At a glance
Waste Connections Inc is worth $45.52B, about 44 times its fiscal 2025 earnings. Revenue grew 6.1% to $9.47B in fiscal 2025, with 11.4% kept as profit; over 5 years it has grown 11.7% a year. It pays a 0.77% dividend yield, raised every year for at least 9 years, and returned $2.64B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +5.0% over the past year with dividends reinvested and +7.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.6% in the 2020 crash (S&P 500: 33.7%) and 20.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 3 months after the lows.
The business in plain English
Waste Connections collects, transfers and disposes of non-hazardous solid waste. It describes itself as the third largest solid waste services company in North America, operating in 46 US states and six Canadian provinces. Its customers include businesses and the towns and cities that hire it under contract. It also recycles, generates renewable fuels, treats waste from oil and gas drilling (called E&P, for exploration and production) and moves cargo and waste containers in the Pacific Northwest.
Collection (picking up waste with its trucks) brought in 71.3% of its $9.47 billion of revenue in fiscal 2025. Landfills added 16.3%, E&P waste 7.3%, recycling 2.5% and intermodal and other services 1.9%. Where it makes sense, the company owns the landfills its trucks feed. That keeps waste in its own system from pickup to disposal. A significant portion of revenue comes from areas where it is the only allowed provider under franchise agreements, municipal contracts or Washington State certificates.
It favors secondary and rural markets that larger rivals may overlook. It grows through price increases, new customers and acquisitions: 19 deals worth $966.8 million in 2025 and 24 worth $2.228 billion in 2024. Local managers run day-to-day operations within six regional segments. The largest in 2025 were Southern (22.7% of revenue), Western (22.3%) and Eastern (21.7%).
Price history
The interactive chart needs JavaScript.
WCN +5.0% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Collection | $6.75B | 71.3% |
| Landfill | $1.54B | 16.3% |
| E&P | $688.8M | 7.3% |
| Recycling | $240.1M | 2.5% |
| Intermodal and other | $175.5M | 1.9% |
By business segment
| Southern | $2.15B | 22.7% |
| Western | $2.11B | 22.3% |
| Eastern | $2.05B | 21.7% |
| Central | $1.78B | 18.8% |
| MidSouth | $1.30B | 13.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.64B, up 7.3% from a year earlier, and net income was $359.2M (+25.5%).
- For fiscal 2025, revenue was $9.47B (+6.1% year over year; +11.7% a year from FY2020 to FY2025) with a 11.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.7% good |
|---|---|
| Operating margin | 18.1% good |
| Free cash flow margin | 13% good |
| Return on equity (FY2025) | 13.1% watch |
| Return on assets (FY2025) | 5.1% watch |
| Net cash (cash minus debt) | $-9.34B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.45B | $204.7M | $811.5M |
| FY2021 | $6.15B | $618.0M | $953.9M |
| FY2022 | $7.21B | $835.7M | $1.11B |
| FY2023 | $8.02B | $762.8M | $1.19B |
| FY2024 | $8.92B | $617.6M | $1.17B |
| FY2025 | $9.47B | $1.08B | $1.23B |
Valuation snapshot
| Market value | $45.52B |
|---|---|
| P/E ratio | 43.6 |
| Dividend yield | 0.77% |
Rank among 1514 US companies
Market value at each year end
Waste Connections’s market value went from $13.76B at the end of 2016 to $45.52B on Oct 27, 2026, about 3.3 times as much; since the end of 2025 it is up 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 27, 2026 | $45.52B | +1.4% |
| 2025 | $44.90B | +1.4% |
| 2024 | $44.28B | +15.1% |
| 2023 | $38.46B | +12.8% |
| 2022 | $34.09B | -4.0% |
| 2021 | $35.50B | +31.7% |
| 2020 | $26.97B | +12.6% |
| 2019 | $23.94B | +22.4% |
| 2018 | $19.57B | +4.6% |
| 2017 | $18.70B | +35.9% |
| 2016 | $13.76B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WCN price data to Oct 27, 2026 | +4.4% | +5.0% | +13.3% | +7.6% | +14.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.4% |
| 2025 | +2.9% |
| 2024 | +15.7% |
| 2023 | +13.5% |
| 2022 | -2.0% |
| 2021 | +33.8% |
| 2020 | +13.9% |
| 2019 | +23.2% |
| 2018 | +5.7% |
| 2017 | +36.5% |
| 2016 | +41.6% |
| 2015 | +30.8% |
| 2014 | +3.1% |
| 2013 | +32.3% |
| 2012 | +5.0% |
| 2011 | +23.6% |
| 2010 | +26.8% |
| 2009 | +10.8% |
| 2008 | +7.5% |
| 2007 | +17.9% |
| 2006 | +27.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 31.9% over that stretch · deepest drop along the way 45%, back to its old high 14.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.2% over that stretch · deepest drop along the way 29.6%, back to its old high 4.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4.5% over that stretch · deepest drop along the way 20.6%, back to its old high 2.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 1 open-market purchases ($7.6M) and 18 sales ($7.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 12, 2026 | Ronald J Mittelstaedt President & CEO, Director | buy | $7.6M |
| Jun 5, 2026 | Patrick James Shea Exec VP, General Counsel & Sec | sell | $1.2M |
| Oct 29, 2026 | Matthew Stephen Black Sr VP Chief Tax Officer | sell | $1.0M |
| Apr 30, 2026 | Eric Hansen Senior Vice President and CIO | sell | $989K |
| Oct 29, 2026 | Matthew Stephen Black Sr VP Chief Tax Officer | sell | $975K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.78% | Mar 31, 2026 |
ETFs with the most weight in WCN
| SUPP TCW Transform Supply Chain ETF | 11.5% |
| EVX VanEck Environmental Services ETF | 10.73% |
| CCSO Carbon Collective Climate Solutions U.S. Equity ETF | 5.08% |
| TMFG Motley Fool Global Opportunities ETF | 4.99% |
| LRGG Macquarie Focused Large Growth ETF | 4.87% |
| BWTG Brendan Wood TopGun ETF | 4.5% |
| LOPP Gabelli Love Our Planet & People ETF | 4.37% |
| NFRA FlexShares STOXX Global Broad Infrastructure Index Fund | 2.84% |
What could go wrong
- Municipal contracts can be lost at renewal. A significant share of revenue comes from exclusive franchises, municipal contracts and Washington State certificates. About 454 contracts, roughly 4.0% of annual revenue, expire or auto-renew by December 31, 2026, and rivals may underbid.
- Acquisition-driven growth could slow. Acquiring local and regional waste firms is central to growth: 19 deals in 2025 and 24 in 2024. Industry consolidation, rival buyers and higher interest rates could leave fewer targets at acceptable prices.
- Price increases may not keep up. The company seeks regular price increases to cover costs and lift margins. Inflation can outpace them, contracts can limit or delay them, and higher prices can push customers to cheaper competitors.
- Competition from rivals and local governments. Large national firms and local operators may bid lower. Cities, counties, provinces and waste districts can run their own services, with financial advantages such as tax revenue and tax-exempt borrowing.
- Large debt load and credit market access. Total debt was about $9.43 billion against $95.7 million of cash and investments as of September 30, 2026. If credit markets tighten, financing for acquisitions could become costlier or harder to arrange.
Recent events
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Investor presentation or announcement
For income and retirement investors
Waste Connections pays a small but steadily rising dividend. It has raised the payout at least nine years in a row, through fiscal 2025. Regular dividends per share grew from $0.76 in fiscal 2020 to $1.295 in fiscal 2025, about 11.2% a year. In fiscal 2025 the dividend used 31% of earnings and 27% of free cash flow (cash left after operating costs and capital spending). The yield was 0.77% as of October 27, 2026, so the stock may suit investors seeking a growing payout more than high current income. The company repurchased $1.27 billion of shares in fiscal 2021–2025, though none in 2023 or 2024.
The shares have fallen hard in downturns. They dropped 45% in the 2008 financial crisis and needed 14.8 months from the bottom to recover. They fell 29.6% in the 2020 COVID crash, recovering in 4.5 months, and 20.6% in 2022, recovering in 2.7 months. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Waste Connections make money?
Mostly by collecting trash and other non-hazardous waste. Collection brought in 71.3% of its $9.47 billion of revenue in fiscal 2025. Landfills added 16.3%, oil and gas drilling waste (E&P) 7.3%, recycling 2.5%, and intermodal and other services 1.9%. A significant portion of revenue comes from areas where it holds exclusive rights through franchise agreements or municipal contracts. It also seeks regular price increases to cover rising costs and improve margins.
Does Waste Connections raise its dividend every year?
Yes, so far. Waste Connections has raised its dividend at least nine years in a row, through fiscal 2025. Regular dividends per share grew from $0.76 in fiscal 2020 to $1.295 in fiscal 2025, about 11.2% a year. The dividend used 31% of fiscal 2025 earnings and 27% of free cash flow, a modest share of profits. The yield was low, though: 0.77% as of October 27, 2026. Past increases do not guarantee future ones.
Is Waste Connections a US or Canadian company?
Legally, it is Canadian. Waste Connections is incorporated under the laws of Ontario, Canada, and its shares trade on the New York Stock Exchange. Most of its workforce is in the US, though. As of December 31, 2025, 20,471 of its roughly 24,214 employees worked in the US and 3,743 in Canada. It operates in 46 states and six provinces and reports results in US dollars. Former names include Progressive Waste Solutions Ltd. and BFI Canada Ltd.
How has Waste Connections stock performed over the long run?
Strongly over 10 years, less so over shorter periods. Based on the share price, WCN rose 299% in the 10 years to October 27, 2026, about 14.8% a year. Over five years it gained 7.6% a year, and over one year 5%. Calendar 2025 brought a 2.94% gain, and 2026 was up 4.4% year to date as of October 27. On that date the shares traded at 43.6 times fiscal 2025 diluted earnings of $4.17 per share (the price-to-earnings, or P/E, ratio).
How much debt does Waste Connections have?
About $9.43 billion as of September 30, 2026. That compares with cash and investments of $95.7 million and shareholders' equity of $7.88 billion. Free cash flow was $1.23 billion in fiscal 2025. Acquisitions are central to its strategy, and the 10-K says some may need additional financing. Company filings in March and August 2026 reported new debt obligations. The 10-K also warns that financing may not always be available on favorable terms when the company needs it.