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Waste Connections (WCN)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
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Waste Connections Balance Sheet 2025-2009 | WCN
Brief overview of Waste Connections's assets and capital
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
Assets increased from $14.7 billion to $21.1 billion, or +43.7%; CAGR of about 9.5% indicates steady balance sheet expansion.
Liabilities grew faster than assets: +67.2% versus +43.7%. A substantial part of expansion was externally funded.
The equity ratio is 39% versus 47.6% five periods ago. Capitalization remains workable.
Net debt equals about 1.07x of equity. The burden is manageable, but further growth would warrant attention.
Cash equals 0.2% of the balance sheet, compared with 1.5% five periods ago. This is the readily available cushion.
Retained earnings stand at $5.2 billion; the five-period change was +70.1%. This reflects accumulated business performance.
Overall picture
Waste Connections's balance sheet profile is moderate. It should be considered alongside profitability, cash flow and liability maturities.
Annual Balance Sheet Waste Connections
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
8.81 B | 8.05 B | 6.88 B | 6.85 B | 4.86 B | -675 M | 4.04 B | 3.85 B | 3.5 B | 3.47 B | 2.15 B | 1.98 B | 2.07 B | 2.23 B | 1.18 B | 1.25 B | - |
Long Term Debt |
8.81 B | 8.07 B | 6.92 B | 6.89 B | 5.04 B | 8.27 M | 4.35 B | 4.15 B | 3.9 B | 3.62 B | 2.15 B | 1.98 B | 2.07 B | 2.2 B | 1.17 B | 1.26 B | - |
Long Term Debt Current |
44.3 M | 40.5 M | 32.5 M | 35.2 M | 38 M | 30.7 M | 29.9 M | 1.79 M | 11.7 M | 1.65 M | - | - | - | - | - | 1.5 M | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 5.79 B | 5.31 B | 4.94 B | 4.85 B | 2.75 B | 2.66 B | 2.67 B | 2.78 B | 1.64 B | - | - |
Total Current Liabilities |
2.12 B | 1.88 B | 1.69 B | 1.51 B | 1.23 B | 1.03 B | 1.01 B | 861 M | 803 M | 692 M | 300 M | 330 M | 302 M | 307 M | 297 M | 303 M | - |
Total Liabilities |
12.9 B | 12 B | 10.2 B | 10 B | 7.71 B | 7.13 B | 6.8 B | 6.17 B | 5.74 B | 5.54 B | 3.13 B | 3.02 B | 3.02 B | 3.19 B | 1.93 B | 1.74 B | - |
Deferred Revenue |
416 M | 383 M | 355 M | 325 M | 274 M | 234 M | 216 M | 179 M | 145 M | 134 M | 90.3 M | 80.9 M | 71.9 M | 69.9 M | 64.7 M | 20.4 M | - |
Retained Earnings |
5.2 B | 4.46 B | 4.14 B | 3.65 B | 3.06 B | 2.66 B | 2.65 B | 2.26 B | 1.86 B | 1.41 B | 1.26 B | 1.42 B | 1.25 B | 1.1 B | 989 M | -189 M | - |
Total Assets |
21.1 B | 19.8 B | 17.9 B | 17.1 B | 14.7 B | 14 B | 13.7 B | 12.6 B | 12 B | 11.2 B | 5.12 B | 5.25 B | 5.06 B | 5.08 B | 3.33 B | 3.39 B | - |
Cash and Cash Equivalents |
46 M | 62.4 M | 78.4 M | 78.6 M | 220 M | 714 M | 327 M | 319 M | 434 M | 154 M | 11 M | 14.4 M | 32 M | 29.9 M | 14.1 M | 13.4 M | 4.99 M |
Book Value |
8.25 B | 7.86 B | 7.7 B | 7.11 B | 6.99 B | 6.86 B | 6.94 B | 6.46 B | 6.27 B | 5.65 B | 1.99 B | 2.23 B | 2.05 B | 1.88 B | 1.4 B | 1.65 B | - |
Total Shareholders Equity |
8.25 B | 7.86 B | 7.69 B | 7.11 B | 6.99 B | 6.86 B | 6.93 B | 6.45 B | 6.27 B | 5.65 B | 1.13 B | 1.23 B | 1.29 B | 1.27 B | 1.29 B | 1.65 B | 1.02 B |
Annual performance
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All numbers in USD currency
Quarterly Balance Sheet Waste Connections
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | 2009-Q4 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
267 M | 9.28 B | 9.09 B | 8.81 B | 8.62 B | 8.34 B | 8.39 B | 8.07 B | 8.16 B | 7.7 B | 7.8 B | 6.72 B | 6.8 B | 6.68 B | 6.92 B | 6.89 B | 6.21 B | - | 5.82 B | 5.04 B | 4.87 B | 4.76 B | 4.61 B | 4.71 B | 4.71 B | 4.71 B | 4.71 B | 4.35 B | 4.35 B | 4.35 B | 4.35 B | 4.15 B | 4.15 B | 4.15 B | 4.15 B | 3.9 B | 3.9 B | 3.9 B | 3.9 B | 3.62 B | 3.62 B | 3.62 B | 3.62 B | 2.15 B | 2.15 B | 2.15 B | - | 1.55 B | - | - | - | 1.54 B | - | - | - | 1.68 B | - | - | - | 1.31 B | - | - | - | 1.26 B | - |
Total Liabilities |
12.9 B | 13.5 B | 13.1 B | 12.9 B | 12.7 B | 12.3 B | 12.2 B | 12 B | 11.8 B | 11.3 B | 11.3 B | 10.2 B | 10.1 B | 9.9 B | 9.99 B | 10 B | 9.19 B | - | 8.66 B | 7.71 B | 7.39 B | 7.24 B | 7.1 B | 7.13 B | 7.13 B | 7.13 B | 7.13 B | 6.8 B | 6.8 B | 6.8 B | 6.8 B | 6.17 B | 6.17 B | 6.17 B | 6.17 B | 5.74 B | 5.74 B | 5.74 B | 5.74 B | 5.45 B | 5.45 B | 5.45 B | 5.45 B | 3.13 B | 3.13 B | 3.13 B | - | 2.15 B | - | - | - | 2.1 B | - | - | - | 2.2 B | - | - | - | 1.78 B | - | - | - | 1.74 B | - |
Deferred Revenue |
416 M | 430 M | 425 M | 416 M | 412 M | 412 M | 404 M | 383 M | 377 M | 376 M | 370 M | 355 M | 343 M | 341 M | 337 M | 325 M | 306 M | - | 294 M | 274 M | 254 M | 250 M | 244 M | 234 M | 234 M | 234 M | 234 M | 216 M | 216 M | 216 M | 216 M | 179 M | 179 M | 179 M | - | - | - | - | - | - | - | - | - | 16.3 M | - | - | - | 16.3 M | - | - | - | 17.2 M | - | - | - | 19 M | - | - | - | 17.6 M | - | - | - | 20.4 M | - |
Retained Earnings |
5.2 B | 5.54 B | 5.33 B | 5.2 B | 5.03 B | 4.83 B | 4.62 B | 4.46 B | 4.73 B | 4.5 B | 4.3 B | 4.14 B | 4.09 B | 3.93 B | 3.78 B | 3.65 B | 3.52 B | - | 3.18 B | 3.06 B | 2.95 B | 2.89 B | 2.77 B | 2.66 B | 2.66 B | 2.66 B | 2.66 B | 2.65 B | 2.65 B | 2.65 B | 2.65 B | 2.26 B | 2.26 B | 2.26 B | 2.26 B | 1.86 B | 1.86 B | 1.86 B | 1.86 B | 1.41 B | 1.41 B | 1.41 B | 1.41 B | 1.26 B | 1.26 B | 1.26 B | - | -377 M | - | - | - | -398 M | - | - | - | -452 M | - | - | - | -467 M | - | - | - | -189 M | - |
Total Assets |
20.8 B | 21.4 B | 21.2 B | 21.1 B | 20.8 B | 20.7 B | 20.3 B | 19.8 B | 20.1 B | 19.3 B | 19.1 B | 17.9 B | 17.7 B | 17.4 B | 17.2 B | 17.1 B | 16.1 B | - | 15.4 B | 14.7 B | 14.3 B | 14.1 B | 14 B | 14 B | 14 B | 14 B | 14 B | 13.7 B | 13.7 B | 13.7 B | 13.7 B | 12.6 B | 12.6 B | 12.6 B | 12.6 B | 12 B | 12 B | 12 B | 12 B | 11.1 B | 11.1 B | 11.1 B | 11.1 B | 5.07 B | 5.12 B | 5.12 B | - | 5.25 B | - | - | - | 3.39 B | - | - | - | 3.48 B | - | - | - | 3.08 B | - | - | - | 3.39 B | - |
Cash and Cash Equivalents |
198 M | 98.2 M | 112 M | 46 M | 118 M | 110 M | 249 M | 62.4 M | 239 M | 192 M | 218 M | 78.4 M | 199 M | 204 M | 240 M | 78.6 M | 308 M | 325 M | 463 M | 147 M | 458 M | 727 M | 743 M | 617 M | 617 M | 617 M | 617 M | 327 M | 327 M | 327 M | 327 M | 319 M | 319 M | 319 M | 319 M | 434 M | 434 M | 434 M | 434 M | 154 M | 154 M | 154 M | 154 M | 11 M | 11 M | 11 M | - | 14.4 M | - | - | - | 13.6 M | - | - | - | 29.9 M | - | - | - | 14.1 M | - | - | - | 13.4 M | 4.99 M |
Book Value |
7.9 B | 7.92 B | 8.06 B | 8.25 B | 8.09 B | 8.35 B | 8.01 B | 7.86 B | 8.26 B | 7.98 B | 7.79 B | 7.7 B | 7.59 B | 7.46 B | 7.24 B | 7.11 B | 6.94 B | - | 6.76 B | 6.99 B | 6.88 B | 6.87 B | 6.94 B | 6.86 B | 6.86 B | 6.86 B | 6.86 B | 6.94 B | 6.94 B | 6.94 B | 6.94 B | 6.46 B | 6.46 B | 6.46 B | 6.46 B | 6.27 B | 6.27 B | 6.27 B | 6.27 B | 5.65 B | 5.65 B | 5.65 B | 5.65 B | 1.94 B | 1.99 B | 1.99 B | - | 3.1 B | - | - | - | 1.29 B | - | - | - | 1.27 B | - | - | - | 1.29 B | - | - | - | 1.65 B | - |
Total Shareholders Equity |
7.86 B | 7.92 B | 8.06 B | 8.25 B | 8.09 B | 8.35 B | 8.01 B | 7.86 B | 8.26 B | 7.98 B | 7.79 B | 7.69 B | 7.59 B | 7.46 B | 7.24 B | 7.11 B | 6.94 B | 6.87 B | 6.76 B | 6.99 B | 6.88 B | 6.87 B | 6.94 B | 6.86 B | 6.86 B | 6.86 B | 6.86 B | 6.93 B | 6.93 B | 6.93 B | 6.93 B | 6.45 B | 6.45 B | 6.45 B | 6.45 B | 6.27 B | 6.27 B | 6.27 B | 6.27 B | 5.65 B | 5.65 B | 5.65 B | 5.65 B | 1.99 B | 1.99 B | 1.99 B | - | 1.23 B | - | - | - | 1.29 B | - | - | - | 1.27 B | - | - | - | 1.29 B | - | - | - | 1.65 B | 1.02 B |
Quarterly performance
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All numbers in USD currency
Balance Sheet is a fundamental financial report of Waste Connections, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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