Waste Management (WM) financial statements
Waste Management reported revenue of $25.2B in fiscal 2025, up 7.1% a year over 9 years.
Net income was $2.7B and the operating margin 17.1%, against 16.9% in 2016.
Free cash flow was $2.8B, and the company returned $1.3B in dividends.
The diluted share count fell 9% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Waste Management's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.6B | $14.5B | $14.9B | $15.5B | $15.2B | $17.9B | $19.7B | $20.4B | $22.1B | $25.2B |
| Cost of revenue | $8.5B | $9.0B | $9.2B | $9.5B | $9.3B | $11.1B | $12.3B | $12.6B | $13.4B | $15.0B |
| Gross profit | $5.1B | $5.5B | $5.7B | $6.0B | $5.9B | $6.8B | $7.4B | $7.8B | $8.7B | $10.2B |
| Selling, general and admin | $1.4B | $1.5B | $1.5B | $1.6B | $1.7B | $1.9B | $1.9B | $1.9B | $2.3B | $2.7B |
| Operating income | $2.3B | $2.6B | $2.8B | $2.7B | $2.4B | $3.0B | $3.4B | $3.6B | $4.1B | $4.3B |
| Pre-tax income | $1.8B | $2.2B | $2.4B | $2.1B | $1.9B | $2.3B | $2.9B | $3.0B | $3.5B | $3.4B |
| Income tax | $642M | $242M | $453M | $434M | $397M | $532M | $678M | $745M | $713M | $717M |
| Net income | $1.2B | $1.9B | $1.9B | $1.7B | $1.5B | $1.8B | $2.2B | $2.3B | $2.7B | $2.7B |
| EPS (diluted) | $2.65 | $4.41 | $4.45 | $3.91 | $3.52 | $4.29 | $5.39 | $5.66 | $6.81 | $6.70 |
| Diluted shares | 446M | 442M | 432M | 428M | 425M | 423M | 415M | 407M | 403M | 404M |
| Gross margin | 37.6% | 37.7% | 38.0% | 38.6% | 38.6% | 38.0% | 37.6% | 38.3% | 39.3% | 40.4% |
| Operating margin | 16.9% | 18.2% | 18.7% | 17.5% | 16.0% | 16.5% | 17.1% | 17.5% | 18.4% | 17.1% |
| Net margin | 8.7% | 13.5% | 12.9% | 10.8% | 9.8% | 10.1% | 11.4% | 11.3% | 12.4% | 10.7% |
Balance sheet
Fiscal years, from Waste Management's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $32M | $22M | $61M | $3.6B | $553M | $118M | $351M | $458M | $414M | $201M |
| Receivables | $1.7B | $1.8B | $1.9B | $1.9B | $2.1B | $2.3B | $2.5B | $2.6B | $3.3B | $3.4B |
| Total current assets | $2.4B | $2.7B | $2.6B | $6.2B | $3.5B | $3.1B | $3.6B | $3.8B | $4.8B | $4.9B |
| Property, plant and equipment | $10.9B | $11.6B | $11.9B | $12.9B | $14.1B | $14.4B | $15.7B | $17.0B | $19.3B | $20.4B |
| Goodwill | $6.2B | $6.2B | $6.4B | $6.5B | $9.0B | $9.0B | $9.3B | $9.3B | $13.4B | $13.9B |
| Total assets | $20.9B | $21.8B | $22.6B | $27.7B | $29.3B | $29.1B | $31.4B | $32.8B | $44.6B | $45.8B |
| Total current liabilities | $2.8B | $3.3B | $3.1B | $3.1B | $3.6B | $4.1B | $4.4B | $4.2B | $6.3B | $5.5B |
| Long-term debt | $8.9B | $8.8B | $9.6B | $13.3B | $13.3B | $12.7B | $14.6B | $15.9B | $22.5B | $22.2B |
| Total liabilities | $15.5B | $15.8B | $16.4B | $20.7B | $21.9B | $22.0B | $24.5B | $25.9B | $36.3B | $35.8B |
| Shareholders' equity | $5.3B | $6.0B | $6.3B | $7.1B | $7.5B | $7.1B | $6.8B | $6.9B | $8.3B | $10.0B |
| Net debt | $9.3B | $9.5B | $10.0B | $9.9B | $13.3B | $13.3B | $14.6B | $15.8B | $23.5B | $22.7B |
Cash flow
Fiscal years, from Waste Management's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.0B | $3.2B | $3.6B | $3.9B | $3.4B | $4.3B | $4.5B | $4.7B | $5.4B | $6.0B |
| Capital spending | $1.3B | $1.5B | $1.7B | $1.8B | $1.6B | $1.9B | $2.6B | $2.9B | $3.2B | $3.2B |
| Free cash flow | $1.7B | $1.7B | $1.9B | $2.1B | $1.8B | $2.4B | $1.9B | $1.8B | $2.2B | $2.8B |
| Stock-based compensation | $90M | $101M | $89M | $86M | $94M | $108M | $84M | $93M | $118M | $169M |
| Dividends paid | $726M | $750M | $802M | $876M | $927M | $970M | $1.1B | $1.1B | $1.2B | $1.3B |
| Share buybacks (net) | -$725M | -$750M | -$1.0B | -$248M | -$402M | -$1.4B | -$1.5B | -$1.3B | -$262M | — |
| Net borrowing | — | $513M | $453M | -$1.0B | $1.8B | — | — | — | — | — |
| Free cash flow margin | 12.2% | 11.5% | 12.6% | 13.3% | 11.6% | 13.6% | 9.9% | 8.9% | 9.8% | 11.2% |
| Dividends per share | $1.63 | $1.70 | $1.86 | $2.05 | $2.18 | $2.29 | $2.60 | $2.79 | $3.00 | $3.30 |
Questions
What was Waste Management's revenue in 2025?
$25.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Waste Management generate?
$2.8B in fiscal 2025 (operating cash flow minus capital spending).
From Waste Management's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.