Filing Flows › Waste Management (WM) › Q2 2025
Waste Management (WM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Waste Management (WM) reported revenue of $6.4B for the second quarter 2025 (Q2 2025), +19% from a year earlier and +7% from the quarter before. Operating margin was 17.9%, net earnings $727M (11.3% of revenue).
Waste Management, Q2 2025: revenue $6.4B (+19% year over year), operating margin 17.9%, net earnings $727M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.4B | +7% | +19% |
| Operating profit | $1.2B | +14% | +14% |
| Net earnings | $727M | +14% | +7% |
| Operating cash flow | $1.5B | +28% | +34% |
| Free cash flow | $813M | +116% | +67% |
What changed
Revenue was $6.4B in Q2 2025, up 19% year over year and up 7% from the previous quarter. Commercial was the largest line at 22% of revenue. Landfill added $0.16B year over year (up 19%), 16% of the total change. Recycling Processing and Sales declined 6%.
Operating profit was $1.2B, a 17.9% margin (down 0.8 points year over year). Of the extra revenue versus a year earlier, 14% reached operating profit, below the 19% margin then. Total costs grew 20% against revenue growth of 19%. The fastest-growing cost line was SG&A (+39%). Net earnings were $0.73B, up 7% year over year. The effective tax rate was 21.7%.
Operating cash flow was $1.5B (up 34% year over year), 213% of net earnings. Non-cash charges added back $0.71B of depreciation and amortization and $0.04B of share-based compensation. Capital expenditures of $0.73B left free cash flow of $0.81B.
Questions
What was Waste Management's revenue in the second quarter 2025?
Waste Management (WM) reported revenue of $6.4B for the second quarter 2025 (Q2 2025), +19% from a year earlier and +7% from the quarter before.
Was Waste Management profitable in the second quarter 2025?
Operating profit was $1.2B (17.9% of revenue) and net earnings $727M.
Source: Waste Management 10-Q on SEC EDGAR.