Earnings summaries and quarterly performance for WASTE MANAGEMENT.
Executive leadership at WASTE MANAGEMENT.
James C. Fish, Jr.
Detailed
Chief Executive Officer
CEO
Charles C. Boettcher
Executive Vice President and Chief Legal Officer
Christopher P. DeSantis
Senior Vice President — Operations
David L. Reed
Executive Vice President and Chief Financial Officer
Donald J. Smith
Senior Vice President — Operations
John A. Carroll
Vice President and Chief Accounting Officer
John J. Morris, Jr.
President and Chief Operating Officer
Johnson Varkey
Senior Vice President and Chief Information Officer
Kimberly G. Stith
Senior Vice President and Chief Human Resources Officer
Michael J. Watson
Senior Vice President and Chief Customer Officer
Rafael E. Carrasco
Senior Vice President — Enterprise Strategy and President — WM Healthcare Solutions
Tara J. Hemmer
Senior Vice President and Chief Sustainability Officer
Board of directors at WASTE MANAGEMENT.
Research analysts who have asked questions during WASTE MANAGEMENT earnings calls.
James Schumm
TD Cowen
6 questions for WM
Also covers: CLH, CWST, GFL +5 more
Konark Gupta
Scotiabank
6 questions for WM
Also covers: CAE, CNI, CP +4 more
Noah Kaye
Oppenheimer & Co. Inc.
6 questions for WM
Also covers: AAON, AMRC, BWA +16 more
Toni Kaplan
Morgan Stanley
6 questions for WM
Also covers: ADT, ARMK, BFAM +18 more
Trevor Romeo
William Blair
6 questions for WM
Also covers: AMN, ASGN, CCRN +9 more
Bryan Burgmeier
Citigroup Inc.
5 questions for WM
Also covers: AVY, GFL, OI +4 more
Kevin Chiang
CIBC Capital Markets
5 questions for WM
Also covers: CAE, CP, GFL +4 more
Stephanie Moore
Jefferies
5 questions for WM
Also covers: APG, ARCB, ARMK +30 more
Faiza Alwy
Deutsche Bank
4 questions for WM
Also covers: ABM, ADV, ARMK +16 more
Sabahat Khan
RBC Capital Markets
4 questions for WM
Also covers: ACM, ATS, DOOO +9 more
Tobey Sommer
Truist Securities, Inc.
4 questions for WM
Also covers: AMN, AMTM, ASGN +26 more
Tyler Brown
Raymond James Financial, Inc.
4 questions for WM
Also covers: CLH, CWST, MLM +7 more
David Manthey
Robert W. Baird & Co. Incorporated
3 questions for WM
Also covers: AIT, BECN, BLDR +13 more
Jerry Revich
Goldman Sachs Group Inc.
3 questions for WM
Also covers: AGCO, ALSN, ATMU +28 more
Brian Butler
Stifel, Nicolaus & Company, Incorporated
2 questions for WM
Also covers: CLH, CWST, GEF +8 more
Patrick Brown
Raymond James
2 questions for WM
Also covers: BLX, CLH, CWST +8 more
Rob Wertheimer
Melius Research LLC
2 questions for WM
Also covers: ALSN, AME, CAT +11 more
Tami Zakaria
JPMorgan Chase & Co.
2 questions for WM
Also covers: ADM, AGCO, ALSN +23 more
George Bancroft
Gabelli Funds
1 question for WM
Also covers: CR, DCO, GHM +2 more
Harold Ander
Jefferies
1 question for WM
Shlomo Rosenbaum
Stifel, Nicolaus & Company, Incorporated
1 question for WM
Also covers: ARMK, CCCS, CLVT +15 more
Shlomo Rosenbaum
Stifel Financial Corp.
1 question for WM
Also covers: FDS, NIQ, SPGI
Recent press releases and 8-K filings for WM.
WM announces 14.5% dividend hike and $3 billion buyback for 2026
WM
Dividends
Share Buyback
- WM’s Board approved a 14.5% increase in the 2026 quarterly dividend to $0.945 per share, marking the 23rd consecutive year of dividend growth and raising the annual rate to $3.78.
- The board authorized a $3 billion share repurchase program for 2026, replacing the remaining $1.5 billion authorization from 2023.
- Management plans to return roughly 90% of 2026 free cash flow to shareholders through dividends and buybacks, while targeting $100–$200 million in tuck-in acquisitions.
- WM expects to end 2025 with a leverage ratio of 3.1x after $1 billion of debt reduction, will resume repurchases post-Q4 2025 results, and aims for a 2.5x–3.0x leverage range in 2026.
2 days ago
Waste Management details margin expansion and free cash flow strategy at Goldman Sachs conference
WM
Guidance Update
New Projects/Investments
M&A
- Legacy Waste Management margins are up 300 bps since 2022, driven by technology investments, route optimization, higher-margin renewable natural gas projects and increasing landfill pricing as capacity tightens.
- Collection productivity is improving through dynamic routing and replacing rear loaders (700 homes/day) with automated side loaders (900–1,000 homes/day), with the residential fleet conversion about 70% complete.
- The Stericycle acquisition is on track for $250 million of annual cost synergies (double the original estimate), cutting SG&A from ~25% to ~17% of revenue, with a pathway to mid-20s% margins over the next 2–3 years; billing-related revenue credits will reverse as a 2026 tailwind.
- Sustainability CapEx peaks in 2025 to support landfill gas projects (currently $150–160 million EBITDA, rising to $470–500 million by 2027) and recycling plant rebuilds (29 of 31 complete), enabling free cash flow to ramp to about $3.8 billion in 2026, with balanced allocation including dividends and share buybacks.
Dec 3, 2025, 2:15 PM
WM expands curbside recycling to include to-go cups
WM
New Projects/Investments
- WM now accepts polypropylene plastic and paper to-go cups in curbside recycling across more local programs in the U.S.
- Change targets a Widely Recyclable designation for plastic cups (>60% curbside coverage) and a Check Locally designation for paper cups (≥20% community acceptance) from How2Recycle
- WM is investing $1.4 billion in new recycling infrastructure across North America to boost processing capacity for these materials
- Partnerships with Starbucks, The Recycling Partnership, How2Recycle, NextGen Consortium, municipalities and the National League of Cities support guideline updates and awareness efforts
Nov 12, 2025, 2:00 PM
Waste Management outlines growth and integration strategy at Baird Global Industrial Conference
WM
M&A
New Projects/Investments
- WM operates about 15,000 collection vehicles, 262 landfills, 350 transfer facilities, and serves over 20 million customers (16 million residential) following last year’s Stericycle acquisition.
- In Q3, collection and disposal margins hit a record 38.4%, legacy business margins were 32%, and overall margins exceeded 30%; the company targets 5–7% annual EBITDA growth with 50 bps margin improvement and $100–200 million of M&A per year.
- Synergies from the Stericycle deal have been increased from $125 million to $300 million by end-2027, with ERP stabilization expected by mid-2026 under WM’s operational model.
- The WM Healthcare segment has an addressable cross-sell market of over $2 billion, and SG&A has been reduced from the upper 20s % of revenue to 19%, reflecting secular growth outpacing core MSW collection.
- Sustainability investments include roughly $1.5 billion in recycling automation and completion of 20 RNG plants on schedule; from 2026, WM plans to shift toward a harvesting cycle with $400 million+ in capital deployment aimed at returning cash to shareholders.
Nov 11, 2025, 4:15 PM
Waste Management reports Q3 2025 results
WM
Earnings
Guidance Update
CFO Change
- Third-quarter operating EBITDA rose over 15%, and free cash flow grew nearly 33%, driven by collection and disposal growth with MSW up 5% and special waste volumes up 5.5% year-over-year.
- WM raised its full-year operating EBITDA margin guidance to 29.6%–30.2%, reflecting continued execution and expected strong Q4 performance.
- The integration of WM Healthcare Solutions into its 16-area structure is delivering cross-selling gains, highlighted by one hospital customer increasing annual spend by over $5 million.
- Sustainability segments performed strongly: recycling EBITDA increased 18% despite a 35% drop in recycled commodity prices, and renewable natural gas contributions rose on new facilities.
- For 2026, WM anticipates free cash flow approaching $3.8 billion, benefiting from reduced capital spending post-investments and synergy carryover.
Oct 28, 2025, 2:00 PM
Waste Management reports Q3 2025 results
WM
Earnings
Guidance Update
CFO Change
- Q3 operating EBITDA margin of 30.6% (legacy business at 32%) delivered record quarterly profitability, with operating EBITDA up >15% YoY, powered by MSW volume +5% and special waste +5.5%.
- Through first nine months of 2025, generated $4.35 billion in cash from operations (+12%), spent $2.34 billion on capital investments, and produced $2.11 billion in free cash flow (+13.5%) with a Q3 FCF conversion rate of ~42%.
- Full-year 2025 revenue now expected at the low end of guidance, while margin forecast increased to 29.6%–30.2%; 2026 free cash flow projected at $3.8 billion and leverage stood at 3.3×, targeting 2.5–3× by mid-2026.
- WM Healthcare Solutions has been fully integrated into the company’s 16-area structure; segment margins have improved to 17.5%, with synergy capture exceeding initial expectations despite moderating revenue growth due to customer credits and deferred price increases.
- CFO Devina Rankin is retiring after 23 years, marking a forthcoming management change.
Oct 28, 2025, 2:00 PM
Waste Management reports Q3 2025 earnings
WM
Earnings
Guidance Update
- 3Q operating EBITDA rose over 15%; margin reached 30.6% (legacy 32%), and free cash flow grew nearly 33%, with 42% FCF conversion.
- Core collection & disposal drove growth: segment EBITDA margin hit a record 38.4%, core price +6%, yield 3.8%, while volumes climbed (MSW +5%, special waste +5.5%, industrial +1.2%).
- WM Healthcare Solutions integration is on track: synergies exceeded targets, segment margin improved to 17.5%, with ERP-related customer credits and deferred price increases expected to stabilize in 2026.
- Sustainability businesses showed resilience: recycling EBITDA rose 18% amid a 35% drop in commodity prices; RNG production doubled YTD with 2026 RINs priced at $220–$230, and 2026 free cash flow is guided near $3.8 billion.
Oct 28, 2025, 2:00 PM
Waste Management announces Q3 2025 earnings
WM
Earnings
Guidance Update
- Waste Management’s Q3 2025 revenue was $6.443 billion, up 14.9% year-over-year; adjusted operating EBITDA was $1.970 billion with a 30.6% margin.
- Reported net income was $603 million; diluted EPS was $1.49, and adjusted EPS was $1.98.
- In the quarter, the company generated $1.592 billion in operating cash flow and $821 million in free cash flow.
- Waste Management reaffirmed its 2025 guidance: adjusted operating EBITDA of $7.475–7.625 billion, free cash flow of $2.8–2.9 billion, and total revenue of $25.275 billion.
Oct 27, 2025, 8:40 PM
Waste Management announces Q3 2025 earnings
WM
Earnings
Guidance Update
New Projects/Investments
- WM reported Q3 revenue of $6.44 B, up 14.9% Y/Y, and adjusted operating EBITDA of $1.97 B, compared to $1.71 B in Q3 2024, yielding a 30.6% margin .
- Collection & Disposal segment achieved a record 38.4% adjusted operating EBITDA margin, driven by disciplined pricing and technology enhancements.
- Completed four sustainability growth projects—two renewable natural gas facilities and two recycling initiatives—bringing RNG projects to 10/20 and recycling projects to 31/39 of their original plans.
- Reaffirmed full-year 2025 guidance: $7.475–7.625 B adjusted operating EBITDA, $2.8–2.9 B free cash flow, approx. $25.275 B revenue, and raised margin outlook to 29.6–30.2%.
Oct 27, 2025, 8:30 PM
Waste Management reports strong quarter and endorses long-term hold thesis
WM
Earnings
Guidance Update
- WM delivered a healthy top- and bottom-line beat, driving the stock up over 3% on the quarter’s results.
- CEO Jim Fish labeled WM a “forever stock”, emphasizing consistent performance year in, year out and a buy-and-hold strategy.
- The Stericycle acquisition boosted healthcare solutions EBITDA margins by 170 bps, while core pricing and cost controls further lifted overall gross margins.
- Commercial and industrial segments—especially construction & demolition—have improved sequentially for four consecutive quarters, with June the strongest month in Q2, indicating economic resilience.
- Industry-wide landfill airspace is declining over the next 15 years, but WM holds the best-located sites in 9 of the 10 largest U.S. MSAs with longer remaining lives, providing a strategic advantage.
Jul 30, 2025, 12:00 AM
Quarterly earnings call transcripts for WASTE MANAGEMENT.
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