Filing Flows › Waste Connections (WCN) › Q3 2026 › vs Q3 2025
Waste Connections (WCN) Q3 2026 vs Q3 2025 (year over year)
Waste Connections's revenue rose $180M (+7%) from $2.5B in Q3 2025 to $2.6B in Q3 2026. The biggest changes: Collection +$126M (+7%); Western +$36.1M (+7%); MidSouth +$17.8M (+6%). Operating margin 20.5% against 17.9% (+2.7 pts).
Waste Connections, Q3 2026: revenue $2.6B (+7% year over year), operating margin 20.5%, net earnings $359M, operating cash flow $692M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 20.5% | 17.9% | +2.7 pts |
| Net margin | 13.6% | 11.6% | +2.0 pts |
| Free cash flow margin | 15.1% | 15.5% | -0.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Southern | $549M | $485M | $63.4M | +13% |
| Eastern | $451M | $441M | $10.5M | +2% |
| Central | $436M | $413M | $22.5M | +5% |
| Canada | $379M | $350M | $29.5M | +8% |
| Collection | $1.8B | $1.7B | $126M | +7% |
| Western | $522M | $486M | $36.1M | +7% |
| MidSouth | $301M | $283M | $17.8M | +6% |
| Revenue | $2.6B | $2.5B | $180M | +7% |
| Operating profit | $542M | $440M | $102M | +23% |
| Costs & expenses | $2.1B | $2.0B | $77.5M | +4% |
| Pre-tax earnings | $451M | $375M | $76.4M | +20% |
| Other expense, net | $90.6M | $64.8M | $25.8M | +40% |
| Cost of revenue | $1.5B | $1.4B | $94.3M | +7% |
| SG&A | $254M | $236M | $17.5M | +7% |
| Other operating costs | $341M | $375M | −$34.2M | -9% |
| Net earnings | $359M | $286M | $73.0M | +25% |
| Income tax | $91.9M | $88.5M | $3.4M | +4% |
| Depreciation & amortization | $339M | $315M | $24.1M | +8% |
| Share-based compensation | $20.3M | $18.5M | $1.8M | +10% |
| Working capital & other | $27.0M | −$57.4M | $84.4M | — |
| Operating cash flow | $692M | $677M | $14.5M | +2% |
| Free cash flow (OCF − capex) | $397M | $380M | $16.9M | +4% |
| Capital expenditures | $295M | $297M | −$2.4M | -0.8% |
Questions
How much did Waste Connections's revenue grow year over year in Q3 2026?
Waste Connections's revenue rose $180M (+7%) from $2.5B in Q3 2025 to $2.6B in Q3 2026.
What drove Waste Connections's revenue change in Q3 2026?
Collection +$126M (+7%); Western +$36.1M (+7%); MidSouth +$17.8M (+6%).