Waste Management (WM) Q3 2026 Earnings
GAAP EPS of $2.05 includes $18 million impairment charge related to accelerated closure of a landfill, $30 million Stericycle acquisition and integration costs, and $2 million collective bargaining agreement costs (total adjustments of $50 million pre-tax, $0.10 per diluted share)
How Did WM Stock React to Q3 2026 Earnings?
Did WM Beat Earnings? Q3 2026 Results
No. Waste Management reported Q3 2026 earnings of $2.15 a share on Oct 27, 2026, missing the $2.18 consensus estimate by 1.4%. Revenue was $6.8B against a $6.8B estimate.
Waste Management posted a mixed third quarter for 2026, edging past revenue expectations while falling just short on earnings. The environmental services giant generated $6.85 billion in revenue, a 6.3% year-over-year increase that came in $40 million above the $6.81 billion consensus, lifted by core pricing of 5.8% and a standout performance in Healthcare Solutions, where adjusted operating EBITDA surged more than 30% to $146 million as Stericycle integration synergies took hold. Adjusted diluted EPS of $2.15, however, missed the $2.18 analyst consensus by 1.42%, weighed down in part by $50 million in pre-tax charges, including $30 million tied to Stericycle acquisition and integration costs, that separated GAAP EPS of $2.05 from the adjusted figure. Free cash flow of $985 million for the quarter supported $957 million in shareholder returns, and management reaffirmed full-year guidance with revenue expected at the high end of the $26.28 billion to $26.48 billion range and free cash flow tracking toward the top of the $3.75 billion to $3.85 billion target.
- Core price of 5.8% and Collection and Disposal yield of 3.4% drove revenue growth
- Strong price-to-cost spread in Collection and Disposal contributed 40 basis points to adjusted operating EBITDA margin
- Healthcare Solutions operating EBITDA increased more than 30% driven by cost management, synergy capture, and pricing growth
- Recycled commodity prices increased to about $82 per ton from about $68 per ton year-over-year
- Increased energy surcharges and higher volumes in recycling and renewable energy businesses
- SG&A expenses improved 70 basis points to 9.3% of revenue on an adjusted basis
“WM delivered another quarter of solid operating and financial performance, in line with our expectations, underscoring the consistent execution of our strategy. Adjusted operating EBITDA increased 5.8% in the third quarter driven by strong price-to-cost spread in Collection and Disposal and growing contributions from our healthcare and sustainability businesses. Notably, Healthcare Solutions revenue grew 3.7% in the quarter and operating EBITDA increased more than 30%, driven by effective cost management, synergy capture, and pricing growth. Overall, our results reflect the earnings power of our diversified business and our ability to consistently create value for shareholders.”
Waste Management CEO, on the earnings call
What Is Waste Management's Outlook?
WM affirmed its full-year 2026 guidance ranges. Revenue is expected at the high end of the $26.275 to $26.475 billion range. Adjusted operating EBITDA is expected within the $8.15 to $8.25 billion range. Free cash flow is expected at the high end of the $3.75 to $3.85 billion range. The projected free cash flow reconciliation shows net cash from operations of $6.5 billion, capital expenditures to support the business of $2.5 billion, sustainability growth investments of $250 million, and proceeds from divestitures of $100 million. The company continues to expect to repurchase a total of $2 billion of its shares in 2026.
WM YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $6.8B | $6.4B | +6.3% |
| Operating Income | $1.3B | $1.2B | +5.2% |
| Net Income | $820.0M | $603.0M | +36.0% |
WM Revenue by Segment
When Does Waste Management Report Next?
Figures from SEC filings and company reports. Not investment advice.