What is the 13F Pro Quality Score for WCN?

13F Pro ranks Waste Connections, Inc. (WCN) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View WCN's current score at https://13fpro.ai/company/WCN (free sign-up required for the full ranking).

Where does 13F Pro source WCN data?

All Waste Connections, Inc. fundamentals and ownership data come directly from SEC EDGAR. Waste Connections, Inc. files with the SEC under CIK 1318220. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is WCN in?

Waste Connections, Inc. (WCN) is classified in the Utilities sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/utilities.

What drives WCN's revenue?

Per Waste Connections, Inc.'s latest 10-Q filed with the SEC on 2026-07-23, the biggest revenue drivers are: Solid Waste Collection ($1.78B, +5.9% YoY); Landfill ($252M, +3.1% YoY); Transfer ($212M, +7.6% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/WCN.

What are WCN's largest expenses?

Waste Connections, Inc.'s latest 10-Q reports these as the largest expense items: Cost of operations ($1.48B, +6.2% YoY); Depreciation ($278M, +8.1% YoY); Impairments and other operating items ($58.5M loss, +$54.5M YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is WCN research updated on 13F Pro?

WCN's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Waste Connections, Inc.(WCN)Stock Analysis

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Utilities →NYSElarge

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SEC EDGAR: CIK 1318220 WCN stock profile & AI dashboard →

InternationalScored off the official board: an annual-only filer, so this data lags a domestic quarterly filer.

13F Pro Quality Score

66.7/100

Rank #404 of 2,961 stocksTOP 25%

View Utilities peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

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Why WCN Scores 67/100

exact factor attribution · 2026-09-11

WCN's composite is driven by scale and profitability. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Scale

+5.3 pts

86th pct

Profitability

+3.3 pts

72th pct

Institutional flow

+2.1 pts

93th pct

Capital efficiency

+1.9 pts

69th pct

Free cash flow

+1.6 pts

61th pct

Earnings quality

+1.3 pts

63th pct

Revenue growth

+0.5 pts

53th pct

Shareholder dilution

+0.5 pts

59th pct

Earnings growth

+0.1 pts

53th pct

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

WCN Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for Waste Connections, Inc. (WCN), a Utilities sector company. 13F Pro's AI-powered ranking engine scores WCN at 66.7/100 on a 32-signal composite quality model, placing it at rank #404 of 2,961 stocks — the top 25% of the AI-ranked universe. Based on the latest XBRL financial filings (Q2 2026), Waste Connections, Inc. reports quarterly revenue of $2.6B, net income of $296.4M, an operating margin of 17.1%. Top institutional holders of WCN by reported 13-F value include VANGUARD CAPITAL MANAGEMENT, ROYAL BANK OF CANADA, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. WCN trades on the NYSE exchange and files with the SEC under CIK 1318220. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate WCN daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Waste Connections, Inc. directly from SEC EDGAR. Waste Connections, Inc.'s 13F Pro composite quality score has ranged between 66 and 73 since 2023, currently 66.7 — a stable long-term trajectory across 54 quarterly and live scoring snapshots.

✦

Fun facts about Waste Connections, Inc.

Quirks, history, and lore behind WCN — the kind of stuff that makes a stock memorable.

1
The Basics
A U.S. environmental services company · large-cap · listed on the NYSE · headquartered in Texas.
2
The Numbers
Annual revenue in the range of $8 billion, built almost entirely on long-term exclusive contracts with municipalities and businesses across North America.
3
The History
Founded in the early 2000s, it grew aggressively through acquisitions, snapping up regional haulers and becoming one of the largest players in its industry without most people ever noticing.
4
The Secret
Its real competitive moat is exclusive franchise agreements — once it wins a territory, rivals essentially can't touch it, making cash flow remarkably predictable and sticky.
5
The Lore
It deliberately focuses on smaller, secondary markets — the mid-size cities and suburbs that industry giants overlook — which means less competition and fatter margins.
6
The Giveaway
It hauls your trash and recycling in hundreds of communities across the U.S. and Canada — and with a name that evokes both refuse and reliability, it's the third-largest solid waste company in North America.

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What's Driving WCN's Business? Latest 10-Q Breakdown

AI-extracted from Waste Connections, Inc.'s 10-Q filed 2026-07-23 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Q2 revenue rose 6.4% YoY to $2.56B driven by 6.1% price increases, but operating income fell 4.8% due to $55M in landfill closure liability adjustments.

Biggest Revenue Drivers

Solid Waste Collection$1.78B+5.9% YoY

Core price increases of 6.1% and acquisitions, partially offset by volume losses in roll-off and commercial services.

Landfill$252M+3.1% YoY

Higher disposal volumes and tipping fees, partially offset by lower waste volumes from volume declines.

Biggest Revenue Drivers

Total revenue: $2.56B+6.4% YoY

Solid Waste Collection$1.78B+5.9% YoY

Core price increases of 6.1% and acquisitions, partially offset by volume losses in roll-off and commercial services.

Landfill$252M+3.1% YoY

Higher disposal volumes and tipping fees, partially offset by lower waste volumes from volume declines.

Transfer$212M+7.6% YoY

Price increases partially offset by lower volumes from reduced collection activity.

E&P Waste$201M+18.3% YoY

Higher crude oil and natural gas prices, increased disposal capacity, resumed operations, and production increases.

Largest Expense Items

Cost of operations$1.48B+6.2% YoY

Higher fuel costs (+$19.3M), increased labor (+$10.6M), and higher trucking costs (+$12.3M), partially offset by lower risk management expenses.

Depreciation$278M+8.1% YoY

Fleet and equipment additions to support operations, plus acquisition-related depreciation.

Impairments and other operating items$58.5M loss+$54.5M YoY

Adjustments to closure and post-closure liabilities (+$55.8M) and losses on asset disposals (+$3.6M).

Selling, general and administrative$260M+7.2% YoY

Higher administrative payroll (+$5.7M), acquisition expenses (+$3.6M), and deferred compensation costs (+$3.4M).

Margins: Operating margin declined 200 basis points YoY to 17.1%, driven by $55.8M in landfill closure and post-closure liability adjustments (2.2 percentage point impact) and higher depreciation. Gross margin improved slightly as price-led revenue growth offset higher fuel and labor costs.

Watch Items from the Filing

Jefferson Parish Landfill: Crossman mass action of 6,211 plaintiffs as of May 2026 over odors; causation preclusion ruling granted May 27, 2026; settlement amounts not yet estimated.
Volume declines: Roll-off and commercial collection volumes down in Eastern, Southern, and Canada segments; residential volumes also pressured despite price increases.
Net debt at $9.36B with revolving facility at $2.27B drawn; issued $600M 4.80% Senior Notes in March 2026; leverage elevated but refinancing capacity intact under shelf registration.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$2.6B

Net Income

Q2 2026

$296.4M

Free Cash Flow

Q2 2026

$430.9M

Operating Margin

Q2 2026

17.1%

ROIC

Q2 2026

10.2%

D/E Ratio

Q2 2026

1.17

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+6.1% YoY

$9.47BFY 2025

FY22 $7.21BFY23 $8.02BFY24 $8.92BFY25 $9.47B

Net Income

+74.3% YoY

$1.08BFY 2025

FY22 $835.7MFY23 $762.8MFY24 $617.6MFY25 $1.08B

Operating Income

+60.2% YoY

$1.71BFY 2025

FY22 $1.24BFY23 $1.24BFY24 $1.07BFY25 $1.71B

EPS (Diluted)

+74.5% YoY

$4.17FY 2025

FY22 $3.24FY23 $2.95FY24 $2.39FY25 $4.17

Total Assets

+6.6% YoY

$21.13BFY 2025

FY22 $17.13BFY23 $17.92BFY24 $19.82BFY25 $21.13B

Total Debt

+9.1% YoY

$8.82BFY 2025

FY22 $6.90BFY23 $6.75BFY24 $8.08BFY25 $8.82B

Op. Cash Flow

+8.3% YoY

$2.41BFY 2025

FY22 $2.02BFY23 $2.13BFY24 $2.23BFY25 $2.41B

Free Cash Flow

+5.3% YoY

$1.23BFY 2025

FY22 $1.11BFY23 $1.19BFY24 $1.17BFY25 $1.23B

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$9.47B +6.1%	$8.92B +11.2%	$8.02B +11.2%	$7.21B +17.2%	$6.15B +13.0%	$5.45B
Net Income	$1.08B +74.3%	$617.6M -19.0%	$762.8M -8.7%	$835.7M +35.2%	$618.0M +202.0%	$204.7M
Operating Income	$1.71B +60.2%	$1.07B -13.6%	$1.24B -0.5%	$1.24B +19.5%	$1.04B +152.1%	$412.4M
EPS (Diluted)	$4.17 +74.5%	$2.39 -19.0%	$2.95 -9.0%	$3.24 +37.3%	$2.36 +202.6%	$0.78
Total Assets	$21.13B +6.6%	$19.82B +10.6%	$17.92B +4.6%	$17.13B +16.6%	$14.70B +5.1%	$13.99B
Total Debt	$8.82B +9.1%	$8.08B +19.7%	$6.75B -2.2%	$6.90B +36.6%	$5.05B +6.1%	$4.76B
Operating Cash Flow	$2.41B +8.3%	$2.23B +4.8%	$2.13B +5.2%	$2.02B +19.1%	$1.70B +20.6%	$1.41B
Free Cash Flow	$1.23B +5.3%	$1.17B -1.7%	$1.19B +7.5%	$1.11B +16.3%	$953.9M +17.6%	$811.5M

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Available Research

13F Pro tracks comprehensive data for Waste Connections, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of WCN

VANGUARD CAPITAL MANAGEMENT LLC
$2.6B15,797,275 sh
ROYAL BANK OF CANADA
$2.2B13,188,665 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$1.9B11,232,978 sh
BANK OF MONTREAL /CAN/
$1.4B8,665,651 sh
1832 Asset Management L.P.
$1.2B7,456,684 sh
BlackRock, Inc.
$1.1B6,370,788 sh
FMR LLC
$890.2M5,341,098 sh
Capital International Investors
$763.9M4,582,617 sh
AQR CAPITAL MANAGEMENT LLC
$684.0M4,111,035 sh
NORGES BANK
$659.5M3,957,385 sh

Fund	Value	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$2.6B	15,797,275
ROYAL BANK OF CANADA	$2.2B	13,188,665
VANGUARD PORTFOLIO MANAGEMENT LLC	$1.9B	11,232,978
BANK OF MONTREAL /CAN/	$1.4B	8,665,651
1832 Asset Management L.P.	$1.2B	7,456,684
BlackRock, Inc.	$1.1B	6,370,788
FMR LLC	$890.2M	5,341,098
Capital International Investors	$763.9M	4,582,617
AQR CAPITAL MANAGEMENT LLC	$684.0M	4,111,035
NORGES BANK	$659.5M	3,957,385

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Is WCN a good stock to buy?

13F Pro's AI-powered analysis of Waste Connections, Inc. (WCN) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Utilities sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for WCN are available on the WCN stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. WCN is classified as a large company.

Which hedge funds own WCN?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling WCN. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Waste Connections, Inc.'s investment landscape.