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

The biggest changes in the 10-K filed 2026-02-09, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Revenue

+14.2% Big change FY to 2025-12-31 vs 2024-12-31

“Recycling Processing and Sales and Renewable Energy — Recycling Processing and Sales revenues attributable to yield decreased $166 million in 2025 as compared to prior year.”
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“Revenues attributable to yield in our Renewable Energy segment increased $11 million in 2025 as compared to prior year primarily driven by increases in natural gas and electricity pricing partially offset by declines in RINs pricing.”
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Operating margin

18.4% → 17.1% (-1.3 pts) Big change FY to 2025-12-31 vs 2024-12-31

“The increase in total operating expenses as compared to prior year related primarily to (i) our recent acquisitions, particularly Stericycle; (ii) incremental costs attributable to RNG facilities brought on line during 2025; (iii) increased landfill volumes and (iv) a decrease in gains on the sale of non-strategic assets in 2025.”
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“Selling, general and administrative expenses increased from prior year primarily due to our recent acquisitions, particularly Stericycle.”
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Cash from operations

+12.1% Big change FY to 2025-12-31 vs 2024-12-31

“The $653 million increase in net cash provided by operating activities was primarily due to (i) higher earnings in our Collection and Disposal businesses; (ii) contributions from our recent acquisitions and (iii) lower cash tax payments.”
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“Net Cash Provided by Operating Activities — Our operating cash flows increased $653 million in 2025 compared to 2024, primarily due to (i) higher earnings in our Collection and Disposal businesses; (ii) contributions from our recent acquisitions and (iii) lower cash tax payments.”
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Net income

-1.4% FY to 2025-12-31 vs 2024-12-31

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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.