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Waste Connections (WCN)
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Waste Connections Income Statement 2025-2009 | WCN
Brief overview of financial performance at Waste Connections
The comparison covers a five-year financial horizon. Revenue reported by Waste Connections was 5.4 billion dollars at the beginning of the period and 9.5 billion dollars at the end. The cumulative result was +73.8%, corresponding to roughly 11.7% per year. Revenue followed a strong upward trend without signs of stagnation.
The five-year change in gross profit reached +84.9%: from 2.2 billion dollars to 4 billion dollars. Direct costs grew more slowly than revenue and improved the economics of sales. The gross margin was 39.8% at the start and 42.4% at the end. Improving gross profitability strengthens the quality of revenue growth.
The five-year EBITDA result moved by +152.6%: from $1.2 billion to $2.9 billion. Operating profitability strengthened faster than the scale of sales. EBITDA margin was 21.4% at the start and 31.1% at the end. The increased EBITDA share is a positive sign.
The five-year change in net income was +426%: from $205 million to $1.1 billion. The final year delivered the highest net income in the period.
The market value of the business moved from $25.6 billion to $40.5 billion, or +58%. Market value lagged the financial performance.
What the figures show
Most key measures improved without a pronounced weak signal. The positive side is supported by improving gross profitability, revenue expansion and an improving EBITDA margin. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement Waste Connections
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
40.5 B | 48.5 B | 42.2 B | 35.3 B | 32.5 B | 25.6 B | 25.8 B | 21.8 B | 19 B | 12.3 B | 7.41 B | 5.37 B | 5.03 B | 4.33 B | 3.65 B | 1.52 B | - |
Shares |
257 M | 258 M | 258 M | 257 M | 261 M | 263 M | 264 M | 264 M | 264 M | 230 M | 185 M | 186 M | 185 M | 182 M | 169 M | 96.5 M | - |
Historical Prices |
158 | 188 | 164 | 137 | 124 | 97.4 | 94.3 | 81.3 | 69.3 | 51.1 | 37.8 | 27 | 25.2 | 22 | 19.5 | 15.7 | 11.8 |
Net Income |
1.08 B | 618 M | 763 M | 836 M | 618 M | 205 M | 567 M | 547 M | 577 M | 247 M | -95.8 M | 233 M | 196 M | 159 M | 165 M | 74.1 M | - |
Revenue |
9.47 B | 8.92 B | 8.02 B | 7.21 B | 6.15 B | 5.45 B | 5.39 B | 4.92 B | 4.63 B | 3.38 B | 2.12 B | 2.08 B | 1.93 B | 1.66 B | 1.51 B | 1.43 B | - |
Cost of Revenue |
5.46 B | 5.19 B | 4.74 B | 4.34 B | 3.65 B | 3.28 B | 3.2 B | 2.87 B | 2.7 B | 1.96 B | 1.18 B | 1.14 B | - | - | - | - | - |
Gross Profit |
- | - | - | - | - | - | 2.19 B | 2.06 B | 1.93 B | 1.42 B | 940 M | 941 M | 864 M | 705 M | 648 M | - | - |
Operating Income |
1.71 B | 1.07 B | 1.24 B | 1.24 B | 1.04 B | 412 M | 838 M | 832 M | 627 M | 452 M | -61.5 M | 449 M | 233 M | 238 M | -88.4 M | 184 M | - |
Interest Expense |
30.2 M | 10.5 M | 275 M | 202 M | 163 M | 162 M | 147 M | 132 M | 125 M | 92.7 M | 64.2 M | 64.7 M | 60.8 M | 57.4 M | 62.1 M | 48.8 M | - |
EBITDA |
2.94 B | 2.23 B | 2.24 B | 2.16 B | 1.85 B | 1.16 B | 1.64 B | 1.53 B | 1.42 B | 944 M | 702 M | 711 M | 641 M | 508 M | 486 M | 392 M | - |
Operating Expenses |
- | - | - | - | - | - | 1.29 B | 1.2 B | 1.14 B | 938 M | 507 M | 487 M | 466 M | 391 M | 329 M | - | - |
General and Administrative Expenses |
960 M | 883 M | 799 M | 696 M | 612 M | 538 M | 546 M | 524 M | 510 M | 474 M | - | - | - | - | - | 193 M | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
257 M | 253 M | 255 M | 256 M | 257 M | 258 M | 258 M | 258 M | 258 M | 258 M | 258 M | 258 M | 258 M | 258 M | 257 M | 257 M | 257 M | 257 M | 259 M | 260 M | 261 M | 261 M | 263 M | 263 M | 263 M | 263 M | 264 M | 264 M | 264 M | 264 M | 264 M | 263 M | 264 M | 264 M | 264 M | 263 M | 263 M | 263 M | 263 M | 263 M | 263 M | 210 M | 123 M | 122 M | 123 M | 124 M | - | 112 M | - | - | - | 115 M | - | - | - | 115 M | - | - | - | 118 M | - | - | - | 96.5 M | - |
Net Income |
242 M | 296 M | 219 M | - | 286 M | 290 M | 242 M | - | 308 M | 275 M | 230 M | - | 229 M | 209 M | 198 M | - | 237 M | 224 M | 180 M | - | 114 M | 177 M | 160 M | 131 M | 158 M | -227 M | 143 M | 133 M | 159 M | 149 M | 126 M | 132 M | 151 M | 139 M | 125 M | 315 M | 123 M | 124 M | 14.9 M | 85.6 M | 88.6 M | 27.5 M | 44.8 M | 52.1 M | -257 M | 57.4 M | 51.8 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 74.1 M | - |
Revenue |
2.46 B | 2.56 B | 2.37 B | - | 2.46 B | 2.41 B | 2.23 B | - | 2.34 B | 2.25 B | 2.07 B | - | 2.06 B | 2.02 B | 1.9 B | - | 1.88 B | 1.82 B | 1.65 B | - | 1.6 B | 1.53 B | 1.4 B | 1.4 B | 1.39 B | 1.31 B | 1.35 B | 1.36 B | 1.41 B | 1.37 B | 1.24 B | 1.26 B | 1.28 B | 1.24 B | 1.14 B | 1.16 B | 1.21 B | 1.18 B | 1.09 B | 1.05 B | 1.08 B | 728 M | 515 M | 532 M | 548 M | 531 M | 506 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.43 B | - |
Cost of Revenue |
1.41 B | 1.48 B | 1.36 B | - | 1.41 B | 1.39 B | 1.29 B | - | 1.34 B | 1.3 B | 1.22 B | - | 1.2 B | 1.2 B | 1.15 B | - | 1.12 B | 1.09 B | 990 M | - | 946 M | 901 M | 826 M | - | 829 M | 786 M | 815 M | - | 835 M | 816 M | 734 M | - | 736 M | 725 M | 660 M | - | 695 M | 686 M | 643 M | - | 636 M | 416 M | 287 M | - | 301 M | 297 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
440 M | 438 M | 364 M | - | 440 M | 460 M | 390 M | - | 475 M | 425 M | 367 M | - | 353 M | 344 M | 315 M | - | 327 M | 330 M | 274 M | - | 285 M | 267 M | 238 M | 197 M | 231 M | -232 M | 217 M | 194 M | 237 M | 222 M | 185 M | 200 M | 233 M | 211 M | 189 M | 175 M | 219 M | 207 M | 26.4 M | 139 M | 159 M | 63.5 M | 91 M | 102 M | -375 M | 110 M | 102 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 184 M | - |
Interest Expense |
14.5 M | 33.3 M | 4.08 M | - | 14.5 M | 10 M | 1.87 M | - | 4.9 M | 9.65 M | -1.82 M | - | 5.37 M | -200 K | 68.4 M | - | 51.2 M | 45.1 M | 41.3 M | - | 40.4 M | 41.3 M | 42.4 M | - | 40.6 M | 40.9 M | 38 M | - | 36.8 M | 37.2 M | 37.3 M | - | 32.1 M | 32.4 M | 32.4 M | - | 32.5 M | 31.2 M | 29.1 M | - | 27.6 M | 20.5 M | 17.2 M | - | 16.4 M | 15.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 48.8 M | - |
EBITDA |
491 M | 763 M | 679 M | - | 755 M | 767 M | 680 M | - | 769 M | 710 M | 630 M | - | 568 M | 557 M | 519 M | - | 520 M | 519 M | 454 M | - | 457 M | 436 M | 396 M | 197 M | 388 M | -81.1 M | 368 M | 194 M | 395 M | 379 M | 332 M | 200 M | 381 M | 353 M | 322 M | 175 M | 356 M | 340 M | 152 M | 139 M | 284 M | 148 M | 152 M | 102 M | -314 M | 170 M | 102 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 392 M | - |
General and Administrative Expenses |
236 M | 260 M | 251 M | - | 236 M | 243 M | 250 M | - | 223 M | 229 M | 221 M | - | 196 M | 216 M | 194 M | - | 187 M | 168 M | 163 M | - | 156 M | 158 M | 141 M | - | 136 M | 132 M | 136 M | - | 138 M | 140 M | 133 M | - | 139 M | 128 M | 131 M | - | 128 M | 126 M | 129 M | - | 130 M | 153 M | 67.7 M | - | 59.8 M | 57.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 193 M | - |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company Waste Connections (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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