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Stocks · Industrials · Refuse Systems

Waste Connections, Inc.

WCN Clue Score60
Ontario, Canada Fiscal year ends December CIK 0001318220
$152.83 -1.20% Close, 9 Oct 2026
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Price $152.83 +19.43% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue3.38Operating income0.45Net income0.25EPS, diluted1.07Fiscal year 2017Revenue4.63 +37.2%Operating income0.63Net income0.58 +134.0%EPS, diluted2.18 +103.7%Fiscal year 2018Revenue4.92 +6.3%Operating income0.83Net income0.55 −5.2%EPS, diluted2.07 −5.0%Fiscal year 2019Revenue5.39 +9.5%Operating income0.84Net income0.57 +3.7%EPS, diluted2.14 +3.4%Fiscal year 2020Revenue5.45 +1.1%Operating income0.41Net income0.20 −63.9%EPS, diluted0.78 −63.6%Fiscal year 2021Revenue6.15 +13.0%Operating income1.04Net income0.62 +202.0%EPS, diluted2.36 +202.6%Fiscal year 2022Revenue7.21 +17.2%Operating income1.24Net income0.84 +35.2%EPS, diluted3.24 +37.3%Fiscal year 2023Revenue8.02 +11.2%Operating income1.24Net income0.76 −8.7%EPS, diluted2.95 −9.0%Fiscal year 2024Revenue8.92 +11.2%Operating income1.07Net income0.62 −19.0%EPS, diluted2.39 −19.0%Fiscal year 2025Revenue9.47 +6.1%Operating income1.71Net income1.08 +74.3%EPS, diluted4.17 +74.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 3.38 4.63 4.92 5.39 5.45 6.15 7.21 8.02 8.92 9.47
Growth +37.2% +6.3% +9.5% +1.1% +13.0% +17.2% +11.2% +11.2% +6.1%
Operating income 0.45 0.63 0.83 0.84 0.41 1.04 1.24 1.24 1.07 1.71
Net income 0.25 0.58 0.55 0.57 0.20 0.62 0.84 0.76 0.62 1.08
Growth +134.0% −5.2% +3.7% −63.9% +202.0% +35.2% −8.7% −19.0% +74.3%
EPS, diluted 1.07 2.18 2.07 2.14 0.78 2.36 3.24 2.95 2.39 4.17
Growth +103.7% −5.0% +3.4% −63.6% +202.6% +37.3% −9.0% −19.0% +74.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin13.4%Net margin7.3%Free cash flow margin13.3%Fiscal year 2017Operating margin13.5%Net margin12.5%Free cash flow margin15.3%Fiscal year 2018Operating margin16.9%Net margin11.1%Free cash flow margin17.6%Fiscal year 2019Operating margin15.5%Net margin10.5%Free cash flow margin16.8%Fiscal year 2020Operating margin7.6%Net margin3.8%Free cash flow margin14.9%Fiscal year 2021Operating margin16.9%Net margin10.0%Free cash flow margin15.5%Fiscal year 2022Operating margin17.2%Net margin11.6%Free cash flow margin15.4%Fiscal year 2023Operating margin15.4%Net margin9.5%Free cash flow margin14.9%Fiscal year 2024Operating margin12.0%Net margin6.9%Free cash flow margin13.2%Fiscal year 2025Operating margin18.1%Net margin11.4%Free cash flow margin13.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 13.4% 13.5% 16.9% 15.5% 7.6% 16.9% 17.2% 15.4% 12.0% 18.1%
Net margin 7.3% 12.5% 11.1% 10.5% 3.8% 10.0% 11.6% 9.5% 6.9% 11.4%
Free cash flow margin 13.3% 15.3% 17.6% 16.8% 14.9% 15.5% 15.4% 14.9% 13.2% 13.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.80Capital expenditure−0.34Free cash flow0.45Dividends paid−0.09Fiscal year 2017Operating cash flow1.19Capital expenditure−0.48Free cash flow0.71 +57.1%Dividends paid−0.13Fiscal year 2018Operating cash flow1.41Capital expenditure−0.55Free cash flow0.87 +22.2%Buybacks−0.06Dividends paid−0.15Fiscal year 2019Operating cash flow1.54Capital expenditure−0.63Free cash flow0.91 +4.7%Dividends paid−0.18Fiscal year 2020Operating cash flow1.41Capital expenditure−0.60Free cash flow0.81 −10.4%Buybacks−0.11Dividends paid−0.20Fiscal year 2021Operating cash flow1.70Capital expenditure−0.74Free cash flow0.95 +17.6%Buybacks−0.34Dividends paid−0.22Fiscal year 2022Operating cash flow2.02Capital expenditure−0.91Free cash flow1.11 +16.3%Buybacks−0.42Dividends paid−0.24Fiscal year 2023Operating cash flow2.13Capital expenditure−0.93Free cash flow1.19 +7.5%Buybacks0.00Dividends paid−0.27Fiscal year 2024Operating cash flow2.23Capital expenditure−1.06Free cash flow1.17 −1.7%Buybacks0.00Dividends paid−0.30Fiscal year 2025Operating cash flow2.41Capital expenditure−1.18Free cash flow1.23 +5.3%Buybacks−0.51Dividends paid−0.33
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.80 1.19 1.41 1.54 1.41 1.70 2.02 2.13 2.23 2.41
Capital expenditure −0.34 −0.48 −0.55 −0.63 −0.60 −0.74 −0.91 −0.93 −1.06 −1.18
Free cash flow 0.45 0.71 0.87 0.91 0.81 0.95 1.11 1.19 1.17 1.23
Growth +57.1% +22.2% +4.7% −10.4% +17.6% +16.3% +7.5% −1.7% +5.3%
Buybacks n/a n/a −0.06 n/a −0.11 −0.34 −0.42 0.00 0.00 −0.51
Dividends paid −0.09 −0.13 −0.15 −0.18 −0.20 −0.22 −0.24 −0.27 −0.30 −0.33

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.15Total debt3.62Net cash (debt)−3.46Shareholders’ equity5.65Debt to equity0.64Fiscal year 2017Cash0.43Total debt3.91Net cash (debt)−3.48Shareholders’ equity6.27Debt to equity0.62Fiscal year 2018Cash0.32Total debt4.16Net cash (debt)−3.84Shareholders’ equity6.45Debt to equity0.64Fiscal year 2019Cash0.33Total debt4.35Net cash (debt)−4.03Shareholders’ equity6.93Debt to equity0.63Fiscal year 2020Cash0.62Total debt4.72Net cash (debt)−4.10Shareholders’ equity6.86Debt to equity0.69Fiscal year 2021Cash0.15Total debt5.05Net cash (debt)−4.90Shareholders’ equity6.99Debt to equity0.72Fiscal year 2022Cash0.08Total debt6.90Net cash (debt)−6.82Shareholders’ equity7.11Debt to equity0.97Fiscal year 2023Cash0.08Shareholders’ equity7.69Fiscal year 2024Cash0.06Shareholders’ equity7.86Fiscal year 2025Cash0.05Shareholders’ equity8.25
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.15 0.43 0.32 0.33 0.62 0.15 0.08 0.08 0.06 0.05
Total debt 3.62 3.91 4.16 4.35 4.72 5.05 6.90 n/a n/a n/a
Net cash (debt) −3.46 −3.48 −3.84 −4.03 −4.10 −4.90 −6.82 n/a n/a n/a
Shareholders’ equity 5.65 6.27 6.45 6.93 6.86 6.99 7.11 7.69 7.86 8.25
Debt to equity 0.64 0.62 0.64 0.63 0.69 0.72 0.97 n/a n/a n/a

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
13.4% 13.5% 16.9% 15.5% 7.6% 16.9% 17.2% 15.4% 12.0% 18.1%
10.7% 11.0% 14.4% 13.1% 4.7% 12.5% 14.5% 12.3% 8.6% 15.0%
7.3% 12.5% 11.1% 10.5% 3.8% 10.0% 11.6% 9.5% 6.9% 11.4%
13.3% 15.3% 17.6% 16.8% 14.9% 15.5% 15.4% 14.9% 13.2% 13.0%
Spending
14.0% 11.0% 10.7% 10.1% 9.9% 10.0% 9.7% 10.0% 9.9% 10.1%
10.2% 10.4% 11.1% 11.8% 11.0% 12.1% 12.7% 11.6% 11.8% 12.5%
31.6% −13.6% 22.6% 19.7% 19.7% 19.8% 20.3% 22.4% 19.2% 24.1%
Returns
4.4% 9.2% 8.5% 8.2% 3.0% 8.8% 11.8% 9.9% 7.9% 13.1%
2.2% 4.8% 4.3% 4.1% 1.5% 4.2% 4.9% 4.3% 3.1% 5.1%
Balance and payout
0.64 0.62 0.64 0.63 0.69 0.72 0.97 n/a n/a n/a
49.1% 47.8% 48.8% 49.5% 50.9% 52.4% 58.5% 57.0% 60.3% 61.0%
37.5% 22.9% 27.9% 30.9% 97.7% 35.6% 29.1% 35.5% 48.9% 31.0%
20.5% 18.6% 24.4% 19.3% 37.7% 58.6% 60.2% 22.7% 25.8% 68.0%