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Waste Connections WCN Q4 2025 Annual earnings

Reported February 11, 2026 · After market close

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

Next report

Jul 22, 2026 (In 1 week)
Revenue estimate$2.5B
EPS estimate$1.35

Financials

Q4 2025

Income statement

See full
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

See full
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

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

Returns & leverage

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

Segments

By segment

See full
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

See full
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%

Versus estimates

Revenue

Q1 2026$2.3BBeat by $7.7M
Q4 2025$2.4BMiss by $30.4M
Q2 2025$2.4BMiss by $39.3MQ1 2025$2.2BMiss by $177.1MQ4 2024$2.3BBeat by $17.1MQ3 2024$2.3BBeat by $89.1M

Diluted EPS

Q1 2026$1.23Beat by $0.04
Q4 2025$1.29Beat by $0.01
Q2 2025$1.29Beat by $0.04Q1 2025$1.13Beat by $0.06Q4 2024$1.16Miss by $0.04Q3 2024$1.35Beat by $0.06

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Questions, answered.

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 diluted 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 diluted 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.