WCN Financials Waste Connections, Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 25, 2026, 10:25 UTC Overview →

Growth & profitability

Revenue has grown 11.7% per year over the past 5 years.
Net income has grown faster than revenue (39.4% vs 11.7% per year).
Operating margin has expanded, at 18.1% in the latest year.
Free cash flow has grown 8.8% per year over the past 5 years.

Financial health

Total debt has grown in line with revenue (11.9% vs 11.7% per year).
Operating income covered interest expense 5.1× in the latest year.

Shareholder returns

Dividends have been paid for 12 consecutive years, consuming 31.0% of earnings and 27.0% of free cash flow.
The dividend has grown 10.8% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$9.5B	$1.1B	42.4%	18.1%	13.1%	5.1%	$1.2B	—	$46M
2024	$8.9B	$618M	41.8%	12.0%	7.9%	3.1%	$1.2B	—	$62M
2023	$8.0B	$763M	40.9%	15.4%	9.9%	4.3%	$1.2B	—	$78M
2022	$7.2B	$836M	39.9%	17.2%	11.7%	4.9%	$1.1B	$6.9B	$79M
2021	$6.2B	$618M	40.6%	16.9%	8.8%	4.2%	$954M	$5.0B	$147M
2020	$5.4B	$205M	39.8%	7.6%	3.0%	1.5%	$811M	$4.7B	$617M
2019	$5.4B	$567M	40.6%	15.5%	8.2%	4.1%	$906M	$4.4B	$327M
2018	$4.9B	$547M	41.8%	16.9%	8.5%	4.3%	$865M	$4.2B	$319M
2017	$4.6B	$577M	41.6%	13.5%	9.2%	4.8%	$708M	$3.9B	$434M
2016	$3.4B	$247M	42.0%	13.4%	4.4%	2.2%	—	$3.6B	$154M
2015	—	-$96M	—	—	-4.8%	-1.9%	$379M	$2.2B	$11M
2014	—	$233M	—	—	10.4%	4.4%	$217M	$1.6B	$14M
2013	—	$118M	—	—	5.8%	3.5%	$243M	$1.5B	$14M
2012	—	$94M	—	—	7.4%	2.7%	$156M	$1.7B	$30M
2011	—	-$196M	—	—	-15.2%	-6.4%	$283M	$1.3B	$14M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$2.6B	$359M	43.1%	20.5%	4.6%	1.7%	$397M	—	$96M
Jun '26	$2.6B	$296M	42.3%	17.1%	3.7%	1.4%	$431M	—	$98M
Mar '26	$2.4B	$219M	42.6%	15.4%	2.7%	1.0%	$249M	—	$112M
Dec '25	$2.4B	$259M	42.5%	17.7%	3.1%	1.2%	$173M	—	$46M
Sep '25	$2.5B	$286M	42.8%	17.9%	3.5%	1.4%	$380M	—	$118M
Jun '25	$2.4B	$290M	42.1%	19.1%	3.5%	1.4%	$353M	—	$110M
Mar '25	$2.2B	$242M	42.0%	17.5%	3.0%	1.2%	$329M	—	$111M
Dec '24	$2.3B	-$196M	41.4%	-8.8%	-2.5%	-1.0%	$172M	—	$62M
Sep '24	$2.3B	$308M	42.5%	20.3%	3.7%	1.5%	$286M	—	$115M
Jun '24	$2.2B	$275M	42.1%	18.9%	3.4%	1.4%	$394M	—	$79M
Mar '24	$2.1B	$229M	41.1%	17.7%	2.9%	1.2%	$320M	—	$112M
Dec '23	$2.0B	$127M	41.3%	11.0%	1.6%	0.7%	$237M	—	$78M
Sep '23	$2.1B	$229M	41.7%	17.1%	3.0%	1.3%	$333M	—	$96M
Jun '23	$2.0B	$209M	40.8%	17.0%	2.8%	1.2%	$356M	—	$92M
Mar '23	$1.9B	$198M	39.7%	16.6%	2.7%	1.1%	$267M	$6.9B	$134M
Dec '22	$1.9B	$194M	39.1%	16.7%	2.7%	1.1%	$228M	$6.9B	$79M
Sep '22	$1.9B	$237M	40.4%	17.4%	3.4%	1.5%	$280M	$6.2B	$200M
Jun '22	$1.8B	$224M	40.1%	18.1%	3.3%	1.5%	$314M	$5.6B	$218M
Mar '22	$1.6B	$180M	39.9%	16.6%	2.7%	1.2%	$289M	$5.8B	$391M
Dec '21	$1.6B	$166M	39.6%	15.3%	2.4%	1.1%	$163M	$5.0B	$147M

Valuation over time

How the market has priced WCN against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 41.6× (Mar '23) to 43.7× (Nov '26).
The price-to-sales ratio has risen from 4.8× (Mar '23) to 5.0× (Nov '26).
The dividend yield has risen from 0.7% (Mar '23) to 0.7% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is WCN growing its revenue and profit?

Over the past 5 years, Waste Connections, Inc.'s revenue has grown 11.7% per year, and net income grown 39.4% per year. These are computed facts, not advice.

How much debt does WCN have?

As of FY2025, Waste Connections, Inc. reported — of total debt against $46M of cash; operating income covered interest expense 5.1×.

What is WCN's profit margin?

In FY2025, gross margin was 42.4%, operating margin 18.1%, and net margin 11.4%.

What is WCN's P/E ratio?

Waste Connections, Inc.'s P/E (TTM) is 41.52 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the WCN stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 43.7× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.