WCN Waste Connections, Inc.

Overview and Growth

Waste Connections, Inc. generated $9.47B of revenue in fiscal 2025, with net income of $1.08B and an operating cash inflow of $2.41B. The $9.47B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 6.1% above fiscal 2024 revenue of $8.92B, marking a year-over-year increase. On a per-share basis, diluted EPS was $4.17, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $2.39 in fiscal 2024, the current result was 74.5% higher. Asset turnover was 0.45x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $4.01B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 42.4% of revenue, showing how much of the top line remained after direct costs. Operations produced $1.71B of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 18.1% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $1.08B, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 11.4% margin after operating costs and the remaining recognized items. The earnings statement records $1.42B of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 15.0% of revenue, placing earnings before tax in the context of the company’s operating scale. Income tax expense totaled $341.36M, providing the reported tax component that separates pretax and after-tax earnings. The effective relationship between income tax and positive pretax income was 24.1%, without assuming a statutory-rate comparison. Net income equaled 13.1% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 5.1%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

The company held $21.13B of assets against $12.88B of liabilities and $8.25B of equity, revealing how the asset base was financed. At period end, current assets of $1.31B compared with current liabilities of $2.12B, defining the company’s short-term resource position. Current assets covered only 0.62x of current liabilities, so current liabilities exceeded current assets at period end. Cash and equivalents totaled $45.97M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 2.2% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Liabilities represented 61.0% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 0.2%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $19.82B in fiscal 2024, the current asset base moved 6.6% and finished higher. Reported equity changed 4.9% from $7.86B in fiscal 2024, placing the current capital base higher year over year.

Cash Flow and Earnings Quality

The company reported $2.41B of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 2.24x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $1.18B, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 48.8%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $1.23B, leaving a positive amount after capital expenditures. The free-cash-flow margin was 13.0%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 5.8%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.