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Waste Management (WM) investor relations material
Waste Management Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Jul, 2025
Executive summary
Q2 2025 revenue rose 19% year-over-year to $6.43B, driven by acquisitions, higher yield, and strong landfill, recycling, and renewable energy performance.
Net income attributable to shareholders was $726M ($1.80 per diluted share), up from $680M ($1.69 per share) in Q2 2024, reflecting higher operating income and lower tax expense.
Integration of Stericycle/WM Healthcare Solutions progressed, contributing to revenue, EBITDA, and synergy capture, with targets of $80M–$100M in 2025 and $250M–$300M longer term.
Sustainability initiatives and investments in recycling and renewable energy delivered margin-enhanced growth, with a 22% reduction in greenhouse gas emissions since 2021.
Acquisition activity was robust, including a major regional solid waste acquisition in DC and the $7.2B Stericycle deal, expanding regulated waste and compliance services.
Financial highlights
Q2 2025 operating EBITDA grew 19% year-over-year to $1.92B, with margin near 30%; legacy business margin at 31.3% after 130 bps expansion.
Operating cash flow for the first half was $2.75B, up 9% year-over-year; free cash flow reached $1.29B.
Returned $669M to shareholders via dividends and allocated $370M–$378M to acquisitions in the first half.
Leverage ratio at quarter-end was 3.5x, with a target to return to desired levels by 2026.
Interest expense rose due to Stericycle acquisition-related debt; total debt at $24.0B as of June 30, 2025.
Outlook and guidance
Affirmed full-year adjusted operating EBITDA midpoint at $7.55B, narrowed range to $7.475–$7.625B, and raised free cash flow guidance to $2.8B–$2.9B.
Revenue for 2025 expected to be 1% below initial guidance due to lower recycled commodity prices and Q1 weather, but EBITDA growth projected at over 15%.
Operating EBITDA margin guidance increased by 40 bps at the midpoint for the year.
Collection and disposal volume growth expected between 0.25% and 0.75% for the full year.
Share repurchases expected to resume once leverage returns to target, projected for Q2 2026.
What's driving WM Legacy's adjusted margin growth?
What's the status of WM's synergy targets?
What factors lowered the revenue outlook?
Assess WM's forever stock strategy.
Explain the impact of technology on WM's costs.
What is the outlook for WM Healthcare's EBITDA?
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Next Waste Management earnings date
Q3 202528 Oct, 2025
Next Waste Management earnings date
Q3 202528 Oct, 2025
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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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