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How Waste Connections (WCN) makes money
Waste Connections (WCN) made $2.6B of revenue in the third quarter 2026 (Q3 2026), +7% from a year earlier. Collection brought in $1.8B (69%); Western brought in $522M (20%); MidSouth brought in $301M (11%). Of every dollar of revenue, 21¢ was left as operating profit, 14¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Collection | $1.8B | 68.8% | +2% | +7% |
| ↳ Southern | $549M | 20.8% | +6% | +13% |
| ↳ Eastern | $451M | 17.1% | +2% | +2% |
| ↳ Central | $436M | 16.5% | +3% | +5% |
| ↳ Canada | $379M | 14.4% | -2% | +8% |
| Western | $522M | 19.8% | +6% | +7% |
| MidSouth | $301M | 11.4% | +1% | +6% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $2.6B | 100.0% |
| Operating profit | $542M | 20.5% |
| Income tax | $91.9M | 3.5% |
| Net earnings | $359M | 13.6% |
| Operating cash flow | $692M | 26.2% |
| Free cash flow | $397M | 15.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $2.6B | +7% |
| Q2 2026 | $2.6B | +6% |
| Q1 2026 | $2.4B | +6% |
| Q4 2025 | $2.4B | +5% |
| Q3 2025 | $2.5B | +5% |
| Q2 2025 | $2.4B | +7% |
| Q1 2025 | $2.2B | +8% |
From Waste Connections' 10-Q filed Oct 22, 2026 (on EDGAR).
Questions
How does Waste Connections make money?
Waste Connections (WCN) made $2.6B of revenue in the third quarter 2026 (Q3 2026), +7% from a year earlier. Collection brought in $1.8B (69%); Western brought in $522M (20%); MidSouth brought in $301M (11%). Of every dollar of revenue, 21¢ was left as operating profit, 14¢ was left as net earnings.
What is Waste Connections' biggest business?
Collection: $1.8B in the third quarter 2026, 69% of revenue, +7% from a year earlier.
What is Waste Connections' profit margin?
Net earnings were $359M, 13.6% of revenue, in the third quarter 2026; the operating margin was 20.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.