Waste Management, Inc. (WM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.98	$2.02	+2.0%	—	—	—
Q4 26	$1.74	$1.81	+4.0%	—	—	—
Q3 26	$1.95	$1.93	-1.0%	—	—	—
Q2 26	$2.01	$1.98	-1.5%	—	—	—
Q1 26	$1.89	$1.92	+1.6%	—	—	—
Q4 25	$1.59	$1.67	+5.0%	—	—	—
Q3 25	$1.8	$1.7	-5.6%	—	—	—
Q2 25	$1.88	$1.96	+4.3%	—	—	—
Q1 25	$1.83	$1.82	-0.5%	—	—	—
Q4 24	$1.5	$1.75	+16.7%	—	—	—
Q3 24	$1.53	$1.74	+13.7%	—	—	—
Q2 24	$1.61	$1.63	+1.2%	—	—	—
Q1 24	$1.54	$1.51	-1.9%	—	—	—
Q4 23	$1.29	$1.31	+1.6%	—	—	—
Q3 23	$1.41	$1.3	-7.8%	—	—	—
Q2 23	$1.52	$1.56	+2.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.72	—	—	$25.2B	—
FY24	—	$6.84	—	—	$22.1B	—
FY23	—	$5.69	—	—	$20.4B	—
FY22	—	$5.42	—	—	$19.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$13.6B	$14.5B	$14.9B	$15.5B	$15.2B	$17.9B	$19.7B	$20.4B	$22.1B	$25.2B
YoY change	+5%	+6.44%	+2.96%	+3.63%	-1.53%	+17.8%	+9.85%	+3.7%	+8.01%	+14.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	13.6B	14.5B	14.9B	15.5B	15.2B	17.9B	19.7B	20.4B	22.1B	25.2B
Cost of revenue	8.5B	9B	9.2B	9.5B	9.3B	11.1B	12.3B	12.6B	13.4B	15B
Gross profit	5.1B	5.5B	5.7B	6B	5.9B	6.8B	7.4B	7.8B	8.7B	10.2B
Gross margin	37.6%	37.7%	38%	38.6%	38.6%	38%	37.6%	38.3%	39.3%	40.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.4B	1.4B	1.4B	1.6B	1.7B	1.8B	1.9B	1.9B	2.2B	2.6B
Operating expenses	1.4B	1.4B	1.4B	1.6B	1.7B	1.8B	1.9B	1.9B	2.2B	2.6B
Operating income	2.4B	2.6B	2.7B	2.8B	2.5B	3B	3.4B	3.8B	4.1B	4.6B
Operating margin	17.7%	18.1%	18.3%	17.8%	16.3%	16.5%	17.4%	18.7%	18.8%	18.3%
Non-operating income, net	-214M	-66M	15M	-238M	-160M	-243M	-132M	-302M	-93M	-269M
Pretax income	1.8B	2.2B	2.4B	2.1B	1.9B	2.3B	2.9B	3B	3.5B	3.4B
Income tax	642M	242M	453M	434M	397M	532M	678M	745M	713M	717M
Net income	1.2B	1.9B	1.9B	1.7B	1.5B	1.8B	2.2B	2.3B	2.7B	2.7B
Net margin	8.67%	13.5%	12.9%	10.8%	9.83%	10.1%	11.4%	11.1%	12.4%	10.7%
EBITDA	3.6B	3.9B	4.2B	4.2B	4.1B	4.9B	5.4B	5.8B	6.4B	7.5B
EPS	2.66	4.44	4.49	3.93	3.54	4.32	5.42	5.69	6.84	6.72
Diluted EPS	2.65	4.41	4.45	3.91	3.52	4.29	5.39	5.66	6.81	6.7

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	5.2B	5.2B	5.2B	5.4B	5.6B	5.9B	6B	6.4B	6.4B	6.3B	6.2B	6.7B
Cost of revenue	3.2B	3.1B	3.1B	3.3B	3.4B	3.6B	3.6B	3.8B	3.8B	3.7B	3.7B	4B
Gross profit	2B	2.1B	2B	2.1B	2.2B	2.3B	2.4B	2.6B	2.6B	2.6B	2.5B	2.7B
Gross margin	38.7%	39.7%	39.1%	39.1%	39.4%	39.7%	39.4%	40.3%	40.5%	41.5%	40.7%	40.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	454M	493M	481M	485M	514M	733M	668M	672M	647M	642M	678M	643M
Operating expenses	454M	493M	481M	485M	514M	733M	668M	672M	647M	642M	717M	682M
Operating income	1B	1B	1B	1.1B	1.1B	941M	1B	1.2B	1.2B	1.2B	1.1B	1.3B
Operating margin	19.6%	19.8%	19.7%	19.8%	20.1%	16%	17.1%	18.5%	18.9%	18.6%	17.5%	19%
Non-operating income, net	-22M	-260M	-15M	-37M	-1M	-40M	-8M	-27M	-216M	-18M	25M	-12M
Pretax income	872M	644M	869M	894M	995M	700M	788M	928M	775M	935M	891M	1B
Income tax	210M	175M	162M	214M	235M	102M	151M	201M	172M	193M	168M	238M
Net income	662M	469M	707M	680M	760M	598M	637M	727M	603M	742M	723M	786M
Net margin	12.7%	8.99%	13.7%	12.6%	13.5%	10.1%	10.6%	11.3%	9.36%	11.8%	11.6%	11.8%
EBITDA	1.5B	1.5B	1.5B	1.6B	1.7B	1.6B	1.7B	1.9B	2B	1.9B	1.8B	2B
EPS	1.64	1.23	1.76	1.7	1.89	1.49	1.58	1.8	1.5	1.84	1.79	1.96
Diluted EPS	1.63	1.22	1.75	1.69	1.88	1.48	1.58	1.8	1.49	1.83	1.79	1.95

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	31.4B	37.9B	38.2B	48.4B	49.9B	70.2B	64.8B	72.5B	81B	88.5B	82.5B
Enterprise value	40.7B	47.3B	48.2B	58.3B	63.1B	83.5B	79.4B	88.3B	104.5B	111.2B	105.5B
Shares outstanding	443.5M	438.8M	429.1M	424.6M	423M	420.4M	412.8M	404.9M	401.5M	402.7M	402.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	26.7	19.4	19.9	29	33.3	38.6	28.9	31.9	29.5	32.7	29.3
P/S	2.31	2.61	2.56	3.13	3.28	3.91	3.29	3.55	3.67	3.51	3.22
P/B	5.91	6.27	6.08	6.84	6.69	9.85	9.43	10.5	9.82	8.86	8.33
EV/EBITDA	11.3	12.1	11.5	13.8	15.5	16.9	14.7	15.1	16.3	14.8	13.6
EV/Sales	2.99	3.27	3.23	3.77	4.15	4.65	4.03	4.32	4.74	4.41	4.11
Earnings yield	3.75%	5.15%	5.04%	3.45%	3%	2.59%	3.46%	3.14%	3.39%	3.06%	3.42%
FCF yield	5.29%	4.41%	4.91%	4.25%	3.55%	3.47%	3.01%	2.52%	2.66%	3.18%	2.85%
PEG	—	—	—	—	—	—	—	—	—	—	3.29

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	37.6%	37.7%	38%	38.6%	38.6%	38%	37.6%	38.3%	39.3%	40.4%	40.8%
Operating margin	17.7%	18.1%	18.3%	17.8%	16.3%	16.5%	17.4%	18.7%	18.8%	18.3%	19%
Net margin	8.67%	13.5%	12.9%	10.8%	9.83%	10.1%	11.4%	11.1%	12.4%	10.7%	11.1%
ROE	22.2%	32.3%	30.6%	23.6%	20.1%	25.5%	32.6%	33%	33.3%	27.1%	29.8%
ROA	5.66%	8.93%	8.49%	6.02%	5.1%	6.24%	7.14%	6.93%	6.16%	5.91%	6.57%
ROIC	10.7%	15%	13.6%	12.9%	9.46%	11.2%	12.2%	12.7%	10.4%	11.1%	11.4%
Return on tangible assets	16.3%	23.7%	22.2%	12.3%	16.1%	19.7%	20.2%	17.8%	29.5%	25.7%	25.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.85	0.83	0.85	1.97	1	0.75	0.81	0.9	0.76	0.89	0.91
Quick ratio	0.82	0.8	0.82	1.94	0.96	0.72	0.77	0.86	0.73	0.85	0.87
Debt / equity	1.75	1.57	1.6	1.91	1.85	1.88	2.18	2.35	2.9	2.29	2.35
Debt / assets	0.45	0.43	0.44	0.49	0.47	0.46	0.48	0.49	0.54	0.5	0.5
Net debt / EBITDA	2.57	2.42	2.39	2.35	3.24	2.7	2.71	2.7	3.66	3.03	2.96
Interest coverage	5.85	7.04	7.35	6.12	5.45	7.44	8.72	7.04	6.78	4.76	5
Effective tax rate	35.2%	11%	19.1%	20.6%	21%	22.6%	23.2%	24.7%	20.6%	20.9%	21.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	30.7	33	34.8	36.4	36	42.7	47.7	50.4	55	62.6	63.8
EPS (basic)	2.66	4.44	4.49	3.93	3.54	4.32	5.42	5.69	6.84	6.72	6.72
EPS (diluted)	2.65	4.41	4.45	3.91	3.52	4.29	5.39	5.66	6.81	6.7	7.07
Book value per share	12	13.8	14.6	16.7	17.6	17	16.6	17	20.6	24.8	24.8
FCF per share	3.75	3.81	4.37	4.84	4.19	5.79	4.72	4.5	5.38	6.99	8.88
Cash per share	0.07	0.05	0.14	8.39	1.31	0.28	0.85	1.13	1.03	0.5	1.39
Capex per share	—	—	—	—	—	—	—	—	—	8.01	7.32

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	12.8%	11.5%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	53.4%	45.2%
Payout ratio	61.5%	38.5%	41.7%	52.4%	62%	53.4%	48.1%	49.9%	44.1%	49.2%	50.1%
Dividend yield	2.31%	1.98%	2.1%	1.81%	1.86%	1.38%	1.66%	1.57%	1.49%	1.51%	1.83%

Yield

1.83%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.945

ex-dividend Sep 11, 2026

Payout ratio

50%

of earnings

Dividend growth

18 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 11, 2026	$0.945
Jun 5, 2026	$0.945
Mar 13, 2026	$0.945

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$5.2B	$5.2B	$5.2B	$5.4B	$5.6B	$5.9B	$6B	$6.4B	$6.4B	$6.3B	$6.2B	$6.7B
YoY change	+2.42%	+5.71%	+5.46%	+5.53%	+7.91%	+13%	+16.7%	+19%	+14.9%	+7.13%	+3.47%	+3.95%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	32M	22M	61M	3.6B	553M	118M	351M	458M	414M	201M
Receivables	1.7B	1.8B	1.9B	1.9B	2.1B	2.3B	2.5B	2.6B	3.3B	3.4B
Inventory	90M	96M	102M	106M	124M	135M	164M	173M	206M	225M
Total current assets	2.4B	2.7B	2.6B	6.2B	3.5B	3.1B	3.6B	3.8B	4.8B	4.9B
Property, plant & equipment	8.3B	8.7B	8.9B	9.7B	10.7B	10.9B	11.9B	12.7B	14.1B	14.7B
Goodwill & intangibles	13.6B	13.6B	14B	14.1B	20B	19.9B	20.3B	20B	35.3B	35.3B
Total assets	20.9B	21.8B	22.6B	27.7B	29.3B	29.1B	31.4B	32.8B	44.6B	45.8B
Accounts payable	799M	1B	1B	1.1B	1.1B	1.4B	1.8B	1.7B	2B	1.9B
Short-term debt	417M	739M	432M	218M	551M	708M	414M	334M	1.4B	711M
Total current liabilities	2.8B	3.3B	3.1B	3.1B	3.6B	4.1B	4.4B	4.2B	6.3B	5.5B
Long-term debt	8.9B	8.8B	9.6B	13.3B	13.3B	12.7B	14.6B	15.9B	22.5B	22.2B
Total liabilities	15.5B	15.8B	16.4B	20.7B	21.9B	22B	24.5B	25.9B	36.3B	35.8B
Shareholders' equity	5.3B	6B	6.3B	7.1B	7.5B	7.1B	6.9B	6.9B	8.3B	10B
Total debt	9.3B	9.5B	10B	13.5B	13.8B	13.4B	15B	16.2B	23.9B	22.9B
Net debt	9.3B	9.5B	10B	9.9B	13.3B	13.3B	14.6B	15.8B	23.5B	22.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	150M	458M	322M	950M	614M	414M	216M	440M	175M	201M	158M	557M
Receivables	2.6B	2.6B	2.5B	2.7B	2.8B	3.3B	3.3B	3.4B	3.4B	3.4B	3.4B	3.5B
Inventory	175M	173M	189M	183M	184M	206M	218M	224M	223M	225M	235M	232M
Total current assets	3.6B	3.8B	3.5B	4.4B	4.3B	4.8B	4.5B	5B	4.8B	4.9B	4.8B	5.4B
Property, plant & equipment	-22.7B	12.7B	-23.1B	-23.3B	-23.6B	14.1B	19.6B	-24.5B	-24.8B	14.7B	-25.5B	-25.4B
Goodwill & intangibles	20.4B	20B	19.9B	20.2B	21.1B	35.3B	35.1B	35.7B	35.5B	35.3B	35.1B	35.3B
Total assets	31.9B	32.8B	32.7B	34B	34.7B	44.6B	44.5B	45.7B	45.6B	45.8B	45.7B	46.4B
Accounts payable	1.7B	1.7B	1.6B	1.8B	1.9B	2B	1.9B	2B	2.1B	1.9B	1.8B	2B
Short-term debt	297M	334M	336M	242M	676M	1.4B	954M	964M	880M	711M	641M	1.1B
Total current liabilities	4.2B	4.2B	3.9B	4.1B	4.8B	6.3B	5.3B	5.8B	5.7B	5.5B	5.1B	5.9B
Long-term debt	15.1B	15.9B	15.8B	16.5B	16B	22.5B	22.9B	23.1B	22.5B	22.2B	22.3B	22.3B
Total liabilities	25B	25.9B	25.6B	26.5B	26.8B	36.3B	35.8B	36.5B	36.1B	35.8B	35.7B	36.5B
Shareholders' equity	7B	6.9B	7.1B	7.5B	8B	8.3B	8.7B	9.2B	9.5B	10B	10B	9.9B
Total debt	15.4B	16.2B	16.1B	16.7B	16.7B	23.9B	23.8B	24B	23.4B	22.9B	22.9B	23.4B
Net debt	15.3B	15.8B	15.8B	16.6B	16B	23.5B	23.6B	23.6B	23.2B	22.7B	22.7B	22.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.2B	1.9B	1.9B	1.7B	1.5B	1.8B	2.2B	2.3B	2.7B	2.7B
Depreciation & amortization	1.3B	1.4B	1.5B	1.6B	1.7B	2B	2B	2.1B	2.3B	2.9B
Stock-based compensation	90M	101M	89M	86M	94M	108M	84M	93M	118M	169M
Change in working capital	-100M	-324M	-232M	-163M	-290M	-80M	-538M	-341M	-312M	-554M
Operating cash flow	2.6B	2.9B	3.4B	3.4B	3.2B	3.9B	4B	4.3B	5.1B	6B
Capital expenditure	—	—	—	—	—	—	—	—	—	-3.2B
Investing cash flow	-590M	-111M	-475M	-558M	-3.2B	10M	-476M	-196M	-7.4B	-3.6B
Dividends paid	-726M	-750M	-802M	-876M	-927M	-970M	-1.1B	-1.1B	-1.2B	-1.3B
Share repurchases	-725M	-750M	-1B	-248M	-402M	-1.4B	-1.5B	-1.3B	-262M	0
Financing cash flow	-1.1B	-1.5B	-1.6B	1.9B	-1.6B	-3B	-1.3B	-1.6B	5.1B	-2.7B
Net change in cash	898M	1.4B	1.3B	4.7B	-1.6B	922M	2.2B	2.5B	2.8B	-257M
Free cash flow	1.7B	1.7B	1.9B	2.1B	1.8B	2.4B	1.9B	1.8B	2.2B	2.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	662M	469M	707M	680M	760M	598M	637M	727M	603M	742M	723M	786M
Depreciation & amortization	519M	526M	514M	543M	558M	652M	656M	708M	729M	770M	696M	738M
Stock-based compensation	24M	22M	30M	27M	27M	34M	51M	41M	43M	34M	52M	46M
Change in working capital	-118M	15M	111M	-285M	-129M	-9M	50M	-354M	-191M	-47M	55M	-271M
Operating cash flow	1.2B	1.1B	1.5B	955M	1.3B	1.4B	1.5B	1.2B	1.6B	1.7B	1.5B	1.7B
Capital expenditure	—	—	—	—	—	—	—	—	-776M	-888M	-650M	-630M
Investing cash flow	5M	-42M	-87M	-937M	301M	-6.6B	2M	-354M	-784M	-867M	-731M	-696M
Dividends paid	-283M	-281M	-307M	-301M	-301M	-301M	-336M	-333M	-332M	-333M	-385M	-379M
Share repurchases	-370M	-312M	-250M	-12M	0	0	0	0	0	0	-344M	-659M
Financing cash flow	-610M	-14M	-769M	269M	-445M	6B	-561M	-270M	-1.1B	-850M	-847M	-637M
Net change in cash	552M	1B	596M	287M	1.2B	768M	929M	554M	-245M	-19M	-77M	393M
Free cash flow	590M	340M	699M	487M	577M	396M	377M	813M	816M	810M	851M	1.1B

Waste Management, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement