# WASTE CONNECTIONS, INC. (WCN) · Edgar & Edgarette company card

> Waste Connections (WCN) grew revenue 6.1% in FY2025 to $9.5 billion, operating margin 18.1% against a 3.5% median for refuse systems, equity 39.0% of assets, and dividend per share up 10 years running. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1318220 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/WCN) · [JSON](https://www.pops4.com/boards/company/WCN.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $9.5B |
| Revenue growth, 1 year | 6.1% |
| Revenue growth per year | 11.4% |
| Operating margin | 18.1% (prior year 12.0%) |
| Net margin | 11.4% |
| Operating cash flow | $2.4B |
| Capital spending | $1.2B |
| Free cash flow | $1.2B |
| Cash | $46M |
| Long-term debt | $8.8B |
| Total assets | $21.1B |
| Total equity | $8.2B |
| Equity ÷ assets | 39.0% |
| Return on equity | 13.1% |
| Dividend per share | $1.295 |
| Dividend years rising | 10 |

## Readings, computed from those figures

- Piotroski F: 6 of 9 (solid)
- Beneish M: -2.72 (below the −1.78 line)
- Health Harbor boat: New ship · no warning signs
- Cash Compass: Cash cow now · steady, with strong cash arriving today

## Edgarette's reading

Exposure: revenue $9.5B (FY2025), total debt $8.8B. Experience: revenue up 6.1% on the year, up 11.4% a year over 4 years; operating margin 18.1%, up from 12.0%. Soundness: equity 39.0% of assets, return on equity 13.1%, payout 31.0% of profit, dividend per share up 10 years running. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $9.1B and $11.0B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $8.5B to $11.7B. A statistical range, not company guidance. Against peers (9 filers, $50M+ revenue, its industry group): operating margin 18.1% against a 3.5% median; growth 6.1% against 4.3%.

Range logged 2026-10-07, receipt c851d12a85ef6a44, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 1, latest 2026-03-18 ([filing](https://www.sec.gov/Archives/edgar/data/1318220/000110465926031042/0001104659-26-031042-index.htm))

## Recent filings

- 10-Q · filed 2026-10-22 · [filing](https://www.sec.gov/Archives/edgar/data/1318220/000110465926117943/0001104659-26-117943-index.htm)
- 8-K · filed 2026-10-21 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1318220/000110465926117838/0001104659-26-117838-index.htm)
- 8-K · filed 2026-08-07 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1318220/000110465926092680/0001104659-26-092680-index.htm)
- 8-K · filed 2026-08-04 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1318220/000110465926090339/0001104659-26-090339-index.htm)
- 8-K · filed 2026-07-28 · 1.01 Entry into a Material Definitive Agreement; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1318220/000110465926087330/0001104659-26-087330-index.htm)
- 10-Q · filed 2026-07-23 · [filing](https://www.sec.gov/Archives/edgar/data/1318220/000110465926086006/0001104659-26-086006-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001318220.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1318220

## Cite

POPS4, Edgar & Edgarette: WASTE CONNECTIONS, INC. (WCN) company card, from the company's own SEC filings, accessed 2026-11-11, https://www.pops4.com/boards/company/WCN. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.