Filing Flows › Comparisons › WM vs WCN
Waste Management vs Waste Connections: WM and WCN compared
Waste Management is the larger company: $6.8B of revenue in its latest quarter (Q3 2026) against $2.6B for Waste Connections (Q3 2026). Waste Connections is growing faster (+7% against +6% a year earlier). Waste Connections is more profitable, with an operating margin of 20.5% against 18.7%.
Where the money goes: WM and WCN
Waste Management (WM) · Q3 2026
Waste Management, Q3 2026: revenue $6.8B (+6% year over year), operating margin 18.7%, net earnings $820M, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
Waste Connections (WCN) · Q3 2026
Waste Connections, Q3 2026: revenue $2.6B (+7% year over year), operating margin 20.5%, net earnings $359M, operating cash flow $692M. The chart follows the revenue to costs, profit and cash.
| Waste Management (WM) | Waste Connections (WCN) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $6.8B | $2.6B |
| Revenue growth, Y/Y | +6% | +7% |
| Operating margin | 18.7% | 20.5% |
| Net earnings | $820M | $359M |
| Net margin | 12.0% | 13.6% |
| Operating cash flow | $1.6B | $692M |
| Free cash flow | $983M | $397M |
| Market value | $96.5B | $47.5B |
| P/E | 31.7× | 42.2× |
| Analysts’ mean target | $255.60 | $206.48 |
Where the revenue comes from
Waste Management
- Collection and Disposal: $5.6B (81%)
- Healthcare Solutions: $651M (10%)
- Recycling Processing and Sales: $441M (6%)
- Renewable Energy: $167M (2%)
Waste Connections
- Collection: $1.8B (69%)
- Western: $522M (20%)
- MidSouth: $301M (11%)
Questions
Which is bigger, Waste Management or Waste Connections?
Waste Management is the larger company: $6.8B of revenue in its latest quarter (Q3 2026) against $2.6B for Waste Connections (Q3 2026).
Is Waste Management or Waste Connections growing faster?
Waste Connections is growing faster (+7% against +6% a year earlier).
Which is more profitable, Waste Management or Waste Connections?
Waste Connections is more profitable, with an operating margin of 20.5% against 18.7%.
More: Waste Management earnings · how Waste Management makes money · Waste Connections earnings · how Waste Connections makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Oct 22, 2026). Fiscal quarters can end on different dates. Not investment advice.