Waste Management (WM) Q1 FY2022 earnings: revenue $4.7 billion, up 13.4% on the year

Waste Management Inc. (WM) reported revenue of $4.7 billion for Q1 FY2022, the quarter ended 31 March 2022, up 13.4% on the same quarter a year earlier as this quarter's filing gives it. Net income was $513 million, up 21.9% on the year as this quarter's filing gives it, and diluted earnings per share $1.23. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2022.

Revenue

$4.7 billion

+13.4% on the year · -0.4% on the quarter

Q2 FY2020Q1 FY2022

Operating margin

16.5%

15.8% a year earlier

Q2 FY2020Q1 FY2022

Net income

$513 million

+21.9% on the year · +1.4% on the quarter

Q2 FY2020Q1 FY2022

Diluted EPS

$1.23

+24.2% on the year · +3.4% on the quarter

Q2 FY2020Q1 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q1 FY2022	Q4 FY2021	Q1 FY2021	On the quarter	On the year
Revenue	4,661	4,678	4,112	-0.4%	+13.4%
Cost of revenue	2,903	2,955	n/a	-1.8%
Gross profit	1,758	1,723	n/a	+2.0%
Gross margin	37.7%	36.8%	n/a
Selling, general and administrative	491	492	n/a	-0.2%
Operating income	768	718	650	+7.0%	+18.2%
Operating margin	16.5%	15.3%	15.8%
Interest expense	85.0	83.0	n/a	+2.4%
Pre-tax income	671	642	n/a	+4.5%
Income tax	157	136	n/a	+15.4%
Effective tax rate	23.4%	21.2%	n/a
Net income	513	506	421	+1.4%	+21.9%
Net margin	11.0%	10.8%	n/a
Diluted EPS	$1.23	$1.19	$0.99	+3.4%	+24.2%

$ million except per share.

Fourth quarters are the year less the first three 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.

Cash flow

$ million	Q1 FY2022	Q4 FY2021	Q1 FY2021	On the quarter	On the year
Operating cash flow	1,258	991	n/a	+26.9%
Capital expenditure	418	774	n/a	-46.0%
Free cash flow	840	217	n/a	+287.1%
Free cash flow margin	18.0%	4.6%	n/a
Cash from investing	-572	-788	n/a
Cash from financing	-635	-214	n/a
Depreciation and amortisation	482	510	472	-5.5%	+2.1%
Share-based compensation	25.0	27.0	n/a	-7.4%
Buybacks	250	350	n/a	-28.6%
Dividends paid	275	240	n/a	+14.6%
Dividend per share	$0.65	n/a	n/a
Diluted shares, weighted	418m	423m	424m	-1.2%	-1.5%
Shares outstanding at period end	415m	416m	422m	-0.2%	-1.6%

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

Balance sheet

$ million	Q1 FY2022	Q4 FY2021	Q1 FY2021	On the quarter	On the year
Shareholders' equity	7,144	7,124	7,427	+0.3%	-3.8%
Non-controlling interest	2.0	2.0	n/a	0.0%
Debt	13,487	13,405	13,244	+0.6%	+1.8%
Operating lease liabilities	n/a	459	n/a
Finance lease liabilities	n/a	291	n/a
Other liabilities	8,586	7,816	n/a	+9.9%
Total liabilities and equity	29,219	29,097	n/a	+0.4%
Goodwill	9,034	9,028	n/a	+0.1%
Intangible assets	868	898	n/a	-3.3%
Cash and equivalents	155	118	476	+31.4%	-67.4%
Receivables	2,334	2,278	n/a	+2.5%
Other assets	16,828	16,775	n/a	+0.3%
Total assets	29,219	29,097	n/a	+0.4%

Questions

What was Waste Management's revenue in Q1 FY2022?

Waste Management (WM) reported revenue of $4.7 billion for Q1 FY2022, the quarter ended 31 March 2022, up 13.4% on the same quarter a year earlier as the company restated it.

How much did Waste Management earn in Q1 FY2022?

Net income for Q1 FY2022 was $513 million, up 21.9% on the year, and diluted earnings per share $1.23.

When did Waste Management report Q1 FY2022 results?

Waste Management filed its 10-Q for the quarter ended 31 March 2022 with the SEC on 26 April 2022.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,678	4,661	5,027	5,075	4,935	4,892	5,119	5,198	5,217	5,159	5,402	5,609	5,893	6,018	6,430	6,443	6,313	6,227	6,684	6,846
Cost of revenue	2,955	2,903	3,142	3,156	3,093	3,086	3,186	3,188	3,146	3,140	3,291	3,399	3,553	3,612	3,803	3,798	3,693	3,694	3,955	4,093
Gross profit	1,723	1,758	1,885	1,919	1,842	1,806	1,933	2,010	2,071	2,019	2,111	2,210	2,340	2,406	2,627	2,645	2,620	2,533	2,729	2,753
Gross margin	37%	38%	37%	38%	37%	37%	38%	39%	40%	39%	39%	39%	40%	40%	41%	41%	42%	41%	41%	40%
SG&A	492	491	487	473	487	476	467	470	513	491	501	525	747	687	696	665	674	707	683	655
Operating income	718	768	890	942	765	825	944	1,021	785	1,016	1,009	1,119	919	1,013	1,151	989	1,155	1,113	1,253	1,279
Operating margin	15%	16%	18%	19%	16%	17%	18%	20%	15%	20%	19%	20%	16%	17%	18%	15%	18%	18%	19%	19%
Interest expense	83.0	85.0	93.0	91.0	109	120	125	127	128	130	136	131	201	232	232	225	223	225	233	237
Pre-tax income	642	671	776	828	643	696	809	872	644	869	894	995	700	788	928	775	935	891	1,024	1,044
Tax rate	21%	23%	24%	23%	22%	24%	24%	24%	27%	19%	24%	24%	15%	19%	22%	22%	21%	19%	23%	21%
Net income	506	513	587	639	499	533	615	663	493	708	680	760	598	637	726	603	742	723	785	820
Net margin	11%	11%	12%	13%	10%	11%	12%	13%	9%	14%	13%	14%	10%	11%	11%	9%	12%	12%	12%	12%
Diluted EPS	$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	$2.05
Operating cash flow	991	1,258	1,047	1,182	1,049	1,044	1,030	1,263	1,382	1,367	1,154	1,358	1,511	1,208	1,545	1,592	1,698	1,501	1,726	1,640
Capital expenditure	774	418	550	757	862	660	520	673	1,042	668	667	781	1,115	831	732	776	888	650	630	657
Free cash flow	217	840	497	425	187	384	510	590	340	699	487	577	396	377	813	816	810	851	1,096	983
Buybacks	350	250	270	541	439	350	270	370	312	250	12.0	0.0	0.0	n/a	n/a	n/a	n/a	344	659	580
Dividends paid	240	275	269	267	266	289	283	283	281	307	301	301	301	336	333	332	333	385	379	377
Shares outstanding	416m	415m	413m	410m	408m	407m	405m	403m	402m	401m	401m	401m	402m	402m	403m	403m	403m	402m	400m	398m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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 31 March 2022, filed 26 April 2022: the filing.