Waste Connections, Inc.WCNEarnings & Financial Report
Waste Connections, Inc. is a North American integrated waste services company that provides waste collection, transfer, disposal and recycling services, primarily of solid waste. It has operations in both the United States and Canada. Its headquarters is located in The Woodlands, Texas. It is the third largest waste management company in North America.
Revenue
$2.3B
Gross Profit
$935.5M
Operating Profit
$-199.2M
Net Profit
$-196.0M
Gross Margin
41.4%
Operating Margin
-8.8%
Net Margin
-8.7%
YoY Growth
11.0%
EPS
$-0.76
Waste Connections, Inc. Q4 FY2024 Financial Summary
Waste Connections, Inc. reported revenue of $2.3B (up 11.0% YoY) for Q4 FY2024, with a net profit of $-196.0M (down 254.6% YoY) (-8.7% margin). Cost of goods sold was $1.3B, operating expenses totaled $1.1B.
Key Financial Metrics
| Total Revenue | $2.3B |
|---|---|
| Net Profit | $-196.0M |
| Gross Margin | 41.4% |
| Operating Margin | -8.8% |
| Report Period | Q4 FY2024 |
Revenue Breakdown
Waste Connections, Inc. Q4 FY2024 revenue of $2.3B breaks down across 8 segments, led by Western at $508.3M (22.5% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Western | $508.3M | 22.5% |
| Eastern | $491.5M | 21.7% |
| Landfill | $380.0M | 16.8% |
| Transfer | $338.6M | 15.0% |
| Mid South | $310.7M | 13.7% |
| Exploration And Production Waste Treatment Recovery And Disposal | $146.3M | 6.5% |
| Solid Waste Recycling | $59.8M | 2.6% |
| Intermodal And Other | $45.9M | 2.0% |
Waste Connections, Inc. Revenue by Segment — Quarterly Trend
Waste Connections, Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Western and Eastern) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Landfill | — | $386.5M | $414.6M | — |
| Transfer | — | $370.6M | — | $381.9M |
| Mid South | — | — | — | $334.3M |
Waste Connections, Inc. Annual Revenue by Year
Waste Connections, Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $9.5B).
| Year | Annual Revenue |
|---|---|
| 2025 | $9.5B |
| 2024 | $8.9B |
| 2023 | $8.0B |
Waste Connections, Inc. Quarterly Revenue & Net Profit History
Waste Connections, Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $2.4B | +6.4% | $219.3M | 9.3% |
| Q4 FY2025 | $2.4B | +5.0% | $258.5M | 10.9% |
| Q3 FY2025 | $2.5B | +5.1% | $286.3M | 11.6% |
| Q2 FY2025 | $2.4B | +7.1% | $290.3M | 12.1% |
| Q1 FY2025 | $2.2B | +7.5% | $241.5M | 10.8% |
| Q4 FY2024 | $2.3B | +11.0% | $-196.0M | -8.7% |
| Q3 FY2024 | $2.3B | +13.3% | $308.0M | 13.2% |
| Q2 FY2024 | $2.2B | +11.2% | $275.5M | 12.3% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.25B | $2.34B | $2.26B | $2.23B | $2.41B | $2.46B | $2.37B | $2.37B |
| YoY Growth | 11.2% | 13.3% | 11.0% | 7.5% | 7.1% | 5.1% | 5.0% | 6.4% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $19.30B | $20.10B | $19.82B | $20.25B | $20.68B | $20.78B | $21.13B | $21.19B |
| Liabilities | $11.32B | $11.83B | $11.96B | $12.24B | $12.32B | $12.69B | $12.88B | $13.13B |
| Equity | $7.98B | $8.26B | $7.86B | $8.01B | $8.35B | $8.09B | $8.25B | $8.06B |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $611.4M | $558.3M | $568.9M | $541.5M | $638.2M | $677.4M | $556.9M | $545.6M |