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Waste Management (WM) Financials

Waste Management logo
$215.18 -6.27 (-2.83%)
Closing price 03:59 PM Eastern
Extended Trading
$216.06 +0.89 (+0.41%)
As of 07:59 PM Eastern
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Annual Income Statements for Waste Management

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 753 1,182 1,949 1,925 1,670 1,496 1,816 2,238 2,304 2,746 2,708
Consolidated Net Income / (Loss)		 752 1,180 1,949 1,923 1,671 1,496 1,817 2,240 2,276 2,745 2,709
Net Income / (Loss) Continuing Operations		 752 1,180 1,949 1,923 1,671 1,496 1,817 2,240 2,276 2,745 2,709
Total Pre-Tax Income 		1,060 1,822 2,191 2,376 2,105 1,893 2,349 2,918 3,021 3,458 3,426
Total Operating Income		 2,045 2,296 2,636 2,789 2,706 2,434 2,965 3,365 3,575 4,063 4,308
Total Gross Profit		 4,730 5,123 5,464 5,665 5,959 5,877 6,820 7,404 7,820 8,680 10,192
Total Revenue		 12,961 13,609 14,485 14,914 15,455 15,218 17,931 19,698 20,426 22,063 25,204
Operating Revenue		 12,961 13,609 14,485 14,914 15,455 15,218 17,931 19,698 20,426 22,063 25,204
Total Cost of Revenue		 8,231 8,486 9,021 9,249 9,496 9,341 11,111 12,294 12,606 13,383 15,012
Operating Cost of Revenue		 8,231 8,486 9,021 9,249 9,496 9,341 11,111 12,294 12,606 13,383 15,012
Total Operating Expenses		 2,685 2,827 2,828 2,876 3,253 3,443 3,855 4,039 4,245 4,617 5,884
Selling, General & Admin Expense		 1,343 1,410 1,468 1,453 1,631 1,728 1,864 1,938 1,926 2,264 2,722
Depreciation Expense		 1,245 1,301 1,376 1,477 1,574 1,671 1,999 2,038 2,071 2,267 2,863
Impairment Charge		 82 112 -16 -58 42 35 -16 62 243 82 248
Restructuring Charge		 15 4.00 0.00 4.00 6.00 9.00 8.00 1.00 5.00 4.00 51
Total Other Income / (Expense), net		 -985 -474 -445 -413 -601 -541 -616 -447 -554 -605 -882
Interest & Investment Income		 -423 -420 -431 -415 -466 -493 -401 -445 -560 -594 -902
Other Income / (Expense), net		 -7.00 -54 -8.00 2.00 -50 5.00 5.00 -2.00 6.00 -11 20
Income Tax Expense		 308 642 242 453 434 397 532 678 745 713 717
Net Income / (Loss) Attributable to Noncontrolling Interest		 -1.00 -2.00 0.00 -2.00 1.00 0.00 1.00 2.00 -28 -1.00 1.00
Basic Earnings per Share		 $1.66 $2.66 $4.44 $4.49 $3.93 $3.54 $4.32 $5.42 $5.69 $6.84 $6.72
Weighted Average Basic Shares Outstanding		 445.65M 439.70M 438.80M 429.10M 424.71M 423.15M 414.59M 408.15M 401.60M 402.12M 403.34M
Diluted Earnings per Share		 $1.65 $2.65 $4.41 $4.45 $3.91 $3.52 $4.29 $5.39 $5.66 $6.81 $6.70
Weighted Average Diluted Shares Outstanding		 445.65M 439.70M 438.80M 429.10M 424.71M 423.15M 414.59M 408.15M 401.60M 402.12M 403.34M
Weighted Average Basic & Diluted Shares Outstanding		 445.65M 439.70M 438.80M 429.10M 424.71M 423.15M 414.59M 408.15M 401.60M 402.12M 403.34M
Cash Dividends to Common per Share		 $1.54 $1.64 $1.70 $1.86 $2.05 $2.18 $2.30 $2.60 $2.80 $3.00 $3.30

Quarterly Income Statements for Waste Management

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 663 493 708 680 760 598 637 726 603 742 723
Consolidated Net Income / (Loss)		 662 469 707 680 760 598 637 727 603 742 723
Net Income / (Loss) Continuing Operations		 662 469 707 680 760 598 637 727 603 742 723
Total Pre-Tax Income 		872 644 869 894 995 700 788 928 775 935 891
Total Operating Income		 1,021 785 1,016 1,009 1,119 919 1,013 1,151 989 1,155 1,113
Total Gross Profit		 2,010 2,071 2,019 2,111 2,210 2,340 2,406 2,591 2,610 2,620 2,533
Total Revenue		 5,198 5,217 5,159 5,402 5,609 5,893 6,018 6,430 6,443 6,313 6,227
Operating Revenue		 5,198 5,217 5,159 5,402 5,609 5,893 6,018 6,430 6,443 6,313 6,227
Total Cost of Revenue		 3,188 3,146 3,140 3,291 3,399 3,553 3,612 3,839 3,833 3,693 3,694
Operating Cost of Revenue		 3,188 3,146 3,140 3,291 3,399 3,553 3,612 3,839 3,833 3,693 3,694
Total Operating Expenses		 989 1,286 1,003 1,102 1,091 1,421 1,393 1,440 1,621 1,465 1,420
Selling, General & Admin Expense		 470 513 491 501 525 747 687 696 665 674 707
Depreciation Expense		 519 526 514 543 558 652 691 708 729 770 735
Impairment Charge		 0.00 246 -2.00 58 6.00 20 2.00 24 213 9.00 -26
Restructuring Charge		 0.00 1.00 0.00 0.00 2.00 2.00 13 12 14 12 4.00
Total Other Income / (Expense), net		 -149 -141 -147 -115 -124 -219 -225 -223 -214 -220 -222
Interest & Investment Income		 -145 -147 -149 -114 -130 -201 -232 -230 -221 -224 -225
Other Income / (Expense), net		 -4.00 6.00 2.00 -1.00 6.00 -11 7.00 7.00 7.00 4.00 3.00
Income Tax Expense		 210 175 162 214 235 102 151 201 172 193 168
Basic Earnings per Share		 $1.64 $1.22 $1.76 $1.70 $1.89 $1.49 $1.58 $1.80 $1.50 $1.84 $1.79
Weighted Average Basic Shares Outstanding		 402.78M 401.60M 401.08M 401.31M 401.37M 402.12M 402.41M 402.83M 402.87M 403.34M 401.58M
Diluted Earnings per Share		 $1.63 $1.22 $1.75 $1.69 $1.88 $1.49 $1.58 $1.80 $1.49 $1.83 $1.79
Weighted Average Diluted Shares Outstanding		 402.78M 401.60M 401.08M 401.31M 401.37M 402.12M 402.41M 402.83M 402.87M 403.34M 401.58M
Weighted Average Basic & Diluted Shares Outstanding		 402.78M 401.60M 401.08M 401.31M 401.37M 402.12M 402.41M 402.83M 402.87M 403.34M 401.58M
Cash Dividends to Common per Share		 $0.70 - $0.75 $0.75 - - $0.83 $0.83 - - $0.95

Annual Cash Flow Statements for Waste Management

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -1,268 -10 199 -110 3,464 -2,999 -454 251 107 -65 -190
Net Cash From Operating Activities		 2,528 3,003 3,180 3,570 3,874 3,403 4,338 4,536 4,719 5,390 6,043
Net Cash From Continuing Operating Activities		 2,528 3,003 3,180 3,570 3,874 3,403 4,338 4,536 4,719 5,339 6,043
Net Income / (Loss) Continuing Operations		 752 1,180 1,949 1,923 1,671 1,496 1,817 2,240 2,276 2,745 2,709
Consolidated Net Income / (Loss)		 752 1,180 1,949 1,923 1,671 1,496 1,817 2,240 2,276 2,745 2,709
Depreciation Expense		 1,245 1,301 1,376 1,477 1,574 1,671 1,999 2,038 2,071 2,267 2,863
Non-Cash Adjustments To Reconcile Net Income		 864 357 304 174 449 398 473 354 540 227 621
Changes in Operating Assets and Liabilities, net		 -333 165 -449 -4.00 180 -162 49 -96 -168 100 -150
Net Cash From Investing Activities		 -1,608 -1,929 -1,620 -2,169 -2,376 -4,847 -1,894 -3,063 -3,091 -10,601 -3,566
Net Cash From Continuing Investing Activities		 -1,608 -1,929 -1,620 -2,169 -2,376 -4,847 -1,894 -3,063 -3,091 -10,601 -3,566
Purchase of Property, Plant & Equipment		 -1,233 -1,339 -1,509 -1,694 -1,818 -1,632 -1,904 -2,587 -2,895 -3,231 -3,227
Acquisitions		 -554 -608 -198 -460 -521 -4,085 -75 -377 -170 -7,488 -395
Divestitures		 145 43 99 208 49 885 96 27 78 158 121
Other Investing Activities, net		 34 -25 -12 -223 -86 -15 -11 -126 -104 -40 -65
Net Cash From Financing Activities		 -2,185 -1,084 -1,361 -1,508 1,964 -1,559 -2,900 -1,216 -1,524 5,155 -2,673
Net Cash From Continuing Financing Activities		 -2,185 -1,084 -1,361 -1,508 1,964 -1,559 -2,900 -1,216 -1,524 5,155 -2,673
Repayment of Debt		 -3,289 -2,723 -1,915 -84 -10,183 -9,679 -8,566 -7,332 -20,405 -17,952 -21,763
Repurchase of Common Equity		 -600 -725 -750 -1,004 -248 -402 -1,350 -1,500 -1,302 -262 0.00
Payment of Dividends		 -695 -726 -750 -802 -876 -927 -970 -1,077 -1,136 -1,210 -1,334
Issuance of Debt		 2,337 3,057 2,006 359 13,237 9,420 7,948 8,688 21,306 24,578 20,414
Other Financing Activities, net		 62 33 48 23 34 29 38 5.00 13 1.00 10
Effect of Exchange Rate Changes		 -3.00 0.00 - -3.00 2.00 4.00 2.00 -6.00 3.00 - 6.00

Quarterly Cash Flow Statements for Waste Management

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -13 302 -127 -179 441 -200 -156 221 -244 -11 -52
Net Cash From Operating Activities		 1,263 1,382 1,367 1,154 1,358 1,511 1,208 1,545 1,592 1,698 1,501
Net Cash From Continuing Operating Activities		 1,263 1,382 1,367 1,154 1,358 1,511 1,208 1,545 1,592 1,698 1,501
Net Income / (Loss) Continuing Operations		 662 469 707 680 760 598 637 727 603 742 723
Consolidated Net Income / (Loss)		 662 469 707 680 760 598 637 727 603 742 723
Depreciation Expense		 519 526 514 543 558 652 691 708 729 770 735
Non-Cash Adjustments To Reconcile Net Income		 77 331 80 72 54 79 63 120 303 105 54
Changes in Operating Assets and Liabilities, net		 5.00 56 66 -141 -14 182 -183 -10 -43 81 -11
Net Cash From Investing Activities		 -668 -1,084 -755 -1,604 -480 -7,762 -829 -1,086 -784 -867 -731
Net Cash From Continuing Investing Activities		 -668 -1,084 -755 -1,604 -480 -7,762 -829 -1,086 -784 -867 -731
Purchase of Property, Plant & Equipment		 -673 -1,042 -668 -667 -781 -1,115 -831 -732 -776 -888 -650
Acquisitions		 -21 -31 -11 -232 -539 -6,706 -3.00 -363 -29 - 0.00
Divestitures		 22 10 15 43 41 59 98 5.00 5.00 13 69
Other Investing Activities, net		 4.00 -21 -91 -748 799 - -93 4.00 16 8.00 -150
Net Cash From Financing Activities		 -606 1.00 -737 273 -439 6,058 -536 -245 -1,049 -843 -821
Net Cash From Continuing Financing Activities		 -606 1.00 -737 273 -439 6,058 -536 -245 -1,049 -843 -821
Repayment of Debt		 -5,920 -3,405 -4,576 -4,186 -1,877 -7,313 -5,173 -4,075 -6,541 -5,974 -6,126
Repurchase of Common Equity		 -370 -312 -250 -12 - - 0.00 - - - -344
Payment of Dividends		 -283 -281 -307 -301 -301 -301 -336 -333 -332 -333 -385
Issuance of Debt		 5,963 3,987 4,412 4,768 1,734 13,664 4,993 4,142 5,821 5,458 6,048
Other Financing Activities, net		 4.00 12 -16 4.00 5.00 8.00 -20 21 3.00 6.00 -14
Effect of Exchange Rate Changes		 -2.00 3.00 -2.00 -2.00 2.00 -7.00 1.00 7.00 -3.00 1.00 -1.00

Annual Balance Sheets for Waste Management

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 20,367 20,859 21,829 22,650 27,743 29,345 29,097 31,367 32,823 44,567 45,835
Total Current Assets		 2,345 2,376 2,694 2,645 6,209 3,540 3,069 3,551 3,804 4,774 4,910
Cash & Equivalents		 39 32 22 61 3,561 553 118 351 458 414 201
Accounts Receivable		 2,094 2,132 2,374 2,275 2,319 2,624 2,546 2,752 2,870 3,687 4,055
Inventories, net		 92 90 96 102 106 124 135 164 173 206 225
Other Current Assets		 120 122 202 207 223 239 270 284 303 467 429
Plant, Property, & Equipment, net		 10,665 10,950 11,559 11,942 12,893 14,148 14,419 15,719 16,968 19,340 20,378
Total Noncurrent Assets		 7,357 7,533 7,576 8,063 8,641 11,657 11,609 12,097 12,051 20,453 20,547
Long-Term Investments		 360 425 518 702 796 773 780 926 1,028 1,259 1,292
Goodwill		 5,984 6,215 6,247 6,430 6,532 8,994 9,028 9,323 9,254 13,438 13,880
Intangible Assets		 477 591 547 572 521 1,024 898 827 759 4,188 3,767
Other Noncurrent Operating Assets		 536 302 264 359 792 866 903 1,021 1,010 1,568 1,608
Total Liabilities & Shareholders' Equity		 20,367 20,859 21,829 22,650 27,743 29,345 29,097 31,367 32,823 44,567 45,835
Total Liabilities		 15,000 15,539 15,787 16,374 20,673 21,891 21,971 24,503 25,927 36,313 35,844
Total Current Liabilities		 2,510 2,794 3,262 3,108 3,144 3,553 4,082 4,394 4,226 6,258 5,524
Short-Term Debt		 253 417 739 432 218 551 708 414 334 1,359 711
Accounts Payable		 721 799 1,040 1,037 1,065 1,121 1,375 1,766 1,709 2,046 1,867
Accrued Expenses		 1,064 1,085 980 1,117 1,327 1,342 1,428 1,625 1,605 2,180 2,211
Current Deferred Revenue		 472 493 503 522 534 539 571 589 578 673 735
Total Noncurrent Liabilities		 12,490 12,745 12,525 13,266 17,529 18,338 17,889 20,109 21,701 30,055 30,320
Long-Term Debt		 8,676 8,893 8,752 9,594 13,280 13,259 12,697 14,570 15,895 22,541 22,196
Asset Retirement Reserve & Litigation Obligation		 1,584 1,675 1,770 1,828 1,930 2,222 2,373 2,700 2,888 3,048 3,278
Noncurrent Deferred & Payable Income Tax Liabilities		 1,391 1,482 1,248 1,291 1,407 1,806 1,694 1,733 1,826 2,815 3,160
Other Noncurrent Operating Liabilities		 839 695 755 553 912 1,051 1,125 1,106 1,092 1,651 1,686
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		 5,367 5,320 6,042 6,276 7,070 7,454 7,126 6,864 6,896 8,254 9,991
Total Preferred & Common Equity		 5,345 5,297 6,019 6,275 7,068 7,452 7,124 6,849 6,903 8,252 9,990
Total Common Equity		 5,345 5,297 6,019 6,275 7,068 7,452 7,124 6,849 6,903 8,252 9,990
Common Stock		 4,833 4,856 4,939 4,999 5,055 5,135 5,175 5,320 5,357 5,502 5,682
Retained Earnings		 6,939 7,388 8,588 9,797 10,592 11,159 12,004 13,167 14,334 15,858 17,232
Treasury Stock		 -6,300 -6,867 -7,516 -8,434 -8,571 -8,881 -10,072 -11,569 -12,751 -12,993 -12,914
Accumulated Other Comprehensive Income / (Loss)		 -127 -80 8.00 -87 -8.00 39 17 -69 -37 -115 -10
Noncontrolling Interest		 22 23 23 1.00 2.00 2.00 2.00 15 -7.00 2.00 1.00

Quarterly Balance Sheets for Waste Management

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 31,614 31,935 32,823 32,666 33,999 34,730 44,567 44,486 45,722 45,608 45,700
Total Current Assets		 3,480 3,562 3,804 3,529 4,439 4,259 4,774 4,455 4,984 4,839 4,808
Cash & Equivalents		 144 150 458 322 172 614 414 216 440 175 158
Accounts Receivable		 2,846 2,917 2,870 2,685 2,980 3,125 3,687 3,588 3,931 4,017 3,964
Inventories, net		 170 175 173 189 183 184 206 218 224 223 235
Other Current Assets		 320 320 303 333 1,104 336 467 433 389 424 451
Plant, Property, & Equipment, net		 15,917 16,229 16,968 17,044 17,420 17,931 19,340 19,553 19,963 20,069 20,335
Total Noncurrent Assets		 12,217 12,144 12,051 12,093 12,140 12,540 20,453 20,478 20,775 20,700 20,557
Long-Term Investments		 1,023 966 1,028 1,113 1,017 981 1,259 1,378 1,363 1,332 1,410
Goodwill		 9,399 9,398 9,254 9,246 9,363 9,822 13,438 13,529 13,886 13,894 13,873
Intangible Assets		 809 779 759 728 753 742 4,188 4,015 3,964 3,873 3,664
Other Noncurrent Operating Assets		 986 1,001 1,010 1,006 1,007 995 1,568 1,556 1,562 1,601 1,610
Total Liabilities & Shareholders' Equity		 31,614 31,935 32,823 32,666 33,999 34,730 44,567 44,486 45,722 45,608 45,700
Total Liabilities		 24,686 24,969 25,927 25,588 26,548 26,758 36,313 35,835 36,520 36,088 35,678
Total Current Liabilities		 4,251 4,218 4,226 3,949 4,136 4,779 6,258 5,347 5,816 5,737 5,146
Short-Term Debt		 513 297 334 336 242 676 1,359 954 964 880 641
Accounts Payable		 1,626 1,738 1,709 1,617 1,785 1,853 2,046 1,901 2,025 2,082 1,803
Accrued Expenses		 1,544 1,596 1,605 1,410 1,525 1,651 2,180 1,807 2,138 2,077 1,938
Current Deferred Revenue		 568 587 578 586 584 599 673 685 689 698 764
Total Noncurrent Liabilities		 20,435 20,751 21,701 21,639 22,412 21,979 30,055 30,488 30,704 30,351 30,532
Long-Term Debt		 14,855 15,133 15,895 15,762 16,501 15,977 22,541 22,883 23,056 22,482 22,250
Asset Retirement Reserve & Litigation Obligation		 2,734 2,727 2,888 2,912 2,936 2,965 3,048 3,081 3,086 3,132 3,310
Noncurrent Deferred & Payable Income Tax Liabilities		 1,778 1,811 1,826 1,880 1,826 1,883 2,815 2,841 2,865 3,025 3,266
Other Noncurrent Operating Liabilities		 1,068 1,080 1,092 1,085 1,149 1,154 1,651 1,683 1,697 1,712 1,706
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		 6,928 6,966 6,896 7,078 7,451 7,972 8,254 8,651 9,202 9,520 10,022
Total Preferred & Common Equity		 6,909 6,950 6,903 7,082 7,457 7,979 8,252 8,650 9,201 9,519 10,021
Total Common Equity		 6,909 6,950 6,903 7,082 7,457 7,979 8,252 8,650 9,201 9,519 10,021
Common Stock		 5,347 5,391 5,357 5,358 5,439 5,491 5,502 5,521 5,572 5,646 5,714
Retained Earnings		 13,744 14,124 14,334 14,738 15,104 15,563 15,858 16,160 16,553 16,823 17,571
Treasury Stock		 -12,150 -12,507 -12,751 -12,954 -13,013 -12,999 -12,993 -12,944 -12,933 -12,919 -13,220
Accumulated Other Comprehensive Income / (Loss)		 -32 -58 -37 -60 -73 -76 -115 -87 9.00 -31 -44
Noncontrolling Interest		 19 16 -7.00 -4.00 -6.00 -7.00 2.00 1.00 1.00 1.00 1.00

Annual Metrics And Ratios for Waste Management

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -7.40% 5.00% 6.44% 2.96% 3.63% -1.53% 17.83% 9.85% 3.70% 8.01% 14.24%
EBITDA Growth		 -7.83% 7.92% 13.01% 6.59% -0.89% -2.84% 20.90% 8.69% 4.65% 11.93% 13.80%
EBIT Growth		 -10.22% 10.01% 17.22% 6.20% -4.84% -8.17% 21.77% 13.23% 6.48% 13.35% 6.81%
NOPAT Growth		 -17.42% 2.49% 57.69% -3.74% -4.84% -10.45% 19.23% 12.63% 4.27% 19.75% 5.62%
Net Income Growth		 -43.80% 56.91% 65.17% -1.33% -13.10% -10.47% 21.46% 23.28% 1.61% 20.61% -1.31%
EPS Growth		 -40.86% 60.61% 66.42% 0.91% -12.13% -9.97% 21.88% 25.64% 5.01% 20.32% -1.62%
Operating Cash Flow Growth		 8.45% 18.79% 5.89% 12.26% 8.52% -12.16% 27.48% 4.56% 4.03% 14.22% 12.12%
Free Cash Flow Firm Growth		 -68.80% 4.14% 25.92% 12.22% -13.74% -222.18% 244.08% -36.69% -1.20% -445.57% 144.20%
Invested Capital Growth		 2.12% 1.99% 5.79% 3.64% 4.32% 22.99% -1.53% 4.78% 5.19% 40.86% 3.03%
Revenue Q/Q Growth		 -1.45% 1.60% 1.34% 1.29% 0.03% 1.47% 3.53% 1.32% 1.40% 3.16% 1.69%
EBITDA Q/Q Growth		 -6.79% 3.81% 2.82% 2.23% -3.14% 1.01% 2.98% 1.47% 0.04% 3.99% 5.41%
EBIT Q/Q Growth		 -10.26% 5.56% 3.18% 2.38% -5.75% 0.00% 2.41% 1.30% 0.59% 2.97% 6.16%
NOPAT Q/Q Growth		 -25.93% 4.13% 41.12% -16.98% -3.01% -1.48% 1.89% 1.11% -0.82% 6.75% 4.07%
Net Income Q/Q Growth		 -30.18% 5.45% 41.23% -16.21% -4.79% -0.60% 3.89% -0.27% -1.34% 4.93% 5.61%
EPS Q/Q Growth		 -29.18% 6.43% 42.26% -15.72% -4.40% -0.57% 3.87% 0.37% 0.18% 4.13% 5.35%
Operating Cash Flow Q/Q Growth		 5.11% 6.94% 1.31% 3.48% 2.92% -7.33% 5.80% 1.30% 7.59% 2.45% 3.19%
Free Cash Flow Firm Q/Q Growth		 -37.37% 26.14% -6.26% 1.81% 25.54% -179.43% 359.86% -14.17% 15.55% -541.83% 148.95%
Invested Capital Q/Q Growth		 0.56% -0.80% 4.68% 1.16% -1.15% 23.98% 1.55% 3.00% 1.69% 32.35% 0.10%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 36.49% 37.64% 37.72% 37.98% 38.56% 38.62% 38.03% 37.59% 38.28% 39.34% 40.44%
EBITDA Margin		 25.33% 26.03% 27.64% 28.62% 27.37% 27.01% 27.71% 27.42% 27.67% 28.67% 28.53%
Operating Margin		 15.78% 16.87% 18.20% 18.70% 17.51% 15.99% 16.54% 17.08% 17.50% 18.42% 17.09%
EBIT Margin		 15.72% 16.47% 18.14% 18.71% 17.19% 16.03% 16.56% 17.07% 17.53% 18.40% 17.17%
Profit (Net Income) Margin		 5.80% 8.67% 13.46% 12.89% 10.81% 9.83% 10.13% 11.37% 11.14% 12.44% 10.75%
Tax Burden Percent		 70.94% 64.76% 88.95% 80.93% 79.38% 79.03% 77.35% 76.76% 75.34% 79.38% 79.07%
Interest Burden Percent		 52.01% 81.27% 83.37% 85.13% 79.25% 77.61% 79.09% 86.77% 84.36% 85.19% 79.16%
Effective Tax Rate		 29.06% 35.24% 11.05% 19.07% 20.62% 20.97% 22.65% 23.24% 24.66% 20.62% 20.93%
Return on Invested Capital (ROIC)		 10.55% 10.59% 16.08% 14.79% 13.53% 10.64% 11.59% 12.85% 12.76% 12.38% 11.01%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.95% 7.06% 11.63% 11.12% 8.35% 6.69% 7.78% 10.23% 9.83% 9.78% 7.81%
Return on Net Nonoperating Assets (RNNOA)		 2.81% 11.49% 18.23% 16.44% 11.51% 9.96% 13.33% 19.17% 20.32% 23.86% 18.69%
Return on Equity (ROE)		 13.36% 22.08% 34.31% 31.22% 25.04% 20.60% 24.92% 32.02% 33.08% 36.24% 29.70%
Cash Return on Invested Capital (CROIC)		 8.45% 8.63% 10.46% 11.21% 9.30% -9.98% 13.13% 8.18% 7.70% -21.55% 8.02%
Operating Return on Assets (OROA)		 9.78% 10.88% 12.31% 12.55% 10.54% 8.54% 10.16% 11.12% 11.16% 10.49% 9.58%
Return on Assets (ROA)		 3.61% 5.72% 9.13% 8.65% 6.63% 5.24% 6.22% 7.41% 7.09% 7.09% 5.99%
Return on Common Equity (ROCE)		 13.31% 21.99% 34.17% 31.16% 25.04% 20.59% 24.92% 31.98% 33.06% 36.25% 29.69%
Return on Equity Simple (ROE_SIMPLE)		 14.07% 22.28% 32.38% 30.65% 23.64% 20.08% 25.51% 32.71% 32.97% 33.26% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,451 1,487 2,345 2,257 2,148 1,924 2,293 2,583 2,693 3,225 3,406
NOPAT Margin		 11.19% 10.93% 16.19% 15.14% 13.90% 12.64% 12.79% 13.11% 13.19% 14.62% 13.52%
Net Nonoperating Expense Percent (NNEP)		 8.60% 3.53% 4.45% 3.67% 5.18% 3.95% 3.81% 2.62% 2.93% 2.60% 3.20%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 11.82% 11.65% 10.03% 10.35%
Cost of Revenue to Revenue		 63.51% 62.36% 62.28% 62.02% 61.44% 61.38% 61.97% 62.41% 61.72% 60.66% 59.56%
SG&A Expenses to Revenue		 10.36% 10.36% 10.13% 9.74% 10.55% 11.36% 10.40% 9.84% 9.43% 10.26% 10.80%
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		 20.72% 20.77% 19.52% 19.28% 21.05% 22.62% 21.50% 20.50% 20.78% 20.93% 23.35%
Earnings before Interest and Taxes (EBIT)		 2,038 2,242 2,628 2,791 2,656 2,439 2,970 3,363 3,581 4,059 4,328
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 3,283 3,543 4,004 4,268 4,230 4,110 4,969 5,401 5,652 6,326 7,191
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.81 5.19 5.59 5.54 6.39 6.36 9.48 9.11 10.30 9.81 8.86
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 3,009.31 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.57 2.02 2.32 2.33 2.92 3.12 3.77 3.17 3.48 3.67 3.51
Price to Earnings (P/E)		 27.05 23.27 17.25 18.07 27.03 31.70 37.18 27.87 30.87 29.49 32.69
Dividend Yield		 3.38% 2.64% 2.20% 2.28% 1.93% 1.94% 1.43% 1.71% 1.59% 1.49% 1.50%
Earnings Yield		 3.70% 4.30% 5.80% 5.54% 3.70% 3.15% 2.69% 3.59% 3.24% 3.39% 3.06%
Enterprise Value to Invested Capital (EV/IC)		 2.08 2.57 2.84 2.83 3.35 3.00 4.08 3.70 3.97 3.39 3.50
Enterprise Value to Revenue (EV/Rev)		 2.23 2.67 2.94 2.95 3.51 3.94 4.46 3.86 4.20 4.68 4.36
Enterprise Value to EBITDA (EV/EBITDA)		 8.81 10.27 10.64 10.32 12.83 14.58 16.10 14.09 15.19 16.32 15.29
Enterprise Value to EBIT (EV/EBIT)		 14.19 16.23 16.21 15.78 20.44 24.56 26.94 22.63 23.97 25.43 25.40
Enterprise Value to NOPAT (EV/NOPAT)		 19.94 24.46 18.17 19.51 25.27 31.14 34.89 29.46 31.88 32.00 32.27
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.44 12.11 13.40 12.34 14.01 17.60 18.45 16.78 18.19 19.15 18.19
Enterprise Value to Free Cash Flow (EV/FCFF)		 24.87 30.04 27.94 25.74 36.77 0.00 30.80 46.26 52.82 0.00 44.28
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.66 1.75 1.57 1.60 1.91 1.85 1.88 2.18 2.35 2.90 2.29
Long-Term Debt to Equity		 1.62 1.67 1.45 1.53 1.88 1.78 1.78 2.12 2.31 2.73 2.22
Financial Leverage		 1.44 1.63 1.57 1.48 1.38 1.49 1.71 1.87 2.07 2.44 2.39
Leverage Ratio		 3.70 3.86 3.76 3.61 3.78 3.93 4.01 4.32 4.67 5.11 4.95
Compound Leverage Factor		 1.93 3.13 3.13 3.07 2.99 3.05 3.17 3.75 3.94 4.35 3.92
Debt to Total Capital		 62.46% 63.64% 61.10% 61.50% 65.63% 64.95% 65.29% 68.58% 70.18% 74.33% 69.63%
Short-Term Debt to Total Capital		 1.77% 2.85% 4.76% 2.65% 1.06% 2.59% 3.45% 1.89% 1.44% 4.23% 2.16%
Long-Term Debt to Total Capital		 60.69% 60.79% 56.34% 58.85% 64.57% 62.35% 61.84% 66.69% 68.74% 70.10% 67.47%
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% 0.16% 0.15% 0.01% 0.01% 0.01% 0.01% 0.07% -0.03% 0.01% 0.00%
Common Equity to Total Capital		 37.39% 36.21% 38.75% 38.49% 34.36% 35.05% 34.70% 31.35% 29.85% 25.66% 30.37%
Debt to EBITDA		 2.72 2.63 2.37 2.35 3.19 3.36 2.70 2.77 2.87 3.78 3.19
Net Debt to EBITDA		 2.60 2.50 2.24 2.17 2.16 3.04 2.52 2.54 2.61 3.51 2.98
Long-Term Debt to EBITDA		 2.64 2.51 2.19 2.25 3.14 3.23 2.56 2.70 2.81 3.56 3.09
Debt to NOPAT		 6.15 6.26 4.05 4.44 6.28 7.18 5.84 5.80 6.03 7.41 6.72
Net Debt to NOPAT		 5.88 5.95 3.82 4.10 4.26 6.49 5.45 5.31 5.47 6.89 6.29
Long-Term Debt to NOPAT		 5.98 5.98 3.73 4.25 6.18 6.89 5.54 5.64 5.90 6.99 6.52
Altman Z-Score		 2.25 2.54 2.86 2.92 2.85 2.62 3.33 3.06 3.22 2.59 2.85
Noncontrolling Interest Sharing Ratio		 0.40% 0.42% 0.40% 0.19% 0.02% 0.03% 0.03% 0.12% 0.06% -0.03% 0.02%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.93 0.85 0.83 0.85 1.97 1.00 0.75 0.81 0.90 0.76 0.89
Quick Ratio		 0.85 0.77 0.73 0.75 1.87 0.89 0.65 0.71 0.79 0.66 0.77
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,163 1,211 1,525 1,711 1,476 -1,803 2,598 1,645 1,625 -5,617 2,482
Operating Cash Flow to CapEx		 205.03% 224.27% 210.74% 210.74% 213.09% 208.52% 227.84% 175.34% 163.01% 166.82% 187.26%
Free Cash Flow to Firm to Interest Expense		 2.10 0.00 254.14 0.00 17.37 -34.03 11.81 0.00 0.00 -802.39 0.00
Operating Cash Flow to Interest Expense		 4.56 0.00 530.00 0.00 45.58 64.21 19.72 0.00 0.00 770.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 2.33 0.00 278.50 0.00 24.19 33.42 11.06 0.00 0.00 308.43 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.62 0.66 0.68 0.67 0.61 0.53 0.61 0.65 0.64 0.57 0.56
Accounts Receivable Turnover		 6.43 6.44 6.43 6.42 6.73 6.16 6.94 7.44 7.27 6.73 6.51
Inventory Turnover		 83.14 93.25 97.00 93.42 91.31 81.23 85.80 82.23 74.81 70.62 69.66
Fixed Asset Turnover		 1.22 1.26 1.29 1.27 1.24 1.13 1.26 1.31 1.25 1.22 1.27
Accounts Payable Turnover		 11.27 11.17 9.81 8.91 9.04 8.55 8.90 7.83 7.26 7.13 7.67
Days Sales Outstanding (DSO)		 56.76 56.67 56.77 56.89 54.25 59.28 52.62 49.09 50.23 54.24 56.06
Days Inventory Outstanding (DIO)		 4.39 3.91 3.76 3.91 4.00 4.49 4.25 4.44 4.88 5.17 5.24
Days Payable Outstanding (DPO)		 32.39 32.69 37.20 40.98 40.40 42.71 41.00 46.63 50.31 51.21 47.57
Cash Conversion Cycle (CCC)		 28.76 27.90 23.33 19.81 17.85 21.06 15.88 6.90 4.80 8.20 13.73
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 13,897 14,173 14,993 15,539 16,211 19,938 19,633 20,571 21,639 30,481 31,405
Invested Capital Turnover		 0.94 0.97 0.99 0.98 0.97 0.84 0.91 0.98 0.97 0.85 0.81
Increase / (Decrease) in Invested Capital		 288 276 820 546 672 3,727 -305 938 1,068 8,842 924
Enterprise Value (EV)		 28,922 36,379 42,602 44,039 54,283 59,908 80,020 76,097 85,853 103,221 109,929
Market Capitalization		 20,370 27,503 33,628 34,775 45,140 47,422 67,511 62,375 71,117 80,992 88,514
Book Value per Share		 $11.97 $11.98 $13.86 $14.72 $16.66 $17.63 $17.03 $16.69 $17.14 $20.56 $24.80
Tangible Book Value per Share		 ($2.50) ($3.41) ($1.78) ($1.71) $0.04 ($6.07) ($6.70) ($8.04) ($7.72) ($23.36) ($19.01)
Total Capital		 14,296 14,630 15,533 16,302 20,568 21,264 20,531 21,848 23,125 32,154 32,898
Total Debt		 8,929 9,310 9,491 10,026 13,498 13,810 13,405 14,984 16,229 23,900 22,907
Total Long-Term Debt		 8,676 8,893 8,752 9,594 13,280 13,259 12,697 14,570 15,895 22,541 22,196
Net Debt		 8,530 8,853 8,951 9,263 9,141 12,484 12,507 13,707 14,743 22,227 21,414
Capital Expenditures (CapEx)		 1,233 1,339 1,509 1,694 1,818 1,632 1,904 2,587 2,895 3,231 3,227
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 49 -33 149 -92 -278 -15 -423 -780 -546 -539 -104
Debt-free Net Working Capital (DFNWC)		 88 -1.00 171 -31 3,283 538 -305 -429 -88 -125 97
Net Working Capital (NWC)		 -165 -418 -568 -463 3,065 -13 -1,013 -843 -422 -1,484 -614
Net Nonoperating Expense (NNE)		 699 307 396 334 477 428 476 343 417 480 697
Net Nonoperating Obligations (NNO)		 8,530 8,853 8,951 9,263 9,141 12,484 12,507 13,707 14,743 22,227 21,414
Total Depreciation and Amortization (D&A)		 1,245 1,301 1,376 1,477 1,574 1,671 1,999 2,038 2,071 2,267 2,863
Debt-free, Cash-free Net Working Capital to Revenue		 0.38% -0.24% 1.03% -0.62% -1.80% -0.10% -2.36% -3.96% -2.67% -2.44% -0.41%
Debt-free Net Working Capital to Revenue		 0.68% -0.01% 1.18% -0.21% 21.24% 3.54% -1.70% -2.18% -0.43% -0.57% 0.38%
Net Working Capital to Revenue		 -1.27% -3.07% -3.92% -3.10% 19.83% -0.09% -5.65% -4.28% -2.07% -6.73% -2.44%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.66 $2.66 $4.44 $4.49 $3.93 $3.54 $4.32 $5.42 $5.69 $6.84 $6.72
Adjusted Weighted Average Basic Shares Outstanding		 445.65M 439.70M 433.67M 423.78M 424.71M 423.15M 414.59M 408.15M 401.60M 402.12M 403.34M
Adjusted Diluted Earnings per Share		 $1.65 $2.65 $4.41 $4.45 $3.91 $3.52 $4.29 $5.39 $5.66 $6.81 $6.70
Adjusted Weighted Average Diluted Shares Outstanding		 445.65M 439.70M 433.67M 423.78M 424.71M 423.15M 414.59M 408.15M 401.60M 402.12M 403.34M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $3.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 445.65M 439.70M 433.67M 423.78M 424.71M 423.15M 414.59M 408.15M 401.60M 402.12M 403.34M
Normalized Net Operating Profit after Tax (NOPAT)		 1,520 1,562 2,331 2,214 2,186 1,958 2,287 2,632 2,880 3,294 3,643
Normalized NOPAT Margin		 11.72% 11.48% 16.09% 14.84% 14.15% 12.87% 12.76% 13.36% 14.10% 14.93% 14.45%
Pre Tax Income Margin		 8.18% 13.39% 15.13% 15.93% 13.62% 12.44% 13.10% 14.81% 14.79% 15.67% 13.59%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.67 0.00 438.00 0.00 31.25 46.02 13.50 0.00 0.00 579.86 0.00
NOPAT to Interest Expense		 2.61 0.00 390.81 0.00 25.27 36.29 10.42 0.00 0.00 460.75 0.00
EBIT Less CapEx to Interest Expense		 1.45 0.00 186.50 0.00 9.86 15.23 4.85 0.00 0.00 118.29 0.00
NOPAT Less CapEx to Interest Expense		 0.39 0.00 139.31 0.00 3.88 5.50 1.77 0.00 0.00 -0.82 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 92.42% 61.53% 38.48% 41.71% 52.42% 61.97% 53.38% 48.08% 49.91% 44.08% 49.24%
Augmented Payout Ratio		 172.21% 122.97% 76.96% 93.92% 67.27% 88.84% 127.68% 115.04% 107.12% 53.62% 49.24%

Quarterly Metrics And Ratios for Waste Management

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 403,335,781.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 403,335,781.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.79
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 2.42% 5.71% 5.46% 5.53% 7.91% 12.96% 16.65% 19.03% 14.87% 7.13% 3.47%
EBITDA Growth		 6.74% 0.15% 15.02% 5.73% 9.57% 18.45% 9.07% 20.31% 2.50% 24.21% 8.18%
EBIT Growth		 8.65% 2.73% 23.10% 6.55% 10.62% 14.79% -0.29% 14.88% -11.47% 28.63% 9.41%
NOPAT Growth		 6.62% -3.90% 31.08% 7.29% 10.27% 37.33% -0.93% 17.49% -9.97% 16.75% 10.29%
Net Income Growth		 3.60% -6.20% 32.89% 10.93% 14.80% 27.51% -9.90% 6.91% -20.66% 24.08% 13.50%
EPS Growth		 5.84% 0.83% 34.62% 11.92% 15.34% 22.13% -9.71% 6.51% -20.74% 22.82% 13.29%
Operating Cash Flow Growth		 6.85% 31.74% 30.94% 12.04% 7.52% 9.33% -11.63% 33.88% 17.23% 12.38% 24.26%
Free Cash Flow Firm Growth		 -700.02% -44.64% 95.40% -31.54% -67.69% -1,523.35% -21,601.21% -577.68% -746.15% 99.91% 105.43%
Invested Capital Growth		 6.55% 5.19% 4.14% 8.88% 8.22% 40.86% 42.10% 36.57% 36.24% 3.03% 1.46%
Revenue Q/Q Growth		 1.54% 0.37% -1.11% 4.71% 3.83% 5.06% 2.12% 6.85% 0.20% -2.02% -1.36%
EBITDA Q/Q Growth		 4.70% -14.26% 16.33% 1.24% 8.51% -7.31% 7.12% 11.67% -7.56% 11.83% -4.04%
EBIT Q/Q Growth		 7.51% -22.22% 28.70% -0.98% 11.61% -19.29% 11.78% 14.09% -13.99% 16.37% -3.71%
NOPAT Q/Q Growth		 8.36% -26.25% 44.59% -7.15% 11.37% -8.15% 4.30% 10.11% -14.66% 19.11% -1.47%
Net Income Q/Q Growth		 7.99% -29.15% 50.75% -3.82% 11.76% -21.32% 6.52% 14.13% -17.06% 23.05% -2.56%
EPS Q/Q Growth		 7.95% -25.15% 43.44% -3.43% 11.24% -20.74% 6.04% 13.92% -17.22% 22.82% -2.19%
Operating Cash Flow Q/Q Growth		 22.62% 9.42% -1.09% -15.58% 17.68% 11.27% -20.05% 27.90% 3.04% 6.66% -11.60%
Free Cash Flow Firm Q/Q Growth		 36.65% 7.04% 92.26% -2,786.50% 19.24% -799.93% -3.44% 9.86% -0.84% 99.90% 6,200.32%
Invested Capital Q/Q Growth		 0.71% 1.69% 0.47% 5.81% 0.11% 32.35% 1.35% 1.70% -0.14% 0.10% -0.19%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 38.67% 39.70% 39.14% 39.08% 39.40% 39.71% 39.40% 40.30% 40.51% 41.50% 40.68%
EBITDA Margin		 29.55% 25.24% 29.70% 28.71% 30.01% 26.47% 27.77% 29.02% 26.77% 30.56% 29.73%
Operating Margin		 19.64% 15.05% 19.69% 18.68% 19.95% 15.59% 16.83% 17.90% 15.35% 18.30% 17.87%
EBIT Margin		 19.57% 15.16% 19.73% 18.66% 20.06% 15.41% 16.87% 18.01% 15.46% 18.36% 17.92%
Profit (Net Income) Margin		 12.74% 8.99% 13.70% 12.59% 13.55% 10.15% 10.58% 11.31% 9.36% 11.75% 11.61%
Tax Burden Percent		 75.92% 72.83% 81.36% 76.06% 76.38% 85.43% 80.84% 78.34% 77.81% 79.36% 81.14%
Interest Burden Percent		 85.74% 81.42% 85.36% 88.69% 88.44% 77.09% 77.64% 80.14% 77.81% 80.67% 79.84%
Effective Tax Rate		 24.08% 27.17% 18.64% 23.94% 23.62% 14.57% 19.16% 21.66% 22.19% 20.64% 18.86%
Return on Invested Capital (ROIC)		 14.56% 10.61% 15.56% 13.50% 14.71% 11.28% 11.85% 12.34% 10.88% 11.83% 11.84%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.73% 9.88% 14.73% 12.92% 14.07% 10.27% 10.87% 11.42% 9.98% 11.03% 11.02%
Return on Net Nonoperating Assets (RNNOA)		 26.80% 20.44% 30.47% 26.73% 27.66% 25.05% 25.50% 25.90% 21.06% 26.37% 25.70%
Return on Equity (ROE)		 41.36% 31.04% 46.03% 40.23% 42.37% 36.33% 37.35% 38.24% 31.94% 38.20% 37.55%
Cash Return on Invested Capital (CROIC)		 6.82% 7.70% 9.50% 4.83% 5.74% -21.55% -22.56% -18.60% -18.64% 8.02% 9.77%
Operating Return on Assets (OROA)		 12.76% 9.65% 12.77% 11.93% 12.87% 8.79% 10.02% 10.82% 9.54% 10.24% 10.10%
Return on Assets (ROA)		 8.31% 5.72% 8.87% 8.05% 8.69% 5.79% 6.29% 6.79% 5.77% 6.55% 6.54%
Return on Common Equity (ROCE)		 41.31% 31.02% 46.00% 40.20% 42.34% 36.35% 37.35% 38.25% 31.95% 38.19% 37.54%
Return on Equity Simple (ROE_SIMPLE)		 33.19% 0.00% 34.61% 33.77% 32.79% 0.00% 30.92% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 775 572 827 767 855 785 819 902 770 917 903
NOPAT Margin		 14.91% 10.96% 16.02% 14.21% 15.24% 13.32% 13.61% 14.02% 11.94% 14.52% 14.50%
Net Nonoperating Expense Percent (NNEP)		 0.83% 0.72% 0.83% 0.59% 0.64% 1.01% 0.99% 0.93% 0.90% 0.80% 0.83%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.47% - - - 2.44% 2.52% 2.71% 2.34% 2.79% 2.74%
Cost of Revenue to Revenue		 61.33% 60.30% 60.86% 60.92% 60.60% 60.29% 60.60% 59.70% 59.49% 58.50% 59.32%
SG&A Expenses to Revenue		 9.04% 9.83% 9.52% 9.27% 9.36% 12.68% 11.42% 10.82% 10.32% 10.68% 11.35%
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		 19.03% 24.65% 19.44% 20.40% 19.45% 24.11% 22.57% 22.40% 25.16% 23.21% 22.80%
Earnings before Interest and Taxes (EBIT)		 1,017 791 1,018 1,008 1,125 908 1,015 1,158 996 1,159 1,116
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,536 1,317 1,532 1,551 1,683 1,560 1,671 1,866 1,725 1,929 1,851
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 8.75 10.30 12.12 11.47 10.44 9.81 10.76 10.01 9.35 8.86 9.25
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)		 3.02 3.48 4.15 4.08 3.90 3.67 4.06 3.84 3.59 3.51 3.65
Price to Earnings (P/E)		 26.33 30.87 34.63 33.63 31.55 29.49 34.80 33.84 34.69 32.69 33.17
Dividend Yield		 1.83% 1.59% 1.34% 1.36% 1.42% 1.49% 1.33% 1.38% 1.46% 1.50% 1.49%
Earnings Yield		 3.80% 3.24% 2.89% 2.97% 3.17% 3.39% 2.87% 2.96% 2.88% 3.06% 3.01%
Enterprise Value to Invested Capital (EV/IC)		 3.53 3.97 4.62 4.40 4.27 3.39 3.73 3.64 3.53 3.50 3.64
Enterprise Value to Revenue (EV/Rev)		 3.73 4.20 4.86 4.82 4.60 4.68 5.03 4.77 4.47 4.36 4.49
Enterprise Value to EBITDA (EV/EBITDA)		 13.30 15.19 17.18 17.03 16.17 16.32 17.84 16.86 16.24 15.29 15.55
Enterprise Value to EBIT (EV/EBIT)		 21.11 23.97 26.65 26.37 24.95 25.43 28.44 27.17 27.18 25.40 25.77
Enterprise Value to NOPAT (EV/NOPAT)		 27.68 31.88 34.78 34.37 32.56 32.00 35.86 34.09 33.86 32.27 32.66
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.14 18.19 19.93 19.57 18.70 19.15 22.05 20.33 18.92 18.19 17.99
Enterprise Value to Free Cash Flow (EV/FCFF)		 53.43 52.82 49.64 94.86 77.38 0.00 0.00 0.00 0.00 44.28 37.50
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.22 2.35 2.27 2.25 2.09 2.90 2.76 2.61 2.45 2.29 2.28
Long-Term Debt to Equity		 2.17 2.31 2.23 2.21 2.00 2.73 2.65 2.51 2.36 2.22 2.22
Financial Leverage		 1.95 2.07 2.07 2.07 1.97 2.44 2.35 2.27 2.11 2.39 2.33
Leverage Ratio		 4.42 4.67 4.61 4.56 4.46 5.11 4.91 4.79 4.59 4.95 4.83
Compound Leverage Factor		 3.79 3.80 3.93 4.05 3.95 3.94 3.81 3.84 3.57 4.00 3.86
Debt to Total Capital		 68.90% 70.18% 69.46% 69.20% 67.63% 74.33% 73.37% 72.30% 71.05% 69.63% 69.55%
Short-Term Debt to Total Capital		 1.33% 1.44% 1.45% 1.00% 2.75% 4.23% 2.94% 2.90% 2.68% 2.16% 1.95%
Long-Term Debt to Total Capital		 67.57% 68.74% 68.01% 68.20% 64.88% 70.10% 70.44% 69.40% 68.37% 67.47% 67.60%
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% -0.03% -0.02% -0.02% -0.03% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 31.03% 29.85% 30.56% 30.82% 32.40% 25.66% 26.63% 27.70% 28.95% 30.37% 30.45%
Debt to EBITDA		 2.73 2.87 2.75 2.82 2.74 3.78 3.69 3.54 3.42 3.19 3.12
Net Debt to EBITDA		 2.53 2.61 2.51 2.62 2.48 3.51 3.44 3.28 3.20 2.98 2.91
Long-Term Debt to EBITDA		 2.68 2.81 2.69 2.78 2.63 3.56 3.54 3.40 3.30 3.09 3.04
Debt to NOPAT		 5.68 6.03 5.57 5.69 5.51 7.41 7.41 7.16 7.14 6.72 6.56
Net Debt to NOPAT		 5.27 5.47 5.07 5.29 4.98 6.89 6.92 6.63 6.68 6.29 6.11
Long-Term Debt to NOPAT		 5.57 5.90 5.45 5.61 5.29 6.99 7.12 6.88 6.87 6.52 6.37
Altman Z-Score		 2.79 2.94 3.37 3.28 3.20 2.36 2.63 2.61 2.59 2.63 2.72
Noncontrolling Interest Sharing Ratio		 0.13% 0.06% 0.07% 0.09% 0.06% -0.03% -0.02% -0.03% -0.03% 0.02% 0.01%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.84 0.90 0.89 1.07 0.89 0.76 0.83 0.86 0.84 0.89 0.93
Quick Ratio		 0.73 0.79 0.76 0.76 0.78 0.66 0.71 0.75 0.73 0.77 0.80
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -534 -496 -38 -1,109 -895 -8,057 -8,334 -7,512 -7,575 -7.41 452
Operating Cash Flow to CapEx		 187.67% 132.63% 204.64% 173.01% 173.88% 135.52% 145.37% 211.07% 205.15% 191.22% 230.92%
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 0.64 0.65 0.64 0.64 0.57 0.59 0.60 0.62 0.56 0.56
Accounts Receivable Turnover		 7.20 7.27 7.82 7.20 7.08 6.73 7.31 6.93 6.94 6.51 6.73
Inventory Turnover		 75.17 74.81 70.53 72.32 72.29 70.62 68.26 70.95 73.08 69.66 66.64
Fixed Asset Turnover		 1.30 1.25 1.26 1.26 1.25 1.22 1.25 1.28 1.30 1.27 1.27
Accounts Payable Turnover		 7.78 7.26 8.10 7.48 7.23 7.13 7.90 7.58 7.56 7.67 8.15
Days Sales Outstanding (DSO)		 50.67 50.23 46.68 50.69 51.56 54.24 49.94 52.66 52.59 56.06 54.23
Days Inventory Outstanding (DIO)		 4.86 4.88 5.18 5.05 5.05 5.17 5.35 5.14 4.99 5.24 5.48
Days Payable Outstanding (DPO)		 46.92 50.31 45.08 48.77 50.51 51.21 46.22 48.16 48.29 47.57 44.78
Cash Conversion Cycle (CCC)		 8.61 4.80 6.78 6.97 6.10 8.20 9.07 9.65 9.30 13.73 14.93
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 21,280 21,639 21,741 23,005 23,030 30,481 30,894 31,419 31,375 31,405 31,345
Invested Capital Turnover		 0.98 0.97 0.97 0.95 0.97 0.85 0.87 0.88 0.91 0.81 0.82
Increase / (Decrease) in Invested Capital		 1,309 1,068 865 1,876 1,750 8,842 9,153 8,414 8,345 924 451
Enterprise Value (EV)		 75,157 85,853 100,511 101,115 98,364 103,221 115,338 114,297 110,813 109,929 114,007
Market Capitalization		 60,827 71,117 85,852 85,567 83,313 80,992 93,094 92,079 88,957 88,514 92,683
Book Value per Share		 $17.16 $17.14 $17.66 $18.59 $19.88 $20.56 $21.51 $22.86 $23.63 $24.80 $24.85
Tangible Book Value per Share		 ($7.97) ($7.72) ($7.21) ($6.63) ($6.44) ($23.36) ($22.12) ($21.49) ($20.48) ($19.01) ($18.63)
Total Capital		 22,396 23,125 23,176 24,194 24,625 32,154 32,488 33,222 32,882 32,898 32,913
Total Debt		 15,430 16,229 16,098 16,743 16,653 23,900 23,837 24,020 23,362 22,907 22,891
Total Long-Term Debt		 15,133 15,895 15,762 16,501 15,977 22,541 22,883 23,056 22,482 22,196 22,250
Net Debt		 14,314 14,743 14,663 15,554 15,058 22,227 22,243 22,217 21,855 21,414 21,323
Capital Expenditures (CapEx)		 673 1,042 668 667 781 1,115 831 732 776 888 650
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -509 -546 -406 373 -458 -539 -154 -308 -193 -104 145
Debt-free Net Working Capital (DFNWC)		 -359 -88 -84 545 156 -125 62 132 -18 97 303
Net Working Capital (NWC)		 -656 -422 -420 303 -520 -1,484 -892 -832 -898 -614 -338
Net Nonoperating Expense (NNE)		 113 103 120 87 95 187 182 175 167 175 180
Net Nonoperating Obligations (NNO)		 14,314 14,743 14,663 15,554 15,058 22,227 22,243 22,217 21,855 21,414 21,323
Total Depreciation and Amortization (D&A)		 519 526 514 543 558 652 656 708 729 770 735
Debt-free, Cash-free Net Working Capital to Revenue		 -2.53% -2.67% -1.96% 1.78% -2.14% -2.44% -0.67% -1.29% -0.78% -0.41% 0.57%
Debt-free Net Working Capital to Revenue		 -1.78% -0.43% -0.41% 2.60% 0.73% -0.57% 0.27% 0.55% -0.07% 0.38% 1.19%
Net Working Capital to Revenue		 -3.26% -2.07% -2.03% 1.44% -2.43% -6.73% -3.89% -3.47% -3.62% -2.44% -1.33%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.64 $1.22 $1.76 $1.70 $1.89 $1.49 $1.58 $1.80 $1.50 $1.84 $1.79
Adjusted Weighted Average Basic Shares Outstanding		 402.78M 401.60M 401.08M 401.31M 401.37M 402.12M 402.41M 402.83M 402.87M 403.34M 401.58M
Adjusted Diluted Earnings per Share		 $1.63 $1.22 $1.75 $1.69 $1.88 $1.49 $1.58 $1.80 $1.49 $1.83 $1.79
Adjusted Weighted Average Diluted Shares Outstanding		 402.78M 401.60M 401.08M 401.31M 401.37M 402.12M 402.41M 402.83M 402.87M 403.34M 401.58M
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		 402.78M 401.60M 401.08M 401.31M 401.37M 402.12M 402.41M 402.83M 402.87M 403.34M 401.58M
Normalized Net Operating Profit after Tax (NOPAT)		 775 752 825 812 861 804 831 930 946 933 885
Normalized NOPAT Margin		 14.91% 14.41% 15.99% 15.02% 15.35% 13.64% 13.81% 14.46% 14.68% 14.78% 14.22%
Pre Tax Income Margin		 16.78% 12.34% 16.84% 16.55% 17.74% 11.88% 13.09% 14.43% 12.03% 14.81% 14.31%
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		 48.59% 49.91% 47.08% 46.54% 45.49% 44.08% 46.32% 46.69% 50.76% 49.24% 49.48%
Augmented Payout Ratio		 110.53% 107.12% 96.12% 84.03% 67.43% 53.62% 46.77% 46.69% 50.76% 49.24% 61.79%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Waste Management's recent quarterly results (WM), focusing on cash flow, profitability, and balance-sheet trends over the last four years.

  • Top-line growth and margin expansion: In Q4 2025, operating revenue was $6.313B with gross profit of $2.620B, yielding an estimated gross margin around 41.5% (up from about 40.5% in Q4 2024 where gross profit was $2.390B on $5.893B revenue).
  • Earnings per share and net income growth: Net income attributable to common shareholders in Q4 2025 was $742M, with Basic EPS of $1.84 and Diluted EPS of $1.83, up from Q4 2024 where EPS was $1.49 and net income was $598M.
  • Strong operating cash flow and solid free cash flow: Q4 2025 net cash from continuing operating activities was $1.698B, and after capex of about $0.888B, estimated free cash flow was roughly $0.81B, indicating meaningful cash generation relative to earnings.
  • Consistent quarterly cash generation across 2025: Operating cash flow remained robust throughout 2025, supporting capital expenditure and dividend activity while contributing to a stable cash-flow profile.
  • Dividend support and stability: The company has maintained a steady cash dividend per share (around $0.825), underscoring a predictable payout consistent with WM’s cash-flow generation.
  • Healthy balance-sheet base with sizable asset value and earnings base: Total assets hovered in the mid- to high-$40B range in 2025, with Total equity around $9.5B and long-term debt near $22.4B, indicating a durable asset base and earnings power to support operations and financing needs.
  • Margin discipline with some quarterly volatility: While gross margins improved versus 2024, quarterly results show variability due to weather, seasonality, and occasional impairment/restructuring charges, which can create near-term earnings volatility.
  • Seasonality and volatility in quarterly results: WM’s results can reflect seasonal patterns (e.g., weather and holiday cycles) that influence quarterly swings in operating income and cash flow.
  • Liquidity concerns on a near-term basis: In Q3 2025, WM reported current assets of about $4.84B vs. current liabilities of about $5.74B (current ratio below 1.0), signaling tighter near-term liquidity despite positive cash flow in other periods.
  • Elevated leverage and debt load: Long-term debt around $22.4B and total liabilities near $36–37B against approximately $9–9.5B of equity indicate a high leverage profile, which can raise interest costs and refinancing risk if cash flows weaken.
05/08/26 08:38 PM ETAI Generated. May Contain Errors.

Waste Management Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Waste Management's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Waste Management's net income appears to be on an upward trend, with a most recent value of $2.71 billion in 2025, rising from $752 million in 2015. The previous period was $2.75 billion in 2024. See where experts think Waste Management is headed by visiting Waste Management's forecast page.

Waste Management's total operating income in 2025 was $4.31 billion, based on the following breakdown:
  • Total Gross Profit: $10.19 billion
  • Total Operating Expenses: $5.88 billion

Over the last 10 years, Waste Management's total revenue changed from $12.96 billion in 2015 to $25.20 billion in 2025, a change of 94.5%.

Waste Management's total liabilities were at $35.84 billion at the end of 2025, a 1.3% decrease from 2024, and a 139.0% increase since 2015.

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 $201 million as of their latest financial filing in 2025.

Over the last 10 years, Waste Management's book value per share changed from 11.97 in 2015 to 24.80 in 2025, a change of 107.1%.


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Financial statements for NYSE:WM last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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