WM Waste Management (WM) Q1 FY26 earnings call
A weather-noisy quarter that validated WM's pricing-over-volume model: disciplined pricing, an automation-led cost structure and maturing sustainability investments delivered earnings and cash flow in line with expectations even as volumes lagged. Management framed 2026 as a harvest year — finishing the sustainability build-out, stabilizing the Stericycle integration and returning most of its cash — with volumes and Healthcare revenue expected to inflect in the back half.
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WM operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | This call Mar 2026 Q1 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|
| Churn rate Collection and Disposal | ~9%Our revenue grew across all lines of business supported by a collection and disposal yield of 4.5% and core price of 6.7% with churn remaining at about 9%.Source: earnings call transcript | ~9%Revenue has once again grown across all lines of business, driven by collection and disposal yield of 4% and core price of 6.5% with churn remaining stable at around 9%.Source: earnings call transcript | — | ~10%I don't have it in front of me, but I think it was right around 10%, it varies quarter in and quarter out, national account business can affect that, but we haven't seen any wide swings there.Source: earnings call transcript | — |
| Turnover rate Drivers and technicians | — | — | 16.8%Turnover improved by an impressive 300 basis points, bringing the combined rate for drivers and technicians down to a record low of 16.8%.Source: earnings call transcript | 17.2%total driver and technician turnover, both voluntary and involuntary remained low at 17.2%, improving 130 basis points year-over-year.Source: earnings call transcript | +0.4 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.