WM Announces Fourth Quarter and Full-Year 2025 Earnings

About this update from Waste Management, Inc.

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648","length":5,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;padding-right:0.0px;width:8%;","val":[{"type":"text","content":"10.3%","length":5,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;padding-right:0.0px;width:10%;","val":[{"type":"text","content":"$ 2,722","length":7,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;padding-right:0.0px;width:8%;","val":[{"type":"text","content":"10.8%","length":5,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;padding-right:0.0px;width:10%;","val":[{"type":"text","content":"$ 2,626","length":7,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;padding-right:0.0px;width:8%;","val":[{"type":"text","content":"10.4%","length":5,"tagName":"p","attribs":{}}]}]}],"length":565},{"type":"list","items":[{"val":[{"type":"text","content":"SG&A as a percentage of revenue in the Legacy Business continues to reflect the Company’s strong cost management approach, improving 20 basis points for the full year, or 10 basis points on an adjusted basis. (a) ","length":215,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"SG&A as a percentage of revenue for Healthcare Solutions improved to 22.8% in 2025 from 38.5% in 2024. On an adjusted basis SG&A as a percentage of revenue for Healthcare Solutions improved 320 basis points to 21.1% in 2025. This strong result in the first full year of integration demonstrates the Company’s substantial progress toward its long-term objective of aligning the SG&A of this business with the Legacy Business. (a) ","length":439,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":654,"olType":false},{"type":"text","content":" Cash Flow and Investments ","length":25,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"The Company generated $6.04 billion of net cash provided by operating activities in 2025, an increase of 12.1% from the prior year. This strong operating cash flow growth resulted in free cash flow in 2025 of $2.94 billion, an increase of 26.8% compared to the prior year. (a) ","length":275,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The Company invested approximately $400 million in acquisitions in 2025 for solid waste and recycling businesses.","length":113,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":388,"olType":false},{"type":"text","content":" Sustainability and Healthcare Solutions Update ","length":46,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"During 2025, the Company continued to progress its investments in sustainability growth projects, completing seven renewable natural gas facilities and nine recycling automation and growth projects, adding significant recycling and renewable natural gas capacity to our network. (g) ","length":281,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The Company achieved the targeted integration of the Healthcare Solutions operations into its existing field management and operating structure during the fourth quarter. The Company expects this integration step to benefit customer engagement, cross selling, and operating cost optimization beginning in 2026.","length":310,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":591,"olType":false},{"type":"text","content":" FINANCIAL OUTLOOK (h) ","length":20,"tagName":"p"},{"type":"text","content":"WM’s outlook for growth in 2026 is driven by expectations of continued strength in the solid waste business, ongoing optimization of Healthcare Solutions, and increased contributions from sustainability growth investments.","length":222,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;width:30%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;width:15%;","val":[{"type":"text","content":" Projected Results ($ in millions) ","length":33,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;width:54%;vertical-align:bottom;","val":[{"type":"text","content":" Projected Year-Over-Year Change at Midpoint ","length":43,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;width:30%;text-align:left;","val":[{"type":"text","content":"Revenue","length":7,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;width:15%;text-align:right;list-style-position:inside;","val":[{"type":"text","content":"$26,425 - 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The outlook for revenue growth is based on core price in 2026 of between 5.4% and 5.8%, yield of between 3.2% and 3.6%, and volumes between 0.2% and 0.6%, overcoming a 50-basis point headwind from wildfire volume in 2025. (f) ","length":359,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Rollover from solid waste acquisitions is expected to contribute about $65 million of revenue and $25 million of adjusted operating EBITDA. (a) ","length":142,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Growth in the Company’s sustainability businesses is expected to be driven by increased contributions from growth projects, partially offset by lower commodity prices. (k)(l) Together, adjusted operating EBITDA for the Recycling Processing and Sales and Renewable Energy segments combined with the landfill gas royalties realized by the Collection and Disposal segment are expected to grow between $235 and $255 million in 2026. (a) ","length":430,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The Company expects its Healthcare Solutions business to grow revenue by around 3% primarily driven by price. Margin expansion is expected to be driven by further SG&A synergies and cost optimization now that operations are locally managed.","length":244,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"WM’s strong balance sheet and cash flow growth outlook position the Company to continue its commitment to sound capital allocation. The Company’s outlook includes $100 to $200 million of investment in solid waste acquisitions and estimated annual dividends paid to shareholders of $1.5 billion. The Board of Directors has indicated its intention to increase the annual dividend by $0.48 per share to $3.78 in 2026, though all future dividends will be declared at the discretion of the Board prior to payment. As announced in December, the Company expects to resume share repurchases during the first quarter of 2026 and repurchase approximately $2 billion of its shares during 2026 while remaining committed to returning to its targeted leverage ratio of between 2.5x and 3.0x during the year. (d) ","length":796,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1971,"olType":false},{"type":"text","content":" SUSTAINABILITY GROWTH OUTLOOK ","length":29,"tagName":"p"},{"type":"text","content":"WM is progressing its sustainability growth portfolio to expand its industry-leading network of renewable ener...

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