| Stage | WM | % of rev | WCN | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $6.8B | 100.00% | $2.6B | 100.00% | WM ×2.60 |
| Gross profit | $2.8B | 40.21% | $1.1B | 43.10% | WCN +2.9pp |
| Operating income | $1.3B | 18.68% | $542M | 20.54% | WCN +1.9pp |
| Pre-tax income | $1.0B | 15.25% | $451M | 17.10% | WCN +1.9pp |
| Net income | $820M | 11.98% | $359M | 13.62% | WCN +1.6pp |
| Stage | WM | WCN | Gap · A − B |
|---|---|---|---|
| Revenue | $6.8B100.00% | $2.6B100.00% | WM ×2.60 |
| Gross profit | 40.21%$2.8B | 43.10%$1.1B | WCN +2.9pp |
| Operating income | 18.68%$1.3B | 20.54%$542M | WCN +1.9pp |
| Pre-tax income | 15.25%$1.0B | 17.10%$451M | WCN +1.9pp |
| Net income |
| 11.98%$820M |
| 13.62%$359M |
| WCN +1.6pp |
WM · CLNE 10-KFeb 24 '26
“As of December 31, 2025, we fuel approximately 16,200 refuse vehicles for customers including Waste Management, Republic Services, Waste Connections, GFL Environmental, Atlas Disposal, Burrtec, CR&R, Recology and Waste Pro, among others.”
WCN · CLNE 10-KFeb 24 '26
“As of December 31, 2025, we fuel approximately 16,200 refuse vehicles for customers including Waste Management, Republic Services, Waste Connections, GFL Environmental, Atlas Disposal, Burrtec, CR&R, Recology and Waste Pro, among others.”