What is the primary revenue source for Waste Connections (WCN)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze WCN's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Waste Connections's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Waste Connections Makes Money: WCN Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

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Revenue grew while operating profit fell, so growth did not translate into better earnings.

Operating margin declined by 2.08 percentage points year over year.

Revenue: USD 4.93B
Largest revenue segment share (Commercial): 31.30%
Cost of revenue: USD 2.84B
Selling, general and administrative: USD 511.61M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueRevenues · Revenues
Cost of revenueCost of operations · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Commercial)Commercial · segment_value / revenue * 100
Operating marginOperating income (loss) · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

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Current assets do not cover near-term liabilities, indicating short-term funding pressure.

Goodwill accounts for 39.2% of total assets, a high share where impairment could hit earnings and equity.

Property, plant and equipment: USD 8.97B
Goodwill: USD 8.39B
Accounts receivable: USD 1.07B
Total liabilities: USD 13.48B
Shareholder equity: USD 7.92B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Property, plant and equipmentProperty and equipment, net · PropertyPlantAndEquipmentNet
Shareholder equityEquity, including portion attributable to noncontrolling interest · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesLiabilities · Liabilities
Accounts receivableAccounts receivable, net of allowance for credit losses of $23,961 and $21,402 at june 30, 2026 and december 31, 2025, respectively · AccountsReceivableNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 247.97% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 515.74M
Operating cash flow: USD 1.28B
Cash conversion: 247.97%
Free cash flow: USD 679.94M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · ProfitLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

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Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Cash dividends: USD 177.10M
Share repurchases: USD 614.51M
Net shareholder return: USD 791.61M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?