Filing Flows › Waste Connections (WCN) › Q1 2026
Waste Connections (WCN) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 23, 2026
Waste Connections (WCN) reported revenue of $2.4B for the first quarter 2026 (Q1 2026), +6% from a year earlier and -0.1% from the quarter before. Operating margin was 15.4%, net earnings $219M (9.3% of revenue).
Waste Connections, Q1 2026: revenue $2.4B (+6% year over year), operating margin 15.4%, net earnings $219M, operating cash flow $546M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | -0.1% | +6% |
| Operating profit | $364M | -13% | -7% |
| Net earnings | $219M | -15% | -9% |
| Operating cash flow | $546M | -2% | +0.7% |
| Free cash flow | $249M | +44% | -24% |
What changed
Revenue was $2.4B in Q1 2026, up 6% year over year and roughly flat from the previous quarter. Southern was the largest line at 21% of revenue. Canada added $0.04B year over year (up 14%), 30% of the total change.
Operating profit was $0.36B, a 15.4% margin (down 2.2 points year over year). Operating profit fell $0.03B even though revenue rose $0.14B versus Q1 2025, so costs grew faster than sales. Total costs grew 9% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+33%). Net earnings were $0.22B, down 9% year over year. The effective tax rate was 22.6%.
Operating cash flow was $0.55B (up 1% year over year), 249% of net earnings. Non-cash charges added back $0.31B of depreciation and amortization and $0.02B of share-based compensation. Capital expenditures of $0.30B left free cash flow of $0.25B.
Questions
What was Waste Connections' revenue in the first quarter 2026?
Waste Connections (WCN) reported revenue of $2.4B for the first quarter 2026 (Q1 2026), +6% from a year earlier and -0.1% from the quarter before.
Was Waste Connections profitable in the first quarter 2026?
Operating profit was $364M (15.4% of revenue) and net earnings $219M.
Source: Waste Connections 10-Q on SEC EDGAR.