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Waste Management cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$983M in Q3 2026 · $3.7B over twelve months

Operating cash flow$1.6B
Capital spending−$657M
Free cash flow+$983M
Cash / net income2.0×
Cash conversion cycle3 days

Analysis

In Q3 2026, Waste Management generated $1.6B of operating cash flow and spent $657M on capital projects, leaving free cash flow of $983M. That is $167M more than in Q3 2025 ($816M).

Over the twelve months to Sep 30, 2026, operating cash flow was $6.6B; the largest uses were capital spending ($2.8B), other financing ($1.6B), dividends ($1.5B); besides operations, cash came from shares issued ($48.0M); the cash balance rose by $24.0M.

Operating cash flow was $1.6B against net income of $820M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$792M, receivables −$165M, payables +$60.0M.

Its cash conversion cycle was 3 days (receivables 48 + inventory 0 − payables 45).

Free cash flow

Waste Management: free cash flow by quarterWaste Management: free cash flow by quarter$396MQ4 2024$377MQ1 2025$813MQ2 2025$816MQ3 2025$810MQ4 2025$851MQ1 2026$1.1BQ2 2026$983MQ3 2026
Operating cash flow less capital spending.
Waste Management: operating cash flow against capital spendingWaste Management: operating cash flow against capital spendingOperating cash flowCapital spending$1.5B$1.1BQ4 2024$1.2B$831MQ1 2025$1.5B$732MQ2 2025$1.6B$776MQ3 2025$1.7B$888MQ4 2025$1.5B$650MQ1 2026$1.7B$630MQ2 2026$1.6B$657MQ3 2026
Latest (Q3 2026): Operating cash flow $1.6B, Capital spending $657M.

Capital allocation, year by year

Waste Management: where the cash came from (up) and went (down), by fiscal yearWaste Management: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $4.3BFY2021: Net borrowing $456MFY2021: Shares issued $66.0MFY2021: Capital spending −$2.0BFY2021: Acquisitions −$75.0MFY2021: Buybacks −$1.4BFY2021: Dividends −$970M$4.9BFY2021FY2022: Operating cash flow $4.5BFY2022: Net borrowing $1.4BFY2022: Shares issued $44.0MFY2022: Capital spending −$2.8BFY2022: Acquisitions −$377MFY2022: Buybacks −$1.5BFY2022: Dividends −$1.1B$5.9BFY2022FY2023: Operating cash flow $4.7BFY2023: Net borrowing $912MFY2023: Shares issued $44.0MFY2023: Capital spending −$2.9BFY2023: Acquisitions −$170MFY2023: Buybacks −$1.3BFY2023: Dividends −$1.1B$5.7BFY2023FY2024: Operating cash flow $5.4BFY2024: Net borrowing $6.7BFY2024: Shares issued $53.0MFY2024: Capital spending −$3.2BFY2024: Acquisitions −$7.5BFY2024: Buybacks −$262MFY2024: Dividends −$1.2B$12.2BFY2024FY2025: Operating cash flow $6.0BFY2025: Net borrowing −$1.3BFY2025: Shares issued $61.0MFY2025: Capital spending −$3.2BFY2025: Acquisitions −$395MFY2025: Dividends −$1.3B$6.1BFY2025
Over these 5 years operating cash flow totalled $25.0B; the largest uses were capital spending ($14.2B) and acquisitions ($8.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$247M
Debt$23.4B
Net debt$23.1B
Due within a year$1.8B

Waste Management funds itself: free cash flow was $3.7B over the last twelve months, and $247M of cash and investments stands against $23.4B of debt ($1.8B due within a year, 0.1× covered by cash).

Waste Management: debt maturities by year (FY2025)Waste Management: debt maturities by year (FY2025)$1.8BYear 1$2.0BYear 2$2.0BYear 3$2.1BYear 4$1.7BYear 5$13.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $247M of cash and investments now.

Where the cash came from and went

Waste Management: sources (+) and uses (−) of cash, Q3 2026Waste Management: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.6BCapital spending−$657MBuybacks−$580MDividends−$377MNet borrowing (+) / repaid (−)−$363MCash drawn (+) / kept (−)$306MOther investing$29.0MShares issued$9.0MAcquisitions−$4.0MOther financing−$3.0M
Waste Management: sources (+) and uses (−) of cash, TTM to Q3 2026Waste Management: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$6.6BCapital spending−$2.8BOther financing−$1.6BDividends−$1.5BNet borrowing (+) / repaid (−)−$541MAcquisitions−$89.0MShares issued$48.0MTaxes on employees’ shares−$41.0MCash drawn (+) / kept (−)−$24.0MOther investing−$12.0MExchange rates−$6.0M

From profit to cash

Waste Management: net income to operating cash flow, Q3 2026Waste Management: net income to operating cash flow, Q3 2026Net income$820MDepreciation & amortization$792MStock-based pay$41.0MDeferred taxes$53.0MGains on disposals−$2.0MReceivables−$165MPayables$60.0MPrepaid and other assets−$10.0MOperating cash flow$1.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202648—453
Q2 202647—443
Q1 202649—454
Q4 202550—482
Q3 202549—50-1
Q2 202547—470
Q1 202549—49-0
Q4 202448—50-3

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.6B−$657M−$4.0M−$580M−$377M−$363M$9.0M$306M$983M
Q2 2026$1.7B−$630M—−$659M−$379M$416M$6.0M−$393M$1.1B
Q1 2026$1.5B−$650M—−$344M−$385M−$77.0M$26.0M$52.0M$851M
Q4 2025$1.7B−$888M——−$333M−$517M$7.0M$11.0M$810M
Q3 2025$1.6B−$776M−$29.0M—−$332M−$717M$4.0M$244M$816M
Q2 2025$1.5B−$732M−$363M—−$333M$71.0M$25.0M−$221M$813M
Q1 2025$1.2B−$831M−$3.0M—−$336M−$170M$25.0M$156M$377M
Q4 2024$1.5B−$1.1B−$6.7B—−$301M$6.4B$11.0M$200M$396M

Waste Management: income statement and cash flow

Waste Management, Q3 2026: revenue $6.8B (+6% year over year), operating margin 18.7%. The chart follows the revenue to costs, profit and cash.

Waste Management: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.