Q4 25 EPS
$1.93
MISS 1.03%
Est. $1.95
Q4 25 Revenue
$6.31B
vs S&P Since Q4 25
-1.9%
TRAILING MARKET
WM +1.9% vs S&P +3.8%
Full Year 2025 Results
FY 25 EPS
$7.50
MISS 0.10%
Est. $7.51
FY 25 Revenue
$25.20B
MISS 0.36%
Est. $25.29B
Market Reaction
Did WM Beat Earnings? Q4 2025 Results
Waste Management came up just short of Wall Street's expectations in Q4 2025, posting adjusted diluted EPS of $1.93 against a $1.95 consensus estimate, a 1.03% miss, while revenue of $6.31 billion trailed the $6.40 billion forecast by 1.41%, even as … Read more Waste Management came up just short of Wall Street's expectations in Q4 2025, posting adjusted diluted EPS of $1.93 against a $1.95 consensus estimate, a 1.03% miss, while revenue of $6.31 billion trailed the $6.40 billion forecast by 1.41%, even as top-line sales climbed 7.1% year-over-year. The primary drag came from commodity headwinds: recycled commodity pricing tumbled to roughly $62 per ton in the quarter from $87 per ton a year earlier, while renewable fuel standard credits also declined, weighing on results that were otherwise operationally strong. Beneath those pressures, WM achieved its best-ever operating expense ratio for both Q4 and the full year, and full-year adjusted operating EBITDA margin cleared 30% for the first time. The Stericycle-acquired Healthcare Solutions segment continued integrating smoothly, with margins expanding to 16.9% for the year. Looking ahead, WM's long-term outlook is underpinned by 2026 guidance calling for revenue of $26.80–$27.00 billion and free cash flow growth of nearly 30% at the midpoint, alongside approximately $3.50 billion in planned shareholder returns.
Key Takeaways
- • Collection and Disposal core price of 6.3% and yield of 3.8% for full year 2025
- • Record operating expenses as a percentage of revenue for Q4 and full year
- • Technology and automation investments generating meaningful efficiencies
- • Front-line employee retention improvements
- • Fleet capital investments and residential collection business optimization
- • Healthcare Solutions integration progress driving margin expansion
- • Wildfire cleanup volume contributed 50 basis points to Collection and Disposal volume
WM YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
WM Revenue by Segment
With YoY comparisons, source: SEC Filings
“2025 was a year of disciplined execution for WM. We delivered record performance in operating expenses as a percentage of revenue for both the fourth quarter and the full year, resulting in our best full-year adjusted operating EBITDA margin. Our investments in technology and automation continue to generate meaningful efficiencies, contributing to structurally enhanced margins and stronger cash generation. We are also building momentum in the strategic growth of our recycling, renewable energy, and healthcare solutions businesses as we position WM as the leading provider of comprehensive environmental solutions.”
— Jim Fish, Q4 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% |