Waste Connections, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Waste Connections, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,376	4,630	4,923	5,389	5,446	6,151	7,212	8,022	8,920	9,467
Cost of revenue	1,958	2,705	2,866	3,199	3,277	3,654	4,336	4,745	5,192	5,455
Gross profit	1,418	1,926	2,057	2,190	2,169	2,497	2,876	3,277	3,728	4,012
Selling, general and administrative	474	510	524	546	538	612	696	799	883	960
Operating income	452	627	832	838	412	1,040	1,242	1,236	1,068	1,710
Interest expense	92.7	125	132	147	162	163	202	275	327	335
Interest income	0.48	0.59
Other non-operating income	0.05	1.54	-0.17	5.7	-1.39	6.29	3.15	12.5	10.5	30.2
Pre-tax income	361	509	707	706	254	771	1,049	984	763	1,418
Income tax	114	-68.9	160	139	49.9	152	213	221	146	341
Net income to minority interests	0.78	0.6	0.28	-0.16	-0.69	0.44	0.34	0.03	-1	0
Net income	247	577	547	567	205	618	836	763	618	1,077
EBITDA	916	1,260	1,513	1,582	1,165	1,853	2,161	2,240	2,231	2,942
EPS, basic	1.07	2.19	2.07	2.15	0.78	2.37	3.25	2.96	2.39	4.18
EPS, diluted	1.07	2.18	2.07	2.14	0.78	2.36	3.24	2.95	2.39	4.17
Shares, basic (weighted)	230	264	264	264	263	261	257	258	258	257
Shares, diluted (weighted)	231	264	264	265	264	262	258	258	259	258
Dividend per share	0.41	0.50	0.58	0.67	0.76	0.85	0.95	1.05	1.17	1.30

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	154	434	319	327	617	147	78.6	78.4	62.4	46
Receivables	485	554	610	663	630	710	834	857	935	1,025
Other current assets	97.5	187	164	141	161	176	205	206	230	241
Total current assets	743	1,177	1,093	1,131	1,408	1,033	1,118	1,142	1,227	1,312
Property, plant and equipment	4,738	4,821	5,169	5,516	5,285	5,722	6,951	7,228	8,036	8,733
Lease right-of-use assets				183	171	161	193	262	308	313
Goodwill	4,390	4,682	5,032	5,511	5,727	6,188	6,902	7,404	7,950	8,392
Intangible assets	1,067	1,087	1,129	1,163	1,155	1,351	1,674	1,604	1,992	2,006
Other non-current assets	67.7	68	73	86	92.3	115	126	100	90.8	109
Total assets	11,104	12,015	12,627	13,738	13,992	14,700	17,135	17,916	19,818	21,129
Accounts payable	251	331	360	437	291	393	639	642	637	765
Accrued liabilities	269	278	316	281	405	443	431	521	737	810
Deferred revenue			179	216	234	274	325	355	383	416
Short-term debt	1.65	11.7	1.79	0.47	8.27	6.02	6.76	26.5	7.85	8.67
Total current liabilities	692	803	887	1,007	1,029	1,233	1,513	1,688	1,879	2,124
Long-term debt	3,617	3,900	4,153	4,354	4,709	5,041	6,890	6,725	8,073	8,811
Lease liabilities				160	147	130	165	238	272	267
Other non-current liabilities	331	316	324	417	456	421	418	524	747	576
Total liabilities	5,449	5,741	6,167	6,799	7,129	7,706	10,021	10,218	11,957	12,884
Total debt	3,633	3,926	4,175	4,376	4,744	5,102	6,963	6,812	8,152	8,889
Paid-in capital	102	116	134	155	171	199	244	284	326	373
Retained earnings	1,413	1,857	2,265	2,654	2,659	3,057	3,649	4,142	4,457	5,200
Treasury stock							0	0	0	0
Other comprehensive income	-43	108	-74.8	-11	-0.65	39.6	-56.8	-9.83	-206	-111
Shareholders' equity	5,648	6,269	6,455	6,934	6,859	6,989	7,109	7,693	7,860	8,245
Minority interests	7.36	5.4	5.58	4.85	4.17	4.61	4.95	4.97	0	0
Total equity	5,655	6,274	6,460	6,938	6,863	6,994	7,114	7,698	7,860	8,245
Total liabilities and equity	11,104	12,015	12,627	13,738	13,992	14,700	17,135	17,916	19,818	21,129
Shares outstanding	263	263	263	264	263	260	257	258	258	256

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	247	577	547	567	204	618	836	763	617	1,077
Depreciation and amortization	464	632	680	744	752	813	919	1,003	1,164	1,232
Stock-based compensation	44.8	39.4	43.8	42.7	45.8	58.2	63.5	70.4	77.9	79.4
Deferred income tax	42.3	-152	77.9	54.6	-50.5	14.6	93.5	6.33	-57.3	117
Change in receivables	-5.25	-38.9	-37.7	-34.9	31.3	-54.7	-101	-20.6	-10.6	-68.1
Change in payables	54.2	50	16.1	71.1	-148	66.8	193	32.3	-33.3	57.1
Cash from operations	795	1,187	1,411	1,541	1,409	1,698	2,022	2,127	2,229	2,414
Capital expenditures	-345	-479	-546	-634	-597	-744	-913	-934	-1,056	-1,179
Acquisitions	-17.1	-411	-830	-737	-389	-960	-2,207	-677	-2,121	-818
Cash from investing	-293	-861	-1,372	-1,426	-1,046	-1,693	-3,087	-1,581	-3,159	-2,023
Debt issued	3,469	974	1,023	1,576	1,816	2,112	4,816	1,819	4,564	2,674
Debt repaid	-3,714	-770	-971	-1,471	-1,543	-1,893	-3,074	-2,052	-3,245	-2,130
Stock issued	19.9	10.8	2.67	4.04	0.68	0.43	0.66	0.79	2.01	0.32
Share buybacks			-58.9		-106	-339	-425	0	0	-506
Dividends paid	-92.5	-132	-153	-175	-200	-220	-243	-271	-302	-334
Cash from financing	-355	56.8	-188	-95.9	-78.2	-499	1,028	-544	945	-360
Exchange rate effect	-0.6	1.8	-1.29	0.61	6.91	-0.03	-2.04	1.34	-0.56	0.62
Net change in cash	147	385	-149	19.3	291	-495	-38.3	2.67	14.1	31.4
Free cash flow	451	708	865	906	811	954	1,110	1,193	1,173	1,235
Interest paid	87.7	116	124	140	142	157	177	261	299	308
Income taxes paid	69.6	156	52.5	81	105	146	100	207	216	221

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $155.56 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	42.5%	Gross profit / revenue.
Operating margin	17.0%	Operating income / revenue.
EBITDA margin	30.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.2%	Pre-tax income / revenue.
Net margin	10.9%	Net income / revenue.
FCF margin	12.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.7%	Cash from operations / revenue.
Effective tax rate	23.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	5.0%	Net income / average total assets.
SG&A / revenue	10.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	13.1%	Capital expenditures / revenue.
D&A / revenue	13.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	60.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	32.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	31.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	20.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	74.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	39.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	74.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	39.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	5.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	3.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	11.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	11.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.66x	Current assets / current liabilities.
Quick ratio	0.55x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / assets	43.8%	Total debt / total assets.
Liabilities / assets	63.0%	Total liabilities / total assets.
Net debt	$9.27B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.15x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.75x	Operating income / interest expense.
Working capital	-$729.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	48.4%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	1.09x	Revenue / average property, plant and equipment.
Receivables turnover	9.13x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
Days payables	50 days	365 x average accounts payable / cost of revenue.
FCF conversion	116.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	50.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.18	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$38.46	Revenue / diluted weighted shares.
FCF per share	$4.86	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.90	Cash from operations / diluted weighted shares.
Cash per share	$0.39	(Cash + short-term investments) / shares outstanding.
Payout ratio	32.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	28.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	90.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$39.70B	Share price x shares outstanding.
Enterprise value	$48.97B	Market cap + total debt - cash - short-term investments.
P/E	37.4x	Market cap / net income. Only when net income is positive.
P/S	4.07x	Market cap / revenue.
P/FCF	32.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.8x	Market cap / cash from operations, when positive.
EV/Sales	5.02x	Enterprise value / revenue.
EV/EBIT	29.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	39.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.1%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.
PEG	4.27x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Waste Connections, Inc.'s revenue in fiscal 2025?

Waste Connections, Inc. reported revenue of $9.47B for fiscal 2025, 6.1% higher than the year before.

Was Waste Connections, Inc. profitable in fiscal 2025?

Yes. Net income was $1.08B, a net margin of 11.4%.

How much free cash flow did Waste Connections, Inc. generate in fiscal 2025?

Cash from operations of $2.41B minus capital expenditures of $1.18B left free cash flow of $1.23B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Waste Connections, Inc.