Waste Management, Inc., through its subsidiaries, provides environmental solutions to residential, commercial, industrial, and municipal customers in the United States, Canada, Western Europe, and internationally. It offers collection services, including picking up and transporting waste and recyclable materials from where it was generated to a transfer station, recovery facility, or disposal site; owns and operates transfer stations; and owns, develops, and operates landfill gas-to-energy facilities that produce renewable electricity and renewable natural gas. It also operates materials processing and commodities recycling services, including cardboard, paper, glass, metals, plastics, construction and demolition materials, and other recycling commodities are recovered for resale or redirected for other purposes; markets and resells recycling commodities; recycling brokerage services, such as managing the marketing of recyclable materials for third parties; and other strategic business solutions. In addition, the company collects recyclable food and yard waste, as well as markets and sells mulch, compost, soil amendments, and renewable energy; offers remediation and construction, and industrial waste services; and manages and markets fly ash. Further, it provides Regulated Waste and Compliance Services (RWCS), which offers compliance programs, as well as collection, processing, and disposal of regulated and specialized waste, including medical, pharmaceutical, and hazardous waste; and Secure Information Destruction (SID) services that include the collection of personal and confidential information for secure destruction and recycling of sorted office paper. The company was formerly known as USA Waste Services, Inc. and changed its name to Waste Management, Inc. in 1998. Waste Management, Inc. was founded in 1968 and is based in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $25.2B | $7.2B | $2.7B | $2.8B | 27.1% | 14.2% | -1.4% |
| 2024 | $22.1B | $6.3B | $2.7B | $2.2B | 33.3% | 8.0% | 19.2% |
| 2023 | $20.4B | $5.6B | $2.3B | $1.8B | 33.4% | 3.7% | 2.9% |
| 2022 | $19.7B | $5.3B | $2.2B | $1.9B | 32.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 19,698 | 20,426 | 22,063 | 25,204 |
| Operating Revenue | - | 19,698 | 20,426 | 22,063 | 25,204 |
| Cost Of Revenue | - | 12,294 | 12,606 | 13,383 | 15,012 |
| Gross Profit | - | 7,404 | 7,820 | 8,680 | 10,192 |
| Operating Expense | - | 3,976 | 3,997 | 4,531 | 5,585 |
| Selling General And Administration | - | 1,888 | 1,870 | 2,213 | 2,629 |
| Total Expenses | - | 16,270 | 16,603 | 17,914 | 20,597 |
| Operating Income | - | 3,428 | 3,823 | 4,149 | 4,607 |
| Total Operating Income As Reported | - | 3,365 | 3,575 | 4,063 | 4,308 |
| EBITDA | - | 5,334 | 5,592 | 6,323 | 7,201 |
| Normalized EBITDA | - | 5,397 | 5,840 | 6,409 | 7,500 |
| EBIT | - | 3,296 | 3,521 | 4,056 | 4,338 |
| Interest Expense | - | 378 | 500 | 598 | 912 |
| Net Interest Income | - | -378 | -500 | -598 | -912 |
| Other Non Operating Income Expenses | - | -2 | 6 | -11 | 20 |
| Other Income Expense | - | -132 | -302 | -93 | -269 |
| Interest Expense Non Operating | - | 378 | 500 | 598 | 912 |
| Net Non Operating Interest Income Expense | - | -378 | -500 | -598 | -912 |
| Pretax Income | - | 2,918 | 3,021 | 3,458 | 3,426 |
| Tax Provision | - | 678 | 745 | 713 | 717 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -14.64 | -61.26 | -17.72 | -62.49 |
| Net Income Continuous Operations | - | 2,240 | 2,276 | 2,745 | 2,709 |
| Net Income From Continuing And Discontinued Operation | - | 2,238 | 2,304 | 2,746 | 2,708 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,238 | 2,304 | 2,746 | 2,708 |
| Net Income | - | 2,238 | 2,304 | 2,746 | 2,708 |
| Net Income Common Stockholders | - | 2,238 | 2,304 | 2,746 | 2,708 |
| Net Income Including Noncontrolling Interests | - | 2,240 | 2,276 | 2,745 | 2,709 |
| Normalized Income | - | 2,286.36 | 2,490.74 | 2,814.28 | 2,944.51 |
| Diluted NI Availto Com Stockholders | - | 2,238 | 2,304 | 2,746 | 2,708 |
| Basic Average Shares | - | 412.80 | 404.90 | 401.50 | 402.70 |
| Diluted Average Shares | - | 415 | 406.90 | 403.40 | 404.20 |
| Reconciled Depreciation | - | 2,038 | 2,071 | 2,267 | 2,863 |
| Reconciled Cost Of Revenue | - | 12,294 | 12,606 | 13,383 | 15,012 |
| Total Unusual Items | - | -63 | -248 | -86 | -299 |
| Total Unusual Items Excluding Goodwill | - | -63 | -248 | -86 | -299 |
| Minority Interests | - | -2 | 28 | 1 | -1 |
| Special Income Charges | - | -63 | -248 | -86 | -299 |
| Gain On Sale Of Business | - | 5 | 0 | 26 | 0 |
| Other Special Charges | - | 17 | -32 | 18 | 16 |
| Impairment Of Capital Assets | - | 50 | 275 | 90 | 232 |
| Restructuring And Mergern Acquisition | - | 1 | 5 | 4 | 51 |
| Depreciation Amortization Depletion Income Statement | - | 2,038 | 2,071 | 2,267 | 2,863 |
| Depreciation And Amortization In Income Statement | - | 2,038 | 2,071 | 2,267 | 2,863 |
| General And Administrative Expense | - | 1,888 | 1,870 | 2,213 | 2,629 |
| Other Gand A | - | 693 | 665 | 813 | 974 |
| Salaries And Wages | - | 1,195 | 1,205 | 1,400 | 1,655 |
| Provision For Doubtful Accounts | - | 50 | 56 | 51 | 93 |
| Earnings From Equity Interest | - | -67 | -60 | 4 | 10 |
| Amortization | - | 129 | 129 | 180 | 421 |
| Amortization Of Intangibles Income Statement | - | 129 | 129 | 180 | 421 |
| Depreciation Income Statement | - | 1,909 | 1,942 | 2,087 | 2,442 |
| Depletion Income Statement | 731 | - | 745 | - | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Waste Management, Inc.this co. | WM | $87.9B | 32.48β premium | 8.80 | 27.1% | 15.37 |
| United Parcel Service, Inc. | UPS | $93.7B | 16.81 | 5.77 | 34.3% | 9.76 |
| Cummins Inc. | CMI | $93.6B | 32.91 | 7.58 | 23.0% | 18.31 |
| General Dynamics Corporation | GD | $92.4B | 21.94 | 3.60 | 16.4% | 15.52 |
| Johnson Controls International plc | JCI | $89.9B |
| - |
| - |
| - |
| - |
| - |
| 27.33 |
| 6.96 |
| 25.5% |
| 32.48 |
| CSX Corporation | CSX | $85.9B | 29.73 | 6.53 | 22.0% | 16.62 |
| 3M Company | MMM | $79.7B | 24.52 | 16.95 | 69.1% | 13.46 |
| Emerson Electric Co. | EMR | $79.6B | 34.70 | 3.92 | 11.3% | 18.97 |
| FedEx Corporation | FDX | $78.3B | 19.13 | 2.79 | 14.6% | 10.50 |
| Peer Median | - | 25.92 | 6.15 | 22.5% | 16.07 | |