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Waste Management (WM)
NYSE:WM
Earnings Data
Report Date
Apr 28, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.75Last Year’s EPS
1.67Same Quarter Last Year
Moderate Buy
Based on 20 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple clear operational wins — record cost and margin performance, strong cash flow and free cash flow growth, tangible fleet and labor improvements, and meaningful progress scaling sustainability and recycling initiatives. Management acknowledged integration-related challenges in Healthcare Solutions (lost accounts, credit memos and elevated SG&A) and external headwinds (lower commodity prices and wildfire comparability). However, the breadth and magnitude of positive operational and financial metrics, combined with strong cash generation and a shareholder-friendly capital allocation plan, outweigh the identifiable near-term challenges.Company Guidance
Record Margin and Cost Performance
Full-year operating EBITDA margin reached 30.1% (up 40 bps year-over-year). Legacy Business normalized margin expanded ~180 bps for the year, and collection & disposal operating EBITDA margin expanded 160 bps in Q4. Operating expenses as a percent of revenue improved to 58.5% in Q4 (improving 180 bps) and finished the year at 59.5% — the first full year below 60% in company history.
Strong Cash Flow and Free Cash Flow Growth
Cash flow from operations grew >12% to $6.04 billion in 2025. Free cash flow increased nearly 27% to $2.94 billion in 2025, and management expects free cash flow to grow ~30% in 2026 (guidance midpoint to about $3.8 billion).
Operational Execution — Fleet and Labor Improvements
Investments in newer trucks and fleet strategies reduced repair & maintenance and third-party spend; driver turnover hit its lowest level of the year at 15.7%, supporting labor cost improvements and higher technician productivity.
Disciplined Pricing and Top-Line Resilience
Pricing remained strong with core price of 6.2% in Q4 2025. 2026 core price guidance includes 5.6% (collection & disposal) and company guidance embeds ~3% top-line growth, with management calling out disciplined price realization as a driver of margin expansion.
Sustainability Growth and Renewable Natural Gas (RNG) Expansion
WM commissioned 7 new RNG facilities in 2025, doubled RNG output projected for 2026 vs. 2025, and committed sustainability capital. Sustainability growth contribution to 2026 operating EBITDA was guided at $235M–$255M, and management highlighted ~60% of that from renewable energy and ~40% from recycling.
Recycling Segment Resilience
Recycling operating EBITDA grew over 22% in 2025 despite nearly 20% lower commodity prices year-over-year, driven by automation, throughput gains, labor improvements and strategic investments (automation upgrades at 5 recycling facilities and new facilities in 4 markets).
Capital Allocation and Shareholder Returns
Board approved a 14.5% increase in the planned quarterly dividend rate for 2026 and authorized a new $3.0 billion share repurchase program. Management plans to return about $3.5 billion to shareholders in 2026 (~>90% of expected free cash flow).
Balance Sheet and M&A Activity
2025 included $1.0 billion of debt paydown, reducing leverage to 3.1x with an expectation to reach the 2.5–3.0x target range during 2026. WM invested >$400 million in tuck-in acquisitions in 2025 and expects to continue disciplined M&A in the $100M–$200M annual range.
WM Earnings History
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 |
|---|---|---|---|
Jan 28, 2026 | $231.60 | $223.13 | -3.66% |
Oct 27, 2025 | $212.95 | $203.44 | -4.47% |
Jul 28, 2025 | $226.17 | $233.77 | +3.36% |
Apr 28, 2025 | $226.56 | $226.28 | -0.12% |
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.
FAQ
When does Waste Management (WM) report earnings?
Waste Management (WM) is schdueled to report earning on Apr 28, 2026, Before Open (Confirmed).
What is Waste Management (WM) earnings time?
Waste Management (WM) earnings time is at Apr 28, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is WM EPS forecast?
WM EPS forecast for the fiscal quarter 2026 (Q1) is 1.75.
