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Analyst
Kevin Chiang
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 6).
- Questions
- 19on tracked calls
- Challenge rate
- 0%none of 19 questions
- Companies
- 2questioned at least once
- Reporting periods
- 6with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 19 of 19 questions from 2 companies
RSGRepublic Services11 questions · 6 reporting periods · 0 of 11 challenging
Calendar 2026 Q2
we saw about a 28% incremental margin lift. Is that kind of the right way to think about the back half incremental margins
Show response
CFO confirmed the ~28% incremental is in the expected range given mix, as higher-margin post-collection waste solutions volumes fill field and industrial capacity.
Calendar 2026 Q1
did weather impact ES as well? And maybe if I think of sequential margin performance, if it did, would we expect to see a more outsized margin cadence
Show response
CEO confirmed weather was a factor in ES but not dominant; tough Q2 comp ahead but momentum building with top line and margin expansion expected in back half.
just given where virgin plastic pricing is, just does that impact the economics of the polymer centers or the Blue Polymer JV?
Show response
CEO noted initial headwind from Asian virgin PET flooding US market but Iran war disrupted that supply. Net result: spreads increasing in both polymer centers and Blue Polymer JV.
Calendar 2025 Q4
over the longer term and you're utilizing this technology, so maybe where you think that can go from a cost efficiency perspective
Show response
Jon quantified 9-figure opportunity from AI across routing optimization, call center automation, and pricing intelligence over time.
as we think of that revenue recovering, just how do you think about incremental margins
Show response
Jon expects very attractive incremental margins because labor utilization is below normal, they held headcount during the downturn to be ready for recovery.
Calendar 2025 Q3
Just wondering if there's any residual impact as we think of Q4 into next year related to credits or any type of revenue adjustments
Show response
Brian confirmed the $56M recorded in Q3 captures the full impact, with no residual expected in Q4 or 2026.
It does feel like OEMs are deprioritizing the production of their electrification strategy
Show response
Jon confirmed EV partners and customer demand remain strong. Loss of some federal incentives may slow pace marginally but state/local incentives and customer willingness to pay compensate.
Calendar 2025 Q1
sequential margins move up about two to 300 basis points quarter over quarter from Q1 into the second quarter
Show response
Brian guided to 75-100bps annual ES margin expansion vs 30-50bps in recycling/waste, noting weather impact should normalize going forward.
are you thinking about changing the cadence of how some of the capital comes through to maybe avoid the risk of tariffs
Show response
John noted minimal 2025 tariff impact with mitigation plans including requiring suppliers to specify tariff-related surcharges separately.
Calendar 2024 Q4
are you seeing or are you envisioning downstream impacts? Like, I can imagine your direct employee base isn't impacted
Show response
Jon noted no direct labor force threat from immigration policy; mortgage rates more likely to impact construction end markets than labor supply.
does that change how you think about EV spend? And I know some of these vehicles have gone into California
Show response
Jon confirmed EV deployment unaffected by regulatory changes, driven by customer demand and premium pricing in municipal space.
WMWaste Management8 questions · 5 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
we've seen a little bit of volatility in D3 RIN prices and maybe arguably upside volatility
Show response
Hemmer confirmed the hedging approach is unchanged, with 90% of 2026 volume locked and roughly one-third of 2027 RINs presold.
as you've talked to your customers over the past 90 days, whether you've seen a change in sentiment
Show response
Fish cited roll-off volumes up 50 basis points over the last 4 weeks and special waste up 4.5% as evidence the economy is holding, attributing softness to lost national accounts.
Calendar 2026 Q1
Just wondering what you're seeing the recycled plastics market. I mean virgin plastics gone parabolic here since the onset of the conflict
Show response
Hemmer said recycled plastics pricing starting to creep up from higher virgin prices but emphasized 'creep', not anticipating significant benefit. No change to shuttered facility plans.
Calendar 2025 Q3
I guess, in 2026, you had secured about 30% of the volume at a fixed price. RIN prices have moved up a little bit here in Q4. Just wondering if that ratio has changed
Show response
Tara confirmed 2026 presold up from 30% to 45%. Split roughly half transportation market, half+ voluntary market. 2026 will be the year WM fully allocates fleet to own RNG production. RIN prices for 2026 in $220-$230 range.
how does it compare to solid waste as you've kind of had this under your belt
Show response
Rafa noted deliberate, slower approach to PIs given customer ERP frustration, but long-term 5-6% growth aspiration unchanged. Devina cited secular trends, best-in-class Net Promoter Score, and WM's data-driven pricing approach as confidence drivers.
Calendar 2025 Q1
It looks like health care Stericycle revenue was down year-over-year
Show response
Rafa clarified revenue decline was mostly from Spain/Portugal divestiture. Regulated medical waste stops up 1%, churn stable at 3%. SID volume dipped on event work.
anything specific in the commercial pricing strategy that yielded a relatively better performance on a sequential basis
Show response
Devina attributed industrial softness to temporary roll-off weather impacts and unexpected large national account bankruptcies. March/April trends improving.
Calendar 2024 Q4
Did you disclose the percentage or note the percentage of, I guess, healthcare clients that might use WM today, but not Stericycle or vice versa
Show response
Rafa acknowledged they're still sizing the opportunity but drew parallels to WM's double-digit national accounts growth.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| RSG Republic Services | 11 | 0%none of 11 questions |
| WM Waste Management | 8 | 0%none of 8 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 3 | 0%none of 3 questions | 2 |
| 2025 Q1 | 4 | 0%none of 4 questions | 2 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 4 | 0%none of 4 questions | 2 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 3 | 0%none of 3 questions | 2 |
| 2026 Q2 | 3 | 0%none of 3 questions | 2 |
- 2024 Q43 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q2No questions recorded
- 2025 Q34 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q23 questions · challenge rate 0% (none of 3 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Margin5
- Pricing5
- Revenue Growth4
- Regulation Policy4
- Demand4
- Capex Investment4
- M&A3
- Macroeconomic2
- Labor Market2
- Competitive Dynamics1
Show all 14 topics
- Supply Chain1
- Innovation & R&D1
- Guidance Reliability1
- Trade Tariffs1