Waste Connections, Inc. (WCN) Income Statement
WCN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWCN revenue and net income
Where WCN's revenue goes
2025Each bar shows an amount and its share of revenue. WCN kept 11.4% of revenue as net income.
WCN profit margins
WCN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.5% | +9.6% | +11.8% | +16.2% |
| Gross profit | −0.7% | +8.8% | +11.3% | +14.7% |
| Operating income | +61.3% | +11.5% | +33.1% | — |
| Net income | +75.0% | +8.9% | +39.5% | — |
| EPS (diluted) | +7.5% | +10.6% | +14.2% | +6.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WCN quarterly EPS vs estimates
Waste Connections beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 21, 2026 (estimate $1.52).
WCN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.50B | $8.92B | $8.02B | $7.21B | $6.15B | $5.45B | $5.39B | $4.92B | $4.63B | $3.38B |
| Cost of revenue | $5.80B | $5.19B | $4.74B | $4.34B | $3.65B | $3.28B | $3.20B | $2.87B | $2.70B | $1.96B |
| Gross profit | $3.70B | $3.73B | $3.28B | $2.88B | $2.50B | $2.17B | $2.19B | $2.06B | $1.93B | $1.42B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $959.5M | $855.8M | $774.1M | $671.4M | $592.6M | $537.6M | $546.3M | $529.4M | $514.7M | $478.2M |
| Total operating expenses | $1.98B | $2.66B | $2.04B | $1.63B | $1.46B | $1.76B | $1.35B | $1.22B | $1.30B | $965.9M |
| Operating income | $1.72B | $1.07B | $1.24B | $1.24B | $1.04B | $412.4M | $837.8M | $832.2M | $627.1M | $452.3M |
| Interest income | $12.1M | $11.6M | $10.3M | $196.4M | $2.9M | $5.3M | $9.8M | $7.2M | $5.2M | $91.6M |
| Interest expense | $331.7M | $291.6M | $259.7M | $200.6M | $181.5M | $181.2M | $142.6M | $125.4M | $126.9M | $85.0M |
| Income before taxes | $1.42B | $762.9M | $983.5M | $1.05B | $770.7M | $253.9M | $705.9M | $707.1M | $508.5M | $361.4M |
| Income taxes | $342.6M | $146.4M | $220.7M | $213.0M | $152.3M | $49.9M | $139.2M | $160.0M | −$68.9M | $114.0M |
| Net income | $1.08B | $617.6M | $762.8M | $835.7M | $618.0M | $204.7M | $566.8M | $546.9M | $576.8M | $246.5M |
| EBITDA | $3.00B | $2.39B | $2.35B | $2.19B | $1.89B | $1.60B | $1.61B | $1.55B | $1.38B | $1.03B |
| EPS (diluted) | $5.15 | $4.79 | $4.19 | $3.81 | $3.23 | $2.65 | $2.73 | $2.53 | $2.16 | $1.99 |
| Gross margin | 39.0% | 41.8% | 40.9% | 39.9% | 40.6% | 39.8% | 40.6% | 41.8% | 41.6% | 42.0% |
| Operating margin | 18.1% | 12.0% | 15.4% | 17.2% | 16.9% | 7.6% | 15.5% | 16.9% | 13.5% | 13.4% |
| Net margin | 11.4% | 6.9% | 9.5% | 11.6% | 10.0% | 3.8% | 10.5% | 11.1% | 12.5% | 7.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.56B | $2.37B | $2.41B | $2.46B | $2.41B | $2.23B | $2.26B | $2.34B | $2.25B | $2.07B | $2.04B | $2.06B |
| Cost of revenue | $1.48B | $1.36B | $1.71B | $1.41B | $1.39B | $1.29B | $1.32B | $1.34B | $1.30B | $1.22B | $1.20B | $1.20B |
| Gross profit | $1.08B | $1.01B | $700.5M | $1.05B | $1.01B | $936.7M | $935.5M | $994.4M | $947.1M | $850.9M | $840.0M | $860.1M |
| Sales, general & admin | $251.1M | $251.1M | $230.0M | $236.5M | $239.0M | $250.1M | $208.9M | $222.5M | $228.8M | $220.7M | $194.3M | $196.3M |
| Total operating expenses | $644.8M | $645.5M | $267.2M | $611.9M | $554.7M | $546.5M | $1.13B | $519.1M | $522.4M | $484.1M | $615.5M | $507.2M |
| Operating income | $437.6M | $364.1M | $433.3M | $439.6M | $459.5M | $390.2M | −$199.2M | $475.3M | $424.7M | $366.8M | $224.5M | $353.0M |
| Interest income | $4.1M | $3.1M | $3.0M | $5.1M | $80.4M | $1.8M | $2.2M | $3.3M | $4.0M | $2.1M | $2.5M | $2.8M |
| Interest expense | $91.2M | $87.7M | $87.2M | $84.4M | $82.8M | $77.3M | $76.0M | $78.7M | $76.9M | $78.5M | $66.0M | $62.9M |
| Income before taxes | $383.7M | $283.6M | $346.2M | $374.8M | $389.2M | $313.0M | −$281.6M | $400.1M | $356.0M | $288.5M | $161.4M | $292.2M |
| Income taxes | $87.3M | $64.2M | $83.8M | $88.5M | $98.9M | $71.5M | −$85.6M | $92.0M | $80.6M | $59.4M | $34.8M | $63.0M |
| Net income | $296.4M | $219.3M | $262.5M | $286.3M | $290.3M | $241.5M | −$196.0M | $308.0M | $275.5M | $230.1M | $126.8M | $229.0M |
| EBITDA | $800.8M | $766.0M | $752.6M | $774.6M | $779.6M | $697.9M | $254.2M | $779.2M | $723.2M | $639.4M | $492.6M | $669.8M |
| EPS (diluted) | $1.50 | $1.23 | $1.29 | $1.44 | $1.29 | $1.13 | $1.16 | $1.35 | $1.24 | $1.04 | $1.11 | $1.17 |
| Gross margin | 42.3% | 42.6% | 29.1% | 42.8% | 42.1% | 42.0% | 41.4% | 42.5% | 42.1% | 41.1% | 41.3% | 41.7% |
| Operating margin | 17.1% | 15.4% | 18.0% | 17.9% | 19.1% | 17.5% | −8.8% | 20.3% | 18.9% | 17.7% | 11.0% | 17.1% |
| Net margin | 11.6% | 9.3% | 10.9% | 11.6% | 12.1% | 10.8% | −8.7% | 13.2% | 12.3% | 11.1% | 6.2% | 11.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WCN's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WCN financial results
In fiscal year 2025 (ended December 31, 2025), Waste Connections reported revenue of $9.5 billion, up 6.5% from the year before. It had net income of $1.1 billion (up 75.0%), a net profit margin of 11.4%. Diluted earnings per share came to $5.15. Over five years revenue grew at an average rate of 11.8% a year.
See the WCN stock overview for the latest quote and news, or the WCN chart for price history and technical indicators.
WCN income statement FAQ
What is Waste Connections's annual revenue?
Waste Connections reported total revenue of $9.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 6.5% from $8.9 billion the previous year.
Is Waste Connections profitable?
Yes. Waste Connections reported net income of $1.1 billion in fiscal 2025, a net profit margin of 11.4%; its operating margin was 18.1%.
What is Waste Connections's gross margin?
Waste Connections's gross margin was 39.0% in fiscal 2025: for every $100 of revenue, Waste Connections kept $39 after the direct cost of its products and services.
How fast is Waste Connections growing?
Revenue grew 11.8% a year on average over the last five fiscal years, from $5.4 billion to $9.5 billion.
What are Waste Connections's earnings per share?
Waste Connections earned $5.15 per diluted share in fiscal 2025, compared with $4.79 a year earlier.
When will Waste Connections report its next earnings?
Waste Connections is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 after the market closes.
When does Waste Connections's fiscal year end?
Waste Connections's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.