Waste Management Reports Q3 2026 Financial Results and Affirms Full-Year Guidance

Overview of Filing

On October 27, 2026, Waste Management, Inc. (NYSE: WM) filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition) announcing its financial results for the third quarter ended September 30, 2026.

Key Financial Highlights (Q3 2026 vs. Q3 2025)

• Revenue: Reported revenue of $6,846 million, representing a 6.3% increase compared to $6,443 million in Q3 2025. Growth was driven by core price increases of 5.8% and Collection and Disposal yield of 3.4%.
• Operating Income: Stood at $1,279 million (or $1,329 million on an adjusted basis), compared to $989 million ($1,241 million adjusted) in Q3 2025.
• Adjusted Operating EBITDA: Grew 5.8% to $2,121 million compared to $2,005 million in the prior year period, yielding an adjusted EBITDA margin of 31.0%.
• Net Income & EPS:
  • Net income attributable to WM was $820 million ($858 million adjusted), compared to $603 million ($801 million adjusted) in Q3 2025.
  • Diluted EPS was $2.05 (adjusted $2.15), up from $1.49 ($1.98 adjusted) in the prior year period.

Cash Flow & Shareholder Returns

• Operating Cash Flow: Generated $4.87 billion in net cash provided by operating activities through the first nine months of 2026, up 12.0% year-over-year.
• Free Cash Flow: Reached $3.01 billion year-to-date, up over 42% compared to $2.11 billion in the first nine months of 2025.
• Capital Returns: Returned $957 million during Q3 2026 via $580 million in share buybacks and $377 million in dividends, bringing year-to-date capital returned to over $2.72 billion.

Full-Year 2026 Outlook

WM affirmed its full-year 2026 financial guidance ranges:

• Revenue: Expected at the upper end of $26.275 billion to $26.475 billion.
• Adjusted Operating EBITDA: Expected within $8.15 billion to $8.25 billion.
• Free Cash Flow: Expected at the higher end of $3.75 billion to $3.85 billion.
• Share Repurchases: Continues to target a total of $2.0 billion for 2026.