Jun 2026 (Q2 FY26) — Jul 29, 2026
Waste Management Q2 FY26 — Strong Earnings, Margin Expansion, and Free Cash Flow Growth
Read the full callWaste Management (WM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Waste Management earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 6,684 | +4.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 18.8 | +0.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 785 | +8.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
13 of 18 judged targets kept · 43 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Solid waste tuck-in acquisition spending | $100 million to $200 million in 2026 | Dec 2025 | the $235 million of solid waste tuck-in acquisitions we closed during the quarter | Achieved |
| Collection and disposal volume growth | positive 0.4% | Jun 2026 | it takes us for the whole year to about negative 0.8%, I believe, our original guidance was positive 0.4% | Revised Down |
| Residential collection volume decline | an exit rate south of 3%, around 2.7%, by the fourth quarter of 2025 | Jun 2025 | I know we posted, I think it was about a 5% negative volume for the quarter | Missed |
5 of WASTE MANAGEMENT INC's 61 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 58 more targets are in the full ledger.
Claimed
- Operating EBITDA grew 5.5% (or 9.1% excluding wildfire cleanup contributions).
- Operating EBITDA margin expanded by 40 basis points.
- Free cash flow grew 35% for the quarter and 56% in the first 6 months.
- Recycling and renewable energy operating EBITDA grew nearly 33%, contributing 30 basis points to total company margin.
- Healthcare Solutions operating EBITDA margin expanded 200 basis points to 19%.
Qualified
- Operating EBITDA margin faced a 60 basis point headwind from wildfire volumes and a 40 basis point headwind from higher energy surcharges.
- Collection and disposal volumes declined 0.4% (excluding prior year wildfire activity).
- Full-year revenue outlook narrowed by 1.5% to $26.75 billion to $26.475 billion due to softer volumes, lower recycling brokerage, and timing of RNG plant connections.
- Full-year collection and disposal volume decline expected to approach 1% (or 0.5% excluding wildfire impact).
Price
$226.41 −0.20% · −$0.45
Performance +5.1% 1Y
1Y: $215.48 on 17 Oct 2025 → $226.41. High $246.51 (9 Mar 2026), low $196.77 (3 Nov 2025).
- Previous close
- $226.86
- 52-week range
- $196.77 – $246.51
- One year
- +5.11%
Overview
- Symbol
- WM
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 18 judged targets kept · 43 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Solid waste tuck-in acquisition spending | $100 million to $200 million in 2026 | Dec 2025 | the $235 million of solid waste tuck-in acquisitions we closed during the quarter | Achieved |
| Collection and disposal volume growth | positive 0.4% | Jun 2026 | it takes us for the whole year to about negative 0.8%, I believe, our original guidance was positive 0.4% | Revised Down |
| Residential collection volume decline | an exit rate south of 3%, around 2.7%, by the fourth quarter of 2025 | Jun 2025 | I know we posted, I think it was about a 5% negative volume for the quarter | Missed |
Claimed
- Operating EBITDA grew 5.5% (or 9.1% excluding wildfire cleanup contributions).
- Operating EBITDA margin expanded by 40 basis points.
- Free cash flow grew 35% for the quarter and 56% in the first 6 months.
- Recycling and renewable energy operating EBITDA grew nearly 33%, contributing 30 basis points to total company margin.
- Healthcare Solutions operating EBITDA margin expanded 200 basis points to 19%.
Qualified
- Operating EBITDA margin faced a 60 basis point headwind from wildfire volumes and a 40 basis point headwind from higher energy surcharges.
- Collection and disposal volumes declined 0.4% (excluding prior year wildfire activity).
- Full-year revenue outlook narrowed by 1.5% to $26.75 billion to $26.475 billion due to softer volumes, lower recycling brokerage, and timing of RNG plant connections.
- Full-year collection and disposal volume decline expected to approach 1% (or 0.5% excluding wildfire impact).
The full ledger
Open WASTE MANAGEMENT INC’s full ledger
A free account opens 5 company ledgers a month. All 61 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Waste Management Q1 FY26 — Pricing and automation drive ~6% EBITDA growth as free cash flow nearly doubles
Read the full callDec 2025 (Q4 FY25) — Jan 29, 2026
Waste Management Q4 FY25 — Record Operating Expenses and Strong Cash Flow Growth
Read the full callEvery analysed call
Waste Management earnings calls (WM)
Financials
What the filings say
Net profit, year on year: +8% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,609 | 5,893 | 6,018 | 6,430 | 6,443 | 6,313 | 6,227 | 6,684 |
| Expenses | 4,490 | 4,974 | 5,005 | 5,279 | 5,454 | 5,158 | 5,114 | 5,431 |
| Operating profit | 1,119 | 919 | 1,013 | 1,151 | 989 | 1,155 | 1,113 | 1,253 |
| Operating margin | 19.9% | 15.6% | 16.8% | 17.9% | 15.3% | 18.3% | 17.9% | 18.8% |
| Profit before tax | 995 | 700 | 788 | 928 | 775 | 935 | 891 | 1,024 |
| Tax rate | 23.6% | 14.6% | 19.2% | 21.7% | 22.2% | 20.6% | 18.9% | 23.2% |
| Net profit | 760 | 598 | 637 | 726 | 603 | 742 | 723 | 785 |
| EPS ($ per share) | 1.89 | — | 1.58 | 1.80 | 1.50 | — | 1.79 | 1.96 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves | 9,797 | 10,592 | 11,159 | 12,004 | 13,167 | 14,334 | 15,858 | 17,232 |
| Total liabilities | 16,374 | 20,673 | 21,891 | 21,971 | 24,503 | 25,927 | 36,313 | 35,844 |
| Fixed assets | 11,942 | 12,893 | 14,148 | 14,419 | 15,719 | 16,968 | 19,340 | 20,378 |
| Total assets | 22,650 | 27,743 | 29,345 | 29,097 | 31,367 | 32,823 | 44,567 | 45,835 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,570 | 3,874 | 3,403 | 4,338 | 4,536 | 4,719 | 5,390 | 6,043 |
| Cash from investing | -2,169 | -2,376 | -4,847 | -1,894 | -3,063 | -3,091 | -10,601 | -3,566 |
| Cash from financing | -1,508 | 1,964 | -1,559 | -2,900 | -1,216 | -1,524 | 5,155 | -2,673 |
| Net cash flow | -110 | 3,464 | -2,999 | -454 | 251 | 107 | -65 | -190 |
| Capital expenditure | -1,671 | -1,815 | -1,585 | -2,039 | -2,809 | -2,895 | -3,231 | -3,227 |
| Free cash flow | 1,899 | 2,059 | 1,818 | 2,299 | 1,727 | 1,824 | 2,159 | 2,816 |
WM revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Collection and Disposal | — | — | 82% | 82% | 83% | 82% | 82% | 82% | +3.7% |
| East Tier Region Areas | — | — | 36% | — | — | — | 35% | 36% | — |
| West Tier Region Areas | — | — | 35% | — | — | — | 35% | 34% | — |
| All Other Segments | — | — | 12% | — | — | — | 12% | 12% | — |
| Healthcare Solutions | — | — | 10% | 10% | 10% | 10% | 10% | 10% | -1.2% |
| Recycling Processing and Sales | 8% | 7% | 6% | 6% | 6% | 6% | 6% | 6% | +5.8% |
| Renewable Energy | 2% | 2% | 2% | 2% | 2% | 2% | 3% | 2% | +36.5% |
| Corporate and Other | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% | 0.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
WM operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | 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.
Insider filings
94 filings between Nov 3, 2025 and Sep 4, 2026.
Open market
decisions to buy or sellPurchases
$392.8K
1 purchase by 1 insider
Sales
$24.22M
35 sales by 12 insiders
83% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 25
- Award — granted as compensation
- 5
- Option exercise — converted options into shares
- 23
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Fish James C Jr | — | $8.47M | Feb 10, 2026 |
| Watson Michael J. | — | $4.32M | Mar 2, 2026 |
| Morris John J | — | $3.13M | Mar 9, 2026 |
| Smith Donald J | — | $3.00M | Feb 17, 2026 |
| Carrasco Rafael | — | $2.76M | Jun 5, 2026 |
| Hemmer Tara J. | — | $1.32M | Mar 2, 2026 |
| Carroll John A. | — | $608.1K | Sep 4, 2026 |
| MENKE SEAN E | $392.8K | — | Nov 3, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 4, 2026 | Carroll John A. VP & Chief Accounting Officer | Sale | 1,365 | $300.2K |
| Sep 3, 2026 | Stith Kimberly G. SVP - Chief HR Officer | Tax withheld | 356 | $78.4K |
| Aug 28, 2026 | Carroll John A. VP & Chief Accounting Officer | Gift | 4,874 | $0 |
| Aug 28, 2026 | Carroll John A. VP & Chief Accounting Officer | Gift | 4,874 | $0 |
| Aug 7, 2026 | Reed David L. EVP & CFO | Gift | 5,357 | $0 |
| Aug 7, 2026 | Reed David L. EVP & CFO | Gift | 5,357 | $0 |
| Jun 5, 2026 | Carrasco Rafael SVP of Enterprise Strategy | Option exercise | 2,655 | $334.5K |
| Jun 5, 2026 | Carrasco Rafael SVP of Enterprise Strategy | Sale | 2,655 | $585.3K |
| May 20, 2026 | Dalby Marcel SVP Bus Optimiz & Collection | Award | 2,257 | $0 |
| May 20, 2026 | Hemmer Tara J. EVP & Chief Operating Officer | Award | 2,544 | $0 |
| May 20, 2026 | Morris John J President | Tax withheld | 566 | $124.8K |
| May 15, 2026 | MENKE SEAN E Director | Award | 861 | $190.0K |
| May 15, 2026 | MAZZARELLA KATHLEEN M Director | Award | 1,314 | $290.0K |
| May 15, 2026 | PLUMMER WILLIAM B Director | Award | 861 | $190.0K |
| May 15, 2026 | HOLT VICTORIA M Director | Award | 861 | $190.0K |
| May 15, 2026 | Gluski Andres Director | Award | 861 | $190.0K |
| May 15, 2026 | Sylvester Maryrose Director | Award | 861 | $190.0K |
| May 15, 2026 | Bene Thomas Director | Award | 861 | $190.0K |
| May 15, 2026 | Chinn Bruce E. Director | Award | 861 | $190.0K |
| Apr 4, 2026 | Varkey Johnson SVP-Chief Information Officer | Tax withheld | 192 | $44.9K |
| Mar 9, 2026 | Reed David L. EVP & CFO | Sale 10b5-1 plan | 75 | $18.4K |
| Mar 9, 2026 | Morris John J President & COO | Sale 10b5-1 plan | 4,211 | $1.02M |
| Mar 9, 2026 | Morris John J President & COO | Option exercise 10b5-1 plan | 5,484 | $823.2K |
| Mar 9, 2026 | Varkey Johnson SVP-Chief Information Officer | Sale 10b5-1 plan | 121 | $29.7K |
| Mar 9, 2026 | Carroll John A. VP & Chief Accounting Officer | Sale 10b5-1 plan | 47 | $11.5K |
| Mar 9, 2026 | DeSantis Christopher P. SVP Operations - East | Sale 10b5-1 plan | 61 | $15.0K |
| Mar 7, 2026 | DeSantis Christopher P. SVP Operations - East | Tax withheld 10b5-1 plan | 107 | $26.4K |
| Mar 7, 2026 | Reed David L. EVP & CFO | Tax withheld 10b5-1 plan | 121 | $29.8K |
| Mar 7, 2026 | Varkey Johnson SVP-Chief Information Officer | Tax withheld 10b5-1 plan | 193 | $47.5K |
| Mar 7, 2026 | Carroll John A. VP & Chief Accounting Officer | Tax withheld 10b5-1 plan | 74 | $18.2K |
| Mar 6, 2026 | Morris John J President & COO | Sale 10b5-1 plan | 7,979 | $1.96M |
| Mar 3, 2026 | Carroll John A. VP & Chief Accounting Officer | Award | 892 | $0 |
| Mar 3, 2026 | Varkey Johnson SVP-Chief Information Officer | Sale | 617 | $150.6K |
| Mar 2, 2026 | Watson Michael J. Sr. VP-Chief Customer Officer | Sale 10b5-1 plan | 4,609 | $1.11M |
| Mar 2, 2026 | Hemmer Tara J. SVP & Chief Sustainability Off | Sale 10b5-1 plan | 4,818 | $1.17M |
| Mar 2, 2026 | Watson Michael J. Sr. VP-Chief Customer Officer | Option exercise 10b5-1 plan | 12,642 | $1.59M |
| Mar 2, 2026 | Reed David L. EVP & CFO | Sale 10b5-1 plan | 21 | $5.1K |
| Mar 2, 2026 | Stith Kimberly G. SVP - Chief HR Officer | Sale 10b5-1 plan | 21 | $5.1K |
| Mar 2, 2026 | Watson Michael J. Sr. VP-Chief Customer Officer | Sale 10b5-1 plan | 12,642 | $3.06M |
| Mar 1, 2026 | Reed David L. EVP & CFO | Tax withheld 10b5-1 plan | 31 | $7.4K |
| Mar 1, 2026 | Stith Kimberly G. SVP - Chief HR Officer | Tax withheld 10b5-1 plan | 31 | $7.4K |
| Feb 26, 2026 | Reed David L. EVP & CFO | Sale 10b5-1 plan | 37 | $8.5K |
| Feb 26, 2026 | Carroll John A. VP & Chief Accounting Officer | Sale 10b5-1 plan | 37 | $8.5K |
| Feb 25, 2026 | Carroll John A. VP & Chief Accounting Officer | Tax withheld 10b5-1 plan | 60 | $13.7K |
| Feb 25, 2026 | Reed David L. EVP & CFO | Tax withheld 10b5-1 plan | 60 | $13.7K |
| Feb 17, 2026 | Smith Donald J Sr. VP - Operations | Sale 10b5-1 plan | 7,352 | $1.72M |
| Feb 17, 2026 | Smith Donald J Sr. VP - Operations | Sale 10b5-1 plan | 4,842 | $1.13M |
| Feb 17, 2026 | Smith Donald J Sr. VP - Operations | Option exercise 10b5-1 plan | 2,377 | $263.4K |
| Feb 17, 2026 | Smith Donald J Sr. VP - Operations | Option exercise 10b5-1 plan | 2,465 | $310.6K |
| Feb 13, 2026 | Carrasco Rafael SVP of Enterprise Strategy | Sale | 7,352 | $1.72M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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