The earnings call reflects a strong performance in 2024, driven by significant EBITDA growth, strategic acquisitions, and investments in sustainability. Challenges remain in industrial volume and commodity price pressures, but overall, the outlook for 2025 remains positive with continued focus on operational efficiency and strategic growth initiatives.

Company Guidance

In the WM Fourth Quarter 2024 Earnings Conference Call, the company provided comprehensive guidance for 2025, highlighting expected operational and financial growth. The Collection and Disposal business is projected to achieve over 7% operating EBITDA growth, despite the $63 million headwind from the expiration of alternative fuel tax credits. The company plans to maintain a positive price-to-cost spread, with core price increases anticipated between 5.8% and 6.2%, and yield expected between 4% and 4.2%. Additionally, WM's sustainability segments are forecasted to contribute $150 million to operating EBITDA growth, with total company operating EBITDA expected to grow by 15%, or nearly $1 billion, in 2025. The acquisition of Stericycle is expected to generate $250 million in synergies over three years, with up to $100 million in 2025. Free cash flow is projected to increase by more than 17% to $2.725 billion, supported by capital expenditures targeted between $3.175 billion and $3.275 billion. The company also expects cash flow from operations to grow more than 14% to $5.39 billion, emphasizing WM's strategic focus on operational efficiency, sustainability leadership, and disciplined capital allocation to enhance shareholder value.

Record Operating EBITDA Growth

WM achieved operating EBITDA growth of more than 10% in their Legacy Business for 2024, marking a significant milestone with a 30% full-year operating EBITDA margin for the first time in company history.

Sustainability and Renewable Energy Investments

WM brought five renewable natural gas facilities online, expanded their renewable energy platform, and advanced automation upgrades at 10 recycling facilities in 2024.

Successful Stericycle Acquisition

WM completed the acquisition of Stericycle in November, integrating its operations, and expects $250 million of synergies over three years, with up to $100 million in 2025.

Strong Cash Flow Generation

Cash flow from operations grew more than 14% to $5.39 billion in 2024, with a 22.5% increase in free cash flow before sustainability growth investments.

Collection and Disposal Business Performance

Operating EBITDA in the Collection and Disposal business grew 10.4% in 2024, achieving a 37.2% margin, the highest ever for this segment.

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Waste Management (WM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

WM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 29, 2025	2025 (Q1)	1.69 / -	1.75	―	―	―
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)	―
Apr 26, 2023	2023 (Q1)	1.28 / 1.31	1.29	1.55% (+0.02)	―
Feb 01, 2023	2022 (Q4)	1.41 / 1.30	1.26	3.17% (+0.04)

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

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WM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 30, 2025	$209.55	$222.43	+6.15%
Oct 28, 2024	$207.56	$218.38	+5.21%
Jul 24, 2024	$215.87	$198.53	-8.03%
Apr 24, 2024	$208.19	$210.44	+1.08%

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.

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