Waste Connections (WCN) Operating Margin (2015 - 2026)
Waste Connections (WCN) recorded Operating Margin of 17.08% in Q2 2026, down 2.01 percentage points from 19.09% a year earlier but up 1.72 percentage points from the prior quarter.
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Analysis
Waste Connections (WCN) Operating Margin (2015 - 2026) Analysis & Trends
On a TTM basis, Waste Connections' Operating Margin came in at 17.02% as of Jun 30, 2026, up 4.83 percentage points year-over-year; for FY2025, it came in at 18.06%, up 6.09 percentage points from FY2024.
- Annual Operating Margin has a five-year change of +10.49 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at 11.97% in FY2024 (-3.44 pp), 15.41% in FY2023 (-1.81 pp), 17.22% in FY2022 (+0.32 pp) and 16.90% in FY2021 (+9.33 pp).
- Quarterly Operating Margin has ranged from -8.81% in Q4 2024 to 20.33% in Q3 2024 over the past five years.
- On a year-over-year basis, Operating Margin rose in three of the last eight quarters, with an average year-over-year change of +0.42 percentage points.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 26.54 percentage points in Q4 2025, against a drop of 19.84 percentage points in Q4 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at 15.36% (Q1 2026), 17.73% (Q4 2025) and 17.88% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Waste Management | 94.52 Bn | 93.36 Bn | 2.75 Bn | 18.68% |
| 2 | Republic Services | 75.60 Bn | 75.21 Bn | 1.90 Bn | 20.20% |
| 3 | Waste Connections | 47.74 Bn | 47.38 Bn | 1.14 Bn | 20.54% |
| 4 | GFL Environmental | 16.98 Bn | 14.99 Bn | - | - |
| 5 | Clean Harbors | 15.14 Bn | 12.48 Bn | 661.44 Mn | 17.02% |
| 6 | Casella Waste Systems | 6.31 Bn | 5.43 Bn | 178.80 Mn | 3.67% |
| 7 | Onterris | 829.12 Mn | 775.01 Mn | 88.27 Mn | 6.05% |
| 8 | Perma Fix Environmental Services | 330.79 Mn | 223.53 Mn | 552,000.00 | -20.43% |
| 9 | Comstock | 147.04 Mn | 6.26 Mn | -606,061.00 | 588.94% |
| 10 | Deep Isolation Nuclear | 109.56 Mn | 109.56 Mn | 707,000.00 | -245.94% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 20.54% |
| Jun 30, 2026 | 17.08% |
| Mar 31, 2026 | 15.36% |
| Dec 31, 2025 | 17.73% |
| Sep 30, 2025 | 17.88% |
| Jun 30, 2025 | 19.09% |
| Mar 31, 2025 | 17.51% |
| Dec 31, 2024 | -8.81% |
| Sep 30, 2024 | 20.33% |
| Jun 30, 2024 | 18.89% |
| Mar 31, 2024 | 17.70% |
| Dec 31, 2023 | 11.03% |
| Sep 30, 2023 | 17.10% |
| Jun 30, 2023 | 17.03% |
| Mar 31, 2023 | 16.56% |
| Dec 31, 2022 | 16.69% |
| Sep 30, 2022 | 17.38% |
| Jun 30, 2022 | 18.14% |
| Mar 31, 2022 | 16.64% |
| Dec 31, 2021 | 15.35% |
API Access
Waste Connections Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=WCN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "WCN", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=WCN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();