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Waste Connections, Inc. (WCN) stock

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NYSE: WCN NYSE Environmental & Facilities Services Next results ~February 10, 2027

B Fundamentals grade

Waste Connections, Inc. is a US-listed company in the environmental & facilities services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$96

Cash-flow model

Base case. Range ~$63–$140 across our lower- and higher-growth cases (2.2%–12.2% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 48% below it.

Price used: $186.93, November 3, 2026

Waste Connections, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 10 selling1 purchase and 19 sales by directors and officers, last 12 monthsInsider trades
  • Funds405 adding, 374 cuttingOf 84 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Waste Connections files

Where Waste Connections stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $9.94bn, up 6.3% on a year earlier, faster than the 5.7% growth a quarter earlier. Free-cash-flow margin held at 12.6%. Operating margin widened to 17.7% from 11.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 7 financial-health checks. Our cash-flow model value is $97.88 a share, against a share price of $184. At that price, our model says the market is pricing in about 16.1% a year of cash-flow growth for five years, faster than the 10.1% a year revenue growth it has delivered.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 10, 2027 (estimated)

Waste Connections, Inc.'s trailing-twelve-month revenue grew 6.3% year on year, with a free-cash-flow margin of 12.6%. Where it stands out: days sales outstanding of 41 days ranks 3 of 16 environmental & facilities services companies we cover. Where it lags: long-term debt as % of assets of 43.8% ranks 13 of 15 environmental & facilities services companies we cover.

Our discounted-cash-flow model values the business at ~$96 per share in the base case (~$63–$140 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 1.2% while net income grew 82.2%: a 81pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 6.1 points on a year ago.
  • Shrinking share count. Diluted shares fell 1.6% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $188.17 is 49% above our value per share of $96.
  • High earnings multiple. The shares trade at 42 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 43.8% ranks 13 of 15 environmental & facilities services companies we cover (median 32.5%).

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
$1.58 against an average estimate of $1.52: beat by 3.9%
Revenue
$2.64bn, up 7.3% on a year earlier
Share reaction
+9.1% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Next report
October 21, 2026; average EPS estimate $1.38

Waste Connections' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.7%
  • 1 week+2.7%
  • 1 month+21.5%
  • This year+8.0%
  • 1 year+13.5%
  • 5 years+42.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9.9B
Operating margin
17.7%
Net margin
11.4%
EPS (TTM, diluted)
$4.45

Growth

Revenue growth
+6.3%
Change in growth rate
+0.6 pts
Share count change
−1.6%

Cash

Free cash flow (TTM)
$1.2B
FCF margin
12.6%
Stock pay % of revenue
0.8%

Earnings

Last results
October 21, 2026
Next results (est.)
February 10, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Results
  3. Announcement
  4. Agreement
  5. Agreement
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Waste Connections, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 16.2% a year of cash-flow growth for five years.That is faster than the 10.1% a year revenue growth Waste Connections has delivered.

  • Priced in16.2%
  • Last 12 months6.3%
  • 3 years a year8.2%
  • 5 years a year10.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($186.93, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$96
Price used
$186.93close November 3, 2026
Implied change
▼ 48%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Waste Connections, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($1.5B, FY2026 Q3 TTM), growing 6.4% and 6.8% in the next two years (forecasts, guidance and its record), then back to 7.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$63–~$140 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Waste Connections, Inc.'s free cash flow after stock-based pay ( $1.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Waste Connections, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.66 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$96 ~$63–$140 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$140 ~$140–$180 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$48 ~$33–$70 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$53 ~$44–$67 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$86 ~$48–$140 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Waste Connections, Inc. with Environmental & Facilities Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −35%
  • Revenue growth 5 points higher ▲ +46%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▼ −5%
  • Discount rate 1 point higher ▼ −21%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $50$81$123$178$249$342
8.5% $30$52$82$121$172$238
10% $17$35$58$88$127$176

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$34.73$48.90$66.73$70.26$86.55$98.54$131.85$129.18$146.58$169.63$174.23$188.17
Market value$6.4bn$11.3bn$17.6bn$18.6bn$22.9bn$26.0bn$34.5bn$33.3bn$37.8bn$43.9bn$44.9bn$47.9bn
+ Net debt (− = net cash)$2.1bn$3.5bn$3.5bn−$319m$4.0bn$4.1bn$5.0bn$6.9bn$6.7bn$8.1bn$8.8bn$9.4bn
Enterprise value$8.6bn$14.8bn$21.1bn$18.3bn$26.9bn$30.1bn$39.5bn$40.2bn$44.6bn$52.0bn$53.8bn$57.3bn
Multiples
Price / sales 3.3x3.3x3.8x3.8x4.2x4.8x5.6x4.6x4.7x4.9x4.7x4.8x
Price / earnings —45.8x30.6x34.0x40.4x127.0x55.8x39.9x49.6x71.0x41.8x42.3x
Price / free cash flow 17.0x25.1x24.9x21.5x25.3x32.0x36.2x30.0x31.7x37.4x36.4x38.3x
EV / EBITDA 41.3x16.1x16.8x12.1x17.0x25.9x21.3x18.6x19.9x23.3x18.3x18.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

78 /100

Strong moat

How hard Waste Connections's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 17 / 20

    Cash operating profit has been a median 13.1% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 41.2%, moving by 0.9 percentage points (standard deviation) across 10 years.

  • Durability 11 / 20

    Operating margin has been a median 16.7%; its worst year was 7.6%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 15.0% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.0% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.70 +11% $10.1bn +7%
Next $6.17 +8% $10.7bn +6%

Next year's EPS estimate has moved −0.6% in 90 days, across 27 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.1% on 90 days ago. In the last 30 days, 6 analysts raised Waste Connections, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Waste Connections, Inc., last 90 days
$5.60 $5.80 $6.00 $6.20 $6.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.63 Current fiscal year, 60 days ago: $5.65 Current fiscal year, 30 days ago: $5.64 Current fiscal year, 7 days ago: $5.65 Current fiscal year, Now: $5.70 $5.70 Next fiscal year, 90 days ago: $6.20 Next fiscal year, 60 days ago: $6.21 Next fiscal year, 30 days ago: $6.21 Next fiscal year, 7 days ago: $6.20 Next fiscal year, Now: $6.17 $6.17

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.63$6.20
60 days ago $5.65$6.21
30 days ago $5.64$6.21
7 days ago $5.65$6.20
Now $5.70$6.17

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.52 $1.58 +3.9%
Jun 2026 $1.35 $1.50 +10.8%
Mar 2026 $1.18 $1.23 +3.9%
Dec 2025 $1.27 $1.29 +1.5%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Waste Connections, Inc.'s revenue by +6.4% next year and +6.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.1%, weight 70%) and the company's own record (+7.2%, weight 30%) . How the weights are set.

Analyst recommendations

28 analysts, Oct 2026
Buy2589%
Hold311%
Sell00%

Monthly trend

  1. Oct 2026619328
  2. Sep 2026619328
  3. Aug 2026618428
  4. Jul 2026618428

Counts of recommendations published by analysts covering Waste Connections, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.4%
of tradable shares
Days to cover
3.13
at average volume
Short interest, 1 month
+53%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
0.3%
of shares
Employees
24,214
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +12.9%

$166.60 on October 31, 2025 to $188.17

ThenNowEffect
Revenue (last 12 months) $9.2bn $9.8bn +5.7%
Net margin 7.0% 10.9% +55.8%
P/E multiple 67.0x 45.4x −32.2%
Share count 259m 256m +1.1%

Biggest factor: net margin.

Last 3 years +44.1%

$130.55 on November 3, 2023 to $188.17

ThenNowEffect
Revenue (last 12 months) $7.7bn $9.8bn +27.3%
Net margin 10.9% 10.9% −0.6%
P/E multiple 40.1x 45.4x +13.1%
Share count 258m 256m +0.7%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WCN+34%−2%+14%+16%+3%+8%
Industry peers (median)+31%−7%+21%+15%−12%+0%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WCN58%33%58%67%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WCN−7%−21%−12%−12%−17%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 32% from February 18, 2020 to March 25, 2020. Getting back needed a 46% gain, reached on September 28, 2020, 187 days after the low.

Price behaviour

52-week range
$148.70 – $188.17
From 52-week high
0.0%
vs 50-day average
+15.0%
vs 200-day average
+15.3%
Volatility (1 year)
26%
Beta vs S&P 500
-0.20

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.4%
After a week
6 up, 6 down
typical move ±2.8%
After a month
6 up, 5 down
typical move ±2.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +9.1% −0.7% +6.1% —
July 22, 2026 −0.3% −1.3% +2.6% +0.2%
April 22, 2026 +6.9% +0.6% +3.7% −1.1%
February 11, 2026 −7.7% −1.6% −2.7% −2.2%
October 21, 2025 +2.6% −0.5% +0.1% +0.4%
July 23, 2025 +1.9% +0.9% +2.4% +1.1%
April 23, 2025 −0.6% +3.7% −0.1% −1.4%
February 12, 2025 −0.6% +0.7% −1.1% −2.3%
October 23, 2024 −1.5% −0.7% −2.0% +4.4%
July 24, 2024 −2.9% −2.8% −1.6% +2.3%
April 24, 2024 −0.6% −0.4% −2.5% −0.8%
February 13, 2024 +6.3% −0.5% +8.4% +9.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Waste Connections, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.92× the last 60 days’ realised volatility , richer than 10% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

WCN Waste Connections, Inc. Grade B $187.58

Own 100 shares, sell the $195 call expiring December 18, 2026 (46 days) for $3.20 a share — $320 per contract.

Previous session · Bid $3.20, ask $3.90, quoted Mon 2 Nov, 17:40 New York time with WCN at $187.58. Option prices move with the shares: check the live chain at your broker before trading.

  • If WCN ends below $195: you keep your shares and the $320 — 1.7% extra on the position, 13.5% a year at that pace.
  • If it ends above $195: your shares are sold at $195, a total return of 5.7% including the premium — at or above our value of ~$96.
$1.1k $0 −$3.7k Break-even $184.38 Price $187.58 ← Our value ~$96
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$320
Annualised
13.5%
Break-even
$184.38
Max gain
$1,062
Chance of selling
~37%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Waste Connections, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Waste Connections, Inc.
$8B $8.5B $9B $9.5B $10B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $8B Revenue (TTM), FY24 Q1: $8.2B Revenue (TTM), FY24 Q2: $8.4B Revenue (TTM), FY24 Q3: $8.7B Revenue (TTM), FY24 Q4: $8.9B Revenue (TTM), FY25 Q1: $9.1B Revenue (TTM), FY25 Q2: $9.2B Revenue (TTM), FY25 Q3: $9.4B Revenue (TTM), FY25 Q4: $9.5B Revenue (TTM), FY26 Q1: $9.6B Revenue (TTM), FY26 Q2: $9.8B Revenue (TTM), FY26 Q3: $9.9B $9.9B

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $8B
FY24 Q1 $8.2B
FY24 Q2 $8.4B
FY24 Q3 $8.7B
FY24 Q4 $8.9B
FY25 Q1 $9.1B
FY25 Q2 $9.2B
FY25 Q3 $9.4B
FY25 Q4 $9.5B
FY26 Q1 $9.6B
FY26 Q2 $9.8B
FY26 Q3 $9.9B
Revenue growth, TTM YoY Waste Connections, Inc.
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.2% Revenue growth, TTM YoY, FY24 Q1: 9.8% Revenue growth, TTM YoY, FY24 Q2: 9.8% Revenue growth, TTM YoY, FY24 Q3: 10.7% Revenue growth, TTM YoY, FY24 Q4: 11.2% Revenue growth, TTM YoY, FY25 Q1: 10.8% Revenue growth, TTM YoY, FY25 Q2: 9.7% Revenue growth, TTM YoY, FY25 Q3: 7.6% Revenue growth, TTM YoY, FY25 Q4: 6.1% Revenue growth, TTM YoY, FY26 Q1: 5.9% Revenue growth, TTM YoY, FY26 Q2: 5.7% Revenue growth, TTM YoY, FY26 Q3: 6.3% 6.3%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.2%
FY24 Q1 9.8%
FY24 Q2 9.8%
FY24 Q3 10.7%
FY24 Q4 11.2%
FY25 Q1 10.8%
FY25 Q2 9.7%
FY25 Q3 7.6%
FY25 Q4 6.1%
FY26 Q1 5.9%
FY26 Q2 5.7%
FY26 Q3 6.3%
Operating margin (TTM) Waste Connections, Inc.
10% 12% 14% 16% 18% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 15.4% Operating margin (TTM), FY24 Q1: 15.7% Operating margin (TTM), FY24 Q2: 16.3% Operating margin (TTM), FY24 Q3: 17.2% Operating margin (TTM), FY24 Q4: 12.0% Operating margin (TTM), FY25 Q1: 12.0% Operating margin (TTM), FY25 Q2: 12.2% Operating margin (TTM), FY25 Q3: 11.7% Operating margin (TTM), FY25 Q4: 18.1% Operating margin (TTM), FY26 Q1: 17.5% Operating margin (TTM), FY26 Q2: 17.0% Operating margin (TTM), FY26 Q3: 17.7% 17.7%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 15.4%
FY24 Q1 15.7%
FY24 Q2 16.3%
FY24 Q3 17.2%
FY24 Q4 12.0%
FY25 Q1 12.0%
FY25 Q2 12.2%
FY25 Q3 11.7%
FY25 Q4 18.1%
FY26 Q1 17.5%
FY26 Q2 17.0%
FY26 Q3 17.7%
FCF margin (TTM) Waste Connections, Inc.
12% 13% 14% 15% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 14.9% FCF margin (TTM), FY24 Q1: 15.2% FCF margin (TTM), FY24 Q2: 15.3% FCF margin (TTM), FY24 Q3: 14.2% FCF margin (TTM), FY24 Q4: 13.2% FCF margin (TTM), FY25 Q1: 13.0% FCF margin (TTM), FY25 Q2: 12.3% FCF margin (TTM), FY25 Q3: 13.2% FCF margin (TTM), FY25 Q4: 13.0% FCF margin (TTM), FY26 Q1: 12.0% FCF margin (TTM), FY26 Q2: 12.6% FCF margin (TTM), FY26 Q3: 12.6% 12.6%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 14.9%
FY24 Q1 15.2%
FY24 Q2 15.3%
FY24 Q3 14.2%
FY24 Q4 13.2%
FY25 Q1 13.0%
FY25 Q2 12.3%
FY25 Q3 13.2%
FY25 Q4 13.0%
FY26 Q1 12.0%
FY26 Q2 12.6%
FY26 Q3 12.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 40-F, 40-F/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Waste Connections took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $9.5B
  2. Cost of revenue $5.5B · 57.6%
  3. Gross profit $4B · 42.4%
  4. Selling, general and admin $960M · 10.1%
  5. Other operating costs $1.3B · 14.2%
  6. Operating income $1.7B · 18.1%
  7. Income tax $341M · 3.6%
  8. Interest and other $292M · 3.1%
  9. Net income $1.1B · 11.4%

Shares of revenue. Source: Waste Connections's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,430 1,840 1,897 2,026 2,009 1,926 3,376 4,630 4,923 5,389 5,446 6,151 7,212 8,022 8,920 9,467 9,944
Gross profit — — — — 871 748 1,418 1,926 2,057 2,190 2,169 2,497 2,876 3,277 3,728 4,012 4,238
EBITDA 392 169 512 529 707 208 916 1,260 1,513 1,582 1,165 1,853 2,161 2,240 2,231 2,942 3,063
Operating income 184 −88 238 233 449 −62 452 627 832 838 412 1,040 1,242 1,236 1,068 1,710 1,764
Net income 74 −196 94 118 233 −96 247 577 547 567 205 618 836 763 618 1,077 1,133
Diluted EPS $0.76 −$1.63 $0.81 $1.02 $1.24 −$0.52 $1.07 $2.18 $2.07 $2.14 $0.78 $2.36 $3.24 $2.95 $2.39 $4.17 $4.45
Growth (year on year)
Revenue — +28.7% +3.1% +6.8% −0.8% −4.2% +75.3% +37.2% +6.3% +9.5% +1.1% +13.0% +17.2% +11.2% +11.2% +6.1% +6.3%
EBITDA — −57.0% +203.4% +3.4% +33.6% −70.6% +340.7% +37.5% +20.1% +4.6% −26.4% +59.0% +16.7% +3.6% −0.4% +31.9% +31.8%
Operating income — −147.9% — −2.0% +92.9% −113.7% — +38.6% +32.7% +0.7% −50.8% +152.1% +19.5% −0.5% −13.6% +60.2% +61.8%
Net income — −364.7% — +25.0% +97.1% −141.2% — +134.0% −5.2% +3.7% −63.9% +202.0% +35.2% −8.7% −19.0% +74.3% +82.2%
Diluted EPS — −314.5% — +25.9% +21.6% −141.9% — +103.7% −5.0% +3.4% −63.6% +202.6% +37.3% −9.0% −19.0% +74.5% +85.1%
Margins
Gross margin — — — — 43.3% 38.9% 42.0% 41.6% 41.8% 40.6% 39.8% 40.6% 39.9% 40.9% 41.8% 42.4% 42.6%
EBITDA margin 27.4% 9.2% 27.0% 26.1% 35.2% 10.8% 27.1% 27.2% 30.7% 29.4% 21.4% 30.1% 30.0% 27.9% 25.0% 31.1% 30.8%
Operating margin 12.9% −4.8% 12.5% 11.5% 22.4% −3.2% 13.4% 13.5% 16.9% 15.5% 7.6% 16.9% 17.2% 15.4% 12.0% 18.1% 17.7%
Net margin 5.2% −10.7% 5.0% 5.8% 11.6% −5.0% 7.3% 12.5% 11.1% 10.5% 3.8% 10.0% 11.6% 9.5% 6.9% 11.4% 11.4%
Free-cash-flow margin 13.7% 15.4% 8.2% 12.0% 10.8% 19.7% 13.3% 15.3% 17.6% 16.8% 14.9% 15.5% 15.4% 14.9% 13.2% 13.0% 12.6%
Cash flow
Cash from operations 294 396 337 451 400 577 795 1,187 1,411 1,541 1,409 1,698 2,022 2,127 2,229 2,414 2,528
Capital spending 98 112 180 208 183 198 345 479 546 634 597 744 913 934 1,056 1,179 1,278
Free cash flow 196 283 156 243 217 379 451 708 865 906 811 954 1,110 1,193 1,173 1,235 1,250
Stock-based pay — — — — 18 20 45 39 44 43 46 58 63 70 78 79 81
Free cash flow after stock pay — — — — 198 359 406 669 821 863 766 896 1,046 1,122 1,095 1,155 1,168
Balance sheet
Cash 13 14 30 14 14 11 154 434 319 327 617 147 79 78 62 46 96
Total debt 1,260 1,313 1,688 1,548 1,558 2,157 3,633 3,926 — 4,376 4,751 5,102 6,963 6,812 8,152 8,889 9,510
Net debt (negative = net cash) 1,246 1,299 1,658 1,535 1,544 2,146 3,478 3,493 −319 4,049 4,134 4,955 6,885 6,734 8,089 8,843 9,415
Diluted shares 161m 181m 174m 173m 187m 185m 231m 264m 264m 265m 264m 262m 258m 258m 259m 258m 255m
Returned to shareholders
Dividends 49 61 63 64 63 56 93 132 153 175 200 220 243 271 302 334 355
Buybacks — 79 66 0 7 91 — — 59 — 106 339 425 0 0 506 1,008
Total returned 49 140 129 64 71 147 93 132 211 175 306 559 668 271 302 839 1,363

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · September 30, 2026
What it owns · $21.5bn
Short-term assets $1.4bnLonger-term assets $20.1bn
What it owes, and who funded it · $21.5bn
Short-term liabilities $2.2bnLonger-term liabilities $11.5bnShareholders' equity $7.9bn
  • Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $2.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.4bn short-term assets against $11.5bn of longer-dated liabilities.
  • More cash than debt $96m of cash against $9.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 120% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 86% to 120% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.5bn of operating cash flow against $9.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.8bn against $362m of interest.

From Waste Connections, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1B
Dividends (TTM)
$355M
Returned to shareholders
109%
of free cash flow
Buybacks, last 3 fiscal years
$506M
Diluted share count
−1.6%
year over year
Total shareholder yield
2.9%
dividends 0.8% + buybacks 2.1% of market value
Dividend payout ratio
31%
of net income paid out
Sales & admin spending
10.0%
of revenue
Days sales outstanding
41 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in environmental & facilities services
Last 12 months unless stated WCN ABM CLH VLTO RSG ROL Median
Revenue, last 12 months $9.9bn $9.1bn $6.6bn $5.8bn $19.7bn $4.0bn $2.0bn
Revenue growth, last 12 months 6.3% 6.0% 10.1% 6.4% 4.1% 8.3% 6.0%
Revenue growth, 3-year average 8.2% 4.5% 7.1% 5.2% 5.2% 10.2% 4.8%
Revenue growth, latest quarter 7.3% 4.2% 20.7% 7.5% 7.8% 6.2% 7.4%
Gross margin 42.6% 12.0% 33.1% 60.2% 49.3% 52.1% 33.4%
Operating margin 17.7% 3.5% 13.2% 21.8% 17.5% 18.3% 3.5%
Operating margin, 3-year average 15.5% 3.4% 11.9% 22.7% 17.3% 19.1% 4.4%
Net margin 11.4% 1.8% 8.0% 17.3% 11.3% 13.2% 0.7%
Cash from operations / revenue 25.4% 4.5% 15.5% 19.9% 22.8% 17.5% 5.4%
Free-cash-flow margin 12.6% 3.4% 7.6% 18.8% 13.0% 16.8% 3.4%
Free-cash-flow margin, 3-year average 13.3% 2.5% 6.5% 17.5% 12.3% 17.1% 3.6%
Stock pay / revenue 0.8% 0.4% 0.7% 1.3% 0.2% 1.0% 0.7%
Change in share count −1.6% −4.5% −1.6% −1.0% −1.5% −0.7% −0.3%

Median of all 17 companies we cover in environmental & facilities services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 environmental & facilities services companies
Measure Company Peer median Rank
Revenue growth Growth 6.3% 6.0% 8 of 17
Change in growth rate Growth +0.6pp +0.6pp 9 of 17
Gross margin Profitability 42.6% 33.1% 4 of 15
Operating margin Profitability 17.7% 3.5% 4 of 16
Net margin Profitability 11.4% 0.7% 4 of 17
Free-cash-flow margin Cash generation 12.6% 3.4% 5 of 17
Stock pay as % of revenue Cash generation 0.8% 0.7% 10 of 17
Long-term debt as % of assets Balance sheet 43.8% 32.5% 13 of 15
Change in share count Balance sheet -1.6% -0.3% 5 of 16
Days sales outstanding Balance sheet 41 days 64 days 3 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Southern $2.1B ▲ 8.2%
Western $2.1B ▲ 3.8%
Eastern $2B ▲ 9.3%
Central $1.8B ▲ 5.1%
Canada $1.5B ▲ 5.5%
Mid South $1.3B ▲ 6.9%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue YoY
Solid Waste Collection $6.7B ▲ 6.6%
Landfill $1.5B ▼ 1.0%
Transfer $1.5B ▲ 8.3%
Exploration and Production Waste Treatment Recovery and Disposal $689M ▲ 32.1%
Solid Waste Recycling $240M ▼ 0.8%
Intermodal and Other $175M ▼ 8.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From Waste Connections, Inc.'s 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$35.3B
Institutions reporting
829
Shares held vs prior quarter
▼ 1.1%
Positions opened / closed
122 / 73

Top buyers and sellers, Q2 2026: 405 institutions bought and 374 sold ; the biggest buyer was Invesco Ltd (+3.2M shares) and the biggest seller FMR LLC (−3.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Vanguard Capital Management LLC $2.6B 15.8M 7.5% ▼ 0.4%
Royal Bank Of Canada $2.2B 13.2M 6.2% ▲ 8.0%
Vanguard Portfolio Management LLC $1.9B 11.2M 5.3% ▲ 0.9%
Bank Of Montreal $1.4B 8.7M 4.1% ▲ 6.5%
1832 Asset Management L.P. $1.2B 7.5M 3.5% ▲ 4.8%
Blackrock, Inc. $1.1B 6.4M 3.0% ▲ 2.9%
FMR LLC $890M 5.3M 2.5% ▼ 40.4%
Capital International Investors $764M 4.6M 2.2% ▼ 12.3%
AQR Capital Management LLC $684M 4.1M 1.9% ▲ 270.8%
Norges Bank $659M 4.0M 1.9% —
WCM Investment Management, LLC $634M 3.8M 1.8% ▼ 2.1%
TD Asset Management Inc $634M 3.8M 1.8% ▼ 5.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Waste Connections, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $7.6M 1 trade by 1 insider, last 12 months Insider sales History → $7.4M 19 trades by 10 insiders · 0% under pre-set plans
Net ▲ $177,475 net buying
Insider Date Trade Shares Price Value
Black Matthew Stephen Sr VP Chief Tax Officer October 29, 2026 Sell 5,417 $180.04 $975,277
Black Matthew Stephen Sr VP Chief Tax Officer October 29, 2026 Sell 5,583 $181.15 $1M
Little James Executive VP Engineering October 27, 2026 Sell 2,000 $185.22 $370,440
Tan Derek SR VP Chief Accounting Officer October 26, 2026 Sell 1,000 $186.77 $186,770
Nielsen Iii Robert SR VP Operations August 19, 2026 Sell 700 $170.00 $119,000
Rivard Philip SR VP Business Development August 18, 2026 Sell 2,500 $166.57 $416,425
Netherton Susan SR VP People, Training & Dev August 13, 2026 Sell 1,750 $166.00 $290,500
Nielsen Iii Robert SR VP Operations July 29, 2026 Sell 300 $173.10 $51,930
Cloninger Robert Michael SR VP, Deputy General Counsel July 28, 2026 Sell 238 $171.33 $40,778
Cloninger Robert Michael SR VP, Deputy General Counsel July 28, 2026 Sell 2,573 $171.00 $439,971
Craft Jason Executive Vice President & COO June 5, 2026 Sell 1,500 $156.59 $234,887
Shea Patrick James Exec VP, General Counsel & Sec June 5, 2026 Sell 7,500 $156.26 $1.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 16 trades and filings

No trades in Waste Connections, Inc. disclosed in the last 12 months; 16 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Ritchie Torres(D-NY 15):Sale (full), $1,001 - $15,000, traded July 11, 2025, filed August 20, 2025
  • Val T. Hoyle(D-OR 4):Purchase, $1,001 - $15,000, traded October 29, 2024, filed September 12, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • February 11, 2026
  • October 21, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Waste Connections, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Waste Connections, Inc. in brief

What does Waste Connections, Inc. do?
Waste Connections, Inc. is a US-listed company in the environmental & facilities services industry. Its financial year ends in December.
What is Waste Connections, Inc.'s stock ticker?
Waste Connections, Inc. trades under the ticker WCN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Waste Connections, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Waste Connections, Inc. reported revenue of $9.9B, 6.3% higher than a year earlier, according to its SEC filings.
What is Waste Connections, Inc.'s free cash flow?
Waste Connections, Inc.'s free-cash-flow margin is 12.6% of revenue over the trailing twelve months, ranking 5 of the 17 environmental & facilities services companies we cover.
What is Waste Connections, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Waste Connections, Inc.'s free cash flow after stock-based pay gives ~$96 per share in the base case, and ~$63–$140 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Waste Connections, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Vanguard Capital Management LLC, Royal Bank Of Canada and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Waste Connections, Inc. buying back stock, and does it pay a dividend?
Waste Connections, Inc. spent $1B on share repurchases over the trailing twelve months, and its diluted share count fell 1.6% over the year.
What is Waste Connections, Inc.'s market cap?
On November 2, 2026, Waste Connections, Inc.'s market capitalisation was about $47.9B, with a price-to-earnings ratio of 42.3 and net debt of $9.4B. Market figures come from third-party market data and may be delayed.
Does Waste Connections, Inc. pay a dividend?
Yes: Waste Connections, Inc. paid $355M in dividends over the trailing twelve months, a dividend yield of 0.75% and a payout ratio of 31.4%.
How much debt does Waste Connections, Inc. have?
Waste Connections, Inc.'s debt-to-equity ratio is 119.6%, from its latest balance sheet (86.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Waste Connections, Inc.'s competitors?
In our Environmental & Facilities Services peer group, the companies closest to Waste Connections, Inc. are ABM Industries Inc, Clean Harbors Inc, Veralto, Republic Services and Rollins, Inc. The side-by-side comparison below sets their revenue, margins and growth against Waste Connections, Inc.'s.
Are insiders buying or selling Waste Connections, Inc. stock?
Over the last 12 months, Waste Connections, Inc.'s directors and officers reported 1 open-market purchases and 19 sales on Form 4. The insider trading page charts every trade.
When is Waste Connections, Inc.'s next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Waste Connections, Inc. announces its own schedule.