MARKETS / NYSE / WCN

NYSE · REFUSE SYSTEMS · LARGE CAP

Waste Connections, Inc. WCN

16 fiscal years on record · USD · FY2025 reported · SEC filings only

9 YEARS OF DIVIDEND GROWTH

Revenue

$9.5B

▲ 6.1% YoY

Net income

$1.1B

▲ 74.3% YoY

Free cash flow

$1.2B

▲ 5.3% YoY

In brief

What this company does

Waste Connections manages its operations on a decentralized basis through six geographic operating segments. Waste Connections, Inc. is a corporation organized under the laws of Ontario, Canada. The company traces its environmental, organizational and financial sustainability initiatives to its founding in 1997.

Written from the business description in Waste Connections, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 12 February 2026. Every sentence was checked against that document before publication.

Growth

USD 9.5B

Revenue, FY2025 · full 16-year series below

Revenue $B Net income $B

FY2025 · Revenue 9.5 · Net income 1.1

Compound annual growth

Revenue

+9.5%

+11.7%

+16.2%

+13.4%

Net income

+8.8%

+39.4%

+19.5%

EPS, diluted

+8.8%

+39.8%

Dividend / share

+11.1%

+11.2%

Returned to shareholders

+7.9%

+22.4%

+18.2%

+20.9%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +11.7% a year over five years — but profit grew faster: net income at +39.4%, earnings per share at +39.8%.

The share count fell from 0.26B to 0.26B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

11 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 18.1% · Net 11.4%

ROE

FY2025 · ROE 13.4%

Gross margin42.4%

Operating margin18.1%

Net margin11.4%

Return on assets5.3%

EBITDAUSD 2.9B

Each USD of equity produced 13 cents of profit this year.

Cash & shareholders

USD 839.0M

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF 1.2

Net buybacks $M Dividends $M

FY2025 · Dividends 333.8 · Net buybacks 505.2

Dividends paidUSD 333.8M

Net buybacksUSD 505.2M

Share of profit77.9%

Consecutive raises9 years (since the 2016 share-count change)

USD 333.8M in dividends and USD 505.2M in buybacks — 78% of the year's profit went back to shareholders.

Total assetsUSD 21.1B

EquityUSD 8.2B

CashUSD 46.0M

Gross debtUSD 8.8B

Net debtUSD 8.8B

Current ratio0.62×

Net debt stands at 106% of equity.

The 16-year record

16 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue $B	9.5	8.9	8.0	7.2	6.2	5.4	5.4	4.9	4.6	3.4	2.1	2.1	2.0	1.9	1.8	1.4
Operating income $B	1.7	1.1	1.2	1.2	1.0	0.4	0.8	0.8	0.6	0.5	−0.1	0.4	0.2	0.2	−0.1	0.2
EBITDA $B	2.9	2.2	2.2	2.2	1.9	1.2	1.6	1.5	1.3	0.9	0.2	0.7	0.4	0.4	0.0	0.3
Income tax $B	0.3	0.1	0.2	0.2	0.2	0.0	0.1	0.2	−0.1	0.1	−0.0	0.2	0.1	0.1	0.0	0.1
Net income $B	1.1	0.6	0.8	0.8	0.6	0.2	0.6	0.5	0.6	0.2	−0.1	0.2	0.1	0.1	−0.2	0.1
Free cash flow $B	1.2	1.2	1.2	1.1	1.0	0.8	0.9	0.9	0.7	0.5	0.3	0.3	0.2	0.2	0.3	0.2
EPS, diluted $	4.17	2.39	2.95	3.24	2.36	0.78	2.14	2.07	2.18	1.07	−0.52	1.86	1.02	0.81	−1.63	0.76
Dividend / sh $	1.29	1.17	1.05	0.94	0.84	0.76	0.67	0.58	0.50	0.41	0.36	0.47	·	·	·	·
Payout %	31	49	35	29	36	98	31	28	23	38	−69	25	54	67	−31	66
ROE %	13.4	7.9	10.3	11.9	8.9	3.0	8.5	8.6	9.7	6.5	−6.0	18.5	9.2	7.4	−13.3	4.5
Shares out B	0.26	0.26	0.26	0.26	0.26	0.26	0.26	0.26	0.26	0.26	0.12	0.11	0.11	0.11	0.12	0.12

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Waste Connections, Inc.vsWaste Management Inc.Same industry: Refuse Systems Waste Connections, Inc.vsRepublic Services, Inc.Same industry: Refuse Systems Waste Connections, Inc.vsCasella Waste Systems Inc.Same industry: Refuse Systems Waste Connections, Inc.vsQuest Resource Holding Corp.Same industry: Refuse Systems Waste Connections, Inc.vsAvalon Holdings Corp.Same industry: Refuse Systems Waste Connections, Inc.vsOIO GroupSame industry: Refuse Systems Waste Connections, Inc.vsSusGlobal Energy Corp.Same industry: Refuse Systems

Provenance

Company facts, as filed

How we verify · 0 failures in 64 reconciliationsAUDITED

Reconciled in 16 of 19 fiscal years. 19 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityRefuse Systems

Listed onNYSE

Incorporated inoutside the United States — SEC code A6

Fiscal year endsDecember 31

Data on record since2010