NYSE : WM
Waste Management, Inc. — Financial statements
Industrials · Waste Management · United States
Last price 233.45 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 92.83B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Waste Management, Inc. (WM) reported revenue of 26.07B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 26.07B | 25.20B | 22.06B | 20.43B | 19.70B | 17.93B |
| Cost of Revenue | 15.54B | 15.01B | 13.38B | 12.61B | 12.29B | 11.11B |
| Gross Profit | 10.53B | 10.19B | 8.68B | 7.82B | 7.40B | 6.82B |
| Selling, General & Admin | 2.63B | 2.63B | 2.10B | 1.93B | 1.94B | 1.86B |
| Operating Expenses | 5.60B | 5.50B | 4.37B | 4.00B | 3.98B | 3.86B |
| Operating Income | 4.93B | 4.70B | 4.31B | 3.82B | 3.43B | 2.96B |
| Interest Expense | -918.00M | -912.00M | -598.00M | -500.00M | -378.00M | -365.00M |
| Earnings From Equity Investments | 10.00M | 10.00M | 4.00M | -60.00M | -67.00M | -36.00M |
| Other Non Operating Income (Expenses) | 2.00M | 20.00M | -11.00M | 6.00M | -2.00M | 5.00M |
| EBT Excluding Unusual Items | 4.03B | 3.81B | 3.70B | 3.27B | 2.98B | 2.56B |
| Merger & Restructuring Charges | -325.00M | -345.00M | -164.00M | -5.00M | -51.00M | -8.00M |
| Impairment of Goodwill | -16.00M | -168.00M | ||||
| Gain (Loss) on Sale of Investments | -54.00M | -107.00M | ||||
| Gain (Loss) on Sale of Assets | 34.00M | -14.00M | 5.00M | 44.00M | ||
| Asset Writedown | -8.00M | |||||
| Other Unusual Items | 160.00M | -27.00M | -14.00M | 32.00M | -17.00M | -240.00M |
| Pretax Income | 3.89B | 3.43B | 3.46B | 3.02B | 2.92B | 2.35B |
| Income Tax Expense | 823.00M | 717.00M | 713.00M | 745.00M | 678.00M | 532.00M |
| Earnings From Continuing Operations | 3.07B | 2.71B | 2.75B | 2.28B | 2.24B | 1.82B |
| Minority Interest in Earnings | -1.00M | -1.00M | 1.00M | 28.00M | -2.00M | -1.00M |
| Net Income | 3.07B | 2.71B | 2.75B | 2.30B | 2.24B | 1.82B |
| Net Income to Common | 3.07B | 2.71B | 2.75B | 2.30B | 2.24B | 1.82B |
| Shares Outstanding (Basic) | 401.65M | 402.70M | 401.50M | 404.90M | 412.80M | 420.40M |
| Shares Outstanding (Diluted) | 402.85M | 404.20M | 403.40M | 406.90M | 415.00M | 422.90M |
| EPS (Basic) | 7.64 | 6.72 | 6.84 | 5.69 | 5.42 | 4.32 |
| EPS (Diluted) | 7.62 | 6.70 | 6.81 | 5.66 | 5.39 | 4.29 |
| Free Cash Flow | 3.74B | 2.82B | 2.16B | 1.82B | 1.95B | 2.43B |
| Free Cash Flow Per Share | 9.28 | 6.97 | 5.35 | 4.48 | 4.70 | 5.75 |
| Dividend Per Share | 3.66 | 3.30 | 3.00 | 2.80 | 2.60 | 2.30 |
| Gross Margin | 40.39% | 40.44% | 39.34% | 38.29% | 37.59% | 38.04% |
| Operating Margin | 18.91% | 18.63% | 19.53% | 18.72% | 17.40% | 16.49% |
| Profit Margin | 11.78% | 10.74% | 12.45% | 11.28% | 11.36% | 10.13% |
| Free Cash Flow Margin | 14.35% | 11.17% | 9.79% | 8.93% | 9.89% | 13.57% |
| EBITDA | 7.89B | 7.56B | 6.58B | 5.89B | 5.47B | 4.96B |
| EBITDA Margin | 30.26% | 29.99% | 29.80% | 28.85% | 27.75% | 27.64% |
| D&A For EBITDA | 2.96B | 2.86B | 2.27B | 2.07B | 2.04B | 2.00B |
| EBIT | 4.93B | 4.70B | 4.31B | 3.82B | 3.43B | 2.96B |
| EBIT Margin | 18.91% | 18.63% | 19.53% | 18.72% | 17.40% | 16.49% |
| Effective Tax Rate | 21.14% | 20.93% | 20.62% | 24.66% | 23.23% | 22.65% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 247.00M | 201.00M | 414.00M | 458.00M | 351.00M | 118.00M |
| Cash & Short-Term Investments | 247.00M | 201.00M | 414.00M | 458.00M | 351.00M | 118.00M |
| Accounts Receivable | 3.66B | 3.44B | 3.27B | 2.63B | 2.46B | 2.28B |
| Other Receivables | 697.00M | 620.00M | 415.00M | 237.00M | 291.00M | 268.00M |
| Receivables | 4.36B | 4.05B | 3.69B | 2.87B | 2.75B | 2.55B |
| Inventory | 239.00M | 225.00M | 206.00M | 173.00M | 164.00M | 135.00M |
| Restricted Cash | 11.00M | 26.00M | 8.00M | 10.00M | 25.00M | 7.00M |
| Other Current Assets | 394.00M | 403.00M | 459.00M | 293.00M | 259.00M | 263.00M |
| Total Current Assets | 5.25B | 4.91B | 4.77B | 3.80B | 3.55B | 3.07B |
| Property, Plant & Equipment | 20.85B | 21.34B | 20.34B | 17.42B | 16.18B | 14.87B |
| Long-Term Investments | 711.00M | 779.00M | 846.00M | 606.00M | 578.00M | 432.00M |
| Goodwill | 14.00B | 13.88B | 13.44B | 9.25B | 9.32B | 9.03B |
| Other Intangible Assets | 3.54B | 3.77B | 4.19B | 759.00M | 827.00M | 898.00M |
| Other Long-Term Assets | 2.16B | 1.16B | 985.00M | 979.00M | 913.00M | 800.00M |
| Total Assets | 46.52B | 45.84B | 44.57B | 32.82B | 31.37B | 29.10B |
| Accounts Payable | 2.01B | 1.87B | 2.05B | 1.71B | 1.77B | 1.38B |
| Accrued Expenses | 1.90B | 1.86B | 1.84B | 1.40B | 1.42B | 1.23B |
| Current Portion of Long-Term Debt | 1.52B | 625.00M | 1.29B | 281.00M | 370.00M | 661.00M |
| Current Portion of Leases | 251.00M | 235.00M | 119.00M | 108.00M | 111.00M | |
| Current Unearned Revenue | 777.00M | 735.00M | 673.00M | 578.00M | 589.00M | 571.00M |
| Other Current Liabilities | 171.00M | 186.00M | 177.00M | 143.00M | 137.00M | 137.00M |
| Total Current Liabilities | 6.39B | 5.52B | 6.26B | 4.23B | 4.39B | 4.08B |
| Long-Term Debt | 20.26B | 21.72B | 22.17B | 15.57B | 14.31B | 12.41B |
| Long-Term Leases | 1.63B | 1.32B | 1.25B | 773.00M | 718.00M | 750.00M |
| Long-Term Deferred Tax Liabilities | 3.36B | 3.16B | 2.81B | 1.83B | 1.73B | 1.69B |
| Other Long-Term Liabilities | 5.02B | 4.12B | 3.82B | 3.53B | 3.35B | 3.04B |
| Total Liabilities | 36.65B | 35.84B | 36.31B | 25.93B | 24.50B | 21.97B |
| Common Stock | 6.00M | 6.00M | 6.00M | 6.00M | 6.00M | 6.00M |
| Additional Paid-In Capital | 5.94B | 5.68B | 5.50B | 5.35B | 5.31B | 5.17B |
| Retained Earnings | 18.42B | 17.23B | 15.86B | 14.33B | 13.17B | 12.00B |
| Treasury Stock | -14.41B | -12.91B | -12.99B | -12.75B | -11.57B | -10.07B |
| Comprehensive Income & Other | -90.00M | -10.00M | -115.00M | -37.00M | -69.00M | 17.00M |
| Total Common Equity | 9.87B | 9.99B | 8.25B | 6.90B | 6.85B | 7.12B |
| Minority Interest | 1.00M | 1.00M | 2.00M | -7.00M | 15.00M | 2.00M |
| Shareholders' Equity | 9.87B | 9.99B | 8.25B | 6.90B | 6.86B | 7.13B |
| Total Liabilities & Equity | 46.52B | 45.84B | 44.57B | 32.82B | 31.37B | 29.10B |
| Total Debt | 23.41B | 23.92B | 24.94B | 16.75B | 15.51B | 13.93B |
| Net Cash (Debt) | -23.16B | -23.72B | -24.53B | -16.29B | -15.16B | -13.81B |
| Net Cash Per Share | -57.50 | -58.67 | -60.80 | -40.03 | -36.52 | -32.66 |
| Filing Date Shares Outstanding | 397.63M | 403.34M | 402.12M | 401.60M | 408.15M | 414.59M |
| Total Common Shares Outstanding | 397.72M | 402.94M | 401.49M | 401.46M | 407.89M | 416.12M |
| Working Capital | -1.14B | -614.00M | -1.48B | -422.00M | -843.00M | -1.01B |
| Book Value Per Share | 24.81 | 24.79 | 20.55 | 17.19 | 16.79 | 17.12 |
| Tangible Book Value | -7.68B | -7.66B | -9.37B | -3.11B | -3.30B | -2.80B |
| Tangible Book Value Per Share | -19.31 | -19.00 | -23.35 | -7.75 | -8.09 | -6.73 |
| Land | 879.00M | 873.00M | 772.00M | 752.00M | 732.00M | |
| Buildings | 5.71B | 5.21B | 4.27B | 3.81B | 3.54B | |
| Machinery | 14.23B | 13.39B | 12.18B | 11.24B | 10.14B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.07B | 2.71B | 2.75B | 2.30B | 2.24B | 1.82B |
| Depreciation & Amortization | 2.96B | 2.86B | 2.27B | 2.07B | 2.04B | 2.00B |
| Loss (Gain) From Sale of Assets | -236.00M | -21.00M | -128.00M | -42.00M | -26.00M | -69.00M |
| Asset Writedown & Restructuring Costs | 205.00M | 221.00M | 90.00M | 168.00M | 50.00M | 8.00M |
| Loss (Gain) From Sale of Investments | 107.00M | |||||
| Loss (Gain) on Equity Investments | -10.00M | -10.00M | -4.00M | 60.00M | 67.00M | 38.00M |
| Stock-Based Compensation | 173.00M | 169.00M | 118.00M | 93.00M | 84.00M | 108.00M |
| Provision & Write-off of Bad Debts | 128.00M | 93.00M | 51.00M | 56.00M | 50.00M | 37.00M |
| Other Operating Activities | 499.00M | 533.00M | 274.00M | 153.00M | 180.00M | 275.00M |
| Change in Accounts Receivable | -447.00M | -511.00M | -313.00M | -161.00M | -329.00M | 28.00M |
| Change in Accounts Payable | 200.00M | 41.00M | 281.00M | 90.00M | 393.00M | 206.00M |
| Change in Unearned Revenue | -256.00M | -219.00M | -213.00M | -239.00M | -216.00M | -103.00M |
| Change in Other Net Operating Assets | 282.00M | 176.00M | 221.00M | 59.00M | 7.00M | -5.00M |
| Operating Cash Flow | 6.57B | 6.04B | 5.39B | 4.72B | 4.54B | 4.34B |
| Capital Expenditures | -2.83B | -3.23B | -3.23B | -2.90B | -2.59B | -1.90B |
| Cash Acquisitions | -89.00M | -395.00M | -7.49B | -170.00M | -377.00M | -75.00M |
| Divestitures | 92.00M | 121.00M | 158.00M | 78.00M | 27.00M | 96.00M |
| Other Investing Activities | -104.00M | -65.00M | -40.00M | -104.00M | -126.00M | -11.00M |
| Investing Cash Flow | -2.93B | -3.57B | -10.60B | -3.09B | -3.06B | -1.89B |
| Long-Term Debt Issued | 20.41B | 24.58B | 21.31B | 8.69B | 7.95B | |
| Total Debt Issued | 24.10B | 20.41B | 24.58B | 21.31B | 8.69B | 7.95B |
| Long-Term Debt Repaid | -21.75B | -17.87B | -20.39B | -7.33B | -8.40B | |
| Net Debt Issued (Repaid) | -541.00M | -1.33B | 6.71B | 912.00M | 1.36B | -456.00M |
| Issuance of Common Stock | 48.00M | 61.00M | 53.00M | 44.00M | 44.00M | 66.00M |
| Repurchase of Common Stock | -1.62B | -51.00M | -314.00M | -1.33B | -1.54B | -1.38B |
| Common Dividends Paid | -1.47B | -1.33B | -1.21B | -1.14B | -1.08B | -970.00M |
| Other Financing Activities | -18.00M | -16.00M | -82.00M | -11.00M | -4.00M | -162.00M |
| Financing Cash Flow | -3.61B | -2.67B | 5.16B | -1.52B | -1.22B | -2.90B |
| Foreign Exchange Rate Adjustments | -6.00M | 6.00M | -9.00M | 3.00M | -6.00M | 2.00M |
| Net Cash Flow | 24.00M | -190.00M | -65.00M | 107.00M | 251.00M | -454.00M |
| Free Cash Flow | 3.74B | 2.82B | 2.16B | 1.82B | 1.95B | 2.43B |
| Free Cash Flow Margin | 14.35% | 11.17% | 9.79% | 8.93% | 9.89% | 13.57% |
| Free Cash Flow Per Share | 9.28 | 6.97 | 5.35 | 4.48 | 4.70 | 5.75 |
| Levered Free Cash Flow | 2.48B | 1.73B | 1.37B | 1.11B | 1.80B | 2.23B |
| Unlevered Free Cash Flow | 3.05B | 2.30B | 1.74B | 1.42B | 2.03B | 2.46B |
| Cash Interest Paid | 927.00M | 927.00M | 530.00M | 447.00M | 348.00M | 387.00M |
| Cash Income Tax Paid | 494.00M | 494.00M | 645.00M | 633.00M | 736.00M | 370.00M |
| Change in Working Capital | -221.00M | -513.00M | -24.00M | -251.00M | -145.00M | 126.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 92.83B | 88.51B | 80.99B | 72.14B | 64.40B | 69.82B |
| Enterprise Value | 115.99B | 111.70B | 97.02B | 87.43B | 78.32B | 82.75B |
| Last Close Price | 233.45 | 216.94 | 196.32 | 171.78 | 147.84 | 154.79 |
| PE Ratio | 30.64 | 32.69 | 29.49 | 31.31 | 28.77 | 38.45 |
| Forward PE | 27.14 | 27.23 | 25.74 | 27.40 | 26.22 | 30.82 |
| PS Ratio | 3.56 | 3.51 | 3.67 | 3.53 | 3.27 | 3.89 |
| PB Ratio | 9.41 | 8.86 | 9.81 | 10.46 | 9.38 | 9.80 |
| P/FCF Ratio | 24.82 | 31.43 | 37.51 | 39.55 | 33.04 | 28.68 |
| P/OCF Ratio | 14.14 | 14.65 | 15.03 | 15.29 | 14.20 | 16.09 |
| PEG Ratio | 2.82 | 2.54 | 2.08 | 2.28 | 2.24 | 2.34 |
| EV/Sales Ratio | 4.45 | 4.43 | 4.40 | 4.28 | 3.98 | 4.62 |
| EV/EBITDA Ratio | 14.70 | 14.78 | 14.75 | 14.83 | 14.33 | 16.70 |
| EV/EBIT Ratio | 23.52 | 23.79 | 22.52 | 22.87 | 22.85 | 27.98 |
| EV/FCF Ratio | 31.01 | 39.67 | 44.94 | 47.94 | 40.19 | 34.00 |
| Debt / Equity Ratio | 2.37 | 2.39 | 3.02 | 2.43 | 2.26 | 1.96 |
| Debt / EBITDA Ratio | 2.82 | 2.99 | 3.65 | 2.75 | 2.75 | 2.73 |
| Debt / FCF Ratio | 6.26 | 8.49 | 11.55 | 9.18 | 7.96 | 5.72 |
| Net Debt / Equity Ratio | 2.35 | 2.37 | 2.97 | 2.36 | 2.21 | 1.94 |
| Net Debt / EBITDA Ratio | 2.94 | 3.14 | 3.73 | 2.76 | 2.77 | 2.79 |
| Net Debt / FCF Ratio | 6.19 | 8.42 | 11.36 | 8.93 | 7.78 | 5.67 |
| Asset Turnover | 0.57 | 0.56 | 0.57 | 0.64 | 0.65 | 0.61 |
| Inventory Turnover | 67.28 | 69.66 | 70.62 | 74.81 | 82.23 | 85.80 |
| Quick Ratio | 0.72 | 0.77 | 0.66 | 0.79 | 0.71 | 0.65 |
| Current Ratio | 0.82 | 0.89 | 0.76 | 0.90 | 0.81 | 0.75 |
| Return on Equity (ROE) | 31.68% | 29.70% | 36.24% | 33.08% | 32.02% | 24.93% |
| Return on Assets (ROA) | 6.69% | 6.49% | 6.96% | 7.45% | 7.09% | 6.33% |
| Return on Invested Capital (ROIC) | 11.83% | 11.17% | 12.22% | 12.74% | 12.25% | 10.85% |
| Return on Capital Employed (ROCE) | 12.30% | 11.60% | 11.20% | 13.40% | 12.70% | 11.80% |
| Earnings Yield | 3.26% | 3.06% | 3.39% | 3.19% | 3.48% | 2.60% |
| FCF Yield | 4.03% | 3.18% | 2.67% | 2.53% | 3.03% | 3.49% |
| Dividend Yield | 1.62% | 1.50% | 1.49% | 1.56% | 1.65% | 1.37% |
| Payout Ratio | 49.61% | 49.26% | 44.06% | 49.31% | 48.12% | 53.41% |
| Buyback Yield / Dilution | 0.29% | -0.20% | 0.86% | 1.95% | 1.87% | 0.52% |
| Total Shareholder Return | 1.90% | 1.30% | 2.35% | 3.51% | 3.52% | 1.89% |