Q2 25 EPS
$1.92
BEAT +1.61%
Est. $1.89
Q2 25 Revenue
$6.43B
BEAT +1.08%
Est. $6.36B
vs S&P Since Q2 25
-12.7%
TRAILING MARKET
WM +0.8% vs S&P +13.4%
Market Reaction
Did WM Beat Earnings? Q2 2025 Results
Waste Management delivered a solid second quarter, posting earnings per share of $1.92 against a consensus estimate of $1.89, a 1.61% beat, while revenue of $6.43 billion edged past the $6.36 billion estimate by 1.08% and rose 19.0% year-over-year, l… Read more Waste Management delivered a solid second quarter, posting earnings per share of $1.92 against a consensus estimate of $1.89, a 1.61% beat, while revenue of $6.43 billion edged past the $6.36 billion estimate by 1.08% and rose 19.0% year-over-year, lifted in part by the acquired Stericycle healthcare business. The standout driver of the quarter was an all-time-best operating expense margin in WM's Collection and Disposal segment, where adjusted operating expenses fell to 59.4% of revenue, a 150-basis-point improvement, fueled by stronger driver retention, routing technology gains, and the deliberate exit from low-margin residential contracts. The Stericycle integration also contributed $110 million in adjusted operating EBITDA, with management now targeting the upper end of its $80–$100 million synergy range for 2025 and a $300 million run-rate by 2027. Looking ahead, WM narrowed its full-year adjusted operating EBITDA guidance to $7.48–$7.63 billion and raised free cash flow guidance by $125 million to $2.80–$2.90 billion, even as shares came under pressure following the report.
Key Takeaways
- • Core price of 6.4% and Collection and Disposal yield of 4.1%
- • Best-ever operating expense margin in Collection and Disposal business
- • Adjusted operating EBITDA for WM Legacy Business grew 12.1%
- • Collection and Disposal volumes grew 1.6% with robust landfill volume growth
- • 150 basis point improvement in adjusted operating expenses as percentage of revenue for WM Legacy Business
- • Improved driver turnover and safety performance
- • Routing technology benefits
- • Strategic exit from low-margin residential collection business
- • Capital investments in fleet
WM YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
WM Revenue by Segment
With YoY comparisons, source: SEC Filings
“As we described at our recent Investor Day, WM is building distinctive platforms to drive competitive differentiation and fuel a powerful, long-term growth engine to create shareholder value. Our second quarter results are a strong demonstration of our progress on all fronts.”
— Jim Fish, Q2 2025 Earnings Press Release
WM Earnings Trends
WM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WM EPS Trend
Earnings per share: estimate vs actual
WM Revenue Trend
Quarterly revenue: estimate vs actual
WM Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.81 | — | $6.23B | -0.95% |
| Q4 25 MISS FY | $1.95 | $1.93 | -1.03% | $6.31B | — |
| FY Full Year | $7.51 | $7.50 | -0.10% | $25.20B | -0.36% |
| Q3 25 MISS | $2.01 | $1.98 | -1.62% | $6.44B | -0.85% |
| Q2 25 BEAT | $1.89 | $1.92 | +1.61% | $6.43B | +1.08% |
| Q1 25 BEAT | $1.59 | $1.67 | +5.22% | $6.02B | -1.42% |