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WCN

Waste Connections, Inc.

WCN

Waste Connections, Inc. • NYSE
$176.55 ▼ -0.27% (-0.48)
Market Cap $45.53 B
52w High $201.66
52w Low $163.27
Dividend Yield 1.40%
P/E 73.56
Volume 453.32K
Outstanding Shares 257.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.708B ▲ $248.481M ▲ $286.27M ▼ 7.72% ▼ $1.11 ▼ $941.875M ▲
Q2-2025 $2.447B ▲ $244.283M ▼ $295.059M ▲ 12.059% ▲ $1.12 ▲ $788.955M ▲
Q1-2025 $2.228B ▼ $546.523M ▼ $241.51M ▲ 10.839% ▲ $0.93 ▲ $697.929M ▲
Q4-2024 $2.26B ▼ $1.135B ▲ $-196.004M ▼ -8.672% ▼ $-0.76 ▼ $254.185M ▼
Q3-2024 $2.338B $519.066M $308.046M 13.173% $1.19 $779.152M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $117.596M ▲ $20.782B ▲ $12.689B ▲ $8.093B ▼
Q2-2025 $110.166M ▼ $20.679B ▲ $12.325B ▲ $8.354B ▲
Q1-2025 $111.226M ▲ $20.254B ▲ $12.24B ▲ $8.014B ▲
Q4-2024 $62.366M ▼ $19.818B ▼ $11.957B ▲ $7.86B ▼
Q3-2024 $115.265M $20.095B $11.834B $8.261B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $286.27M ▼ $677.449M ▲ $-413.941M ▲ $-239.014M ▼ $23.114M ▲ $1.175B ▲
Q2-2025 $290.277M ▲ $638.202M ▲ $-416.761M ▲ $-205.857M ▼ $18.025M ▼ $352.892M ▲
Q1-2025 $241.51M ▲ $541.539M ▼ $-603.211M ▼ $113.379M ▲ $51.273M ▲ $329.084M ▲
Q4-2024 $-196.004M ▼ $568.929M ▲ $-513.366M ▲ $-95.412M ▼ $-40.335M ▼ $172.243M ▼
Q3-2024 $308.046M $558.311M $-851.706M $338.476M $46.102M $286.179M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Exploration And Production Waste Treatment Recovery And Disposal
Exploration And Production Waste Treatment Recovery And Disposal
 $150.00M ▲$150.00M ▲$180.00M ▲$190.00M ▲
Intermodal and Other
Intermodal and Other
 $50.00M ▲$50.00M ▲$40.00M ▼$40.00M ▲
Intersegment Eliminations
Intersegment Eliminations
 $-320.00M ▲$-310.00M ▲$-360.00M ▼$-370.00M ▼
Landfill
Landfill
 $380.00M ▲$340.00M ▼$400.00M ▲$410.00M ▲
Solid Waste Collection
Solid Waste Collection
 $1.61Bn ▲$1.62Bn ▲$1.69Bn ▲$1.73Bn ▲
Solid Waste Recycling
Solid Waste Recycling
 $60.00M ▲$60.00M ▲$70.00M ▲$60.00M ▼
Transfer
Transfer
 $340.00M ▲$320.00M ▼$380.00M ▲$390.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Waste Connections shows a clear pattern of steady revenue growth over the last several years, which is a positive sign of underlying demand and successful expansion. Gross profit has also climbed, suggesting the core business remains fundamentally healthy. However, operating profit has flattened out recently, and net income and earnings per share have actually slipped in the most recent year despite higher sales. That combination usually points to rising costs, higher depreciation or interest expense, acquisition-related charges, or other one‑off items weighing on the bottom line. Overall, this is a strong, growing revenue story with some recent pressure on profitability that is important to watch, especially if cost inflation or integration costs persist.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has been growing through investment and acquisitions. Total assets have expanded meaningfully over time, which fits with owning more landfills, collection fleets, and related infrastructure. Debt has also risen and now sits noticeably higher than a few years ago, while shareholders’ equity has increased more gradually. This signals a more leveraged capital structure, though still supported by a solid equity base. One watchpoint is that cash on hand is quite low relative to total debt, which means the company relies heavily on ongoing cash generation and access to credit rather than large cash reserves. The structure is typical for this industry, but it does increase the importance of consistent cash flow and stable financing conditions.

Cash Flow

Cash Flow Cash flow is one of the clear strengths here. Operating cash flow has risen steadily, closely tracking the growth in the business, and free cash flow has remained healthy even as the company spends heavily on capital projects. Capital spending has increased, reflecting investments in landfills, trucks, recycling facilities, and new technologies like renewable natural gas. Despite this higher investment, the company continues to produce solid free cash flow, which provides flexibility to service debt, fund acquisitions, and support shareholder returns. The key risk is that this capital‑intensive strategy depends on those strong cash flows continuing; any sharp downturn in volumes or pricing would matter more given the ongoing investment needs.

Competitive Edge

Competitive Edge Waste Connections holds a strong competitive position as one of the largest waste services providers in North America, with a deliberate focus on secondary and rural markets rather than crowded big cities. This niche strategy often gives it higher local market share, long‑term contracts, and better pricing power, because competition is thinner and switching providers is more difficult. Ownership of landfills and other disposal assets adds another layer of advantage, since controlling these assets creates barriers for new entrants and keeps more of the economics in‑house. Its decentralized, locally focused operating model also helps build customer loyalty and community relationships. Key competitive risks include regulatory changes, swings in recycling commodity prices, landfill permitting challenges, and aggressive moves by larger peers into its core geographies, though its entrenched local positions make displacement difficult.

Innovation and R&D

Innovation and R&D Innovation is a clear differentiator for Waste Connections within a traditionally slow‑moving industry. It is a major user of AI‑powered robotics in recycling facilities, which can improve sorting quality and efficiency. The company is also investing heavily in renewable natural gas projects at its landfills, turning landfill gas into low‑carbon fuel and creating a new, more sustainable revenue stream. On the operations side, route optimization tools, onboard technology in trucks, and trials of alternative‑fuel and electric vehicles aim to cut costs and emissions. Digital tools like the WasteConnect app strengthen customer engagement and service transparency. These initiatives collectively deepen the company’s moat, but they also carry execution risk and depend on technology performance, regulatory support, and energy pricing staying favorable for projects like RNG.

Summary

Waste Connections combines steady revenue growth, resilient cash generation, and a strong competitive moat built around secondary markets and owned disposal assets. The business is clearly in an investment‑heavy phase, channeling significant capital into infrastructure, acquisitions, and new technologies such as AI‑driven recycling and renewable natural gas. While this supports long‑term positioning, it has coincided with rising debt levels and some recent pressure on profit margins and net income, even as sales climb. The core story is of a scaled, locally entrenched waste operator using technology and sustainability initiatives to enhance its franchise. Key areas to monitor include profitability trends, leverage relative to cash flow, the success of RNG and recycling projects, and the ongoing integration of acquisitions. Overall, the financials show a durable, cash‑generative platform with a stronger balance sheet than five years ago, but also a higher dependence on execution and disciplined capital allocation to realize the full benefit of its growth strategy.

NEWS

October 21, 2025 · 4:17 PM UTC

WASTE CONNECTIONS ANNOUNCES 11.1% INCREASE IN QUARTERLY DIVIDEND

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October 21, 2025 · 4:15 PM UTC

WASTE CONNECTIONS REPORTS THIRD QUARTER 2025 RESULTS

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September 24, 2025 · 4:05 PM UTC

WASTE CONNECTIONS ANNOUNCES DATES FOR THIRD QUARTER 2025 EARNINGS RELEASE

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