WCN financial statements

The full income statement, balance sheet, and cash-flow statement for Waste Connections Inc. (WCN), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 258.0M2024-09 258.1M2024-12 258.1M2025-03 258.4M2025-06 257.5M2025-09 256.0M2025-12 255.7M2026-03 254.1M2026-06 252.0M-2.3% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	9.47B YoY+6.1%	8.92B YoY+11.2%	8.02B YoY+11.2%	7.21B YoY+17.2%	6.15B YoY+13.0%
Cost of revenue	5.46B YoY+5.1%	5.19B YoY+9.4%	4.74B YoY+9.4%	4.34B YoY+18.7%	3.65B YoY+11.5%
Selling, general & administrative	960M YoY+8.6%	883M YoY+10.6%	799M YoY+14.7%	696M YoY+13.7%	612M YoY+13.9%
Amortization of intangibles	202M YoY+6.2%	190M YoY+20.4%	158M YoY+1.2%	156M YoY+11.8%	139M YoY+6.1%
Provision for credit losses	14.5M YoY-28.4%	20.2M YoY+16.1%	17.4M YoY+0.4%	17.4M YoY+78.5%	9.72M YoY-37.3%
Operating income	1.71B YoY+60.2%	1.07B YoY-13.6%	1.24B YoY-0.5%	1.24B YoY+19.5%	1.04B YoY+152.1%
Interest expense	335M YoY+2.4%	327M YoY+19.0%	275M YoY+35.7%	202M YoY+24.3%	163M YoY+0.3%
Other non-operating income	30.2M YoY+188.0%	10.5M YoY-16.1%	12.5M YoY+295.7%	3.15M YoY-49.8%	6.29M YoY+551.5%
Pre-tax income	1.42B YoY+85.9%	763M YoY-22.4%	984M YoY-6.2%	1.05B YoY+36.1%	771M YoY+203.5%
Income tax	341M YoY+133.2%	146M YoY-33.7%	221M YoY+3.6%	213M YoY+39.9%	152M YoY+205.0%
	1.08B YoY+74.3%	618M YoY-19.0%	763M YoY-8.7%	836M YoY+35.2%	618M YoY+202.0%
Net income to non-controlling interest	0.00 YoY+100.0%	-1.00M YoY-3957.7%	26.0K YoY-92.3%	339K YoY-23.3%	442K YoY+164.5%
	$4.17 YoY+74.5%	$2.39 YoY-19.0%	$2.95 YoY-9.0%	$3.24 YoY+37.3%	$2.36 YoY+202.6%
EPS (basic)	$4.18 YoY+74.9%	$2.39 YoY-19.3%	$2.96 YoY-8.9%	$3.25 YoY+37.1%	$2.37 YoY+203.8%
	257M YoY-0.2%	258M YoY+0.2%	258M YoY+0.1%	257M YoY-1.4%	261M YoY-0.8%
	258M YoY-0.3%	259M YoY+0.2%	258M YoY+0.0%	258M YoY-1.4%	262M YoY-0.7%
Dividends per share	$1.29 YoY+10.7%	$1.17 YoY+11.4%	$1.05 YoY+11.1%	$0.94 YoY+11.8%	$0.84 YoY+11.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.31B YoY+6.9%	1.23B YoY+7.5%	1.14B YoY+2.2%	1.12B YoY+8.2%	1.03B YoY-26.7%
Cash & equivalents	46.0M YoY-26.3%	62.4M YoY-20.5%	78.4M YoY-0.3%	78.6M YoY-46.7%	147M YoY-76.1%
Accounts receivable	1.02B YoY+9.6%	935M YoY+9.1%	857M YoY+2.8%	834M YoY+17.5%	710M YoY+12.6%
Prepaid expenses	241M YoY+4.8%	230M YoY+11.2%	206M YoY+0.6%	205M YoY+16.7%	176M YoY+9.3%
	21.1B YoY+6.6%	19.8B YoY+10.6%	17.9B YoY+4.6%	17.1B YoY+16.6%	14.7B YoY+5.1%
Property, plant & equipment	8.73B YoY+8.7%	8.04B YoY+11.2%	7.23B YoY+4.0%	6.95B YoY+21.5%	5.72B YoY+8.3%
Operating lease right-of-use	313M YoY+1.4%	308M YoY+17.7%	262M YoY+36.0%	193M YoY+19.9%	161M YoY-6.1%
Goodwill	8.39B YoY+5.6%	7.95B YoY+7.4%	7.40B YoY+7.3%	6.90B YoY+11.5%	6.19B YoY+8.0%
Intangible assets	2.01B YoY+0.7%	1.99B YoY+24.2%	1.60B YoY-4.2%	1.67B YoY+23.9%	1.35B YoY+16.9%
Other non-current assets	109M YoY+20.2%	90.8M YoY-9.2%	100M YoY-20.9%	126M YoY+9.8%	115M YoY+24.8%
	2.12B YoY+13.1%	1.88B YoY+11.3%	1.69B YoY+11.6%	1.51B YoY+22.7%	1.23B YoY+19.8%
Accounts payable	765M YoY+20.1%	637M YoY-0.8%	642M YoY+0.6%	639M YoY+62.6%	393M YoY+35.1%
Accrued liabilities	810M YoY+10.0%	737M YoY+41.3%	521M YoY+20.9%	431M YoY-2.6%	443M YoY+9.3%
Deferred revenue	416M YoY+8.8%	383M YoY+7.7%	355M YoY+9.3%	325M YoY+18.7%	274M YoY+17.2%
Short-term & current debt	8.67M YoY+10.4%	7.85M YoY-70.3%	26.5M YoY+291.5%	6.76M YoY+12.3%	6.02M YoY-27.2%
Current lease liability	44.3M YoY+9.3%	40.5M YoY+24.5%	32.5M YoY-7.5%	35.2M YoY-7.5%	38.0M YoY+24.0%
Finance lease liability (current)	4.58M YoY+26.2%	3.63M YoY+21.9%	2.98M YoY+10.5%	2.69M YoY+30.8%	2.06M YoY+215.1%
	12.9B YoY+7.7%	12.0B YoY+17.0%	10.2B YoY+2.0%	10.0B YoY+30.0%	7.71B YoY+8.1%
Long-term debt	8.81B YoY+9.1%	8.07B YoY+20.0%	6.72B YoY-2.4%	6.89B YoY+36.7%	5.04B YoY+7.0%
Non-current lease liability	267M YoY-1.9%	272M YoY+14.1%	238M YoY+44.1%	165M YoY+27.6%	130M YoY-12.0%
Operating lease liability (total)	311M YoY-0.4%	313M YoY+15.4%	271M YoY+35.1%	201M YoY+19.7%	168M YoY-5.8%
Finance lease liability (total)	16.0M YoY+72.7%	9.25M YoY-7.8%	10.0M YoY-12.5%	11.5M YoY+9.0%	10.5M YoY+180.2%
Finance lease liability	11.4M YoY+102.8%	5.62M YoY-20.4%	7.06M YoY-19.5%	8.77M YoY+3.7%	8.46M YoY+172.8%
Deferred tax liabilities	1.09B YoY+13.3%	958M YoY-6.3%	1.02B YoY+0.9%	1.01B YoY+19.1%	851M YoY+12.0%
Other non-current liabilities	576M YoY-22.9%	747M YoY+42.5%	524M YoY+25.6%	418M YoY-0.8%	421M YoY-7.6%
	8.25B YoY+4.9%	7.86B YoY+2.2%	7.69B YoY+8.2%	7.11B YoY+1.7%	6.99B YoY+1.9%
Additional paid-in capital	373M YoY+14.5%	326M YoY+14.6%	284M YoY+16.5%	244M YoY+22.4%	199M YoY+17.0%
Retained earnings	5.20B YoY+16.7%	4.46B YoY+7.6%	4.14B YoY+13.5%	3.65B YoY+19.4%	3.06B YoY+15.0%
Treasury stock	0.00	0.00	0.00	0.00	—
Accumulated other comprehensive income	-111M YoY+46.0%	-206M YoY-1993.8%	-9.83M YoY+82.7%	-56.8M YoY-243.6%	39.6M YoY+6180.5%
Non-controlling interest	0.00	0.00 YoY-100.0%	4.97M YoY+0.5%	4.95M YoY+7.4%	4.61M YoY+10.6%
Total equity incl. non-controlling	8.25B YoY+4.9%	7.86B YoY+2.1%	7.70B YoY+8.2%	7.11B YoY+1.7%	6.99B YoY+1.9%
Total liabilities & equity	21.1B YoY+6.6%	19.8B YoY+10.6%	17.9B YoY+4.6%	17.1B YoY+16.6%	14.7B YoY+5.1%
	256M YoY-0.9%	258M YoY+0.2%	258M YoY+0.2%	257M YoY-1.2%	260M YoY-1.0%
	256M YoY-0.9%	258M YoY+0.2%	258M YoY+0.2%	257M YoY-1.2%	260M YoY-1.0%
	256M YoY-0.9%	258M YoY+0.2%	258M YoY+0.2%	257M YoY-0.0%	257M YoY-1.9%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.41B YoY+8.3%	2.23B YoY+4.8%	2.13B YoY+5.2%	2.02B YoY+19.1%	1.70B YoY+20.6%
Depreciation & amortization	1.23B YoY+5.9%	1.16B YoY+16.0%	1.00B YoY+9.2%	919M YoY+13.0%	813M YoY+8.1%
Intangible amortization	202M YoY+6.2%	190M YoY+20.4%	158M YoY+1.2%	156M YoY+11.8%	139M YoY+6.1%
Share-based compensation	79.4M YoY+2.0%	77.9M YoY+10.6%	70.4M YoY+10.9%	63.5M YoY+9.0%	58.2M YoY+27.3%
Deferred income taxes	117M YoY+303.6%	-57.3M YoY-1005.1%	6.33M YoY-93.2%	93.5M YoY+541.9%	14.6M YoY+128.8%
Change in receivables	68.1M YoY+539.3%	10.6M YoY-48.4%	20.6M YoY-79.5%	101M YoY+83.9%	54.7M YoY+274.5%
Change in payables	57.1M YoY+271.3%	-33.3M YoY-203.1%	32.3M YoY-83.2%	193M YoY+188.9%	66.8M YoY+145.0%
	-2.02B YoY+36.0%	-3.16B YoY-99.8%	-1.58B YoY+48.8%	-3.09B YoY-82.3%	-1.69B YoY-61.9%
Capital expenditure	1.18B YoY+11.7%	1.06B YoY+13.1%	934M YoY+2.3%	913M YoY+22.6%	744M YoY+24.7%
Free cash flow	1.23B YoY+5.3%	1.17B YoY-1.7%	1.19B YoY+7.5%	1.11B YoY+16.3%	954M YoY+17.6%
Acquisitions	818M YoY-61.5%	2.12B YoY+213.4%	677M YoY-69.3%	2.21B YoY+129.8%	960M YoY+147.0%
Proceeds from sale of PP&E	10.1M YoY+28.1%	7.90M YoY-75.0%	31.6M YoY+3.0%	30.7M YoY-28.3%	42.8M YoY+124.1%
Other investing activities	21.4M YoY-21.3%	27.2M YoY+1357.6%	1.87M YoY+207.9%	-1.73M YoY-126.7%	6.49M YoY-44.9%
	-360M YoY-138.1%	945M YoY+273.6%	-544M YoY-152.9%	1.03B YoY+305.9%	-499M YoY-538.5%
Long-term debt issued	2.67B YoY-41.4%	4.56B YoY+151.0%	1.82B YoY-62.2%	4.82B YoY+128.0%	2.11B YoY+16.3%
Long-term debt repaid	2.13B YoY-34.4%	3.25B YoY+58.1%	2.05B YoY-33.2%	3.07B YoY+62.4%	1.89B YoY+22.7%
Common stock issued	323K YoY-84.0%	2.01M YoY+153.7%	794K YoY+20.3%	660K YoY+53.5%	430K YoY-36.7%
Common stock repurchased	506M	0.00	0.00 YoY-100.0%	425M YoY+25.4%	339M YoY+220.9%
Dividends paid	334M YoY+10.4%	302M YoY+11.7%	271M YoY+11.4%	243M YoY+10.4%	220M YoY+10.2%
Other financing activities	0.00 YoY+100.0%	-4.00M	0.00	—	—
FX effect on cash	622K YoY+210.9%	-561K YoY-141.8%	1.34M YoY+165.9%	-2.04M YoY-8040.0%	-25.0K YoY-100.4%
Net change in cash	31.4M YoY+122.2%	14.1M YoY+428.6%	2.67M YoY+107.0%	-38.3M YoY+92.3%	-495M YoY-269.9%
Interest paid	308M YoY+3.1%	299M YoY+14.6%	261M YoY+47.1%	177M YoY+12.7%	157M YoY+10.7%
Income taxes paid	221M YoY+2.3%	216M YoY+4.3%	207M YoY+106.7%	100M YoY-31.5%	146M YoY+39.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	44.8B YoY+1.3%	44.3B YoY+15.1%	38.5B YoY+12.8%	34.1B YoY-2.8%	35.1B YoY+30.4%
P/E	41.6× YoY-41.9%	71.7× YoY+54.8%	46.3× YoY+9.7%	42.2× YoY-25.6%	56.7× YoY-56.8%
P/S	4.7× YoY-4.6%	5.0× YoY+1.4%	4.9× YoY+0.0%	4.9× YoY-14.2%	5.7× YoY+15.4%
P/B	5.4× YoY-3.5%	5.6× YoY+11.1%	5.1× YoY+3.2%	4.9× YoY-2.1%	5.0× YoY+28.0%
P/FCF	36.3× YoY-3.8%	37.8× YoY+16.2%	32.5× YoY-0.4%	32.6× YoY-11.3%	36.8× YoY+10.9%
	2.4% YoY+72.2%	1.4% YoY-35.4%	2.2% YoY-8.8%	2.4% YoY+34.4%	1.8% YoY+131.6%
	2.8% YoY+4.0%	2.6% YoY-13.9%	3.1% YoY+0.4%	3.1% YoY+12.7%	2.7% YoY-9.8%
	0.74% YoY+8.3%	0.68% YoY-3.1%	0.70% YoY-1.3%	0.71% YoY+15.0%	0.62% YoY-16.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: WCN's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all WCN filings on SEC EDGAR → Not investment advice.