Filing Flows › Utilities › Waste Management (WM)
Waste Management (WM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Waste Management (WM) Q3 2026 earnings results →
Q3 2026 Revenue up 6% year over year to $6.8B · 12¢ of every $1 of revenue kept as net profit · operating margin 18.7%
Waste Management made $6.8B in Q3 2026 (+6% Y/Y): Collection and Disposal $5.6B, Healthcare Solutions $651M, Recycling Processing and Sales $441M. Operating margin 18.7%, net earnings $820M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $6.8B in Q3 2026, up 6% year over year and up 2% from the previous quarter. East Tier was the largest line at 35% of revenue. West Tier added $0.13B year over year (up 6%), 31% of the total change.
Operating profit was $1.3B, a 18.7% margin (up 3.3 points year over year). Of the extra revenue versus Q3 2025, 72% reached operating profit, above the 15% margin then. Total costs grew 2% against revenue growth of 6%. Net earnings were $0.82B, up 36% year over year. The effective tax rate was 21.5%.
Operating cash flow was $1.6B (up 3% year over year), 200% of net earnings. Non-cash charges added back $0.79B of depreciation and amortization and $0.04B of share-based compensation. Capital expenditures of $0.66B left free cash flow of $1.0B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $6.8B | +6% | 18.7% | $820M | $1.6B |
| Q2 2026 | 10-Q | Jul 29, 2026 | $6.7B | +4% | 18.7% | $786M | $1.7B |
| Q1 2026 | 10-Q | Apr 29, 2026 | $6.2B | +4% | 17.9% | $723M | $1.5B |
| Q4 2025 | 10-K | Feb 9, 2026 | $6.3B | +7% | 18.3% | $742M | $1.7B |
| Q3 2025 | 10-Q | Oct 28, 2025 | $6.4B | +15% | 15.3% | $603M | $1.6B |
| Q2 2025 | 10-Q | Jul 29, 2025 | $6.4B | +19% | 17.9% | $727M | $1.5B |
| Q1 2025 | 10-Q | Apr 29, 2025 | $6.0B | +17% | 16.8% | $637M | $1.2B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
Customers and suppliers named in filings
Buys from
- MNTK — 37% of the supplier’s revenue · Stated in 10-K (sentence) · source
- BBCP — 19% of the supplier’s revenue · Stated in 10-K (sentence) · source
About Waste Management
Waste Management, Inc. is a holding company and all operations are conducted by its subsidiaries. When the terms “the Company,” “we,” “us” or “our” are used in this document, those terms refer to Waste Management, Inc., together with its consolidated subsidiaries and consolidated variable interest entities. When we use the term “WMI,” we are referring only to Waste Management, Inc., the parent holding company. WMI was incorporated in Oklahoma in 1987 under the name “USA Waste Services, Inc.” and was reincorporated as a Delaware company in 1995. In a 1998 merger, the Illinois-based waste services company formerly known as Waste Management, Inc. became a wholly-owned subsidiary of WMI and changed its name to Waste Management Holdings, Inc. (“WM Holdings”). At the same time, our parent holding company changed its name from USA Waste Services to Waste Management, Inc.
In its own words, from its 10-K, filed Feb 9, 2026.
Waste Management against its Refuse Systems peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +7%. Operating margin: 18.7% against the peers' median 7.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WM Waste Management | Q3 2026 | $6.8B | +6% | 18.7% |
| RSG Republic Services | Q3 2026 | $5.2B | +8% | 17.7% |
| WCN Waste Connections | Q3 2026 | $2.6B | +7% | 20.5% |
| CWST Casella Waste Systems | Q2 2026 | $544M | +17% | 3.7% |
| NVRI Enviri | Q3 2026 | $325M | +0.1% | 7.2% |
| QRHC Quest Resource Holding | Q3 2026 | $63.8M | +0.7% | 2.7% |
| VIVK Vivakor | Q2 2026 | $32.1M | +10% | 0.5% |
| AWX Avalon Holdings | Q3 2026 | $24.3M | -6% | 13.0% |
| RENX RenX Enterprises | Q2 2026 | $4.3M | +203% | -70.4% |
Source: Waste Management 10-Q on SEC EDGAR · CIK 823768 · Refuse Systems
Guidance and outlook
13F: who owns WM and who is buying
More on WM
- How Waste Management makes money: revenue by segment
- Waste Management stock forecast, price target and fair value
- Who owns Waste Management stock: holders, funds and Congress trades
- Waste Management guidance and outlook
- Is Waste Management a takeover target? LBO and rumors
- Waste Management recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Waste Management operating margin by quarter
- Waste Management net income by quarter
- Waste Management free cash flow by quarter
- Waste Management capital expenditures by quarter
- Waste Management Collection and Disposal revenue by quarter
- Waste Management Healthcare Solutions revenue by quarter
- Waste Management Recycling Processing and Sales revenue by quarter