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Waste Management (WM) stock

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NYSE: WM NYSE Environmental & Facilities Services Next results ~January 27, 2027

C+ Fundamentals grade

Waste Management is a US-listed company in the environmental & facilities services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$96

Cash-flow model

Base case. Range ~$57–$150 across our lower- and higher-growth cases (2.1%–12.1% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 60% below it.

Price used: $237.71, November 2, 2026

Waste Management valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Waste Management files

10-Q filed October 28: Waste Management

Revenue for the twelve months to September 2026 was $26.1bn, up 5.2% on a year earlier, slower than the 7.2% growth a quarter earlier. Free-cash-flow margin rose to 14.3% from 9.7% a year earlier. Its fundamentals grade moves from C to C+. Our model value is little changed at $95.01 a share, against a share price of $238. The rating stays Sell. At that price, our model says the market is pricing in about 18.0% a year of cash-flow growth for five years, faster than the 7.8% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Waste Management

Waste Management generated $26.1bn of revenue in the twelve months to June 2026, a gain of 5.2% on the year before and a step down from the 7.2% pace recorded a quarter earlier. Free-cash-flow margin, by contrast, climbed to 14.3% from 9.7% a year earlier. Little has moved in our model value, which sits at $94.48 a share against a market price of $236. Sell remains our rating. At the current price, the market appears to be pricing in cash-flow growth of roughly 18.8% a year for the next five years, well ahead of the 7.8% a year revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Waste Management stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $25.7bn, up 7.2% on a year earlier, slower than 10.9% a quarter earlier. Free-cash-flow margin rose to 13.9% from 9.0% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 2 financial-health checks. Our cash-flow model value is $157 a share, against a share price of $230. At that price, our model says the market is pricing in about 14.9% a year of cash-flow growth for five years, faster than the 7.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Waste Management's trailing-twelve-month revenue grew 5.2% year on year, with a free-cash-flow margin of 14.3%. Where it stands out: operating margin of 18.4% ranks 2 of 16 environmental & facilities services companies we cover. Where it lags: long-term debt as % of assets of 47.0% ranks 15 of 15 environmental & facilities services companies we cover.

Our discounted-cash-flow model values the business at ~$96 per share in the base case (~$57–$150 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 55.7% while net income grew 19.7%: a 36pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Waste Management's latest figures clears our strength thresholds.

Things to watch

  • Priced above our value. The share price of $237.71 is 60% above our value per share of $96.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 47.0% ranks 15 of 15 environmental & facilities services companies we cover (median 32.5%).
  • Below peers: change in growth rate. Change in growth rate of -2.0pp ranks 14 of 17 environmental & facilities services companies we cover (median +0.6pp).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$2.15 against an average estimate of $2.18: missed by 1.4%
Revenue
$6.85bn, up 6.3% on a year earlier
Share reaction
-6.6% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
adjusted operating EBITDA $8.15bn to $8.25bn (2026); free cash flow $3.75bn to $3.85bn (2026)
Next report
January 27, 2027; average EPS estimate $2.10

Waste Management's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week-1.4%
  • 1 month+16.3%
  • This year+9.6%
  • 1 year+21.0%
  • 5 years+61.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$26.1B
Operating margin
18.4%
Net margin
11.8%
EPS (TTM, diluted)
$7.62

Growth

Revenue growth
+5.2%
Change in growth rate
−2.0 pts
Share count change
−0.3%

Cash

Free cash flow (TTM)
$3.7B
FCF margin
14.3%
Stock pay % of revenue
0.7%

Earnings

Last results
October 27, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Leadership
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Waste Management valuation models and calculator

What the price is pricing in

The share price implies about 18.3% a year of cash-flow growth for five years.That is faster than the 7.8% a year revenue growth Waste Management has delivered.

  • Priced in18.3%
  • Last 12 months5.2%
  • 3 years a year9.0%
  • 5 years a year7.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($234.50, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$96
Price used
$234.50close November 3, 2026
Implied change
▼ 59%
Uncertainty
High

How we got here: a discounted-cash-flow model of Waste Management's free cash flow after stock-based pay with after-tax interest added back ($2.8B, FY2026 Q3 TTM), growing 5.9% and 6.5% in the next two years (forecasts, guidance and its record), then back to 7.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$57–~$150 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Waste Management's free cash flow after stock-based pay ( $2.8B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Waste Management as an operating company, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$96 ~$57–$150 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$210 ~$200–$270 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$150 ~$110–$200 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$150 ~$120–$180 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$140 ~$96–$210 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Waste Management with Environmental & Facilities Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −36%
  • Revenue growth 5 points higher ▲ +47%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▲ +89%
  • Discount rate 1 point higher ▼ −21%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $44$80$129$193$276$383
8.5% $20$46$81$127$186$263
10% $6$26$53$88$133$191

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$43.76$59.68$74.28$78.23$102.05$107.63$154.79$147.84$171.78$196.32$216.94$237.71
Market value$19.9bn$26.6bn$32.8bn$33.8bn$43.6bn$45.8bn$65.5bn$61.4bn$69.9bn$79.2bn$87.7bn$95.7bn
+ Net debt (− = net cash)$8.9bn$9.3bn$9.5bn$10.0bn$9.9bn$13.3bn$13.3bn$14.6bn$15.8bn$23.5bn$22.7bn$23.1bn
Enterprise value$28.8bn$35.9bn$42.3bn$43.8bn$53.6bn$59.0bn$78.7bn$76.0bn$85.7bn$102.7bn$110.4bn$118.9bn
Multiples
Price / sales 1.5x2.0x2.3x2.3x2.8x3.0x3.7x3.1x3.4x3.6x3.5x3.7x
Price / earnings 26.5x22.5x16.8x17.6x26.1x30.6x36.0x27.4x30.3x28.8x32.4x31.2x
Price / free cash flow 15.4x16.1x20.4x17.8x21.2x25.2x28.5x35.5x38.3x36.7x31.1x25.6x
EV / EBITDA 8.8x10.0x10.5x10.3x12.5x14.4x15.9x14.1x15.2x16.2x15.4x15.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

83 /100

Strong moat

How hard Waste Management's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 18.0% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 38.3%, moving by 1.0 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 17.7%; its worst year was 16.2%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.3% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 5.0% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 27, 2027, after the close. Analysts expect revenue of $6.7bn and EPS of $2.10 (range $1.96 to $2.27) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.14 +9% $26.4bn +5%
Next $9.09 +12% $27.9bn +5%

Next year's EPS estimate has moved −1.4% in 90 days, across 28 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.4% on 90 days ago. In the last 30 days, 2 analysts raised Waste Management's forecast and 7 cut it.

Consensus EPS forecast Waste Management, last 90 days
$8.00 $8.50 $9.00 $9.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.17 Current fiscal year, 60 days ago: $8.13 Current fiscal year, 30 days ago: $8.13 Current fiscal year, 7 days ago: $8.14 Current fiscal year, Now: $8.14 $8.14 Next fiscal year, 90 days ago: $9.21 Next fiscal year, 60 days ago: $9.12 Next fiscal year, 30 days ago: $9.12 Next fiscal year, 7 days ago: $9.08 Next fiscal year, Now: $9.09 $9.09

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.17$9.21
60 days ago $8.13$9.12
30 days ago $8.13$9.12
7 days ago $8.14$9.08
Now $8.14$9.09

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.18 $2.15 −1.4%
Jun 2026 $1.98 $2.02 +2.1%
Mar 2026 $1.74 $1.81 +4.0%
Dec 2025 $1.95 $1.93 −0.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 28, 2026
  • Revenue 2026 $26.275bn to $26.475bn Lowered
    “Revenue is now expected to be between $26.275 and $26.475 billion dollars, reflecting a reduction of approximately 0.6% compared to the prior outlook, primarily driven by lower volume expectations, partially offset by higher energy surcharges.” source
  • adjusted operating EBITDA margin 2026 31% to 31.2% Non-GAAP Raised
    “Accordingly, adjusted operating EBITDA margin in 2026 is now expected to be between 31.0% and 31.2%, representing an increase of 20 basis points.” source
  • adjusted operating EBITDA 2026 $8.15bn to $8.25bn Non-GAAP Maintained
    “With two quarters of the year complete, the Company remains confident in its ability to deliver its full-year outlook for adjusted operating EBITDA between $8.15 and $8.25 billion and free cash flow of between $3.75 and $3.85 billion.” source
  • free cash flow 2026 $3.75bn to $3.85bn Non-GAAP Maintained
    “With two quarters of the year complete, the Company remains confident in its ability to deliver its full-year outlook for adjusted operating EBITDA between $8.15 and $8.25 billion and free cash flow of between $3.75 and $3.85 billion.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Waste Management's revenue by +5.9% next year and +6.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.6%, weight 57%) , management guidance (+5.4%, weight 18%) and the company's own record (+7.1%, weight 24%) . How the weights are set.

Analyst recommendations

28 analysts, Oct 2026
Buy1968%
Hold932%
Sell00%

Monthly trend

  1. Oct 2026316928
  2. Sep 2026316928
  3. Aug 2026316928
  4. Jul 2026316928

Counts of recommendations published by analysts covering Waste Management, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.9%
of tradable shares
Days to cover
3.5
at average volume
Short interest, 1 month
+35%
to September 30, 2026
Held by institutions
86%
of shares
Held by insiders
0.3%
of shares
Employees
60,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +21.0%

$196.49 on October 31, 2025 to $237.71

ThenNowEffect
Revenue (last 12 months) $23.9bn $25.7bn +7.2%
Net margin 11.4% 11.1% −2.2%
P/E multiple 29.2x 33.6x +15.4%
Share count 404m 404m 0.0%

Biggest factor: p/e multiple.

Last 3 years +48.0%

$160.59 on November 3, 2023 to $237.71

ThenNowEffect
Revenue (last 12 months) $20.0bn $25.7bn +28.2%
Net margin 11.4% 11.1% −2.6%
P/E multiple 28.8x 33.6x +16.7%
Share count 411m 404m +1.7%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WM+44%−5%+16%+14%+11%+10%
Industry peers (median)+31%−7%+21%+16%−12%+0%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WM75%42%50%67%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WM−7%−17%−12%−12%−18%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 30% from February 18, 2020 to March 23, 2020. Getting back needed a 43% gain, reached on March 22, 2021, 364 days after the low.

Price behaviour

52-week range
$193.54 – $243.40
From 52-week high
−2.3%
vs 50-day average
+9.1%
vs 200-day average
+6.2%
Volatility (1 year)
21%
Beta vs S&P 500
-0.43

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±3.8%
After a week
5 up, 6 down
typical move ±4.4%
After a month
6 up, 5 down
typical move ±5.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −6.6% +0.9% — —
July 28, 2026 −0.5% −1.3% −5.3% −7.0%
April 28, 2026 +1.8% −0.5% −0.8% −5.2%
January 28, 2026 −3.5% −0.2% −2.1% +4.1%
October 27, 2025 −4.9% +1.4% −8.3% +0.7%
July 28, 2025 +2.6% −0.3% +0.4% −1.9%
April 28, 2025 +0.2% +0.7% +2.8% +3.9%
January 30, 2025 +5.1% 0.0% +7.3% +11.6%
October 28, 2024 +6.0% +0.5% +3.6% +10.0%
July 24, 2024 −8.6% −2.8% −7.3% −3.9%
April 25, 2024 −0.2% +0.6% −1.6% −0.8%
February 13, 2024 +5.8% −0.5% +8.5% +12.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Waste Management’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.08× the last 60 days’ realised volatility , richer than 30% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

WM Waste Management Grade C+ $236.99

Own 100 shares, sell the $250 call expiring December 18, 2026 (46 days) for $2.65 a share — $265 per contract.

Previous session · Bid $2.65, ask $3.10, quoted Mon 2 Nov, 17:40 New York time with WM at $236.99. Option prices move with the shares: check the live chain at your broker before trading.

  • If WM ends below $250: you keep your shares and the $265 — 1.1% extra on the position, 8.9% a year at that pace.
  • If it ends above $250: your shares are sold at $250, a total return of 6.6% including the premium — at or above our value of ~$96.
$1.6k $0 −$4.7k Break-even $234.34 Price $236.99 ← Our value ~$96
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$265
Annualised
8.9%
Break-even
$234.34
Max gain
$1,566
Chance of selling
~28%

Collar

Own the shares, buy the $230 put and sell the $250 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.55 a share ($155 per contract of 100 shares).
  • Worst case at expiry: -3.6%, if the shares fall below $230 (-2.9% from today).
  • Best case at expiry: +4.8%, if the shares rise above $250 (+5.5%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $96.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Waste Management in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Waste Management
$20B $22B $24B $26B $28B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $20.4B Revenue (TTM), FY24 Q1: $20.7B Revenue (TTM), FY24 Q2: $21B Revenue (TTM), FY24 Q3: $21.4B Revenue (TTM), FY24 Q4: $22.1B Revenue (TTM), FY25 Q1: $22.9B Revenue (TTM), FY25 Q2: $24B Revenue (TTM), FY25 Q3: $24.8B Revenue (TTM), FY25 Q4: $25.2B Revenue (TTM), FY26 Q1: $25.4B Revenue (TTM), FY26 Q2: $25.7B Revenue (TTM), FY26 Q3: $26.1B $26.1B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $20.4B
FY24 Q1 $20.7B
FY24 Q2 $21B
FY24 Q3 $21.4B
FY24 Q4 $22.1B
FY25 Q1 $22.9B
FY25 Q2 $24B
FY25 Q3 $24.8B
FY25 Q4 $25.2B
FY26 Q1 $25.4B
FY26 Q2 $25.7B
FY26 Q3 $26.1B
Revenue growth, TTM YoY Waste Management
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 3.7% Revenue growth, TTM YoY, FY24 Q1: 3.8% Revenue growth, TTM YoY, FY24 Q2: 4.8% Revenue growth, TTM YoY, FY24 Q3: 6.2% Revenue growth, TTM YoY, FY24 Q4: 8.0% Revenue growth, TTM YoY, FY25 Q1: 10.8% Revenue growth, TTM YoY, FY25 Q2: 14.2% Revenue growth, TTM YoY, FY25 Q3: 15.9% Revenue growth, TTM YoY, FY25 Q4: 14.2% Revenue growth, TTM YoY, FY26 Q1: 10.9% Revenue growth, TTM YoY, FY26 Q2: 7.2% Revenue growth, TTM YoY, FY26 Q3: 5.2% 5.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 3.7%
FY24 Q1 3.8%
FY24 Q2 4.8%
FY24 Q3 6.2%
FY24 Q4 8.0%
FY25 Q1 10.8%
FY25 Q2 14.2%
FY25 Q3 15.9%
FY25 Q4 14.2%
FY26 Q1 10.9%
FY26 Q2 7.2%
FY26 Q3 5.2%
Operating margin (TTM) Waste Management
16% 16.5% 17% 17.5% 18% 18.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 17.5% Operating margin (TTM), FY24 Q1: 18.2% Operating margin (TTM), FY24 Q2: 18.3% Operating margin (TTM), FY24 Q3: 18.4% Operating margin (TTM), FY24 Q4: 18.4% Operating margin (TTM), FY25 Q1: 17.7% Operating margin (TTM), FY25 Q2: 17.5% Operating margin (TTM), FY25 Q3: 16.4% Operating margin (TTM), FY25 Q4: 17.1% Operating margin (TTM), FY26 Q1: 17.3% Operating margin (TTM), FY26 Q2: 17.6% Operating margin (TTM), FY26 Q3: 18.4% 18.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 17.5%
FY24 Q1 18.2%
FY24 Q2 18.3%
FY24 Q3 18.4%
FY24 Q4 18.4%
FY25 Q1 17.7%
FY25 Q2 17.5%
FY25 Q3 16.4%
FY25 Q4 17.1%
FY26 Q1 17.3%
FY26 Q2 17.6%
FY26 Q3 18.4%
FCF margin (TTM) Waste Management
8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.9% FCF margin (TTM), FY24 Q1: 10.3% FCF margin (TTM), FY24 Q2: 10.1% FCF margin (TTM), FY24 Q3: 9.8% FCF margin (TTM), FY24 Q4: 9.8% FCF margin (TTM), FY25 Q1: 8.0% FCF margin (TTM), FY25 Q2: 9.0% FCF margin (TTM), FY25 Q3: 9.7% FCF margin (TTM), FY25 Q4: 11.2% FCF margin (TTM), FY26 Q1: 12.9% FCF margin (TTM), FY26 Q2: 13.9% FCF margin (TTM), FY26 Q3: 14.3% 14.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 8.9%
FY24 Q1 10.3%
FY24 Q2 10.1%
FY24 Q3 9.8%
FY24 Q4 9.8%
FY25 Q1 8.0%
FY25 Q2 9.0%
FY25 Q3 9.7%
FY25 Q4 11.2%
FY26 Q1 12.9%
FY26 Q2 13.9%
FY26 Q3 14.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Waste Management took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $25.2B
  2. Cost of revenue $15B · 59.6%
  3. Gross profit $10.2B · 40.4%
  4. Selling, general and admin $2.7B · 10.8%
  5. Other operating costs $3.2B · 12.5%
  6. Operating income $4.3B · 17.1%
  7. Income tax $717M · 2.8%
  8. Interest and other $883M · 3.5%
  9. Net income $2.7B · 10.7%

Shares of revenue. Source: Waste Management's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 11.8 12.5 13.4 13.6 14.0 14.0 13.0 13.6 14.5 14.9 15.5 15.2 17.9 19.7 20.4 22.1 25.2 26.1
Gross profit — — — 4.8 4.9 5.0 4.7 5.1 5.5 5.7 6.0 5.9 6.8 7.4 7.8 8.7 10.2 10.5
EBITDA 3.1 3.3 3.3 3.1 2.4 3.6 3.3 3.6 4.0 4.3 4.3 4.1 5.0 5.4 5.6 6.3 7.2 7.8
Operating income 1.9 2.1 2.0 1.9 1.1 2.3 2.0 2.3 2.6 2.8 2.7 2.4 3.0 3.4 3.6 4.1 4.3 4.8
Net income 1.0 1.0 1.0 0.8 0.1 1.3 0.8 1.2 1.9 1.9 1.7 1.5 1.8 2.2 2.3 2.7 2.7 3.1
Diluted EPS $2.01 $1.98 $2.04 $1.76 $0.21 $2.79 $1.65 $2.65 $4.41 $4.45 $3.91 $3.52 $4.29 $5.39 $5.66 $6.81 $6.70 $7.62
Growth (year on year)
Revenue −11.9% +6.1% +6.9% +2.0% +2.4% +0.1% −7.4% +5.0% +6.4% +3.0% +3.6% −1.5% +17.8% +9.9% +3.7% +8.0% +14.2% +5.2%
EBITDA −12.1% +8.4% −1.6% −3.3% −23.4% +48.9% −8.4% +9.3% +11.5% +6.3% +0.3% −4.1% +20.9% +8.8% +4.5% +12.1% +13.3% +13.4%
Operating income −15.5% +12.1% −4.2% −8.7% −41.7% +113.1% −11.0% +12.3% +14.8% +5.8% −3.0% −10.1% +21.8% +13.5% +6.2% +13.7% +6.0% +17.9%
Net income −8.6% −4.1% +0.8% −15.0% −88.0% — −42.0% +57.0% +64.9% −1.2% −13.2% −10.4% +21.4% +23.2% +2.9% +19.2% −1.4% +19.7%
Diluted EPS −8.2% −1.5% +3.0% −13.7% −88.1% — −40.9% +60.6% +66.4% +0.9% −12.1% −10.0% +21.9% +25.6% +5.0% +20.3% −1.6% +20.1%
Margins
Gross margin — — — 34.9% 34.8% 35.7% 36.5% 37.6% 37.7% 38.0% 38.6% 38.6% 38.0% 37.6% 38.3% 39.3% 40.4% 40.4%
EBITDA margin 25.9% 26.4% 24.3% 23.1% 17.2% 25.7% 25.4% 26.4% 27.7% 28.6% 27.7% 27.0% 27.7% 27.4% 27.6% 28.7% 28.5% 29.8%
Operating margin 16.0% 16.9% 15.2% 13.6% 7.7% 16.4% 15.8% 16.9% 18.2% 18.7% 17.5% 16.0% 16.5% 17.1% 17.5% 18.4% 17.1% 18.4%
Net margin 8.4% 7.6% 7.2% 6.0% 0.7% 9.3% 5.8% 8.7% 13.5% 12.9% 10.8% 9.8% 10.1% 11.4% 11.3% 12.4% 10.7% 11.8%
Free-cash-flow margin 10.0% 9.4% 8.6% 5.8% 8.5% 8.2% 10.0% 12.2% 11.1% 12.7% 13.3% 11.9% 12.8% 8.8% 8.9% 9.8% 11.2% 14.3%
Cash flow
Cash from operations 2.4 2.3 2.5 2.3 2.5 2.3 2.5 3.0 3.2 3.6 3.9 3.4 4.3 4.5 4.7 5.4 6.0 6.6
Capital spending 1.2 1.1 1.3 1.5 1.3 1.2 1.2 1.3 1.6 1.7 1.8 1.6 2.0 2.8 2.9 3.2 3.2 2.8
Free cash flow 1.2 1.2 1.1 0.8 1.2 1.2 1.3 1.7 1.6 1.9 2.1 1.8 2.3 1.7 1.8 2.2 2.8 3.7
Stock-based pay 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2
Free cash flow after stock pay 1.2 1.1 1.1 0.8 1.1 1.1 1.2 1.6 1.5 1.8 2.0 1.7 2.2 1.6 1.7 2.0 2.6 3.6
Balance sheet
Cash 1.1 0.5 0.3 0.2 0.1 1.3 0.0 0.0 0.0 0.1 3.6 0.6 0.1 0.4 0.5 0.4 0.2 0.2
Total debt 8.9 8.9 9.8 9.9 10.2 9.4 8.9 9.3 9.5 10.0 13.5 13.8 13.4 15.0 16.2 23.9 22.9 23.4
Net debt (negative = net cash) 7.8 8.4 9.5 9.7 10.2 8.1 8.9 9.3 9.5 10.0 9.9 13.3 13.3 14.6 15.8 23.5 22.7 23.1
Diluted shares 494m 482m 471m 464m 470m 466m 456m 447m 442m 432m 428m 425m 423m 415m 407m 403m 404m 403m
Returned to shareholders
Dividends 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.9 0.9 1.0 1.1 1.1 1.2 1.3 1.5
Buybacks 0.2 0.5 0.6 — 0.2 0.6 0.6 0.7 0.8 1.0 0.2 0.4 1.4 1.5 1.3 0.3 — —
Total returned 0.8 1.1 1.2 0.7 0.9 1.3 1.3 1.5 1.5 1.8 1.1 1.3 2.3 2.6 2.4 1.5 1.3 1.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $46.5bn
Short-term assets $5.3bnLonger-term assets $41.3bn
What it owes, and who funded it · $46.5bn
Short-term liabilities $6.4bnLonger-term liabilities $30.3bnShareholders' equity $9.9bn
  • Short-term assets cover short-term liabilities $5.2bn of assets due within a year against $6.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.2bn short-term assets against $30.3bn of longer-dated liabilities.
  • More cash than debt $247m of cash against $23.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 237% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 183% to 237% over five years.
  • A year's operating cash flow covers at least 20% of debt $6.6bn of operating cash flow against $23.4bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Waste Management's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$1.5B
Diluted share count
−0.3%
year over year
Total shareholder yield
1.6%
dividends 1.6% + buybacks 0.0% of market value
Dividend payout ratio
48%
of net income paid out
Sales & admin spending
10.4%
of revenue
Days sales outstanding
51 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in environmental & facilities services
Last 12 months unless stated WM RSG WCN ABM CLH VLTO Median
Revenue, last 12 months $26.1bn $19.7bn $9.9bn $9.1bn $6.6bn $5.8bn $2.0bn
Revenue growth, last 12 months 5.2% 4.1% 6.3% 6.0% 10.1% 6.4% 6.0%
Revenue growth, 3-year average 9.0% 5.2% 8.2% 4.5% 7.1% 5.2% 4.8%
Revenue growth, latest quarter 6.3% 7.8% 7.3% 4.2% 20.7% 7.5% 7.4%
Gross margin 40.4% 49.3% 42.6% 12.0% 33.1% 60.2% 33.4%
Operating margin 18.4% 17.5% 17.7% 3.5% 13.2% 21.8% 3.5%
Operating margin, 3-year average 17.7% 17.3% 15.5% 3.4% 11.9% 22.7% 4.4%
Net margin 11.8% 11.3% 11.4% 1.8% 8.0% 17.3% 0.7%
Cash from operations / revenue 25.2% 22.8% 25.4% 4.5% 15.5% 19.9% 5.4%
Free-cash-flow margin 14.3% 13.0% 12.6% 3.4% 7.6% 18.8% 3.4%
Free-cash-flow margin, 3-year average 11.3% 12.3% 13.3% 2.5% 6.5% 17.5% 3.6%
Stock pay / revenue 0.7% 0.2% 0.8% 0.4% 0.7% 1.3% 0.7%
Change in share count −0.3% −1.5% −1.6% −4.5% −1.6% −1.0% −0.3%

Median of all 17 companies we cover in environmental & facilities services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 environmental & facilities services companies
Measure Company Peer median Rank
Revenue growth Growth 5.2% 6.0% 10 of 17
Change in growth rate Growth -2.0pp +0.6pp 14 of 17
Gross margin Profitability 40.4% 33.1% 6 of 15
Operating margin Profitability 18.4% 3.5% 2 of 16
Net margin Profitability 11.8% 0.7% 3 of 17
Free-cash-flow margin Cash generation 14.3% 3.4% 3 of 17
Stock pay as % of revenue Cash generation 0.7% 0.7% 7 of 17
Long-term debt as % of assets Balance sheet 47.0% 32.5% 15 of 15
Change in share count Balance sheet -0.3% -0.3% 9 of 16
Days sales outstanding Balance sheet 51 days 64 days 6 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Collection and Disposal $20.7B 82.1% ▲ 5.0%
East Tier Region Areas $9B 43.6% ▲ 3.8%
West Tier Region Areas $8.7B 42.1% ▲ 5.2%
All Other Segments $2.9B 14.2% ▲ 8.1%
Healthcare Solutions $2.5B 10.0% ▲ 522.3%
Recycling Processing and Sales $1.5B 5.9% ▼ 6.9%
Renewable Energy $478M 1.9% ▲ 50.3%
Corporate and Other $22M 0.1% ▼ 4.3%
Products and services
Line of business Revenue Share YoY
Collection and Disposal $20.7B 82.1% ▲ 5.0%
Collection $15.4B 74.5% ▲ 3.6%
Landfill $3.8B 18.3% ▲ 9.8%
Transfer $1.5B 7.3% ▲ 8.8%
Healthcare Solutions $2.5B 10.0% ▲ 522.3%
Recycling Processing and Sales $1.5B 5.9% ▼ 6.9%
Renewable Energy $478M 1.9% ▲ 50.3%
Other services $22M 0.1% ▼ 4.3%
Geography
Region Revenue Share YoY
United States $23.9B 94.9% ▲ 13.3%
Canada $967M 3.8% ▲ 13.5%
Western Europe and Other Countries $326M 1.3% ▲ 213.5%

From Waste Management's 10-K filed February 9, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$73.9B
Institutions reporting
2,341
Shares held vs prior quarter
▲ 0.8%
Positions opened / closed
124 / 109

Top buyers and sellers, Q2 2026: 1,055 institutions bought and 1,014 sold ; the biggest buyer was Capital Research Global Investors (+1.7M shares) and the biggest seller Pictet Asset Management Holding SA (−930K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.8B 30.7M 9.3% ▲ 1.8%
Gates Foundation Trust $6B 26.7M 8.1% ▼ 3.3%
Vanguard Capital Management LLC $5.6B 25.2M 7.6% 0.0%
State Street Corp $4B 18.0M 5.4% ▲ 2.9%
Capital Research Global Investors $2.3B 10.4M 3.1% ▲ 19.5%
Vanguard Portfolio Management LLC $2.3B 10.1M 3.1% ▼ 1.1%
Geode Capital Management, LLC $2B 9.1M 2.7% ▼ 1.3%
Ameriprise Financial Inc $1.6B 7.1M 2.1% ▼ 4.6%
Morgan Stanley $1.5B 6.6M 2.0% ▼ 7.0%
Parnassus Investments, LLC $1.1B 4.8M 1.4% ▼ 3.8%
Norges Bank $1.1B 4.8M 1.4% —
Royal Bank Of Canada $1.1B 4.7M 1.4% ▲ 7.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Waste Management's complete shareholder register. Values are as reported by the filers ; 12 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $392,840 1 trade by 1 insider, last 12 months Insider sales History → $24.2M 35 trades by 12 insiders · 86% under pre-set plans
Net ▼ $23.8M net selling
Insider Date Trade Shares Price Value
Carroll John A. VP & Chief Accounting Officer September 4, 2026 Sell 1,365 $219.90 $300,164
Carrasco Rafael SVP of Enterprise Strategy June 5, 2026 Sell 2,655 $220.47 $585,348
Desantis Christopher P. SVP Operations - East March 9, 2026 Sell pre-set plan 61 $245.50 $14,976
Carroll John A. VP & Chief Accounting Officer March 9, 2026 Sell pre-set plan 47 $245.30 $11,529
Varkey Johnson SVP-Chief Information Officer March 9, 2026 Sell pre-set plan 121 $245.27 $29,678
Morris John J President & COO March 9, 2026 Sell pre-set plan 4,211 $243.38 $1M
Reed David L. EVP & CFO March 9, 2026 Sell pre-set plan 75 $245.26 $18,394
Morris John J President & COO March 6, 2026 Sell pre-set plan 7,979 $245.07 $2M
Varkey Johnson SVP-Chief Information Officer March 3, 2026 Sell 617 $244.13 $150,628
Hemmer Tara J. SVP & Chief Sustainability Off March 2, 2026 Sell pre-set plan 4,818 $241.83 $1.2M
Watson Michael J. Sr. VP-Chief Customer Officer March 2, 2026 Sell pre-set plan 4,609 $241.83 $1.1M
Watson Michael J. Sr. VP-Chief Customer Officer March 2, 2026 Sell pre-set plan 12,642 $241.81 $3.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 48 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Waste Management shares.

  • Rick Larsen(D-WA 2):Purchase, $1,001 - $15,000, traded January 7, 2026, filed January 14, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded September 26, 2025, filed October 10, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 24, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • January 28, 2026
  • October 27, 2025
  • July 28, 2025

Recent SEC filings

Data status

When each part of this page on Waste Management was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Waste Management in brief

What does Waste Management do?
Waste Management is a US-listed company in the environmental & facilities services industry. Its financial year ends in December.
What is Waste Management's stock ticker?
Waste Management trades under the ticker WM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Waste Management's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Waste Management reported revenue of $26.1B, 5.2% higher than a year earlier, according to its SEC filings.
What is Waste Management's free cash flow?
Waste Management's free-cash-flow margin is 14.3% of revenue over the trailing twelve months, ranking 3 of the 17 environmental & facilities services companies we cover.
What is Waste Management's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Waste Management's free cash flow after stock-based pay gives ~$96 per share in the base case, and ~$57–$150 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Waste Management's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Gates Foundation Trust and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Waste Management's market cap?
On November 2, 2026, Waste Management's market capitalisation was about $95.7B, with a price-to-earnings ratio of 31.2 and net debt of $23.1B. Market figures come from third-party market data and may be delayed.
Does Waste Management pay a dividend?
Yes: Waste Management paid $1.5B in dividends over the trailing twelve months, a dividend yield of 1.56% and a payout ratio of 48.0%.
How much debt does Waste Management have?
Waste Management's debt-to-equity ratio is 236.9%, from its latest balance sheet (182.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Waste Management's competitors?
In our Environmental & Facilities Services peer group, the companies closest to Waste Management are Republic Services, Waste Connections, Inc., ABM Industries Inc, Clean Harbors Inc and Veralto. The side-by-side comparison below sets their revenue, margins and growth against Waste Management's.
Are insiders buying or selling Waste Management stock?
Over the last 12 months, Waste Management's directors and officers reported 1 open-market purchases and 35 sales on Form 4. The insider trading page charts every trade.
When is Waste Management's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Waste Management announces its own schedule.