Analyst Consensus ?
ConsensusBuy33 ratings
Bullish1957.6%
Neutral1442.4%
Bearish00.0%
1 unmapped firm rating excluded from the percentages.
Waste Management, Inc. · WM · FY2026 Q3 · Calendar Q4 2026
WM reaffirms guidance as technology and pricing support margins
WM's Q3 update supports a constructive operating picture: disciplined pricing, technology investments, healthcare solutions and acquisitions are supporting growth and margin expansion. The main offsets are fuel, risk-management costs, volume pressure and potential regulatory expense.
Reported After market closeNYSEIndustrials
$94.26B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.15
Consensus $2.18
EPS surprise
-1.4%
Reported versus consensus
Reported revenue
$6.85B
Consensus $6.81B
Revenue surprise
+0.5%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-3.2%
Event window
SPY move
+0.2%
Same window
Abnormal move
-3.4%
Stock minus SPY
Volume
0.5×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
WMSPY benchmark
Ask FN2 about WM FY2026 Q3
Transcript, numbers and history already loaded
Why did WM fall 3.2% after missing EPS estimates in FY2026 Q3?What changed in WM's guidance and outlook in FY2026 Q3?Give me the bull and bear case for WM after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management reported operating EBITDA growth of 5.8% and revenue growth of 6.3%, while free cash flow increased 20% and SG&A declined to 9.3% of revenue. Health care solutions delivered year-over-year revenue growth for the first time since the acquisition and operating EBITDA increased 33%. Jim Fish is set to retire in January, with John Morris assuming the CEO role.
Guidance delta
Maintained. Management reaffirmed full-year guidance at the high end of its ranges.
Key takeaways
- Pricing discipline and a strong price-to-cost spread remain central to the outlook.
- Technology investments in AI, routing and robotics are intended to improve execution and margins over time.
- Acquisitions remain active, with $239 million completed in the first nine months, $140 million expected to close in Q4 2026 and a $250 million transaction expected in early 2027.
- Health care solutions improved, while residential and commercial volume declines remain a watchpoint.
Management priorities
- Complete planned acquisitions and integrate the solid-waste footprint.
- Bring additional renewable natural gas facilities online in Q4 and early 2027.
- Embed AI, robotics and advanced routing algorithms across operations.
- Maintain cost discipline and expand internalization of waste streams.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$228.18Current
$150Low
$216.48Average
$264High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 28, 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 $228.18. 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 | -1.4% | Oct 8, 2026 |
| CIBC | Analyst unavailable | $244 | $228.98 | +6.9% | Jul 7, 2026 |
| Oppenheimer | Analyst unavailable | $264 | $223.13 | +15.7% | Jan 30, 2026 |
| Scotiabank | Analyst unavailable | $250 | $222.79 | +9.6% | Jan 21, 2026 |
| UBS | Analyst unavailable | $260 | $217.86 | +13.9% | Jan 9, 2026 |
| Bernstein | Connor Cerniglia | $260 | $217.94 | +13.9% | Jan 5, 2026 |
| Goldman Sachs | Analyst unavailable | $256 | $216.62 | +12.2% | Nov 24, 2025 |
| Wells Fargo | Analyst unavailable | $238 | $204.51 | +4.3% | Nov 13, 2025 |
| Robert W. Baird | Analyst unavailable | $242 | $196.77 | +6.1% | Nov 4, 2025 |
| Truist Financial | Tobey Sommer | $260 | $202.72 | +13.9% | Oct 29, 2025 |
| Scotiabank | Konark Gupta | $254 | $202.71 | +11.3% | Oct 29, 2025 |
| Oppenheimer | Noah Kaye | $262 | $204.23 | +14.8% | Oct 29, 2025 |
| Scotiabank | Konark Gupta | $264 | $219.25 | +15.7% | Oct 10, 2025 |
| CIBC | Kevin Chiang | $228 | $217.6 | -0.1% | Oct 30, 2024 |
| BMO Capital | Devin Dodge | $220 | $216.55 | -3.6% | Oct 30, 2024 |
| Scotiabank | Konark Gupta | $225 | $216.99 | -1.4% | Oct 30, 2024 |
| Truist Financial | Tobey Sommer | $250 | $219.11 | +9.6% | Oct 29, 2024 |
| Bank of America Securities | Michael Feniger | $225 | $208.26 | -1.4% | Oct 29, 2024 |
| Scotiabank | Konark Gupta | $220 | $209.09 | -3.6% | Oct 3, 2024 |
| BMO Capital | Devin Dodge | $213 | $198.48 | -6.7% | Jul 26, 2024 |
| Robert W. Baird | David Manthey | $216 | $199.92 | -5.3% | Jul 26, 2024 |
| BMO Capital | Jeffrey Silber | $212 | $201.64 | -7.1% | Jun 3, 2024 |
| Deutsche Bank | Faiza Alwy | $241 | $208.33 | +5.6% | May 22, 2024 |
| Robert W. Baird | David Manthey | $222 | $212.15 | -2.7% | Apr 30, 2024 |
| CIBC | Kevin Chiang | $220 | $211.73 | -3.6% | Apr 29, 2024 |
| Robert W. Baird | David Manthey | $214 | $207.53 | -6.2% | Apr 23, 2024 |
| RBC Capital | Walter Spracklin | $211 | $206.93 | -7.5% | Apr 8, 2024 |
| Deutsche Bank | Analyst unavailable | $151 | $151.82 | -33.8% | Feb 6, 2023 |
| Citigroup | Analyst unavailable | $180 | $151.62 | -21.1% | Feb 2, 2023 |
| UBS | Analyst unavailable | $165 | $152.02 | -27.7% | Jan 10, 2023 |
| Citigroup | Bryan Burgmeier | $183 | $157.67 | -19.8% | Jan 6, 2023 |
| Raymond James | Analyst unavailable | $173 | $166.23 | -24.2% | Apr 27, 2022 |
| RBC Capital | Analyst unavailable | $169 | $164.15 | -25.9% | Apr 27, 2022 |
| Scotiabank | Mark Neville | $180 | $166.76 | -21.1% | Apr 27, 2022 |
| Argus Research | David Coleman | $180 | $153.95 | -21.1% | Oct 27, 2021 |
| Bank of America Securities | Michael Feniger | $154 | $153.95 | -32.5% | Oct 27, 2021 |
| Oppenheimer | Noah Kaye | $152 | $144.14 | -33.4% | Jul 16, 2021 |
| UBS | Jon Windham | $150 | $135.06 | -34.3% | Apr 29, 2021 |
| Stifel Nicolaus | Michael E. Hoffman | $155 | $134.12 | -32.1% | Apr 28, 2021 |
| CIBC | Kevin Chiang | $140 | $134.12 | -38.6% | 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 |
|---|---|---|---|---|
| ITW Illinois Tool Works Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.4% | -0.1% | ITW raises EPS guidance as Q3 demand stays strong |
| UPS United Parcel Service, Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.3% | +5.8% | UPS raises 2026 outlook as premium volumes support margins |
| PNR Pentair plc | FY2026 Q3 · Calendar Q4 2026 | +9.3% | +12.8% | Pentair tops Q3 expectations as Taco closes and pool destock ends |
| PCAR PACCAR Inc | FY2026 Q3 · Calendar Q4 2026 | 0.0% | -0.6% | PACCAR posts strong Q3 as supply constraints limit deliveries |
| WSO Watsco, Inc. | FY2026 Q3 · Calendar Q4 2026 | -8.0% | -1.4% | Watsco posts record Q3 sales while margin risks remain |
| HUBB Hubbell Incorporated | FY2026 Q3 · Calendar Q4 2026 | +2.8% | -5.5% | Hubbell raises outlook as data-center demand accelerates |
Latest beats and misses
Who reports nextBeat on EPS
- HLTFY2026 Q3 · October 27, 2026+3.4% EPS-2.1% move
- SPGIFY2026 Q3 · October 27, 2026+3.4% EPS-0.4% move
- PYPLFY2026 Q3 · October 27, 2026+10.7% EPS+2.0% move
- CMSAFY2026 Q3 · October 27, 2026+6.7% EPS0.0% move
- ITWFY2026 Q3 · October 27, 2026+2.4% EPS-0.1% move
- IQVFY2026 Q3 · October 27, 2026+2.5% EPS-0.7% move
Missed on EPS
- ARCCFY2026 Q3 · October 27, 2026-3.4% EPS-0.5% move
- WSOFY2026 Q3 · October 27, 2026-8.0% EPS-1.4% move
- IVZFY2026 Q3 · October 27, 2026-2.7% EPS-0.4% move
- SHWFY2026 Q3 · October 27, 2026-1.6% EPS-2.7% move
- BAFY2026 Q3 · October 27, 2026-33.4% EPS-10.7% move
- AREFY2026 Q3 · October 26, 2026-13401.8% EPS-5.9% move
Get the WM recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-28T16:13:53.671381+00:00
- FN2 earnings calendar · 2026-10-28T01:23:13.546025+00:00
- Polygon adjusted daily market bars · 2026-10-28T16:40:43.108408+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-28T16:40:43.105744+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 2026-10-28. For educational purposes only; not investment advice.