Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons6
North American integrated waste services company
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.3 It employed about 20,000 people in 2021.1 Its shares trade on NYSE under the symbol WCN.1Wikipedia text CC BY-SA 4.0
$167.68down 1.80 (1.06%)Price as of Oct 21, 2026 at 18:59 UTC
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.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1112131410$9.5B in 2025+76% since 2019Operating income1112131410$1.7B in 2025+104% since 2019Net income1112131410$1.1B in 2025+90% since 2019
Revenue1516$2.6B in Q2 FY2026+8% since Q1 FY2026Operating income1516$437.6M in Q2 FY2026+20% since Q1 FY2026Net income1516$296.4M in Q2 FY2026+35% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenues
$9.5B
$8.9B
$8.0B
Cost of operations
$5.5B
$5.2B
$4.7B
Selling, general and administrative
$959.5M
$883.4M
$799.1M
Depreciation
$1.0B
$974.0M
$845.6M
Amortization of intangibles
$201.5M
$189.8M
$157.6M
Impairments and other operating items
$109.7M
$613.0M
$238.8M
Operating income
$1.7B
$1.1B
$1.2B
Interest expense
-$334.6M
-$326.8M
-$274.6M
Interest income
$12.1M
$11.6M
$9.3M
Other income, net
$30.2M
$10.5M
$12.5M
Income before income tax provision
$1.4B
$762.9M
$983.5M
Income tax provision
-$341.4M
-$146.4M
-$220.7M
Net income
$1.1B
$616.6M
$762.8M
Plus: Net loss attributable to noncontrolling interests
$0
$1.0M
-$26.0K
Net income attributable to Waste Connections
$1.1B
$617.6M
$762.8M
Basic, dollars per share
$4.18
$2.39
$2.96
Diluted, dollars per share
$4.17
$2.39
$2.95
Basic, shares
257.3M shares
258.0M shares
257.6M shares
Diluted, shares
258.0M shares
258.7M shares
258.1M shares
Cash dividends per common share
$1.29
$1.17
$1.05
No quarter-by-quarter statement was filed.
Total assets1112131410$21.1B in 2025+54% since 2019Total liabilities171112131410$12.9B in 2025+89% since 2019Shareholders’ equity171112131410$8.2B in 2025+19% since 2019Cash171112131410$46.0M in 2025−86% since 2019Long-term debt171112$6.9B in 2022+58% since 2019
Total assets1516$21.4B in Q2 FY2026+1% since Q1 FY2025Total liabilities1516$13.5B in Q2 FY2026+5% since Q1 FY2025Shareholders’ equity1516$7.9B in Q2 FY2026−4% since Q1 FY2025Cash1516$98.2M in Q2 FY2026+114% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and equivalents
$46.0M
$62.4M
Accounts receivable, net of allowance for credit losses of $21,402 and $25,730 at December 31, 2025 and 2024, respectively
$1.0B
$935.0M
$857.0M
Prepaid expenses and other current assets
$240.6M
$229.5M
Total current assets
$1.3B
$1.2B
Restricted cash
$183.6M
$135.8M
Restricted investments
$80.8M
$78.1M
Property and equipment, net
$8.7B
$8.0B
Operating lease right-of-use assets
$312.5M
$308.2M
Goodwill
$8.4B
$8.0B
$7.4B
Intangible assets, net
$2.0B
$2.0B
Other assets, net
$109.1M
$90.8M
Total assets
$21.1B
$19.8B
$17.9B
Accounts payable
$765.2M
$637.4M
Book overdraft
$14.7M
$14.6M
Deferred revenue
$416.0M
$382.5M
Accrued liabilities
$810.4M
$736.8M
Current portion of operating lease liabilities
$44.3M
$40.5M
Current portion of contingent consideration
$65.0M
$59.2M
Current portion of long-term debt and notes payable
$8.7M
$7.9M
Total current liabilities
$2.1B
$1.9B
Long-term portion of debt and notes payable
$8.8B
$8.1B
Long-term portion of operating lease liabilities
$267.0M
$272.1M
Long-term portion of contingent consideration
$19.7M
$28.0M
Deferred income taxes
$1.1B
$958.3M
Other long-term liabilities
$576.3M
$747.3M
Total liabilities
$12.9B
$12.0B
Common shares: Unlimited shares authorized; 255,661,011 shares issued and 255,614,663 shares outstanding at December 31, 2025; 258,067,487 shares issued and 258,019,389 shares outstanding at December 31, 2024
$2.8B
$3.3B
Additional paid-in capital
$373.2M
$325.9M
Accumulated other comprehensive loss
-$111.0M
-$205.7M
Treasury shares: 46,348 and 48,098 shares at December 31, 2025 and 2024, respectively
$0
$0
Retained earnings
$5.2B
$4.5B
Total Waste Connections' equity
$8.2B
$7.9B
Noncontrolling interest in subsidiaries
$0
$0
Total equity
$8.2B
$7.9B
$7.7B
$7.1B
Total liabilities and equity
$21.1B
$19.8B
Allowance for credit losses
$21.4M
$25.7M
Common shares, shares issued
255.7M shares
258.1M shares
Common shares, shares outstanding
255.6M shares
258.0M shares
Treasury shares
46.3K shares
48.1K shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and equivalents
$46.0M
$62.4M
Accounts receivable, net of allowance for credit losses of $21,402 and $25,730 at December 31, 2025 and 2024, respectively
$1.0B
$935.0M
$857.0M
Prepaid expenses and other current assets
$240.6M
$229.5M
Total current assets
$1.3B
$1.2B
Restricted cash
$183.6M
$135.8M
Restricted investments
$80.8M
$78.1M
Property and equipment, net
$8.7B
$8.0B
Operating lease right-of-use assets
$312.5M
$308.2M
Goodwill
$8.4B
$8.0B
$7.4B
Intangible assets, net
$2.0B
$2.0B
Other assets, net
$109.1M
$90.8M
Total assets
$21.1B
$19.8B
$17.9B
Accounts payable
$765.2M
$637.4M
Book overdraft
$14.7M
$14.6M
Deferred revenue
$416.0M
$382.5M
Accrued liabilities
$810.4M
$736.8M
Current portion of operating lease liabilities
$44.3M
$40.5M
Current portion of contingent consideration
$65.0M
$59.2M
Current portion of long-term debt and notes payable
$8.7M
$7.9M
Total current liabilities
$2.1B
$1.9B
Long-term portion of debt and notes payable
$8.8B
$8.1B
Long-term portion of operating lease liabilities
$267.0M
$272.1M
Long-term portion of contingent consideration
$19.7M
$28.0M
Deferred income taxes
$1.1B
$958.3M
Other long-term liabilities
$576.3M
$747.3M
Total liabilities
$12.9B
$12.0B
Common shares: Unlimited shares authorized; 255,661,011 shares issued and 255,614,663 shares outstanding at December 31, 2025; 258,067,487 shares issued and 258,019,389 shares outstanding at December 31, 2024
$2.8B
$3.3B
Additional paid-in capital
$373.2M
$325.9M
Accumulated other comprehensive loss
-$111.0M
-$205.7M
Treasury shares: 46,348 and 48,098 shares at December 31, 2025 and 2024, respectively
$0
$0
Retained earnings
$5.2B
$4.5B
Total Waste Connections' equity
$8.2B
$7.9B
Noncontrolling interest in subsidiaries
$0
$0
Total equity
$8.2B
$7.9B
$7.7B
$7.1B
Total liabilities and equity
$21.1B
$19.8B
Allowance for credit losses
$21.4M
$25.7M
Common shares, shares issued
255.7M shares
258.1M shares
Common shares, shares outstanding
255.6M shares
258.0M shares
Treasury shares
46.3K shares
48.1K shares
Cash from operations1112131410$2.4B in 2025+57% since 2019Capital spending1112131410$1.2B in 2025+86% since 2019Free cash flow1112131410$1.2B in 2025+36% since 2019Dividends paid1112131410$333.8M in 2025+91% since 2019Share buybacks12131410$505.5M in 2025+378% since 2020
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$1.1B
$616.6M
$762.8M
Loss (gain) from disposal of assets, impairments and other
$113.6M
$122.6M
$38.9M
Adjustment to closure and post-closure liabilities
$0
$480.8M
$159.5M
Depreciation
$1.0B
$974.0M
$845.6M
Amortization of intangibles
$201.5M
$189.8M
$157.6M
Deferred income taxes, net of acquisitions
$116.7M
-$57.3M
$6.3M
Current period provision for expected credit losses
$14.5M
$20.2M
$17.4M
Amortization of debt issuance costs
$8.4M
$10.0M
$6.5M
Share-based compensation
$79.4M
$77.9M
$70.4M
Interest accretion
$51.5M
$36.0M
$22.7M
Payment of contingent consideration recorded in earnings
-$400.0K
-$35.0M
$0
Adjustments to contingent consideration
-$6.2M
-$3.0K
$30.4M
Other
-$7.8M
$2.7M
-$3.9M
Accounts receivable, net
-$68.1M
-$10.6M
-$20.6M
Prepaid expenses and other current assets
-$13.2M
-$14.4M
$10.3M
Accounts payable
$57.1M
-$33.3M
$32.3M
Deferred revenue
$27.3M
$18.2M
$26.5M
Accrued liabilities
$54.4M
$90.0M
$21.8M
Capping, closure and post-closure expenditures
-$305.6M
-$247.9M
-$39.4M
Other long-term liabilities
-$16.1M
-$11.3M
-$18.3M
Net cash provided by operating activities
$2.4B
$2.2B
$2.1B
Payments for acquisitions, net of cash acquired
-$817.6M
-$2.1B
-$676.8M
Capital expenditures for property and equipment
-$1.2B
-$1.1B
-$934.0M
Capital expenditures for undeveloped landfill property
-$15.1M
$0
$0
Proceeds from disposal of assets
$10.1M
$7.9M
$31.6M
Proceeds from sale of investment in noncontrolling interests
$0
$37.0M
$0
Other
-$21.4M
-$27.2M
-$1.9M
Net cash used in investing activities
-$2.0B
-$3.2B
-$1.6B
Proceeds from long-term debt
$2.7B
$4.6B
$1.8B
Principal payments on notes payable and long-term debt
-$2.1B
-$3.2B
-$2.1B
Payment of contingent consideration recorded at acquisition date
-$34.3M
-$27.7M
-$13.3M
Change in book overdraft
$46.0K
-$227.0K
-$790.0K
Payments for repurchase of common shares
-$505.5M
$0
$0
Payments for cash dividends
-$333.8M
-$302.3M
-$270.6M
Tax withholdings related to net share settlements of equity-based compensation
-$31.8M
-$32.9M
-$31.0M
Debt issuance costs
-$4.9M
-$13.4M
$0
Proceeds from issuance of shares under employee share purchase plan
$5.5M
$4.5M
$3.9M
Proceeds from sale of common shares held in trust
$323.0K
$2.0M
$794.0K
Other
$0
-$4.0M
$0
Net cash provided by (used in) financing activities
-$360.0M
$944.9M
-$544.4M
Effect of exchange rate changes on cash, cash equivalents and restricted cash
$622.0K
-$561.0K
$1.3M
Net increase in cash, cash equivalents and restricted cash
$31.4M
$14.1M
$2.7M
Cash paid for interest
$308.3M
$298.9M
$260.9M
Accrued capital expenditures for property and equipment
$90.4M
$86.5M
$91.7M
Fair value of assets acquired
$1.0B
$2.4B
$813.1M
Liabilities assumed and notes payable issued to sellers of businesses acquired
Waste Connections sits at the top of its group. 508 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
19TH & LOWER BUCKEYE, LLC Subsidiary · Delaware, United States
2201898 ALBERTA ULC Subsidiary · Alberta, Canada
2361975 ALBERTA LTD. Subsidiary · Alberta, Canada
2362047 ALBERTA ULC Subsidiary · Alberta, Canada
2362055 ALBERTA ULC Subsidiary · Alberta, Canada
2585303 ALBERTA LTD. Subsidiary · Alberta, Canada
2585319 ALBERTA LTD. Subsidiary · Alberta, Canada
2596557 ONTARIO LTD. Subsidiary · Ontario, Canada
2900 DEDE ROAD, LLC Subsidiary · Maryland, United States
371 BRIAN HOLDINGS, LLC Subsidiary · Colorado, United States
9164-9608 QUEBEC INC. Subsidiary · Quebec, Canada
9199-5290 QUEBEC INC. Subsidiary · Quebec, Canada
A.C.M.S., INC. Subsidiary · Florida, United States
A.J. BLOSENSKI, INC. Subsidiary · Pennsylvania, United States
ACE SOLID WASTE, INC. Subsidiary · Minnesota, United States
ADVANCED SYSTEMS PORTABLE RESTROOMS, INC. Subsidiary · Oregon, United States
AIRBORNE DISPOSAL, LLC Subsidiary · Tennessee, United States
AJB CBD LLC Subsidiary · Delaware, United States
ALASKA WASTE MAT-SU, LLC Subsidiary · Alaska, United States
and 481 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Waste Connections reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
As of December 31, 2025, we owned 371 solid waste collection operations, 164 transfer stations, 65 MSW landfills, 20 E&P waste landfills and caverns, 17 non-MSW landfills, 90 recycling operations, four intermodal operations, 88 E&P liquid waste injection wells and 36 E&P waste treatment and oil recovery facilities, and operated, but did not own, an additional 60 transfer stations and 12 MSW landfills, in 46 states in the U.S. and six provinces in Canada. Non-MSW landfills accept construction and demolition, industrial and other non-putrescible waste. We lease certain of the sites on which these facilities are located. We lease various office facilities, including our combined corporate and regional offices in Woodbridge, Ontario, Canada, where we occupy approximately 17,000 square feet of space. In addition, we lease our administrative offices in The Woodlands, Texas, where we occupy approximately 117,000 square feet of space. We also maintain regional administrative offices in each of our segments. We own a variety of equipment, including waste collection and transportation vehicles, related support vehicles, double-stack rail cars, carts, containers, chassis and heavy equipment used in landfill, collection, transfer station, waste treatment and intermodal operations. We believe that our existing facilities and equipment are adequate for our current operations. However, we expect to make additional investments in property and equipment for expansion and replacement of assets in connection with future acquisitions.
The company was founded in 1997 by a group of professionals in Washington and Idaho with industry-related experience: James Cutler, Brad Bishop, Frank Cutler and Ron Mittelstaedt. Waste Connections, Inc. expanded very quickly. Within about a year of its founding the company decided to go public, launching its IPO in May 1998. The company then slowly expanded into California and the western United States. As of 2011, It had operations in 32 of the 50 U.S states. In December 2011, the company announced that it was moving its headquarters from Folsom, CA to The Woodlands, Texas, a suburb of Houston. Chief Executive Officer, Ron Mittelstaedt, cited California's high taxes and dysfunctional legislature as key reasons for the move.
In September 2012, it acquired R360 Environmental Solutions, a Texas waste company specializing in the oil industry. In January 2016, Waste Connections bought Progressive Waste Services of Canada for $2.67 billion. Under the deal, Waste Connections shareholders received 70% of the new company, which moved its tax headquarters to Canada. It later re-branded its Canadian division Waste Connections of Canada.
The company completed 24 acquisitions in 2024 and 13 in 2023. This was part of a broader industry trend of large companies like Waste Management and Republic Services acquiring smaller firms. The 2024 acquisitions added $750 million in annualized revenues to Waste Connections. Notable acquisitions include Royal Waste Services and Waste-Away. The Royal Waste Services entrenches Waste Connections as one of the largest commercial waste companies in New York City. As part of the 2024 acquisitions, Waste Connections added 30 facilities to its Canadian portfolio.
Waste Connections's primary business is to provide solid waste collection and disposal services. It most often does this through contracts with municipalities to collect the waste in that municipality, for an agreed-upon rate. It also provides services directly to residential, commercial, or industrial customers. In addition, Waste Connections runs landfills for waste disposal (82 solid waste landfills as of September 2019).
In Q3 2017, 67% of revenue was from solid waste collection, 21% from solid waste disposal and transfer, 4% from recycling, 5% from its oil industry waste operations, and 3% from other sources. 16% of revenue was from Canada, with the rest from the United States.
As of 2024, three states in the U.S. passed Extended producer responsibility laws. These laws attempt to decrease externalities by making waste producers have additional responsibility for their products once they enter the waste system. These laws have not been fully implemented in the U.S. but Oregon's law is scheduled to take effect in 2025 and Colorado's is scheduled to take effect in 2026. Waste Connections expects to see additional revenues for their Materials recovery facilities (MRF) as these laws take effect.
Waste Connections is partnered with AMP to use AMP's AI powered robots which facilitate recycling. Waste Connections recycled 2.21 million tons in 2023, and is planning to expand capacity by contracting AMP to build an operate an entirely new MRF in Commerce City, Colorado. It is scheduled to open in 2026.
Read the full text
Incidents
In September 2019, the investigative journalism program CBC Marketplace installed trackers into bales of plastic and commissioned three plastic recycling companies to process them: GFL Environmental, Merlin Plastics, and Waste Connections Canada. Merlin Plastics shredded and recycled the bales and GFL Environmental incinerated the bales in a waste-to-energy facility. Trackers indicated that Waste Connections dumped the plastic bales into a landfill in Richmond and a junkyard in Surrey, British Columbia instead of recycling them. The company responded "There was some miscommunication and the driver took this load to a waste facility".
In March 2024, Waste Connections opened a relief fund to Val Verde, Live Oak, Hasley Hills, Hillcrest Parkway, Hasley Canyon and Stevenson Ranch residents pay to mitigate noxious fumes that leaked from their Chiquita Canyon Landfill in California. The company states that at least $25 million will be available through the fund, and that they distributed air purifiers to the residents. In June, the EPA announced there was an on-going investigation to the landfill and that Waste Connection could face $59,000 per day in civil penalties if they do not comply with regulations.
Oct 21, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $1.44 a share, on Oct 21, 2025.64
When it reported results
Jul 22, 2026Reported quarterly or annual results55
Apr 22, 2026Reported quarterly or annual results57
Feb 11, 2026Reported quarterly or annual results61
Oct 21, 2025Reported quarterly or annual results62
Jul 23, 2025Reported quarterly or annual results65
Apr 23, 2025Reported quarterly or annual results66
Feb 12, 2025Reported quarterly or annual results67
Oct 23, 2024Reported quarterly or annual results68
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
484 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 73 major events, 303 insider forms, 11 large holders, 77 other. The latest 20:
75 open-market trades by officers, directors and large owners since October 2021: 11 buys and 64 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 12, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Waste Connections names in Item 1A of its 10-K filed Feb 12, 2026: 3 risks under these headings, as written.18
General Risk Factors
Technology and Information Security Risks
Legal, Regulatory and Compliance Risks
Legal proceedings
Information regarding our legal proceedings can be found under the “Legal Proceedings” section in Note 13 to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K and is incorporated herein by reference.