Filing Flows › Waste Connections (WCN) › Q2 2025
Waste Connections (WCN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 24, 2025
Waste Connections (WCN) reported revenue of $2.4B for the second quarter 2025 (Q2 2025), +7% from a year earlier and +8% from the quarter before. Operating margin was 19.1%, net earnings $290M (12.1% of revenue).
Waste Connections, Q2 2025: revenue $2.4B (+7% year over year), operating margin 19.1%, net earnings $290M, operating cash flow $638M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | +8% | +7% |
| Operating profit | $460M | +18% | +8% |
| Net earnings | $290M | +20% | +5% |
| Operating cash flow | $638M | +18% | +4% |
| Free cash flow | $353M | +7% | -10% |
What changed
Revenue was $2.4B in Q2 2025, up 7% year over year and up 8% from the previous quarter. Southern was the largest line at 20% of revenue. Eastern added $0.06B year over year (up 15%), 35% of the total change.
Operating profit was $0.46B, a 19.1% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 22% reached operating profit, above the 19% margin then. Total costs grew 7% against revenue growth of 7%. Net earnings were $0.29B, up 5% year over year. The effective tax rate was 25.4%.
Operating cash flow was $0.64B (up 4% year over year), 220% of net earnings. Non-cash charges added back $0.31B of depreciation and amortization and $0.02B of share-based compensation. Capital expenditures of $0.29B left free cash flow of $0.35B.
Questions
What was Waste Connections' revenue in the second quarter 2025?
Waste Connections (WCN) reported revenue of $2.4B for the second quarter 2025 (Q2 2025), +7% from a year earlier and +8% from the quarter before.
Was Waste Connections profitable in the second quarter 2025?
Operating profit was $460M (19.1% of revenue) and net earnings $290M.
Source: Waste Connections 10-Q on SEC EDGAR.