WM · Waste Management Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $25.20B | $22.06B | $20.43B | $19.70B | $17.93B | $15.22B |
| Cost of Revenue | $15.01B | $13.38B | $12.61B | $12.29B | $11.11B | $9.34B |
| Gross Profit | $10.19B | $8.68B | $7.82B | $7.40B | $6.82B | $5.88B |
| R&D | - | - | - | - | - | - |
| SG&A | $2.72B | $2.26B | $1.93B | $1.94B | $1.86B | $1.73B |
| Total Operating Expenses | $20.90B | $18.00B | $16.85B | $16.33B | $14.97B | $12.78B |
| D&A | $2.86B | $2.27B | $2.07B | $2.04B | $2.00B | $1.67B |
| Operating Income | $4.31B | $4.06B | $3.58B | $3.37B | $2.96B | $2.43B |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $717.00M | $713.00M | $745.00M | $678.00M | $532.00M | $397.00M |
| Net Income | $2.71B | $2.75B | $2.30B | $2.24B | $1.82B | $1.50B |
| EPS - Basic | $6.72 | $6.84 | $5.69 | $5.42 | $4.32 | $3.54 |
| EPS - Diluted | $6.70 | $6.81 | $5.66 | $5.39 | $4.29 | $3.52 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $201.00M | $414.00M | $458.00M | $351.00M | $118.00M | $553.00M |
| Accounts Receivable | $3.44B | $3.27B | $2.63B | $2.46B | $2.28B | $2.10B |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $1.87B | $2.05B | $1.71B | $1.77B | $1.38B | $1.12B |
| Current Assets | $4.91B | $4.77B | $3.80B | $3.55B | $3.07B | $3.54B |
| Total Assets | $45.84B | $44.57B | $32.82B | $31.37B | $29.10B | $29.34B |
| Current Liabilities | $5.52B | $6.26B | $4.23B | $4.39B | $4.08B | $3.55B |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $35.84B | $36.31B | $25.93B | $24.50B | $21.97B | $21.89B |
| Stockholders' Equity | $9.99B | $8.25B | $6.90B | $6.85B | $7.12B | $7.45B |
| Retained Earnings | $17.23B | $15.86B | $14.33B | $13.17B | $12.00B | $11.16B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.04B | $5.39B | $4.72B | $4.54B | $4.34B | $3.40B |
| Investing Cash Flow | ($3.57B) | ($10.60B) | ($3.09B) | ($3.06B) | ($1.89B) | ($4.85B) |
| Financing Cash Flow | ($2.67B) | $5.16B | ($1.52B) | ($1.22B) | ($2.90B) | ($1.56B) |
| CapEx | $3.23B | $3.23B | $2.90B | $2.81B | $2.04B | $1.58B |
| Free Cash Flow | $2.82B | $2.16B | $1.82B | $1.73B | $2.30B | $1.82B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 40.4% | 39.3% | 38.3% | 37.6% | 38.0% | 38.6% |
| Operating margin | 17.1% | 18.4% | 17.5% | 17.1% | 16.5% | 16.0% |
| EBITDA margin | 28.5% | 28.7% | 27.6% | 27.4% | 27.7% | 27.0% |
| Net margin | 10.7% | 12.4% | 11.3% | 11.4% | 10.1% | 9.8% |
| Free cash flow margin | 11.2% | 9.8% | 8.9% | 8.8% | 12.8% | 11.9% |
| FCF / Net income | 1.04 | 0.79 | 0.79 | 0.77 | 1.27 | 1.22 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 10.8% | 10.3% | 9.4% | 9.8% | 10.4% | 11.4% |
| Effective tax rate | 20.9% | 20.6% | 24.4% | 23.3% | 22.7% | 21.0% |
| Return on assets | 5.9% | 6.2% | 7.0% | 7.1% | 6.2% | 5.1% |
| Return on equity | 27.1% | 33.3% | 33.4% | 32.7% | 25.5% | 20.1% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 0.89 | 0.76 | 0.90 | 0.81 | 0.75 | 1.00 |
| Quick ratio | 0.89 | 0.76 | 0.90 | 0.81 | 0.75 | 1.00 |
| Cash ratio | 0.04 | 0.07 | 0.11 | 0.08 | 0.03 | 0.16 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 4.59 | 5.40 | 4.75 | 4.58 | 4.08 | 3.94 |
| Liabilities / Assets | 0.78 | 0.81 | 0.79 | 0.78 | 0.76 | 0.75 |
| Efficiency | ||||||
| Asset turnover | 0.55 | 0.50 | 0.62 | 0.63 | 0.62 | 0.52 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 50d | 54d | 47d | 46d | 46d | 50d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 45d | 56d | 49d | 52d | 45d | 44d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 32.8x | 29.6x | 31.6x | 29.1x | 38.9x | 33.5x |
| P / B | 8.9x | 9.9x | 10.6x | 9.5x | 9.9x | 6.7x |
| P / S | 3.5x | 3.7x | 3.6x | 3.3x | 3.9x | 3.3x |
| EV / EBITDA | 12.4x | 12.8x | 12.8x | 12.0x | 14.2x | 12.1x |
| Growth | ||||||
| Revenue growth (YoY) | 14.2% | 8.0% | 3.7% | 9.9% | 17.8% | -1.5% |
| Revenue CAGR (3y) | 8.6% | 7.2% | 10.3% | 8.4% | 9.6% | 1.7% |
| Revenue CAGR (5y) | 10.6% | 7.4% | 8.5% | 6.3% | 5.7% | 3.3% |
| Gross profit growth (YoY) | 17.4% | 11.0% | 5.6% | 8.6% | 16.0% | -1.4% |
| Operating income growth (YoY) | 6.0% | 13.7% | 6.2% | 13.5% | 21.8% | -10.1% |
| Net income growth (YoY) | -1.4% | 19.2% | 2.9% | 23.2% | 21.4% | -10.4% |
| EPS growth (YoY) | -1.6% | 20.3% | 5.0% | 25.6% | 21.9% | -10.0% |
| EPS CAGR (3y) | 7.5% | 16.7% | 17.2% | 11.3% | -1.2% | -7.2% |
| EPS CAGR (5y) | 13.7% | 11.7% | 4.9% | 4.1% | 10.1% | 16.4% |
| FCF growth (YoY) | 30.4% | 18.4% | 5.6% | -24.9% | 26.5% | -11.7% |
| FCF CAGR (5y) | 9.1% | 1.0% | -0.8% | 3.7% | 7.3% | 7.5% |
| Book value growth (YoY) | 21.1% | 19.5% | 0.8% | -3.9% | -4.4% | 5.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$45.91B totalCollection And Disposal$20.70B · 45.1%
East Tier Region Areas$9.04B · 19.7%
West Tier Region Areas$8.72B · 19.0%
All Other Segments$2.95B · 6.4%
Healthcare Solutions$2.51B · 5.5%
Recycling Processing And Sales$1.49B · 3.2%
Renewable Energy Segment$478.00M · 1.0%
Corporate And Other$22.00M · 0.0%
Product / service
$61.33B totalCollection And Disposal$20.70B · 33.8%
Collection$15.42B · 25.1%
Commercial$5.63B · 9.2%
Landfill$3.78B · 6.2%
Residential$3.51B · 5.7%
Other Collection$3.17B · 5.2%
Industrial$3.11B · 5.1%
Healthcare Solutions$2.51B · 4.1%
Transfer$1.50B · 2.4%
Recycling Processing And Sales$1.49B · 2.4%
Renewable Energy Segment$478.00M · 0.8%
Service Other$22.00M · 0.0%
Geographic
$25.20B totalUS$23.91B · 94.9%
CA$967.00M · 3.8%
Western Europe And Other Countries$326.00M · 1.3%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.27
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Refuse Systems
Comparing WASTE MANAGEMENT INC against the 5 most active filers in the same SIC group.
Dividends
$3.42/share trailing 12 months · +11.2% YoY
| Ex-date | Per share |
|---|---|
| Mar 13, 2026 | $0.9450 |
| Dec 5, 2025 | $0.8250 |
| Sep 12, 2025 | $0.8250 |
| Jun 6, 2025 | $0.8250 |
| Mar 14, 2025 | $0.8250 |
| Dec 6, 2024 | $0.7500 |
| Sep 13, 2024 | $0.7500 |
| Jun 7, 2024 | $0.7500 |
| Mar 14, 2024 | $0.7500 |
| Nov 30, 2023 | $0.7000 |
| Sep 7, 2023 | $0.7000 |
| Jun 1, 2023 | $0.7000 |
| Mar 9, 2023 | $0.7000 |
| Dec 1, 2022 | $0.6500 |
| Sep 8, 2022 | $0.6500 |
| Jun 2, 2022 | $0.6500 |
| Mar 16, 2022 | $0.6500 |
| Dec 2, 2021 | $0.5750 |
| Sep 2, 2021 | $0.5750 |
| Jun 3, 2021 | $0.5750 |
| Mar 11, 2021 | $0.5750 |
| Dec 3, 2020 | $0.5450 |
| Sep 3, 2020 | $0.5450 |
| Jun 4, 2020 | $0.5450 |