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Waste Connections WCN Q4 2025 Annual earnings

Reported February 11, 2026 · After market close

Revenue$2.4BMiss by $30.4M
EPS$1.29Beat by $0.01
Revenue estimate$2.4B
EPS estimate$1.28

Next report

Oct 20, 2026 (in 2 months)
Revenue estimate$2.6B
EPS estimate$1.51

Financials

Q4 2025

Income statement

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Revenue$2.4B+5.0%
Gross profit$1.0B+7.9%
Operating income$420.8M—
Net income$258.5M—
EPS (diluted)$1.01—

Balance sheet

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Cash & equivalents$46.0M-26.3%
Total debt$9.1B+8.9%
Total equity$8.2B+4.9%
Total assets$21.1B+6.6%

Cash flow

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Operating cash flow$556.9M-2.1%
CapEx$384.3M-3.1%
Free cash flow$172.6M+0.2%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$44.9B+1.4%
Enterprise value$54B+2.6%
P/E41.7×—
P/S4.7×-0.2×

Profitability

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Gross margin42.4%+0.6pp
Operating margin18.1%—
Net margin11.4%—
FCF margin13%-0.1pp

Returns & leverage

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Return on equity13.4%—
Debt / equity1.1×0.0×
Current ratio0.6×0.0×

Segments

By segment

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Southern$552.9M+10.6%
Western$529.8M+4.2%
Eastern$503.5M+2.4%
Central$450.9M+7.1%
Canada$364.1M+3.6%

By product

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Landfill$386.5M+1.7%
Transfer$370.6M+9.5%
Exploration And Production Waste Treatment Recovery And Disposal$171.1M+16.9%
Solid Waste Recycling$51.2M-14.4%

FAQ

When did Waste Connections report Q4 2025 earnings?
Waste Connections (WCN) reported Q4 2025 earnings on February 11, 2026 after market close.
What were Waste Connections's Q4 2025 revenue and EPS?
Waste Connections reported revenue of $2.4B and eps of $1.29 for Q4 2025.
Did Waste Connections beat estimates in Q4 2025?
Revenue missed the consensus estimate of $2.4B by $30.4M. EPS beat the consensus estimate of $1.28 by $0.01.
How did Waste Connections's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 4.0% from $2.3B a year earlier and eps grew 11.2% from $1.16.
Where can I find Waste Connections's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001104659-26-013370) and the 10-K periodic report (0001104659-26-013700) directly on SEC EDGAR. The filing index links above go to sec.gov.