Filing Flows › Waste Connections (WCN) › Q1 2025
Waste Connections (WCN) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 24, 2025
Waste Connections (WCN) reported revenue of $2.2B for the first quarter 2025 (Q1 2025), +8% from a year earlier and -1% from the quarter before. Operating margin was 17.5%, net earnings $242M (10.8% of revenue).
Waste Connections, Q1 2025: revenue $2.2B (+8% year over year), operating margin 17.5%, net earnings $242M, operating cash flow $542M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.2B | -1% | +8% |
| Operating profit | $390M | — | +6% |
| Net earnings | $242M | — | +5% |
| Operating cash flow | $542M | -5% | +10% |
| Free cash flow | $329M | +91% | +3% |
What changed
Revenue was $2.2B in Q1 2025, up 8% year over year and down 1% from the previous quarter. Southern was the largest line at 20% of revenue. Eastern added $0.04B year over year (up 12%), 28% of the total change.
Operating profit was $0.39B, a 17.5% margin (down 0.2 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, below the 18% margin then. Total costs grew 8% against revenue growth of 8%. The fastest-growing cost line was SG&A (+13%). Net earnings were $0.24B, up 5% year over year. The effective tax rate was 22.8%.
Operating cash flow was $0.54B (up 10% year over year), 224% of net earnings. Non-cash charges added back $0.29B of depreciation and amortization and $0.02B of share-based compensation. Capital expenditures of $0.21B left free cash flow of $0.33B.
Questions
What was Waste Connections' revenue in the first quarter 2025?
Waste Connections (WCN) reported revenue of $2.2B for the first quarter 2025 (Q1 2025), +8% from a year earlier and -1% from the quarter before.
Was Waste Connections profitable in the first quarter 2025?
Operating profit was $390M (17.5% of revenue) and net earnings $242M.
Source: Waste Connections 10-Q on SEC EDGAR.