About Waste Management, Inc.
Waste Management, Inc. (NYSE: WM) is one of North America’s largest waste and environmental services companies, headquartered in Houston, Texas, USA. WM provides integrated waste management and environmental services across residential, commercial, industrial, and municipal customers in the United States, Canada, and Puerto Rico. Its core operations include waste collection and transportation from where waste is generated to disposal or processing facilities, ownership and operation of transfer stations and landfills, recycling and materials recovery, renewable energy projects, and specialized services such as regulated and hazardous waste disposal, compliance programs, and secure information destruction.
WM serves over 20 million customers and operates a vast infrastructure of landfills, recycling plants, and transfer stations, making it a leading provider in the waste management sector in North America.
Fourth Quarter 2025
Revenue was $6.31 billion, a 7.1% increase from Q4 2024, but slightly below analyst expectations of $6.39 billion due to mixed performance across segments. Adjusted EPS was $1.93, just below the forecast of $1.95. Net income was $742 million. Growth in revenue was supported by pricing gains in the core business and contribution from the recently integrated Healthcare Solutions unit.
Full Year 2025
Revenue was $25.2 billion, up from $22.1 billion in 2024. Operating EBITDA expanded 13.3% with full-year adjusted margin greater than 30%, a company record. Operating cash flow rose 12% to $6.04 billion, driving free cash flow growth of 27%.
Operational & Strategic Notes
Margin improvements were a highlight, driven by disciplined cost management, pricing, and efficiency gains. The integration of the Healthcare Solutions business progressed, improving margins and operational alignment during the quarter. Sustainability and growth projects continued, with several new renewable natural gas and recycling automation projects completed in 2025.
2026 Outlook
WM forecasts higher revenues and EBITDA for 2026, with expected continued pricing strength in solid waste, improved Healthcare Solutions performance, and contributions from sustainability investments. Capital allocation plans include moderate reductions in growth capex, continued free cash flow growth, and shareholder returns (dividends and share repurchases).
Bottom Line
Waste Management delivered solid 2025 revenue and profit growth and achieved record adjusted margins, but near-term results and guidance slightly lagged analyst expectations while strengthening long-term positioning through integration and sustainability investments.
