Waste Connections, Inc. (WCN) Financial Statements

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Waste Connections financial statements at a glance

Waste Connections reported revenue of $9.47 billion for fiscal year 2025 (ended December 31, 2025), up 6.1% from fiscal year 2024. Net income was $1.08 billion, a net margin of 11.4%, and diluted earnings per share were $4.17.

At the end of fiscal year 2025 it had total assets of $21.13 billion, total liabilities of $12.88 billion and shareholders' equity of $8.25 billion, with cash and short-term investments of $45.97 million and total debt of $9.13 billion.

Its operations brought in $2.41 billion of cash; capital spending was $1.19 billion, leaving free cash flow of $1.22 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

WCN logo

Waste Connections, Inc.

WCNCanada
Commercial Services
USD (Local)

Income Statement

Annual • USD

Total Revenue
9.47B
Prev Year: 8.92B
YoY: +6.1%
Operating Revenue
9.47B
Prev Year: 8.92B
YoY: +6.1%
Interest Income
12.14M
Prev Year: 11.61M
YoY: +4.6%
Weighted Average Shares (diluted)
257.98M
Prev Year: 258.66M
YoY: -0.3%
Weighted Average Shares (basic)
257.32M
Prev Year: 257.97M
YoY: -0.2%
Diluted EPS
4.17
Prev Year: 2.39
YoY: +74.5%
Basic EPS
4.18
Prev Year: 2.39
YoY: +74.9%
Other Income Expense
-79.56M
Prev Year: -602.54M
YoY: +86.8%
Other Non-operating Income (expense)
30.15M
Prev Year: 10.47M
YoY: +188.0%
Special Income Charges
-109.71M
Prev Year: -613.01M
YoY: +82.1%
Write-offs
109.71M
Prev Year: 613.01M
YoY: -82.1%
Non-operating Interest Income
12.14M
Prev Year: 11.61M
YoY: +4.6%
Depreciation Amortization Depletion
1.23B
Prev Year: 1.16B
YoY: +5.9%
Depreciation and amortization
1.23B
Prev Year: 1.16B
YoY: +5.9%
Amortization
201.54M
Prev Year: 189.77M
YoY: +6.2%
Amortization of Intangibles
201.54M
Prev Year: 189.77M
YoY: +6.2%
Depreciation
1.03B
Prev Year: 974.00M
YoY: +5.8%
Cost of Revenue
5.46B
Prev Year: 5.19B
YoY: +5.1%
Gross Profit
4.01B
Prev Year: 3.73B
YoY: +7.6%
Operating Expense
2.19B
Prev Year: 2.05B
YoY: +7.1%
Selling General and Administrative
959.54M
Prev Year: 883.45M
YoY: +8.6%
Operating Income
1.82B
Prev Year: 1.68B
YoY: +8.3%
Net Non Operating Interest Income Expense
-322.41M
Prev Year: -315.20M
YoY: -2.3%
Non-operating Interest Expense
334.55M
Prev Year: 326.80M
YoY: +2.4%
Pre-tax Income
1.42B
Prev Year: 762.93M
YoY: +85.9%
Provision for Income Taxes
341.36M
Prev Year: 146.36M
YoY: +133.2%
Net Income Common Stockholders
1.08B
Prev Year: 617.57M
YoY: +74.3%
Net Income
1.08B
Prev Year: 617.57M
YoY: +74.3%
Net Income Including Non-Controlling Interests
1.08B
Prev Year: 616.57M
YoY: +74.6%
Net Income from Continuing Operations
1.08B
Prev Year: 616.57M
YoY: +74.6%
Diluted NI Available to Com Stockholders
1.08B
Prev Year: 617.57M
YoY: +74.3%
Total Operating Income as Reported
1.71B
Prev Year: 1.07B
YoY: +60.2%
Total Expenses
7.65B
Prev Year: 7.24B
YoY: +5.6%
Net Income from Continuing and Discontinued Operation
1.08B
Prev Year: 617.57M
YoY: +74.3%
Normalized Income
1.16B
Prev Year: 1.11B
YoY: +4.2%
Interest Expense
334.55M
Prev Year: 326.80M
YoY: +2.4%
Net Interest Income
-322.41M
Prev Year: -315.20M
YoY: -2.3%
EBIT
1.75B
Prev Year: 1.09B
YoY: +60.8%
EBITDA
2.98B
Prev Year: 2.25B
YoY: +32.4%
Reconciled Cost of Revenue
5.46B
Prev Year: 5.19B
YoY: +5.1%
Reconciled Depreciation
1.23B
Prev Year: 1.16B
YoY: +5.9%
Net Income from Continuing Operation Net Minority Interest
1.08B
Prev Year: 617.57M
YoY: +74.3%
Total Unusual Items Excluding Goodwill
-109.71M
Prev Year: -613.01M
YoY: +82.1%
Total Unusual Items
-109.71M
Prev Year: -613.01M
YoY: +82.1%
Normalized EBITDA
3.09B
Prev Year: 2.87B
YoY: +7.9%
Tax Rate for Calcs
0.241
Prev Year: 0
Tax Effect of Unusual Items
-26.41M
Prev Year: -117.70M
YoY: +77.6%
Values in USD

Waste Connections key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$9.5B$8.9B$8.0B$7.2B$6.2B
Gross profit$4.0B$3.7B$3.3B$2.9B$2.5B
Operating income$1.8B$1.7B$1.5B$1.3B$1.1B
Net income$1.1B$617.6M$762.8M$835.7M$618.0M
Diluted EPS$4.17$2.39$2.95$3.24$2.36
Total assets$21.1B$19.8B$17.9B$17.1B$14.7B
Total liabilities$12.9B$12.0B$10.2B$10.0B$7.7B
Shareholders' equity$8.2B$7.9B$7.7B$7.1B$7.0B
Cash and short-term investments$46.0M$62.4M$78.4M$78.6M$147.4M
Total debt$9.1B$8.4B$7.0B$7.1B$5.2B
Operating cash flow$2.4B$2.2B$2.1B$2.0B$1.7B
Capital spending$1.2B$1.1B$934.0M$912.7M$744.3M
Free cash flow$1.2B$1.2B$1.2B$1.1B$953.9M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Waste Connections's revenue in fiscal year 2025?

$9.47 billion, up 6.1% from $8.92 billion in fiscal year 2024.

How much profit does Waste Connections make?

Waste Connections reported net income of $1.08 billion for fiscal year 2025 (11.4% of revenue); operating income was $1.82 billion.

How much cash and debt does Waste Connections have?

At the end of fiscal year 2025: cash and short-term investments of $45.97 million and total debt of $9.13 billion.

What is Waste Connections's free cash flow?

$1.22 billion in fiscal year 2025 (operating cash flow of $2.41 billion minus capital spending of $1.19 billion).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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