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Avalon vs Waste Connections: revenue, profit, margins and growth compared

Avalon brought in $83.5M of revenue in fiscal 2025, Waste Connections $9.5B in fiscal 2025. Revenue changed by -0.3% at Avalon and +6.1% at Waste Connections on the year before, so Waste Connections grew faster. Avalon kept 0.4% of its revenue as net profit, Waste Connections 11.4%. Free cash flow was $2.1M at Avalon and $1.2B at Waste Connections.

Side by side, latest fiscal year

AWXWCN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$83.5M$9.5B
Revenue growth-0.3%+6.1%
Net income$321K$1.1B
Net margin0.4%11.4%
Free cash flow$2.1M$1.2B
Free cash flow margin2.5%13.0%
Earnings per share (diluted)$0.08$4.17
Cash$4.1M$46M
Debt$28.6M$8.9B
Price to earnings32.337.3
Market value$10.1M$39.7B
Dividend yieldn/a0.83%
Rank by revenue in sector#102 of 116 · Utilities#31 of 116 · Utilities

Over the years

Revenue
AWX FY2018: $62.2MAWX FY2019: $68.4MAWX FY2020: $58.7MAWX FY2021: $70.4MAWX FY2022: $81.2MAWX FY2023: $80.9MAWX FY2024: $83.8MAWX FY2025: $83.5MWCN FY2018: $4.9BWCN FY2019: $5.4BWCN FY2020: $5.4BWCN FY2021: $6.2BWCN FY2022: $7.2BWCN FY2023: $8BWCN FY2024: $8.9BWCN FY2025: $9.5BFY18FY19FY20FY21FY22FY23FY24FY25
AWX $83.5MWCN $9.5B
Net income
AWX FY2018: -$1.1MAWX FY2019: -$455KAWX FY2020: $14KAWX FY2021: $2MAWX FY2022: -$583KAWX FY2023: -$1.8MAWX FY2024: $1.3MAWX FY2025: $321KWCN FY2018: $546.9MWCN FY2019: $566.8MWCN FY2020: $204.7MWCN FY2021: $618MWCN FY2022: $835.7MWCN FY2023: $762.8MWCN FY2024: $617.6MWCN FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
AWX $321KWCN $1.1B
Net margin
AWX FY2018: -1.8%AWX FY2019: -0.7%AWX FY2020: 0.0%AWX FY2021: 2.8%AWX FY2022: -0.7%AWX FY2023: -2.2%AWX FY2024: 1.6%AWX FY2025: 0.4%WCN FY2018: 11.1%WCN FY2019: 10.5%WCN FY2020: 3.8%WCN FY2021: 10.0%WCN FY2022: 11.6%WCN FY2023: 9.5%WCN FY2024: 6.9%WCN FY2025: 11.4%FY18FY19FY20FY21FY22FY23FY24FY25
AWX 0.4%WCN 11.4%
Revenue growth
AWX FY2019: +9.8%AWX FY2020: -14.1%AWX FY2021: +19.9%AWX FY2022: +15.3%AWX FY2023: -0.3%AWX FY2024: +3.6%AWX FY2025: -0.3%WCN FY2019: +9.5%WCN FY2020: +1.1%WCN FY2021: +13.0%WCN FY2022: +17.2%WCN FY2023: +11.2%WCN FY2024: +11.2%WCN FY2025: +6.1%FY19FY20FY21FY22FY23FY24FY25
AWX -0.3%WCN +6.1%
Free cash flow
AWX FY2018: -$80KAWX FY2019: -$4MAWX FY2020: -$2MAWX FY2021: -$2.1MAWX FY2022: -$4.1MAWX FY2023: -$1.5MAWX FY2024: $1.1MAWX FY2025: $2.1MWCN FY2018: $865.1MWCN FY2019: $906.1MWCN FY2020: $811.5MWCN FY2021: $953.9MWCN FY2022: $1.1BWCN FY2023: $1.2BWCN FY2024: $1.2BWCN FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
AWX $2.1MWCN $1.2B

Fiscal years as each company reports them; the two may end in different months.

Questions about Avalon and Waste Connections

Which is bigger by revenue, Avalon or Waste Connections?

Waste Connections is bigger by revenue: $9.5B in fiscal 2025, against $83.5M for Avalon in fiscal 2025.

Which keeps more of its revenue as profit, Avalon or Waste Connections?

Avalon had a net margin of 0.4% in fiscal 2025; Waste Connections had 11.4% in fiscal 2025.

Which grew revenue faster, Avalon or Waste Connections?

In their latest fiscal years revenue changed by -0.3% at Avalon and +6.1% at Waste Connections.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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