Waste Management (WM) FY2019 results: revenue $15.5 billion, up 3.6% on the year
Waste Management Inc. (WM) reported revenue of $15.5 billion for fiscal 2019, the year ended 31 December 2019, up 3.6% on the year before. Net income was $1.7 billion, down 13.2%, and diluted earnings per share $3.91. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2020.
Revenue
$15.5 billion
+3.6% on the year
FY2012FY2019
Operating margin
17.5%
18.7% a year earlier
FY2012FY2019
Net income
$1.7 billion
-13.2% on the year
FY2012FY2019
Diluted EPS
$3.91
-12.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
15,455
14,914
14,485
+3.6%
Cost of revenue
9,496
9,249
9,021
+2.7%
Gross profit
5,959
5,665
5,464
+5.2%
Gross margin
38.6%
38.0%
37.7%
Selling, general and administrative
1,631
1,453
1,468
+12.3%
Operating income
2,706
2,789
2,636
-3.0%
Operating margin
17.5%
18.7%
18.2%
Interest expense
411
374
363
+9.9%
Pre-tax income
2,105
2,376
2,191
-11.4%
Income tax
434
453
242
-4.2%
Effective tax rate
20.6%
19.1%
11.0%
Net income
1,670
1,925
1,949
-13.2%
Net margin
10.8%
12.9%
13.5%
Diluted EPS
$3.91
$4.45
$4.41
-12.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,874
3,570
3,180
+8.5%
Capital expenditure
1,818
1,694
1,509
+7.3%
Free cash flow
2,056
1,876
1,671
+9.6%
Free cash flow margin
13.3%
12.6%
11.5%
Cash from investing
-2,376
-2,169
-1,620
Cash from financing
1,964
-1,508
-1,361
Depreciation and amortisation
1,574
1,477
1,376
+6.6%
Share-based compensation
86.0
89.0
101
-3.4%
Buybacks
248
1,004
750
-75.3%
Dividends paid
876
802
750
+9.2%
Dividend per share
$2.05
$1.86
$1.70
+10.2%
Diluted shares, weighted
428m
432m
442m
-1.1%
Shares outstanding at period end
424m
424m
433m
+0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,068
6,275
6,019
+12.6%
Non-controlling interest
2.0
1.0
23.0
+100.0%
Debt
13,498
10,026
9,491
+34.6%
Operating lease liabilities
366
n/a
n/a
Finance lease liabilities
323
n/a
n/a
Other liabilities
6,486
6,348
6,296
+2.2%
Total liabilities and equity
27,743
22,650
21,829
+22.5%
Fixed assets
12,893
11,942
11,559
+8.0%
Goodwill
6,532
6,430
6,247
+1.6%
Intangible assets
521
572
547
-8.9%
Cash and equivalents
3,561
61.0
22.0
+5,737.7%
Receivables
1,949
1,931
1,805
+0.9%
Other assets
2,287
1,714
1,649
+33.4%
Total assets
27,743
22,650
21,829
+22.5%
10-K for the year ended 31 December 2019, filed 13 February 2020: the filing.