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 28 h ago 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

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	FCF	Total debt	Cash
2025	$9.5B	$1.1B	42.4%	18.1%	$1.2B	—	$46M
2024	$8.9B	$618M	41.8%	12.0%	$1.2B	—	$62M
2023	$8.0B	$763M	40.9%	15.4%	$1.2B	—	$78M
2022	$7.2B	$836M	39.9%	17.2%	$1.1B	$6.9B	$79M
2021	$6.2B	$618M	40.6%	16.9%	$954M	$5.0B	$147M
2020	$5.4B	$205M	39.8%	7.6%	$811M	$4.7B	$617M
2019	$5.4B	$567M	40.6%	15.5%	$906M	$4.4B	$327M
2018	$4.9B	$547M	41.8%	16.9%	$865M	$4.2B	$319M
2017	$4.6B	$577M	41.6%	13.5%	$708M	$3.9B	$434M
2016	$3.4B	$247M	42.0%	13.4%	—	$3.6B	$154M
2015	—	-$96M	—	—	$379M	$2.2B	$11M
2014	—	$233M	—	—	$217M	$1.6B	$14M
2013	—	$118M	—	—	$243M	$1.5B	$14M
2012	—	$94M	—	—	$156M	$1.7B	$30M
2011	—	-$196M	—	—	$283M	$1.3B	$14M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

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	FCF	Total debt	Cash
Mar '26	$2.4B	$219M	42.6%	15.4%	$249M	—	$112M
Dec '25	$2.4B	$259M	42.5%	17.7%	$173M	—	$46M
Sep '25	$2.5B	$286M	42.8%	17.9%	$380M	—	$118M
Jun '25	$2.4B	$290M	42.1%	19.1%	$353M	—	$110M
Mar '25	$2.2B	$242M	42.0%	17.5%	$329M	—	$111M
Dec '24	$2.3B	-$196M	41.4%	-8.8%	$172M	—	$62M
Sep '24	$2.3B	$308M	42.5%	20.3%	$286M	—	$115M
Jun '24	$2.2B	$275M	42.1%	18.9%	$394M	—	$79M
Mar '24	$2.1B	$229M	41.1%	17.7%	$320M	—	$112M
Dec '23	$2.0B	$127M	41.3%	11.0%	$237M	—	$78M
Sep '23	$2.1B	$229M	41.7%	17.1%	$333M	—	$96M
Jun '23	$2.0B	$209M	40.8%	17.0%	$356M	—	$92M
Mar '23	$1.9B	$198M	39.7%	16.6%	$267M	$6.9B	$134M
Dec '22	$1.9B	$194M	39.1%	16.7%	$228M	$6.9B	$79M
Sep '22	$1.9B	$237M	40.4%	17.4%	$280M	$6.2B	$200M
Jun '22	$1.8B	$224M	40.1%	18.1%	$314M	$5.6B	$218M
Mar '22	$1.6B	$180M	39.9%	16.6%	$289M	$5.8B	$391M
Dec '21	$1.6B	$166M	39.6%	15.3%	$163M	$5.0B	$147M
Sep '21	$1.6B	$115M	40.8%	17.9%	$213M	$4.9B	$339M
Jun '21	$1.5B	$177M	41.2%	17.4%	$273M	$4.8B	$727M

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 fallen from 42.9× (Mar '23) to 39.8× (Jun '26).
The price-to-sales ratio has fallen from 5.0× (Mar '23) to 4.5× (Jun '26).
The dividend yield has risen from 0.7% (Mar '23) to 0.8% (Jun '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?

As of Jun '26, Waste Connections, Inc. traded at a price-to-earnings ratio of about 39.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.