Waste Management (WM) FY2018 results: revenue $14.9 billion, up 3.0% on the year
Waste Management Inc. (WM) reported revenue of $14.9 billion for fiscal 2018, the year ended 31 December 2018, up 3.0% on the year before. Net income was $1.9 billion, down 1.2%, and diluted earnings per share $4.45. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2019.
Revenue
$14.9 billion
+3.0% on the year
FY2011FY2018
Operating margin
18.7%
18.2% a year earlier
FY2011FY2018
Net income
$1.9 billion
-1.2% on the year
FY2011FY2018
Diluted EPS
$4.45
+0.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
14,914
14,485
13,609
+3.0%
Cost of revenue
9,249
9,021
8,486
+2.5%
Gross profit
5,665
5,464
5,123
+3.7%
Gross margin
38.0%
37.7%
37.6%
Selling, general and administrative
1,453
1,468
1,410
-1.0%
Operating income
2,789
2,636
2,296
+5.8%
Operating margin
18.7%
18.2%
16.9%
Interest expense
374
363
376
+3.0%
Pre-tax income
2,376
2,191
1,822
+8.4%
Income tax
453
242
642
+87.2%
Effective tax rate
19.1%
11.0%
35.2%
Net income
1,925
1,949
1,182
-1.2%
Net margin
12.9%
13.5%
8.7%
Diluted EPS
$4.45
$4.41
$2.65
+0.9%
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
3,570
3,180
3,006
+12.3%
Capital expenditure
1,694
1,509
1,339
+12.3%
Free cash flow
1,876
1,671
1,667
+12.3%
Free cash flow margin
12.6%
11.5%
12.2%
Cash from investing
-2,169
-1,620
-1,932
Cash from financing
-1,508
-1,361
-1,084
Depreciation and amortisation
1,477
1,376
1,301
+7.3%
Share-based compensation
89.0
101
90.0
-11.9%
Buybacks
1,004
750
725
+33.9%
Dividends paid
802
750
726
+6.9%
Dividend per share
$1.86
$1.70
$1.64
+9.4%
Diluted shares, weighted
432m
442m
446m
-2.2%
Shares outstanding at period end
424m
433m
439m
-2.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
6,275
6,019
5,297
+4.3%
Non-controlling interest
1.0
23.0
23.0
-95.7%
Debt
10,026
9,491
9,310
+5.6%
Other liabilities
6,348
6,296
6,229
+0.8%
Total liabilities and equity
22,650
21,829
20,859
+3.8%
Fixed assets
11,942
11,559
10,950
+3.3%
Goodwill
6,430
6,247
6,215
+2.9%
Intangible assets
572
547
591
+4.6%
Cash and equivalents
61.0
22.0
32.0
+177.3%
Receivables
1,931
1,805
1,700
+7.0%
Other assets
1,714
1,649
1,371
+3.9%
Total assets
22,650
21,829
20,859
+3.8%
10-K for the year ended 31 December 2018, filed 14 February 2019: the filing.