FirmAtlas
Company handbook · WM · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
WM · CIK 823768 · LATEST FILING: 10-Q JUN '26 · FILED JUL 29, 2026
Waste Management, Inc
$226.86
+2.67 (+1.19%)
Close, Oct 16, 2026 · 52-week $194–248
Waste Management collects trash and recycling and runs transfer stations, landfills and recycling plants in the U.S. and Canada, and turns landfill gas into energy. Since buying Stericycle in 2024 it also collects medical waste and shreds documents.
Business
- ProductsCommercial 26% · Industrial 16% · Residential 14% · Other Collection 14% · Healthcare Solutions 12% · Transfer 10% · Recycling Processing And Sales 7% · Renewable Energy 2% · Service Other 0% (FY25)
- RegionsUS 95% · Canada 4% · Western Europe and Other Countries 1% (FY25)
- CustomersHomes (often under city contracts), businesses, industrial plants, hospitals and clinics; sold by its own sales force and through contracts with cities
- Cash useFY24–FY25: acquisitions $7.9B · capex $6.5B · dividends $2.5B · buybacks $262M
Reinvested 125% of operating cash flow · returned 56% of free cash flow
Last fiscal year
Waste Management, Inc reported revenue of $25.2B for the year ended Dec 31, 2025 (FY25), up 14.2% from FY24. Net income was $2.7B, operating cash flow $6.0B and free cash flow $2.8B. Source: 10-K filed Feb 9, 2026.
Market cap
$91.4B
P/E
32.0
EV/EBITDA
15.9x
P/B
9.2
Div yield
1.61%
ROIC
10.6%
Revenue 1Y
14.2%/yr
EPS 1Y
−1.6%/yr
Shares 1Y
+0.3%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJames C. Fish, Jr.
HQHouston, TX
AuditorErnst & Young LLP
Employees60,500
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
13.9%
7.5%
12.4%
6.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$17.1B deployed
Capex
$6.5B
37.7%
Acquisitions
$7.9B
46.0%
Dividends
$2.5B
14.8%
Buybacks
$262M
1.5%
Operating cash flow over the period: $11.4B. Total debt changed by −$993M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
22,063
25,204+14.2%
25,667
YoY
+14.2%
Gross profit
8,680
10,192+17.4%
10,421
Gross margin
39.3%
40.4%+1.1 pp
—
Operating income
4,063
4,308+6.0%
4,510
Operating margin
18.4%
17.1%−1.3 pp
—
EBITDA
6,330
7,171+13.3%
—
EBITDA margin
28.7%
28.5%−0.2 pp
—
Interest expense
530
927+74.9%
—
Interest coverage
11.94x
7.74x−4.21x
—
Net income
2,746
2,708−1.4%
2,853
YoY
−1.4%
Net margin
12.4%
10.7%−1.7 pp
—
EPS (diluted, $)
6.81
6.70−1.6%
7.07
YoY
−1.6%
Balance sheet
Total assets
44,567
45,835+2.8%
46,441
Cash & short-term investments
487
297−39.0%
—
Accounts receivable
3,272
3,435+5.0%
—
Net PP&E
19,340
20,378+5.4%
—
Other assets
21,468
21,725+1.2%
—
Total liabilities
36,315
35,845−1.3%
36,516
Accounts payable
2,046
1,867−8.7%
—
Total debt
23,900
22,907−4.2%
23,356
Other liabilities
10,369
11,071+6.8%
—
Shareholders’ equity
8,252
9,990+21.1%
9,925
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
5,390
6,043+12.1%
6,517
Net income
2,745
2,709−1.3%
—
Depreciation & amortization
2,267
2,863+26.3%
—
Stock-based compensation
118
169+43.2%
—
Working capital & other
260
302+16.2%
—
Cash from investing
(10,601)
(3,566)n/m
—
Capex
(3,231)
(3,227)n/m
—
Acquisitions
(7,488)
(395)n/m
—
Other investing
118
56−52.5%
—
Cash from financing
5,155
(2,673)−151.9%
—
Debt repaid
(17,870)
(21,747)n/m
—
Dividends
(1,210)
(1,334)n/m
—
Buybacks
(262)
—
—
Shares issued
53
61+15.1%
—
Other financing
24,444
20,347−16.8%
—
Net change in cash
(65)
(190)n/m
—
Free cash flow (OCF − capex)
2,159
2,816+30.4%
3,573
Where the cash went
Operating cash flow
5,390
6,043+12.1%
6,517
Reinvested in the business
10,719
3,622−66.2%
—
% of operating cash flow
198.9%
59.9%
Capex
3,231
3,227−0.1%
2,944
Acquisitions
7,488
395−94.7%
—
Free cash flow
2,159
2,816+30.4%
3,573
YoY
+30.4%
Returned to shareholders
1,472
1,334−9.4%
—
% of free cash flow
68.2%
47.4%
Dividends
1,210
1,334+10.2%
—
Buybacks
262
—
—
Change in total debt
—
(993)
—
Cash left over
—
94
—
FCF conversion (FCF ÷ net income)
78.6%
104.0%+25.4 pp
—
Owner earnings
—
2,002
—
Owner earnings margin
—
7.9%
—
Buyback yield
0.3%
—
—
Returns & ratios
ROIC (all capital)
10.2%
10.6%+0.4 pp
—
ROIC (operating)
15.7%
16.0%+0.3 pp
—
Net debt / EBITDA
3.70x
3.15x−0.55x
—
Debt / equity
2.90x
2.29x−0.60x
—
ROE
33.3%
27.1%−6.2 pp
—
ROA
6.2%
5.9%−0.3 pp
—
ROCE
10.6%
10.7%+0.1 pp
—
NOPAT
3,225
3,406+5.6%
—
Invested capital (operating)
20,566
21,946+6.7%
—
Invested capital (all)
31,665
32,600+3.0%
—
Reinvestment rate
—
40.5%
—
Net debt is 3.2x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
6,443
6,313
6,227
6,684
vs year-ago quarter
Gross profit
2,610
2,549
2,533
2,729
Gross margin
40.5%
40.4%
40.7%
40.8%
Operating income
989
1,155
1,113
1,253
Net income
603
742
723
785
vs year-ago quarter
Net margin
9.4%
11.8%
11.6%
11.7%
EPS (diluted, $)
1.49
1.84
1.79
1.95
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
45,608
45,835
45,700
46,441
Cash & equivalents
308
297
245
638
Total debt
23,362
22,907
22,891
23,356
Shareholders’ equity
9,519
9,990
10,021
9,925
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,592
1,698
1,501
1,726
Capex
776
888
650
630
Free cash flow
816
810
851
1,096
vs year-ago quarter