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Waste Management (WM) investor relations material
Waste Management Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Q3 2025 revenue rose 14.9% year-over-year to $6.44 billion, driven by acquisitions, higher yield in Collection and Disposal, and increased landfill, renewable energy, and recycling volumes, partially offset by lower residential collection and reduced recycled commodity prices.
Achieved over 15% operating EBITDA growth and nearly 33% free cash flow growth year-over-year, with strong performance in collection, disposal, and sustainability businesses, and disciplined investments in technology, automation, and sustainability.
Integration of the healthcare solutions business (including Stericycle) is progressing well, with cross-selling opportunities, operational synergies, and enhanced service breadth exceeding expectations.
Sustainability businesses delivered strong results despite a 35% decline in recycled commodity prices, with recycling EBITDA up 18% and renewable natural gas (RNG) production doubling year-to-date.
Net income attributable to shareholders was $603 million ($1.49 per diluted share), down from $760 million ($1.88 per diluted share) in Q3 2024, primarily due to impairment charges, higher depreciation/amortization, and increased interest expense from Stericycle acquisition financing.
Financial highlights
Q3 operating EBITDA margin reached a record 30.6%, with the legacy business at 32%, surpassing the long-term target of 30%.
Free cash flow for the first nine months of 2025 grew 13.5% to $2.11 billion, with operating EBITDA to free cash flow conversion at 42%.
Cash from operations increased 12% year-over-year to $4.35 billion for the first nine months.
Operating income for Q3 2025 was $989 million (15.3% of revenues), down from $1,119 million (20.0%) in Q3 2024, mainly due to a $152 million impairment in recycling, a $45 million landfill closure charge, and integration costs.
Interest expense increased to $225 million in Q3 2025, reflecting higher debt balances post-acquisition.
Outlook and guidance
Full-year revenue projected at the low end of prior guidance due to weaker recycled commodity prices and moderated healthcare solutions growth.
Margin expectations raised to 29.6%-30.2% for the full year, with confidence in achieving strong earnings, margin, and cash flow growth in 2025 and into 2026.
2026 free cash flow expected to approach $3.8 billion, driven by reduced capital spending, increased EBITDA from sustainability and healthcare, and ongoing cost discipline.
Share repurchases remain suspended until leverage returns to targeted levels, expected by Q2 2026.
Management expects to resume share repurchases and continue investing in automation, sustainability, and integration of Stericycle.
Recycling segment strategy given commodity price decline?
WM Healthcare Solutions: integration challenges?
Sustainability capex shift: future growth impact?
Healthcare Solutions ERP stabilization timeline?
Sustainability EBITDA target confidence for '27?
Future OpEx reduction strategy beyond current methods?
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Next Waste Management earnings date
Q4 202529 Jan, 2026
Next Waste Management earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
Managing Waste
Waste Management, doing business under the name WM, is one of North America's leading waste disposal and environmental services companies.. Founded in 1968 and headquartered in Houston, Texas, the company has an expansive operational footprint spanning the United States and Canada and provides an array of services throughout the entire process of collecting processing waste and recycling what can be recycled. To achieve this, WM operates a vast network of collection operations, transfer stations, landfills, recycling facilities, and waste-to-energy plants.
History and Expansion
WM is a leading provider of comprehensive waste management solutions in North America. Originating from a single landfill in Chicago, the company quickly expanded, capitalizing on the growing demand for waste disposal across the country. Over the decades, Waste Management evolved, acquiring smaller companies within the industry and diversifying its services to go beyond just the collection and disposal of waste. This strategy not only expanded its footprint in the US and into Canada but also facilitated the introduction of innovative waste solutions. The company's green initiatives gained traction in the late 20th century, emphasizing recycling and renewable energy projects.
All-encompassing Solutions
One of its primary functions is garbage collection, serving millions of customers across residential, commercial, and industrial sectors. This involves regular pick-up schedules, specialized collections, and tailored services for larger commercial entities. Apart from collection, the company manages landfills, which are essential for the safe and efficient disposal of waste. To complement these, WM also runs transfer stations that handle the sorting and movement of waste from collection vehicles to final disposal sites or recycling centers. Additionally, the company has ventures in waste-to-energy and recycling plants, turning refuse into a source of energy. Some publicly traded companies that operate within the same field as WM includes names such as Republic Services, Waste Connection, and Kollect on Demand.
Green Management
WM has been placing a significant emphasis on green initiatives in recent years. Recycling stands at the forefront of these efforts with the company operating numerous facilities that process recyclables, turning them into resources for industries and reducing landfill dependency. Besides traditional recyclables, it operates organic recycling for items like food and yard waste. Additionally, the company's landfill gas-to-energy ventures capture methane—a potent greenhouse gas—from landfills, transforming it into a clean energy source.
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