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Waste Connections WCN Operating margin

Operating margin at other companies

Waste Management logo
Waste ManagementWM
17.3%-0.4pp
Republic Services logo
Republic ServicesRSG
19.9%-0.3pp
EMCOR Group logo
EMCOR GroupEME
10.1%+0.8pp
Williams Companies logo
Williams CompaniesWMB
34.3%-0.2pp
Texas Pacific Land logo
Texas Pacific LandTPL
74.4%-1.6pp
Enterprise Products Partners logo
Enterprise Products PartnersEPD
14.4%+1.6pp

Other financials

Income statement

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Revenue$2.4B+6.4%
Gross profit$1.0B+7.8%
Operating income$364.1M-6.7%
Net income$219.3M-9.2%
EPS (diluted)$0.86-7.5%

Balance sheet

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Cash & equivalents$112.4M+1.1%
Total debt$9.4B+8.4%
Total assets$21.2B+4.6%

Cash flow

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Operating cash flow$545.6M+0.8%
CapEx$296.6M+39.6%
Free cash flow$249.0M-24.3%

Valuation

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Market cap$39.41B-17.6%
Enterprise value$48.74B-13.8%
P/E37.4×
P/S4.1×-1.2×

Profitability

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Gross margin42.5%+0.5pp
Net margin11%

Returns & leverage

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Return on equity13.4%
Debt / equity1.1×0.0×
Current ratio0.7×0.0×

Where this comes from

Calculated from Waste Connections’s reported figures.

Based on trailing twelve months.

The official record: Waste Connections’s 10-Q, filed April 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Waste Connections's operating margin?
Waste Connections (WCN) reported operating margin of 17.5% in Q1 2026.
What is the long-term trend for Waste Connections's operating margin?
Over 2 years (2021 to 2023), Waste Connections's operating margin has grown at a 7.2% compound annual growth rate (CAGR), from 57.8% to 66.4%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.