Waste Management (WM) Financials

$224.56 -1.27 (-0.56%)

Closing price 08/28/2025 03:59 PM Eastern

Extended Trading

$224.46 -0.10 (-0.04%)

As of 05:43 AM Eastern

Annual Income Statements for Waste Management

This table shows Waste Management's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,298	753	1,182	1,949	1,925	1,670	1,496	1,816	2,238	2,304	2,746
Consolidated Net Income / (Loss)	1,338	752	1,180	1,949	1,923	1,671	1,496	1,817	2,240	2,276	2,745
Net Income / (Loss) Continuing Operations	1,338	752	1,180	1,949	1,923	1,671	1,496	1,817	2,240	2,276	2,745
Total Pre-Tax Income	1,751	1,060	1,822	2,191	2,376	2,105	1,893	2,349	2,918	3,021	3,458
Total Operating Income	2,299	2,045	2,296	2,636	2,789	2,706	2,434	2,965	3,365	3,575	4,063
Total Gross Profit	4,994	4,730	5,123	5,464	5,665	5,959	5,877	6,820	7,404	7,820	8,680
Total Revenue	13,996	12,961	13,609	14,485	14,914	15,455	15,218	17,931	19,698	20,426	22,063
Operating Revenue	13,996	12,961	13,609	14,485	14,914	15,455	15,218	17,931	19,698	20,426	22,063
Total Cost of Revenue	9,002	8,231	8,486	9,021	9,249	9,496	9,341	11,111	12,294	12,606	13,383
Operating Cost of Revenue	9,002	8,231	8,486	9,021	9,249	9,496	9,341	11,111	12,294	12,606	13,383
Total Operating Expenses	2,695	2,685	2,827	2,828	2,876	3,253	3,443	3,855	4,039	4,245	4,617
Selling, General & Admin Expense	1,481	1,343	1,410	1,468	1,453	1,631	1,728	1,864	1,938	1,926	2,264
Depreciation Expense	1,292	1,245	1,301	1,376	1,477	1,574	1,671	1,999	2,038	2,071	2,267
Impairment Charge	-160	82	112	-16	-58	42	35	-16	62	243	82
Restructuring Charge	82	15	4.00	0.00	4.00	6.00	9.00	8.00	1.00	5.00	4.00
Total Other Income / (Expense), net	-548	-985	-474	-445	-413	-601	-541	-616	-447	-554	-605
Interest Expense	0.00	555	-	6.00	0.00	85	53	220	0.00	0.00	7.00
Interest & Investment Income	-519	-423	-420	-431	-415	-466	-493	-401	-445	-560	-594
Other Income / (Expense), net	-29	-7.00	-54	-8.00	2.00	-50	5.00	5.00	-2.00	6.00	-4.00
Income Tax Expense	413	308	642	242	453	434	397	532	678	745	713
Net Income / (Loss) Attributable to Noncontrolling Interest	40	-1.00	-2.00	0.00	-2.00	1.00	0.00	1.00	2.00	-28	-1.00
Basic Earnings per Share	$2.80	$1.66	$2.66	$4.44	$4.49	$3.93	$3.54	$4.32	$5.42	$5.69	$6.84
Weighted Average Basic Shares Outstanding	462.60M	445.65M	439.70M	438.80M	429.10M	424.71M	423.15M	414.59M	408.15M	401.60M	402.12M
Diluted Earnings per Share	$2.79	$1.65	$2.65	$4.41	$4.45	$3.91	$3.52	$4.29	$5.39	$5.66	$6.81
Weighted Average Diluted Shares Outstanding	462.60M	445.65M	439.70M	438.80M	429.10M	424.71M	423.15M	414.59M	408.15M	401.60M	402.12M
Weighted Average Basic & Diluted Shares Outstanding	462.60M	445.65M	439.70M	438.80M	429.10M	424.71M	423.15M	414.59M	408.15M	401.60M	402.12M
Cash Dividends to Common per Share	$1.50	$1.54	$1.64	$1.70	$1.86	$2.05	$2.18	$2.30	$2.60	$2.80	$3.00

This table shows Waste Management's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	499	533	615	663	493	708	680	760	598	637	726
Consolidated Net Income / (Loss)	500	532	613	662	469	707	680	760	598	637	727
Net Income / (Loss) Continuing Operations	500	532	613	662	469	707	680	760	598	637	727
Total Pre-Tax Income	643	696	809	872	644	869	894	995	700	788	928
Total Operating Income	765	825	944	1,021	785	1,016	1,009	1,119	919	1,013	1,151
Total Gross Profit	1,842	1,806	1,933	2,010	2,071	2,019	2,111	2,210	2,340	2,371	2,591
Total Revenue	4,935	4,892	5,119	5,198	5,217	5,159	5,402	5,609	5,893	6,018	6,430
Operating Revenue	4,935	4,892	5,119	5,198	5,217	5,159	5,402	5,609	5,893	6,018	6,430
Total Cost of Revenue	3,093	3,086	3,186	3,188	3,146	3,140	3,291	3,399	3,553	3,647	3,839
Operating Cost of Revenue	3,093	3,086	3,186	3,188	3,146	3,140	3,291	3,399	3,553	3,647	3,839
Total Operating Expenses	1,077	981	989	989	1,286	1,003	1,102	1,091	1,421	1,358	1,440
Selling, General & Admin Expense	487	476	467	470	513	491	501	525	747	687	696
Depreciation Expense	545	505	521	519	526	514	543	558	652	656	708
Impairment Charge	45	-3.00	0.00	0.00	246	-2.00	58	6.00	20	2.00	24
Restructuring Charge	-	3.00	1.00	0.00	1.00	0.00	0.00	2.00	2.00	13	12
Total Other Income / (Expense), net	-122	-129	-135	-149	-141	-147	-115	-124	-219	-225	-223
Interest & Investment Income	-127	-131	-137	-145	-147	-149	-114	-130	-201	-227	-230
Other Income / (Expense), net	5.00	2.00	2.00	-4.00	6.00	2.00	-1.00	6.00	-11	2.00	7.00
Income Tax Expense	143	164	196	210	175	162	214	235	102	151	201
Net Income / (Loss) Attributable to Noncontrolling Interest	1.00	-1.00	-2.00	-1.00	-24	-1.00	0.00	0.00	-	0.00	1.00
Basic Earnings per Share	$1.21	$1.31	$1.52	$1.64	$1.22	$1.76	$1.70	$1.89	$1.49	$1.58	$1.80
Weighted Average Basic Shares Outstanding	408.15M	406.82M	405.06M	402.78M	401.60M	401.08M	401.31M	401.37M	402.12M	402.41M	402.83M
Diluted Earnings per Share	$1.21	$1.30	$1.51	$1.63	$1.22	$1.75	$1.69	$1.88	$1.49	$1.58	$1.80
Weighted Average Diluted Shares Outstanding	408.15M	406.82M	405.06M	402.78M	401.60M	401.08M	401.31M	401.37M	402.12M	402.41M	402.83M
Weighted Average Basic & Diluted Shares Outstanding	408.15M	406.82M	405.06M	402.78M	401.60M	401.08M	401.31M	401.37M	402.12M	402.41M	402.83M
Cash Dividends to Common per Share	-	$0.70	$0.70	$0.70	-	$0.75	$0.75	$0.75	-	$0.83	$0.83

This table details how cash moves in and out of Waste Management's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	1,249	-1,268	-10	199	-110	3,464	-2,999	-454	251	107	-65
Net Cash From Operating Activities	2,331	2,528	3,003	3,180	3,570	3,874	3,403	4,338	4,536	4,719	5,390
Net Cash From Continuing Operating Activities	2,331	2,528	3,003	3,180	3,570	3,874	3,403	4,338	4,536	4,719	5,390
Net Income / (Loss) Continuing Operations	1,338	752	1,180	1,949	1,923	1,671	1,496	1,817	2,240	2,276	2,745
Consolidated Net Income / (Loss)	1,338	752	1,180	1,949	1,923	1,671	1,496	1,817	2,240	2,276	2,745
Depreciation Expense	1,292	1,245	1,301	1,376	1,477	1,574	1,671	1,999	2,038	2,071	2,267
Non-Cash Adjustments To Reconcile Net Income	84	864	357	304	174	449	398	473	354	540	285
Changes in Operating Assets and Liabilities, net	-383	-333	165	-449	-4.00	180	-162	49	-96	-168	93
Net Cash From Investing Activities	995	-1,608	-1,929	-1,620	-2,169	-2,376	-4,847	-1,894	-3,063	-3,091	-10,601
Net Cash From Continuing Investing Activities	995	-1,608	-1,929	-1,620	-2,169	-2,376	-4,847	-1,894	-3,063	-3,091	-10,601
Purchase of Property, Plant & Equipment	-1,151	-1,233	-1,339	-1,509	-1,694	-1,818	-1,632	-1,904	-2,587	-2,895	-3,231
Acquisitions	-35	-554	-608	-198	-460	-521	-4,085	-75	-377	-170	-7,488
Divestitures	2,253	145	43	99	208	49	885	96	27	78	158
Other Investing Activities, net	-39	34	-25	-12	-223	-86	-15	-11	-126	-104	-40
Net Cash From Financing Activities	-2,072	-2,185	-1,084	-1,361	-1,508	1,964	-1,559	-2,900	-1,216	-1,524	5,155
Net Cash From Continuing Financing Activities	-2,072	-2,185	-1,084	-1,361	-1,508	1,964	-1,559	-2,900	-1,216	-1,524	5,155
Repayment of Debt	-3,569	-3,289	-2,723	-1,915	-84	-10,183	-9,679	-8,566	-7,332	-20,405	-17,952
Repurchase of Common Equity	-600	-600	-725	-750	-1,004	-248	-402	-1,350	-1,500	-1,302	-262
Payment of Dividends	-818	-695	-726	-750	-802	-876	-927	-970	-1,077	-1,136	-1,210
Issuance of Debt	2,817	2,337	3,057	2,006	359	13,237	9,420	7,948	8,688	21,306	24,578
Other Financing Activities, net	98	62	33	48	23	34	29	38	5.00	13	1.00
Effect of Exchange Rate Changes	-5.00	-3.00	0.00	-	-3.00	2.00	4.00	2.00	-6.00	3.00	-9.00

This table details how cash moves in and out of Waste Management's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	197	-53	-129	-13	302	-127	-179	441	-200	-156	221
Net Cash From Operating Activities	1,049	1,044	1,030	1,263	1,382	1,367	1,154	1,358	1,511	1,208	1,545
Net Cash From Continuing Operating Activities	1,049	1,035	1,039	1,263	1,382	1,367	1,154	1,358	1,511	1,208	1,545
Net Income / (Loss) Continuing Operations	500	532	613	662	469	707	680	760	598	637	727
Consolidated Net Income / (Loss)	500	532	613	662	469	707	680	760	598	637	727
Depreciation Expense	545	505	521	519	526	514	543	558	652	656	708
Non-Cash Adjustments To Reconcile Net Income	102	56	76	77	331	80	72	54	79	93	120
Changes in Operating Assets and Liabilities, net	-98	-58	-171	5.00	56	66	-141	-14	182	-178	-10
Net Cash From Investing Activities	-1,027	-778	-561	-668	-1,084	-755	-1,604	-480	-7,762	-829	-1,086
Net Cash From Continuing Investing Activities	-1,027	-778	-561	-668	-1,084	-755	-1,604	-480	-7,762	-829	-1,086
Purchase of Property, Plant & Equipment	-862	-660	-520	-673	-1,042	-668	-667	-781	-1,115	-831	-732
Acquisitions	-170	-34	-84	-21	-31	-11	-232	-539	-6,706	-3.00	-363
Divestitures	9.00	11	35	22	10	15	43	41	59	98	5.00
Other Investing Activities, net	-4.00	-95	8.00	4.00	-21	-91	-748	799	-	-93	4.00
Net Cash From Financing Activities	175	-319	-600	-606	1.00	-737	273	-439	6,058	-536	-245
Net Cash From Continuing Financing Activities	175	-319	-600	-606	1.00	-737	273	-439	6,058	-536	-245
Repayment of Debt	-1,897	-6,549	-4,531	-5,920	-3,405	-4,576	-4,186	-1,877	-7,313	-5,173	-4,075
Payment of Dividends	-266	-289	-283	-283	-281	-307	-301	-301	-301	-336	-333
Issuance of Debt	2,772	6,885	4,471	5,963	3,987	4,412	4,768	1,734	13,664	4,993	4,142
Other Financing Activities, net	5.00	-16	13	4.00	12	-16	4.00	5.00	8.00	-20	21
Effect of Exchange Rate Changes	-	-	-	-2.00	3.00	-2.00	-2.00	2.00	-7.00	1.00	7.00

This table presents Waste Management's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	21,297	20,367	20,859	21,829	22,650	27,743	29,345	29,097	31,367	32,823	44,567
Total Current Assets	3,526	2,345	2,376	2,694	2,645	6,209	3,540	3,069	3,551	3,804	4,774
Cash & Equivalents	1,307	39	32	22	61	3,561	553	118	351	458	414
Accounts Receivable	1,937	2,094	2,132	2,374	2,275	2,319	2,624	2,546	2,752	2,870	3,687
Inventories, net	106	92	90	96	102	106	124	135	164	173	206
Other Current Assets	176	120	122	202	207	223	239	270	284	303	467
Plant, Property, & Equipment, net	10,657	10,665	10,950	11,559	11,942	12,893	14,148	14,419	15,719	16,968	19,340
Total Noncurrent Assets	7,114	7,357	7,533	7,576	8,063	8,641	11,657	11,609	12,097	12,051	20,453
Long-Term Investments	408	360	425	518	702	796	773	780	926	1,028	1,259
Goodwill	5,740	5,984	6,215	6,247	6,430	6,532	8,994	9,028	9,323	9,254	13,438
Intangible Assets	440	477	591	547	572	521	1,024	898	827	759	4,188
Other Noncurrent Operating Assets	526	536	302	264	359	792	866	903	1,021	1,010	1,568
Total Liabilities & Shareholders' Equity	21,297	20,367	20,859	21,829	22,650	27,743	29,345	29,097	31,367	32,823	44,567
Total Liabilities	15,408	15,000	15,539	15,787	16,374	20,673	21,891	21,971	24,503	25,927	36,313
Total Current Liabilities	3,485	2,510	2,794	3,262	3,108	3,144	3,553	4,082	4,394	4,226	6,258
Short-Term Debt	1,090	253	417	739	432	218	551	708	414	334	1,359
Accounts Payable	740	721	799	1,040	1,037	1,065	1,121	1,375	1,766	1,709	2,046
Accrued Expenses	1,180	1,064	1,085	980	1,117	1,327	1,342	1,428	1,625	1,605	2,180
Current Deferred Revenue	475	472	493	503	522	534	539	571	589	578	673
Total Noncurrent Liabilities	11,923	12,490	12,745	12,525	13,266	17,529	18,338	17,889	20,109	21,701	30,055
Long-Term Debt	8,345	8,676	8,893	8,752	9,594	13,280	13,259	12,697	14,570	15,895	22,541
Asset Retirement Reserve & Litigation Obligation	1,531	1,584	1,675	1,770	1,828	1,930	2,222	2,373	2,700	2,888	3,048
Noncurrent Deferred & Payable Income Tax Liabilities	1,338	1,391	1,482	1,248	1,291	1,407	1,806	1,694	1,733	1,826	2,815
Other Noncurrent Operating Liabilities	709	839	695	755	553	912	1,051	1,125	1,106	1,092	1,651
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,889	5,367	5,320	6,042	6,276	7,070	7,454	7,126	6,864	6,896	8,254
Total Preferred & Common Equity	5,866	5,345	5,297	6,019	6,275	7,068	7,452	7,124	6,849	6,903	8,252
Total Common Equity	5,866	5,345	5,297	6,019	6,275	7,068	7,452	7,124	6,849	6,903	8,252
Common Stock	4,591	4,833	4,856	4,939	4,999	5,055	5,135	5,175	5,320	5,357	5,502
Retained Earnings	6,888	6,939	7,388	8,588	9,797	10,592	11,159	12,004	13,167	14,334	15,858
Treasury Stock	-5,636	-6,300	-6,867	-7,516	-8,434	-8,571	-8,881	-10,072	-11,569	-12,751	-12,993
Accumulated Other Comprehensive Income / (Loss)	23	-127	-80	8.00	-87	-8.00	39	17	-69	-37	-115
Noncontrolling Interest	23	22	23	23	1.00	2.00	2.00	2.00	15	-7.00	2.00

This table presents Waste Management's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	31,367	31,290	31,614	31,935	32,823	32,666	33,999	34,730	44,567	44,486	45,722
Total Current Assets	3,551	3,371	3,480	3,562	3,804	3,529	4,439	4,259	4,774	4,455	4,984
Cash & Equivalents	351	257	144	150	458	322	172	614	414	216	440
Accounts Receivable	2,752	2,608	2,846	2,917	2,870	2,685	2,980	3,125	3,687	3,588	3,931
Inventories, net	164	170	170	175	173	189	183	184	206	218	224
Other Current Assets	284	336	320	320	303	333	1,104	336	467	433	389
Plant, Property, & Equipment, net	15,719	15,705	15,917	16,229	16,968	17,044	17,420	17,931	19,340	19,553	19,963
Total Noncurrent Assets	12,097	12,214	12,217	12,144	12,051	12,093	12,140	12,540	20,453	20,478	20,775
Long-Term Investments	926	1,045	1,023	966	1,028	1,113	1,017	981	1,259	1,378	1,363
Goodwill	9,323	9,344	9,399	9,398	9,254	9,246	9,363	9,822	13,438	13,529	13,886
Intangible Assets	827	823	809	779	759	728	753	742	4,188	4,015	3,964
Other Noncurrent Operating Assets	1,021	1,002	986	1,001	1,010	1,006	1,007	995	1,568	1,556	1,562
Total Liabilities & Shareholders' Equity	31,367	31,290	31,614	31,935	32,823	32,666	33,999	34,730	44,567	44,486	45,722
Total Liabilities	24,503	24,482	24,686	24,969	25,927	25,588	26,548	26,758	36,313	35,835	36,520
Total Current Liabilities	4,394	3,856	4,251	4,218	4,226	3,949	4,136	4,779	6,258	5,347	5,816
Short-Term Debt	414	336	513	297	334	336	242	676	1,359	954	964
Accounts Payable	1,766	1,510	1,626	1,738	1,709	1,617	1,785	1,853	2,046	1,901	2,025
Accrued Expenses	1,625	1,426	1,544	1,596	1,605	1,410	1,525	1,651	2,180	1,807	2,138
Current Deferred Revenue	589	584	568	587	578	586	584	599	673	685	689
Total Noncurrent Liabilities	20,109	20,626	20,435	20,751	21,701	21,639	22,412	21,979	30,055	30,488	30,704
Long-Term Debt	14,570	15,034	14,855	15,133	15,895	15,762	16,501	15,977	22,541	22,883	23,056
Asset Retirement Reserve & Litigation Obligation	2,700	2,729	2,734	2,727	2,888	2,912	2,936	2,965	3,048	3,081	3,086
Noncurrent Deferred & Payable Income Tax Liabilities	1,733	1,784	1,778	1,811	1,826	1,880	1,826	1,883	2,815	2,841	2,865
Other Noncurrent Operating Liabilities	1,106	1,079	1,068	1,080	1,092	1,085	1,149	1,154	1,651	1,683	1,697
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,864	6,808	6,928	6,966	6,896	7,078	7,451	7,972	8,254	8,651	9,202
Total Preferred & Common Equity	6,849	6,794	6,909	6,950	6,903	7,082	7,457	7,979	8,252	8,650	9,201
Total Common Equity	6,849	6,794	6,909	6,950	6,903	7,082	7,457	7,979	8,252	8,650	9,201
Common Stock	5,320	5,250	5,347	5,391	5,357	5,358	5,439	5,491	5,502	5,521	5,572
Retained Earnings	13,167	13,414	13,744	14,124	14,334	14,738	15,104	15,563	15,858	16,160	16,553
Treasury Stock	-11,569	-11,813	-12,150	-12,507	-12,751	-12,954	-13,013	-12,999	-12,993	-12,944	-12,933
Accumulated Other Comprehensive Income / (Loss)	-69	-57	-32	-58	-37	-60	-73	-76	-115	-87	9.00
Noncontrolling Interest	15	14	19	16	-7.00	-4.00	-6.00	-7.00	2.00	1.00	1.00

This table displays calculated financial ratios and metrics derived from Waste Management's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.09%	-7.40%	5.00%	6.44%	2.96%	3.63%	-1.53%	17.83%	9.85%	3.70%	8.01%
EBITDA Growth	52.35%	-7.83%	7.92%	13.01%	6.59%	-0.89%	-2.84%	20.90%	8.69%	4.65%	11.93%
EBIT Growth	125.87%	-10.22%	10.01%	17.22%	6.20%	-4.84%	-8.17%	21.77%	13.23%	6.48%	13.35%
NOPAT Growth	518.69%	-17.42%	2.49%	57.69%	-3.74%	-4.84%	-10.45%	19.23%	12.63%	4.27%	19.75%
Net Income Growth	929.23%	-43.80%	56.91%	65.17%	-1.33%	-13.10%	-10.47%	21.46%	23.28%	1.61%	20.61%
EPS Growth	1,228.57%	-40.86%	60.61%	66.42%	0.91%	-12.13%	-9.97%	21.88%	25.64%	5.01%	20.32%
Operating Cash Flow Growth	-8.55%	8.45%	18.79%	5.89%	12.26%	8.52%	-12.16%	27.48%	4.56%	4.03%	14.22%
Free Cash Flow Firm Growth	756.83%	-68.80%	4.14%	25.92%	12.22%	-13.74%	-222.18%	244.08%	-36.69%	-1.20%	-445.57%
Invested Capital Growth	-12.65%	2.12%	1.99%	5.79%	3.64%	4.32%	22.99%	-1.53%	4.78%	5.19%	40.86%
Revenue Q/Q Growth	-0.45%	-1.45%	1.60%	1.34%	1.29%	0.03%	1.47%	3.53%	1.32%	1.40%	3.16%
EBITDA Q/Q Growth	49.66%	-6.79%	3.81%	2.82%	2.23%	-3.14%	1.01%	2.98%	1.47%	0.04%	3.99%
EBIT Q/Q Growth	112.55%	-10.26%	5.56%	3.18%	2.38%	-5.75%	0.00%	2.41%	1.30%	0.59%	2.97%
NOPAT Q/Q Growth	501.59%	-25.93%	4.13%	41.12%	-16.98%	-3.01%	-1.48%	1.89%	1.11%	-0.82%	6.75%
Net Income Q/Q Growth	848.94%	-30.18%	5.45%	41.23%	-16.21%	-4.79%	-0.60%	3.89%	-0.27%	-1.34%	4.93%
EPS Q/Q Growth	1,113.04%	-29.18%	6.43%	42.26%	-15.72%	-4.40%	-0.57%	3.87%	0.37%	0.18%	4.13%
Operating Cash Flow Q/Q Growth	-9.97%	5.11%	6.94%	1.31%	3.48%	2.92%	-7.33%	5.80%	1.30%	7.59%	2.45%
Free Cash Flow Firm Q/Q Growth	31.45%	-37.37%	26.14%	-6.26%	1.81%	25.54%	-179.43%	359.86%	-14.17%	15.55%	-541.83%
Invested Capital Q/Q Growth	-0.79%	0.56%	-0.80%	4.68%	1.16%	-1.15%	23.98%	1.55%	3.00%	1.69%	32.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.68%	36.49%	37.64%	37.72%	37.98%	38.56%	38.62%	38.03%	37.59%	38.28%	39.34%
EBITDA Margin	25.45%	25.33%	26.03%	27.64%	28.62%	27.37%	27.01%	27.71%	27.42%	27.67%	28.67%
Operating Margin	16.43%	15.78%	16.87%	18.20%	18.70%	17.51%	15.99%	16.54%	17.08%	17.50%	18.42%
EBIT Margin	16.22%	15.72%	16.47%	18.14%	18.71%	17.19%	16.03%	16.56%	17.07%	17.53%	18.40%
Profit (Net Income) Margin	9.56%	5.80%	8.67%	13.46%	12.89%	10.81%	9.83%	10.13%	11.37%	11.14%	12.44%
Tax Burden Percent	76.41%	70.94%	64.76%	88.95%	80.93%	79.38%	79.03%	77.35%	76.76%	75.34%	79.38%
Interest Burden Percent	77.14%	52.01%	81.27%	83.37%	85.13%	79.25%	77.61%	79.09%	86.77%	84.36%	85.19%
Effective Tax Rate	23.59%	29.06%	35.24%	11.05%	19.07%	20.62%	20.97%	22.65%	23.24%	24.66%	20.62%
Return on Invested Capital (ROIC)	12.04%	10.55%	10.59%	16.08%	14.79%	13.53%	10.64%	11.59%	12.85%	12.76%	12.38%
ROIC Less NNEP Spread (ROIC-NNEP)	7.20%	1.95%	7.06%	11.63%	11.12%	8.35%	6.69%	7.78%	10.23%	9.83%	9.78%
Return on Net Nonoperating Assets (RNNOA)	10.47%	2.81%	11.49%	18.23%	16.44%	11.51%	9.96%	13.33%	19.17%	20.32%	23.86%
Return on Equity (ROE)	22.50%	13.36%	22.08%	34.31%	31.22%	25.04%	20.60%	24.92%	32.02%	33.08%	36.24%
Cash Return on Invested Capital (CROIC)	25.54%	8.45%	8.63%	10.46%	11.21%	9.30%	-9.98%	13.13%	8.18%	7.70%	-21.55%
Operating Return on Assets (OROA)	10.34%	9.78%	10.88%	12.31%	12.55%	10.54%	8.54%	10.16%	11.12%	11.16%	10.49%
Return on Assets (ROA)	6.10%	3.61%	5.72%	9.13%	8.65%	6.63%	5.24%	6.22%	7.41%	7.09%	7.09%
Return on Common Equity (ROCE)	21.90%	13.31%	21.99%	34.17%	31.16%	25.04%	20.59%	24.92%	31.98%	33.06%	36.25%
Return on Equity Simple (ROE_SIMPLE)	22.81%	14.07%	22.28%	32.38%	30.65%	23.64%	20.08%	25.51%	32.71%	32.97%	33.26%
Net Operating Profit after Tax (NOPAT)	1,757	1,451	1,487	2,345	2,257	2,148	1,924	2,293	2,583	2,693	3,225
NOPAT Margin	12.55%	11.19%	10.93%	16.19%	15.14%	13.90%	12.64%	12.79%	13.11%	13.19%	14.62%
Net Nonoperating Expense Percent (NNEP)	4.84%	8.60%	3.53%	4.45%	3.67%	5.18%	3.95%	3.81%	2.62%	2.93%	2.60%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	11.82%	11.65%	10.03%
Cost of Revenue to Revenue	64.32%	63.51%	62.36%	62.28%	62.02%	61.44%	61.38%	61.97%	62.41%	61.72%	60.66%
SG&A Expenses to Revenue	10.58%	10.36%	10.36%	10.13%	9.74%	10.55%	11.36%	10.40%	9.84%	9.43%	10.26%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.26%	20.72%	20.77%	19.52%	19.28%	21.05%	22.62%	21.50%	20.50%	20.78%	20.93%
Earnings before Interest and Taxes (EBIT)	2,270	2,038	2,242	2,628	2,791	2,656	2,439	2,970	3,363	3,581	4,059
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,562	3,283	3,543	4,004	4,268	4,230	4,110	4,969	5,401	5,652	6,326
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.32	3.81	5.19	5.59	5.54	6.39	6.36	9.48	9.11	10.30	9.81
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	3,009.31	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.39	1.57	2.02	2.32	2.33	2.92	3.12	3.77	3.17	3.48	3.67
Price to Earnings (P/E)	15.02	27.05	23.27	17.25	18.07	27.03	31.70	37.18	27.87	30.87	29.49
Dividend Yield	3.52%	3.38%	2.64%	2.20%	2.28%	1.93%	1.94%	1.43%	1.71%	1.59%	1.49%
Earnings Yield	6.66%	3.70%	4.30%	5.80%	5.54%	3.70%	3.15%	2.69%	3.59%	3.24%	3.39%
Enterprise Value to Invested Capital (EV/IC)	2.00	2.08	2.57	2.84	2.83	3.35	3.00	4.08	3.70	3.97	3.39
Enterprise Value to Revenue (EV/Rev)	1.95	2.23	2.67	2.94	2.95	3.51	3.94	4.46	3.86	4.20	4.68
Enterprise Value to EBITDA (EV/EBITDA)	7.65	8.81	10.27	10.64	10.32	12.83	14.58	16.10	14.09	15.19	16.32
Enterprise Value to EBIT (EV/EBIT)	12.00	14.19	16.23	16.21	15.78	20.44	24.56	26.94	22.63	23.97	25.43
Enterprise Value to NOPAT (EV/NOPAT)	15.51	19.94	24.46	18.17	19.51	25.27	31.14	34.89	29.46	31.88	32.00
Enterprise Value to Operating Cash Flow (EV/OCF)	11.69	11.44	12.11	13.40	12.34	14.01	17.60	18.45	16.78	18.19	19.15
Enterprise Value to Free Cash Flow (EV/FCFF)	7.31	24.87	30.04	27.94	25.74	36.77	0.00	30.80	46.26	52.82	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.60	1.66	1.75	1.57	1.60	1.91	1.85	1.88	2.18	2.35	2.90
Long-Term Debt to Equity	1.42	1.62	1.67	1.45	1.53	1.88	1.78	1.78	2.12	2.31	2.73
Financial Leverage	1.45	1.44	1.63	1.57	1.48	1.38	1.49	1.71	1.87	2.07	2.44
Leverage Ratio	3.69	3.70	3.86	3.76	3.61	3.78	3.93	4.01	4.32	4.67	5.11
Compound Leverage Factor	2.85	1.93	3.13	3.13	3.07	2.99	3.05	3.17	3.75	3.94	4.35
Debt to Total Capital	61.57%	62.46%	63.64%	61.10%	61.50%	65.63%	64.95%	65.29%	68.58%	70.18%	74.33%
Short-Term Debt to Total Capital	7.11%	1.77%	2.85%	4.76%	2.65%	1.06%	2.59%	3.45%	1.89%	1.44%	4.23%
Long-Term Debt to Total Capital	54.46%	60.69%	60.79%	56.34%	58.85%	64.57%	62.35%	61.84%	66.69%	68.74%	70.10%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.15%	0.15%	0.16%	0.15%	0.01%	0.01%	0.01%	0.01%	0.07%	-0.03%	0.01%
Common Equity to Total Capital	38.28%	37.39%	36.21%	38.75%	38.49%	34.36%	35.05%	34.70%	31.35%	29.85%	25.66%
Debt to EBITDA	2.65	2.72	2.63	2.37	2.35	3.19	3.36	2.70	2.77	2.87	3.78
Net Debt to EBITDA	2.17	2.60	2.50	2.24	2.17	2.16	3.04	2.52	2.54	2.61	3.51
Long-Term Debt to EBITDA	2.34	2.64	2.51	2.19	2.25	3.14	3.23	2.56	2.70	2.81	3.56
Debt to NOPAT	5.37	6.15	6.26	4.05	4.44	6.28	7.18	5.84	5.80	6.03	7.41
Net Debt to NOPAT	4.39	5.88	5.95	3.82	4.10	4.26	6.49	5.45	5.31	5.47	6.89
Long-Term Debt to NOPAT	4.75	5.98	5.98	3.73	4.25	6.18	6.89	5.54	5.64	5.90	6.99
Altman Z-Score	2.22	2.25	2.54	2.86	2.92	2.85	2.62	3.33	3.06	3.22	2.59
Noncontrolling Interest Sharing Ratio	2.67%	0.40%	0.42%	0.40%	0.19%	0.02%	0.03%	0.03%	0.12%	0.06%	-0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.01	0.93	0.85	0.83	0.85	1.97	1.00	0.75	0.81	0.90	0.76
Quick Ratio	0.93	0.85	0.77	0.73	0.75	1.87	0.89	0.65	0.71	0.79	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,727	1,163	1,211	1,525	1,711	1,476	-1,803	2,598	1,645	1,625	-5,617
Operating Cash Flow to CapEx	202.52%	205.03%	224.27%	210.74%	210.74%	213.09%	208.52%	227.84%	175.34%	163.01%	166.82%
Free Cash Flow to Firm to Interest Expense	0.00	2.10	0.00	254.14	0.00	17.37	-34.03	11.81	0.00	0.00	-802.39
Operating Cash Flow to Interest Expense	0.00	4.56	0.00	530.00	0.00	45.58	64.21	19.72	0.00	0.00	770.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	2.33	0.00	278.50	0.00	24.19	33.42	11.06	0.00	0.00	308.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.64	0.62	0.66	0.68	0.67	0.61	0.53	0.61	0.65	0.64	0.57
Accounts Receivable Turnover	7.47	6.43	6.44	6.43	6.42	6.73	6.16	6.94	7.44	7.27	6.73
Inventory Turnover	63.39	83.14	93.25	97.00	93.42	91.31	81.23	85.80	82.23	74.81	70.62
Fixed Asset Turnover	1.22	1.22	1.26	1.29	1.27	1.24	1.13	1.26	1.31	1.25	1.22
Accounts Payable Turnover	12.13	11.27	11.17	9.81	8.91	9.04	8.55	8.90	7.83	7.26	7.13
Days Sales Outstanding (DSO)	48.86	56.76	56.67	56.77	56.89	54.25	59.28	52.62	49.09	50.23	54.24
Days Inventory Outstanding (DIO)	5.76	4.39	3.91	3.76	3.91	4.00	4.49	4.25	4.44	4.88	5.17
Days Payable Outstanding (DPO)	30.09	32.39	32.69	37.20	40.98	40.40	42.71	41.00	46.63	50.31	51.21
Cash Conversion Cycle (CCC)	24.53	28.76	27.90	23.33	19.81	17.85	21.06	15.88	6.90	4.80	8.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	13,609	13,897	14,173	14,993	15,539	16,211	19,938	19,633	20,571	21,639	30,481
Invested Capital Turnover	0.96	0.94	0.97	0.99	0.98	0.97	0.84	0.91	0.98	0.97	0.85
Increase / (Decrease) in Invested Capital	-1,970	288	276	820	546	672	3,727	-305	938	1,068	8,842
Enterprise Value (EV)	27,244	28,922	36,379	42,602	44,039	54,283	59,908	80,020	76,097	85,853	103,221
Market Capitalization	19,501	20,370	27,503	33,628	34,775	45,140	47,422	67,511	62,375	71,117	80,992
Book Value per Share	$12.81	$11.97	$11.98	$13.86	$14.72	$16.66	$17.63	$17.03	$16.69	$17.14	$20.56
Tangible Book Value per Share	($0.69)	($2.50)	($3.41)	($1.78)	($1.71)	$0.04	($6.07)	($6.70)	($8.04)	($7.72)	($23.36)
Total Capital	15,324	14,296	14,630	15,533	16,302	20,568	21,264	20,531	21,848	23,125	32,154
Total Debt	9,435	8,929	9,310	9,491	10,026	13,498	13,810	13,405	14,984	16,229	23,900
Total Long-Term Debt	8,345	8,676	8,893	8,752	9,594	13,280	13,259	12,697	14,570	15,895	22,541
Net Debt	7,720	8,530	8,853	8,951	9,263	9,141	12,484	12,507	13,707	14,743	22,227
Capital Expenditures (CapEx)	1,151	1,233	1,339	1,509	1,694	1,818	1,632	1,904	2,587	2,895	3,231
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-176	49	-33	149	-92	-278	-15	-423	-780	-546	-539
Debt-free Net Working Capital (DFNWC)	1,131	88	-1.00	171	-31	3,283	538	-305	-429	-88	-125
Net Working Capital (NWC)	41	-165	-418	-568	-463	3,065	-13	-1,013	-843	-422	-1,484
Net Nonoperating Expense (NNE)	419	699	307	396	334	477	428	476	343	417	480
Net Nonoperating Obligations (NNO)	7,720	8,530	8,853	8,951	9,263	9,141	12,484	12,507	13,707	14,743	22,227
Total Depreciation and Amortization (D&A)	1,292	1,245	1,301	1,376	1,477	1,574	1,671	1,999	2,038	2,071	2,267
Debt-free, Cash-free Net Working Capital to Revenue	-1.26%	0.38%	-0.24%	1.03%	-0.62%	-1.80%	-0.10%	-2.36%	-3.96%	-2.67%	-2.44%
Debt-free Net Working Capital to Revenue	8.08%	0.68%	-0.01%	1.18%	-0.21%	21.24%	3.54%	-1.70%	-2.18%	-0.43%	-0.57%
Net Working Capital to Revenue	0.29%	-1.27%	-3.07%	-3.92%	-3.10%	19.83%	-0.09%	-5.65%	-4.28%	-2.07%	-6.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.80	$1.66	$2.66	$4.44	$4.49	$3.93	$3.54	$4.32	$5.42	$5.69	$6.84
Adjusted Weighted Average Basic Shares Outstanding	459.13M	445.65M	439.70M	433.67M	423.78M	424.71M	423.15M	414.59M	408.15M	401.60M	402.12M
Adjusted Diluted Earnings per Share	$2.79	$1.65	$2.65	$4.41	$4.45	$3.91	$3.52	$4.29	$5.39	$5.66	$6.81
Adjusted Weighted Average Diluted Shares Outstanding	459.13M	445.65M	439.70M	433.67M	423.78M	424.71M	423.15M	414.59M	408.15M	401.60M	402.12M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$3.93	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	459.13M	445.65M	439.70M	433.67M	423.78M	424.71M	423.15M	414.59M	408.15M	401.60M	402.12M
Normalized Net Operating Profit after Tax (NOPAT)	1,697	1,520	1,562	2,331	2,214	2,186	1,958	2,287	2,632	2,880	3,294
Normalized NOPAT Margin	12.13%	11.72%	11.48%	16.09%	14.84%	14.15%	12.87%	12.76%	13.36%	14.10%	14.93%
Pre Tax Income Margin	12.51%	8.18%	13.39%	15.13%	15.93%	13.62%	12.44%	13.10%	14.81%	14.79%	15.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	3.67	0.00	438.00	0.00	31.25	46.02	13.50	0.00	0.00	579.86
NOPAT to Interest Expense	0.00	2.61	0.00	390.81	0.00	25.27	36.29	10.42	0.00	0.00	460.75
EBIT Less CapEx to Interest Expense	0.00	1.45	0.00	186.50	0.00	9.86	15.23	4.85	0.00	0.00	118.29
NOPAT Less CapEx to Interest Expense	0.00	0.39	0.00	139.31	0.00	3.88	5.50	1.77	0.00	0.00	-0.82
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	61.14%	92.42%	61.53%	38.48%	41.71%	52.42%	61.97%	53.38%	48.08%	49.91%	44.08%
Augmented Payout Ratio	105.98%	172.21%	122.97%	76.96%	93.92%	67.27%	88.84%	127.68%	115.04%	107.12%	53.62%

This table displays calculated financial ratios and metrics derived from Waste Management's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.49%	4.96%	1.83%	2.42%	5.71%	5.46%	5.53%	7.91%	12.96%	16.65%	19.03%
EBITDA Growth	6.31%	6.30%	5.24%	6.74%	0.15%	15.02%	5.73%	9.57%	18.45%	9.07%	20.31%
EBIT Growth	5.91%	7.26%	6.77%	8.65%	2.73%	23.10%	6.55%	10.62%	14.79%	-0.29%	14.88%
NOPAT Growth	5.12%	7.19%	6.25%	6.62%	-3.90%	31.08%	7.29%	10.27%	37.33%	-0.93%	17.49%
Net Income Growth	-1.19%	3.50%	4.43%	3.60%	-6.20%	32.89%	10.93%	14.80%	27.51%	-9.90%	6.91%
EPS Growth	1.68%	5.69%	7.09%	5.84%	0.83%	34.62%	11.92%	15.34%	22.13%	-9.71%	6.51%
Operating Cash Flow Growth	5.85%	-17.01%	-1.62%	6.85%	31.74%	30.94%	12.04%	7.52%	9.33%	-11.63%	33.88%
Free Cash Flow Firm Growth	-139.40%	-212.10%	-222.27%	-700.02%	-44.64%	95.40%	-31.54%	-67.69%	-1,523.35%	-21,601.21%	-577.68%
Invested Capital Growth	4.78%	7.55%	7.96%	6.55%	5.19%	4.14%	8.88%	8.22%	40.86%	42.10%	36.57%
Revenue Q/Q Growth	-2.76%	-0.87%	4.64%	1.54%	0.37%	-1.11%	4.71%	3.83%	5.06%	2.12%	6.85%
EBITDA Q/Q Growth	-8.62%	1.29%	10.14%	4.70%	-14.26%	16.33%	1.24%	8.51%	-7.31%	7.12%	11.67%
EBIT Q/Q Growth	-17.74%	7.40%	14.39%	7.51%	-22.22%	28.70%	-0.98%	11.61%	-19.29%	11.78%	14.09%
NOPAT Q/Q Growth	-18.17%	6.01%	13.43%	8.36%	-26.25%	44.59%	-7.15%	11.37%	-8.15%	4.30%	10.11%
Net Income Q/Q Growth	-21.75%	6.40%	15.23%	7.99%	-29.15%	50.75%	-3.82%	11.76%	-21.32%	6.52%	14.13%
EPS Q/Q Growth	-21.43%	7.44%	16.15%	7.95%	-25.15%	43.44%	-3.43%	11.24%	-20.74%	6.04%	13.92%
Operating Cash Flow Q/Q Growth	-11.25%	-0.48%	-1.34%	22.62%	9.42%	-1.09%	-15.58%	17.68%	11.27%	-20.05%	27.90%
Free Cash Flow Firm Q/Q Growth	-485.64%	-143.17%	-1.00%	36.65%	7.04%	92.26%	-2,786.50%	19.24%	-799.93%	-3.44%	9.86%
Invested Capital Q/Q Growth	3.00%	1.48%	1.21%	0.71%	1.69%	0.47%	5.81%	0.11%	32.35%	1.35%	1.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.33%	36.92%	37.76%	38.67%	39.70%	39.14%	39.08%	39.40%	39.71%	39.40%	40.30%
EBITDA Margin	26.65%	27.23%	28.66%	29.55%	25.24%	29.70%	28.71%	30.01%	26.47%	27.77%	29.02%
Operating Margin	15.50%	16.86%	18.44%	19.64%	15.05%	19.69%	18.68%	19.95%	15.59%	16.83%	17.90%
EBIT Margin	15.60%	16.91%	18.48%	19.57%	15.16%	19.73%	18.66%	20.06%	15.41%	16.87%	18.01%
Profit (Net Income) Margin	10.13%	10.87%	11.98%	12.74%	8.99%	13.70%	12.59%	13.55%	10.15%	10.58%	11.31%
Tax Burden Percent	77.76%	76.44%	75.77%	75.92%	72.83%	81.36%	76.06%	76.38%	85.43%	80.84%	78.34%
Interest Burden Percent	83.51%	84.16%	85.52%	85.74%	81.42%	85.36%	88.69%	88.44%	77.09%	77.64%	80.14%
Effective Tax Rate	22.24%	23.56%	24.23%	24.08%	27.17%	18.64%	23.94%	23.62%	14.57%	19.16%	21.66%
Return on Invested Capital (ROIC)	11.81%	12.75%	13.75%	14.56%	10.61%	15.56%	13.50%	14.71%	11.28%	11.85%	12.34%
ROIC Less NNEP Spread (ROIC-NNEP)	11.09%	12.00%	12.98%	13.73%	9.88%	14.73%	12.92%	14.07%	10.27%	10.87%	11.42%
Return on Net Nonoperating Assets (RNNOA)	20.78%	22.65%	24.43%	26.80%	20.44%	30.47%	26.73%	27.66%	25.05%	25.50%	25.90%
Return on Equity (ROE)	32.59%	35.41%	38.18%	41.36%	31.04%	46.03%	40.23%	42.37%	36.33%	37.35%	38.24%
Cash Return on Invested Capital (CROIC)	8.18%	5.76%	5.45%	6.82%	7.70%	9.50%	4.83%	5.74%	-21.55%	-22.56%	-18.60%
Operating Return on Assets (OROA)	10.17%	11.14%	11.99%	12.76%	9.65%	12.77%	11.93%	12.87%	8.79%	10.02%	10.82%
Return on Assets (ROA)	6.60%	7.16%	7.77%	8.31%	5.72%	8.87%	8.05%	8.69%	5.79%	6.29%	6.79%
Return on Common Equity (ROCE)	32.55%	35.37%	38.12%	41.31%	31.02%	46.00%	40.20%	42.34%	36.35%	37.35%	38.25%
Return on Equity Simple (ROE_SIMPLE)	0.00%	33.24%	33.06%	33.19%	0.00%	34.61%	33.77%	32.79%	0.00%	30.92%	0.00%
Net Operating Profit after Tax (NOPAT)	595	631	715	775	572	827	767	855	785	819	902
NOPAT Margin	12.05%	12.89%	13.97%	14.91%	10.96%	16.02%	14.21%	15.24%	13.32%	13.61%	14.02%
Net Nonoperating Expense Percent (NNEP)	0.72%	0.75%	0.77%	0.83%	0.72%	0.83%	0.59%	0.64%	1.01%	0.99%	0.93%
Return On Investment Capital (ROIC_SIMPLE)	2.72%	-	-	-	2.47%	-	-	-	2.44%	2.52%	2.71%
Cost of Revenue to Revenue	62.67%	63.08%	62.24%	61.33%	60.30%	60.86%	60.92%	60.60%	60.29%	60.60%	59.70%
SG&A Expenses to Revenue	9.87%	9.73%	9.12%	9.04%	9.83%	9.52%	9.27%	9.36%	12.68%	11.42%	10.82%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.82%	20.05%	19.32%	19.03%	24.65%	19.44%	20.40%	19.45%	24.11%	22.57%	22.40%
Earnings before Interest and Taxes (EBIT)	770	827	946	1,017	791	1,018	1,008	1,125	908	1,015	1,158
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,315	1,332	1,467	1,536	1,317	1,532	1,551	1,683	1,560	1,671	1,866
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.11	9.64	10.05	8.75	10.30	12.12	11.47	10.44	9.81	10.76	10.01
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.17	3.29	3.47	3.02	3.48	4.15	4.08	3.90	3.67	4.06	3.84
Price to Earnings (P/E)	27.87	29.01	30.37	26.33	30.87	34.63	33.63	31.55	29.49	34.80	33.84
Dividend Yield	1.71%	1.65%	1.58%	1.83%	1.59%	1.34%	1.36%	1.42%	1.49%	1.33%	1.38%
Earnings Yield	3.59%	3.45%	3.29%	3.80%	3.24%	2.89%	2.97%	3.17%	3.39%	2.87%	2.96%
Enterprise Value to Invested Capital (EV/IC)	3.70	3.81	3.96	3.53	3.97	4.62	4.40	4.27	3.39	3.73	3.64
Enterprise Value to Revenue (EV/Rev)	3.86	3.99	4.18	3.73	4.20	4.86	4.82	4.60	4.68	5.03	4.77
Enterprise Value to EBITDA (EV/EBITDA)	14.09	14.52	15.07	13.30	15.19	17.18	17.03	16.17	16.32	17.84	16.86
Enterprise Value to EBIT (EV/EBIT)	22.63	23.28	24.05	21.11	23.97	26.65	26.37	24.95	25.43	28.44	27.17
Enterprise Value to NOPAT (EV/NOPAT)	29.46	30.31	31.36	27.68	31.88	34.78	34.37	32.56	32.00	35.86	34.09
Enterprise Value to Operating Cash Flow (EV/OCF)	16.78	18.41	19.43	17.14	18.19	19.93	19.57	18.70	19.15	22.05	20.33
Enterprise Value to Free Cash Flow (EV/FCFF)	46.26	68.58	75.38	53.43	52.82	49.64	94.86	77.38	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.18	2.26	2.22	2.22	2.35	2.27	2.25	2.09	2.90	2.76	2.61
Long-Term Debt to Equity	2.12	2.21	2.14	2.17	2.31	2.23	2.21	2.00	2.73	2.65	2.51
Financial Leverage	1.87	1.89	1.88	1.95	2.07	2.07	2.07	1.97	2.44	2.35	2.27
Leverage Ratio	4.32	4.34	4.37	4.42	4.67	4.61	4.56	4.46	5.11	4.91	4.79
Compound Leverage Factor	3.61	3.65	3.74	3.79	3.80	3.93	4.05	3.95	3.94	3.81	3.84
Debt to Total Capital	68.58%	69.30%	68.93%	68.90%	70.18%	69.46%	69.20%	67.63%	74.33%	73.37%	72.30%
Short-Term Debt to Total Capital	1.89%	1.52%	2.30%	1.33%	1.44%	1.45%	1.00%	2.75%	4.23%	2.94%	2.90%
Long-Term Debt to Total Capital	66.69%	67.79%	66.63%	67.57%	68.74%	68.01%	68.20%	64.88%	70.10%	70.44%	69.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.07%	0.06%	0.09%	0.07%	-0.03%	-0.02%	-0.02%	-0.03%	0.01%	0.00%	0.00%
Common Equity to Total Capital	31.35%	30.63%	30.99%	31.03%	29.85%	30.56%	30.82%	32.40%	25.66%	26.63%	27.70%
Debt to EBITDA	2.77	2.80	2.77	2.73	2.87	2.75	2.82	2.74	3.78	3.69	3.54
Net Debt to EBITDA	2.54	2.57	2.56	2.53	2.61	2.51	2.62	2.48	3.51	3.44	3.28
Long-Term Debt to EBITDA	2.70	2.74	2.68	2.68	2.81	2.69	2.78	2.63	3.56	3.54	3.40
Debt to NOPAT	5.80	5.85	5.76	5.68	6.03	5.57	5.69	5.51	7.41	7.41	7.16
Net Debt to NOPAT	5.31	5.36	5.32	5.27	5.47	5.07	5.29	4.98	6.89	6.92	6.63
Long-Term Debt to NOPAT	5.64	5.73	5.57	5.57	5.90	5.45	5.61	5.29	6.99	7.12	6.88
Altman Z-Score	2.79	2.91	3.00	2.79	2.94	3.37	3.28	3.20	2.36	2.63	2.61
Noncontrolling Interest Sharing Ratio	0.12%	0.11%	0.15%	0.13%	0.06%	0.07%	0.09%	0.06%	-0.03%	-0.02%	-0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.81	0.87	0.82	0.84	0.90	0.89	1.07	0.89	0.76	0.83	0.86
Quick Ratio	0.71	0.74	0.70	0.73	0.79	0.76	0.76	0.78	0.66	0.71	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-343	-834	-843	-534	-496	-38	-1,109	-895	-8,057	-8,334	-7,512
Operating Cash Flow to CapEx	121.69%	158.18%	198.08%	187.67%	132.63%	204.64%	173.01%	173.88%	135.52%	145.37%	211.07%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.66	0.65	0.65	0.64	0.65	0.64	0.64	0.57	0.59	0.60
Accounts Receivable Turnover	7.44	7.84	7.27	7.20	7.27	7.82	7.20	7.08	6.73	7.31	6.93
Inventory Turnover	82.23	78.23	76.12	75.17	74.81	70.53	72.32	72.29	70.62	68.26	70.95
Fixed Asset Turnover	1.31	1.33	1.32	1.30	1.25	1.26	1.26	1.25	1.22	1.25	1.28
Accounts Payable Turnover	7.83	8.62	8.33	7.78	7.26	8.10	7.48	7.23	7.13	7.90	7.58
Days Sales Outstanding (DSO)	49.09	46.58	50.24	50.67	50.23	46.68	50.69	51.56	54.24	49.94	52.66
Days Inventory Outstanding (DIO)	4.44	4.67	4.80	4.86	4.88	5.18	5.05	5.05	5.17	5.35	5.14
Days Payable Outstanding (DPO)	46.63	42.33	43.84	46.92	50.31	45.08	48.77	50.51	51.21	46.22	48.16
Cash Conversion Cycle (CCC)	6.90	8.92	11.19	8.61	4.80	6.78	6.97	6.10	8.20	9.07	9.65
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	20,571	20,876	21,129	21,280	21,639	21,741	23,005	23,030	30,481	30,894	31,419
Invested Capital Turnover	0.98	0.99	0.98	0.98	0.97	0.97	0.95	0.97	0.85	0.87	0.88
Increase / (Decrease) in Invested Capital	938	1,465	1,558	1,309	1,068	865	1,876	1,750	8,842	9,153	8,414
Enterprise Value (EV)	76,097	79,589	83,657	75,157	85,853	100,511	101,115	98,364	103,221	115,338	114,297
Market Capitalization	62,375	65,507	69,437	60,827	71,117	85,852	85,567	83,313	80,992	93,094	92,079
Book Value per Share	$16.69	$16.65	$16.98	$17.16	$17.14	$17.66	$18.59	$19.88	$20.56	$21.51	$22.86
Tangible Book Value per Share	($8.04)	($8.26)	($8.11)	($7.97)	($7.72)	($7.21)	($6.63)	($6.44)	($23.36)	($22.12)	($21.49)
Total Capital	21,848	22,178	22,296	22,396	23,125	23,176	24,194	24,625	32,154	32,488	33,222
Total Debt	14,984	15,370	15,368	15,430	16,229	16,098	16,743	16,653	23,900	23,837	24,020
Total Long-Term Debt	14,570	15,034	14,855	15,133	15,895	15,762	16,501	15,977	22,541	22,883	23,056
Net Debt	13,707	14,068	14,201	14,314	14,743	14,663	15,554	15,058	22,227	22,243	22,217
Capital Expenditures (CapEx)	862	660	520	673	1,042	668	667	781	1,115	831	732
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-780	-406	-402	-509	-546	-406	373	-458	-539	-154	-308
Debt-free Net Working Capital (DFNWC)	-429	-149	-258	-359	-88	-84	545	156	-125	62	132
Net Working Capital (NWC)	-843	-485	-771	-656	-422	-420	303	-520	-1,484	-892	-832
Net Nonoperating Expense (NNE)	95	99	102	113	103	120	87	95	187	182	175
Net Nonoperating Obligations (NNO)	13,707	14,068	14,201	14,314	14,743	14,663	15,554	15,058	22,227	22,243	22,217
Total Depreciation and Amortization (D&A)	545	505	521	519	526	514	543	558	652	656	708
Debt-free, Cash-free Net Working Capital to Revenue	-3.96%	-2.04%	-2.01%	-2.53%	-2.67%	-1.96%	1.78%	-2.14%	-2.44%	-0.67%	-1.29%
Debt-free Net Working Capital to Revenue	-2.18%	-0.75%	-1.29%	-1.78%	-0.43%	-0.41%	2.60%	0.73%	-0.57%	0.27%	0.55%
Net Working Capital to Revenue	-4.28%	-2.43%	-3.85%	-3.26%	-2.07%	-2.03%	1.44%	-2.43%	-6.73%	-3.89%	-3.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.21	$1.31	$1.52	$1.64	$1.22	$1.76	$1.70	$1.89	$1.49	$1.58	$1.80
Adjusted Weighted Average Basic Shares Outstanding	408.15M	406.82M	405.06M	402.78M	401.60M	401.08M	401.31M	401.37M	402.12M	402.41M	402.83M
Adjusted Diluted Earnings per Share	$1.21	$1.30	$1.51	$1.63	$1.22	$1.75	$1.69	$1.88	$1.49	$1.58	$1.80
Adjusted Weighted Average Diluted Shares Outstanding	408.15M	406.82M	405.06M	402.78M	401.60M	401.08M	401.31M	401.37M	402.12M	402.41M	402.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	408.15M	406.82M	405.06M	402.78M	401.60M	401.08M	401.31M	401.37M	402.12M	402.41M	402.83M
Normalized Net Operating Profit after Tax (NOPAT)	630	631	716	775	752	825	812	861	804	831	930
Normalized NOPAT Margin	12.76%	12.89%	13.99%	14.91%	14.41%	15.99%	15.02%	15.35%	13.64%	13.81%	14.46%
Pre Tax Income Margin	13.03%	14.23%	15.80%	16.78%	12.34%	16.84%	16.55%	17.74%	11.88%	13.09%	14.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	48.08%	48.32%	48.38%	48.59%	49.91%	47.08%	46.54%	45.49%	44.08%	46.32%	46.69%
Augmented Payout Ratio	115.04%	119.18%	118.43%	110.53%	107.12%	96.12%	84.03%	67.43%	53.62%	46.77%	46.69%

Key Financial Trends

Waste Management Inc. (NYSE: WM) has demonstrated steady financial performance over the past four years, highlighted by consistent revenue growth, solid profitability, and stable cash flows. Here are the key trends and observations derived from the last 16 quarters of financial statements:

Revenue Growth: Operating revenue showed a consistent upward trend from approximately $4.9 billion in Q1 2023 to $6.4 billion in Q2 2025, reflecting successful expansion and increasing demand for Waste Management’s services.
Net Income Improvement: Net income from continuing operations grew from $532 million in Q1 2023 to $727 million in Q2 2025, indicating improved profitability alongside revenue gains.
Gross Profit Expansion: Gross profit increased steadily, reaching $2.59 billion in Q2 2025 from $1.81 billion in Q1 2023, showing effective control over cost of revenue relative to top-line growth.
Stable Operating Expenses: Selling, General & Administrative expenses remained in a moderate range ($476M to $696M) despite revenue growth, helping maintain operating leverage.
Strong Operating Cash Flow: Net cash from operating activities improved from about $1.04 billion in Q1 2023 to $1.55 billion in Q2 2025, supporting investment and shareholder returns.
Capital Expenditures: Consistent investment in property, plant, and equipment around $600M to $830M quarterly demonstrates steady asset maintenance and growth but can pressure free cash flow.
Acquisitions and Divestitures: Waste Management continues to engage in acquisitions and occasional divestitures each quarter, amounting to several hundred million dollars, indicating active management of portfolio growth and optimization strategies.
High Debt Levels: Long-term debt rose notably from approximately $15 billion in early 2023 to over $23 billion by mid-2025, raising concerns about leverage and interest obligations.
Large Debt Repayments and Issuances: The company has significant debt repayments and issuances each quarter (up to $5 billion repaid and over $4 billion issued), suggesting active but heavy debt cycle management which could impact financial stability and interest costs.
Modest Equity Growth: Total common equity increased only slowly over four years from $6.8 billion in early 2023 to $9.2 billion by mid-2025, constrained by sizable treasury stock and less pronounced retained earnings growth relative to liabilities.

In summary, Waste Management shows a positive trajectory with rising revenue and net income, solid operating cash generation, and disciplined expense control. However, the company carries a high debt burden that has grown significantly over the past several quarters, which may increase financial risk. Investors should monitor debt management and capital allocation strategies closely as the company pursues continued expansion and shareholder returns.

08/29/25 04:59 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Waste Management's Financials

When does Waste Management's financial year end?

According to the most recent income statement we have on file, Waste Management's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Waste Management's net income changed over the last 10 years?

Waste Management's net income appears to be on an upward trend, with a most recent value of $2.75 billion in 2024, rising from $1.34 billion in 2014. The previous period was $2.28 billion in 2023. See where experts think Waste Management is headed by visiting Waste Management's forecast page.

What is Waste Management's operating income?

Waste Management's total operating income in 2024 was $4.06 billion, based on the following breakdown:

Total Gross Profit: $8.68 billion
Total Operating Expenses: $4.62 billion

How has Waste Management's revenue changed over the last 10 years?

Over the last 10 years, Waste Management's total revenue changed from $14.00 billion in 2014 to $22.06 billion in 2024, a change of 57.6%.

How much debt does Waste Management have?

Waste Management's total liabilities were at $36.31 billion at the end of 2024, a 40.1% increase from 2023, and a 135.7% increase since 2014.

How much cash does Waste Management have?

In the past 10 years, Waste Management's cash and equivalents has ranged from $22 million in 2017 to $3.56 billion in 2019, and is currently $414 million as of their latest financial filing in 2024.

How has Waste Management's book value per share changed over the last 10 years?

Over the last 10 years, Waste Management's book value per share changed from 12.81 in 2014 to 20.56 in 2024, a change of 60.5%.

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This page (NYSE:WM) was last updated on 8/29/2025 by MarketBeat.com Staff

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Waste Management (WM) Financials

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Waste Management (WM) Financials

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