WM reports Q4 adjusted EPS $1.93, consensus $1.95

Reports Q4 revenue $6.31B, consensus $6.39B. “2025 was a year of disciplined execution for WM (WM),” said Jim Fish, WM’s CEO. “We delivered record performance in operating expenses as a percentage of revenue for both the fourth quarter and the full year, resulting in our best full-year adjusted operating EBITDA margin. Our investments in technology and automation continue to generate meaningful efficiencies, contributing to structurally enhanced margins and stronger cash generation. We are also building momentum in the strategic growth of our recycling, renewable energy, and healthcare solutions businesses as we position WM as the leading provider of comprehensive environmental solutions. As we carry our momentum into 2026, we expect to grow free cash flow by nearly 30% at the midpoint of our guidance. This growth is underpinned by our unreplicable solid waste network as well as the intentional investments we have made in recycling and renewable energy projects, our fleet, and a premier medical waste network. We plan to harvest the benefits of our investments and return to shareholders approximately $3.5B in 2026 through dividends and share repurchases while also returning our leverage ratio to our long-term target range of between 2.5x and 3.0x.