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.

Ticker: WCN
Exchange: NYSE
Sector: Industrials
Industry: Waste Management
Market cap: $47.31B
52-week range: $146.89 - $195.34

Valuation

Share price: $189.07 (close of Nov 6, 2026)
P/E (TTM): 42.30x
Price to book: 6.00x
Price to free cash flow: 37.86x
Enterprise value: $56.98B
Book value per share: $31.50

Price performance

Period	Change
1 day	-1.35%
5 days	+2.71%
1 month	+22.28%
3 months	+12.95%
6 months	+23.19%
Year to date	+7.82%
1 year	+14.37%
3 years	+42.78%
5 years	+40.66%
10 years	+282.89%
All time	+6,602.26%

Short interest

As of: Oct 15, 2026
Short % of float: 2.40%
Shares short: 5.23M
Days to cover: 2.72
Change since prior report: +33.37%
Source: FINRA consolidated short interest

Members of Congress who disclosed WCN trades

Val Hoyle · Ritchie Torres

Super investors holding WCN

Ken Griffin (Citadel) · Bill Gates (Gates Foundation Trust) · Ray Dalio (Bridgewater Associates)

Profitability and growth

Return on equity: 13.06%
Return on invested capital: 7.88%
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): 2.64%
Current ratio: 0.67x
Net debt to EBITDA: 3.10x

Latest reported year

Period end: Dec 31, 2025
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
Interest expense: $334.55M
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%	7.88%
2024-12-31	41.79%	6.92%	7.86%	5.67%
2023-12-31	40.86%	9.51%	9.91%	6.90%
2022-12-31	39.88%	11.59%	11.75%	7.24%
2021-12-31	40.60%	10.05%	8.84%	7.26%
2020-12-31	39.83%	3.76%	2.98%	3.08%
2019-12-31	40.64%	10.52%	8.17%	6.08%
2018-12-31	41.79%	11.11%	8.47%	6.33%
2017-12-31	41.59%	12.46%	9.19%	6.16%
2016-12-31	42.01%	7.30%	4.36%	3.65%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$45.97M	$8.81B
2024-12-31	$62.37M	$8.07B
2023-12-31	$78.40M	$6.72B
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: Nov 5, 2026
Paid in the last twelve months: $1.44

Payment date	Dividend per share
2026-11-05	$0.39
2026-08-06	$0.35
2026-05-06	$0.35
2026-02-25	$0.35
2025-11-05	$0.35 (est., from WCN.TO)
2025-08-06	$0.32
2025-05-07	$0.32
2025-02-27	$0.32

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-21	Sep 2026	$1.52
2026-07-22	Jun 2026	$1.35
2026-04-22	Mar 2026	$1.19
2026-02-11	Dec 2025	$1.28
2025-10-21	Sep 2025	$1.38
2025-07-23	Jun 2025	$1.25
2025-04-23	Mar 2025	$1.07
2025-02-12	Dec 2024	$1.20

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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