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Side-by-side financial comparison of SONOCO PRODUCTS CO (SON) and Waste Connections, Inc. (WCN). Click either name above to swap in a different company.
Waste Connections, Inc. is the larger business by last-quarter revenue ($2.4B vs $1.7B, roughly 1.4× SONOCO PRODUCTS CO). Waste Connections, Inc. runs the higher net margin — 10.9% vs 4.1%, a 6.8% gap on every dollar of revenue. On growth, Waste Connections, Inc. posted the faster year-over-year revenue change (5.0% vs -1.9%). Waste Connections, Inc. produced more free cash flow last quarter ($172.6M vs $-428.3B). Over the past eight quarters, Waste Connections, Inc.'s revenue compounded faster (7.0% CAGR vs 1.2%).
Sonoco Products Company is an American provider of diversified consumer packaging, industrial products, protective packaging, and packaging supply chain services and the world's largest producer of composite cans, tubes, and cores. The company was founded in 1889 as Southern Novelty Company with annualized net sales of approximately $7.3 billion. Sonoco has 19,900 employees in more than 335 operations in 33 countries, serving more than 85 nations. The company is headquartered in Hartsville, S...
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.
SON vs WCN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.7B | $2.4B |
| Net Profit | $68.0M | $258.5M |
| Gross Margin | 20.6% | 42.5% |
| Operating Margin | 7.6% | 17.7% |
| Net Margin | 4.1% | 10.9% |
| Revenue YoY | -1.9% | 5.0% |
| Net Profit YoY | 25.9% | 231.9% |
| EPS (diluted) | $0.68 | $1.01 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.8B | $2.4B | ||
| Q3 25 | $2.1B | $2.5B | ||
| Q2 25 | $1.9B | $2.4B | ||
| Q1 25 | $1.7B | $2.2B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $1.7B | $2.3B | ||
| Q2 24 | $1.6B | $2.2B |
| Q1 26 | $68.0M | — | ||
| Q4 25 | $332.2M | $258.5M | ||
| Q3 25 | $122.9M | $286.3M | ||
| Q2 25 | $493.4M | $290.3M | ||
| Q1 25 | $54.4M | $241.5M | ||
| Q4 24 | — | $-196.0M | ||
| Q3 24 | $50.9M | $308.0M | ||
| Q2 24 | $90.8M | $275.5M |
| Q1 26 | 20.6% | — | ||
| Q4 25 | 19.6% | 42.5% | ||
| Q3 25 | 21.9% | 42.8% | ||
| Q2 25 | 21.3% | 42.1% | ||
| Q1 25 | 20.7% | 42.0% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | 21.4% | 42.5% | ||
| Q2 24 | 22.0% | 42.1% |
| Q1 26 | 7.6% | — | ||
| Q4 25 | 29.4% | 17.7% | ||
| Q3 25 | 9.1% | 17.9% | ||
| Q2 25 | 9.2% | 19.1% | ||
| Q1 25 | 7.4% | 17.5% | ||
| Q4 24 | — | -8.8% | ||
| Q3 24 | 7.6% | 20.3% | ||
| Q2 24 | 8.6% | 18.9% |
| Q1 26 | 4.1% | — | ||
| Q4 25 | 18.8% | 10.9% | ||
| Q3 25 | 5.8% | 11.6% | ||
| Q2 25 | 25.8% | 12.1% | ||
| Q1 25 | 3.2% | 10.8% | ||
| Q4 24 | — | -8.7% | ||
| Q3 24 | 3.0% | 13.2% | ||
| Q2 24 | 5.6% | 12.3% |
| Q1 26 | $0.68 | — | ||
| Q4 25 | $3.33 | $1.01 | ||
| Q3 25 | $1.23 | $1.11 | ||
| Q2 25 | $4.96 | $1.12 | ||
| Q1 25 | $0.55 | $0.93 | ||
| Q4 24 | — | $-0.76 | ||
| Q3 24 | $0.51 | $1.19 | ||
| Q2 24 | $0.92 | $1.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $224.5M | $46.0M |
| Total DebtLower is stronger | $3.5B | $8.8B |
| Stockholders' EquityBook value | $3.6B | $8.2B |
| Total Assets | $11.1B | $21.1B |
| Debt / EquityLower = less leverage | 0.97× | 1.07× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $224.5M | — | ||
| Q4 25 | $378.4M | $46.0M | ||
| Q3 25 | $244.9M | $117.6M | ||
| Q2 25 | $329.8M | $110.2M | ||
| Q1 25 | $181.8M | $111.2M | ||
| Q4 24 | — | $62.4M | ||
| Q3 24 | $1.9B | $115.3M | ||
| Q2 24 | $140.2M | $78.7M |
| Q1 26 | $3.5B | — | ||
| Q4 25 | $3.8B | $8.8B | ||
| Q3 25 | $3.8B | $8.6B | ||
| Q2 25 | $5.0B | $8.3B | ||
| Q1 25 | $5.0B | $8.4B | ||
| Q4 24 | — | $8.1B | ||
| Q3 24 | $4.3B | $8.2B | ||
| Q2 24 | $2.5B | $7.7B |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $8.2B | ||
| Q3 25 | $3.3B | $8.1B | ||
| Q2 25 | $3.2B | $8.4B | ||
| Q1 25 | $2.4B | $8.0B | ||
| Q4 24 | — | $7.9B | ||
| Q3 24 | $2.5B | $8.3B | ||
| Q2 24 | $2.4B | $8.0B |
| Q1 26 | $11.1B | — | ||
| Q4 25 | $11.2B | $21.1B | ||
| Q3 25 | $11.7B | $20.8B | ||
| Q2 25 | $12.0B | $20.7B | ||
| Q1 25 | $12.7B | $20.3B | ||
| Q4 24 | — | $19.8B | ||
| Q3 24 | $9.0B | $20.1B | ||
| Q2 24 | $7.2B | $19.3B |
| Q1 26 | 0.97× | — | ||
| Q4 25 | 1.05× | 1.07× | ||
| Q3 25 | 1.15× | 1.07× | ||
| Q2 25 | 1.54× | 1.00× | ||
| Q1 25 | 2.03× | 1.05× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | 1.74× | 0.99× | ||
| Q2 24 | 1.04× | 0.96× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $556.9M |
| Free Cash FlowOCF − Capex | $-428.3B | $172.6M |
| FCF MarginFCF / Revenue | -25547.4% | 7.3% |
| Capex IntensityCapex / Revenue | 3600.5% | 16.2% |
| Cash ConversionOCF / Net Profit | — | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $-427.6B | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $412.9M | $556.9M | ||
| Q3 25 | $291.5M | $677.4M | ||
| Q2 25 | $193.4M | $638.2M | ||
| Q1 25 | $-208.1M | $541.5M | ||
| Q4 24 | — | $568.9M | ||
| Q3 24 | $162.1M | $558.3M | ||
| Q2 24 | $109.3M | $611.4M |
| Q1 26 | $-428.3B | — | ||
| Q4 25 | $322.3M | $172.6M | ||
| Q3 25 | $225.6M | $380.3M | ||
| Q2 25 | $98.6M | $352.9M | ||
| Q1 25 | $-300.8M | $329.1M | ||
| Q4 24 | — | $172.2M | ||
| Q3 24 | $70.5M | $286.2M | ||
| Q2 24 | $16.0M | $394.2M |
| Q1 26 | -25547.4% | — | ||
| Q4 25 | 18.2% | 7.3% | ||
| Q3 25 | 10.6% | 15.5% | ||
| Q2 25 | 5.2% | 14.7% | ||
| Q1 25 | -17.6% | 14.8% | ||
| Q4 24 | — | 7.6% | ||
| Q3 24 | 4.2% | 12.2% | ||
| Q2 24 | 1.0% | 17.5% |
| Q1 26 | 3600.5% | — | ||
| Q4 25 | 5.1% | 16.2% | ||
| Q3 25 | 3.1% | 12.1% | ||
| Q2 25 | 5.0% | 11.9% | ||
| Q1 25 | 5.4% | 9.5% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | 5.5% | 11.6% | ||
| Q2 24 | 5.7% | 9.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.24× | 2.15× | ||
| Q3 25 | 2.37× | 2.37× | ||
| Q2 25 | 0.39× | 2.20× | ||
| Q1 25 | -3.82× | 2.24× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.18× | 1.81× | ||
| Q2 24 | 1.20× | 2.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SON
| Consumer Packaging | $1.1B | 65% |
| Industrial Paper Packaging | $587.5M | 35% |
| All Other | $55.1M | 3% |
WCN
| Southern | $552.9M | 23% |
| Central | $450.9M | 19% |
| Landfill | $386.5M | 16% |
| Transfer | $370.6M | 16% |
| Other | $347.9M | 15% |
| Exploration And Production Waste Treatment Recovery And Disposal | $171.1M | 7% |
| Solid Waste Recycling | $51.2M | 2% |
| Intermodal And Other | $42.3M | 2% |
