WCNNYSERefuse SystemsFiscal year ends December 31
Waste Connections, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$165.69−2.21 (-1.32%)
Close on Oct 19, 2026
- Market cap
- $42.06B
- P/E (TTM)
- 39.9
- Dividend yield
- 0.78%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
42.4%+2.5 pts over 5 years
Operating margin
18.1%+10.5 pts over 5 years
Net margin
11.4%+7.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +6.1% | +9.5% | +11.7% | +16.2% | |
| Gross profit | +7.6% | +11.7% | +13.1% | +15.6% | |
| Operating income | +60.2% | +11.2% | +32.9% | – | |
| Net income | +74.3% | +8.8% | +39.4% | – | |
| EPS, diluted | +74.5% | +8.8% | +39.8% | – | |
| Free cash flow | +5.3% | +3.6% | +8.8% | +13.8% | |
| Dividend per share | +10.7% | +11.1% | +11.2% | +13.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 6.5% | 3.0% | 13.4% | |
| Return on assets | 3.0% | 1.5% | 5.3% | |
| Current ratio | 1.07 | 1.37 | 0.62 | |
| Debt to equity | 0.64 | 0.69 | 1.07 | |
| Net debt to EBITDA | 3.77× | 3.44× | 2.98× | |
| Interest coverage | 4.9× | 2.5× | 5.1× | |
| Capex to revenue | 10.2% | 11.0% | 12.5% | |
| Diluted shares | 231M | 264M | 258M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Waste Connections generated $10.49B from operations and spent $7.47B on capital expenditure, dividends and share buybacks. 65% of that went back into the business.
Generated
$10.49B
Used
$7.47B
Capital expenditure$4.83B65%Dividends$1.37B18%Share buybacks$1.27B17%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin11.4%
×Asset turnover0.46×
×Equity multiplier2.54×
=Return on equity, FY202513.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 11.4% | 0.46× | 2.54× | 13.4% |
| FY2024 | 6.9% | 0.47× | 2.43× | 7.9% |
| FY2023 | 9.5% | 0.46× | 2.37× | 10.3% |
| FY2022 | 11.6% | 0.45× | 2.26× | 11.9% |
| FY2021 | 10.0% | 0.43× | 2.07× | 8.9% |
| FY2020 | 3.8% | 0.39× | 2.01× | 3.0% |
| FY2019 | 10.5% | 0.41× | 1.97× | 8.5% |
| FY2018 | 11.1% | 0.40× | 1.94× | 8.6% |
| FY2017 | 12.5% | 0.40× | 1.94× | 9.7% |
| FY2016 | 7.3% | 0.42× | 2.12× | 6.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.08B
- Cash generatingOperating cash flow above zero$2.41B
- Return on assets improvedROA up on the prior year3.4% → 5.4%
- Earnings backed by cashOperating cash flow above net income$2.41B vs $1.08B
- Less leverageLong-term debt to assets fell40.7% → 41.7%
- Better liquidityCurrent ratio rose0.65 → 0.62
- No dilutionShare count did not rise259M → 258M
- Gross margin improvedGross margin up on the prior year41.79% → 42.37%
- More efficientAsset turnover rose0.50 → 0.48