Waste Connections, Inc.

Listed Company

WCNCIK 0001318220NYSELarge AcceleratedRefuse SystemsA6CAFY ends Dec 31

Period

FY 2025

Revenue

$9.47B

Net Income

$1.08B

Total Assets

$21.13B

Equity

$8.25B

Shares Out

254.21M

Op. Cash Flow

$2.41B

WCN$171.87−5.70% · past yearDBEQ Basic

Daily closing prices

Business

Waste Connections, Inc. is the third-largest solid waste services company in North America, providing non-hazardous waste collection, transfer, and disposal services across 46 U.S. states and six Canadian provinces. The company offers collection services under exclusive arrangements, operates 77 municipal solid waste landfills and 37 E&P waste landfills and caverns, provides transfer station and recycling services, and develops beneficial reuse projects for landfill gas. Waste Connections also provides non-hazardous oil and gas exploration and production waste treatment and disposal services, as well as intermodal container services in the Pacific Northwest.

Summary from 10-K filed 2026-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	9,467	8,920	8,022	7,212	6,151
Cost of operations	5,455	5,192	4,745	4,336	3,654
Selling, general and administrative	960	883	799	696	612
Depreciation	1,031	974	846	763	674
Amortization of intangibles	202	190	158	156	139
Impairments and other operating items	110	613	239	18	32
Operating income	1,710	1,068	1,236	1,242	1,040
Interest expense	−335	−327	−275	−202	—
Interest income	12	12	9	6	3
Other income, net	30	10	12	3	6
Income before income tax provision	1,418	763	984	1,049	771
Income tax provision	−341	−146	−221	−213	−152
Net income	1,077	617	763	836	618
Plus: Net loss attributable to noncontrolling interests	0	1	−26,000	−339,000	−442,000
Net income attributable to Waste Connections	1,077	618	763	836	618
Basic, dollars per share	4.18	2.39	2.96	3.25	2.37
Diluted, dollars per share	4.17	2.39	2.95	3.24	2.36
Basic, shares	257	258	258	257	261
Diluted, shares	258	259	258	258	262
Cash dividends per common share	1.3	1.17	1.05	0.95	0.85

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and equivalents	46	62	78	79	147
Accounts receivable, net of allowance for credit losses of $21,402 and $25,730 at December 31, 2025 and 2024, respectively	1,025	935	857	834	710
Prepaid expenses and other current assets	241	230	206	205	176
Total current assets	1,312	1,227	1,142	1,118	1,033
Restricted cash	184	136	106	103	72
Restricted investments	81	78	70	68	59
Property and equipment, net	8,733	8,036	7,228	6,951	5,722
Operating lease right-of-use assets	313	308	262	193	161
Goodwill	8,392	7,950	7,404	6,902	6,188
Intangible assets, net	2,006	1,992	1,604	1,674	1,351
Other assets, net	109	91	100	126	115
Total assets	21,129	19,818	17,916	17,135	14,700
Accounts payable	765	637	642	639	393
Book overdraft	15	15	15	16	17
Deferred revenue	416	383	355	325	274
Accrued liabilities	810	737	521	431	443
Current portion of operating lease liabilities	44	40	33	35	38
Current portion of contingent consideration	65	59	95	60	63
Current portion of long-term debt and notes payable	9	8	26	7	—
Total current liabilities	2,124	1,879	1,688	1,513	1,233
Long-term portion of debt and notes payable	8,811	8,073	6,725	6,890	—
Long-term portion of operating lease liabilities	267	272	238	165	130
Long-term portion of contingent consideration	20	28	20	21	32
Deferred income taxes	1,086	958	1,022	1,014	851
Other long-term liabilities	576	747	524	418	421
Total liabilities	12,884	11,957	10,218	10,021	7,706
Commitments and contingencies	—	—	—	—	—
Common shares: Unlimited shares authorized; 255,661,011 shares issued and 255,614,663 shares outstanding at December 31, 2025; 258,067,487 shares issued and 258,019,389 shares outstanding at December 31, 2024	2,783	3,283	3,277	3,272	3,693
Additional paid-in capital	373	326	284	244	199
Accumulated other comprehensive loss	−111	−206	−10	−57	40
Treasury shares: 46,348 and 48,098 shares at December 31, 2025 and 2024, respectively	0	0	0	0	—
Retained earnings	5,200	4,457	4,142	3,649	3,057
Total Waste Connections' equity	8,245	7,860	7,693	7,109	6,989
Noncontrolling interest in subsidiaries	0	0	5	5	5
Total equity	8,245	7,860	7,698	7,114	6,994
Total liabilities and equity	21,129	19,818	17,916	17,135	14,700

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loss (gain) from disposal of assets, impairments and other	114	123	39	10	28
Adjustment to closure and post-closure liabilities	0	481	160	0	0
Deferred income taxes, net of acquisitions	117	−57	6	93	15
Current period provision for expected credit losses	14	20	17	17	10
Amortization of debt issuance costs	8	10	6	5	5
Share-based compensation	79	78	70	63	58
Interest accretion	52	36	23	18	16
Payment of contingent consideration recorded in earnings	−400,000	−35	0	−3	−520,000
Adjustments to contingent consideration	−6	−3,000	30	−1	3
Other	−8	3	−4	−8	−1
Accounts receivable, net	−68	−11	−21	−101	−55
Prepaid expenses and other current assets	−13	−14	10	−752,000	−8
Accounts payable	57	−33	32	193	67
Deferred revenue	27	18	27	42	32
Accrued liabilities	54	90	22	−28	4
Capping, closure and post-closure expenditures	−306	−248	−39	−19	−21
Other long-term liabilities	−16	−11	−18	−14	659,000
Net cash provided by operating activities	2,414	2,229	2,127	2,022	1,698
Payments for acquisitions, net of cash acquired	−818	−2,121	−677	−2,207	−960
Capital expenditures for property and equipment	−1,179	−1,056	−934	−913	−744
Capital expenditures for undeveloped landfill property	−15	0	0	—	—
Proceeds from disposal of assets	10	8	32	31	43
Proceeds from sale of investment in noncontrolling interests	0	37	0	0	—
Other	−21	−27	−2	2	−6
Net cash used in investing activities	−2,023	−3,159	−1,581	−3,087	−1,693
Proceeds from long-term debt	2,674	4,564	1,819	4,816	2,112
Principal payments on notes payable and long-term debt	−2,130	−3,245	−2,052	−3,074	−1,893
Payment of contingent consideration recorded at acquisition date	−34	−28	−13	−17	−13
Change in book overdraft	46,000	−227,000	−790,000	−1	−367,000
Payments for repurchase of common shares	−506	0	0	−425	−339
Payments for cash dividends	−334	−302	−271	−243	−220
Tax withholdings related to net share settlements of equity-based compensation	−32	−33	−31	−18	−19
Debt issuance costs	−5	−13	0	−13	−19
Proceeds from issuance of shares under employee share purchase plan	5	4	4	3	1
Proceeds from sale of common shares held in trust	323,000	2	794,000	660,000	430,000
Other	0	−4	0	—	—
Net cash provided by (used in) financing activities	−360	945	−544	1,028	−499
Effect of exchange rate changes on cash, cash equivalents and restricted cash	622,000	−561,000	1	−2	−25,000
Net increase in cash, cash equivalents and restricted cash	31	14	3	−38	−495
Cash paid for interest	308	299	261	177	157
Accrued capital expenditures for property and equipment	90	87	92	—	—
Fair value of assets acquired	1,010	2,352	813	2,471	1,230
Liabilities assumed and notes payable issued to sellers of businesses acquired	193	231	136	264	270

Filings

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Frequently asked questions

What is Waste Connections, Inc.'s CIK number?

Waste Connections, Inc.'s SEC CIK number is 0001318220 (1318220). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Waste Connections, Inc.'s SEC filings?

All of Waste Connections, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Waste Connections, Inc. last report earnings?

Waste Connections, Inc. (WCN) most recently filed an earnings 8-K with the SEC on Apr 22, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-046820). This is Waste Connections, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Waste Connections, Inc.'s most recent earnings 8-K?

Waste Connections, Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 22, 2026 under accession 0001104659-26-046820. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Waste Connections, Inc.'s latest earnings 8-K →
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