Analyst Consensus ?
ConsensusBuy33 ratings
Bullish1957.6%
Neutral1442.4%
Bearish00.0%
1 unmapped firm rating excluded from the percentages.
Waste Management, Inc. · WM · FY2024 Q3 · Calendar Q4 2024
WM: Record margin, strong volumes, and Stericycle execution remain in focus
WM's Q3 2024 analysis supports a constructive operating case: pricing, cost optimization, volume strength, and sustainability investments were supporting earnings momentum. The case remains dependent on Stericycle integration, project execution, and the normalization of weaker roll-off volumes.
Reported After market closeNYSEIndustrials
$95.68B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.96
Consensus $1.89
EPS surprise
+3.7%
Reported versus consensus
Reported revenue
$5.61B
Consensus $5.51B
Revenue surprise
+1.7%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+5.2%
Event window
SPY move
+0.2%
Same window
Abnormal move
+5.0%
Stock minus SPY
Volume
2.9×
Versus trailing sessions
Subsequent drift
+3.8%
Up to 20 sessions
WMSPY benchmark
Ask FN2 about WM FY2024 Q3
Transcript, numbers and history already loaded
Why did WM rise 5.2% after beating EPS estimates in FY2024 Q3?What changed in WM's guidance and outlook in FY2024 Q3?Give me the bull and bear case for WM after FY2024 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The supplied Q3 analysis showed a record 30.5% operating EBITDA margin, stronger landfill and municipal solid-waste volumes, progress toward closing Stericycle, and continued expansion of automation and renewable natural gas projects.
Guidance delta
Management maintained its outlook and positioned full-year operating EBITDA near the upper end of the supplied guidance range.
Key takeaways
- Operating EBITDA margin reached a reported record 30.5%, with management pointing to cost optimization and pricing discipline.
- Landfill and municipal solid-waste volumes were strong, while roll-off volumes remained soft.
- Stericycle integration planning is advancing, with Canada the remaining regulatory hurdle in the supplied analysis.
- Recycling automation and renewable natural gas projects are the main sustainability-related execution priorities.
Management priorities
- Integrate Stericycle and realize the planned synergies.
- Complete recycling automation projects and commission additional renewable natural gas projects.
- Continue pricing, route automation, and solid-waste acquisition initiatives.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$239.38Current
$150Low
$216.48Average
$264High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 13, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 8, 2026 |
| CIBC | Neutral | Neutral | Maintain | Oct 8, 2026 |
| UBS | Buy | Buy | Maintain | Aug 4, 2026 |
| Stifel | Buy | Buy | Maintain | Jul 30, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 30, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 30, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Jul 16, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 10, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 8, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 30, 2026 |
| TD Cowen | Buy | Buy | Maintain | Apr 30, 2026 |
| Baird | Outperform | Outperform | Maintain | Apr 16, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jan 5, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 30, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Jul 22, 2025 |
| HSBC | Buy | Hold | Upgrade | Apr 25, 2025 |
| Jefferies | Buy | Buy | Maintain | Jan 23, 2025 |
| Argus Research | Buy | Buy | Maintain | Oct 31, 2024 |
| Truist Securities | Buy | Buy | Maintain | Oct 30, 2024 |
| Erste Group | Hold | Buy | Downgrade | Jun 14, 2024 |
| B of A Securities | Neutral | Neutral | Maintain | Jul 20, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Feb 6, 2023 |
| Goldman Sachs | Neutral | Buy | Downgrade | Mar 13, 2020 |
| KeyBanc | Overweight | Downgrade | Oct 18, 2019 | |
| Bank of America | Neutral | Buy | Downgrade | Oct 18, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jul 8, 2019 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 20, 2018 |
| Macquarie | Outperform | Neutral | Upgrade | Jan 3, 2018 |
| Wedbush | Neutral | Outperform | Downgrade | Oct 13, 2016 |
| Imperial Capital | In Line | In Line | Maintain | Feb 19, 2016 |
| Wunderlich Securities | Hold | Buy | Downgrade | Feb 19, 2014 |
| Wunderlich | Hold | Buy | Downgrade | Feb 19, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $239.38. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| CIBC | Analyst unavailable | $225 | $208.38 | -6.0% | Oct 8, 2026 |
| CIBC | Analyst unavailable | $244 | $228.98 | +1.9% | Jul 7, 2026 |
| Oppenheimer | Analyst unavailable | $264 | $223.13 | +10.3% | Jan 30, 2026 |
| Scotiabank | Analyst unavailable | $250 | $222.79 | +4.4% | Jan 21, 2026 |
| UBS | Analyst unavailable | $260 | $217.86 | +8.6% | Jan 9, 2026 |
| Bernstein | Connor Cerniglia | $260 | $217.94 | +8.6% | Jan 5, 2026 |
| Goldman Sachs | Analyst unavailable | $256 | $216.62 | +6.9% | Nov 24, 2025 |
| Wells Fargo | Analyst unavailable | $238 | $204.51 | -0.6% | Nov 13, 2025 |
| Robert W. Baird | Analyst unavailable | $242 | $196.77 | +1.1% | Nov 4, 2025 |
| Truist Financial | Tobey Sommer | $260 | $202.72 | +8.6% | Oct 29, 2025 |
| Scotiabank | Konark Gupta | $254 | $202.71 | +6.1% | Oct 29, 2025 |
| Oppenheimer | Noah Kaye | $262 | $204.23 | +9.4% | Oct 29, 2025 |
| Scotiabank | Konark Gupta | $264 | $219.25 | +10.3% | Oct 10, 2025 |
| CIBC | Kevin Chiang | $228 | $217.6 | -4.8% | Oct 30, 2024 |
| BMO Capital | Devin Dodge | $220 | $216.55 | -8.1% | Oct 30, 2024 |
| Scotiabank | Konark Gupta | $225 | $216.99 | -6.0% | Oct 30, 2024 |
| Truist Financial | Tobey Sommer | $250 | $219.11 | +4.4% | Oct 29, 2024 |
| Bank of America Securities | Michael Feniger | $225 | $208.26 | -6.0% | Oct 29, 2024 |
| Scotiabank | Konark Gupta | $220 | $209.09 | -8.1% | Oct 3, 2024 |
| BMO Capital | Devin Dodge | $213 | $198.48 | -11.0% | Jul 26, 2024 |
| Robert W. Baird | David Manthey | $216 | $199.92 | -9.8% | Jul 26, 2024 |
| BMO Capital | Jeffrey Silber | $212 | $201.64 | -11.4% | Jun 3, 2024 |
| Deutsche Bank | Faiza Alwy | $241 | $208.33 | +0.7% | May 22, 2024 |
| Robert W. Baird | David Manthey | $222 | $212.15 | -7.3% | Apr 30, 2024 |
| CIBC | Kevin Chiang | $220 | $211.73 | -8.1% | Apr 29, 2024 |
| Robert W. Baird | David Manthey | $214 | $207.53 | -10.6% | Apr 23, 2024 |
| RBC Capital | Walter Spracklin | $211 | $206.93 | -11.9% | Apr 8, 2024 |
| Deutsche Bank | Analyst unavailable | $151 | $151.82 | -36.9% | Feb 6, 2023 |
| Citigroup | Analyst unavailable | $180 | $151.62 | -24.8% | Feb 2, 2023 |
| UBS | Analyst unavailable | $165 | $152.02 | -31.1% | Jan 10, 2023 |
| Citigroup | Bryan Burgmeier | $183 | $157.67 | -23.6% | Jan 6, 2023 |
| Raymond James | Analyst unavailable | $173 | $166.23 | -27.7% | Apr 27, 2022 |
| RBC Capital | Analyst unavailable | $169 | $164.15 | -29.4% | Apr 27, 2022 |
| Scotiabank | Mark Neville | $180 | $166.76 | -24.8% | Apr 27, 2022 |
| Argus Research | David Coleman | $180 | $153.95 | -24.8% | Oct 27, 2021 |
| Bank of America Securities | Michael Feniger | $154 | $153.95 | -35.7% | Oct 27, 2021 |
| Oppenheimer | Noah Kaye | $152 | $144.14 | -36.5% | Jul 16, 2021 |
| UBS | Jon Windham | $150 | $135.06 | -37.3% | Apr 29, 2021 |
| Stifel Nicolaus | Michael E. Hoffman | $155 | $134.12 | -35.2% | Apr 28, 2021 |
| CIBC | Kevin Chiang | $140 | $134.12 | -41.5% | Apr 28, 2021 |
Track every rating change on WM the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationWaste Management, Inc. (WM) functions as a premier provider of environmental waste solutions across North America, serving a diverse client base that includes residential, commercial, industrial, and municipal customers. The company's core operations involve comprehensive collection services, which include gathering and transporting both waste materials and recyclables from their initial point of generation to designated transfer stations, material recovery facilities (MRFs), or final disposal sites. Waste Management maintains an extensive network of facilities, owning, developing, and operating landfill gas-to-energy plants within the United States, in addition to managing numerous transfer stations.…
Historical context
All WM earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FIX Comfort Systems USA, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.2% | -8.5% | Comfort Systems USA: Strong Growth, Record Backlog, Margin Watchpoints |
| BE Bloom Energy Corporation | FY2026 Q3 · Calendar Q4 2026 | +36.0% | -8.7% | Bloom Energy Raises Outlook as AI Power Demand Drives Expansion |
| SNA Snap-on Incorporated | FY2026 Q3 · Calendar Q4 2026 | -5.9% | -3.4% | Snap-on: C&I strength offsets organic sales pressure in Q3 |
| HON Honeywell International Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.6% | +1.7% | Honeywell Raises 2026 Outlook as Backlog and Forge Support Growth |
| LMT Lockheed Martin Corporation | FY2026 Q3 · Calendar Q4 2026 | +6.0% | +7.0% | Lockheed Martin: backlog and guidance rise, with execution risks |
| NSC Norfolk Southern Corporation | FY2026 Q3 · Calendar Q4 2026 | +4.6% | +3.1% | Norfolk Southern posts strong Q3 as capex outlook rises |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the WM recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-25T01:50:43.128418+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-25T01:50:43.125641+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-25. For educational purposes only; not investment advice.