Overview
WASTE MANAGEMENT INC
Latest 10-K: FY2025, filed Feb 9, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $25.20B
- 14.2%YoYup from FY2024
- TotalRevenue
- Gross profit
- $10.19B
- 17.4%YoYup from FY2024
- GrossProfit
- Operating income
- $4.31B
- 6.0%YoYup from FY2024
- OperatingIncome
- Net income
- $2.71B
- 1.4%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $6.70
- 1.6%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 404.2M
- 0.2%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- WASTE MANAGEMENT INC reported revenue of $25.20B for fiscal 2025, up 14.2% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 17.1% and net margin was 10.7%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $6.70, down 1.6% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $25.20B14.2%up Benchmark median 6.4% | $22.06B8.0%up Benchmark median 4.5% | $20.43B3.7%up Benchmark median 4.8% | $19.70B9.9%up Benchmark median 10.3% | $17.93B17.8%up Benchmark median 13.8% | 8.9% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $10.19B17.4%up Benchmark median 6.8% | $8.68B11.0%up Benchmark median 5.5% | $7.82B5.6%up Benchmark median 5.2% | $7.40B8.6%up Benchmark median 8.3% | $6.82B16.0%up Benchmark median 15.7% | 10.6% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $4.31B6.0%up Benchmark median 7.3% | $4.06B13.7%up Benchmark median 7.4% | $3.58B6.2%up Benchmark median 4.9% | $3.37B13.5%up Benchmark median 7.5% | $2.96B21.8%up Benchmark median 23.5% | 9.8% Benchmark median 7.2% |
| Net Income | $2.71B1.4%down Benchmark median 4.8% | $2.75B19.2%up Benchmark median 5.7% | $2.30B2.9%up Benchmark median 1.9% | $2.24B23.2%up Benchmark median 1.3% | $1.82B21.4%up Benchmark median 33.9% | 10.5% Benchmark median 4.1% |
| EPS (Diluted) | $6.701.6%down Benchmark median 6.2% | $6.8120.3%up Benchmark median 7.9% | $5.665.0%up Benchmark median 1.9% | $5.3925.6%up Benchmark median 1.5% | $4.2921.9%up Benchmark median 34.8% | 11.8% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $45.84B2.8%up Benchmark median 5.6% | $44.57B35.8%up Benchmark median 3.4% | $32.82B4.6%up Benchmark median 4.1% | $31.37B7.8%up Benchmark median 2.2% | $29.10B0.8%down Benchmark median 6.7% | 12.0% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $35.84B1.3%down Benchmark median 6.4% | $36.31B40.1%up Benchmark median 1.9% | $25.93B5.8%up Benchmark median 2.9% | $24.50B11.5%up Benchmark median 2.0% | $21.97B0.4%up Benchmark median 5.2% | 13.0% Benchmark median 4.4% |
| Stockholders' Equity | $9.99B21.0%up Benchmark median 6.8% | $8.25B19.7%up Benchmark median 5.4% | $6.90B0.5%up Benchmark median 7.3% | $6.86B3.7%down Benchmark median 2.5% | $7.13B4.4%down Benchmark median 9.0% | 8.8% Benchmark median 6.1% |
| Cash & Equivalents | $201.00M51.4%down Benchmark median 5.2% | $414.00M9.6%down Benchmark median 1.9% | $458.00M30.5%up Benchmark median 6.7% | $351.00M197.5%up Benchmark median -8.6% | $118.00M78.7%down Benchmark median -2.9% | 14.2% Benchmark median 2.0% |
| Total Debt | $22.91B4.2%down Benchmark median 2.1% | $23.90B47.3%up Benchmark median 0.2% | $16.23B8.3%up Benchmark median 0.3% | $14.98B11.8%up Benchmark median 0.1% | $13.40B2.9%down Benchmark median -0.1% | 14.3% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.04B12.1%up Benchmark median 6.3% | $5.39B14.2%up Benchmark median 4.8% | $4.72B4.0%up Benchmark median 9.9% | $4.54B4.6%up Benchmark median -0.7% | $4.34B27.5%up Benchmark median 10.7% | 8.6% Benchmark median 7.0% |
| Capital Expenditures | $3.23B0.1%down Benchmark median 5.4% | $3.23B11.6%up Benchmark median 2.8% | $2.90B11.9%up Benchmark median 11.3% | $2.59B35.9%up Benchmark median 14.0% | $1.90B20.1%up Benchmark median 8.1% | 14.1% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $2.82B30.4%up Benchmark median 7.3% | $2.16B18.4%up Benchmark median 6.1% | $1.82B6.4%down Benchmark median 8.8% | $1.95B19.9%down Benchmark median -11.3% | $2.43B33.9%up Benchmark median 10.2% | 3.7% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
3.0%
Wall Street
on net earnings
FY2024 3.4%
3.2%
Value investor
on free cash flow
FY2024 2.7%
Gap +0.2 pts: Value-investor figure 0.2 points higher
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 32.8×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
6.4%
Wall Street
on EBITDA
FY2024 6.0%
3.9%
Value investor
on EBIT
FY2024 3.9%
Gap −2.5 pts: Value-investor figure 2.5 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 15.6×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
11.3%
Wall Street
on book equity
FY2024 10.1%
n/m
Value investor
on tangible book
FY2024 n/m
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 8.9×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
29.7%
Wall Street
ROE: net income ÷ equity
FY2024 36.3%
8.5%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 8.5%
Gap −21.2 pts: Value-investor figure 21.2 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
28.5%
Wall Street
EBITDA margin
FY2024 28.7%
11.2%
Value investor
Free-cash-flow margin
FY2024 9.8%
Gap −17.3 pts: Value-investor figure 17.3 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.89×
Wall Street
Current ratio
FY2024 0.76×
0.89×
Value investor
Quick ratio, inventory excluded
FY2024 0.76×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.31×
Wall Street
EBITDA ÷ total debt
FY2024 0.26×
0.12×
Value investor
FCF ÷ total debt
FY2024 0.09×
Gap −0.19×: Value-investor figure 0.19 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 3.17×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on WM yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on WM and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/WM
Valuein. (2026, October 31). WASTE MANAGEMENT INC (WM) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/WM
@misc{valuein_wm_2026,
author = {{Valuein}},
title = {WASTE MANAGEMENT INC (WM) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/WM}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 9, 2026 · accession 0001104659-26-012049
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing
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