WCN (Waste Connections, Inc.) Stock Financials & Earnings | Market Cap Arena

WCN (Waste Connections, Inc.) Stock Financials & Earnings | Market Cap Arena

WCNWaste 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 Margin39.0%

Op. Margin18.1%

Net Margin11.4%

FCF Margin21.2%

P/S Ratio (TTM)4.5x

P/E Ratio (TTM)39.3x

YoY Rev Growth+6.5%

Employees—

Earnings Reports

Revenue & Profitability

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

Revenue Breakdown

Valuation

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

Operating 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

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

OpEx vs Revenue Growth (YoY)

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%

Stock-Based Compensation

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%

OpEx Breakdown

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

Revenue Segments

Quarter

Revenue by Geography

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

War Chest

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

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%

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