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MARKETS / NYSE / Utilities / Waste management / 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
$9.5B
▲ 6.1% YoY
$1.1B
▲ 74.3% YoY
$1.2B
▲ 5.3% YoY

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

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
4B8B
201020132016201920222025
Compound annual growth
+9.5%
+11.7%
+16.2%
+13.4%
+8.8%
+39.4%
+19.5%
+8.8%
+39.8%
+11.1%
+11.2%
+7.9%
+22.4%
+18.2%
+20.9%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +11.7% a year over the five years to FY2025 — 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%
10%20%-5%-10%
201020172025
ROE
FY2025 · ROE 13.4%
5%10%15%-5%-10%
201020172025
Three returns, three denominators.
Gross margin42.4%
Operating margin18.1%
Net margin11.4%
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
0.5B1.0B
201020172025
Net buybacks $M Dividends $M
FY2025 · Dividends 333.8 · Net buybacks 505.2
300M600MDividendsNet buybacks
201020122014201620182020202220242025
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—not applicable◌not available in our data
WCN, 16-year financial record
Metric 2025202420232022202120202019201820172016201520142013201220112010
Revenue $B9.58.98.07.26.25.45.44.94.63.42.12.12.01.91.81.4
Operating income $B1.71.11.21.21.00.40.80.80.60.5−0.10.40.20.2−0.10.2
EBITDA $B2.92.22.22.21.91.21.61.51.30.90.20.70.40.40.00.3
Income tax $B0.30.10.20.20.20.00.10.2−0.10.1−0.00.20.10.10.00.1
Net income $B1.10.60.80.80.60.20.60.50.60.2−0.10.20.10.1−0.20.1
Free cash flow $B1.21.21.21.11.00.80.90.90.70.50.30.30.20.20.30.2
EPS, diluted $4.172.392.953.242.360.782.142.072.181.07−0.521.861.020.81−1.630.76
Dividend / sh $1.291.171.050.940.840.760.670.580.500.410.360.47◌◌◌◌
Payout %31493529369831282338−69255467−3166
ROE %13.47.910.311.98.93.08.58.69.76.5−6.018.59.27.4−13.34.5
Shares out B0.260.260.260.260.260.260.260.260.260.260.120.110.110.110.120.12

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

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

Company facts, as filed

How we verify · 0 failures in 64 reconciliationsAUDITED

Reconciled in 16 of the 16 fiscal years we could check. Seven checks were skipped: cost of revenue is not tagged before 2014. Six checks were skipped: the balance sheet is not tagged before 2010. Three checks were skipped: EPS is not tagged before 2010.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityRefuse Systems
Listed onNYSE
Incorporated inoutside the United States — SEC code A6
Fiscal year endsDecember 31
Data on record since2010

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