Waste Connections, Inc. (WCN) Cash Flow Statement
Where WCN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.41B +8.3% vs 2024
- Capital expenditures
- $1.19B 12.6% of revenue
- Free cash flow
- $1.22B 12.8% margin
- Returned to shareholders
- $839.3M 69% of free cash flow
- Change in cash
- $31.4M cash at year-end $229.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
WCN operating cash flow, capex and free cash flow
WCN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $795.3M2016 | $2.41B2025 | +13.1%/yr | |
| Capital expenditures | $344.7M2016 | $1.19B2025 | +14.8%/yr | |
| Free cash flow | $450.6M2016 | $1.22B2025 | +11.7%/yr | |
| Free cash flow margin | 13.3%2016 | 12.8%2025 | −0.5 pts | |
| Operating cash flow / net income | 3.222016 | 2.242025 | −0.97 | |
| Stock-based compensation | $44.8M2016 | $79.4M2025 | +6.6%/yr | |
| Dividends paid | $92.5M2016 | $333.8M2025 | +15.3%/yr | |
| Share buybacks (net) | $11.5M2016 | $505.5M2025 | +52.3%/yr | |
| Capex / revenue | 10.2%2016 | 12.6%2025 | +2.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WCN cash flow by activity
WCN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
WCN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.08B | $616.6M | $762.8M | $836.0M | $618.5M | $204.0M | $566.7M | $547.2M | $577.4M | $247.3M |
| Depreciation & amortization | $1.23B | $1.16B | $1.00B | $919.0M | $813.0M | $752.4M | $743.9M | $680.5M | $632.5M | $463.9M |
| Stock-based compensation | $79.4M | $77.9M | $70.4M | $63.5M | $58.2M | $45.8M | $42.7M | $43.8M | $39.4M | $44.8M |
| Change in working capital | −$264.2M | −$209.3M | $12.5M | $72.8M | $19.0M | −$24.0M | $27.3M | $31.4M | −$70.7M | −$35.2M |
| Other non-cash items | $290.1M | $580.0M | $277.8M | $131.2M | $189.5M | $430.3M | $160.0M | $108.4M | $8.7M | $74.5M |
| Cash from operating activities | $2.41B | $2.23B | $2.13B | $2.02B | $1.70B | $1.41B | $1.54B | $1.41B | $1.19B | $795.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.19B | −$1.06B | −$934.0M | −$912.7M | −$744.3M | −$664.6M | −$666.1M | −$546.1M | −$479.3M | −$344.7M |
| Investments (net) | — | −$3.16B | −$2.41B | −$3.09B | −$25.0M | −$1.05B | −$27.2M | −$1.37B | −$966.2M | −$296.4M |
| Acquisitions & other investing | −$828.9M | $1.06B | $1.77B | $912.7M | −$924.2M | $664.6M | −$732.7M | $546.1M | $479.3M | $344.7M |
| Cash from investing activities | −$2.02B | −$3.16B | −$1.58B | −$3.09B | −$1.69B | −$1.05B | −$1.43B | −$1.37B | −$966.2M | −$296.4M |
| Financing activities | ||||||||||
| Dividends paid | −$333.8M | −$302.3M | −$270.6M | −$243.0M | −$220.2M | −$199.9M | −$175.1M | −$152.6M | −$132.0M | −$92.5M |
| Share repurchases & issuance (net) | −$505.5M | $6.5M | −$31.0M | −$425.0M | −$339.0M | −$105.7M | $1.57B | −$58.9M | −$14.0M | −$11.5M |
| Net borrowing (repayment) | $544.4M | $1.32B | −$233.4M | $1.73B | $89.6M | $262.6M | $96.6M | $42.5M | $208.2M | −$259.6M |
| Shares issued | $323,000 | $2.0M | $765,000 | $660,000 | $430,000 | $679,000 | $4.0M | $2.7M | $0 | $0 |
| Other financing | −$65.4M | −$80.4M | −$10.2M | −$32.0M | −$30.3M | −$36.0M | −$1.59B | −$21.3M | −$5.5M | $8.7M |
| Cash from financing activities | −$360.0M | $944.9M | −$544.4M | $1.03B | −$499.5M | −$78.2M | −$95.9M | −$187.6M | $56.8M | −$354.9M |
| Summary | ||||||||||
| Net change in cash | $31.4M | $14.1M | $2.7M | −$38.3M | −$494.8M | $291.2M | $19.3M | −$149.3M | $279.4M | $143.4M |
| Cash at end of period | $229.6M | $198.2M | $184.0M | $181.4M | $219.6M | $714.4M | $423.2M | $404.0M | $433.8M | $154.4M |
| Free cash flow | $1.22B | $1.17B | $1.19B | $1.11B | $953.9M | $744.0M | $874.5M | $865.1M | $708.0M | $450.6M |
| Free cash flow margin | 12.8% | 13.2% | 14.9% | 15.4% | 15.5% | 13.7% | 16.2% | 17.6% | 15.3% | 13.3% |
| Capex / revenue | 12.6% | 11.8% | 11.6% | 12.7% | 12.1% | 12.2% | 12.4% | 11.1% | 10.4% | 10.2% |
| Operating cash flow / net income | 2.24 | 3.62 | 2.79 | 2.42 | 2.75 | 6.90 | 2.72 | 2.58 | 2.06 | 3.22 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $296.4M | $219.3M | $258.5M | $286.3M | $290.3M | $241.5M | −$196.0M | $308.0M | $275.4M | $229.1M | $126.6M | $229.2M |
| Depreciation & amortization | $325.9M | $314.7M | $319.2M | $315.3M | $307.7M | $289.9M | $321.8M | $293.6M | $285.4M | $263.0M | $253.1M | $254.4M |
| Stock-based compensation | $24.0M | $17.6M | $19.0M | $18.5M | $18.5M | $23.4M | $16.7M | $20.4M | $18.9M | $22.0M | $14.3M | $14.6M |
| Change in working capital | $139.6M | −$139.6M | −$87.0M | −$53.4M | −$51.7M | −$72.0M | −$59.5M | −$76.7M | $2.6M | −$75.8M | $10.5M | −$10.1M |
| Other non-cash items | −$52.5M | $133.5M | $47.2M | $110.8M | $73.5M | $58.7M | $486.0M | $12.9M | $29.1M | $52.0M | $151.4M | $66.1M |
| Cash from operating activities | $733.3M | $545.6M | $556.9M | $677.4M | $638.2M | $541.5M | $568.9M | $558.3M | $611.4M | $490.3M | $555.9M | $554.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$296.6M | −$296.6M | −$399.4M | −$297.2M | −$285.3M | −$212.5M | −$396.7M | −$272.1M | −$217.2M | −$170.0M | −$318.4M | −$221.4M |
| Investments (net) | — | — | — | −$413.9M | −$416.8M | −$603.2M | −$513.4M | −$851.7M | −$459.5M | −$1.33B | −$395.5M | −$581.0M |
| Acquisitions & other investing | −$309.7M | −$59.1M | −$189.9M | $297.2M | $285.3M | $212.5M | $396.7M | $272.1M | $217.2M | $170.0M | $318.4M | −$383.2M |
| Cash from investing activities | −$606.3M | −$355.7M | −$589.3M | −$413.9M | −$416.8M | −$603.2M | −$513.4M | −$851.7M | −$459.5M | −$1.33B | −$395.5M | −$1.19B |
| Financing activities | ||||||||||||
| Dividends paid | −$88.4M | −$88.7M | −$89.9M | −$81.0M | −$81.5M | −$81.5M | −$81.0M | −$74.0M | −$73.7M | −$73.6M | −$73.8M | −$65.7M |
| Share repurchases & issuance (net) | −$330.5M | −$284.0M | −$63.3M | −$441.8M | −$389,000 | $2.9M | $6.5M | $31.3M | −$414,000 | −$30.9M | −$1.6M | $4.7M |
| Net borrowing (repayment) | $214.9M | $312.3M | $130.8M | $288.8M | −$116.4M | $241.2M | −$13.4M | $426.8M | — | — | — | $89.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $324,000 | $816,000 | $912,000 | $0 | $286,000 | $29,000 | $0 |
| Other financing | $17.6M | −$35.7M | −$6.1M | −$5.1M | −$7.6M | −$49.6M | −$8.3M | −$46.6M | −$102.5M | $982.6M | −$102.5M | −$5.4M |
| Cash from financing activities | −$186.4M | −$96.1M | −$28.5M | −$239.0M | −$205.9M | $113.4M | −$95.4M | $338.5M | −$176.6M | $878.5M | −$177.9M | $22.7M |
| Summary | ||||||||||||
| Net change in cash | −$61.1M | $93.1M | −$61.0M | $23.1M | $18.0M | $51.3M | −$40.3M | $46.1M | −$25.3M | $33.6M | −$15.0M | −$5.3M |
| Cash at end of period | $261.6M | $322.6M | $229.6M | $290.6M | $267.5M | $249.4M | $198.2M | $238.5M | $192.4M | $217.7M | $184.0M | $199.0M |
| Free cash flow | $436.7M | $249.0M | $157.4M | $380.3M | $352.9M | $329.1M | $172.2M | $286.2M | $394.2M | $320.4M | $237.5M | $332.8M |
| Free cash flow margin | 17.0% | 10.5% | 6.5% | 15.5% | 14.7% | 14.8% | 7.6% | 12.2% | 17.5% | 15.5% | 11.7% | 16.1% |
| Capex / revenue | 11.6% | 12.5% | 16.6% | 12.1% | 11.9% | 9.5% | 17.6% | 11.6% | 9.7% | 8.2% | 15.6% | 10.7% |
| Operating cash flow / net income | 2.47 | 2.49 | 2.15 | 2.37 | 2.20 | 2.24 | — | 1.81 | 2.22 | 2.14 | 4.39 | 2.42 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
WCN cash generation
In fiscal 2025 (ended December 31, 2025), Waste Connections generated $2.4 billion of cash from operations (up 8.3%) and spent $1.2 billion on capital expenditures, leaving free cash flow of $1.2 billion, 12.8% of revenue. It returned $839.3 million to shareholders through dividends ($333.8 million) and net share buybacks ($505.5 million). Cash and equivalents rose by $31.4 million over the year.
Related: WCN income statement, WCN balance sheet, WCN dividend history. See the WCN stock overview for the latest quote and news.
WCN cash flow FAQ
What is Waste Connections's free cash flow?
Waste Connections's free cash flow was $1.2 billion in fiscal 2025: $2.4 billion of operating cash flow minus $1.2 billion of capital expenditures It was $1.2 billion a year earlier..
How much cash does Waste Connections generate from operations?
Waste Connections generated $2.4 billion of cash from operating activities in fiscal 2025, 2.24 times its net income of $1.1 billion.
How much does Waste Connections spend on capital expenditures?
Waste Connections spent $1.2 billion on capital expenditures in fiscal 2025, 12.6% of revenue, compared with $1.1 billion the year before.
How much stock does Waste Connections buy back?
Waste Connections spent $505.5 million on net share repurchases in fiscal 2025.
How much does Waste Connections pay in dividends?
Waste Connections paid $333.8 million in dividends in fiscal 2025, 27.4% of free cash flow.