Waste Connections (WCN) Operating Margin (2015 - 2026)

Waste Connections has disclosed Operating Margin across 12 years of filings, most recently posting 15.36% for Q1 2026.

• Operating Margin for Q1 2026 came in at 15.36%, down 215.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 17.53% (up 550.0% YoY), and the FY2025 annual result was 18.06%, up 609.0% from the prior year.
• Operating Margin came in at 15.36% for Q1 2026 at Waste Connections, down from 17.73% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 20.33% in Q3 2024 to a low of 8.81% in Q4 2024.
• The 5-year median for Operating Margin is 17.38% (2022), against an average of 15.66%.
• Across the five-year window, Operating Margin tumbled 1984 bps in 2024 and jumped 2654 bps in 2025, its largest moves.
• Waste Connections' Operating Margin stood at 16.69% in 2022, then slumped by 34 bps to 11.03% in 2023, then sank by 180 bps to 8.81% in 2024, then surged by 301 bps to 17.73% in 2025, then slipped by 13 bps to 15.36% in 2026.
• The last three Operating Margin figures came in at 15.36% (Q1 2026), 17.73% (Q4 2025), and 17.88% (Q3 2025), per Business Quant data.