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Waste Management (WM) Q3 FY2021 earnings: revenue $4.7 billion, up 20.8% on the year

Waste Management Inc. (WM) reported revenue of $4.7 billion for Q3 FY2021, the quarter ended 30 September 2021, up 20.8% on the same quarter a year earlier. Net income was $538 million, up 37.9% on the year, and diluted earnings per share $1.28. The figures are the company's own, from the 10-Q it filed with the SEC on 26 October 2021.

Revenue$4.7 billionup 20.8%
Net income$538 millionup 37.9%
Diluted EPS$1.28
QuarterQ3 FY2021ended 30 September 2021

The quarter, against the one before and a year earlier

LineQ3 FY2021Quarter beforeA year earlierChange on the year
Revenue4,665n/an/an/a
Cost of revenue2,906n/an/an/a
Gross profit1,759n/an/an/a
Gross margin37.7%n/an/a
Selling, general and administrative469n/an/an/a
Operating income806n/an/an/a
Operating margin17.3%n/an/a
Pre-tax income706n/an/an/a
Income tax167n/an/an/a
Effective tax rate23.7%n/an/a
Net income538n/an/an/a
Net margin11.5%n/an/a
Diluted EPS$1.28n/an/an/a
$ 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 and capital returned

LineQ3 FY2021Quarter beforeA year earlierChange on the year
Operating cash flow1,184n/an/an/a
Capital expenditure464n/an/an/a
Free cash flow720n/an/an/a
Free cash flow margin15.4%n/an/a
Cash from investing-398n/an/an/a
Cash from financing-876n/an/an/a
Depreciation and amortisation517n/an/an/a
Share-based compensation36.0n/an/an/a
Buybacks500n/an/an/a
Dividends paid241n/an/an/a
Dividend per share$0.57n/an/an/a
Diluted shares, weighted422mn/an/an/a
Shares outstanding at period end418mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2021Quarter beforeA year earlierChange on the year
Shareholders' equity7,172n/an/an/a
Non-controlling interest2.0n/an/an/a
Debt13,047n/an/an/a
Other liabilities8,620n/an/an/a
Total liabilities and equity28,841n/an/an/a
Goodwill9,006n/an/an/a
Intangible assets919n/an/an/a
Cash and equivalents116n/an/an/a
Receivables2,323n/an/an/a
Other assets16,477n/an/an/a
Total assets28,841n/an/an/a

Questions

What was Waste Management's revenue in Q3 FY2021?

Waste Management (WM) reported revenue of $4.7 billion for Q3 FY2021, the quarter ended 30 September 2021, up 20.8% on the same quarter a year earlier.

How much did Waste Management earn in Q3 FY2021?

Net income for Q3 FY2021 was $538 million, up 37.9% on the year, and diluted earnings per share $1.28.

When did Waste Management report Q3 FY2021 results?

Waste Management filed its 10-Q for the quarter ended 30 September 2021 with the SEC on 26 October 2021.

Quarterly results, the last 20 quarters

Q3 FY2021Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025 †Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue4,6654,6784,6615,0275,0754,9354,8925,1195,1985,2175,1595,4025,6095,8936,0186,4306,4436,3136,2276,684
Cost of revenue2,9062,9552,9033,1423,1563,0933,0863,1863,1883,1463,1403,2913,3993,5533,6123,8033,8333,6933,6943,955
Gross profit1,7591,7231,7581,8851,9191,8421,8061,9332,0102,0712,0192,1112,2102,3402,4062,6272,6102,6202,5332,729
Gross margin38%37%38%37%38%37%37%38%39%40%39%39%39%40%40%41%41%42%41%41%
SG&A469492491487473487476467470513491501525747687696665674707683
Operating income8067187688909427658259441,0217851,0161,0091,1199191,0131,1519891,1551,1131,253
Operating margin17%15%16%18%19%16%17%18%20%15%20%19%20%16%17%18%15%18%18%19%
Pre-tax income7066426717768286436968098726448698949957007889287759358911,024
Tax rate24%21%23%24%23%22%24%24%24%27%19%24%24%15%19%22%22%21%19%23%
Net income538506513587639499533615663493708680760598637726603742723785
Net margin12%11%11%12%13%10%11%12%13%9%14%13%14%10%11%11%9%12%12%12%
Diluted EPS$1.28$1.19$1.23$1.41$1.54$1.21$1.30$1.51$1.63$1.22$1.75$1.69$1.88$1.48$1.58$1.80$1.49$1.83$1.79$1.95
Operating cash flow1,1849911,2581,0471,1821,0491,0441,0301,2631,3821,3671,1541,3581,5111,2081,5451,5921,6981,5011,726
Capital expenditure4647744185507578626605206731,0426686677811,115831732776888650630
Free cash flow7202178404974251873845105903406994875773963778138168108511,096
Buybacks50035025027054143935027037031225012.00.00.0n/an/an/an/a344659
Dividends paid241240275269267266289283283281307301301301336333332333385379
Shares outstanding418m416m415m413m410m408m407m405m403m402m401m401m401m402m402m403m403m403m402m400m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-Q for the period ended 30 September 2021, filed 26 October 2021: the filing.