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Waste Connections (WCN) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 22, 2026 · Waste Connections (WCN) Q3 2026 earnings results →

Q3 2026 Revenue up 7% year over year to $2.6B · 14¢ of every $1 of revenue kept as net profit · operating margin 20.5%

Waste Connections made $2.6B in Q3 2026 (+7% Y/Y): Collection $1.8B, Western $522M, MidSouth $301M. Operating margin 20.5%, net earnings $359M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 22, 2026.

Revenue$2.6B
Year over year+7%
Operating margin20.5%
Net earnings$359M
Operating cash flow$692M

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Waste Connections Q3 2026 revenue breakdown: Sankey diagram of revenue (Collection, Western, MidSouth), costs, profit and cash flow
Waste Connections Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.6B in Q3 2026, up 7% year over year and up 3% from the previous quarter. Southern was the largest line at 21% of revenue. Southern added $0.06B year over year (up 13%), 35% of the total change.

Operating profit was $0.54B, a 20.5% margin (up 2.7 points year over year). Of the extra revenue versus Q3 2025, 57% reached operating profit, above the 18% margin then. Total costs grew 4% against revenue growth of 7%. Net earnings were $0.36B, up 25% year over year. The effective tax rate was 20.4%.

Operating cash flow was $0.69B (up 2% year over year), 193% of net earnings. Non-cash charges added back $0.34B of depreciation and amortization and $0.02B of share-based compensation. Capital expenditures of $0.29B left free cash flow of $0.40B.

Quarterly history

Waste Connections revenue by quarterWaste Connections revenue by quarter$2.2BQ1 2025$2.4BQ2 2025$2.5BQ3 2025$2.4BQ4 2025$2.4BQ1 2026$2.6BQ2 2026$2.6BQ3 2026
Waste Connections net earnings by quarterWaste Connections net earnings by quarter$242MQ1 2025$290MQ2 2025$286MQ3 2025$258MQ4 2025$219MQ1 2026$296MQ2 2026$359MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 22, 2026$2.6B+7%20.5%$359M$692M
Q2 202610-QJul 23, 2026$2.6B+6%17.1%$296M$733M
Q1 202610-QApr 23, 2026$2.4B+6%15.4%$219M$546M
Q4 202510-KFeb 12, 2026$2.4B+5%17.7%$258M$557M
Q3 202510-QOct 22, 2025$2.5B+5%17.9%$286M$677M
Q2 202510-QJul 24, 2025$2.4B+7%19.1%$290M$638M
Q1 202510-QApr 24, 2025$2.2B+8%17.5%$242M$542M

Charts

Waste Connections: revenue growth, year over year and quarter over quarterWaste Connections: revenue growth, year over year and quarter over quarterY/YQ/Q+8%Q1 2025+7%+8%Q2 2025+5%+2%Q3 2025+5%-3%Q4 2025+6%0%Q1 2026+6%+8%Q2 2026+7%+3%Q3 2026
Latest (Q3 2026): Y/Y +7%, Q/Q +3%.
Waste Connections: where the cash came from (+) and went (−), TTM to Q3 2026Waste Connections: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$2.5BCapital spending−$1.3BBuybacks−$1.0BNet borrowing (+) / repaid (−)$777MAcquisitions−$559MDividends−$355MOther investing−$70.1MTaxes on employees’ shares−$29.8MOther financing−$26.2MCash drawn (+) / kept (−)$11.8MAsset & business sales$6.4MShares issued$6.3M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Waste Connections: profit against cash, quarter by quarterWaste Connections: profit against cash, quarter by quarterNet incomeOperating cash flow−$196M$569MQ4 2024$242M$542MQ1 2025$290M$638MQ2 2025$286M$677MQ3 2025$258M$557MQ4 2025$219M$546MQ1 2026$296M$733MQ2 2026$359M$692MQ3 2026
Latest (Q3 2026): Net income $359M, Operating cash flow $692M.
Waste Connections: diluted shares by fiscal yearWaste Connections: diluted shares by fiscal year264MFY2020262MFY2021258MFY2022258MFY2023259MFY2024258MFY2025
-2.2% since FY2020: buybacks shrank the count.
Waste Connections: long-term debt falling due (FY2025)Waste Connections: long-term debt falling due (FY2025)$8.7M2026$7.6M2027$506M2028$3.3B2029$604M2030$4.5BLater
Cash $46.0M, short-term investments —, long-term debt — at 2025-12-31.
Waste Connections in its industry: growth against margin (11 companies, SIC 4953)Waste Connections in its industry: growth against margin (11 companies, SIC 4953)revenue growth, year over year →↑ operating marginmedian +6%median 7%WMRSGCWSTNVRIQRHCVIVKAWXRENXDBHLSNRGWCN (+7%, 20%)
Refuse Systems; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Waste Connections

This Annual Report on Form 10-K contains forward-looking statements based on expectations, estimates, and projections as of the date of this filing. Actual results may differ materially from those expressed in forward-looking statements. See Item 7 of Part II – “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” All references to “dollars” or “$” used herein refer to U.S. dollars, and all references to “CAD $” used herein refer to Canadian dollars, unless otherwise stated. Waste Connections, Inc. is the third largest solid waste services company in North America, providing non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation, in 46 states in the U.S. and six provinces in Canada.

In its own words, from its 10-K, filed Feb 12, 2026.

Waste Connections against its Refuse Systems peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +7%. Operating margin: 20.5% against the peers' median 7.2%.

CompanyQuarterRevenueY/YOp. margin
WCN Waste ConnectionsQ3 2026$2.6B+7%20.5%
WM Waste ManagementQ3 2026$6.8B+6%18.7%
RSG Republic ServicesQ3 2026$5.2B+8%17.7%
CWST Casella Waste SystemsQ2 2026$544M+17%3.7%
NVRI EnviriQ3 2026$325M+0.1%7.2%
QRHC Quest Resource HoldingQ3 2026$63.8M+0.7%2.7%
VIVK VivakorQ2 2026$32.1M+10%0.5%
AWX Avalon HoldingsQ3 2026$24.3M-6%13.0%
RENX RenX EnterprisesQ2 2026$4.3M+203%-70.4%

Source: Waste Connections 10-Q on SEC EDGAR · CIK 1318220 · Refuse Systems

Guidance and outlook

Waste Connections Revenue: guidance against what was reportedWaste Connections Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$8.9BFY2025$9.5BFY2026
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns WCN and who is buying

Largest holders of WCN (13F)Largest holders of WCN (13F)Vanguard Group$5.5BVanguard Capital Management LLC$2.6BRoyal Bank of Canada$2.2BVanguard Portfolio Management LLC$1.9BBank of Montreal$1.4B1832 Asset Management L.P.$1.2BBlackRock$1.1BFMR LLC$890MCapital International Investors$764MMackenzie Financial$732M
Funds' net buying of WCN by quarter (13F)Funds' net buying of WCN by quarter (13F)−$306M2024-09−$404M2024-12−$1.8B2025-03$1.9B2025-06−$2.7B2025-09$347M2025-12$257M2026-03−$368M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on WCN

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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