Financials · WM

Waste Management Inc. (WM) financials

For the twelve months ended Sep 30, 2026, Waste Management Inc. reported $26.07B of revenue and $3.07B of net income.

Revenue, TTM
$26.07B
Revenue growth, YoY
+5.2%
Net income, TTM
$3.07B
Net income growth, YoY
+19.7%
Net margin
11.8%
Free cash flow, TTM
$3.74B
EPS, diluted, TTM
$7.62
EPS growth, YoY
+19.8%
Cash
$247.00M
Total debt
$23.37B
P/E
30.60
P/S
3.60
Market cap
$93.94B
Annual revenue$25.20B
FY2016FY2025
Annual net income$2.71B
FY2016FY2025
Annual free cash flow$2.82B
FY2016FY2025

WM revenue and earnings growth

WM revenueQ3 2026$6.85B

Quarter YoY
+6.3%
QoQ
+2.4%
FY YoY
+14.2%
5Y CAGR
+10.6%
10Y CAGR
+6.9%

WM revenue was $6.85B in fiscal Q3 2026 (ended Sep 30, 2026), up 6.3% from a year earlier and up 2.4% from the prior quarter. For the full fiscal 2025 it was $25.20B, up 14.2% from fiscal 2024. Compound annual growth was +10.6% over 5 years and +6.9% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

WM net incomeQ3 2026$820.00M

Quarter YoY
+36.0%
QoQ
+4.5%
FY YoY
-1.4%
5Y CAGR
+12.6%
10Y CAGR
+13.7%

WM net income was $820.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 36.0% from a year earlier and up 4.5% from the prior quarter. For the full fiscal 2025 it was $2.71B, down 1.4% from fiscal 2024. Compound annual growth was +12.6% over 5 years and +13.7% over 10 years. It rose in 6 of the last 10 fiscal years.

WM EPSQ3 2026$2.05

Quarter YoY
+37.6%
QoQ
+5.1%
FY YoY
-1.6%
5Y CAGR
+13.7%
10Y CAGR
+15.0%

WM diluted EPS was $2.05 in fiscal Q3 2026 (ended Sep 30, 2026), up 37.6% from a year earlier and up 5.1% from the prior quarter. For the full fiscal 2025 it was $6.70, down 1.6% from fiscal 2024. Compound annual growth was +13.7% over 5 years and +15.0% over 10 years.

WM free cash flowQ3 2026$983.00M

Quarter YoY
+20.5%
QoQ
-10.3%
FY YoY
+30.4%
5Y CAGR
+9.1%
10Y CAGR
+8.0%

WM free cash flow was $983.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 20.5% from a year earlier and down 10.3% from the prior quarter. For the full fiscal 2025 it was $2.82B, up 30.4% from fiscal 2024. Compound annual growth was +9.1% over 5 years and +8.0% over 10 years. It rose in 6 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

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Income statement

Income statement
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue$25.20B$22.06B$20.43B$19.70B$17.93B$15.22B$15.46B$14.91B$14.48B$13.61B
Cost of revenue$15.01B$13.38B$12.61B$12.29B$11.11B$9.34B$9.50B$9.25B$9.02B$8.49B
Gross profit$10.19B$8.68B$7.82B$7.40B$6.82B$5.88B$5.96B$5.67B$5.46B$5.12B
Selling, general and admin$2.72B$2.26B$1.93B$1.94B$1.86B$1.73B$1.63B$1.45B$1.47B$1.41B
Operating income$4.31B$4.06B$3.58B$3.37B$2.96B$2.43B$2.71B$2.79B$2.64B$2.30B
Pre-tax income$3.43B$3.46B$3.02B$2.92B$2.35B$1.89B$2.10B$2.38B$2.19B$1.82B
Income tax$717.00M$713.00M$745.00M$678.00M$532.00M$397.00M$434.00M$453.00M$242.00M$642.00M
Net income$2.71B$2.75B$2.30B$2.24B$1.82B$1.50B$1.67B$1.93B$1.95B$1.18B
EPS, basic$6.72$6.84$5.69$5.42$4.32$3.54$3.93$4.49$4.44$2.66
EPS, diluted$6.70$6.81$5.66$5.39$4.29$3.52$3.91$4.45$4.41$2.65
Diluted shares404.2M403.4M406.9M415.0M422.9M425.1M427.5M432.2M441.9M446.5M

Balance sheet

Balance sheet
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Cash and equivalents$201.00M$487.00M$458.00M$445.00M$194.00M$648.00M$3.65B$183.00M$293.00M$94.00M
Receivables$3.44B$3.27B$2.63B$2.46B$2.28B$2.10B$1.95B$1.93B$1.80B$1.70B
Current assets$4.91B$4.77B$3.80B$3.55B$3.07B$3.54B$6.21B$2.65B$2.69B$2.38B
Goodwill$13.88B$13.44B$9.25B$9.32B$9.03B$8.99B$6.53B$6.43B$6.25B$6.21B
Total assets$45.84B$44.57B$32.82B$31.37B$29.10B$29.34B$27.74B$22.65B$21.83B$20.86B
Current liabilities$5.52B$6.26B$4.23B$4.39B$4.08B$3.55B$3.14B$3.11B$3.26B$2.79B
Short-term debt$711.00M$1.36B$334.00M$414.00M$708.00M$551.00M$218.00M$432.00M$739.00M$417.00M
Long-term debt$22.20B$22.54B$15.89B$14.57B$12.70B$13.26B$13.28B$9.59B$8.75B$8.89B
Total debt$22.91B$23.90B$16.23B$14.98B$13.40B$13.81B$13.50B$10.03B$9.49B$9.31B
Total liabilities$35.84B$36.31B$25.93B$24.50B$21.97B$21.89B$20.67B$16.37B$15.79B$15.54B
Shareholders' equity$9.99B$8.25B$6.90B$6.86B$7.13B$7.45B$7.07B$6.28B$6.04B$5.32B

Cash flow

Cash flow
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Operating cash flow$6.04B$5.39B$4.72B$4.54B$4.34B$3.40B$3.87B$3.57B$3.18B$3.00B
Capital expenditures$3.23B$3.23B$2.90B$2.59B$1.90B$1.58B$1.81B$1.67B$1.57B$1.35B
Free cash flow$2.82B$2.16B$1.82B$1.95B$2.43B$1.82B$2.06B$1.90B$1.61B$1.66B
Investing cash flow-$3.57B-$10.60B-$3.09B-$3.06B-$1.89B-$4.85B-$2.38B-$2.17B-$1.62B-$1.93B
Financing cash flow-$2.67B$5.16B-$1.52B-$1.22B-$2.90B-$1.56B$1.96B-$1.51B-$1.36B-$1.08B
Dividends paid$1.33B$1.21B$1.14B$1.08B$970.00M$927.00M$876.00M$802.00M$750.00M$726.00M
Share repurchases-$262.00M$1.30B$1.50B$1.35B$402.00M$248.00M$1.00B$750.00M$725.00M
Stock-based compensation$169.00M$118.00M$93.00M$84.00M$108.00M$94.00M$86.00M$89.00M$101.00M$90.00M
Depreciation and amortization$2.86B$2.27B$2.07B$2.04B$2.00B$1.67B$1.57B$1.48B$1.38B$1.30B

Key ratios

Key ratios
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue growth, YoY14.2%8.0%3.7%9.9%17.8%-1.5%3.6%3.0%6.4%5.0%
Net income growth, YoY-1.4%19.2%2.9%23.2%21.4%-10.4%-13.2%-1.2%64.9%57.0%
EPS growth, YoY-1.6%20.3%5.0%25.6%21.9%-10.0%-12.1%0.9%66.4%60.6%
Gross margin40.4%39.3%38.3%37.6%38.0%38.6%38.6%38.0%37.7%37.6%
Operating margin17.1%18.4%17.5%17.1%16.5%16.0%17.5%18.7%18.2%16.9%
Net margin10.7%12.4%11.3%11.4%10.1%9.8%10.8%12.9%13.5%8.7%
Free cash flow margin11.2%9.8%8.9%9.9%13.6%11.9%13.3%12.7%11.1%12.2%
Return on equity27.1%33.3%33.4%32.6%25.5%20.1%23.6%30.7%32.3%22.2%
Return on assets5.9%6.2%7.0%7.1%6.2%5.1%6.0%8.5%8.9%5.7%
Current ratio0.890.760.900.810.751.001.970.850.830.85
Debt to equity2.292.902.352.181.881.851.911.601.571.75

Source: XBRL data Waste Management Inc. files with the SEC, latest filing dated Oct 28, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

WM peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
WM$26.07B+5.2%$3.07B11.8%$93.94B
RSG$19.71B+4.1%$2.23B11.3%$75.20B
WCN$9.94B+6.3%$1.13B11.4%$47.30B
GFLC$6.62B+7.8%C$3.83B58.0%$20.20B
CLH$6.56B+10.1%$528.36M8.0%$14.98B
CWST$1.96B+13.6%$5.70M0.3%$6.25B
OIO$5.83M-4.4%-$4.76M-81.6%$623.0M
PESI$57.67M-4.9%-$22.81M-39.5%$298.1M
QRHC$248.05M-8.4%-$17.54M-7.1%$23.6M

WM FAQ

9 questions
  • What is WM revenue?
    Waste Management Inc. (WM) reported $26.07B of revenue for the twelve months ended Sep 30, 2026. That is up 5.2% from the year before. Revenue for fiscal 2025 was $25.20B.
  • Is WM profitable?
    Yes. Waste Management Inc. earned $3.07B in net income for the twelve months ended Sep 30, 2026, a net margin of 11.8%.
  • How much cash and debt does WM have?
    Waste Management Inc. reported $247.00M in cash and cash equivalents and $23.37B of debt on its most recent balance sheet in SEC filings.
  • How fast is WM revenue growing?
    Waste Management Inc.'s revenue changed +14.2% in fiscal 2025, to $25.20B. Its compound annual growth rate was +10.6% over 5 years and +6.9% over 10 years.
  • What is WM gross margin?
    Waste Management Inc.'s gross profit was $10.53B on $26.07B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 40.4%.
  • What is WM free cash flow?
    Waste Management Inc. generated $3.74B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $6.57B less capital expenditures.
  • What is WM earnings per share?
    Diluted earnings per share were $7.62 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did WM last report financial results?
    The latest statements here come from Waste Management Inc.'s 10-Q filed on Oct 28, 2026, covering the period ended Sep 30, 2026.
  • Where does this WM financial data come from?
    Quantisnow builds these statements from the structured XBRL data Waste Management Inc. files with the SEC. It is provided for information only and is not investment advice.