0001104659-26-013700
SEC filingWaste Connections, Inc. reported strong financial results for fiscal year 2025, with revenues of $9.47 billion and net income attributable to the company of $1.08 billion. The company generated robust operating cash flow of $2.41 billion, which supported significant capital expenditures of $1.18 billion for property and equipment and $817.6 million for acquisitions. Key profitability metrics include operating income of $1.71 billion and basic earnings per share of $4.00. The balance sheet shows total assets of $21.13 billion, with goodwill representing $8.39 billion of that total. The company maintained a solid equity position of $8.25 billion while carrying $8.81 billion in long-term debt. Waste Connections returned capital to shareholders through $333.8 million in dividend payments and $505.5 million in share repurchases.
Waste Connections, Inc. delivered solid financial performance for fiscal year 2025, generating $9.47 billion in revenue and $1.08 billion in net income attributable to the company. The company achieved operating income of $1.71 billion, representing an 18.1% operating margin. Basic earnings per share was $4.00, and the company paid $1.00 per share in cash dividends. Key cost components included $5.46 billion in cost of operations, $959.5 million in selling, general and administrative expenses, $1.03 billion in depreciation, and $201.5 million in amortization of intangibles. The effective tax rate was approximately 24.0% based on income before tax of $1.42 billion and income tax provision of $341.4 million.
The 10-K filing does not provide segment breakdown or geographic mix data for revenue analysis. The document focuses on consolidated financial results without disclosing specific revenue drivers by business segment or geographic region. All revenue figures presented are at the consolidated company level.
The company maintained healthy profitability with an 18.1% operating margin based on $1.71 billion in operating income from $9.47 billion in revenue. The cost structure shows $5.46 billion in cost of operations, resulting in a gross profit of $4.01 billion (42.3% gross margin). Selling, general and administrative expenses represented 10.1% of revenue at $959.5 million. Depreciation and amortization totaled $1.23 billion ($1.03 billion depreciation plus $201.5 million amortization), accounting for 13.0% of revenue. Interest expense of $334.6 million was partially offset by $12.1 million in interest income and $30.2 million in other income.
Operating activities generated $2.41 billion in cash flow, driven by net income of $1.08 billion adjusted for $1.23 billion in depreciation and amortization and positive working capital changes. Investing activities used $2.02 billion, primarily for $817.6 million in acquisitions and $1.18 billion in property and equipment capital expenditures. Financing activities used $360.0 million, with $2.67 billion in debt proceeds offset by $2.13 billion in debt repayments, $505.5 million in share repurchases, and $333.8 million in dividend payments. The balance sheet shows $21.13 billion in total assets, including $8.73 billion in property and equipment (net), $8.39 billion in goodwill, and $2.01 billion in intangible assets. Total liabilities were $12.88 billion, with $8.81 billion in long-term debt. The company maintained $46.0 million in cash and equivalents with $1.31 billion in total current assets against $2.12 billion in current liabilities.
The 10-K filing does not contain specific forward-looking guidance, management projections, or explicit strategic priorities for future periods. The document presents historical financial results without disclosing expectations for revenue growth, margin trends, or capital allocation plans beyond what can be inferred from the reported FY 2025 activities.