How Waste Connections makes money

Period

FY2025

How does Waste Connections make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Waste Connections Inc. · FY2025 · year ended 2025-12-31

Revenue$9.5BGross profit$4.0B · 42%Cost of revenue$5.5B · 58%Operating income$1.7B · 18%Operating expenses$2.3B · 24%SG&A$960M · 10%Other opex$1.3B · 14%Pre-tax income$1.4B · 15%Other expense$292M · 3%Net income$1.1B · 11%Income tax$341M · 4%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.