At a glance
Waste Management Inc is worth $94.52B, about 36 times its fiscal 2025 earnings. Revenue grew 14.2% to $25.20B in fiscal 2025, with 10.7% kept as profit; over 5 years it has grown 10.6% a year. It pays a 1.55% dividend yield, raised every year for at least 9 years, and returned $10.14B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +21.0% over the past year with dividends reinvested and +9.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.5% in the 2020 crash (S&P 500: 33.7%) and 16.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 2 months after the lows.
The business in plain English
Waste Management collects, hauls, recycles and disposes of trash for homes, businesses and towns across the US and Canada. It owns or operates 257 landfill sites, the largest network in the two countries. It also manages 342 transfer stations, where waste is compacted before the longer haul to a landfill. It also turns gas from decomposing landfill waste into electricity and renewable natural gas, which helps fuel its natural gas trucks.
Business and industrial customers typically sign three-year agreements. Prices depend on how often trash is picked up, how much there is, how far it travels to disposal, and labor and fuel costs. For households, WM usually holds contracts or franchises from towns or homeowners' associations. These typically last three to ten years and give it exclusive rights to an area. Other haulers also pay to dump at WM's landfills, which are costly to build. No single customer reached 5% of fiscal 2025 revenue.
Of $25.2 billion in fiscal 2025 revenue, the East Tier brought in 35.9%. This covers collection and disposal in the eastern US, the Great Lakes and most of Canada. The West Tier brought in 34.6%. Healthcare Solutions added 10%. It came from the 2024 Stericycle purchase and handles medical waste and secure shredding of confidential records in the US, Canada and Western Europe. Recycling added 5.9% and renewable energy 1.9%. By service, commercial collection was the largest, at 22.3%.
Price history
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WM +21.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Commercial | $5.63B | 22.3% |
| Landfill | $3.78B | 15% |
| Residential | $3.51B | 13.9% |
| Other Collection | $3.17B | 12.6% |
| Industrial | $3.11B | 12.3% |
| Healthcare Solutions | $2.51B | 10% |
| Transfer | $1.50B | 6% |
| Recycling Processing And Sales | $1.49B | 5.9% |
| Renewable Energy Segment | $478.0M | 1.9% |
| Service Other | $22.0M | 0.1% |
By business segment
| East Tier Region Areas | $9.04B | 35.9% |
| West Tier Region Areas | $8.72B | 34.6% |
| All Other Segments | $2.95B | 11.7% |
| Healthcare Solutions | $2.51B | 10% |
| Recycling Processing And Sales | $1.49B | 5.9% |
| Renewable Energy Segment | $478.0M | 1.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.85B, up 6.3% from a year earlier, and net income was $820.0M (+36.0%).
- For fiscal 2025, revenue was $25.20B (+14.2% year over year; +10.6% a year from FY2020 to FY2025) with a 10.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.6% good |
|---|---|
| Operating margin | 17.1% good |
| Free cash flow margin | 11.2% good |
| Return on equity (FY2025) | 27.1% good |
| Return on assets (FY2025) | 5.9% watch |
| Net cash (cash minus debt) | $-23.12B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $15.22B | $1.50B | $1.82B |
| FY2021 | $17.93B | $1.82B | $2.30B |
| FY2022 | $19.70B | $2.24B | $1.73B |
| FY2023 | $20.43B | $2.30B | $1.82B |
| FY2024 | $22.06B | $2.75B | $2.16B |
| FY2025 | $25.20B | $2.71B | $2.82B |
Valuation snapshot
| Market value | $94.52B |
|---|---|
| P/E ratio | 35.5 |
| Dividend yield | 1.55% |
Rank among 1514 US companies
Market value at each year end
Waste Management’s market value went from $31.34B at the end of 2016 to $94.52B on Nov 2, 2026, about 3.0 times as much; since the end of 2025 it is up 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $94.52B | +6.8% |
| 2025 | $88.51B | +9.3% |
| 2024 | $80.99B | +12.3% |
| 2023 | $72.14B | +12.0% |
| 2022 | $64.40B | -7.8% |
| 2021 | $69.82B | +40.1% |
| 2020 | $49.84B | +3.1% |
| 2019 | $48.35B | +27.4% |
| 2018 | $37.94B | +1.2% |
| 2017 | $37.47B | +19.6% |
| 2016 | $31.34B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WM price data to Nov 2, 2026 | +9.6% | +21.0% | +14.3% | +9.8% | +16.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.6% |
| 2025 | +10.5% |
| 2024 | +14.3% |
| 2023 | +16.2% |
| 2022 | -4.5% |
| 2021 | +43.8% |
| 2020 | +5.5% |
| 2019 | +30.4% |
| 2018 | +5.3% |
| 2017 | +24.5% |
| 2016 | +36.4% |
| 2015 | +7.2% |
| 2014 | +18.3% |
| 2013 | +37.9% |
| 2012 | +7.7% |
| 2011 | -7.7% |
| 2010 | +13.3% |
| 2009 | +6.3% |
| 2008 | +5.3% |
| 2007 | -8.7% |
| 2006 | +26.0% |
| 2005 | +4.2% |
| 2004 | +3.8% |
| 2003 | +29.2% |
| 2002 | -28.1% |
| 2001 | +15.0% |
| 2000 | +61.5% |
| 1999 | -63.1% |
| 1998 | +18.8% |
| 1997 | +23.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 39.3% over that stretch · deepest drop along the way 41.4%, back to its old high 18.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.5% over that stretch · deepest drop along the way 29.5%, back to its old high 11.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4% over that stretch · deepest drop along the way 16.8%, back to its old high 1.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 8 sales ($3.9M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 6, 2026 | John J Morris President & COO | sell (plan) | $2.0M |
| Mar 9, 2026 | John J Morris President & COO | sell (plan) | $1.0M |
| Jun 5, 2026 | Rafael Carrasco SVP of Enterprise Strategy | sell | $585K |
| Sep 4, 2026 | John A. Carroll VP & Chief Accounting Officer | sell | $300K |
| Mar 9, 2026 | Johnson Varkey SVP-Chief Information Officer | sell (plan) | $30K |
Who owns it
Large shareholders (13G filings)
| Gates Foundation Trust | 7.2% | Sep 30, 2025 |
| Vanguard Capital Management | 7.16% | Mar 31, 2026 |
ETFs with the most weight in WM
| EVX VanEck Environmental Services ETF | 10.52% |
| IDU iShares U.S. Utilities ETF | 6.62% |
| CCSO Carbon Collective Climate Solutions U.S. Equity ETF | 5.02% |
| FXU First Trust Utilities AlphaDEX Fund | 4.19% |
| NEWZ StockSnips AI-Powered Sentiment US All Cap ETF | 3.96% |
| TXS Texas Capital Texas Equity Index ETF | 3.81% |
| YALL God Bless America ETF | 3.64% |
| JGRW Jensen Quality Growth ETF | 3.55% |
What could go wrong
- Stericycle deal may fall short. The 2024 Stericycle purchase, now Healthcare Solutions, faces risks from new business software tied to billing. Billing problems could drive customers away and slow planned price increases. Lower medical waste volumes could also hold back growth.
- Landfill permits are hard to win. Landfills need government permits to open or expand. Land scarcity and local opposition can block new capacity. That can force WM to find other disposal options, which means lower revenue and higher costs.
- Less waste may go to landfills. Landfills brought in 15% of fiscal 2025 revenue. More customers want recycling and other alternatives, and some types of waste are being banned from landfills. Both could shrink volumes at WM's 253 solid waste landfills.
- Commodity prices and fuel policy shifts. Sales of recycled cardboard, paper, plastic and metal rise and fall with commodity prices. Renewable Energy results also depend on federal and state renewable fuel policies, which could change.
- New environmental rules could raise costs. Two kinds of new rules could change how WM operates, raise its costs or cut revenue. One covers emerging contaminants, meaning chemicals drawing new scrutiny. The other makes product makers pay for recycling or disposal.
- A heavy debt load. Total debt was about $23.4 billion, against $247 million of cash, as of September 30, 2026. Acquisitions like Stericycle added debt. Heavy borrowing can limit flexibility for dividends, buybacks and growth.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Executive or board change
- Quarterly results released
- Major agreement signed
- Executive or board change
- Quarterly results released
- Item 5.04
For income and retirement investors
WM reports 23 consecutive years of dividend increases. Dividends per share rose from $2.18 in fiscal 2020 to $3.30 in fiscal 2025, about 8.6% a year. The board planned a 14.5% raise for 2026, to $0.945 a quarter. Fiscal 2025 dividends used 49.3% of earnings and 47.4% of free cash flow (cash left after capital spending), a moderate share. The yield was 1.63% as of October 28, 2026. Buybacks totaled $4.4 billion over fiscal 2021–2025. They paused after the Stericycle deal and resumed in February 2026 under a new $3.0 billion authorization.
The shares have fallen hard in downturns. They dropped 41.4% in the 2008 financial crisis and did not recover until September 2010. They fell 29.5% in the 2020 COVID crash and regained that ground by March 2021. In 2022 the deepest drop was 16.8%, recovered within two months. Single stocks carry more risk than diversified funds, since one company's setbacks affect the whole holding.
Questions investors ask
Does Waste Management raise its dividend every year?
Yes. The company says its planned increase for 2026 marks its 23rd consecutive year of dividend increases. The quarterly dividend goes from $0.825 to $0.945 per share, a 14.5% rise. Dividends per share grew from $2.18 in fiscal 2020 to $3.30 in fiscal 2025, about 8.6% a year on average. The board declares each dividend at its discretion, based on earnings, financial condition and cash needs, so past increases do not guarantee future ones.
How does Waste Management make money?
Mostly by collecting and disposing of trash. Of $25.2 billion in fiscal 2025 revenue, commercial collection brought in 22.3% and landfills 15%. Residential collection added 13.9%, other collection 12.6% and industrial collection 12.3%. Healthcare Solutions, the medical waste and shredding business acquired with Stericycle in 2024, added 10%. Transfer stations (6%), recycling (5.9%) and renewable energy from landfill gas (1.9%) make up nearly all of the rest.
Is Waste Management stock recession-proof?
No. WM's 10-K warns that general economic conditions and consumer trends can reduce its revenue and profit margins. The shares fell 41.4% in the 2008 financial crisis and took 18.7 months to recover from their low. In the 2020 COVID crash they fell 29.5% and took 11.7 months to recover. In the 2022 bear market, the deepest drop was 16.8%, and the shares regained it in under two months.
How much debt does Waste Management have?
About $23.4 billion of total debt as of September 30, 2026. That compares with $247 million of cash and investments and $9.9 billion of shareholders' equity. Leverage, meaning debt relative to earnings, rose after the 2024 Stericycle purchase. In its 10-K filed February 9, 2026, WM said it had made substantial progress reducing leverage and had resumed buybacks in February 2026. It said it would prioritize returning to its target leverage level during 2026. Heavy debt adds interest costs and leaves less room if results weaken.
What is Waste Management's P/E ratio?
About 33.6 as of October 28, 2026, based on fiscal 2025 diluted earnings of $6.70 per share. The price-to-earnings (P/E) ratio shows how many dollars investors pay for each dollar of yearly profit. A higher number signals that investors expect steady growth, which leaves less room for disappointment. In fiscal 2025, revenue grew 14.2% but net income slipped 1.4%. In the quarter ended September 30, 2026, net income rose 36% from a year earlier, on revenue up 6.3%.