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Waste Connections cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$397M in Q3 2026 · $1.2B over twelve months

Operating cash flow$692M
Capital spending−$295M
Free cash flow+$397M
Cash / net income1.9×
Cash conversion cycle-11 days

Analysis

In Q3 2026, Waste Connections generated $692M of operating cash flow and spent $295M on capital projects, leaving free cash flow of $397M. That is $16.9M more than in Q3 2025 ($380M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.5B; the largest uses were capital spending ($1.3B), buybacks ($1.0B), acquisitions ($559M); besides operations, cash came from net borrowing (+) / repaid (−) ($777M), asset & business sales ($6.4M); the cash balance fell by $11.8M.

Operating cash flow was $692M against net income of $359M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$339M, deferred taxes +$25.1M, stock-based pay +$20.3M.

Its cash conversion cycle was -11 days (receivables 38 + inventory 0 − payables 49): suppliers fund its working capital.

Free cash flow

Waste Connections: free cash flow by quarterWaste Connections: free cash flow by quarter$172MQ4 2024$329MQ1 2025$353MQ2 2025$380MQ3 2025$173MQ4 2025$249MQ1 2026$431MQ2 2026$397MQ3 2026
Operating cash flow less capital spending.
Waste Connections: operating cash flow against capital spendingWaste Connections: operating cash flow against capital spendingOperating cash flowCapital spending$569M$397MQ4 2024$542M$212MQ1 2025$638M$285MQ2 2025$677M$297MQ3 2025$557M$384MQ4 2025$546M$297MQ1 2026$733M$302MQ2 2026$692M$295MQ3 2026
Latest (Q3 2026): Operating cash flow $692M, Capital spending $295M.

Capital allocation, year by year

Waste Connections: where the cash came from (up) and went (down), by fiscal yearWaste Connections: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.7BFY2021: Net borrowing $216MFY2021: Shares issued $1.7MFY2021: Asset sales $42.8MFY2021: Capital spending −$744MFY2021: Acquisitions −$960MFY2021: Buybacks −$339MFY2021: Dividends −$220M$2.0BFY2021FY2022: Operating cash flow $2.0BFY2022: Net borrowing $1.7BFY2022: Shares issued $3.9MFY2022: Asset sales $30.7MFY2022: Capital spending −$913MFY2022: Acquisitions −$2.2BFY2022: Buybacks −$425MFY2022: Dividends −$243M$3.8BFY2022FY2023: Operating cash flow $2.1BFY2023: Net borrowing −$236MFY2023: Shares issued $4.7MFY2023: Asset sales $31.6MFY2023: Capital spending −$934MFY2023: Acquisitions −$677MFY2023: Dividends −$271M$2.2BFY2023FY2024: Operating cash flow $2.2BFY2024: Net borrowing $1.3BFY2024: Shares issued $6.5MFY2024: Asset sales $7.9MFY2024: Capital spending −$1.1BFY2024: Acquisitions −$2.1BFY2024: Dividends −$302M$3.6BFY2024FY2025: Operating cash flow $2.4BFY2025: Net borrowing $540MFY2025: Shares issued $5.8MFY2025: Asset sales $10.1MFY2025: Capital spending −$1.2BFY2025: Acquisitions −$818MFY2025: Buybacks −$506MFY2025: Dividends −$334M$3.0BFY2025
Over these 5 years operating cash flow totalled $10.5B; the largest uses were acquisitions ($6.8B) and capital spending ($4.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$95.7M
Debt$9.4B
Net debt$9.3B
Due within a year$8.7M

Waste Connections funds itself: free cash flow was $1.2B over the last twelve months, and $95.7M of cash and investments stands against $9.4B of debt ($8.7M due within a year, 11.0× covered by cash).

Waste Connections: debt maturities by year (FY2025)Waste Connections: debt maturities by year (FY2025)$8.7MYear 1$7.6MYear 2$506MYear 3$3.3BYear 4$604MYear 5$4.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $95.7M of cash and investments now.

Where the cash came from and went

Waste Connections: sources (+) and uses (−) of cash, Q3 2026Waste Connections: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$692MBuybacks−$330MCapital spending−$295MNet borrowing (+) / repaid (−)$119MDividends−$88.4MAcquisitions−$59.0MOther financing−$24.5MCash drawn (+) / kept (−)−$17.2MTaxes on employees’ shares−$4.3MShares issued$3.3MAsset & business sales$2.5MOther investing$2.0M
Waste Connections: sources (+) and uses (−) of cash, TTM to Q3 2026Waste Connections: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.5BCapital spending−$1.3BBuybacks−$1.0BNet borrowing (+) / repaid (−)$777MAcquisitions−$559MDividends−$355MOther investing−$70.1MTaxes on employees’ shares−$29.8MOther financing−$26.2MCash drawn (+) / kept (−)$11.8MAsset & business sales$6.4MShares issued$6.3M

From profit to cash

Waste Connections: net income to operating cash flow, Q3 2026Waste Connections: net income to operating cash flow, Q3 2026Net income$359MDepreciation & amortization$339MStock-based pay$20.3MDeferred taxes$25.1MGains on disposals$3.1MOther non-cash−$3.6MOperating cash flow$692M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202638—49-11
Q2 202637—46-8
Q1 202639—49-10
Q4 202541—51-11
Q3 202539—49-9
Q2 202538—44-7
Q1 202538—44-6
Q4 202439—47-7

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$692M−$295M−$59.0M−$330M−$88.4M$119M$3.3M−$17.2M$397M
Q2 2026$733M−$302M−$247M−$331M−$88.4M$215M—$61.1M$431M
Q1 2026$546M−$297M−$63.1M−$284M−$88.7M$312M$3.0M−$93.1M$249M
Q4 2025$557M−$384M−$190M−$63.3M−$89.9M$131M−$1K$61.0M$173M
Q3 2025$677M−$297M−$117M−$442M−$81.0M$289M$2.9M−$23.1M$380M
Q2 2025$638M−$285M−$130M−$389K−$81.5M−$116M—−$18.0M$353M
Q1 2025$542M−$212M−$380M—−$81.5M$241M$2.9M−$51.3M$329M
Q4 2024$569M−$397M−$111M—−$81.0M−$14.3M$816K$40.3M$172M

Waste Connections: income statement and cash flow

Waste Connections, Q3 2026: revenue $2.6B (+7% year over year), operating margin 20.5%. The chart follows the revenue to costs, profit and cash.

Waste Connections: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.