Waste Management, Inc. (WM) Earnings
Waste Management, Inc. is expected to report next earnings on July 27, 2026 (in NaN days), with a consensus EPS estimate of $2.01. WM has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -0.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $1.75 | $1.81 | +3.4% | $6.2B | -0.8% |
| Jan 28, 2026 | $1.95 | $1.93 | -1.0% | $6.3B | -1.2% |
| Jan 29, 2025 | $1.80 | $1.70 | -5.6% | $5.9B | +1.0% |
| Jul 24, 2024 | $1.83 | $1.82 | -0.5% | $5.4B | -0.5% |
| Feb 12, 2024 | $1.53 | $1.74 | +13.7% | $5.2B | +0.4% |
| Jul 25, 2023 | $1.54 | $1.51 | -1.9% | $5.1B | -3.8% |
| Jan 31, 2023 | $1.41 | $1.30 | -7.8% | $4.9B | -0.6% |
| Oct 26, 2022 | $1.51 | $1.56 | +3.3% | $5.1B | +0.4% |
| Jul 27, 2022 | $1.40 | $1.44 | +2.9% | $5.0B | +3.8% |
| Feb 2, 2022 | $1.26 | $1.26 | +0.0% | $4.7B | +1.3% |
| Feb 18, 2021 | $1.09 | $1.13 | +3.7% | $4.1B | +2.5% |
| Jul 30, 2020 | $0.81 | $0.88 | +8.6% | $3.6B | +8.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- WM team delivered strong Q1 results with 6% growth in operating EBITDA. - Advanced four strategic priorities: collection/disposal growth, sustainability investments yielding returns, healthcare solutions advancing towards accretive growth, strong capital allocation with free cash flow generation. - Collection/disposal business saw 6.4% operating EBITDA growth. - Renewable energy operating EBITDA more than doubled. - Recycling operating EBITDA grew 18% despite commodity price decline. - Healthcare solutions operating EBITDA grew nearly 12%, with expected revenue inflection in second half. - Strong free cash flow generation with $920M in Q1, returning $730M to shareholders.
Guidance
- Confident in achieving full-year financial guidance. - Expect revenue growth inflection in healthcare solutions in second half of 2026 as ERP stabilizes. - Free cash flow generation expected to continue, with Q1 free cash flow nearly doubling. - Sustainability capital expenditure program on track to be substantially complete in 2026.
Segment performance
Collection and disposal business: 6.4% operating EBITDA growth, supported by customer lifetime value, operational excellence. Renewable energy: operating EBITDA more than doubled in the quarter, driven by seven new renewable natural gas facilities. Recycling: despite 27% decline in single stream commodities pricing, operating EBITDA grew 18% due to automation benefits. Healthcare solutions: operating EBITDA grew nearly 12% in the quarter, with expected revenue growth inflection in second half of 2026.
Risks & headwinds
- External factors affecting volume, such as winter weather impacts. - Geopolitical issues affecting recycling commodities pricing and freight. - Regulatory risks impacting operations. - Weather-related disruptions affecting facilities and volumes.
Analyst Q&A
Q: Unpack strong margin performance despite lower volumes and volume cadence.
A: Margin trajectory for back half, weather impact on volume, special waste, MSW, industrial volumes trends.
Q: Comments on tough margin comp in 2Q.
A: Wildfire volume impact, margin improvement in Q1 and Q2 but muted by landfill volume.
Q: Magnitude of increase in corporate expense.
A: Health and welfare component, annual incentive compensation, wage increases, technology costs, normalized rate for rest of year.
Q: Surcharges for rising fuel costs.
A: Almost real time, little drag on EBITDA.
Q: Recycling commodity pricing.
A: 80% of commodities stay domestic, tracking freight costs in Middle East.
Q: Healthcare cross-selling and synergies.
A: Cross-selling benefits, on track for 300M synergies, potentially ahead.
Q: AI and new technologies in WM.
A: Embedded in business, benefits in recycling, routing, logistics, safety.
Q: Safety performance sustainability.
A: Slow and steady improvement, recordable injury rate under 3, translating to positive risk.
Q: Renewable energy segment contributions.
A: Almost doubled production, 80% volume locked in, higher pricing.
Q: Healthcare revenue growth and ERP.
A: ERP stabilization leading to revenue growth, credits peaking, volume improvement expected.
Q: Price vs volume opportunity in healthcare.
A: Price good, volume expected to improve, front half soft, back half better.
Q: Sustainability margin and Turkey.
A: Strong margin improvement, on track for recycling margin expansion, renewable energy margin expected to tick up.
Q: Special waste as leading indicator.
A: Special waste is leading indicator of broader macro, pipeline materializing.
Q: Collection disposal pricing and CPI.
A: 40-45% revenue based on index, two-quarter lag for CPI impact, Resi and MSW ahead of expectations.
Q: Renewable energy and EPA RVO.
A: Slightly raised RVO, prices hold, 80% volume locked in, confident in selling all volume.
Q: Recycled plastics market.
A: Tracking plastics market, no significant benefit yet, not changing tune on shuttered facilities.