Waste Management (WM) FY2020 results: revenue $15.2 billion, down 1.5% on the year
Waste Management Inc. (WM) reported revenue of $15.2 billion for fiscal 2020, the year ended 31 December 2020, down 1.5% on the year before. Net income was $1.5 billion, down 10.4%, and diluted earnings per share $3.52. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$15.2 billion
-1.5% on the year
FY2013FY2020
Operating margin
16.0%
17.5% a year earlier
FY2013FY2020
Net income
$1.5 billion
-10.4% on the year
FY2013FY2020
Diluted EPS
$3.52
-10.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
15,218
15,455
14,914
-1.5%
Cost of revenue
9,341
9,496
9,249
-1.6%
Gross profit
5,877
5,959
5,665
-1.4%
Gross margin
38.6%
38.6%
38.0%
Selling, general and administrative
1,728
1,631
1,453
+5.9%
Operating income
2,434
2,706
2,789
-10.1%
Operating margin
16.0%
17.5%
18.7%
Interest expense
425
411
374
+3.4%
Pre-tax income
1,893
2,105
2,376
-10.1%
Income tax
397
434
453
-8.5%
Effective tax rate
21.0%
20.6%
19.1%
Net income
1,496
1,670
1,925
-10.4%
Net margin
9.8%
10.8%
12.9%
Diluted EPS
$3.52
$3.91
$4.45
-10.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,403
3,874
3,570
-12.2%
Capital expenditure
1,632
1,818
1,694
-10.2%
Free cash flow
1,771
2,056
1,876
-13.9%
Free cash flow margin
11.6%
13.3%
12.6%
Cash from investing
-4,847
-2,376
-2,169
Cash from financing
-1,559
1,964
-1,508
Depreciation and amortisation
1,671
1,574
1,477
+6.2%
Share-based compensation
94.0
86.0
89.0
+9.3%
Buybacks
402
248
1,004
+62.1%
Dividends paid
927
876
802
+5.8%
Dividend per share
$2.18
$2.05
$1.86
+6.3%
Diluted shares, weighted
425m
428m
432m
-0.6%
Shares outstanding at period end
423m
424m
424m
-0.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
7,452
7,068
6,275
+5.4%
Non-controlling interest
2.0
2.0
1.0
0.0%
Debt
13,810
13,498
10,026
+2.3%
Operating lease liabilities
453
366
n/a
+23.8%
Finance lease liabilities
314
323
n/a
-2.8%
Other liabilities
7,314
6,486
6,348
+12.8%
Total liabilities and equity
29,345
27,743
22,650
+5.8%
Fixed assets
n/a
12,893
11,942
Goodwill
8,994
6,532
6,430
+37.7%
Intangible assets
1,024
521
572
+96.5%
Cash and equivalents
553
3,561
61.0
-84.5%
Receivables
2,097
1,949
1,931
+7.6%
Other assets
16,677
2,287
1,714
+629.2%
Total assets
29,345
27,743
22,650
+5.8%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.