Waste Management
WM · NYSERefuse Systems · Fiscal year ends Dec 31
Waste Management reported revenue of $25.2B in the fiscal year ended Dec 2025, up 14.2% from the year before. Operating income was $4.3B, an operating margin of 17.1%, and net income was $2.7B. Operating cash flow of $6B less capital expenditure of $3.2B left free cash flow of $2.8B. Net debt was $22.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $17.9B | $19.7B | $20.4B | $22.1B | $25.2B |
| Cost of revenue | $11.1B | $12.3B | $12.6B | $13.4B | $15B |
| Gross profit | $6.8B | $7.4B | $7.8B | $8.7B | $10.2B |
| Selling, general & admin | $1.9B | $1.9B | $1.9B | $2.3B | $2.7B |
| Operating income | $3B | $3.4B | $3.6B | $4.1B | $4.3B |
| Pre-tax income | $2.3B | $2.9B | $3B | $3.5B | $3.4B |
| Income tax | $532M | $678M | $745M | $713M | $717M |
| Net income | $1.8B | $2.2B | $2.3B | $2.7B | $2.7B |
| Diluted EPS | 4.29 | 5.39 | 5.66 | 6.81 | 6.70 |
| Diluted shares | 423M | 415M | 407M | 403M | 404M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $118M | $351M | $458M | $414M | $201M |
| Receivables | $2.3B | $2.5B | $2.6B | $3.3B | $3.4B |
| Current assets | $3.1B | $3.6B | $3.8B | $4.8B | $4.9B |
| Goodwill | $9B | $9.3B | $9.3B | $13.4B | $13.9B |
| Total assets | $29.1B | $31.4B | $32.8B | $44.6B | $45.8B |
| Payables | $1.4B | $1.8B | $1.7B | $2B | $1.9B |
| Deferred revenue | $571M | $589M | $578M | $673M | $735M |
| Current liabilities | $4.1B | $4.4B | $4.2B | $6.3B | $5.5B |
| Short-term debt | $708M | $414M | $334M | $1.4B | $711M |
| Long-term debt | $12.7B | $14.6B | $15.9B | $22.5B | $22.2B |
| Total liabilities | $22B | $24.5B | $25.9B | $36.3B | $35.8B |
| Shareholders' equity | $7.1B | $6.8B | $6.9B | $8.3B | $10B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4.3B | $4.5B | $4.7B | $5.4B | $6B |
| Capital expenditure | $2B | $2.8B | $2.9B | $3.2B | $3.2B |
| Free cash flow | $2.3B | $1.7B | $1.8B | $2.2B | $2.8B |
| Depreciation & amortisation | $2B | $2B | $2.1B | $2.3B | $2.9B |
| Stock-based compensation | $108M | $84M | $93M | $118M | $169M |
| Acquisitions | $75M | $377M | $170M | $7.5B | $395M |
| Share buybacks | $1.4B | $1.5B | $1.3B | $262M | – |
| Dividends paid | $970M | $1.1B | $1.1B | $1.2B | $1.3B |
| Dividend per share | 2.30 | 2.60 | 2.80 | 3.00 | 3.30 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.9% | 3.7% | 8.0% | 14.2% |
| Operating income growth (YoY) | – | 13.5% | 6.2% | 13.7% | 6.0% |
| EPS growth (YoY) | – | 25.6% | 5.0% | 20.3% | −1.6% |
| Gross margin | 38.0% | 37.6% | 38.3% | 39.3% | 40.4% |
| Operating margin | 16.5% | 17.1% | 17.5% | 18.4% | 17.1% |
| Net margin | 10.1% | 11.4% | 11.3% | 12.4% | 10.7% |
| Return on equityBlank when equity is negative | 25.5% | 32.7% | 33.4% | 33.3% | 27.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.9% | 12.5% | 12.5% | 10.6% | 10.7% |
| Free cash flow margin | 12.8% | 8.8% | 8.9% | 9.8% | 11.2% |
| Cash conversion (CFO ÷ net income) | 2.39x | 2.03x | 2.05x | 1.96x | 2.23x |
| Receivable days | 46 | 46 | 47 | 54 | 50 |
| Payable days | 45 | 52 | 49 | 56 | 45 |
| Debt ÷ equity | 1.88x | 2.19x | 2.35x | 2.90x | 2.29x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $13.3B | $14.6B | $15.8B | $23.5B | $22.7B |
| Current ratio | 0.75x | 0.81x | 0.90x | 0.76x | 0.89x |
Recent filings
More in Refuse Systems
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.