Waste Management Inc. (WM)

Name: Waste Management Inc. (WM): results, filings decoded, planned insider sales, 13F holders, insiders, Congress and short interest
Creator: GreekSoup
License: https://creativecommons.org/licenses/by/4.0/

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Waste Management Inc. (WM) reported revenue of $6.7 billion for Q2 FY2026, the quarter ended 30 June 2026, up 4.0% on the same quarter a year earlier. Net income was $785 million, up 8.1% on the year, and diluted earnings per share $1.95. The figures are the company's own, from the 10-Q it filed with the SEC on 29 July 2026.

Revenue$6.7 billionup 4.0%

Net income$785 millionup 8.1%

Diluted EPS$1.95

QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE28.7%

ROCE14.0%

Operating margin17.6%

Net margin11.1%

FCF margin13.9%

Interest covern/a

Debt to equity2.24

Cash conversion2.28

Share count, 1 year-0.6%

Sales CAGR, 3 years8.6%

Profit CAGR, 3 years6.6%

EPS, TTM$7.06

At the close of 21 September 2026

Price$207.04

Market cap$82.8 billion

Stock P/E29.33

Price to book8.34

EV / EBITDA13.90

Dividend yield1.6%

Market cap / sales3.23

52-week high$246.51

52-week low$196.77

Price, 1 year-4.3%

Price CAGR, 3 years9.8%

Price CAGR, 5 years6.2%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on the one borrowings figure Waste Management Inc. files, which has finance leases inside it; operating leases are a separate line. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

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50-day average 200-day average Volume

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on WM

Filings	20 in twelve months: 11 current reports (8-K), about 4 officer or director change; 4 results of operations; 1 regulation fd disclosure; 1 shareholder vote; 1 material agreement
Planned insider sales	34 Form 144 notices in twelve months, $24.4 million; latest 4 September 2026
Options tape	put/call 0.89 by open interest on 23 September 2026; the straddle prices a 4.0% move to 16 October 2026
Holders	11 of the followed funds hold it; largest Bill & Melinda Gates Foundation Trust; 3 Schedule 13D or 13G filings in twelve months
Insider trading	35 sales and 0 purchases on Form 4 in twelve months
Congress	0 House trades disclosed in six months
Short interest	5.8 million shares short, 2.79 days to cover at 31 August 2026
Documents	the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	5,198	5,217	5,159	5,402	5,609	5,893	6,018	6,430	6,443	6,313	6,227	6,684
Cost of revenue	3,188	3,146	3,140	3,291	3,399	3,553	3,647	3,839	3,833	3,693	3,694	3,955
Gross profit	2,010	2,071	2,019	2,111	2,210	2,340	2,371	2,591	2,610	2,620	2,533	2,729
Gross margin	39%	40%	39%	39%	39%	40%	39%	40%	41%	42%	41%	41%
SG&A	470	513	491	501	525	747	687	696	665	674	707	683
Operating income	1,021	785	1,016	1,009	1,119	919	1,013	1,151	989	1,155	1,113	1,253
Operating margin	20%	15%	20%	19%	20%	16%	17%	18%	15%	18%	18%	19%
Pre-tax income	872	644	869	894	995	700	788	928	775	935	891	1,024
Tax rate	24%	27%	19%	24%	24%	15%	19%	22%	22%	21%	19%	23%
Net income	663	493	708	680	760	598	637	726	603	742	723	785
Net margin	13%	9%	14%	13%	14%	10%	11%	11%	9%	12%	12%	12%
Diluted EPS	$1.63	$1.22	$1.75	$1.69	$1.88	$1.49	$1.58	$1.80	$1.49	$1.83	$1.79	$1.95
Operating cash flow	1,263	1,382	1,367	1,154	1,358	1,511	1,208	1,545	1,592	1,698	1,501	1,726
Capital expenditure	673	1,042	668	667	781	1,115	831	732	776	888	650	630
Free cash flow	590	340	699	487	577	396	377	813	816	810	851	1,096
Buybacks	370	312	250	12.0	0.0	0.0	n/a	n/a	n/a	n/a	344	659
Dividends paid	283	281	307	301	301	301	336	333	332	333	385	379
Shares outstanding	403m	402m	401m	401m	401m	402m	402m	403m	403m	403m	402m	400m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

	FY2014 †	FY2015 †	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	TTM
Revenue	13,996	12,961	13,609	14,485	14,914	15,455	15,218	17,931	19,698	20,426	22,063	25,204	25,667
Cost of revenue	9,002	8,231	8,486	9,021	9,249	9,496	9,341	11,111	12,294	12,606	13,383	15,012	15,175
Gross profit	4,994	4,730	5,123	5,464	5,665	5,959	5,877	6,820	7,404	7,820	8,680	10,192	10,492
Gross margin	35.7%	36.5%	37.6%	37.7%	38.0%	38.6%	38.6%	38.0%	37.6%	38.3%	39.3%	40.4%	40.9%
Selling, general and administrative	1,481	1,343	1,410	1,468	1,453	1,631	1,728	1,864	1,938	1,926	2,264	2,722	2,729
Operating income	2,299	2,045	2,296	2,636	2,789	2,706	2,434	2,965	3,365	3,575	4,063	4,308	4,510
Operating margin	16.4%	15.8%	16.9%	18.2%	18.7%	17.5%	16.0%	16.5%	17.1%	17.5%	18.4%	17.1%	17.6%
Pre-tax income	1,751	1,060	1,822	2,191	2,376	2,105	1,893	2,349	2,918	3,021	3,458	3,426	3,625
Income tax	413	308	642	242	453	434	397	532	678	745	713	717	771
Effective tax rate	23.6%	29.1%	35.2%	11.0%	19.1%	20.6%	21.0%	22.6%	23.2%	24.7%	20.6%	20.9%	21.3%
Net income	1,298	753	1,182	1,949	1,925	1,670	1,496	1,816	2,238	2,304	2,746	2,708	2,853
Net margin	9.3%	5.8%	8.7%	13.5%	12.9%	10.8%	9.8%	10.1%	11.4%	11.3%	12.4%	10.7%	11.1%
Diluted EPS	$2.79	$1.65	$2.65	$4.41	$4.45	$3.91	$3.52	$4.29	$5.39	$5.66	$6.81	$6.70	$7.06
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

	FY2014 †	FY2015 †	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	TTM
Operating cash flow	n/a	2,528	3,006	3,180	3,570	3,874	3,403	4,338	4,536	4,719	5,390	6,043	6,517
Capital expenditure	1,181	1,229	1,347	1,568	1,671	1,815	1,585	2,039	2,809	2,895	3,231	3,227	2,944
Free cash flow	n/a	1,299	1,659	1,612	1,899	2,059	1,818	2,299	1,727	1,824	2,159	2,816	3,573
Free cash flow margin	n/a	10.0%	12.2%	11.1%	12.7%	13.3%	11.9%	12.8%	8.8%	8.9%	9.8%	11.2%	13.9%
Depreciation and amortisation	1,292	1,245	1,301	1,376	1,477	1,574	1,671	1,999	2,038	2,071	2,267	2,863	3,011
Share-based compensation	65.0	72.0	90.0	101	89.0	86.0	94.0	108	84.0	93.0	118	169	175
Buybacks	600	600	725	750	1,004	248	402	1,350	1,500	1,302	262	n/a	n/a
Dividends paid	693	695	726	750	802	876	927	970	1,077	1,136	1,210	1,334	1,429
Dividend per share	$1.50	$1.54	$1.64	$1.70	$1.86	$2.05	$2.18	$2.30	$2.60	$2.80	$3.00	$3.30	n/a
Diluted shares, weighted	466m	456m	446m	442m	432m	428m	425m	423m	415m	407m	403m	404m	402m
Shares outstanding at period end	458m	447m	439m	433m	424m	424m	423m	416m	408m	402m	402m	403m	400m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

	FY2014 †	FY2015 †	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	TTM
Total assets	21,252	20,367	20,859	21,829	22,650	27,743	29,345	29,097	31,367	32,823	44,567	45,835	46,441
Cash and equivalents	1,307	39.0	32.0	22.0	61.0	3,561	553	118	351	458	414	201	557
Receivables	1,587	1,549	1,700	1,805	1,931	1,949	2,097	2,278	2,461	2,633	3,272	3,435	3,495
Goodwill	5,740	5,984	6,215	6,247	6,430	6,532	8,994	9,028	9,323	9,254	13,438	13,880	14,001
Long-term debt including finance leases	8,345	8,676	8,893	8,752	9,594	13,280	13,259	12,697	14,570	15,895	22,541	22,196	22,281
Operating lease liabilities	n/a	n/a	n/a	n/a	n/a	366	453	459	460	452	878	845	n/a
Finance lease liabilities	n/a	n/a	n/a	n/a	n/a	323	314	291	258	321	374	477	n/a
Shareholders' equity	5,866	5,345	5,297	6,019	6,275	7,068	7,452	7,124	6,849	6,903	8,252	9,990	9,925
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

	10 years	5 years	3 years	TTM
Sales growth, compounded	6.9%	10.6%	8.6%	7.2%
Profit growth, compounded	13.7%	12.6%	6.6%	4.9%
Return on equity, average	28.1%	30.4%	31.3%	27.1%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Refuse Systems

Company	Market cap	P/E	ROE	Op. margin	Sales growth TTM	Debt to equity	Div. yield
Waste Management Inc. WM	$82.8 billion	29.33	28.7%	17.6%	7.2%	2.24	1.6%
Republic Services, Inc. RSG	$65.5 billion	30.30	18.2%	17.4%	2.9%	1.12	1.2%

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

Filing	Period	Filed	Where
10-Q	30 June 2026	29 July 2026	EDGAR
10-Q	31 March 2026	29 April 2026	EDGAR
10-K	31 December 2025	9 February 2026	EDGAR
10-Q	30 September 2025	28 October 2025	EDGAR
10-Q	30 June 2025	29 July 2025	EDGAR
10-Q	31 March 2025	29 April 2025	EDGAR
10-K	31 December 2024	19 February 2025	EDGAR
10-Q	30 September 2024	28 October 2024	EDGAR
10-Q	30 June 2024	25 July 2024	EDGAR
10-Q	31 March 2024	25 April 2024	EDGAR

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