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Quest Resource vs Waste Connections: revenue, profit, margins and growth compared

Quest Resource brought in $250.2M of revenue in fiscal 2025, Waste Connections $9.5B in fiscal 2025. Revenue changed by -13.3% at Quest Resource and +6.1% at Waste Connections on the year before, so Waste Connections grew faster. Quest Resource kept -6.1% of its revenue as net profit, Waste Connections 11.4%. Free cash flow was $9.3M at Quest Resource and $1.2B at Waste Connections.

Side by side, latest fiscal year

QRHCWCN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$250.2M$9.5B
Revenue growth-13.3%+6.1%
Net income-$15.4M$1.1B
Net margin-6.1%11.4%
Free cash flow$9.3M$1.2B
Free cash flow margin3.7%13.0%
Earnings per share (diluted)-$0.73$4.17
Cash$1M$46M
Debt$64M$8.9B
Price to earningsn/a37.3
Market value$28.9M$39.7B
Dividend yieldn/a0.83%
Rank by revenue in sector#94 of 116 · Utilities#31 of 116 · Utilities

Over the years

Revenue
QRHC FY2018: $103.8MQRHC FY2019: $99MQRHC FY2020: $98.7MQRHC FY2021: $155.7MQRHC FY2022: $284MQRHC FY2023: $288.4MQRHC FY2024: $288.5MQRHC FY2025: $250.2MWCN FY2018: $4.9BWCN FY2019: $5.4BWCN FY2020: $5.4BWCN FY2021: $6.2BWCN FY2022: $7.2BWCN FY2023: $8BWCN FY2024: $8.9BWCN FY2025: $9.5BFY18FY19FY20FY21FY22FY23FY24FY25
QRHC $250.2MWCN $9.5B
Net income
QRHC FY2018: -$2.4MQRHC FY2019: -$55.2KQRHC FY2020: $1MQRHC FY2021: $1.7MQRHC FY2022: -$6MQRHC FY2023: -$7.3MQRHC FY2024: -$15.1MQRHC FY2025: -$15.4MWCN FY2018: $546.9MWCN FY2019: $566.8MWCN FY2020: $204.7MWCN FY2021: $618MWCN FY2022: $835.7MWCN FY2023: $762.8MWCN FY2024: $617.6MWCN FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
QRHC -$15.4MWCN $1.1B
Net margin
QRHC FY2018: -2.3%QRHC FY2019: -0.1%QRHC FY2020: 1.0%QRHC FY2021: 1.1%QRHC FY2022: -2.1%QRHC FY2023: -2.5%QRHC FY2024: -5.2%QRHC FY2025: -6.1%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
QRHC -6.1%WCN 11.4%
Revenue growth
QRHC FY2019: -4.6%QRHC FY2020: -0.3%QRHC FY2021: +57.8%QRHC FY2022: +82.4%QRHC FY2023: +1.5%QRHC FY2024: +0.1%QRHC FY2025: -13.3%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
QRHC -13.3%WCN +6.1%
Free cash flow
QRHC FY2018: $2.9MQRHC FY2019: $2.1MQRHC FY2020: $2.7MQRHC FY2021: $2MQRHC FY2022: -$3.2MQRHC FY2023: -$1.6MQRHC FY2024: -$10.8MQRHC FY2025: $9.3MWCN FY2018: $865.1MWCN FY2019: $906.1MWCN FY2020: $811.5MWCN FY2021: $953.9MWCN FY2022: $1.1BWCN FY2023: $1.2BWCN FY2024: $1.2BWCN FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
QRHC $9.3MWCN $1.2B

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

Questions about Quest Resource and Waste Connections

Which is bigger by revenue, Quest Resource or Waste Connections?

Waste Connections is bigger by revenue: $9.5B in fiscal 2025, against $250.2M for Quest Resource in fiscal 2025.

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

Quest Resource had a net margin of -6.1% in fiscal 2025; Waste Connections had 11.4% in fiscal 2025.

Which grew revenue faster, Quest Resource or Waste Connections?

In their latest fiscal years revenue changed by -13.3% at Quest Resource 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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