The earnings call reflected a generally positive sentiment with strong EBITDA growth, successful integration of acquisitions, and increased free cash flow guidance. However, challenges such as declining recycled commodity prices and the loss of a franchise contract impacted revenue expectations.

Company Guidance

During the WM Second Quarter 2025 Earnings Conference Call, the company reported a 19% year-over-year increase in operating EBITDA, driven primarily by its collection and disposal business, which contributed over half of this growth. The landfill volumes were particularly strong, with MSW volume growth highlighted, alongside special waste volumes due to wildfire cleanup efforts in California. The company emphasized its ongoing acquisition strategy, having completed the acquisition of a regional solid waste player in Washington, D.C., and expects total acquisition spending to exceed $500 million for the year. WM's sustainability platform continued to support its investment thesis, with the recycling segment's operating EBITDA growing by 17% despite a 15% decrease in recycled commodity prices. The company is on track to achieve the upper end of its targeted $80 million to $100 million synergies in 2025 for its WM Healthcare Solutions segment. Finally, WM confirmed its 2025 guidance with a midpoint operating EBITDA of $7.55 billion and revised its free cash flow expectations to between $2.8 billion and $2.9 billion.

Strong Operating EBITDA Growth

The company reported a 19% growth in operating EBITDA for the second quarter, with significant contributions from the collection and disposal business.

Landfill Volume Growth

Landfill volumes were particularly strong, contributing to the overall solid waste volume growth in key markets.

Sustainability Platform Success

Recycling segment operating EBITDA grew by 17% despite a 15% decline in recycled commodity prices, showcasing the strength of sustainability investments.

Healthcare Solutions Synergy

The integration of WM Healthcare Solutions is on track to achieve the upper end of targeted synergies of $80 million to $100 million in 2025.

Margin Expansion

The collection and disposal operating EBITDA improved by 60 basis points to 37.9%, driven by strong landfill volumes and pricing discipline.

Free Cash Flow Guidance Increase

The company has increased its expectations for 2025 free cash flow to between $2.8 billion and $2.9 billion.

Renewable Energy Projects

Three new projects commenced operations during the quarter, including a renewable natural gas facility in Illinois.

Waste Management (WM) Earnings, Revenues Date & History

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WM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	2.04 / -	1.96	―	―	―
Jul 28, 2025	2025 (Q2)	1.89 / 1.92	1.82	5.49% (+0.10)	―
Apr 28, 2025	2025 (Q1)	1.59 / 1.67	1.75	-4.57% (-0.08)	―
Jan 30, 2025	2024 (Q4)	1.80 / 1.70	1.74	-2.30% (-0.04)	―
Oct 28, 2024	2024 (Q3)	1.89 / 1.96	1.63	20.25% (+0.33)	―
Jul 24, 2024	2024 (Q2)	1.83 / 1.82	1.51	20.53% (+0.31)	―
Apr 24, 2024	2024 (Q1)	1.50 / 1.75	1.31	33.59% (+0.44)	―
Feb 12, 2024	2023 (Q4)	1.53 / 1.74	1.3	33.85% (+0.44)	―
Oct 24, 2023	2023 (Q3)	1.61 / 1.63	1.56	4.49% (+0.07)	―
Jul 25, 2023	2023 (Q2)	1.55 / 1.51	1.44	4.86% (+0.07)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

WM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 28, 2025	$227.90	$235.56	+3.36%
Apr 28, 2025	$228.29	$228.01	-0.12%
Jan 30, 2025	$208.05	$220.84	+6.15%
Oct 28, 2024	$206.08	$216.82	+5.21%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.