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Waste Management

WM NYSE Environmental & Facilities Services Financials FY2016–FY2025

Waste Management's revenue rose 14.2% to $25.2 billion in fiscal 2025. Its operating margin was 17.1%, down from 18.4% a year earlier. Free cash flow was $2.8 billion, up 30.4%. It paid out $1.3 billion in dividends and buybacks, 47% of free cash flow. The diluted share count rose 0.2%.

Last close · Oct 23, 2026

$239.38

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$25.2B
14.2% vs prior year
Operating margin Operating income as a share of revenue.
17.1%
1.3 pts
Net income Profit after all expenses, interest and tax.
$2.7B
1.4%
Free cash flow Cash from operations minus capital spending.
$2.8B
30.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.9%
1.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$96.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
33.9x
On $7.06 EPS (TTM)

What Waste Management does

No business description yet.

Legal name
WASTE MANAGEMENT INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-012049
0000823768

Revenue and margins

Waste Management had $25.2B of revenue in fiscal 2025, up 14.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.8B in fiscal 2025, 11.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Waste Management returned $1.3B to shareholders in fiscal 2025, 47% of free cash flow. The diluted share count rose 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Waste Management yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$22.0B and divides by 404.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 33.9x · peers 30.5x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Waste Management can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $118M$351M$458M$414M$201M
Debt incl. finance leases $12.7B$14.6B$15.9B$22.5B$22.2B
Net debt / EBITDA 2.5x2.6x2.7x3.5x3.1x
Debt / equity 1.8x2.1x2.3x2.7x2.2x
Interest coverage 7.7x9.7x8.0x7.7x4.7x
Current ratio 0.8x0.8x0.9x0.8x0.9x
Quick ratio 0.8x0.8x0.9x0.8x0.9x
Total assets $29.1B$31.4B$32.8B$44.6B$45.8B
Total liabilities $22.0B$24.5B$25.9B$36.3B$35.8B
Shareholders' equity $7.1B$6.8B$6.9B$8.3B$10.0B
Net debt (− = net cash) $12.6B$14.2B$15.4B$22.1B$22.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$9.4M

9 insiders

Of sales under plans

89%

$8.4M

DateInsiderTradeSharesPriceValueFiling
Sep 4, 2026 John A. CarrollVP & Chief Accounting Officer Sold 1,365 $219.90 $0.3M Form 4
Jun 5, 2026 Rafael CarrascoSVP of Enterprise Strategy Sold 2,655 $220.47 $0.6M Form 4
Mar 9, 2026 Christopher P. DeSantisSVP Operations - East Sold plan 61 $245.50 $0.0M Form 4
Mar 9, 2026 David L. ReedEVP & CFO Sold plan 75 $245.26 $0.0M Form 4
Mar 9, 2026 John A. CarrollVP & Chief Accounting Officer Sold plan 47 $245.30 $0.0M Form 4
Mar 9, 2026 John J MorrisPresident & COO Sold plan 4,211 $243.38 $1.0M Form 4
Mar 9, 2026 Johnson VarkeySVP-Chief Information Officer Sold plan 121 $245.27 $0.0M Form 4
Mar 6, 2026 John J MorrisPresident & COO Sold plan 7,979 $245.07 $2.0M Form 4
Mar 3, 2026 Johnson VarkeySVP-Chief Information Officer Sold 617 $244.13 $0.2M Form 4
Mar 2, 2026 Kimberly G. StithSVP - Chief HR Officer Sold plan 21 $243.13 $0.0M Form 4
Mar 2, 2026 Michael J. WatsonSr. VP-Chief Customer Officer Sold plan 17,251 $241.82 $4.2M Form 4
Mar 2, 2026 Tara J. HemmerSVP & Chief Sustainability Off Sold plan 4,818 $241.83 $1.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✕
F-score 6 / 97 / 96 / 9
Accruals ratio −7.5%−6.8%−7.4%
Altman Z'' 2.351.792.06

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Waste Management WM $96.3B 14.2% 17.1% 11.2% 10.9% 33.9x 6
Republic Services RSG $74.0B 3.3% 17.4% 12.7% 10.8% 34.1x 8 Compare →
ABM Industries ABM $3.2B 4.6% 3.6% 1.8% 7.3% 19.4x 7 Compare →
Clean Harbors CLH $16.9B 2.4% 11.2% 7.3% 10.4% 43.1x 7 Compare →
Veralto VLTO $26.0B 6.0% 23.2% 18.4% 28.1% 26.9x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $13.6B $14.5B $14.9B $15.5B $15.2B $17.9B $19.7B $20.4B $22.1B $25.2B
Gross profit $5.1B $5.5B $5.7B $6.0B $5.9B $6.8B $7.4B $7.8B $8.7B $10.2B
Operating income $2.3B $2.6B $2.8B $2.7B $2.4B $3.0B $3.4B $3.6B $4.1B $4.3B
Interest expense $375M $380M $339M $397M $461M $387M $348M $447M $530M $927M
Pretax income $1.8B $2.2B $2.4B $2.1B $1.9B $2.3B $2.9B $3.0B $3.5B $3.4B
Income tax $642M $242M $453M $434M $397M $532M $678M $745M $713M $717M
Net income $1.2B $1.9B $1.9B $1.7B $1.5B $1.8B $2.2B $2.3B $2.7B $2.7B
Diluted EPS $2.65 $4.41 $4.45 $3.91 $3.52 $4.29 $5.39 $5.66 $6.81 $6.70
Diluted shares 0.45B 0.44B 0.43B 0.43B 0.43B 0.42B 0.42B 0.41B 0.40B 0.40B
Cash flow
Cash from operations $3.0B $3.2B $3.6B $3.9B $3.4B $4.3B $4.5B $4.7B $5.4B $6.0B
Capital expenditure $1.3B $1.6B $1.7B $1.8B $1.6B $2.0B $2.8B $2.9B $3.2B $3.2B
Free cash flow $1.7B $1.6B $1.9B $2.1B $1.8B $2.3B $1.7B $1.8B $2.2B $2.8B
Depreciation and amortization $1.3B $1.4B $1.5B $1.6B $1.7B $2.0B $2.0B $2.1B $2.3B $2.9B
Stock-based compensation $90.0M $101M $89.0M $86.0M $94.0M $108M $84.0M $93.0M $118M $169M
Acquisitions $608M $198M $460M $521M $4.1B $75.0M $377M $170M $7.5B $395M
Share buybacks $725M $750M $1.0B $248M $402M $1.4B $1.5B $1.3B $262M $0.0M
Dividends paid $726M $750M $802M $876M $927M $970M $1.1B $1.1B $1.2B $1.3B
Dividends and buybacks $1.5B $1.5B $1.8B $1.1B $1.3B $2.3B $2.6B $2.4B $1.5B $1.3B
Balance sheet
Cash and short-term investments $32.0M $22.0M $61.0M $3.6B $553M $118M $351M $458M $414M $201M
Total debt $8.9B $8.8B $9.6B $13.3B $13.3B $12.7B $14.6B $15.9B $22.5B $22.2B
Finance lease liabilities $0.0M $0.0M $0.0M $359M $364M $338M $302M $374M $447M $563M
Current assets $2.4B $2.7B $2.6B $6.2B $3.5B $3.1B $3.6B $3.8B $4.8B $4.9B
Current liabilities $2.8B $3.3B $3.1B $3.1B $3.6B $4.1B $4.4B $4.2B $6.3B $5.5B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $11.0B $11.6B $11.9B $12.9B $14.1B $14.4B $15.7B $17.0B $19.3B $20.4B
Total assets $20.9B $21.8B $22.7B $27.7B $29.3B $29.1B $31.4B $32.8B $44.6B $45.8B
Total liabilities $15.5B $15.8B $16.4B $20.7B $21.9B $22.0B $24.5B $25.9B $36.3B $35.8B
Shareholders' equity $5.3B $6.0B $6.3B $7.1B $7.5B $7.1B $6.8B $6.9B $8.3B $10.0B
Margins
Gross margin 37.6% 37.7% 38.0% 38.6% 38.6% 38.0% 37.6% 38.3% 39.3% 40.4%
Operating margin 16.9% 18.2% 18.7% 17.5% 16.0% 16.5% 17.1% 17.5% 18.4% 17.1%
EBITDA margin 26.4% 27.7% 28.6% 27.7% 27.0% 27.7% 27.4% 27.6% 28.7% 28.5%
Net margin 8.7% 13.5% 12.9% 10.8% 9.8% 10.1% 11.4% 11.3% 12.5% 10.7%
FCF margin 12.2% 11.1% 12.7% 13.3% 12.0% 12.8% 8.8% 8.9% 9.8% 11.2%
Returns
Return on capital — 16.2% 14.8% 13.2% 10.4% 11.5% 12.7% 12.4% 12.2% 10.9%
Return on capital employed 12.8% 14.4% 14.6% 12.3% 9.7% 11.7% 13.0% 12.9% 12.2% 11.0%
Return on equity 22.2% 34.5% 31.3% 25.0% 20.6% 24.9% 32.0% 33.5% 36.2% 29.7%
Return on assets 5.7% 9.1% 8.7% 6.6% 5.2% 6.2% 7.4% 7.2% 7.1% 6.0%
Growth
Revenue growth 5.0% 6.4% 3.0% 3.6% −1.5% 17.8% 9.9% 3.7% 8.0% 14.2%
Net income growth 57.0% 64.9% −1.2% −13.3% −10.4% 21.4% 23.2% 3.0% 19.2% −1.4%
EPS growth 60.6% 66.4% 0.9% −12.1% −10.0% 21.9% 25.6% 5.0% 20.3% −1.6%
FCF growth 27.5% −2.7% 17.8% 8.4% −11.7% 26.5% −24.9% 5.6% 18.4% 30.4%
Share count change −2.1% −1.0% −2.2% −1.1% −0.6% −0.5% −1.9% −2.0% −0.9% 0.2%
Financial health
Net debt / EBITDA 2.5x 2.2x 2.2x 2.3x 3.1x 2.5x 2.6x 2.7x 3.5x 3.1x
Debt / equity 1.7x 1.5x 1.5x 1.9x 1.8x 1.8x 2.1x 2.3x 2.7x 2.2x
Interest coverage 6.1x 6.9x 8.2x 6.8x 5.3x 7.7x 9.7x 8.0x 7.7x 4.7x
Current ratio 0.9x 0.8x 0.9x 2.0x 1.0x 0.8x 0.8x 0.9x 0.8x 0.9x
Quick ratio 0.9x 0.8x 0.9x 2.0x 1.0x 0.8x 0.8x 0.9x 0.8x 0.9x
Capital allocation
Capex / revenue 9.9% 10.8% 11.2% 11.7% 10.4% 11.4% 14.3% 14.2% 14.6% 12.8%
Stock comp / revenue 0.7% 0.7% 0.6% 0.6% 0.6% 0.6% 0.4% 0.5% 0.5% 0.7%
Payouts / FCF 87.6% 93.1% 95.1% 54.6% 73.1% 100.9% 149.2% 133.7% 68.2% 47.4%
Quality scores
Piotroski F-score — 8.0 6.0 6.0 6.0 7.0 7.0 6.0 7.0 6.0
Altman Z'' 2.1 2.3 2.5 3.0 2.2 2.1 2.2 2.4 1.8 2.1
Accruals ratio −8.8% −5.8% −7.4% −8.8% −6.7% −8.6% −7.6% −7.5% −6.8% −7.4%

Source: SEC EDGAR XBRL filings (CIK 0000823768). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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