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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$39.5B
P/E Ratio37.46
ROE13.37%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Depreciation and amortization$60.2M$47.6M$50.2M$51.3M$52.3M$47.3M
Selling, general and administrative$211.3M$250.1M$243M$236.5M$230M$251.1M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
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
Weighted-average shares, basic258M258.2M258.4M256.9M257.3M255.3M
Weighted-average shares, diluted258.7M258.9M259M257.6M258M255.9M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$935.5M$936.7M$1B$1.1B$1B$1B
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—$313M$389.2M$374.8M$341M$283.6M

Tax

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

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest expense$82.4M$80.9M$82.8M$84.4M$86.5M$87.7M
Interest income$2.2M$1.8M$2.3M$5.1M$3M$3.1M
Other income (expense), net—$1.9M$10.1M$14.5M$3.7M$4.1M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income—$241.5M$290.3M$286.3M$258.5M$219.3M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization Of Financing Costs$2M$2M$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——$16M$35M
Cash dividend per common share (in dollars per share)$0.32$0.32$0.32$0.32$0.35$0.35
Deferred taxes-$138.6M$36.2M$22.1M$35.5M$22.8M$28.5M
Depreciation$261.6M$242.3M$257.4M$264M$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$4M$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$17M$17M$17M$17M—
Accrued liabilities$22.5M$13.6M$13.6M$13.6M$13.6M—
Other liabilities-$2.8M-$4M-$4M-$4M-$4M—
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$3M$3.1M
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$28M$47.3M$13.9M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation—$113.4M-$205.9M-$239M-$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$606K-$2.2M
Payments for Repurchase of Common Stock$0$0$389K$441.8M$63.3M$284M
Payments of Debt Issuance Costs$0$0$3.4M$1.4M$39K$4M
Payments of Ordinary Dividends, Common Stock$81M$81.5M$81.5M$81M$89.9M$88.7M
Payment, Tax Withholding, Share-Based Payment Arrangement$725K$29M$2M$372K$503K$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$816K$324K———$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—$2.6M—$2.9M—$3M
Dispositions of property, plant, and equipment$2.3M$969K$4.4M$3.7M$972K$1.8M
Repayments of Long-Term Debt$485.7M$541.7M$947M$319.8M$321.4M$843.9M
Stock-based compensation$16.7M$23.4M$18.5M$18.5M$19M$17.6M

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