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
$2.5B
Gross Profit
$1.1B
Operating Profit
$439.6M
Net Profit
$286.3M
Gross Margin
42.8%
Operating Margin
17.9%
Net Margin
11.6%
YoY Growth
5.1%
EPS
$1.11
Waste Connections, Inc. Q3 FY2025 Financial Summary
Waste Connections, Inc. reported revenue of $2.5B (up 5.1% YoY) for Q3 FY2025, with a net profit of $286.3M (down 7.1% YoY) (11.6% margin). Cost of goods sold was $1.4B, operating expenses totaled $611.9M.
Key Financial Metrics
| Total Revenue | $2.5B |
|---|---|
| Net Profit | $286.3M |
| Gross Margin | 42.8% |
| Operating Margin | 17.9% |
| Report Period | Q3 FY2025 |
Revenue Breakdown
Waste Connections, Inc. Q3 FY2025 revenue of $2.5B breaks down across 8 segments, led by Southern at $547.0M (22.3% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Southern | $547.0M | 22.3% |
| Central | $465.4M | 18.9% |
| Landfill | $414.6M | 16.9% |
| Industrial And Construction Roll Off | $379.1M | 15.4% |
| Other | $362.5M | 14.7% |
| Exploration And Production Waste Treatment Recovery And Disposal | $188.7M | 7.7% |
| Solid Waste Recycling | $58.4M | 2.4% |
| Intermodal And Other | $42.7M | 1.7% |
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 Southern and Central) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Southern | — | $552.9M | $547.0M | — |
| Central | — | $450.9M | $465.4M | $452.0M |
| Landfill | — | $386.5M | $414.6M | — |
| Industrial And Construction Roll Off | — | — | $379.1M | — |
| Other | — | $347.9M | $362.5M | $355.4M |
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 |