Income StatementBalance SheetCash FlowSegments
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Waste Connections Income Statement

Revenue, expenses, and profitability over time

Waste Connections generated $9.6B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $1.1B with a 10.97% net margin. Gross margin stands at 42.5% and operating margin at 17.53%. Diluted EPS is $4.10, which grew 0.0% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$9.6BGross Profit (TTM)$4.1BOperating Income (TTM)$1.7BNet Income (TTM)$1.1BEps Diluted (TTM)$4.10
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$39.4B
P/E Ratio37.33

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stock-Based Compensation Expense$16.7M$23.4M$18.5M$18.5M$19.0M$17.6M
Amortization of Finite-Lived Intangible Assets$60.2M$47.6M$50.2M$51.3M$52.3M$47.3M
Share-Based Compensation Expense$16.7M$23.4M$18.5M$18.5M$19.0M$17.6M
Change in contingent consideration liability-$3.0K-$1.5M$32.1M$290.0K-$37.1M$0.0
Amortization expense$60.2M$47.6M$50.2M$51.3M$52.3M$47.3M
Accretion Expense$8.3M$12.7M$12.8M$12.9M$13.1M$11.2M
Depreciation and amortization$60.2M$47.6M$50.2M$51.3M$52.3M$47.3M
Amortization Expense$60.2M$47.6M$50.2M$51.3M$52.3M$47.3M
Amortization of Capitalized Software and Acquired Intangibles$60.2M$47.6M$50.2M$51.3M$52.3M$47.3M
Other Segment Items—$1.9M$10.1M$14.5M$3.7M$4.1M
Stock-based compensation expense$16.7M$23.4M$18.5M$18.5M$19.0M$17.6M
Selling, general and administrative$211.3M$250.1M$243.0M$236.5M$230.0M$251.1M
Share-Based Compensation$16.7M$23.4M$18.5M$18.5M$19.0M$17.6M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share (Paid)$0.3$0.3$0.3$0.3$0.4$0.4
Change in Accounts Receivable$2.7M$17.0M$17.0M$17.0M$17.0M—
Change in Deferred Revenue$4.6M$6.8M$6.8M$6.8M$6.8M—
Change in Other Liabilities-$2.8M-$4.0M-$4.0M-$4.0M-$4.0M—
Tax Withholding for Share-Based Payments$725.0K$29.0M$2.0M$372.0K$503.0K$24.5M
Common stock dividends per share cash paid$0.3$0.3$0.3$0.3$0.4$0.4
Common Stock Dividends Per Share (Cash Paid)$0.3$0.3$0.3$0.3$0.4$0.4
Common Dividends Per Share Paid$0.3$0.3$0.3$0.3$0.4$0.4
Cash Dividend per Common Share$0.3$0.3$0.3$0.3$0.4$0.4
Interest Paid, Net$74.7M$77.1M$77.1M$77.1M$77.1M—
Amortization Of Financing Costs$2.0M$2.0M$2.1M$2.2M$2.1M$2.2M
Amortization of capitalized software and acquired intangible assets$60.2M$47.6M$50.2M$51.3M$52.3M$47.3M
Capital investments accrued but not yet paid$21.6M$21.2M———$35.0M
Cash dividend per common share (in dollars per share)$0.3$0.3$0.3$0.3$0.4$0.4
Deferred taxes-$138.6M$36.2M$22.1M$35.5M$22.8M$28.5M
Depreciation$261.6M$242.3M$257.4M$264.0M$266.8M$267.5M
Fair Value Of Acquired Assets$588.1M$252.6M$252.6M$252.6M$252.6M—
Gain (Loss) on Disposition of Assets-$121.7M-$7.8M-$3.7M-$60.1M-$41.9M-$2.5M
Impairments And Other Operating Charges$601.6M$6.4M$4.0M$60.1M$39.1M$79.6M
Accounts payable-$8.3M$14.3M$14.3M$14.3M$14.3M—
Increase (Decrease) in Accounts Receivable$2.7M$17.0M$17.0M$17.0M$17.0M—
Accrued liabilities$22.5M$13.6M$13.6M$13.6M$13.6M—
Increase (decrease) in PP&E related to an increase (decrease) in asset retirement obligations, excluding acquisitions-$62.0M-$76.4M-$76.4M-$76.4M-$76.4M—
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital—$72.0M$51.7M$53.4M—$139.6M
Other liabilities-$2.8M-$4.0M-$4.0M-$4.0M-$4.0M—
Increase (Decrease) in Prepaid Expense and Other Assets$3.6M$3.3M$3.3M$3.3M$3.3M—
Interest income and other, net$2.2M$1.8M$2.3M$5.1M$3.0M$3.1M
Interest Expense Nonoperating$82.4M$80.9M$82.8M$84.4M$86.5M$87.7M
Interest Paid, Excluding Capitalized Interest, Operating Activity$74.7M$77.1M$77.1M$77.1M$77.1M—
Liabilities Assumed And Notes Payable Issued To Sellers Of Businesses Acquired$8.8M$109.4M$8.1M$28.0M$47.3M$13.9M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation—$113.4M-$205.9M-$239.0M-$28.5M-$96.1M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$513.4M-$603.2M-$416.8M-$413.9M-$589.3M-$355.7M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$568.9M$541.5M$638.2M$677.4M$556.9M$545.6M
Other income, net (Note 6)—$1.9M$10.1M$14.5M$3.7M$4.1M
Payment for (Proceeds from) Other Investing Activity$8.3M$11.3M$5.6M$3.9M$606.0K-$2.2M
Payments for Repurchase of Common Stock$0.0$0.0$389.0K$441.8M$63.3M$284.0M
Payments of Debt Issuance Costs$0.0$0.0$3.4M$1.4M$39.0K$4.0M
Payments of Ordinary Dividends, Common Stock$81.0M$81.5M$81.5M$81.0M$89.9M$88.7M
Payment, Tax Withholding, Share-Based Payment Arrangement$725.0K$29.0M$2.0M$372.0K$503.0K$24.5M
Payments to Acquire Businesses, Net of Cash Acquired$110.6M$380.4M$130.3M$116.6M$190.3M$63.1M
Proceeds from Issuance of Common Stock$816.0K$324.0K$0.0$0.0$0.0$0.0
Debt issued (Note 13)$472.3M$782.9M$830.7M$608.6M$452.1M$1.2B
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options$0.0$2.6M$0.0$2.9M$0.0$3.0M
Dispositions of property, plant, and equipment$2.3M$969.0K$4.4M$3.7M$972.0K$1.8M
Repayments of Long-Term Debt$485.7M$541.7M$947.0M$319.8M$321.4M$843.9M
Stock-based compensation$16.7M$23.4M$18.5M$18.5M$19.0M$17.6M
Cash Dividends, Common Stock$81.0M$81.5M$81.5M$81.0M$89.9M$88.7M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common stock dividends per share cash paid$0.3$0.3$0.3$0.3$0.4$0.4
Dividends Per Share, Cash Paid$0.3$0.3$0.3$0.3$0.4$0.4
Common Stock Dividends Per Share Cash Paid$0.3$0.3$0.3$0.3$0.4$0.4
Basic earnings per share—$0.94$1.12$1.11$1.01$0.86
Diluted earnings per share—$0.93$1.12$1.11$1.01$0.86
Common Stock Dividends Per Share (Cash Paid)$0.3$0.3$0.3$0.3$0.4$0.4
Dividends per common share$0.3$0.3$0.3$0.3$0.4$0.4
Dividends per share, cash paid$0.32$0.32$0.32$0.32$0.35$0.35
Dividends Per Share (Paid)$0.3$0.3$0.3$0.3$0.4$0.4
Common Stock Dividends Per Share (Cash Paid)$0.3$0.3$0.3$0.3$0.4$0.4
Common stock dividends per share cash paid$0.3$0.3$0.3$0.3$0.4$0.4
Common stock dividends per share cash paid$0.3$0.3$0.3$0.3$0.4$0.4
Weighted-average shares, basic—258.2M258.4M256.9M—255.3M
Weighted-average shares, diluted—258.9M259M257.6M—255.9M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cash Paid for Interest$74.7M$77.1M$77.1M$77.1M$77.1M—
Other Charges—$1.9M$10.1M$14.5M$3.7M$4.1M
Interest expense$82.4M$80.9M$82.8M$84.4M$86.5M$87.7M
Interest income$2.2M$1.8M$2.3M$5.1M$3.0M$3.1M
Change in Accounts Payable-$8.3M$14.3M$14.3M$14.3M$14.3M—
Other income (expense), net—$1.9M$10.1M$14.5M$3.7M$4.1M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends$81.0M$81.5M$81.5M$81.0M$89.9M$88.7M
Net income—$241.5M$290.3M$286.3M$258.5M$219.3M
Common Stock Dividends$81.0M$81.5M$81.5M$81.0M$89.9M$88.7M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$935.5M$936.7M$1.0B$1.1B$1.0B$1.0B
Operating income—$390.2M$459.5M$439.6M$420.8M$364.1M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes—$313.0M$389.2M$374.8M$341.0M$283.6M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense—$71.5M$98.9M$88.5M$82.5M$64.2M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$1.3B$1.3B$1.4B$1.4B$1.4B$1.4B

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$2.3B$2.2B$2.4B$2.5B$2.4B$2.4B