Friday 6 November 2026 Export WM’s income statement to Excel — free account

Waste Management, Inc.

Waste Management, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $25.2 billion, up 14.2% from fiscal 2024.

Revenue: +6.25%
EPS: +37.1%
Free cash flow: +20.5%
Total debt: +0.03%

Quarter to September 2026, against a year earlier

240.83 2.34 +0.98%

Follow WM

Alert me

Market cap: $95.9B
P/E: 31.5×
Fwd P/E: 29.5×
Dividend yield: 1.52%
F-score: 6/9
Altman Z: 2.85
Beneish M: −2.76
Dividend safety: 77/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Waste Management, Inc. (WM) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
East Tier	9,037	35.86%
West Tier	8,718	34.59%
Other Ancillary	2,949	11.70%
Healthcare Solutions	2,508	9.95%
Recycling Processing and Sales	1,492	5.92%
Renewable Energy	478	1.90%
Corporate and Other	22	0.09%
Gross margin		40.44%
Operating margin		17.09%
Pre-tax margin		13.59%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2011	FY2010	FY2009	FY2008
Commercial	5,630 22.34%	5,371 24.34%	5,109 25.01%	—	—	—	—
Landfill	3,781 15.00%	3,445 15.61%	3,252 15.92%	2,611 19.52%	2,540 20.30%	2,547 21.60%	2,955 22.07%
Residential	3,510 13.93%	3,466 15.71%	3,378 16.54%	—	—	—	—
Other Collection	3,175 12.60%	2,964 13.43%	2,786 13.64%	—	—	—	—
Industrial	3,106 12.32%	3,089 14.00%	3,083 15.09%	—	—	—	—
Healthcare Solutions	2,508 9.95%	403 1.83%	—	—	—	—	—
Transfer	1,502 5.96%	1,381 6.26%	1,257 6.15%	1,280 9.57%	1,318 10.53%	1,383 11.73%	1,589 11.87%
Recycling Processing and Sales	1,492 5.92%	1,603 7.27%	1,264 6.19%	—	—	—	—
Renewable Energy	478 1.90%	318 1.44%	273 1.34%	—	—	—	—
Corporate and other	22 0.09%	23 0.10%	24 0.12%	—	—	—	—
Recycling	—	—	—	1,580 11.81%	1,169 9.34%	741 6.28%	1,180 8.81%
Wheelabrator	—	—	—	877 6.56%	889 7.10%	841 7.13%	912 6.81%
Other Revenue	—	—	—	655 4.90%	314 2.51%	245 2.08%	207 1.55%
Intercompany Revenue	—	—	—	(2,031) (15.18%)	(1,962) (15.68%)	(1,946) (16.50%)	(2,134) (15.94%)
Collection	15,421	14,890	14,356	—	—	—	—
Collection and Disposal	20,704	19,716	18,865	—	—	—	—
Revenue	25,204	22,063	20,426	13,378	12,515	11,791	13,388

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2016	FY2015	FY2012	FY2010
East Tier	9,037 35.86%	8,703 39.45%	8,412 41.18%	—	—	—	—	—	—
West Tier	8,718 34.59%	8,285 37.55%	7,935 38.85%	—	—	—	—	—	—
Other Ancillary	2,949 11.70%	2,728 12.36%	2,518 12.33%	—	—	2,093 15.38%	1,958 15.11%	—	—
Healthcare Solutions	2,508 9.95%	403 1.83%	—	—	—	—	—	—	—
Recycling Processing and Sales	1,492 5.92%	1,603 7.27%	1,264 6.19%	1,516 7.70%	1,528 8.52%	—	—	—	—
Renewable Energy	478 1.90%	318 1.44%	273 1.34%	312 1.58%	276 1.54%	—	—	—	—
Corporate and Other	22 0.09%	23 0.10%	24 0.12%	27 0.14%	28 0.16%	—	—	—	—
Tier 3	—	—	—	—	—	5,190 38.14%	4,843 37.37%	2,890 21.17%	2,765 22.09%
Tier 1	—	—	—	—	—	4,330 31.82%	4,227 32.61%	2,849 20.87%	2,916 23.30%
Tier 2	—	—	—	—	—	1,996 14.67%	1,933 14.91%	5,177 37.93%	5,140 41.07%
Operations Not Managed Through Other Operating Groups	—	—	—	—	—	—	—	2,010 14.73%	930 7.43%
Wheelabrator	—	—	—	—	—	—	—	723 5.30%	764 6.10%
Collection and Disposal	20,704	19,716	18,865	—	—	—	—	—	—
Operating Group Total	—	—	—	—	—	13,609	12,961	13,649	12,515
Solid Waste	—	—	—	—	—	11,516	11,003	—	—
Revenue	25,204	22,063	20,426	19,698	17,931	13,609	12,961	13,649	12,515

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2016	FY2015	FY2012	FY2010
East Tier	‡	‡	‡	‡	‡	‡	‡	‡	‡
West Tier	‡	‡	‡	‡	‡	‡	‡	‡	‡
Renewable Energy	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other Ancillary	‡	‡	‡	‡	‡	‡	‡	‡	‡
Recycling Processing and Sales	‡	‡	‡	‡	‡	‡	‡	‡	‡
Healthcare Solutions	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and Other	‡	‡	‡	‡	‡	‡	‡	‡	‡
Collection and Disposal	‡	‡	‡	‡	‡	‡	‡	‡	‡
Tier 1	‡	‡	‡	‡	‡	‡	‡	‡	‡
Tier 3	‡	‡	‡	‡	‡	‡	‡	‡	‡
Tier 2	‡	‡	‡	‡	‡	‡	‡	‡	‡
Wheelabrator	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operations Not Managed Through Other Operating Groups	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
US	23,911 94.87%	21,107 95.67%	19,595 95.93%	18,860 95.75%	17,136 95.57%	14,505 95.31%	14,701 95.12%	14,167 94.99%	13,768 95.05%	12,915 94.90%	12,196 94.10%	13,064 93.34%	13,054 93.36%	12,812 93.87%	12,578 94.02%
Canada	967 3.84%	852 3.86%	813 3.98%	838 4.25%	795 4.43%	713 4.69%	754 4.88%	747 5.01%	717 4.95%	694 5.10%	765 5.90%	932 6.66%	929 6.64%	837 6.13%	800 5.98%
Western Europe and other	326 1.29%	104 0.47%	18 0.09%	—	—	—	—	—	—	—	—	—	—	—	—
Revenue	25,204	22,063	20,426	19,698	17,931	15,218	15,455	14,914	14,485	13,609	12,961	13,996	13,983	13,649	13,378

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Average electricity price	Q3 FY2026	$78.00	$73.00	+6.85%
Average natural gas price	Q3 FY2026	$2.56	$2.46	+4.07%
Average recycled commodity price	Q3 FY2026	$82.00	$68.00	+20.59%
Blended average value of renewable fuel standard credits	Q3 FY2026	$2.32	$2.56	−9.37%
Collection and disposal yield	Q3 FY2026	3.40%	3.80%	—
Core price	Q3 FY2026	5.80%	6.00%	—
Landfill depletable tons	Q3 FY2026	33.8M	33.7M	+0.30%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Average electricity price	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average natural gas price	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average recycled commodity price	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Blended average value of renewable fuel standard credits	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Collection and disposal yield	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Core price	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Landfill depletable tons	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.