Waste Management, Inc.

WM · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987
Valuation
Market cap	$88,514	$80,992	$72,137	$64,396	$69,817	$49,332	$47,671	$37,226	$36,101	$29,663	$22,326	$23,741	$20,986	$15,642	$15,364	$17,705	$16,607	$16,308	$16,900	$19,871	$17,042	$17,254	$17,428	$14,060	$20,063	$16,823	$10,526	$27,246	$8,158	$4,450	$977	$243	$135	$163	$164	$19	$5	$5	$9
Enterprise value	$111,221	$104,480	$87,901	$79,044	$83,106	$62,591	$57,610	$47,192	$45,593	$38,964	$31,290	$31,892	$31,272	$25,685	$25,182	$26,404	$24,646	$24,437	$25,199	$27,849	$25,344	$25,659	$26,054	$22,108	$27,570	$25,229	$21,850	$38,969	$10,871	$5,614	$1,338	$393	$228	$203	$184	$20	$5	$4	$10
P/E (TTM) at period end	32.69×	29.49×	31.31×	28.77×	38.45×	32.98×	28.55×	19.34×	18.52×	25.10×	29.65×	18.29×	214.14×	19.15×	15.99×	18.58×	16.71×	15.00×	14.53×	17.29×	14.42×	18.38×	27.66×	17.10×	39.89×	–	–	–	30.55×	135.26×	32.25×	17.64×	14.06×	22.31×	54.69×	95.83×	52.00×	27.11×	21.38×
P/S (TTM) at period end	3.51×	3.67×	3.53×	3.27×	3.89×	3.24×	3.08×	2.50×	2.49×	2.18×	1.72×	1.70×	1.50×	1.15×	1.15×	1.41×	1.41×	1.22×	1.27×	1.49×	1.30×	1.38×	1.51×	1.26×	1.77×	1.35×	0.80×	2.14×	3.12×	3.39×	2.14×	1.38×	1.73×	3.12×	8.97×	5.18×	2.00×	2.85×	5.03×
P/B at period end	8.86×	9.81×	10.45×	9.40×	9.80×	6.62×	6.74×	5.93×	6.00×	5.60×	4.18×	4.05×	3.68×	2.46×	2.53×	2.83×	2.64×	2.76×	2.92×	3.19×	2.78×	2.89×	3.13×	2.65×	3.72×	3.50×	2.39×	6.23×	3.10×	3.85×	2.43×	2.25×	2.89×	4.08×	5.34×	1.94×	0.98×	1.04×	14.25×
EV / EBITDA (TTM)	15.51×	16.51×	15.57×	14.63×	16.74×	15.25×	13.46×	11.06×	11.36×	10.83×	9.51×	8.88×	12.97×	8.16×	7.73×	7.98×	8.07×	7.04×	7.17×	8.22×	8.00×	8.49×	9.29×	7.71×	10.39×	7.84×	7.44×	9.72×	11.06×	12.53×	9.49×	7.61×	8.18×	10.71×	27.05×	22.41×	25.00×	–	–
EV / Sales (TTM)	4.41×	4.74×	4.30×	4.01×	4.63×	4.11×	3.73×	3.16×	3.15×	2.86×	2.41×	2.28×	2.24×	1.88×	1.88×	2.11×	2.09×	1.83×	1.89×	2.08×	1.94×	2.05×	2.25×	1.98×	2.44×	2.02×	1.66×	3.07×	4.16×	4.27×	2.93×	2.23×	2.92×	3.90×	10.05×	5.45×	1.92×	1.91×	5.62×
Returns
Return on equity	27.1%	33.3%	33.4%	32.7%	25.5%	20.1%	23.6%	30.7%	32.4%	22.3%	14.1%	22.1%	1.7%	12.9%	15.8%	15.2%	15.8%	18.4%	20.1%	18.5%	19.3%	15.7%	11.3%	15.5%	9.3%	(2.0%)	(9.0%)	(17.6%)	10.2%	2.8%	7.5%	12.8%	20.6%	18.3%	9.8%	2.0%	1.9%	3.8%	66.7%
Return on invested capital	10.4%	10.2%	11.9%	12.0%	11.2%	9.3%	12.6%	13.9%	15.1%	10.2%	10.1%	12.5%	1.8%	7.5%	8.5%	8.7%	9.5%	10.0%	10.9%	11.3%	12.5%	9.3%	6.9%	8.1%	6.4%	–	8.4%	15.6%	7.5%	5.4%	11.1%	8.2%	9.0%	11.3%	7.0%	1.8%	(3.9%)	3.9%	43.8%
Dividend yield	1.5%	1.5%	1.6%	1.7%	1.4%	1.9%	1.8%	2.2%	2.1%	2.4%	3.1%	2.9%	3.3%	4.2%	4.1%	3.4%	3.4%	3.3%	2.9%	2.4%	2.6%	2.5%	0.0%	0.0%	0.0%	0.0%	0.1%	0.3%	–	6.9%	–	–	1.0%	–	0.4%	–	–	–	–
Financial health
Current ratio	0.89×	0.76×	0.90×	0.81×	0.75×	1.00×	1.97×	0.85×	0.83×	0.85×	0.93×	1.01×	0.83×	0.80×	0.78×	1.00×	1.04×	0.77×	0.95×	0.97×	1.06×	0.88×	0.78×	0.85×	0.84×	0.84×	0.83×	0.90×	1.15×	1.06×	1.14×	1.30×	1.01×	1.86×	1.60×	2.07×	3.75×	5.50×	0.33×
Debt / equity	2.29×	2.90×	2.35×	2.19×	1.88×	1.85×	1.91×	1.60×	1.58×	1.76×	1.67×	1.61×	1.79×	1.56×	1.61×	1.42×	1.41×	1.41×	1.44×	1.34×	1.42×	1.43×	1.53×	1.56×	1.53×	1.77×	2.61×	2.68×	1.05×	1.03×	0.93×	1.44×	2.06×	1.24×	0.78×	0.33×	0.19×	0.23×	1.83×
Effective tax rate	20.9%	20.6%	24.7%	23.2%	22.6%	21.0%	20.6%	19.1%	11.0%	35.2%	29.1%	23.6%	73.7%	34.0%	33.6%	38.6%	28.0%	37.2%	31.7%	22.0%	(8.2%)	21.0%	36.0%	34.0%	36.1%	130.2%	(142.7%)	(9.6%)	41.0%	57.8%	(60.3%)	36.1%	36.0%	36.0%	31.8%	–	–	33.3%	–
Share count
Diluted shares outstanding	404	403	407	415	423	425	428	432	442	446	456	466	470	464	471	482	494	495	522	546	565	581	594	618	629	606	612	584	219	140	52	21	12	11	9	3	3	2	2

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987
Revenue and gross profit
Revenue	$25,667	$25,204	$22,063	$20,426	$19,698	$17,931	$15,218	$15,455	$14,914	$14,485	$13,609	$12,961	$13,996	$13,983	$13,649	$13,378	$12,515	$11,791	$13,388	$13,310	$13,363	$13,074	$12,516	$11,574	$11,142	$11,322	$12,492	$13,127	$12,704	$2,614	$1,313	$457	$176	$78	$52	$18	$4	$3	$2	$2
Cost of revenue	($15,175)	($15,012)	($13,383)	($12,606)	($12,294)	($11,111)	($9,341)	($9,496)	($9,249)	($9,021)	($8,486)	($8,231)	($9,002)	($1,232)	($7,765)	($7,254)	($6,854)	($6,620)	($9,704)	($9,640)	($9,921)	($9,992)	($9,564)	($7,517)	($6,743)	($6,666)	($7,538)	($8,269)	($7,384)	($1,346)	($705)	($254)	($101)	($39)	($25)	($7)	($2)	($1)	($1)	($1)
Gross profit	$10,492	$10,192	$8,680	$7,820	$7,404	$6,820	$5,877	$5,959	$5,665	$5,464	$5,123	$4,730	$4,994	$12,751	$5,884	$6,124	$5,661	$5,171	$3,684	$3,670	$3,442	$3,082	$2,952	$4,057	$4,399	$4,656	$4,954	$4,858	$5,320	$1,268	$608	$203	$75	$39	$27	$11	$2	$1	$1	$1
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,729)	($2,722)	($2,264)	($1,926)	($1,938)	($1,864)	($1,728)	($1,631)	($1,453)	($1,468)	($1,410)	($1,343)	($1,481)	($1,468)	($1,472)	($1,551)	($1,461)	($1,364)	($1,477)	($1,432)	($1,388)	($1,276)	($1,442)	($1,216)	($1,529)	($1,622)	($1,738)	($1,920)	($1,310)	($285)	($160)	($62)	($24)	($11)	($8)	($4)	($1)	($1)	($1)	($0)
Total operating expenses	($5,982)	($5,884)	($4,617)	($4,245)	($4,039)	($3,855)	($3,443)	($3,253)	($2,876)	($2,828)	($2,827)	($2,685)	($2,695)	($11,672)	($4,033)	($4,096)	($3,545)	($3,284)	($1,450)	($1,416)	($1,388)	($1,276)	($1,267)	($2,517)	($2,755)	($3,373)	($3,167)	($3,534)	($2,809)	($588)	($314)	($119)	($42)	($20)	($13)	($6)	($2)	($2)	($1)	($0)
Total costs and expenses	($21,157)	($20,896)	($18,000)	($16,851)	($16,333)	($14,966)	($12,784)	($12,749)	($12,125)	($11,849)	($11,313)	($10,916)	($11,697)	($12,904)	($11,798)	($11,350)	($10,399)	($9,904)	($11,154)	($11,056)	($11,309)	($11,268)	($10,831)	($10,034)	($9,498)	($10,039)	($10,705)	($11,804)	($10,192)	($1,934)	($1,019)	($372)	($143)	($58)	($38)	($13)	($4)	($3)	($2)	($1)
Operating income	$4,510	$4,308	$4,063	$3,575	$3,365	$2,965	$2,434	$2,706	$2,789	$2,636	$2,296	$2,045	$2,299	$1,079	$1,851	$2,028	$2,116	$1,887	$2,234	$2,254	$2,054	$1,806	$1,685	$1,540	$1,644	$1,283	$1,787	$1,323	$2,511	$680	$295	$85	$33	$20	$14	$5	$0	($0)	$0	$1
Earnings
EBITDA	$7,521	$7,171	$6,330	$5,646	$5,403	$4,964	$4,105	$4,280	$4,266	$4,012	$3,597	$3,290	$3,591	$2,412	$3,148	$3,257	$3,310	$3,053	$3,472	$3,513	$3,388	$3,167	$3,021	$2,805	$2,866	$2,654	$3,216	$2,938	$4,010	$983	$448	$141	$52	$28	$19	$7	$1	$0	–	–
Interest income	–	($912)	($598)	($500)	–	–	–	–	–	–	–	–	–	$4	$4	$8	$4	$13	$48	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($906)	($912)	($598)	($500)	($378)	($365)	($425)	($411)	($374)	($363)	($376)	($385)	($466)	($481)	($488)	($481)	($473)	($426)	($472)	($521)	($663)	($627)	($455)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,625	$3,426	$3,458	$3,021	$2,918	$2,349	$1,893	$2,105	$2,376	$2,191	$1,822	$1,060	$1,751	$494	$1,303	$1,520	$1,631	$1,473	$1,797	$1,703	$1,474	$1,092	$1,178	$1,123	$1,247	$787	$321	($163)	($700)	$463	$78	$19	$22	$15	$11	$4	$0	–	$0	–
Income tax expense	($771)	($717)	($713)	($745)	($678)	($532)	($397)	($434)	($453)	($242)	($642)	($308)	($413)	($364)	($443)	($511)	($629)	($413)	($669)	($540)	($325)	$90	($247)	($404)	($424)	($284)	($418)	($232)	($67)	($190)	($45)	$11	($8)	($5)	($4)	($1)	–	$0	($0)	($0)
Net income	$2,853	$2,708	$2,746	$2,304	$2,238	$1,816	$1,496	$1,670	$1,925	$1,949	$1,182	$753	$1,298	$98	$817	$961	$953	$994	$1,087	$1,163	$1,149	$1,182	$939	$630	$822	$503	($97)	($398)	($771)	$267	$33	$30	$14	$10	$7	$3	$0	$0	$0	$0
Per share
Diluted EPS (GAAP)	$7.06	$6.70	$6.81	$5.66	$5.39	$4.29	$3.52	$3.91	$4.45	$4.41	$2.65	$1.65	$2.79	$0.21	$1.76	$2.04	$1.98	$2.01	$2.19	$2.23	$2.10	$2.09	$1.61	$1.06	$1.33	$0.80	($0.16)	($0.65)	($1.32)	($1.68)	$0.04	$0.54	$0.08	$0.32	$0.65	$0.32	$0.08	$0.03	$0.09	$0.24
Basic EPS (GAAP)	$7.09	$6.72	$6.84	$5.69	$5.42	$4.32	$3.54	$3.93	$4.49	$4.44	$2.66	$1.66	$2.80	$0.21	$1.76	$2.05	$1.98	$2.02	$2.21	$2.25	$2.13	$2.11	$1.63	$1.07	$1.34	$0.80	($0.16)	($0.65)	($1.32)	($1.68)	$0.05	$0.56	$0.08	$0.32	$0.65	$0.32	$0.08	$0.03	$0.09	$0.24
Basic shares outstanding	403	403	402	405	413	420	423	425	429	439	444	453	463	468	464	470	480	491	492	517	540	562	576	589	613	629	606	612	584	208	140	52	21	12	11	9	3	3	2	2
Margins
Gross margin	40.9%	40.4%	39.3%	38.3%	37.6%	38.0%	38.6%	38.6%	38.0%	37.7%	37.6%	36.5%	35.7%	91.2%	43.1%	45.8%	45.2%	43.9%	27.5%	27.6%	25.8%	23.6%	23.6%	35.1%	39.5%	41.1%	39.7%	37.0%	41.9%	48.5%	46.3%	44.5%	42.6%	50.2%	51.7%	59.6%	56.8%	50.0%	63.2%	64.7%
Operating margin	17.6%	17.1%	18.4%	17.5%	17.1%	16.5%	16.0%	17.5%	18.7%	18.2%	16.9%	15.8%	16.4%	7.7%	13.6%	15.2%	16.9%	16.0%	16.7%	16.9%	15.4%	13.8%	13.5%	13.3%	14.8%	11.3%	14.3%	10.1%	19.8%	26.0%	22.4%	18.5%	18.6%	25.2%	27.2%	28.4%	5.4%	(7.7%)	10.5%	41.2%
Net margin	11.1%	10.7%	12.4%	11.3%	11.4%	10.1%	9.8%	10.8%	12.9%	13.5%	8.7%	5.8%	9.3%	0.7%	6.0%	7.2%	7.6%	8.4%	8.1%	8.7%	8.6%	9.0%	7.5%	5.4%	7.4%	4.4%	(0.8%)	(3.0%)	(6.1%)	10.2%	2.5%	6.6%	7.8%	12.3%	14.0%	16.4%	5.4%	3.8%	10.5%	23.5%

Analyst consensus

Buy35 analysts

Bearish · 0 · Hold · 16 · Bullish · 19

Earnings history

	EPS	Estimate
Q3 2024	$1.96	$1.89	Beat
Q4 2024	$1.70	$1.80	Miss
Q1 2025	$1.67	$1.59	Beat
Q2 2025	$1.92	$1.89	Beat
Q3 2025	$1.98	$2.01	Miss
Q4 2025	$1.93	$1.95	Miss
Q1 2026	$1.81	$1.75	Beat
Q2 2026	$2.02	$1.98	Beat

Peers

Company overview

IPO dateJun 22, 1988

CEOJames C. Fish Jr.

Employees60,500

SectorIndustrials

IndustryWaste Management

CountryUS

ExchangeNew York Stock Exchange

Websitewww.wm.com

Waste Management, Inc. (WM) functions as a premier provider of environmental waste solutions across North America, serving a diverse client base that includes residential, commercial, industrial, and municipal customers. The company's core operations involve comprehensive collection services, which include gathering and transporting both waste materials and recyclables from their initial point of generation to designated transfer stations, material recovery facilities (MRFs), or final disposal sites. Waste Management maintains an extensive network of facilities, owning, developing, and operating landfill gas-to-energy plants within the United States, in addition to managing numerous transfer stations. As of December 31, 2021, its substantial infrastructure consisted of 255 solid waste landfills, 5 secure hazardous waste landfills, 96 material recovery facilities, and 340 transfer stations. Beyond primary collection and disposal, WM offers services in materials processing and commodities recycling. This extends to recycling brokerage, where they handle the marketing of recyclable goods for third-party entities, alongside providing various other strategic business solutions. Its service portfolio also encompasses construction and remediation projects, the responsible management of fly ash and other residues generated from coal and fuel combustion, and specialized in-plant services offering full-spectrum waste management consulting. Furthermore, the company delivers tailored disposal solutions for oil and gas exploration and production activities. Originally incorporated in 1987 as USA Waste Services, Inc., the company rebranded to Waste Management, Inc. in 1998. Its corporate headquarters are situated in Houston, Texas.

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