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Waste ConnectionsWCN

Legal name
Waste Connections, Inc.
Sector
Other
Industry
Refuse Systems
Exchange
NYSE

Stock Price $WCN

Latest filings

You are here#48 of 87 in Industrials by market cap

Filing record · 2016–202610-K1110-Q328-K180

WCN filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 180 current reports (8-K) between 2016 and 2026.

  1. Auditor change8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Aug ’19Aug ’19
  3. Material agreement8-K · Sep ’21Sep ’21
  4. Leadership change8-K · Aug ’25Aug ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  16. $9.47B
YoY changeLargest recent move+59.4%in FY16Latest +6.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All WCN Financial Metrics59 metrics

Income Statement13

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

Waste Connections Financial Overview 2021–2025

Updated Nov 4, 2026

Net income jumped 74% to $1.077 billiona in FY2025, but the headline flatters. Impairments fell to $109.7 million from $613.0 million, a drop tied mostly to the Chiquita Canyon landfill charges taken in FY2024. The real story is pricing. Waste Connections is extracting more profit from a business whose growth excluding acquisitions slowed to 1.9%, with 6.4% pricing largely absorbed by weaker volumes. Earnings now depend on price and acquisitions, not tonnage.

The long arc shows it working. Revenue grew from $6.151 billion in FY2021 to $9.467 billionb in FY2025. Adjusted EBITDA margin widened from 31.2% to 33.0%, and adjusted EBITDA reached $3.125 billion. Operating cash flow of $2.414 billion covered $1.179 billion of capital spending and $839.3 million in shareholder returns, split between $333.8 million of dividends and $505.5 million of buybacks. The cost is leverage. Total debt reached $8.889 billion, and the Leverage Ratio rose to 2.75x from 2.67x, near the top of the 2.5x–3.0x target range.

The market paid up for that consistency. At the close of FY2025, the shares traded at $175.36c, or 42.1x earnings, for a market cap of $44.8 billion. That multiple leaves little room for a stall in pricing, and unresolved Chiquita Canyon litigation, with no estimate of loss, sits against it.

Recent Developments (Q2 and Q3 2026)

Earnings accelerated through the middle of 2026. Q3 2026 revenue reached $2.638 billiond, up from $2.458 billion, and net income rose to $359.2 million from $286.3 million. Adjusted EBITDA margin was 34.0% versus 33.8% a year earlier. Impairments fell to $1.9 million from $60.1 million, which lifted operating income to $541.7 million. In Q2 2026, closure liability adjustments of $55.8 million had held operating income to $437.6 million. Management raised full-year outlook twice, to about $10.09 billion of revenue and $3.345 billion of adjusted EBITDA. Buybacks passed $1 billion year to date, and the quarterly dividend rose to $0.385.

Bull case: price-led growth, with core price of 5.5% and volumes improving 70 basis points sequentially, is lifting margins. Bear case: long-term debt rose to $9.427 billione, and about 14,000 Chiquita Canyon plaintiffs have no estimable loss. At 44.3x earnings as of the October 21, 2026 report date, not today, the shares price in continued execution.

What to watch: volume trend against pricing in Q4 2026; Chiquita Canyon litigation and leverage near the top of the target range

03—Filings

Recent SEC Filings

  1. 8-KWaste Connections 8-K Report, Financial Results (Oct 21, 2026)Waste Connections, Inc. (TSX/NYSE: WCN) reported third quarter 2026 results on October 21, 2026, according to Exhibit 99.1, a press release that also updated its full-year 2026 outlook. Revenue was $2.638 billion, up from $2.458 billion a year earlier. Operating income was $541.7 million versus $439.6 million, and net income was $359.2 million, or $1.43 per diluted share, versus $286.3 million, or $1.11 per share. Adjusted EBITDA was $895.8 million, or 34.0% of revenue, compared with $830.3 million and 33.8% a year earlier. Adjusted net income per diluted share was $1.58 versus $1.44. Management said solid waste unit volumes improved 70 basis points sequentially, led by landfill volumes, and that underlying margin expanded 50 basis points despite a late-quarter rise in diesel prices. The company raised its full-year 2026 outlook for the second time, now estimating revenue of approximately $10.09 billion, net income of approximately $1.18 billion, and adjusted EBITDA of approximately $3.345 billion. It expects capital expenditures of approximately $1.25 billion, net cash provided by operating activities of $2.64 billion to $2.69 billion, and adjusted free cash flow of $1.40 billion to $1.45 billion. The outlook excludes additional acquisitions that may close during the year and the expensing of transaction-related items. Management said it remains positioned for double-digit growth in adjusted free cash flow. Capital allocation remained active. The company increased its regular quarterly dividend by 10%, its sixteenth consecutive annual increase, and completed over $1 billion of share repurchases year to date, equal to 2.5% of outstanding shares. It also closed acquisitions with approximately $130 million in annualized revenues year to date. Debt to book capitalization was 54% at September 30, 2026, and long-term debt and notes payable were $9.43 billion, up from $8.81 billion at December 31, 2025.
  2. 8-KWaste Connections 8-K Report, Corporate Update (Aug 7, 2026)On August 7, 2026, Waste Connections, Inc. announced that the Toronto Stock Exchange approved the annual renewal of its normal course issuer bid (NCIB) for potential share repurchases. The renewed NCIB will follow the expiration of the current NCIB on August 11, 2026, and covers purchases during the period from August 12, 2026, to August 11, 2027, or until an earlier completion or termination at the Company's option. The Company may buy up to 12,578,462 common shares, which the filing states is 5% of its 251,569,244 issued and outstanding common shares as of July 31, 2026. All repurchased shares will be cancelled. The filing states that repurchases will be made on the open market at prevailing prices through the TSX, the NYSE, NYSE Texas and/or alternative Canadian trading systems. Management will base decisions on market conditions, share price and other factors, including potential acquisition growth opportunities. The Company says the renewal reflects its objective to return capital to shareholders over time. Daily purchase limits are set by TSX and NYSE rules, with the TSX daily cap at 95,113 shares, based on 25% of average daily TSX trading volume of 380,453 shares. Under the 2025 NCIB, the Company had obtained approval to purchase up to 12,855,691 common shares for cancellation. As of August 6, 2026, it had bought 6,103,527 common shares through the NYSE under that program. The filing is a routine Item 8.01 disclosure that furnishes the press release as Exhibit 99.1.
  3. 8-KWaste Connections 8-K Report, Material Agreement (Aug 4, 2026)On August 4, 2026, Waste Connections, Inc. completed an underwritten public offering of two series of Canadian-dollar senior unsecured notes: C$300,000,000 of 4.200% Senior Notes due September 4, 2033 (the 2033 Notes) and C$400,000,000 of 4.550% Senior Notes due September 4, 2036 (the 2036 Notes). The offering was registered under the company's Form S-3 shelf (File No. 333-282813) via a prospectus supplement dated July 27, 2026, and was also made on a private placement basis in Canada under a Canadian Offering Memorandum. The notes were issued under the Base Indenture dated November 16, 2018, as supplemented by a Twelfth Supplemental Indenture dated August 4, 2026, with U.S. Bank Trust Company, National Association as trustee. Interest is payable semi-annually on March 4 and September 4, beginning March 4, 2027, and the notes rank equally with the company's other senior unsecured debt. They are not guaranteed by any subsidiaries. The notes carry customary terms for investors: the 2033 Notes may be redeemed before July 4, 2033 at the greater of par or a make-whole amount, and at par plus accrued interest thereafter; the 2036 Notes have a similar structure with a par call date of June 4, 2036. Holders may require repurchase at 101% of principal upon certain change of control events. The indenture includes covenants limiting liens, sale-leaseback transactions and mergers or sales of substantially all assets, along with customary events of default. The filing also includes an additional amounts provision and a tax-related redemption right at 100% of principal. The filing incorporates the Form S-3 prospectus materials and the company's Form 10-K for fiscal year 2025 by reference for risk factors. Exhibits include the indentures, the Agency Agreement with Computershare Trust Company of Canada as paying and transfer agent, and legal opinions from Latham & Watkins LLP and Bennett Jones LLP. The filing does not state the use of proceeds in detail beyond referencing it in the forward-looking statements section.
  4. 8-KWaste Connections 8-K Report, Material Agreement (Jul 28, 2026)Waste Connections, Inc. (TSX/NYSE: WCN) announced on July 27, 2026 that it priced an underwritten public offering in the U.S. and a private placement in Canada of C$700 million of Canadian dollar-denominated senior notes. The offering consists of C$300 million of 4.200% Senior Notes due 2033, priced at 99.838% of face value, and C$400 million of 4.550% Senior Notes due 2036, priced at 99.611% of face value. The Underwriting Agreement with CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc., and the other named underwriters, was entered into on July 27, 2026. The Company expects net proceeds of approximately C$691.9 million after underwriting fees and estimated offering expenses. It intends to use these proceeds, together with cash on hand, to repay a portion of the Canadian dollar-denominated borrowings outstanding under its revolving credit facility. The offering is expected to close on August 4, 2026, subject to market conditions and customary closing conditions. The notes will be senior unsecured obligations of the Company. The filing also discloses that certain underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings with the Company, and that certain underwriters serve roles under the revolving credit facility and will indirectly receive a portion of the offering proceeds. The offering is registered under a Form S-3ASR shelf registration statement (File No. 333-282813).
  5. 8-KWaste Connections 8-K Report, Financial Results (Jul 22, 2026)Waste Connections, Inc. reported second quarter 2026 revenue of $2.562 billion, up from $2.407 billion a year earlier, and net income of $296.4 million, or $1.17 per diluted share. Adjusted net income was $381.7 million, or $1.50 per diluted share, compared with $1.29 in the prior-year period. Adjusted EBITDA reached $840.1 million, up 6.8%, and the adjusted EBITDA margin was 32.8% of revenue. Management said results were above expectations, with margin expansion of 70 basis points on an underlying basis despite rapidly rising fuel costs and lower commodity values. Operating income was reduced by $58.5 million of impairments tied to adjustments to landfill closure and post-closure costs. The company raised its full-year 2026 outlook, now estimating revenue of $10.02 billion to $10.05 billion, net income of $1.169 billion to $1.173 billion, and adjusted EBITDA of $3.33 billion to $3.34 billion. It also expects net cash provided by operating activities of $2.63 billion to $2.68 billion and adjusted free cash flow of $1.40 billion to $1.45 billion, with capital expenditures of approximately $1.25 billion. The outlook excludes any contribution from acquisitions that may close later in the year. Management cited upside from improving commodity trends and incremental acquisitions. Capital allocation remained active. The company repurchased $614.5 million of shares year to date, approximately 1.5% of shares outstanding, and completed acquisitions with over $100 million in annualized revenue. Debt to book capitalization was 54% as of June 30, 2026. The information is furnished under Items 2.02 and 7.01 and is being provided through a press release (Exhibit 99.1) that also includes the financial tables and non-GAAP reconciliations. The company scheduled a conference call on July 23, 2026 at 8:30 A.M. Eastern Time.
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04—See also

Related Companies

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