Waste Management, Inc. earnings overview

WM FY2026 Q1 · Calendar Q2 2026

Waste Management, Inc.

Waste Management delivered a solid start to FY2026, beating EPS estimates ($1.81 vs. $1.75) while narrowly missing revenue ($6.23B vs. $6.28B). Operating EBITDA grew nearly 6% year-over-year, driven by pricing discipline, technology-enabled cost efficiencies, and exceptional performance in sustainability businesses -- renewable natural gas EBITDA more than doubled and recycling EBITDA rose 18% despite commodity price headwinds. Free cash flow doubled to $920M, enabling $730M in shareholder returns and bringing leverage back within target. Management reaffirmed full-year guidance despite weather-related volume softness, citing an expected second-half volume recovery as conditions normalize. The stock initially rose 1.3% on results but subsequently drifted down 6.9%, suggesting the market questioned the durability of the volume trajectory or the quality of the beat. With the…