The earnings call reflected strong operational performance with significant EBITDA growth and cash flow improvements, driven by landfill volume strength and successful integration of recent acquisitions. However, challenges like declining recycled commodity prices and a notable contract loss tempered the positive outlook.

Company Guidance -

Q3 2025

During the WM Second Quarter Earnings Conference Call, the company demonstrated robust performance with a 19% increase in operating EBITDA, largely driven by their collection and disposal business, which accounted for more than half of the year-over-year growth. Notably, landfill volumes were strong, particularly in the MSW segment, contributing to the company's internal revenue growth (IRG). Additionally, the recycling segment saw a 17% rise in operating EBITDA despite a 15% drop in recycled commodity prices. WM completed a significant acquisition in the Washington, D.C. area, contributing to their acquisition spending target of over $500 million for 2025. The company also reported progress in integrating WM Healthcare Solutions, with synergies expected to reach the upper end of the $80 million to $100 million range by 2025. Overall, WM affirmed its operating EBITDA guidance at a midpoint of $7.55 billion, while increasing its free cash flow expectations to between $2.8 billion and $2.9 billion for the year.

Strong Operating EBITDA Growth

The company achieved a 19% growth in operating EBITDA in the second quarter, driven significantly by the collection and disposal business.

Robust Landfill Volume and Acquisition

Landfill volumes were particularly strong, with growth in MSW and special waste volumes, including a regional solid waste acquisition in the Washington, D.C. area.

Sustainability Business Performance

Despite a 15% decline in recycled commodity prices, the recycling segment's operating EBITDA grew by 17%. Renewable energy initiatives also performed well, with three new projects commenced in the quarter.

Healthcare Solutions Integration

Significant integration progress in WM Healthcare Solutions, with expected synergies at the upper end of $80 million to $100 million for 2025.

Operating Cash Flow Increase

Operating cash flow increased by 9% in the first half of 2025, driven by earnings growth.

Free Cash Flow Guidance Increase

Expectations for 2025 free cash flow have been increased to between $2.8 billion and $2.9 billion.

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

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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.