FirmAtlas
Company handbook · WCN · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
WCN · CIK 1318220 · LATEST FILING: 10-Q JUN '26 · FILED JUL 23, 2026
WASTE CONNECTIONS, INC.
$167.90
+2.39 (+1.44%)
Close, Oct 16, 2026 · 52-week $147–180
Waste Connections collects trash and recycling and runs transfer stations, landfills and recycling centers, mostly in smaller and rural markets in the U.S. and Canada. It also disposes of waste from oil and gas drilling.
Business
- CustomersHomes, businesses and industrial plants, often under exclusive city contracts or franchises; oil and gas producers (drilling waste)
- Cash useFY24–FY25: acquisitions $2.9B · capex $2.2B · dividends $636M · buybacks $506M
Reinvested 111% of operating cash flow · returned 47% of free cash flow
Last fiscal year
WASTE CONNECTIONS, INC. reported revenue of $9.5B for the year ended Dec 31, 2025 (FY25), up 6.1% from FY24. Net income was $1.1B, operating cash flow $2.4B and free cash flow $1.2B. Source: 10-K filed Feb 12, 2026.
Market cap
$42.9B
P/E
40.5
EV/EBITDA
17.5x
P/B
5.4
Div yield
0.63%
ROIC
7.9%
Revenue 1Y
6.1%/yr
EPS 1Y
74.5%/yr
Shares 1Y
−0.9%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEORonald J. Mittelstaedt
HQWoodbridge, Ontario, Canada
AuditorGrant Thornton LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
13.0%
5.3%
6.6%
−1.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$6.3B deployed
Capex
$2.2B
35.4%
Acquisitions
$2.9B
46.5%
Dividends
$636M
10.1%
Buybacks
$506M
8.0%
Operating cash flow over the period: $4.6B. Total debt changed by +$737M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY15).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
8,920
9,467+6.1%
9,764
YoY
+6.1%
Gross profit
3,728
4,012+7.6%
4,153
Gross margin
41.8%
42.4%+0.6 pp
—
Operating income
1,068
1,710+60.2%
1,662
Operating margin
12.0%
18.1%+6.1 pp
—
EBITDA
2,231
2,942+31.9%
—
EBITDA margin
25.0%
31.1%+6.1 pp
—
Interest expense
327
335+2.4%
—
Interest coverage
6.83x
8.79x+1.97x
—
Net income
618
1,077+74.3%
1,061
YoY
+74.3%
Net margin
6.9%
11.4%+4.4 pp
—
EPS (diluted, $)
2.39
4.17+74.5%
4.15
YoY
+74.5%
Balance sheet
Total assets
19,818
21,129+6.6%
21,399
Cash & short-term investments
198
230+15.8%
—
Accounts receivable
935
1,025+9.6%
—
Net PP&E
8,036
8,733+8.7%
—
Other assets
10,649
11,141+4.6%
—
Total liabilities
11,957
12,884+7.7%
13,478
Accounts payable
637
765+20.1%
—
Total debt
8,152
8,889+9.0%
9,364
Other liabilities
3,168
3,230+1.9%
—
Shareholders’ equity
7,860
8,245+4.9%
7,921
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,229
2,414+8.3%
2,513
Net income
617
1,077+74.6%
—
Depreciation & amortization
1,164
1,232+5.9%
—
Stock-based compensation
78
79+2.0%
—
Working capital & other
371
26−93.0%
—
Cash from investing
(3,159)
(2,023)n/m
—
Capex
(1,056)
(1,179)n/m
—
PP&E sold
8
10+28.1%
—
Acquisitions
(2,121)
(818)n/m
—
Other investing
10
(37)−473.6%
—
Cash from financing
945
(360)−138.1%
—
Debt raised
4,564
2,674−41.4%
—
Debt repaid
(3,245)
(2,130)n/m
—
Dividends
(302)
(334)n/m
—
Buybacks
0
(506)n/m
—
Shares issued
2
0.3−84.0%
—
Other financing
(74)
(65)n/m
—
Net change in cash
14
31+122.2%
—
Free cash flow (OCF − capex)
1,173
1,235+5.3%
1,233
Where the cash went
Operating cash flow
2,229
2,414+8.3%
2,513
Reinvested in the business
3,177
1,997−37.1%
—
% of operating cash flow
142.5%
82.7%
Capex
1,056
1,179+11.7%
1,280
Acquisitions
2,121
818−61.5%
—
Free cash flow
1,173
1,235+5.3%
1,233
YoY
+5.3%
Returned to shareholders
302
839+177.7%
—
% of free cash flow
25.8%
68.0%
Dividends
302
334+10.4%
—
Buybacks
0
506n/m
—
Change in total debt
—
737
—
Cash left over
—
315
—
FCF conversion (FCF ÷ net income)
189.9%
114.7%−75.2 pp
—
Owner earnings
—
1,167
—
Owner earnings margin
—
12.3%
—
Buyback yield
—
1.1%
—
Returns & ratios
ROIC (all capital)
5.5%
7.9%+2.5 pp
—
ROIC (operating)
10.4%
15.0%+4.6 pp
—
Net debt / EBITDA
3.56x
2.94x−0.62x
—
Debt / equity
1.04x
1.08x+0.04x
—
ROE
7.9%
13.1%+5.2 pp
—
ROA
3.1%
5.1%+2.0 pp
—
ROCE
6.0%
9.0%+3.0 pp
—
NOPAT
863
1,298+50.5%
—
Invested capital (operating)
8,334
8,993+7.9%
—
Invested capital (all)
15,814
16,905+6.9%
—
Reinvestment rate
—
50.8%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,458
2,373
2,371
2,562
vs year-ago quarter
Gross profit
1,052
1,009
1,010
1,082
Gross margin
42.8%
42.5%
42.6%
42.3%
Operating income
440
421
364
438
Net income
286
258
219
296
vs year-ago quarter
Net margin
11.6%
10.9%
9.3%
11.6%
EPS (diluted, $)
1.11
1.01
0.86
1.17
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
20,782
21,129
21,186
21,399
Cash & equivalents
291
230
323
262
Total debt
8,701
8,889
9,175
9,364
Shareholders’ equity
8,093
8,245
8,058
7,921
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
677
557
546
733
Capex
297
384
297
302
Free cash flow
380
173
249
431
vs year-ago quarter