What is Waste Management's earnings per share (EPS)?

Waste Management (WM) reported diluted earnings per share of $6.70 for fiscal year 2025. This represents a -1.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Waste Management Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Waste Management (WM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 52/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Waste Management has an operating margin of 17.1%, meaning the company retains $17 of operating profit per $100 of revenue. This results in a moderate score of 60/100, indicating healthy but not exceptional operating efficiency. This is down from 18.4% the prior year.

Growth

Waste Management's revenue grew 14.2% year-over-year to $25.2B, a solid pace of expansion. This earns a growth score of 57/100.

Leverage

Waste Management has a moderate D/E ratio of 2.22. This balance of debt and equity financing earns a leverage score of 57/100.

Liquidity

Waste Management's current ratio of 0.89 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 13/100, which could limit financial flexibility.

Cash Flow

Waste Management has a free cash flow margin of 11.2%, earning a moderate score of 53/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Waste Management earns a strong 27.1% return on equity (ROE), meaning it generates $27 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 71/100. This is down from 33.3% the prior year.

Altman Z-Score Grey Zone

2.96

Waste Management scores 2.96, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($95.0B) relative to total liabilities ($35.8B). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Strong

7/9

Waste Management passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.23x

For every $1 of reported earnings, Waste Management generates $2.23 in operating cash flow ($6.0B OCF vs $2.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$25.2B

YoY+14.2%

5Y CAGR+10.6%

10Y CAGR+6.9%

Waste Management generated $25.2B in revenue in fiscal year 2025. This represents an increase of 14.2% from the prior year.

EBITDA

$7.2B

YoY+13.3%

5Y CAGR+11.8%

10Y CAGR+8.1%

Waste Management's EBITDA was $7.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.3% from the prior year.

Net Income

$2.7B

YoY-1.4%

5Y CAGR+12.6%

10Y CAGR+13.7%

Waste Management reported $2.7B in net income in fiscal year 2025. This represents a decrease of 1.4% from the prior year.

EPS (Diluted)

$6.70

YoY-1.6%

5Y CAGR+13.7%

10Y CAGR+15.0%

Waste Management earned $6.70 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$2.8B

YoY+30.4%

5Y CAGR+9.1%

10Y CAGR+8.0%

Waste Management generated $2.8B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 30.4% from the prior year.

Cash & Debt

$201.0M

YoY-51.4%

5Y CAGR-18.3%

10Y CAGR+17.8%

Waste Management held $201.0M in cash against $22.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

$3.30

YoY+10.0%

5Y CAGR+8.6%

10Y CAGR+7.9%

Waste Management paid $3.30 per share in dividends in fiscal year 2025. This represents an increase of 10.0% from the prior year.

Shares Outstanding

403M

YoY+0.3%

5Y CAGR-1.0%

10Y CAGR-1.0%

Waste Management had 403M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.

Margins & Returns

Gross Margin

40.4%

YoY+1.1pp

5Y CAGR+1.8pp

10Y CAGR+3.9pp

Waste Management's gross margin was 40.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.1 percentage points from the prior year.

Operating Margin

17.1%

YoY-1.3pp

5Y CAGR+1.1pp

10Y CAGR+1.3pp

Waste Management's operating margin was 17.1% in fiscal year 2025, reflecting core business profitability. This is down 1.3 percentage points from the prior year.

Net Margin

10.7%

YoY-1.7pp

5Y CAGR+0.9pp

10Y CAGR+4.9pp

Waste Management's net profit margin was 10.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.7 percentage points from the prior year.

Return on Equity

27.1%

YoY-6.2pp

5Y CAGR+7.0pp

10Y CAGR+13.0pp

Waste Management's ROE was 27.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$3.2B

YoY-0.1%

5Y CAGR+15.3%

10Y CAGR+10.1%

Waste Management invested $3.2B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 0.1% from the prior year.

WM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$25.2B+14.2%	$22.1B+8.0%	$20.4B+3.7%	$19.7B+9.9%	$17.9B+17.8%	$15.2B
Cost of Revenue	$15.0B+12.2%	$13.4B+6.2%	$12.6B+2.5%	$12.3B+10.6%	$11.1B+18.9%	$9.3B
Gross Profit	$10.2B+17.4%	$8.7B+11.0%	$7.8B+5.6%	$7.4B+8.6%	$6.8B+16.0%	$5.9B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.7B+20.2%	$2.3B+17.5%	$1.9B-0.6%	$1.9B+4.0%	$1.9B+7.9%	$1.7B
Operating Income	$4.3B+6.0%	$4.1B+13.7%	$3.6B+6.2%	$3.4B+13.5%	$3.0B+21.8%	$2.4B
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$717.0M+0.6%	$713.0M-4.3%	$745.0M+9.9%	$678.0M+27.4%	$532.0M+34.0%	$397.0M
Net Income	$2.7B-1.4%	$2.7B+19.2%	$2.3B+2.9%	$2.2B+23.2%	$1.8B+21.4%	$1.5B
EPS (Diluted)	$6.70-1.6%	$6.81+20.3%	$5.66+5.0%	$5.39+25.6%	$4.29+21.9%	$3.52

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$6.3B-2.0%	$6.4B+0.2%	$6.4B+6.8%	$6.0B+2.1%	$5.9B+5.1%	$5.6B+3.8%	$5.4B+4.7%	$5.2B
Cost of Revenue	$3.7B-3.7%	$3.8B-0.2%	$3.8B+5.3%	$3.6B+1394.7%	$244.0M-92.8%	$3.4B+3.3%	$3.3B+4.8%	$3.1B
Gross Profit	$2.6B+0.4%	$2.6B+0.7%	$2.6B+9.3%	$2.4B+1.3%	$2.3B+5.9%	$2.2B+4.7%	$2.1B+4.6%	$2.0B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$674.0M+1.4%	$665.0M-4.5%	$696.0M+1.3%	$687.0M+343.2%	$155.0M-70.5%	$525.0M+4.8%	$501.0M+2.0%	$491.0M
Operating Income	$1.2B+16.8%	$989.0M-14.1%	$1.2B+13.6%	$1.0B+10.2%	$919.0M-17.9%	$1.1B+10.9%	$1.0B-0.7%	$1.0B
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$193.0M+12.2%	$172.0M-14.4%	$201.0M+33.1%	$151.0M+48.0%	$102.0M-56.6%	$235.0M+9.8%	$214.0M+32.1%	$162.0M
Net Income	$742.0M+23.1%	$603.0M-16.9%	$726.0M+14.0%	$637.0M+6.5%	$598.0M-21.3%	$760.0M+11.8%	$680.0M-4.0%	$708.0M
EPS (Diluted)	N/A	$1.49-17.2%	$1.80+13.9%	$1.58	N/A	$1.88+11.2%	$1.69-3.4%	$1.75

WM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$45.8B+2.8%	$44.6B+35.8%	$32.8B+4.6%	$31.4B+7.8%	$29.1B-0.8%	$29.3B
Current Assets	$4.9B+2.8%	$4.8B+25.5%	$3.8B+7.1%	$3.6B+15.7%	$3.1B-13.3%	$3.5B
Cash & Equivalents	$201.0M-51.4%	$414.0M-9.6%	$458.0M+30.5%	$351.0M+197.5%	$118.0M-78.7%	$553.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$3.4B+5.0%	$3.3B+24.3%	$2.6B+7.0%	$2.5B+8.0%	$2.3B+8.6%	$2.1B
Goodwill	$13.9B+3.3%	$13.4B+45.2%	$9.3B-0.7%	$9.3B+3.3%	$9.0B+0.4%	$9.0B
Total Liabilities	$35.8B-1.3%	$36.3B+40.1%	$25.9B+5.8%	$24.5B+11.5%	$22.0B+0.4%	$21.9B
Current Liabilities	$5.5B-11.7%	$6.3B+48.1%	$4.2B-3.8%	$4.4B+7.6%	$4.1B+14.9%	$3.6B
Long-Term Debt	$22.2B-1.5%	$22.5B+41.8%	$15.9B+9.1%	$14.6B+14.8%	$12.7B-4.2%	$13.3B
Total Equity	$10.0B+21.1%	$8.3B+19.5%	$6.9B+0.8%	$6.8B-3.9%	$7.1B-4.4%	$7.5B
Retained Earnings	$17.2B+8.7%	$15.9B+10.6%	$14.3B+8.9%	$13.2B+9.7%	$12.0B+7.6%	$11.2B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$45.8B+0.5%	$45.6B-0.2%	$45.7B+2.8%	$44.5B-0.2%	$44.6B+28.3%	$34.7B+2.2%	$34.0B+4.1%	$32.7B
Current Assets	$4.9B+1.5%	$4.8B-2.9%	$5.0B+11.9%	$4.5B-6.7%	$4.8B+12.1%	$4.3B-4.1%	$4.4B+25.8%	$3.5B
Cash & Equivalents	$201.0M+14.9%	$175.0M-60.2%	$440.0M+103.7%	$216.0M-47.8%	$414.0M-32.6%	$614.0M+257.0%	$172.0M-46.6%	$322.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$3.4B+1.1%	$3.4B-0.3%	$3.4B+4.5%	$3.3B-0.4%	$3.3B+15.2%	$2.8B+4.1%	$2.7B+7.8%	$2.5B
Goodwill	$13.9B-0.1%	$13.9B+0.1%	$13.9B+2.6%	$13.5B+0.7%	$13.4B+36.8%	$9.8B+4.9%	$9.4B+1.3%	$9.2B
Total Liabilities	$35.8B-0.7%	$36.1B-1.2%	$36.5B+1.9%	$35.8B-1.3%	$36.3B+35.7%	$26.8B+0.8%	$26.5B+3.8%	$25.6B
Current Liabilities	$5.5B-3.7%	$5.7B-1.4%	$5.8B+8.8%	$5.3B-14.6%	$6.3B+30.9%	$4.8B+15.5%	$4.1B+4.7%	$3.9B
Long-Term Debt	$22.2B-1.3%	$22.5B-2.5%	$23.1B+0.8%	$22.9B+1.5%	$22.5B+41.1%	$16.0B-3.2%	$16.5B+4.7%	$15.8B
Total Equity	$10.0B+4.9%	$9.5B+3.5%	$9.2B+6.4%	$8.7B+4.8%	$8.3B+3.4%	$8.0B+7.0%	$7.5B+5.3%	$7.1B
Retained Earnings	$17.2B+2.4%	$16.8B+1.6%	$16.6B+2.4%	$16.2B+1.9%	$15.9B+1.9%	$15.6B+3.0%	$15.1B+2.5%	$14.7B

WM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$6.0B+12.1%	$5.4B+14.2%	$4.7B+4.0%	$4.5B+4.6%	$4.3B+27.5%	$3.4B
Capital Expenditures	$3.2B-0.1%	$3.2B+11.6%	$2.9B+3.1%	$2.8B+37.8%	$2.0B+28.6%	$1.6B
Free Cash Flow	$2.8B+30.4%	$2.2B+18.4%	$1.8B+5.6%	$1.7B-24.9%	$2.3B+26.5%	$1.8B
Investing Cash Flow	-$3.6B+66.4%	-$10.6B-243.0%	-$3.1B-0.9%	-$3.1B-61.7%	-$1.9B+60.9%	-$4.8B
Financing Cash Flow	-$2.7B-151.9%	$5.2B+438.3%	-$1.5B-25.3%	-$1.2B+58.1%	-$2.9B-86.0%	-$1.6B
Dividends Paid	$1.3B+10.2%	$1.2B+6.5%	$1.1B+5.5%	$1.1B+11.0%	$970.0M+4.6%	$927.0M
Share Buybacks	N/A	$262.0M-79.9%	$1.3B-13.2%	$1.5B+11.1%	$1.4B+235.8%	$402.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$1.7B+6.7%	$1.6B+3.0%	$1.5B+27.9%	$1.2B-20.1%	$1.5B+11.3%	$1.4B+17.7%	$1.2B-15.6%	$1.4B
Capital Expenditures	$888.0M+14.4%	$776.0M+6.0%	$732.0M-11.9%	$831.0M-25.5%	$1.1B+42.8%	$781.0M+17.1%	$667.0M-0.1%	$668.0M
Free Cash Flow	$810.0M-0.7%	$816.0M+0.4%	$813.0M+115.6%	$377.0M-4.8%	$396.0M-31.4%	$577.0M+18.5%	$487.0M-30.3%	$699.0M
Investing Cash Flow	-$867.0M-10.6%	-$784.0M+27.8%	-$1.1B-31.0%	-$829.0M+89.3%	-$7.8B-1517.1%	-$480.0M+70.1%	-$1.6B-112.5%	-$755.0M
Financing Cash Flow	-$843.0M+19.6%	-$1.0B-328.2%	-$245.0M+54.3%	-$536.0M-108.8%	$6.1B+1480.0%	-$439.0M-260.8%	$273.0M+137.0%	-$737.0M
Dividends Paid	$333.0M+0.3%	$332.0M-0.3%	$333.0M-0.9%	$336.0M+11.6%	$301.0M0.0%	$301.0M0.0%	$301.0M-2.0%	$307.0M
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0-100.0%	$12.0M-95.2%	$250.0M

WM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	40.4%+1.1pp	39.3%+1.1pp	38.3%+0.7pp	37.6%-0.4pp	38.0%-0.6pp	38.6%
Operating Margin	17.1%-1.3pp	18.4%+0.9pp	17.5%+0.4pp	17.1%+0.5pp	16.5%+0.6pp	16.0%
Net Margin	10.7%-1.7pp	12.4%+1.2pp	11.3%-0.1pp	11.4%+1.2pp	10.1%+0.3pp	9.8%
Return on Equity	27.1%-6.2pp	33.3%-0.1pp	33.4%+0.7pp	32.7%+7.2pp	25.5%+5.4pp	20.1%
Return on Assets	5.9%-0.3pp	6.2%-0.9pp	7.0%-0.1pp	7.1%+0.9pp	6.2%+1.1pp	5.1%
Current Ratio	0.89+0.1	0.76-0.1	0.90+0.1	0.81+0.1	0.75-0.2	1.00
Debt-to-Equity	2.22-0.5	2.73+0.4	2.30+0.2	2.13+0.3	1.780.0	1.78
FCF Margin	11.2%+1.4pp	9.8%+0.9pp	8.9%+0.2pp	8.8%-4.1pp	12.8%+0.9pp	11.9%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	41.5%+1.0pp	40.5%+0.2pp	40.3%+0.9pp	39.4%-0.3pp	39.7%+0.3pp	39.4%+0.3pp	39.1%-0.1pp	39.1%
Operating Margin	18.3%+2.9pp	15.3%-2.5pp	17.9%+1.1pp	16.8%+1.2pp	15.6%-4.4pp	20.0%+1.3pp	18.7%-1.0pp	19.7%
Net Margin	11.8%+2.4pp	9.4%-1.9pp	11.3%+0.7pp	10.6%+0.4pp	10.2%-3.4pp	13.6%+1.0pp	12.6%-1.1pp	13.7%
Return on Equity	7.4%+1.1pp	6.3%-1.6pp	7.9%+0.5pp	7.4%+0.1pp	7.2%-2.3pp	9.5%+0.4pp	9.1%-0.9pp	10.0%
Return on Assets	1.6%+0.3pp	1.3%-0.3pp	1.6%+0.2pp	1.4%+0.1pp	1.3%-0.8pp	2.2%+0.2pp	2.0%-0.2pp	2.2%
Current Ratio	0.89+0.0	0.84-0.0	0.86+0.0	0.83+0.1	0.76-0.1	0.89-0.2	1.07+0.2	0.89
Debt-to-Equity	2.22-0.1	2.36-0.1	2.51-0.1	2.65-0.1	2.73+0.7	2.00-0.2	2.21-0.0	2.23
FCF Margin	12.8%+0.2pp	12.7%+0.0pp	12.6%+6.4pp	6.3%-0.5pp	6.7%-3.6pp	10.3%+1.3pp	9.0%-4.5pp	13.6%

Note: The current ratio is below 1.0 (0.89), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Waste Management's annual revenue?

Waste Management (WM) reported $25.2B in total revenue for fiscal year 2025. This represents a 14.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Waste Management's revenue growing?

Waste Management (WM) revenue grew by 14.2% year-over-year, from $22.1B to $25.2B in fiscal year 2025.

Is Waste Management profitable?

Yes, Waste Management (WM) reported a net income of $2.7B in fiscal year 2025, with a net profit margin of 10.7%.

What is Waste Management's EBITDA?

Waste Management (WM) had EBITDA of $7.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Waste Management have?

As of fiscal year 2025, Waste Management (WM) had $201.0M in cash and equivalents against $22.2B in long-term debt.

What is Waste Management's gross margin?

Waste Management (WM) had a gross margin of 40.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Waste Management's operating margin?

Waste Management (WM) had an operating margin of 17.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Waste Management's net profit margin?

Waste Management (WM) had a net profit margin of 10.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Waste Management pay dividends?

Yes, Waste Management (WM) paid $3.30 per share in dividends during fiscal year 2025.

What is Waste Management's return on equity (ROE)?

Waste Management (WM) has a return on equity of 27.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Waste Management's free cash flow?

Waste Management (WM) generated $2.8B in free cash flow during fiscal year 2025. This represents a 30.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Waste Management's operating cash flow?

Waste Management (WM) generated $6.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Waste Management's total assets?

Waste Management (WM) had $45.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Waste Management's capital expenditures?

Waste Management (WM) invested $3.2B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Waste Management have outstanding?

Waste Management (WM) had 403M shares outstanding as of fiscal year 2025.

What is Waste Management's current ratio?

Waste Management (WM) had a current ratio of 0.89 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Waste Management's debt-to-equity ratio?

Waste Management (WM) had a debt-to-equity ratio of 2.22 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Waste Management's return on assets (ROA)?

Waste Management (WM) had a return on assets of 5.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Waste Management's Altman Z-Score?

Waste Management (WM) has an Altman Z-Score of 2.96, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Waste Management's Piotroski F-Score?

Waste Management (WM) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Waste Management's earnings high quality?

Waste Management (WM) has an earnings quality ratio of 2.23x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Waste Management?

Waste Management (WM) scores 52 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.