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Waste Connections WCN Geographic Operating Segments — Goodwill Impairment

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Other financials

Income statement

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Revenue$2.6B+6.4%
Gross profit$1.1B+6.7%
Operating income$437.6M-4.8%
Net income$296.4M+2.1%
EPS (diluted)$1.17+4.5%

Balance sheet

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Cash & equivalents$98.2M-10.9%
Total debt$9.6B+10.8%
Total equity$8.2B+4.9%
Total assets$21.4B+3.5%

Cash flow

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Operating cash flow$733.3M+14.9%
CapEx$302.4M+6.0%
Free cash flow$430.9M+22.1%

Valuation

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Market cap$42.19B-12.8%
Enterprise value$51.72B-9.2%
P/E39.8×
P/S4.3×-0.9×

Profitability

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Gross margin42.5%+0.5pp
Operating margin17%
Net margin10.9%
FCF margin12.6%+0.3pp

Returns & leverage

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Return on equity13.4%
Debt / equity1.1×0.0×
Current ratio0.7×0.0×

Where this comes from

Reported directly by Waste Connections in its filing.

Tagged under the XBRL concept us-gaap:GoodwillImpairmentLoss.

The source filing: Waste Connections’s 10-K, filed February 12, 2026.

Filed
Feb 12, 2026, 6:01 AM EST
Fiscal year
FY2025
Accession
0001104659-26-013700

capitalization. The Company did not record an impairment charge to any of its six geographic operating segments as a result of its annual goodwill and indefinite-lived intangible impairment tests for the years ended December 31, 2025, 2024 or 2023.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Waste Connections's geographic operating segments — goodwill impairment?
Waste Connections (WCN) reported geographic operating segments — goodwill impairment of $0 in Q4 2025.
What does geographic operating segments — goodwill impairment mean?
This metric measures the reduction in the carrying amount of goodwill allocated to a specific geographic operating segment when the implied fair value of that reporting unit falls below its book value. It signals that the expected future economic benefits from past acquisitions within that region have diminished, often due to underperformance or unfavorable changes in the local business environment. A recurring or significant impairment loss suggests challenges in the segment's ability to generate sufficient returns on invested capital relative to its acquisition cost.

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