)
Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Waste Management
Waste Management (WM) investor relations material
Waste Management Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Delivered record 2025 results with best-ever operating leverage and margin expansion, driven by disciplined pricing, cost efficiencies, and strategic investments in sustainability, technology, automation, and Healthcare Solutions.
Achieved double-digit growth in cash flow from operations and nearly 27% growth in free cash flow year-over-year.
Integration of Healthcare Solutions progressed, with improved customer service metrics and significant SG&A and operating cost reductions.
Sustainability businesses expanded, commissioning 7 new RNG facilities and automating 5 recycling centers, driving 22% EBITDA growth in Recycling despite lower commodity prices.
Achieved record operating expenses as a percentage of revenue for both Q4 and full year 2025, driving best-ever adjusted operating EBITDA margin above 30%.
Financial highlights
Revenue for 2025 was $25.2B, up 14.2% year-over-year; Q4 revenue was $6.3B, up 7.1%.
Operating EBITDA margin expanded 40 basis points to 30.1% for 2025, overcoming a 140 basis point headwind from Healthcare Solutions acquisition and tax credit expiration.
Cash flow from operations grew over 12% to $6.04 billion; free cash flow increased nearly 27% to $2.94 billion.
Net income for 2025 was $2.71B; adjusted net income was $3.03B. Diluted EPS was $6.70; adjusted diluted EPS was $7.50.
Spent just under $2.6 billion on capital and $633 million on sustainability growth investments; paid $1.3 billion in dividends and reduced debt by $1 billion.
Outlook and guidance
2026 revenue projected at $26.4–$26.6B, up 5.2% at midpoint.
Operating EBITDA of $8.15–$8.25 billion expected, excluding $150 million accretion expense for comparability.
Free cash flow guidance for 2026 is $3.75–$3.85B, nearly 30% growth at midpoint, with EBITDA to free cash flow conversion above 46%.
Board approved a 14.5% increase in quarterly dividend to $3.78 per share and a new $3 billion share repurchase program for 2026.
Plan to return ~$3.5 billion to shareholders in 2026, over 90% of expected free cash flow.
Assess 2027 sustainability project run-rate contributions
What is the timeline for Healthcare Solutions SG&A alignment?
What is the impact of accretion expense reclassification?
Healthcare Solutions SG&A target timeline
2026 sustainability EBITDA growth drivers
Macro outlook: industrial/residential volume trends
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Latest summaries
- TimeTickerHeadlineOpen
- 323410
Strong growth in customers, profits, and deposits, with stable asset quality and global milestones. - 3407
Net income rose 22.7% year-over-year, with improved financials and a revised upward forecast. - RYM
Refreshed strategy targets NZD 150m cash flow uplift, NZD 500m cash release, and resumed dividends by FY 2028. - 9101
Profits fell across most segments, but energy shipping and a major acquisition stood out. - 4626
Double-digit profit and sales growth, with strong segment results and a stock split impact. - 2371
Revenue up 21.5% YoY, but profit down on higher investments; LiPLUS Holdings acquired. - 3401
Major impairments and divestitures led to a net loss and lower revenue across all segments. - 8002
Profit forecast raised to ¥540.0B and annual dividend to ¥107.50 per share after strong results. - COF
Profit rebounded, NTA and occupancy rose, with strong leasing and premium divestment. - NUF
Statutory loss reported, seeds business repositioned, new CEO appointed, all resolutions passed.
Next Waste Management earnings date
Q1 202628 Apr, 2026
Waste Management
Next Waste Management earnings date
Q1 202628 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Managing Waste
Waste Management, doing business under the name WM, is one of North America's leading waste disposal and environmental services companies.. Founded in 1968 and headquartered in Houston, Texas, the company has an expansive operational footprint spanning the United States and Canada and provides an array of services throughout the entire process of collecting processing waste and recycling what can be recycled. To achieve this, WM operates a vast network of collection operations, transfer stations, landfills, recycling facilities, and waste-to-energy plants.
History and Expansion
WM is a leading provider of comprehensive waste management solutions in North America. Originating from a single landfill in Chicago, the company quickly expanded, capitalizing on the growing demand for waste disposal across the country. Over the decades, Waste Management evolved, acquiring smaller companies within the industry and diversifying its services to go beyond just the collection and disposal of waste. This strategy not only expanded its footprint in the US and into Canada but also facilitated the introduction of innovative waste solutions. The company's green initiatives gained traction in the late 20th century, emphasizing recycling and renewable energy projects.
All-encompassing Solutions
One of its primary functions is garbage collection, serving millions of customers across residential, commercial, and industrial sectors. This involves regular pick-up schedules, specialized collections, and tailored services for larger commercial entities. Apart from collection, the company manages landfills, which are essential for the safe and efficient disposal of waste. To complement these, WM also runs transfer stations that handle the sorting and movement of waste from collection vehicles to final disposal sites or recycling centers. Additionally, the company has ventures in waste-to-energy and recycling plants, turning refuse into a source of energy. Some publicly traded companies that operate within the same field as WM includes names such as Republic Services, Waste Connection, and Kollect on Demand.
Green Management
WM has been placing a significant emphasis on green initiatives in recent years. Recycling stands at the forefront of these efforts with the company operating numerous facilities that process recyclables, turning them into resources for industries and reducing landfill dependency. Besides traditional recyclables, it operates organic recycling for items like food and yard waste. Additionally, the company's landfill gas-to-energy ventures capture methane—a potent greenhouse gas—from landfills, transforming it into a clean energy source.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage