Earnings summaries and quarterly performance for WASTE MANAGEMENT.
Executive leadership at WASTE MANAGEMENT.
James C. Fish, Jr.
Detailed
Chief Executive Officer
CEO
CC
Charles C. Boettcher
Executive Vice President and Chief Legal Officer
CP
Christopher P. DeSantis
Senior Vice President — Operations
DL
David L. Reed
Executive Vice President and Chief Financial Officer
DJ
Donald J. Smith
Senior Vice President — Operations
JA
John A. Carroll
Vice President and Chief Accounting Officer
JJ
John J. Morris, Jr.
President and Chief Operating Officer
JV
Johnson Varkey
Senior Vice President and Chief Information Officer
KG
Kimberly G. Stith
Senior Vice President and Chief Human Resources Officer
MJ
Michael J. Watson
Senior Vice President and Chief Customer Officer
RE
Rafael E. Carrasco
Senior Vice President — Enterprise Strategy and President — WM Healthcare Solutions
TJ
Tara J. Hemmer
Senior Vice President and Chief Sustainability Officer
Board of directors at WASTE MANAGEMENT.
AR
Andrés R. Gluski
Detailed
Director
BE
Bruce E. Chinn
Detailed
Director
KM
Kathleen M. Mazzarella
Detailed
Non-Executive Chair of the Board
MT
Maryrose T. Sylvester
Detailed
Director
SE
Sean E. Menke
Detailed
Director
TL
Thomas L. Bené
Detailed
Director
VM
Victoria M. Holt
Detailed
Director
WB
William B. Plummer
Detailed
Director
Research analysts who have asked questions during WASTE MANAGEMENT earnings calls.
JS
James Schumm
TD Cowen
8 questions for WM
Also covers: CLH, CWST, GFL +5 more
KG
Konark Gupta
Scotiabank
8 questions for WM
Also covers: CAE, CNI, CP +4 more
Noah Kaye
Oppenheimer & Co. Inc.
8 questions for WM
Also covers: AAON, AMRC, BWA +16 more
TK
Toni Kaplan
Morgan Stanley
8 questions for WM
Also covers: ADT, ARMK, BFAM +18 more
Trevor Romeo
William Blair
8 questions for WM
Also covers: AMN, ASGN, CCRN +9 more
Bryan Burgmeier
Citigroup Inc.
7 questions for WM
Also covers: AVY, GFL, OI +4 more
KC
Kevin Chiang
CIBC Capital Markets
7 questions for WM
Also covers: CAE, CNI, CP +5 more
Stephanie Moore
Jefferies
7 questions for WM
Also covers: APG, ARCB, ARMK +30 more
Faiza Alwy
Deutsche Bank
6 questions for WM
Also covers: ABM, ADV, ARMK +16 more
Sabahat Khan
RBC Capital Markets
6 questions for WM
Also covers: ACM, ATS, DOOO +9 more
Tobey Sommer
Truist Securities, Inc.
6 questions for WM
Also covers: AMN, AMTM, ASGN +26 more
Tyler Brown
Raymond James Financial, Inc.
6 questions for WM
Also covers: CLH, CWST, MLM +7 more
JR
Jerry Revich
Goldman Sachs Group Inc.
5 questions for WM
Also covers: AGCO, ALSN, ATMU +28 more
TZ
Tami Zakaria
JPMorgan Chase & Co.
4 questions for WM
Also covers: ADM, AGCO, ALSN +23 more
David Manthey
Robert W. Baird & Co. Incorporated
3 questions for WM
Also covers: AIT, BECN, BLDR +13 more
SR
Shlomo Rosenbaum
Stifel, Nicolaus & Company, Incorporated
3 questions for WM
Also covers: ARMK, CCCS, CLVT +15 more
AB
Adam Bubes
Goldman Sachs Group, Inc.
2 questions for WM
Also covers: ACM, CAMP, CLH +8 more
BB
Brian Butler
Stifel, Nicolaus & Company, Incorporated
2 questions for WM
Also covers: CLH, CWST, GEF +8 more
PB
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
SW
Seth Weber
Wells Fargo
2 questions for WM
Also covers: HEES
GB
George Bancroft
Gabelli Funds
1 question for WM
Also covers: CR, DCO, GHM +2 more
HA
Harold Ander
Jefferies
1 question for WM
SR
Shlomo Rosenbaum
Stifel Financial Corp.
1 question for WM
Also covers: FDS, NIQ, SPGI
WG
William Griffin
Barclays
1 question for WM
Ww
William with Barclays
Barclays
1 question for WM
Recent press releases and 8-K filings for WM.
Waste Management reports Q4 2025 earnings and issues 2026 guidance
WM
Earnings
Guidance Update
Share Buyback
- Full-year operating expenses fell to 59.5% of revenue, the first time below 60%, with each quarter improving sequentially in 2025.
- Legacy Operating EBITDA margin expanded 150 bps, cash flow from operations grew over 12% to $6.04 billion, and free cash flow rose nearly 27% to $2.94 billion in 2025.
- 2026 guidance calls for Operating EBITDA growth of 6.2% at midpoint (7.4% normalized), free cash flow up nearly 30%, a 14.5% dividend increase, and a new $3 billion share repurchase program.
- Sustainability investments accelerated: commissioned 7 renewable natural gas facilities, upgraded 5 recycling plants, and Recycling segment EBITDA grew over 22% despite ~20% lower commodity prices.
6 days ago
WM reports Q4 2025 results
WM
Earnings
Guidance Update
Share Buyback
- Operating EBITDA in Q4 grew >8% year-over-year in the collection & disposal segment, with margin up 160 bps and operating expenses down to 58.5% of revenue; full-year opex fell to 59.5%, the first sub-60% annual result in company history.
- Full-year Operating EBITDA margin expanded 40 bps to 30.1%, overcoming a 140 bps headwind from the Healthcare Solutions acquisition and alternative fuel tax credit expiry; the legacy business delivered 180 bps of margin expansion when normalized.
- 2026 guidance calls for 6.2% Operating EBITDA growth at midpoint (7.4% excluding wildfire cleanup volumes), free cash flow up ~30%, and the board approved a 14.5% dividend increase alongside a $3 billion share repurchase program.
- Sustainability investments commissioned 7 new renewable natural gas facilities and upgraded 5 recycling plants, helping the recycling segment deliver 22% EBITDA growth despite ~20% lower commodity prices.
- Healthcare Solutions integration is ahead of plan, with cross-sell synergies exceeding $50 million and SG&A reduced from 11% to 10.3% of revenue, targeting sub-10% by year-end.
6 days ago
Waste Management reports Q4 2025 results and 2026 guidance
WM
Earnings
Guidance Update
Dividends
- Operating EBITDA margin expanded to 30.1% for 2025 (up 40 bp Y/Y), driving 12% growth in cash flow from operations to $6.04 B and a 27% jump in free cash flow to $2.94 B.
- 2026 guidance calls for Operating EBITDA of $8.15 B–$8.25 B (+6.2% midpoint, excl. $150 M accretion expense), free cash flow growth of nearly 30%, a 14.5% dividend increase, and a $3 B share repurchase program.
- Healthcare Solutions integration continues: Q4 SG&A improved to 20.8% of revenue (–350 bp Y/Y), and 2026 pricing set at 4.2% (top-line growth 3%) with cross-sell synergies on track.
- Sustainability investments drove 22% Recycling Operating EBITDA growth despite ~20% lower commodity prices; commissioned 7 RNG facilities, upgraded 5 recycling plants, and added facilities in 4 new markets in 2025.
6 days ago
Waste Management announces Q4 2025 earnings
WM
Earnings
Guidance Update
Share Buyback
- Revenue reached $6.31 B in Q4 (+7.1% YoY) and $25.20 B for FY 2025 (+14.2%).
- Operating EBITDA was $1.925 B in Q4 (margin 30.5%, adj. 31.3%) and FY adj. margin of 30.1%, a full-year record.
- Net income of $742 M in Q4 (adj. $780 M; EPS $1.83, adj. $1.93) and $2.71 B for FY 2025 (adj. $3.03 B; EPS $6.70, adj. $7.50).
- Net cash from operations increased 12.1% to $6.04 B, yielding $2.94 B of free cash flow (+26.8%) in 2025.
- 2026 guidance: revenue $26.425–26.625 B (+5.2%), adj. EBITDA $8.15–8.25 B (+6.2%), free cash flow $3.75–3.85 B (+29.4%), return of ~$3.5 B to shareholders and leverage target 2.5–3.0×.
6 days ago
Waste Management announces Q4 and full-year 2025 results
WM
Earnings
Guidance Update
- Q4 revenue of $6.31 billion and full-year revenue of $25.20 billion.
- Q4 adjusted operating EBITDA of $1.97 billion at 31.3% margin and full-year adjusted operating EBITDA of $7.58 billion at 30.1% margin, both company records.
- Operating cash flow grew 12.1% to $6.04 billion, and free cash flow rose 26.8% to $2.94 billion in 2025.
- 2026 guidance forecasts $26.425 billion–$26.625 billion in revenue, $8.15 billion–$8.25 billion in adjusted operating EBITDA, and $3.75 billion–$3.85 billion in free cash flow.
6 days ago
Waste Management Misses Q4 EPS, Guides 2026
WM
Earnings
Guidance Update
- Q4 adjusted non-GAAP EPS was $1.93, missing consensus by $0.02, and revenue rose 7.1% y/y to $6.31 billion, but fell short of forecasts
- GAAP net income increased to $742 million ($1.83/share) from $598 million ($1.48/share) a year earlier
- 2026 guidance: full-year revenue pegged at $26.43–26.63 billion (midpoint $26.53 billion) and adjusted EBITDA near $8.2 billion
- Margin expansions: operating margin at 18.3% (vs 15.6%) and free-cash-flow margin at 16.1% (vs 6.7%)
- Leverage and valuation metrics show debt/equity ~2.45, P/E in mid-30s, and an Altman Z-Score in the “grey” zone; shares dipped ~2% in extended trading despite YTD outperformance
7 days ago
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.
Dec 15, 2025, 9:15 PM
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
Quarterly earnings call transcripts for WASTE MANAGEMENT.
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