Filing Flows › Waste Management (WM) › Q3 2025
Waste Management (WM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Waste Management (WM) reported revenue of $6.4B for the third quarter 2025 (Q3 2025), +15% from a year earlier and +0.2% from the quarter before. Operating margin was 15.3%, net earnings $603M (9.4% of revenue).
Waste Management, Q3 2025: revenue $6.4B (+15% year over year), operating margin 15.3%, net earnings $603M, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.4B | +0.2% | +15% |
| Operating profit | $989M | -14% | -12% |
| Net earnings | $603M | -17% | -21% |
| Operating cash flow | $1.6B | +3% | +17% |
| Free cash flow | $816M | +0.4% | +41% |
What changed
Revenue was $6.4B in Q3 2025, up 15% year over year and roughly flat from the previous quarter. Commercial was the largest line at 22% of revenue. Landfill added $0.07B year over year (up 8%), 9% of the total change. Recycling Processing and Sales declined 14%.
Operating profit was $1.0B, a 15.3% margin (down 4.6 points year over year). Operating profit fell $0.13B even though revenue rose $0.83B versus a year earlier, so costs grew faster than sales. Total costs grew 21% against revenue growth of 15%. The fastest-growing cost line was Other operating costs (+75%). Net earnings were $0.60B, down 21% year over year. The effective tax rate was 22.2%.
Operating cash flow was $1.6B (up 17% year over year), 264% of net earnings. Non-cash charges added back $0.73B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.22B. Capital expenditures of $0.78B left free cash flow of $0.82B.
Questions
What was Waste Management's revenue in the third quarter 2025?
Waste Management (WM) reported revenue of $6.4B for the third quarter 2025 (Q3 2025), +15% from a year earlier and +0.2% from the quarter before.
Was Waste Management profitable in the third quarter 2025?
Operating profit was $989M (15.3% of revenue) and net earnings $603M.
Source: Waste Management 10-Q on SEC EDGAR.