Filing Flows › Waste Connections (WCN) › Q4 2025
Waste Connections (WCN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Waste Connections (WCN) reported revenue of $2.4B for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -3% from the quarter before. Operating margin was 17.7%, net earnings $258M (10.9% of revenue).
Waste Connections, Q4 2025: revenue $2.4B (+5% year over year), operating margin 17.7%, net earnings $258M, operating cash flow $557M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | -3% | +5% |
| Operating profit | $421M | -4% | — |
| Net earnings | $258M | -10% | — |
| Operating cash flow | $557M | -18% | -2% |
| Free cash flow | $173M | -55% | +0.2% |
What changed
Revenue was $2.4B in Q4 2025, up 5% year over year and down 3% from the previous quarter. Southern was the largest line at 21% of revenue.
Operating profit was $0.42B, a 17.7% margin (up 26.5 points year over year). Total costs fell 21% while revenue rose 5%. Net earnings were $0.26B. The effective tax rate was 24.2%.
Operating cash flow was $0.56B (down 2% year over year), 215% of net earnings. Non-cash charges added back $0.32B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.04B. Capital expenditures of $0.38B left free cash flow of $0.17B.
Questions
What was Waste Connections' revenue in the fourth quarter 2025?
Waste Connections (WCN) reported revenue of $2.4B for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -3% from the quarter before.
Was Waste Connections profitable in the fourth quarter 2025?
Operating profit was $421M (17.7% of revenue) and net earnings $258M.
Source: Waste Connections 10-K on SEC EDGAR.