Logo

WM

Waste Management, Inc.

WM

Waste Management, Inc. • NYSE
$217.87 ▲ 0.24% (+0.52)
Market Cap $87.77 B
52w High $242.58
52w Low $194.11
Dividend Yield 3.23%
P/E 34.36
Volume 666.80K
Outstanding Shares 402.87M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.443B ▲ $665M ▼ $603M ▼ 9.359% ▼ $1.5 ▼ $1.729B ▼
Q2-2025 $6.43B ▲ $696M ▲ $726M ▲ 11.291% ▲ $1.8 ▲ $1.904B ▲
Q1-2025 $6.018B ▲ $687M ▼ $637M ▲ 10.585% ▲ $1.58 ▲ $1.711B ▲
Q4-2024 $5.893B ▲ $747M ▲ $598M ▼ 10.148% ▼ $1.49 ▼ $1.587B ▼
Q3-2024 $5.609B $525M $760M 13.55% $1.89 $1.717B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $175M ▼ $45.608B ▼ $36.088B ▼ $9.519B ▲
Q2-2025 $440M ▲ $45.722B ▲ $36.52B ▲ $9.201B ▲
Q1-2025 $216M ▼ $44.486B ▼ $35.835B ▼ $8.65B ▲
Q4-2024 $414M ▼ $44.567B ▲ $36.313B ▲ $8.252B ▲
Q3-2024 $614M $34.73B $26.758B $7.979B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $603M ▼ $1.592B ▲ $-784M ▲ $-1.049B ▼ $-244M ▼ $816M ▲
Q2-2025 $727M ▲ $1.545B ▲ $-1.086B ▼ $-245M ▲ $221M ▲ $813M ▲
Q1-2025 $637M ▲ $1.208B ▼ $-829M ▲ $-536M ▼ $-156M ▲ $377M ▼
Q4-2024 $597M ▼ $1.511B ▲ $-7.762B ▼ $6.058B ▲ $-200M ▼ $396M ▼
Q3-2024 $760M $1.358B $-480M $-439M $441M $577M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial
Commercial
 $1.37Bn ▲$1.38Bn ▲$1.62Bn ▲$1.64Bn ▲
Healthcare Solutions
Healthcare Solutions
 $400.00M ▲$620.00M ▲$650.00M ▲$740.00M ▲
Industrial
Industrial
 $770.00M ▲$740.00M ▼$1.01Bn ▲$1.04Bn ▲
Landfill
Landfill
 $860.00M ▲$840.00M ▼$1.45Bn ▲$1.40Bn ▼
Other Collection
Other Collection
 $770.00M ▲$750.00M ▼$860.00M ▲$890.00M ▲
Recycling Processing and Sales
Recycling Processing and Sales
 $400.00M ▲$380.00M ▼$480.00M ▲$470.00M ▼
Residential
Residential
 $870.00M ▲$870.00M ▲$890.00M ▲$910.00M ▲
Transfer
Transfer
 $360.00M ▲$340.00M ▼$680.00M ▲$690.00M ▲
WM Renewable Energy
WM Renewable Energy
 $90.00M ▲$90.00M ▲$120.00M ▲$120.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Waste Management’s income statement shows a long stretch of steady, healthy growth. Revenue has climbed each year, and profits have grown even faster than sales, which suggests better pricing, cost control, or both. Operating profit and net income have moved up consistently, pointing to a durable, fairly defensive business model rather than a volatile one. Overall profitability looks strong for a capital‑intensive service company, with no obvious signs of margin erosion in recent years.

Balance Sheet

Balance Sheet The balance sheet has grown in size, reflecting acquisitions and heavy investment, including the move into healthcare waste. Debt levels have risen meaningfully, so the company is now more leveraged than it was a few years ago, while equity has also increased but at a slower pace. Cash on hand is modest compared with total assets, which puts more importance on continuing strong cash generation. The key trade‑off here is a stronger strategic footprint funded by a more indebted capital structure, which increases sensitivity to interest costs and financial discipline.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently strong and has improved over time, which is a core strength of the business. Free cash flow has stayed positive even as the company has significantly ramped up its spending on trucks, facilities, recycling plants, and renewable gas projects. The recent years show a clear investment cycle: more cash going out now to support future growth, efficiency, and environmental projects. This pattern is typical of a mature, infrastructure‑heavy company leaning into large strategic projects, but it does mean less near‑term financial flexibility than if spending were lower.

Competitive Edge

Competitive Edge Waste Management operates from a position of considerable strength. Its nationwide network of landfills, transfer stations, and recycling facilities is extremely hard for rivals to replicate because of high permitting hurdles, environmental rules, and community opposition to new landfills. Vertical integration—collecting waste, transporting it, and disposing of it mostly in its own assets—gives it cost advantages and pricing power. The Stericycle acquisition extends this moat into specialized medical and healthcare waste, deepening relationships with regulated customers and widening barriers to entry. Overall, its competitive position looks entrenched, though it remains exposed to regulatory shifts and public policy on waste and emissions.

Innovation and R&D

Innovation and R&D Innovation at WM is focused on automation, data, and sustainability rather than traditional lab‑style R&D. Smart Truck systems, route optimization, and AI‑driven sorting robots are designed to cut labor costs, improve safety, and squeeze more value from each ton of waste. Large investments in landfill‑gas‑to‑renewable‑fuel projects and advanced recycling support the shift toward a lower‑carbon and more circular economy and can create new revenue streams beyond basic disposal. The company is also using technology to reduce manual, high‑turnover jobs, which may improve margins but requires careful execution and change management. These efforts reinforce the moat but are capital‑intensive and depend on technology performance, regulatory support, and energy and commodity pricing.

Summary

Waste Management combines steady growth, strong profitability, and reliable cash generation with a very durable market position built on physical infrastructure and regulation. The company is currently in an investment‑heavy phase, using more debt and higher capital spending to expand into healthcare waste, advanced recycling, and renewable natural gas. This strategy deepens its role as both a waste handler and a sustainability partner but raises execution and financial‑leverage risks that will need ongoing monitoring. Overall, the picture is of a mature, essential service business evolving toward a more technology‑ and sustainability‑driven model while trying to preserve its stable, cash‑rich profile.

NEWS

November 26, 2025 · 6:15 AM UTC

PFAS Waste Management Market Size, Share & Trends Analysis Report 2025- 2034

Read more

November 13, 2025 · 4:30 PM UTC

WM Announces Cash Dividend

Read more

November 12, 2025 · 9:00 AM UTC

WM Now Accepts To-Go Cups in Curbside Recycling

Read more

November 7, 2025 · 10:00 AM UTC

Packaging Waste Management Market Size, Trends, Segments, Share and Companies 2025-35

Read more

October 30, 2025 · 9:00 AM UTC

2025 WM Recycling Report Reveals U.S. Recycling "Say-Do Gap," How Corporate Recycling Actions Can Impact Consumer Choices

Read more