Revenue growth has exhibited significant volatility, decelerating from a 19.0% peak in 2025Q2 to 3.5% by 2026Q1, while operating margins remain constrained between 16.0% and 20.1% due to rising operational complexities.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 25.41B | 25.2B | 22.06B | 20.43B | 19.7B | 17.93B | 15.22B | 15.46B | 14.91B | 14.48B | 13.61B | 12.96B | 14B | 13.98B | 13.65B | 13.38B | 12.52B | 11.79B | 13.39B | 13.31B | 13.36B | 13.07B | 12.52B | 11.57B | 11.14B | 11.32B | 12.49B | 13.13B | 12.7B | 2.61B | 1.31B |
| Revenue Growth % | 10.87% | 14.24% | 8.01% | 3.7% | 9.85% | 17.83% | -1.53% | 3.63% | 2.96% | 6.44% | 5% | -7.4% | 0.09% | 2.45% | 2.03% | 6.9% | 6.14% | -11.93% | 0.59% | -0.4% | 2.21% | 4.46% | 8.14% | 3.88% | -1.59% | -9.37% | -4.84% | 3.33% | 386.02% | 99.01% | 187.33% |
| Cost of Goods Sold | 17.27B | 17.88B | 15.65B | 14.68B | 14.33B | 13.11B | 11.01B | 11.07B | 10.73B | 10.4B | 9.79B | 9.48B | 10.29B | 10.45B | 10.18B | 9.77B | 9.02B | 8.41B | 9.7B | 9.64B | 9.92B | 9.99B | 9.56B | 7.52B | 6.74B | 6.67B | 7.54B | 8.27B | 7.38B | 1.35B | 704.9M |
| COGS % of Revenue | - | 70.92% | 70.93% | 71.85% | 72.76% | 73.11% | 72.36% | 71.63% | 71.92% | 71.78% | 71.92% | 73.11% | 73.55% | 74.7% | 74.55% | 73.03% | 72.06% | 71.3% | 72.48% | 72.43% | 74.24% | 76.43% | 76.41% | 64.95% | 60.52% | 58.88% | 60.34% | 62.99% | 58.12% | 51.49% | 53.67% |
| Gross Profit | 8.15B | 7.33B | 6.41B | 5.75B | 5.37B | 4.82B | 4.21B | 4.38B | 4.19B | 4.09B | 3.82B | 3.48B | 3.71B | 3.55B | 3.46B | 3.61B | 3.5B | 3.38B | 3.68B | 3.67B | 3.44B | 3.08B | 2.95B | 4.06B | 4.4B | 4.66B | 4.95B | 4.86B | 5.32B | 1.27B | 608.5M |
| Gross Margin % | 32.06% | 29.08% | 29.07% | 28.15% | 27.24% | 26.89% | 27.64% | 28.37% | 28.08% | 28.22% | 28.08% | 26.89% | 26.51% | 25.37% | 25.37% | 26.97% | 27.94% | 28.7% | 27.52% | 27.57% | 25.76% | 23.57% | 23.59% | 35.05% | 39.48% | 41.12% | 39.66% | 37.01% | 41.88% | 48.51% | 46.33% |
| Gross Profit Growth % | - | 14.28% | 11.55% | 7.14% | 11.3% | 14.62% | -4.08% | 4.7% | 2.45% | 6.96% | 9.67% | -6.06% | 4.6% | 2.43% | -4.02% | 3.17% | 3.34% | -8.14% | 0.38% | 6.62% | 11.68% | 4.4% | -27.24% | -7.77% | -5.52% | -6.02% | 1.98% | -8.68% | 319.53% | 108.38% | 199.46% |
| Operating Expenses | 3.46B | 2.72B | 2.26B | 1.93B | 1.93B | 1.81B | 1.73B | 1.63B | 1.45B | 1.47B | 1.41B | 1.34B | 1.45B | 1.47B | 1.47B | 1.55B | 1.46B | 1.36B | 1.48B | 1.43B | 1.39B | 1.28B | 1.27B | 2.47B | 2.72B | 3.37B | 3.17B | 3.53B | 2.81B | 588.1M | 313.7M |
| OpEx % of Revenue | - | 10.8% | 10.26% | 9.43% | 9.79% | 10.11% | 11.36% | 10.55% | 9.74% | 10.13% | 10.36% | 10.36% | 10.36% | 10.5% | 10.78% | 11.59% | 11.67% | 11.57% | 11.03% | 10.76% | 10.39% | 9.76% | 10.12% | 21.37% | 24.39% | 29.79% | 25.35% | 26.93% | 22.11% | 22.5% | 23.88% |
| Selling, General & Admin | 2.74B | 2.72B | 2.26B | 1.93B | 1.93B | 1.81B | 1.73B | 1.63B | 1.45B | 1.47B | 1.41B | 1.34B | 1.45B | 1.47B | 1.47B | 1.55B | 1.46B | 1.36B | 1.48B | 1.43B | 1.39B | 1.28B | 1.44B | 1.22B | 1.53B | 1.62B | 1.74B | 1.92B | 1.31B | 284.9M | 160.5M |
| SG&A % of Revenue | - | 10.8% | 10.26% | 9.43% | 9.79% | 10.11% | 11.36% | 10.55% | 9.74% | 10.13% | 10.36% | 10.36% | 10.36% | 10.5% | 10.78% | 11.59% | 11.67% | 11.57% | 11.03% | 10.76% | 10.39% | 9.76% | 11.52% | 10.51% | 13.72% | 14.33% | 13.91% | 14.63% | 10.31% | 10.9% | 12.22% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -175M | 1.26B | 1.19B | 1.75B | 1.43B | 1.61B | 1.5B | 303.2M | 153.2M |
| Operating Income | 4.69B | 4.61B | 4.15B | 3.82B | 3.44B | 3.01B | 2.48B | 2.75B | 2.73B | 2.62B | 2.41B | 2.14B | 2.26B | 2.08B | 1.99B | 2.06B | 2.04B | 2.02B | 2.21B | 2.24B | 2.05B | 1.81B | 1.69B | 1.54B | 1.64B | 1.28B | 1.79B | 1.32B | 2.51B | 679.9M | 294.8M |
| Operating Margin % | 18.46% | 18.28% | 18.81% | 18.72% | 17.45% | 16.78% | 16.28% | 17.82% | 18.34% | 18.09% | 17.72% | 16.53% | 16.15% | 14.87% | 14.59% | 15.38% | 16.27% | 17.13% | 16.48% | 16.81% | 15.37% | 13.81% | 13.46% | 13.31% | 14.75% | 11.33% | 14.31% | 10.08% | 19.77% | 26.01% | 22.45% |
| Operating Income Growth % | - | 11.04% | 8.53% | 11.2% | 14.3% | 21.39% | -10.02% | 0.69% | 4.39% | 8.62% | 12.61% | -5.22% | 8.71% | 4.42% | -3.26% | 1.08% | 0.79% | -8.47% | -1.39% | 8.96% | 13.73% | 7.18% | 9.42% | -6.33% | 28.14% | -28.2% | 35.03% | -47.3% | 269.33% | 130.63% | 248.46% |
| EBITDA | 7.67B | 7.47B | 6.55B | 6.02B | 5.59B | 5.12B | 4.25B | 4.43B | 4.31B | 4.09B | 3.8B | 3.48B | 3.65B | 3.49B | 3.38B | 3.39B | 3.32B | 3.24B | 3.56B | 3.58B | 3.47B | 3.24B | 3.02B | 2.81B | 2.87B | 2.65B | 3.22B | 2.94B | 4.01B | 983.1M | 448M |
| EBITDA Margin % | 30.18% | 29.64% | 29.68% | 29.49% | 28.37% | 28.54% | 27.94% | 28.64% | 28.88% | 28.22% | 27.95% | 26.83% | 26.11% | 24.95% | 24.75% | 25.37% | 26.53% | 27.44% | 26.61% | 26.9% | 25.94% | 24.8% | 24.14% | 24.24% | 25.72% | 23.44% | 25.74% | 22.38% | 31.56% | 37.61% | 34.11% |
| EBITDA Growth % | 14.36% | 14.06% | 8.72% | 7.8% | 9.18% | 20.37% | -3.93% | 2.76% | 5.36% | 7.47% | 9.4% | -4.84% | 4.73% | 3.29% | -0.47% | 2.23% | 2.6% | -9.18% | -0.47% | 3.26% | 6.91% | 7.35% | 7.7% | -2.13% | 7.99% | -17.48% | 9.48% | -26.74% | 307.87% | 119.44% | 217.73% |
| D&A (Non-Cash Add-back) | 2.98B | 2.86B | 2.4B | 2.2B | 2.15B | 2.11B | 1.77B | 1.67B | 1.57B | 1.47B | 1.39B | 1.33B | 1.39B | 1.41B | 1.39B | 1.34B | 1.28B | 1.22B | 1.36B | 1.34B | 1.41B | 1.44B | 1.34B | 1.26B | 1.22B | 1.37B | 1.43B | 1.61B | 1.5B | 303.2M | 153.2M |
| EBIT | 4.43B | 4.34B | 4.06B | 3.52B | 3.3B | 2.71B | 2.32B | 2.52B | 2.74B | 2.54B | 2.19B | 1.43B | 2.21B | 966M | 1.79B | 2.02B | 2.13B | 1.95B | 2.16B | 2.34B | 2.18B | 1.77B | 1.67B | 1.58B | 1.68B | 1.28B | 1.79B | 1.32B | 2.51B | 1.66B | 1.85B |
| Net Interest Income | -905M | -912M | -598M | -500M | -378M | -365M | -425M | -411M | -363M | -351M | -365M | -369M | -455M | -468M | -482M | -496M | -498M | -459M | -344M | -546M | -594M | -596M | -385M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 4M | 8M | 4M | 13M | 48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 905M | 912M | 598M | 500M | 378M | 365M | 425M | 411M | 363M | 351M | 365M | 369M | 455M | 472M | 486M | 504M | 502M | 472M | 363M | 593M | 663M | 627M | 455M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.16B | -1.18B | -691M | -802M | -520M | -659M | -585M | -649M | -359M | -429M | -590M | -1.08B | -509M | -1.58B | -688M | -538M | -405M | -547M | -410M | -489M | -536M | -666M | -471M | -417M | -397M | -496M | -1.47B | -1.49B | -3.21B | -1.34B | -1.08B |
| Pretax Income | 3.53B | 3.43B | 3.46B | 3.02B | 2.92B | 2.35B | 1.89B | 2.1B | 2.38B | 2.19B | 1.82B | 1.06B | 1.75B | 494M | 1.3B | 1.52B | 1.63B | 1.47B | 1.76B | 1.7B | 1.47B | 1.09B | 1.18B | 1.12B | 1.25B | 787M | 321M | -162.8M | -699.9M | 463.2M | 78M |
| Pretax Margin % | 13.89% | 13.59% | 15.67% | 14.79% | 14.81% | 13.1% | 12.44% | 13.62% | 15.93% | 15.13% | 13.39% | 8.18% | 12.51% | 3.53% | 9.55% | 11.36% | 13.03% | 12.49% | 13.12% | 12.79% | 11.03% | 8.35% | 9.41% | 9.7% | 11.19% | 6.95% | 2.57% | -1.24% | -5.51% | 17.72% | 5.94% |
| Income Tax | 734M | 717M | 713M | 745M | 678M | 532M | 397M | 434M | 453M | 242M | 642M | 308M | 413M | 364M | 443M | 511M | 629M | 413M | 669M | 540M | 325M | -90M | 247M | 404M | 424M | 284M | 418M | 232.3M | 66.9M | 189.9M | 45.1M |
| Effective Tax Rate % | 20.8% | 20.93% | 20.62% | 24.66% | 23.24% | 22.65% | 20.97% | 20.62% | 19.07% | 11.05% | 35.24% | 29.06% | 23.59% | 73.68% | 34% | 33.62% | 38.57% | 28.04% | 38.1% | 31.71% | 22.05% | -8.24% | 20.97% | 35.98% | 34% | 36.09% | 130.22% | -142.69% | -9.56% | 41% | 57.82% |
| Net Income | 2.79B | 2.71B | 2.75B | 2.3B | 2.24B | 1.82B | 1.5B | 1.67B | 1.93B | 1.95B | 1.18B | 753M | 1.3B | 98M | 817M | 961M | 953M | 994M | 1.09B | 1.16B | 1.15B | 1.18B | 939M | 630M | 822M | 503M | -97M | -397.6M | -770.7M | 267M | 32.9M |
| Net Margin % | 10.99% | 10.74% | 12.45% | 11.28% | 11.36% | 10.13% | 9.83% | 10.81% | 12.91% | 13.46% | 8.69% | 5.81% | 9.27% | 0.7% | 5.99% | 7.18% | 7.61% | 8.43% | 8.12% | 8.74% | 8.6% | 9.04% | 7.5% | 5.44% | 7.38% | 4.44% | -0.78% | -3.03% | -6.07% | 10.21% | 2.5% |
| Net Income Growth % | 4.45% | -1.38% | 19.18% | 2.95% | 23.24% | 21.39% | -10.42% | -13.25% | -1.23% | 64.89% | 56.97% | -41.99% | 1224.49% | -88% | -14.98% | 0.84% | -4.12% | -8.56% | -6.53% | 1.22% | -2.79% | 25.88% | 49.05% | -23.36% | 63.42% | 618.56% | 75.6% | 48.41% | -388.65% | 711.55% | 8.58% |
| Net Income (Continuing) | 2.79B | 2.71B | 2.75B | 2.28B | 2.24B | 1.82B | 1.5B | 1.67B | 1.92B | 1.95B | 1.18B | 752M | 1.34B | 130M | 860M | 1.01B | 1B | 1.06B | 1.13B | 1.21B | 1.19B | 1.18B | 931M | 719M | 820M | 501M | -97M | -395M | -767M | -1.03B | 287.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1M | 1M | 2M | -7M | 15M | 2M | 2M | 2M | 1M | 23M | 23M | 22M | 23M | 295M | 321M | 320M | 331M | 306M | 283M | 310M | 275M | 281M | 282M | 250M | 19M | 13M | 15M | 7.7M | 112.1M | 0 | 0 |
| EPS (Diluted) | 6.91 | 6.70 | 6.81 | 5.66 | 5.39 | 4.29 | 3.52 | 3.91 | 4.45 | 4.41 | 2.65 | 1.65 | 2.79 | 0.21 | 1.76 | 2.04 | 1.98 | 2.01 | 2.19 | 2.23 | 2.10 | 2.09 | 1.61 | 1.06 | 1.33 | 0.80 | -0.16 | -0.65 | -1.32 | -1.68 | 0.04 |
| EPS Growth % | 4.22% | -1.62% | 20.32% | 5.01% | 25.64% | 21.88% | -9.97% | -12.13% | 0.91% | 66.42% | 60.61% | -40.86% | 1228.57% | -88.07% | -13.73% | 3.03% | -1.49% | -8.22% | -1.79% | 6.19% | 0.48% | 29.81% | 51.89% | -20.3% | 66.25% | 600% | 75.38% | 50.76% | 21.43% | -4300% | -92.59% |
| EPS (Basic) | - | 6.72 | 6.84 | 5.69 | 5.42 | 4.32 | 3.54 | 3.93 | 4.49 | 4.44 | 2.66 | 1.66 | 2.80 | 0.21 | 1.76 | 2.05 | 1.98 | 2.02 | 2.21 | 2.25 | 2.13 | 2.11 | 1.63 | 1.07 | 1.34 | 0.80 | -0.16 | -0.65 | -1.32 | -1.68 | 0.05 |
| Diluted Shares Outstanding | 404.4M | 404.2M | 403.4M | 406.9M | 415M | 422.9M | 425.1M | 427.5M | 432.2M | 441.9M | 446.5M | 455.9M | 465.6M | 469.8M | 464.4M | 471.4M | 482.2M | 493.6M | 495.4M | 521.8M | 546.1M | 565.1M | 581.1M | 594.34M | 618.05M | 628.75M | 606.25M | 612.31M | 584.3M | 218.93M | 139.59M |
| Basic Shares Outstanding | 403.2M | 402.7M | 401.5M | 404.9M | 412.8M | 420.4M | 423M | 424.6M | 429.1M | 438.8M | 443.5M | 452.7M | 462.6M | 467.7M | 463.6M | 469.7M | 480.2M | 491.2M | 492.1M | 517.3M | 540.4M | 561.5M | 576.3M | 588.79M | 613.43M | 628.75M | 606.25M | 612.31M | 584.3M | 207.85M | 139.59M |
| Dividend Payout Ratio | - | 49.26% | 44.06% | 49.31% | 48.12% | 53.41% | 61.97% | 52.46% | 41.66% | 38.48% | 61.42% | 92.3% | 53.39% | 696.94% | 80.54% | 66.29% | 63.38% | 57.24% | 48.85% | 42.56% | 41.43% | 37.99% | 46.01% | 0.95% | 0.73% | 1.19% | - | - | - | - | 937.08% |
Regulatory and PFAS remediation costs
According to quarterly financial data, Waste Management's revenue growth has exhibited significant fluctuations, peaking at 19.0% in 2025Q2 before decelerating to 3.5% by 2026Q1, suggesting that the company's top-line expansion is increasingly sensitive to broader economic cycles and the integration of recent large-scale acquisitions.
The wide variance in quarterly growth rates implies that organic pricing power may be periodically offset by the lumpy nature of inorganic expansion. Investors should monitor whether the recent deceleration reflects a cooling in commercial waste volumes or merely the timing of contract renewals and asset integration.
As reported in recent income statements, Waste Management's gross margin experienced a notable shift in 2026Q1 to 40.7% from the 29% range maintained throughout 2025, indicating potential changes in cost accounting or a significant shift in the underlying mix of high-margin energy-related revenue streams.
The historical consistency of the 29% gross margin suggests a highly predictable cost structure, yet the recent expansion warrants investigation into whether this is sustainable or driven by non-recurring items. If this margin improvement is structural, it may suggest that investments in automated sorting and RNG are finally beginning to scale effectively.
Based on the provided income statement figures, operating margins have fluctuated between 16.0% and 20.1% over the last ten quarters, suggesting that management's ability to leverage fixed costs is frequently challenged by rising SG&A expenses and the operational complexities of integrating new business segments.
The lack of consistent operating margin expansion despite revenue growth indicates that the company's cost base remains highly sensitive to inflationary pressures in labor and logistics. Analysts should scrutinize whether the recent uptick in SG&A is a temporary byproduct of the Stericycle acquisition or a permanent increase in the company's overhead requirements.
Analysis of the reported net income reveals significant quarterly swings, with EPS growth ranging from a 20.7% decline in 2025Q3 to a 34.6% increase in 2024Q1, highlighting that headline earnings are frequently distorted by non-operating items and the timing of tax-related credits.
The presence of inconsistent stock-based compensation and lumpy net income figures suggests that investors should focus on normalized cash flow metrics rather than GAAP EPS. The volatility in bottom-line results appears to mask the underlying stability of the core waste collection business, necessitating a deeper look at recurring versus non-recurring income drivers.
While the company maintains a dominant market position, the potential for significant environmental remediation liabilities and the integration risks associated with the Stericycle acquisition suggest that current margin levels may be vulnerable to unforeseen regulatory costs and the dilution of returns on invested capital.
Short-term margin expansion may be masking long-term risks related to PFAS disposal and the increasing capital intensity required to maintain landfill compliance. If the company fails to achieve the expected synergies from its recent M&A activity, the market may be forced to re-evaluate the premium valuation currently assigned to its defensive business model.
Quick answers to the most common questions about buying WM stock.
For fiscal year 2025, Waste Management, Inc. (WM) reported total revenue of $25.20B. This represents a 1819.0% increase compared to $1.31B in 1996.
Waste Management, Inc. (WM) is profitable, generating $2.71B in net income for the fiscal year ending 2025 with a net profit margin of 10.7%.
Waste Management, Inc. (WM) reported an operating income of $4.61B, resulting in an operating profit margin of 18.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Waste Management, Inc. (WM) generated $7.33B in gross profit for the year, representing a gross profit margin of 29.1%. This demonstrates the company's core pricing power and production efficiency.