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Waste Management
Waste Management (WM) investor relations material
Waste Management Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 revenue rose 6.3% to $6.846B; adjusted operating EBITDA grew 5.8%, with adjusted margin of 31.0%.
Collection and Disposal pricing, recycling and renewable energy growth, and Healthcare synergies supported results; fuel and risk-management costs pressured margins.
2026 revenue and free cash flow were expected at the high ends of guidance; adjusted operating EBITDA was expected within its original range.
Financial highlights
Q3 operating income was $1.279B vs. $989M, net income was $820M vs. $603M, and diluted EPS was $2.05 vs. $1.49.
Q3 adjusted net income was $858M and adjusted diluted EPS was $2.15, vs. $801M and $1.98.
Q3 operating cash flow was $1.640B vs. $1.592B; free cash flow was $985M vs. $821M.
Nine-month revenue was $19.757B vs. $18.891B; operating income was $3.645B vs. $3.153B and net income was $2.328B vs. $1.966B.
Nine-month operating cash flow rose 12% to $4.867B; free cash flow was $3.009B vs. $2.114B.
Outlook and guidance
2026 revenue guidance of $26.275B–$26.475B was affirmed, with results expected at the high end; adjusted operating EBITDA guidance remained $8.15B–$8.25B.
Free cash flow guidance of $3.75B–$3.85B was affirmed at the high end; its reconciliation projects $6.5B operating cash flow and $2.5B supporting capex.
2026 volume was expected to decline ~1%, or 50 bps excluding prior-year wildfire cleanup volumes; core price and yield were tracking to the high end of guidance.
Q4 margins were expected to improve sequentially and be the year's strongest, but lower YoY, including an assumed ~40-bps fuel impact.
Priorities include sustaining price-cost spread, embedding technology and process improvements, pursuing tuck-in acquisitions, and realizing strategic investment returns.
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Latest events from Waste Management
- Q2 revenue up 4%, EBITDA margin expands, and over $1B returned to shareholders.WM
Q2 2026 - Delivers strong growth, margin expansion, and shareholder returns through innovation and integration.WMInvestor presentation
- Technology, sustainability, and disciplined M&A drive margin growth and operational leadership.WMWaste360/ Stifel Investor Summit
- Sustainability, automation, and healthcare integration drive growth and efficiency.WM46th Annual William Blair Growth Stock Conference
- Record margin expansion and robust cash flow set the stage for strong 2026 growth.WMQ4 2025
- Q3 2025 saw 14.9% revenue growth, record margins, and robust free cash flow despite commodity headwinds.WMQ3 2025
- Record Q3: 7.9% revenue growth, 30.5% EBITDA margin, and Stericycle deal set for Q4 close.WMQ3 2024
- Record Q2 margin, robust cash flow, major acquisitions, and strong 2024 outlook.WMQ2 2024
- 2025 outlook targets 15% EBITDA growth, strong cash flow, and major synergy gains from Stericycle.WMQ4 2024
Next Waste Management earnings date
Q4 202628 Jan, 2027
Waste Management
Next Waste Management earnings date
Q4 202628 Jan, 2027
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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.