Waste Management, Inc. Q3 2025 Earnings Recap

WM Q3 2025 October 29, 2025

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Our strong third quarter performance was underscored by significant operating EBITDA growth of over 15% and a notable free cash flow increase of nearly 33%, reflecting the resilience of our business model and strategic investments.

Earnings Per Share Miss

$1.98 vs $2.01 est.

-1.5% surprise

Revenue Miss

6443000000 vs 6492300850 est.

-0.8% surprise

Market Reaction

1-Day -3.28%

5-Day -2.18%

30-Day +6.07%

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Key Takeaways

Operating EBITDA growth exceeded 15%, driven by robust performance in our collection and disposal segment, which contributed over half of the year-over-year increase.
Free cash flow surged nearly 33%, with an early outlook for 2026 suggesting it could approach $3.8 billion.
Growth in municipal solid waste (MSW) and special waste volumes each increased by 5%, bolstered by new event work and enhanced pricing strategies.
Strong performance in the recycling segment resulted in an 18% increase in operating EBITDA, despite recycled commodity prices declining significantly.
Successful integration of WM Healthcare Solutions is creating cross-selling opportunities, exemplified by a $5 million increase in annual spend from a major hospital client.

This summary was generated by AI from the official earnings call transcript and is provided for informational purposes only. It does not constitute financial advice. For the complete transcript and financial data, visit WM on AllInvestView.

Next Q1 2026