Filing Flows › Waste Management (WM) › Q4 2025
Waste Management (WM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 9, 2026
Waste Management (WM) reported revenue of $6.3B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -2% from the quarter before. Operating margin was 18.3%, net earnings $742M (11.8% of revenue).
Waste Management, Q4 2025: revenue $6.3B (+7% year over year), operating margin 18.3%, net earnings $742M, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.3B | -2% | +7% |
| Operating profit | $1.2B | +17% | +26% |
| Net earnings | $742M | +23% | +24% |
| Operating cash flow | $1.7B | +7% | +12% |
| Free cash flow | $810M | -0.7% | +105% |
What changed
Revenue was $6.3B in Q4 2025, up 7% year over year and down 2% from the previous quarter. Collection and Disposal was the largest line at 82% of revenue.
Operating profit was $1.2B, a 18.3% margin (up 2.7 points year over year). Of the extra revenue versus a year earlier, 56% reached operating profit, above the 16% margin then. Total costs grew 4% against revenue growth of 7%. Net earnings were $0.74B, up 24% year over year. The effective tax rate was 20.6%.
Operating cash flow was $1.7B (up 12% year over year), 229% of net earnings. Non-cash charges added back $0.66B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.26B. Capital expenditures of $0.89B left free cash flow of $0.81B.
Questions
What was Waste Management's revenue in the fourth quarter 2025?
Waste Management (WM) reported revenue of $6.3B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and -2% from the quarter before.
Was Waste Management profitable in the fourth quarter 2025?
Operating profit was $1.2B (18.3% of revenue) and net earnings $742M.
Source: Waste Management 10-K on SEC EDGAR.