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Waste Connections (WCN)

Solid-waste services roll-up. Waste Connections is listed on the New York Stock Exchange and reports in USD. compounders.ai reads its annual filings and shows reported operating profit next to normalized EBITA under one published rulebook, every figure linked to the filing it was read from.

Archetype
Distribution / services roll-up
Listing
New York Stock Exchange: WCN (listing key NYSE-WCN)
Country
Canada
Reporting currency
USD
Filing source
SEC inline XBRL (native)
Latest filing on record
Form 10-K for the fiscal year ended 2025-12-31 — Waste Connections, filed 12 Feb 2026 (21 filings on record)
Fiscal years published
FY2014–FY2025
Normalized EBITA published
FY2017–FY2020, FY2022, FY2024, FY2025

Key figures, FY2025

Fiscal year ended 31 Dec 2025, in USD as reported. Published 20 Oct 2026 under ruleset 1.4.0; read for this page on 20 Oct 2026. Each figure links to the filing it was read from; a computed figure links to its primary citation.

FigureFY2025Source
Income statement
RevenueUSD 9,466,915 thousandForm 10-K for the fiscal year ended 2025-12-31 — Waste Connections · us-gaap:Revenues · as filed
Reported operating profitUSD 1,710,174 thousandForm 10-K for the fiscal year ended 2025-12-31 — Waste Connections · us-gaap:OperatingIncomeLoss · as filed
Reported operating margin18.1%Form 10-K for the fiscal year ended 2025-12-31 — Waste Connections · us-gaap:OperatingIncomeLoss · computed from cited lines
Normalized EBITAUSD 1,905,500 thousandForm 10-K for the fiscal year ended 2025-12-31 — Waste Connections · us-gaap:OperatingIncomeLoss · computed from cited lines
Normalized EBITA margin20.1%Form 10-K for the fiscal year ended 2025-12-31 — Waste Connections · us-gaap:OperatingIncomeLoss · computed from cited lines
Normalized EBITDAUSD 2,936,065 thousandForm 10-K for the fiscal year ended 2025-12-31 — Waste Connections · us-gaap:OperatingIncomeLoss · computed from cited lines
Returns on capital
ROIC incl. goodwill8.8%Form 10-K for the fiscal year ended 2025-12-31 — Waste Connections · us-gaap:OperatingIncomeLoss · computed from cited lines
ROIC excl. goodwill17.5%Form 10-K for the fiscal year ended 2025-12-31 — Waste Connections · us-gaap:OperatingIncomeLoss · computed from cited lines
ROIIC, 3 years9.4%Form 10-K for the fiscal year ended 2025-12-31 — Waste Connections · us-gaap:OperatingIncomeLoss · computed from cited lines
Balance sheet and cash
Net debtUSD 8,773,803 thousandForm 10-K for the fiscal year ended 2025-12-31 — Waste Connections · us-gaap:LongTermDebtAndCapitalLeaseObligations · computed from cited lines
Net debt to EBITDA2.98xForm 10-K for the fiscal year ended 2025-12-31 — Waste Connections · us-gaap:LongTermDebtAndCapitalLeaseObligations · computed from cited lines
FCF before acquisitionsUSD 1,230,652 thousandForm 10-K for the fiscal year ended 2025-12-31 — Waste Connections · us-gaap:NetCashProvidedByUsedInOperatingActivities · computed from cited lines
FCF available to shareholders (FCFA2S)USD 1,225,788 thousandForm 10-K for the fiscal year ended 2025-12-31 — Waste Connections · us-gaap:NetCashProvidedByUsedInOperatingActivities · computed from cited lines

Earlier years (FY2014–FY2024) are in the terminal's tabs below.

In the terminal

How the figures are made: methodology · glossary · how to cite them: citation guidelines.