Waste Connections, Inc. (WCN)
Waste Connections, Inc. provides non-hazardous waste collection, transfer, and disposal services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals. The company owns and operates transfer stations that receive, compact, and/or load waste to be transported to landfills or treatment facilities through truck, rail, or barge; develops, owns, and operates projects or the beneficial reuse of landfill gas through landfill network; and intermodal services for the movement of cargo and solid waste containers. In addition, it provides E&P waste treatment, recovery, and disposal services for waste created through the initial drilling and completion of an oil or natural gas well, such as drilling fluids, drill cuttings, completion fluids, and flowback water; production wastes and produced water during a well's operating life; contaminated soils that require treatment during site reclamation; and substances, which require clean-up after a spill, reserve pit clean-up, or pipeline rupture. Waste Connections, Inc. was founded in 1997 and is based in Woodbridge, Canada.
- Symbol
- WCN
- Exchange
- NYSE
- Sector
- Industrials
- Industry
- Waste Management
- Market cap
- $39.19B
- 52 week range
- 146.89 - 179.74
Valuation
- Share price
- $155.41 (close of 2026-09-23)
- P/E (TTM)
- 37.45x
- Price to book
- 4.95x
- Price to free cash flow
- 31.79x
- Enterprise value
- $48.70B
- Book value per share
- $31.41
Price performance
| Period | Change |
|---|
| 1 day | -0.09% |
| 5 days | -2.55% |
| 1 month | -8.26% |
| 3 months | -2.53% |
| 6 months | -4.25% |
| Year to date | -11.38% |
| 1 year | -9.66% |
| 3 years | +12.97% |
| 5 years | +18.04% |
| 10 years | +213.52% |
| All time | +5410.99% |
Profitability and growth
- Return on equity
- 13.06%
- Return on invested capital
- 7.90%
- Return on assets
- 5.10%
- Return on capital employed
- 9.00%
- Gross margin
- 42.37%
- Net margin
- 11.37%
- EBITDA margin
- 31.08%
- Revenue growth
- 6.14%
- Net income growth
- 74.32%
- Free cash flow growth
- 5.28%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 3.15%
- Current ratio
- 0.66x
- Net debt to EBITDA
- 3.16x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $9.47B
- Cost of revenue
- $5.46B
- Gross profit
- $4.01B
- EBITDA
- $2.94B
- Net income
- $1.08B
- Earnings per share
- $4.18
- Shares outstanding
- 257.32M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $9.47B | $4.01B | $1.08B | $4.18 |
| 2024-12-31 | $8.92B | $3.73B | $617.57M | $2.39 |
| 2023-12-31 | $8.02B | $3.28B | $762.80M | $2.96 |
| 2022-12-31 | $7.21B | $2.88B | $835.66M | $3.25 |
| 2021-12-31 | $6.15B | $2.50B | $618.05M | $2.37 |
| 2020-12-31 | $5.45B | $2.17B | $204.68M | $0.78 |
| 2019-12-31 | $5.39B | $2.19B | $566.84M | $2.15 |
| 2018-12-31 | $4.92B | $2.06B | $546.87M | $2.07 |
| 2017-12-31 | $4.63B | $1.93B | $576.82M | $2.19 |
| 2016-12-31 | $3.38B | $1.42B | $246.54M | $1.07 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 42.37% | 11.37% | 13.06% | 7.90% |
| 2024-12-31 | 41.79% | 6.92% | 7.86% | 5.69% |
| 2023-12-31 | 40.86% | 9.51% | 9.91% | 6.94% |
| 2022-12-31 | 39.88% | 11.59% | 11.75% | 7.28% |
| 2021-12-31 | 40.60% | 10.05% | 8.84% | 7.35% |
| 2020-12-31 | 39.83% | 3.76% | 2.98% | 3.25% |
| 2019-12-31 | 40.64% | 10.52% | 8.17% | 6.26% |
| 2018-12-31 | 41.79% | 11.11% | 8.47% | 6.53% |
| 2017-12-31 | 41.59% | 12.46% | 9.19% | 6.43% |
| 2016-12-31 | 42.01% | 7.30% | 4.36% | 3.71% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $45.97M | - |
| 2024-12-31 | $62.37M | - |
| 2023-12-31 | $78.40M | - |
| 2022-12-31 | $78.64M | $6.89B |
| 2021-12-31 | $147.44M | $5.04B |
| 2020-12-31 | $617.29M | $4.71B |
| 2019-12-31 | $326.74M | $4.35B |
| 2018-12-31 | $319.31M | $4.15B |
| 2017-12-31 | $433.81M | $3.90B |
| 2016-12-31 | $154.38M | $3.62B |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $1.23B | $79.45M |
| 2024-12-31 | $1.17B | $77.89M |
| 2023-12-31 | $1.19B | $70.44M |
| 2022-12-31 | $1.11B | $63.48M |
| 2021-12-31 | $953.91M | $58.22M |
| 2020-12-31 | $811.47M | $45.75M |
| 2019-12-31 | $906.14M | $42.67M |
| 2018-12-31 | $865.09M | $43.80M |
| 2017-12-31 | $707.97M | $39.36M |
| 2016-12-31 | $450.59M | $44.77M |
Dividend history
- Most recent payment
- 2026-08-06
- Paid in the last twelve months
- $1.05
| Payment date | Dividend per share |
|---|
| 2026-08-06 | $0.35 |
| 2026-05-06 | $0.35 |
| 2026-02-25 | $0.35 |
| 2025-08-06 | $0.32 |
| 2025-05-07 | $0.32 |
| 2025-02-27 | $0.32 |
| 2024-11-07 | $0.32 |
| 2024-08-07 | $0.28 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-20
- Consensus EPS estimate
- $1.51
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-22 | Jun/2026 | $1.35 |
| 2026-04-22 | - | - |
| 2026-02-11 | - | - |
| 2025-10-21 | - | - |
| 2025-07-23 | - | - |
| 2025-04-23 | - | - |
| 2025-02-12 | - | - |
| 2024-10-23 | - | - |
Filings and sources
- Company website
- wasteconnections.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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