Company file · WM

Waste Management

Waste Management's revenue rose 14.2% in FY2025, to $25.2B, and net income fell 1.4% to $2.7B

Revenue rose 14.2% to $25.2B in FY2025, from $22.1B in FY2024. Net income fell 1.4% to $2.7B. Collection was the largest product or service, at 61% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 9, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 29, 2026) · Data pulled Oct 28, 2026

Key facts

Waste Management (NYSE: WM) closed fiscal 2025 on Dec 31, 2025 with revenue of $25.2B, up 14.2% from a year before; net income came to $2.7B, down 1.4%. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $6.7B, up 4.0% on the same stretch of the prior year, and net income of $785M. Broken down by product or service, Collection led with 61% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 9, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 29, 2026).

Revenue$25.2BFY2025 · +14.2% vs FY2024

Net income$2.7BFY2025 · −1.4% vs FY2024

Operating cash flow$6.0BFY2025 · +12.1% vs FY2024

Cash & equivalents$557Mat Jun 30, 2026 · +177.1% vs FY2025 end

Total debt$23.4Bat Jun 30, 2026 · +2.0% vs FY2025 end

Diluted shares404MFY2025 avg · +0.2% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 9, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Collection$15.4B61%+3.6%
Residential$3.5B14%+1.3%
Other Collection$3.2B13%+7.1%
Industrial$3.1B12%+0.6%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Collection (61%), Residential (14%), Other Collection (13%) and Industrial (12%), as shares of total revenue. Total revenue was $25.2B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

61%14%12%13%

FY2024

61%14%12%13%

FY2025

61%14%13%12%

CollectionResidentialOther CollectionIndustrial

Source: 10-K FY2025

By region, FY2025

United States$23.9B95%+13.3%

Canada$967M4%+13.5%

Western Europe and Other Countries$326M1%+213.5%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$6.7B Q2 2026

$6.4B Q2 2025

4.0% increase

Net income

$785M Q2 2026

$726M Q2 2025

8.1% increase

Source: Waste Management 10-Q for the quarter ended Jun 30, 2026, filed Jul 29, 2026

By product or service

Collection

$4.1B Q2 2026

$3.9B Q2 2025

5.4% increase

Residential

$911M Q2 2026

$872M Q2 2025

4.5% increase

Other Collection

$849M Q2 2026

$796M Q2 2025

6.7% increase

Industrial

$820M Q2 2026

$790M Q2 2025

3.8% increase

Source: Waste Management 10-Q for the quarter ended Jun 30, 2026, filed Jul 29, 2026

Cash & equivalents $557M at Jun 30, 2026, vs $201M at FY2025 end.
Total debt $23.4B at Jun 30, 2026, vs $22.9B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $3.2B vs $2.8B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 14.2% in FY2025 to $25.2B, from $22.1B a year earlier. 10-K, FY2025
Operating cash flow rose 12.1% in FY2025 to $6.0B. 10-K, FY2025
Total debt fell 4.2% in FY2025 to $22.9B. 10-K, FY2025
Revenue in the quarter ended Jun 30, 2026 was $6.7B, up 4.0% on a year earlier. 10-Q, quarter ended Jun 30, 2026

The bear case

Net income fell 1.4% in FY2025 to $2.7B, from $2.7B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include economic cycles; costs and supply; trade and tariffs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Waste Management is in the environmental & facilities services industry, part of the industrials sector. The SEC files it under Refuse Systems.

The full description of Waste Management's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the environmental & facilities services industry. They are not a summary of Waste Management’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Economic cyclesDemand for equipment and services rises and falls with business investment.
Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
Trade and tariffsTariffs and trade policy affect costs and sales.
Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
Regulation and liabilitySafety, environmental and product-liability rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$20.4B	$22.1B	$25.2B
Net income	$2.3B	$2.7B	$2.7B
Operating cash flow	$4.7B	$5.4B	$6.0B
Cash & equivalents (year end)	$458M	$414M	$201M
Total debt (year end)	$16.2B	$23.9B	$22.9B
Diluted shares	407M	403M	404M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Jul 29, 2026	Jun 30, 2026
10-Q	Apr 29, 2026	Mar 31, 2026
DEF 14A	Mar 31, 2026	May 12, 2026
10-K	Feb 9, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Waste Management

How does Waste Management make money?

Fiscal 2025 revenue: $25.2B. By product or service in FY2025: Collection (61%), Residential (14%), Other Collection (13%) and Industrial (12%), as shares of total revenue. Total revenue was $25.2B. Source: 10-K for fiscal 2025, filed Feb 9, 2026.

What was Waste Management's revenue in fiscal 2025?

$25.2B, up 14.2% from fiscal 2024 ($22.1B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $20.4B. Source: 10-K for fiscal 2025, filed Feb 9, 2026.

Is Waste Management profitable?

Net income was $2.7B in fiscal 2025 (down 1.4%; fiscal 2024 was $2.7B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $785M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 9, 2026.

What did Waste Management report in its latest quarterly filing?

For the three months to Jun 30, 2026: revenue $6.7B (up 4.0% from $6.4B) and net income $785M (up 8.1% from $726M). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 29, 2026.

How much cash and debt does Waste Management have?

As of Jun 30, 2026: $557M of cash and cash equivalents, $23.4B of total debt. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Jul 29, 2026.

What are the main risks Waste Management faces?

Waste Management's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 9, 2026. Risks that are common among companies in the environmental & facilities services industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.

Where do these Waste Management numbers come from?

The 10-K filed Feb 9, 2026 (fiscal 2025) and the 10-Q filed Jul 29, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in WM: The editor holds no position in Waste Management (WM). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell WM from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 28, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold WM, and it doesn't consider your situation.

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