Saturday 17 October 2026 Export WCN’s income statement to Excel — free account

Waste Connections, Inc.

Waste Connections, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.5 billion, up 6.14% from fiscal 2024. In the quarter to June 2026, revenue grew 6.42%, EPS grew 4.46%, free cash flow grew 6.63% and total debt rose 10.9%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for ten, operating cash flow growth for five; insiders bought in the last twelve months.

167.30 1.79 +1.08%

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Market cap: $41.7B
P/E: 40.3×
Fwd P/E: 33.5×
Dividend yield: 0.84%
F-score: 6/9
Altman Z: 3.11
Beneish M: −2.72
Dividend safety: 79/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 7.61

Total sells 4.89

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	1	—	—	—	—	—
Sell	—	1	—	—	1	2	2	2	2	3	—	—

Insider Ownership 1.49%

Capital & Financial Ratios $m

Market Cap 41,720.00

Revenue 9,763.92

Net Income 1,060.51

Free Cash Flow 1,174.25

Net Debt 9,274.79

Current Ratio 0.66

Debt/Equity 1.18

P/E ratio 40.31

Fwd P/E 33.50

P/S ratio 4.34

P/B ratio 5.35

Past 5Y EPS Growth 39.83%

This Y EPS Growth 9.71%

Next Y EPS Growth 9.67%

Next Y revenue growth 6.14%

Next 5Y EPS Growth 10.05%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 21.07%

10-year low 10-year high

P/S against its own 10 years 27.68%

10-year low 10-year high

P/B against its own 10 years 78.81%

10-year low 10-year high

EV/Sales against its own 10 years 33.91%

10-year low 10-year high

EV/FCF against its own 10 years 83.74%

10-year low 10-year high

Dividends

Payout Ratio 0.34

Annual Dividend Rate 1.40

Annual Dividend Yield 0.84%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.40	0.35 0.35 0.35
2025	1.30	0.32 0.32 0.32 0.35
2024	1.17	0.29 0.29 0.29 0.32
2023	1.05	0.26 0.26 0.26 0.29
2022	0.95	0.23 0.23 0.23 0.26
2021	0.85	0.21 0.21 0.21 0.23
2020	0.95	0.19 0.19 0.19 0.19 0.21
2019	0.67	0.16 0.16 0.16 0.19
2018	0.72	0.14 0.14 0.14 0.14 0.16
2017	0.42	0.08 0.08 0.12 0.14
2016	0.90	0.13 0.18 0.10 0.13 0.12 0.10 0.06 0.08

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	78	62	46	98
Receivables	857	935	1,025	1,070
Inventory	—	—	—	—
Other	206	230	241	231
	1,142	1,227	1,312	1,399

	2023	2024	2025	Q'26
Payables	642	637	765	772
ST’ Debt	121	67	74	70
Other	—	—	—	—
	1,688	1,879	2,124	2,128

Compound Annual Growth %

	10y	5y	3y
Sales	16.16%	11.69%	9.49%
Cash Flow	15.39%	11.38%	6.08%
Earnings	0.00%	39.38%	8.81%
Book Value	15.26%	3.74%	5.04%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2,371	2,562	—	—	—
’25	2,228	2,407	2,458	2,373	9,467
’24	2,073	2,248	2,338	2,260	8,920
’23	1,901	2,021	2,065	2,036	8,022
’22	1,646	1,816	1,880	1,869	7,212
’21	1,396	1,534	1,597	1,624	6,151
’20	1,352	1,306	1,390	1,398	5,446

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	546	733	—	—	—
’25	542	638	677	557	2,414
’24	490	611	558	569	2,229
’23	442	574	554	556	2,127
’22	441	533	526	522	2,022
’21	400	448	421	428	1,698
’20	370	384	432	223	1,409

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	251	381	—	—	—
’25	330	357	384	158	1,230
’24	321	396	289	175	1,181
’23	268	359	338	260	1,224
’22	304	316	286	235	1,140
’21	306	279	216	196	997
’20	235	243	231	53	763

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.86	1.17	—	—	—
’25	0.93	1.12	1.11	1.01	4.17
’24	0.89	1.07	1.19	(0.76)	2.39
’23	0.77	0.81	0.89	0.49	2.95
’22	0.69	0.87	0.92	0.75	3.24
’21	0.61	0.68	0.44	0.64	2.36
’20	0.54	(0.86)	0.60	0.50	0.78

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	33.76	52.24	65.06	73.07	70.87	97.02	113.50	125.83	145.35	163.27	Analyst estimates 2026–2028 Powerpack
	High	53.27	74.20	81.36	97.93	111.04	138.82	148.20	149.88	194.83	201.66
People
People	Employees	—	—	—	18,204	18,933	19,998	22,109	22,539	23,854	24,214
	Revenue/emp, $m	0.00	0.00	0.00	0.30	0.29	0.31	0.33	0.36	0.37	0.39
Income, $m
Income, $m	Revenue	3,376	4,630	4,923	5,389	5,446	6,151	7,212	8,022	8,920	9,467
	Gross margin, %	42.01	41.59	41.79	40.64	39.83	40.60	39.88	40.86	41.79	42.37
	EBT	361	509	707	706	254	771	1,049	984	763	1,418
	EBT margin, %	10.70	10.98	14.36	13.10	4.66	12.53	14.54	12.26	8.55	14.98
	Net income	247	577	547	567	204	618	836	763	617	1,077
	Depreciation	469	632	685	749	760	818	924	1,010	1,174	1,240
Per share, $
Per share, $	Revenue	14.66	17.56	18.67	20.43	20.69	23.55	28.02	31.15	34.58	36.79
	Earnings	1.07	2.19	2.07	2.15	0.78	2.37	3.25	2.96	2.39	4.18
	Cash flow	3.45	4.50	5.35	5.84	5.35	6.50	7.86	8.26	8.64	9.38
	Capex	(1.48)	(1.71)	(2.05)	(2.51)	(2.45)	(2.69)	(3.43)	(3.50)	(4.06)	(4.60)
	Free cash flow	1.98	2.79	3.30	3.33	2.90	3.82	4.43	4.75	4.58	4.78
	Book value	24.55	23.79	24.50	26.30	26.08	26.78	27.64	29.89	30.47	32.04
	Shares, m	230	264	264	264	263	261	257	258	258	257
Valuation, ×
Valuation, ×	P/E	50.32	32.07	35.87	42.23	131.50	57.50	40.53	50.21	71.79	41.95
	P/S	3.59	3.99	3.98	4.44	4.96	5.79	4.70	4.77	4.96	4.77
	P/B	2.14	2.94	3.03	3.45	3.93	5.09	4.77	4.97	5.63	5.47
	EV/Sales	4.63	4.75	4.77	5.20	5.72	6.60	5.66	5.62	5.87	5.70
	EV/FCF	34.31	29.86	26.96	31.94	40.85	40.72	35.77	36.81	44.35	43.89
Cash, $m
Cash, $m	Operating cash flow	795	1,187	1,411	1,541	1,409	1,698	2,022	2,127	2,229	2,414
	Capex	(340)	(451)	(541)	(663)	(645)	(702)	(882)	(902)	(1,048)	(1,184)
	Free cash flow	455	736	870	878	763	997	1,140	1,224	1,181	1,230
Balance, $m
Balance, $m	Working capital	51	374	206	123	380	(200)	(395)	(546)	(652)	(813)
	Total debt	3,670	3,959	4,210	4,424	4,789	5,141	6,978	6,866	8,168	8,904
	Net debt	3,516	3,525	3,891	4,097	4,171	4,993	6,900	6,788	8,106	8,858
	Shareholders’ equity	5,655	6,274	6,460	6,938	6,863	6,994	7,114	7,698	7,860	8,245
Returns, %
Returns, %	ROA	3.04	4.99	4.44	4.30	1.48	4.31	5.25	4.35	3.27	5.26
	ROIC	3.08	4.00	5.03	4.74	2.34	5.42	5.54	5.33	4.18	6.25
	ROE	6.45	9.67	8.59	8.46	2.97	8.92	11.85	10.30	7.94	13.37

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
WM Waste Management, Inc.	$89.6B	32.0×	27.0×	+3.95% (above 0%: growing)	+8.89% (above 0%: growing)	+34.81% (above 0%: growing)	40.83%	18.75%	Compare
RSG Republic Services, Inc.	$70.3B	32.8×	28.9×	+4.60% (above 0%: growing)	+4.55% (above 0%: growing)	+8.20% (above 0%: growing)	42.14%	20.34%	Compare
WCN Waste Connections, Inc.	$41.7B	40.3×	33.5×	+6.42% (above 0%: growing)	+4.46% (above 0%: growing)	+6.63% (above 0%: growing)	42.25%	17.08%
GFL GFL Environmental Inc.	$19.0B	— (loss-making)	— (loss-making)	+16.16% (above 0%: growing)	n/m	+557.08% (above 0%: growing)	19.81%	5.58%	Compare
CLH Clean Harbors, Inc.	$16.9B	38.7×	33.3×	+11.95% (above 0%: growing)	+36.29% (above 0%: growing)	−4.89% (below 0%: shrinking)	35.09%	15.50%	Compare
CWST Casella Waste Systems, Inc.	$5.5B	978×	559×	+16.85% (above 0%: growing)	−25.00% (below 0%: shrinking)	+14.24% (above 0%: growing)	32.88%	3.67%	Compare
ONT Onterris, Inc.	$494.1M	— (loss-making)	123×	−20.42% (below 0%: shrinking)	−91.67% (below 0%: shrinking)	−96.15% (below 0%: shrinking)	44.07%	3.46%	Compare
PESI Perma-Fix Environmental Services, Inc.	$282.0M	— (loss-making)	— (loss-making)	−11.66% (below 0%: shrinking)	n/m	−156.46% (below 0%: shrinking)	(19.43%)	(50.50%)	Compare
ABAT American Battery Technology Company	$225.5M	— (loss-making)	— (loss-making)	+196.60% (above 0%: growing)	n/m	−32.23% (below 0%: shrinking)	15.66%	(246.50%)	Compare
Median of peers	$11.2B	35.7×	33.3×	+8.27%	+4.55%	+1.66%	33.99%	4.63%

All 20 Waste Management stocks →