Waste Connections (WCN) Operating Margin (2015 - 2026)
Waste Connections' (WCN) quarterly Operating Margin came in at 17.08% in Q2 2026, down 201.0% year-over-year from 16.91% in Q2 2025, and up 11.22% quarter-over-quarter from 15.36% in Q1 2026.
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Waste Connections (WCN) Operating Margin (2015 - 2026) Analysis & Trends
Waste Connections has disclosed Operating Margin across 12 years of filings, most recently posting 17.08% for Q2 2026.
- In Q2 2026, Operating Margin fell 201.0% year-over-year to 17.08%; the TTM figure through Jun 2026 stood at 17.02% (up 483.0% YoY), while the FY2025 annual figure was 18.06%, up 609.0% from the prior year.
- Operating Margin came in at 17.08% for Q2 2026 at Waste Connections, up from 15.36% 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.
- Average Operating Margin over 5 years is 15.74%, with a median of 17.24% recorded in 2023.
- Year-over-year, Operating Margin slumped 1984 bps in 2024 and surged 2654 bps in 2025.
- Over 5 years, Operating Margin stood at 16.69% in 2022, then plunged by 34 bps to 11.03% in 2023, then tumbled by 180 bps to 8.81% in 2024, then surged by 301 bps to 17.73% in 2025, then declined by 4 bps to 17.08% in 2026.
- Per Business Quant data, the three most recent Operating Margin figures were 17.08% in Q2 2026, 15.36% in Q1 2026, and 17.73% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Waste Management | 87.60 Bn | 87.04 Bn | 2.73 Bn | 18.75% |
| 2 | Republic Services | 68.20 Bn | 68.09 Bn | 1.87 Bn | 20.34% |
| 3 | Waste Connections | 41.58 Bn | 41.48 Bn | 1.08 Bn | 17.08% |
| 4 | GFL Environmental | 16.22 Bn | 16.21 Bn | 385.80 Mn | -11.00% |
| 5 | Casella Waste Systems | 5.86 Bn | 5.83 Bn | 178.80 Mn | 3.67% |
| 6 | Comstock | 237.73 Mn | 241.05 Mn | -896,073.00 | -9,872.81% |
| 7 | Quest Resource Holding | 29.11 Mn | 28.09 Mn | 10.43 Mn | -15.55% |
| 8 | ReTo Eco-Solutions | 765,104.78 | -5.97 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| 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% |
| Sep 30, 2021 | 17.85% |