WASTE MANAGEMENT INCWM
WASTE MANAGEMENT INC Financial Overview 2021–2025
Updated Jul 10, 2026Waste Management closed FY2025 by generating $2.9 billion in free cash flow, representing a $620 million year-over-year jump despite carrying elevated debt from its $7.2 billion acquisition of Stericycle. This cash-generation profile underscores a clear investment thesis: the company wields structural pricing power that reliably absorbs macroeconomic inflation and large-scale integration costs. Through disciplined yield management across its core collection services and strategic market expansion, total revenue grew from $17.93 billion in FY2021 to $25.2 billion in FY2025.
The integration of Stericycle birthed the new WM Healthcare Solutions segment, serving as the primary catalyst for a 14.2% top-line expansion in FY2025. Even with elevated interest expenses and labor headwinds, automation investments drove operating expenses down to 59.6% of revenue. This cost control allowed income from operations to increase by $245 million to $4.3 billion for the year. Backed by strong liquidity, the company announced a planned 14.5% dividend increase for FY2026 and resumed share repurchases. The market rewarded this financial execution. At the close of FY2025, the stock traded at $219.71, commanding a 32.8x earnings multiple and an $88.5 billion market cap.
Recent Developments (Q4 2025 and Q1 2026)
Waste Management accelerated its profitability into Q1 2026, where free cash flow more than doubled year-over-year to $920 million. Revenue climbed 3.5% to $6.227 billion, supported by strong pricing power and incremental renewable energy volumes. This top-line expansion drove a 9.9% increase in operating income to $1.113 billion, while net income grew 13.5% to $723 million, or $1.79 per share. The company also navigated notable C-suite turnover. CFO Devina Rankin finalized her transition exit in March 2026, and Tara J. Hemmer was promoted to Chief Operating Officer, replacing John J. Morris, Jr.
Bulls highlight the resilient core business, evidenced by a 24.3% surge in operating cash flow to $1.501 billion. Conversely, bears argue the equity is priced for perfection, trading at a premium 34.4x earnings as of April 29, 2026.
What to watch: integration impacts of executive leadership changes; margin expansion tied to renewable energy volume growth
Rev
$25.20B
FY2025
NI
$2.71B
FY2025
EPS
$6.72
FY2025
OCF
$6.04B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All WM Financial Metrics(62)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Receivables
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Accrued Liabilities
- Short-Term Debt
- Deferred Revenue
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- Treasury Stock
- NCI
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
WASTE MANAGEMENT INC 8-K Report, Executive Changes (Aug 26, 2026)
Waste Management, Inc. (WM) has announced a significant leadership transition via an 8-K filing dated August 26, 2026. Current CEO James C. Fish, Jr. will retire from his CEO position and step down from the Board of Directors effective January 4, 2027, after a long tenure with the company. He will continue to provide advisory support until mid-February 2027, ensuring a smooth handover. In line with its succession planning, the Board has appointed John J. Morris, Jr., currently the company's President, to take over as CEO and join the Board of Directors, also effective January 4, 2027. Mr. Morris brings extensive experience, having served in various leadership roles within the company, including President since May 2025 and previous COO positions. This transition is expected to be seamless, leveraging Mr. Morris's deep understanding of the company's operations and strategy.
WASTE MANAGEMENT INC 8-K Report, Financial Results (Jul 28, 2026)
Waste Management, Inc. (WM) filed an 8-K on July 28, 2026, to report its financial results for the second quarter of 2026. The company has furnished the press release detailing these results as Exhibit 99.1 to the filing. Investors should note that WM will be holding an audio webcast on July 29, 2026, at 10:00 a.m. Eastern Time to discuss these results. The webcast will be accessible via the company's investor relations website.
WASTE MANAGEMENT INC 8-K Report, Shareholder Vote Results (May 14, 2026)
Waste Management, Inc. (WM) filed an 8-K report on May 14, 2026, detailing the outcomes of its Annual Meeting of Stockholders held on May 12, 2026. The report indicates strong shareholder support for key corporate matters, including the election of all nine director nominees, the ratification of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2026, and advisory approval of executive compensation. A significant portion of outstanding shares were represented at the meeting, demonstrating active investor engagement.
WASTE MANAGEMENT INC 8-K Report, Executive Changes (May 13, 2026)
Waste Management, Inc. (WM) announced significant executive changes via an 8-K filing on May 13, 2026. The company is acknowledging the retirement of Mr. Rafael E. Carrasco, Senior Vice President, Enterprise Strategy and President, WM Healthcare Solutions, who will step down on July 17, 2026, after 10 years of service, notably contributing to the Stericycle acquisition and healthcare solutions business development. Concurrently, Ms. Tara J. Hemmer has been promoted to Executive Vice President and Chief Operating Officer, reporting to President John J. Morris, Jr., who has resigned from his COO role. Ms. Hemmer, previously Senior Vice President and Chief Sustainability Officer, will see her annual base salary increase to $850,000 and a target annual cash incentive of 105% of her year-end base salary. Her compensation package also includes a $575,000 award of restricted stock units (RSUs) with a staggered three-year vesting schedule and dividend equivalents, reflecting the company's investment in leadership continuity and strategic growth.
WASTE MANAGEMENT INC 8-K Report, Financial Results (Apr 28, 2026)
Waste Management, Inc. (WM) has filed an 8-K report on April 28, 2026, to announce its financial results for the first quarter of 2026. The company is providing its earnings through a press release, furnished as Exhibit 99.1, and will host an audio webcast on April 29, 2026, at 10:00 a.m. Eastern Time to discuss these results. Investors are directed to the company's investor relations website for access to the live webcast and a replay. The press release and accompanying materials are expected to detail both GAAP and non-GAAP financial measures. The company explicitly notes that reconciliations between non-GAAP and their most comparable GAAP measures are available within the provided documentation. While specific financial figures are not disclosed in the 8-K itself, this filing serves as the official notification of the release of these results and the associated investor communication event.
View all 8-K filings →