Waste Connections, Inc. income statement
In fiscal 2025, Waste Connections, Inc. reported revenue of $9.47bn, up 6.1% on the year before, operating income of $1.71bn (a 18.1% margin) and net income of $1.08bn, or $4.17 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Cost of revenue | — | — | — | — | 1,138 | 1,177 | 1,958 | 2,705 | 2,866 | 3,199 | 3,277 | 3,654 | 4,336 | 4,745 | 5,192 | 5,455 | 5,706 |
| 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 |
| Selling, general and administrative | 193 | 219 | 231 | 255 | 229 | 237 | 474 | 510 | 524 | 546 | 538 | 612 | 696 | 799 | 883 | 960 | 996 |
| 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 |
| Interest expense | 49 | 62 | 57 | 61 | 65 | 64 | 93 | 125 | 132 | 147 | 162 | 163 | 202 | 275 | 327 | 335 | 362 |
| Income before tax | 138 | −146 | 162 | 176 | 386 | −126 | 361 | 509 | 707 | 706 | 254 | 771 | 1,049 | 984 | 763 | 1,418 | 1,459 |
| Income tax | 56 | 50 | 67 | 58 | 152 | −32 | 114 | −69 | 160 | 139 | 50 | 152 | 213 | 221 | 146 | 341 | 326 |
| 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 |
| Diluted shares (average) | 161m | 181m | 174m | 173m | 187m | 185m | 231m | 264m | 264m | 265m | 264m | 262m | 258m | 258m | 259m | 258m | 255m |
| 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 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,260 | 2,228 | 2,407 | 2,458 | 2,373 | 2,371 | 2,562 | 2,638 |
| Cost of revenue | 1,325 | 1,291 | 1,393 | 1,407 | 1,364 | 1,361 | 1,479 | 1,501 |
| Gross profit | 936 | 937 | 1,014 | 1,052 | 1,009 | 1,010 | 1,082 | 1,137 |
| Selling, general and administrative | 211 | 250 | 243 | 236 | 230 | 251 | 260 | 254 |
| Operating income | −199 | 390 | 460 | 440 | 421 | 364 | 438 | 542 |
| Interest expense | 82 | 81 | 83 | 84 | 86 | 88 | 91 | 96 |
| Income before tax | −282 | 313 | 389 | 375 | 341 | 284 | 384 | 451 |
| Income tax | −86 | 71 | 99 | 89 | 83 | 64 | 87 | 92 |
| Net income | −196 | 242 | 290 | 286 | 259 | 219 | 296 | 359 |
| Diluted EPS | −$0.76 | $0.93 | $1.12 | $1.11 | $1.01 | $0.86 | $1.17 | $1.43 |
| EBITDA | 123 | 680 | 767 | 755 | 740 | 679 | 763 | 881 |
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