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WCN (Waste Connections, Inc.) Stock Financials & Earnings | Market Cap Arena
WCN
Waste Connections, Inc.
Mkt Cap
$42B
Industrials
·
Waste Management
·
🇨🇦 Canada
·
NYSE
Revenue (TTM)
$9.5B
Net Income (TTM)
$1.1B
EPS (TTM)
$4.18
Free Cash Flow (TTM)
$2.0B
Gross Margin
39.0%
Op. Margin
18.1%
Net Margin
11.4%
FCF Margin
21.2%
P/S Ratio (TTM)
4.5x
P/E Ratio (TTM)
39.3x
YoY Rev Growth
+6.5%
Employees
—
Earnings Reports
▶
Q4 2025
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
Q1 23
$1.9B
$754M
$315M
Q2 23
$2.0B
$824M
$344M
Q3 23
$2.1B
$860M
$353M
Q4 23
$2.0B
$840M
$225M
Q1 24
$2.1B
$851M
$367M
Q2 24
$2.2B
$947M
$425M
Q3 24
$2.3B
$994M
$475M
Q4 24
$2.3B
$936M
-$199M
Q1 25
$2.2B
$937M
$390M
Q2 25
$2.4B
$1.0B
$460M
Q3 25
$2.5B
$1.1B
$440M
Q4 25
$2.4B
$701M
$433M
marketcaparena.com
Revenue Breakdown
WCN
Waste Connections, Inc.
Revenue Breakdown
Q4 2025
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
5.7x
49.8x
Q2 23
5.5x
50.7x
Q3 23
5.4x
51.2x
Q4 23
5.3x
55.7x
Q1 24
5.2x
53.4x
Q2 24
5.0x
49.3x
Q3 24
4.9x
45.2x
Q4 24
4.8x
68.8x
Q1 25
4.7x
67.5x
Q2 25
4.6x
66.0x
Q3 25
4.5x
68.3x
Q4 25
4.5x
39.3x
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
Q1 23
$442M
$267M
Q2 23
$574M
$356M
Q3 23
$554M
$333M
Q4 23
$556M
$237M
Q1 24
$490M
$320M
Q2 24
$611M
$394M
Q3 24
$558M
$286M
Q4 24
$569M
$172M
Q1 25
$542M
$329M
Q2 25
$638M
$353M
Q3 25
$677M
$1.2B
Q4 25
$557M
$157M
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
Q1 23
$176M
Q2 23
$218M
Q3 23
$221M
Q4 23
$318M
Q1 24
$170M
Q2 24
$217M
Q3 24
$272M
Q4 24
$397M
Q1 25
$212M
Q2 25
$285M
Q3 25
$498M
Q4 25
$399M
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
+15.4%
+15.6%
Q2 23
+11.3%
+12.8%
Q3 23
+9.8%
+10.2%
Q4 23
+8.9%
+16.3%
Q1 24
+9.1%
+7.6%
Q2 24
+11.2%
+8.7%
Q3 24
+13.3%
+8.8%
Q4 24
+11.0%
+35.8%
Q1 25
+7.5%
+7.7%
Q2 25
+7.1%
+6.8%
Q3 25
+5.1%
+8.4%
Q4 25
+6.6%
-19.6%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
Q1 23
$18M
1.0%
Q2 23
$23M
1.1%
Q3 23
$15M
0.7%
Q4 23
$14M
0.7%
Q1 24
$22M
1.1%
Q2 24
$19M
0.8%
Q3 24
$20M
0.9%
Q4 24
$17M
0.7%
Q1 25
$23M
1.1%
Q2 25
$19M
0.8%
Q3 25
$18M
0.8%
Q4 25
$19M
0.8%
marketcaparena.com
OpEx Breakdown
G&A
S&M
SG&A
Quarter
G&A
S&M
SG&A
Q1 23
—
—
$192M
Q2 23
—
—
$199M
Q3 23
—
—
$193M
Q4 23
—
—
$190M
Q1 24
—
—
$221M
Q2 24
—
—
$222M
Q3 24
—
—
$214M
Q4 24
$200M
$9M
—
Q1 25
—
—
$238M
Q2 25
—
—
$243M
Q3 25
—
—
$236M
Q4 25
—
—
$229M
marketcaparena.com
Revenue Segments
Quarter
marketcaparena.com
Revenue by Geography
Canada
Central
Eastern
Southern
Western
Quarter
Canada
Central
Eastern
Southern
Western
Q2 23
$278M
$416M
$406M
$467M
$471M
Q3 23
$292M
$419M
$421M
$465M
$486M
Q1 24
$307M
$403M
$432M
$474M
$477M
Q2 24
$351M
$433M
$464M
$499M
$512M
Q3 24
$376M
$439M
$488M
$511M
$537M
Q4 24
$351M
$421M
$491M
$500M
$508M
Q1 25
$333M
$415M
$481M
$508M
$500M
Q2 25
$379M
$452M
$533M
$539M
$529M
Q3 25
$387M
$465M
$532M
$547M
$553M
Q4 25
$364M
$451M
$503M
$553M
$530M
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
Q1 23
$134M
$0
$134M
Q2 23
$92M
$0
$92M
Q3 23
$96M
$0
$96M
Q4 23
$78M
$0
$78M
Q1 24
$112M
$0
$112M
Q2 24
$79M
$0
$79M
Q3 24
$115M
$0
$115M
Q4 24
$62M
$0
$62M
Q1 25
$111M
$0
$111M
Q2 25
$110M
$0
$110M
Q3 25
$118M
$0
$118M
Q4 25
$46M
$0
$46M
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
258M
+0.0%
Q2 23
258M
+0.0%
Q3 23
258M
+0.0%
Q4 23
258M
+0.0%
Q1 24
258M
+0.1%
Q2 24
259M
+0.0%
Q3 24
259M
+0.1%
Q4 24
259M
+0.0%
Q1 25
259M
+0.1%
Q2 25
259M
+0.0%
Q3 25
258M
-0.5%
Q4 25
256M
-0.4%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 14
—
—
FY 15
—
—
FY 16
$230K
15K
FY 17
$303K
15K
FY 18
$301K
16K
FY 19
$296K
18K
FY 20
$288K
19K
FY 21
$308K
20K
FY 22
$326K
22K
FY 23
$356K
23K
FY 24
$374K
24K
FY 25
$392K
24K
marketcaparena.com