tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

WMWaste Management

Industrials · Waste Management · NYSE

Waste Management, Inc. is a holding company and all operations are conducted by its subsidiaries. 10-K, Item 1

Employees
60,500
Headquarters
Houston, TX
Next results
around Jan 27, 2027
Compare with peers → Embed
All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)7.62Sales (ttm)26.1BNet income (ttm)3.1BSales growth+14.2%EPS growth-1.6%Sales Q/Q+6.3%
Free cash flow3.7BGross margin40.4%Oper. margin18.4%Net margin11.8%FCF margin14.3%ROE31.1%
ROA6.6%R&D / sales-Dividend3.30Debt/Eq2.37Curr. ratio0.82Cash247.0M
Op. cash flow (ttm)6.6BEBITDA7.2BEBITDA margin28.5%Net debt23.1BQuick ratio0.82Interest cover4.65
ROIC10.2%Payout ratio49.3%Tax rate20.9%Stock pay / sales0.7%Shares out.397.6MShares Y/Y+0.2%
Book / share24.81Cash / share0.62Sales / share65.56Asset turnover0.56Days sales out.50Sales 3Y CAGR+8.6%
Sales 5Y CAGR+10.6%EPS 3Y CAGR+7.5%EPS 5Y CAGR+13.7%Employees60,500Sales / employee431K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 30%$2.2B → $2.8B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +14.2%+8.0% → +14.2% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

WM against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
WMPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+14.2%11th of 82 · median +4.8%
Net margin
11.8%46th of 82 · median 13.0%
Return on equity
31.1%27th of 77 · median 24.9%
Free cash flow margin
14.3%36th of 79 · median 13.0%
Debt / equity (less is better)
2.3769th of 72 · median 0.72
WM and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
WM Waste Management$26.1B +14.2%40.4%11.8%31.1%14.3%2.37
PCAR Paccar$29.1B -15.5%20.1%9.5%13.2%10.5%-
UNP Union Pacific Corporation$26.4B +1.1%-28.9%34.6%25.4%1.38
MMM 3M$25.2B +1.5%39.5%14.0%85.7%10.6%4.22
JCI Johnson Controls$24.4B +2.8%36.6%14.5%26.1%10.9%0.70
TT Trane Technologies$23.2B +7.5%-13.6%34.6%16.4%0.46

From $17.9B of sales to $1.8B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $6.8BRevenue to Cost of revenue: $11.1BGross profit to Operating profit: $3.0BGross profit to Operating expenses: $3.9BOperating profit to Net profit: $1.8BOperating profit to Tax & other: $1.1B Revenue: $17.9B Revenue$17.9B +18% Y/Y Gross profit: $6.8B · 38% margin Gross profit$6.8B38% margin Cost of revenue: $11.1B · 62% of revenue Cost of revenue$11.1B62% of revenue Operating profit: $3.0B · 17% margin Operating profit$3.0B17% margin +22% Y/Y Operating expenses: $3.9B · 21% of revenue Operating expenses$3.9B21% of revenue Net profit: $1.8B · 10% margin Net profit$1.8B10% margin +21% Y/Y Tax & other: $1.1B · 6% of revenue Tax & other$1.1B6% of revenue

Swipe sideways for the whole flow →

From $19.7B of sales to $2.2B of profit

FY2022, from the 10-K income statement and revenue by segment
Recycling Processing and Sales to Revenue: $1.5BCollection and Disposal to Revenue: $17.8BWM Renewable Energy to Revenue: $312.0MCorporate and Other to Revenue: $27.0MRevenue to Gross profit: $7.4BRevenue to Cost of revenue: $12.3BGross profit to Operating profit: $3.4BGross profit to Operating expenses: $4.0BOperating profit to Net profit: $2.2BOperating profit to Tax & other: $1.1B Recycling Processing and Sales: $1.5B · 8% Recycling Processing an…$1.5B8% Collection and Disposal: $17.8B · 91% Collection and Disposal$17.8B91% WM Renewable Energy: $312.0M · 2% WM Renewable Energy$312.0M2% Corporate and Other: $27.0M · 0% Corporate and Other$27.0M0% Revenue: $19.7B Revenue$19.7B +10% Y/Y Gross profit: $7.4B · 38% margin Gross profit$7.4B38% margin Cost of revenue: $12.3B · 62% of revenue Cost of revenue$12.3B62% of revenue Operating profit: $3.4B · 17% margin Operating profit$3.4B17% margin +13% Y/Y Operating expenses: $4.0B · 21% of revenue Operating expenses$4.0B21% of revenue Net profit: $2.2B · 11% margin Net profit$2.2B11% margin +23% Y/Y Tax & other: $1.1B · 6% of revenue Tax & other$1.1B6% of revenue

Swipe sideways for the whole flow →

From $20.4B of sales to $2.3B of profit

FY2023, from the 10-K income statement and revenue by segment
East Tier to Revenue: $8.4BWest Tier to Revenue: $7.9BOther Ancillary to Revenue: $2.5BRecycling Processing and Sales to Revenue: $1.3BRenewable Energy to Revenue: $273.0MOther to Revenue: $297.0MRevenue to Gross profit: $7.8BRevenue to Cost of revenue: $12.6BGross profit to Operating profit: $3.6BGross profit to Operating expenses: $4.2BOperating profit to Net profit: $2.3BOperating profit to Tax & other: $1.3B East Tier: $8.4B · 41% East Tier$8.4B41% West Tier: $7.9B · 38% West Tier$7.9B38% Other Ancillary: $2.5B · 12% Other Ancillary$2.5B12% Recycling Processing and Sales: $1.3B · 6% Recycling Processing an…$1.3B6% Renewable Energy: $273.0M · 1% Renewable Energy$273.0M1% Other: $297.0M · 1% Other$297.0M1% Revenue: $20.4B Revenue$20.4B +4% Y/Y Gross profit: $7.8B · 38% margin Gross profit$7.8B38% margin Cost of revenue: $12.6B · 62% of revenue Cost of revenue$12.6B62% of revenue Operating profit: $3.6B · 18% margin Operating profit$3.6B18% margin +6% Y/Y Operating expenses: $4.2B · 21% of revenue Operating expenses$4.2B21% of revenue Net profit: $2.3B · 11% margin Net profit$2.3B11% margin +3% Y/Y Tax & other: $1.3B · 6% of revenue Tax & other$1.3B6% of revenue

Swipe sideways for the whole flow →

From $22.1B of sales to $2.7B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $8.7BRevenue to Cost of revenue: $13.4BGross profit to Operating profit: $4.1BGross profit to Operating expenses: $4.6BOperating profit to Net profit: $2.7BOperating profit to Tax & other: $1.3B Revenue: $22.1B Revenue$22.1B +8% Y/Y Gross profit: $8.7B · 39% margin Gross profit$8.7B39% margin Cost of revenue: $13.4B · 61% of revenue Cost of revenue$13.4B61% of revenue Operating profit: $4.1B · 18% margin Operating profit$4.1B18% margin +14% Y/Y Operating expenses: $4.6B · 21% of revenue Operating expenses$4.6B21% of revenue Net profit: $2.7B · 12% margin Net profit$2.7B12% margin +19% Y/Y Tax & other: $1.3B · 6% of revenue Tax & other$1.3B6% of revenue

Swipe sideways for the whole flow →

From $25.2B of sales to $2.7B of profit

FY2025, from the 10-K income statement and revenue by segment
East Tier to Revenue: $9.0BWest Tier to Revenue: $8.7BOther Ancillary to Revenue: $2.9BHealthcare Solutions to Revenue: $2.5BRecycling Processing and Sales to Revenue: $1.5BOther to Revenue: $500.0MRevenue to Gross profit: $10.2BRevenue to Cost of revenue: $15.0BGross profit to Operating profit: $4.3BGross profit to Operating expenses: $5.9BOperating profit to Net profit: $2.7BOperating profit to Tax & other: $1.6B East Tier: $9.0B · 36% East Tier$9.0B36% West Tier: $8.7B · 35% West Tier$8.7B35% Other Ancillary: $2.9B · 12% Other Ancillary$2.9B12% Healthcare Solutions: $2.5B · 10% Healthcare Solutions$2.5B10% Recycling Processing and Sales: $1.5B · 6% Recycling Processing an…$1.5B6% Other: $500.0M · 2% Other$500.0M2% Revenue: $25.2B Revenue$25.2B +14% Y/Y Gross profit: $10.2B · 40% margin Gross profit$10.2B40% margin Cost of revenue: $15.0B · 60% of revenue Cost of revenue$15.0B60% of revenue Operating profit: $4.3B · 17% margin Operating profit$4.3B17% margin +6% Y/Y Operating expenses: $5.9B · 23% of revenue Operating expenses$5.9B23% of revenue Net profit: $2.7B · 11% margin Net profit$2.7B11% margin −1% Y/Y Tax & other: $1.6B · 6% of revenue Tax & other$1.6B6% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • !
    Net margin below the peer median11.8% vs 13.0%
  • ✓
    Return on equity above 15%31.1%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 8.7% → 10.7%

Balance sheet

0 of 4
  • !
    Interest covered less than 5 timesOperating income is 4.6× interest expense
  • !
    Debt larger than equityDebt / equity 2.37 on the latest balance sheet (peer median 0.72)
  • !
    Current ratio below 1Current ratio 0.82
  • !
    Net debt over 3 years of free cash flow$23.1B net debt, 6.2 years
Debt / equity at each year end, FY2016 to FY2025: 1.76 → 2.29
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$2.8B last year
  • ✓
    Share count down over 5 years−4.9%
  • ✓
    Dividend per share up over 5 years$2.18 → $3.30
  • ✓
    Cash from operations above net income$6.0B vs $2.7B
Free cash flow, FY2016 to FY2025: 1.7B → 2.8B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026
Debt: $23.4B Debt$23.4B Long-term debt: $21.8B · 93% Long-term debt$21.8B · 93% Short-term debt: $1.5B · 7% Short-term debt$1.5B · 7% Next 12 months: $4.4B · 19% Next 12 months$4.4B · 19%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $1.1B

Line, as the company names itKindRateFixed or floatingAmount
Commercial Paper ProgramCommercial paper–floating$1.1B

From the debt note in the 10-K's XBRL (0001104659-26-012049), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 25.2B Net income 2.7B
FY2016 revenue 13.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-19-000662 FY2016 net income 1.2B · NetIncomeLoss, 0001558370-19-000662 13.6B FY2016 FY2017 revenue 14.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-20-000762 FY2017 net income 1.9B · NetIncomeLoss, 0001558370-20-000762 14.5B FY2017 FY2018 revenue 14.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-21-001348 FY2018 net income 1.9B · NetIncomeLoss, 0001558370-21-001348 14.9B FY2018 FY2019 revenue 15.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-22-001179 FY2019 net income 1.7B · NetIncomeLoss, 0001558370-22-001179 15.5B FY2019 FY2020 revenue 15.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-23-000964 FY2020 net income 1.5B · NetIncomeLoss, 0001558370-23-000964 15.2B FY2020 FY2021 revenue 17.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-24-001049 FY2021 net income 1.8B · NetIncomeLoss, 0001558370-24-001049 17.9B FY2021 FY2022 revenue 19.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-25-001132 FY2022 net income 2.2B · NetIncomeLoss, 0001558370-25-001132 19.7B FY2022 FY2023 revenue 20.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-26-012049 FY2023 net income 2.3B · NetIncomeLoss, 0001104659-26-012049 20.4B FY2023 FY2024 revenue 22.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-26-012049 FY2024 net income 2.7B · NetIncomeLoss, 0001104659-26-012049 22.1B FY2024 FY2025 revenue 25.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-26-012049 FY2025 net income 2.7B · NetIncomeLoss, 0001104659-26-012049 25.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

WM's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue25.2B
FY2016: 13.6BFY2017: 14.5BFY2018: 14.9BFY2019: 15.5BFY2020: 15.2BFY2021: 17.9BFY2022: 19.7BFY2023: 20.4BFY2024: 22.1BFY2025: 25.2B FY2017FY2019FY2021FY2023FY2025
Net income2.7B
FY2016: 1.2BFY2017: 1.9BFY2018: 1.9BFY2019: 1.7BFY2020: 1.5BFY2021: 1.8BFY2022: 2.2BFY2023: 2.3BFY2024: 2.7BFY2025: 2.7B FY2017FY2019FY2021FY2023FY2025
Free cash flow2.8B
FY2016: 1.7BFY2017: 1.6BFY2018: 1.9BFY2019: 2.1BFY2020: 1.8BFY2021: 2.3BFY2022: 1.7BFY2023: 1.8BFY2024: 2.2BFY2025: 2.8B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)6.70
FY2016: 2.65FY2017: 4.41FY2018: 4.45FY2019: 3.91FY2020: 3.52FY2021: 4.29FY2022: 5.39FY2023: 5.66FY2024: 6.81FY2025: 6.70 FY2017FY2019FY2021FY2023FY2025
Dividend per share3.30
FY2016: 1.64FY2017: 1.70FY2018: 1.86FY2019: 2.05FY2020: 2.18FY2021: 2.30FY2022: 2.60FY2023: 2.80FY2024: 3.00FY2025: 3.30 FY2017FY2019FY2021FY2023FY2025
Diluted shares404.2M
FY2016: 446.5MFY2017: 441.9MFY2018: 432.2MFY2019: 427.5MFY2020: 425.1MFY2021: 422.9MFY2022: 415.0MFY2023: 406.9MFY2024: 403.4MFY2025: 404.2M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-09

Compared with the 10-K of Feb 19, 2025: new segments Other Ancillary, East Tier, Healthcare Solutions, Renewable Energy, West Tier; no longer reported: WM Healthcare Solutions, WM Renewable Energy.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Collection and Disposal 20.7B82.1% +5.0%
East Tier 9.0B35.9% +3.8%
West Tier 8.7B34.6% +5.2%
Other Ancillary 2.9B11.7% +8.1%
Healthcare Solutions 2.5B10.0% +522%
Recycling Processing and Sales 1.5B5.9% -6.9%
Renewable Energy 478.0M1.9% +50.3%
Corporate and Other 22.0M0.1% -4.3%

10-K 0001104659-26-012049, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Collection and Disposal 20.7B82.1% +5.0%
Collection 15.4B61.2% +3.6%
Commercial 5.6B22.3% +4.8%
Landfill 3.8B15.0% +9.8%
Residential 3.5B13.9% +1.3%
Other Collection 3.2B12.6% +7.1%
Industrial 3.1B12.3% +0.6%
Healthcare Solutions 2.5B10.0% +522%
Transfer 1.5B6.0% +8.8%
Recycling Processing and Sales 1.5B5.9% -6.9%
Renewable Energy 478.0M1.9% +50.3%

10-K 0001104659-26-012049, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
US 23.9B94.9% +13.3%
Canada 967.0M3.8% +13.5%
Western Europe and other 326.0M1.3% +213%

10-K 0001104659-26-012049, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue13.6B14.5B14.9B15.5B15.2B17.9B19.7B20.4B22.1B25.2B
Cost of revenue8.5B9.0B9.2B9.5B9.3B11.1B12.3B12.6B13.4B15.0B
SG&A1.4B1.5B1.5B1.6B1.7B1.9B1.9B1.9B2.3B2.7B
Operating income2.3B2.6B2.8B2.7B2.4B3.0B3.4B3.6B4.1B4.3B
Interest expense375.0M380.0M339.0M397.0M461.0M387.0M348.0M447.0M530.0M927.0M
Pretax income1.8B2.2B2.4B2.1B1.9B2.3B2.9B3.0B3.5B3.4B
Income tax642.0M242.0M453.0M434.0M397.0M532.0M678.0M745.0M713.0M717.0M
Net income1.2B1.9B1.9B1.7B1.5B1.8B2.2B2.3B2.7B2.7B
EPS (diluted)2.654.414.453.913.524.295.395.666.816.70
Diluted shares446.5M441.9M432.2M427.5M425.1M422.9M415.0M406.9M403.4M404.2M
Depreciation & amortization1.3B1.4B1.5B1.6B1.7B2.0B2.0B2.1B2.3B2.9B
EBITDA3.6B4.0B4.3B4.3B4.1B5.0B5.4B5.6B6.3B7.2B
Operating margin16.9%18.2%18.7%17.5%16.0%16.5%17.1%17.5%18.4%17.1%
Net margin8.7%13.5%12.9%10.8%9.8%10.1%11.4%11.3%12.4%10.7%
Revenue growth-+6.4%+3.0%+3.6%-1.5%+17.8%+9.9%+3.7%+8.0%+14.2%
EPS growth-+66.4%+0.9%-12.1%-10.0%+21.9%+25.6%+5.0%+20.3%-1.6%

Balance sheet

From EDGAR

Cash flow

From EDGAR

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)90.0M101.0M89.0M86.0M94.0M108.0M84.0M93.0M118.0M169.0M
Stock-based pay / revenue0.7%0.7%0.6%0.6%0.6%0.6%0.4%0.5%0.5%0.7%
Operating lease cost-134.0M129.0M132.0M140.0M155.0M183.0M189.0M264.0M427.0M
Operating lease cash paid---87.0M91.0M70.0M76.0M77.0M103.0M214.0M
Finance lease principal paid---40.0M51.0M64.0M56.0M60.0M90.0M101.0M
Right-of-use assets---424.0M466.0M451.0M456.0M453.0M996.0M959.0M
Operating lease liabilities---445.0M516.0M523.0M524.0M518.0M1.0B1.0B
Finance lease liabilities---359.0M364.0M338.0M302.0M374.0M447.0M1.3B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on WM in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/WM/export.csv") into a cell.