368	282	306	346	382	349	343
Normalized NOPAT Margin	15.56%	15.19%	14.07%	14.90%	15.75%	12.46%	13.74%	14.37%	15.53%	14.69%	14.48%
Pre Tax Income Margin	14.15%	7.93%	13.92%	15.83%	17.11%	-12.46%	14.05%	16.17%	15.24%	14.37%	11.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.19	3.28	4.65	5.27	5.75	-2.44	4.85	5.67	5.38	4.91	4.20
NOPAT to Interest Expense	4.01	2.53	3.71	3.99	4.38	-1.69	3.72	4.14	3.98	3.69	3.21
EBIT Less CapEx to Interest Expense	2.05	-0.96	2.50	2.66	2.52	-7.23	2.23	2.28	1.90	0.30	0.84
NOPAT Less CapEx to Interest Expense	0.87	-1.71	1.56	1.37	1.16	-6.48	1.11	0.75	0.50	-0.92	-0.15
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.56%	35.47%	35.06%	33.33%	31.41%	49.02%	49.31%	49.38%	52.24%	31.01%	32.35%
Augmented Payout Ratio	31.56%	35.47%	35.06%	33.33%	31.41%	49.02%	49.31%	49.44%	123.32%	77.96%	107.22%

Financials Breakdown Chart

Key Financial Trends

Here are key trends for Waste Connections (NYSE: WCN) based on the last four years of quarterly statements, focusing on the latest Q4 2025 results and broader year-over-year context.

Over the 2022–2025 period, quarterly revenue in Q4 rose from about $1.87B in 2022 to $2.37B in 2025, with gross margin expanding from roughly 39% to about 42%.
Net income turned from a loss in Q4 2024 to a solid gain in Q4 2025, with net income attributable to common shareholders of about $258.5M and basic earnings per share of $1.01.
Dividend per share increased to $0.35 in Q4 2025 from $0.315 in earlier periods, signaling ongoing shareholder returns.
Operating cash flow remained robust, with Q4 2025 net cash from continuing operating activities of about $556.9M and free cash flow still positive after capex (roughly $157M in Q4 2025 after about $399M in capex).
Shares outstanding have remained broadly flat across 2025 (weighted average basic/diluted around the mid- to high-250 millions), suggesting limited dilution effects on earnings per share.
Impairment charges rose to about $39.1M in Q4 2025, weighing on earnings quality relative to prior-year periods.
Interest expense increased to roughly $86.5M in Q4 2025, raising financing costs versus the prior year.
Liquidity appears tight in late 2025, with Q3 2025 current assets about $1.40B vs. current liabilities around $2.09B, indicating a current ratio below 1.
Net cash from continuing operating activities declined modestly year over year (about $556.9M in Q4 2025 vs $568.9M in Q4 2024), contributing to a larger net cash outflow in the quarter and ongoing investing/outflow activity.

05/05/26 05:26 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 2025 ended on December 31, 2025.

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 $1.08 billion in 2025, falling from -$94.69 million in 2015. The previous period was $616.57 million in 2024. See Waste Connections' forecast for analyst expectations on whatâ€™s next for the company.

What is Waste Connections' operating income?

Waste Connections' total operating income in 2025 was $1.71 billion, based on the following breakdown:

Total Gross Profit: $4.01 billion
Total Operating Expenses: $2.30 billion

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

Over the last 10 years, Waste Connections' total revenue changed from $2.12 billion in 2015 to $9.47 billion in 2025, a change of 347.1%.

How much debt does Waste Connections have?

Waste Connections' total liabilities were at $12.88 billion at the end of 2025, a 7.7% increase from 2024, and a 311.6% increase since 2015.

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 $45.97 million as of their latest financial filing in 2025.

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 10.72 in 2015 to 32.21 in 2025, a change of 200.5%.

Related Companies

Financial statements for NYSE:WCN last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Waste Connections (WCN) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Waste Connections' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Waste Connections (WCN) Financials

Annual Income Statements for Waste Connections

Quarterly Income Statements for Waste Connections

Annual Cash Flow Statements for Waste Connections

Quarterly Cash Flow Statements for Waste Connections

Annual Balance Sheets for Waste Connections

Quarterly Balance Sheets for Waste Connections

Annual Metrics And Ratios for Waste Connections

Quarterly Metrics And Ratios for Waste Connections

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Waste Connections' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools