WASTE MANAGEMENT INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WASTE MANAGEMENT INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,609	14,485	14,914	15,455	15,218	17,931	19,698	20,426	22,063	25,204
Cost of revenue	8,486	9,021	9,249	9,496	9,341	11,111	12,294	12,606	13,383	15,012
Gross profit	5,123	5,464	5,665	5,959	5,877	6,820	7,404	7,820	8,680	10,192
Selling, general and administrative	1,410	1,468	1,453	1,631	1,728	1,864	1,938	1,926	2,264	2,722
Operating income	2,296	2,636	2,789	2,706	2,434	2,965	3,365	3,575	4,063	4,308
Other non-operating income	-54	-8	2	-50	5	5	-2	6	-11	20
Pre-tax income	1,822	2,191	2,376	2,105	1,893	2,349	2,918	3,021	3,458	3,426
Income tax	642	242	453	434	397	532	678	745	713	717
Net income to minority interests	-2		-2	1		1	2	-28	-1	1
Net income	1,182	1,949	1,925	1,670	1,496	1,816	2,238	2,304	2,746	2,708
EBITDA	3,597	4,012	4,266	4,280	4,105	4,964	5,403	5,646	6,330	7,171
EPS, basic	2.66	4.44	4.49	3.93	3.54	4.32	5.42	5.69	6.84	6.72
EPS, diluted	2.65	4.41	4.45	3.91	3.52	4.29	5.39	5.66	6.81	6.70
Shares, basic (weighted)	444	439	429	425	423	420	413	405	402	403
Shares, diluted (weighted)	447	442	432	428	425	423	415	407	403	404
Dividend per share	1.64	1.70	1.86	2.05	2.18	2.30	2.60	2.80	3.00	3.30

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	32	22	61	3,561	553	118	351	458	414	201
Receivables	1,700	1,805	1,931	1,949	2,097	2,278	2,461	2,633	3,272	3,435
Other current assets	122	202	207	223	239	270	284	303	467	429
Total current assets	2,376	2,694	2,645	6,209	3,540	3,069	3,551	3,804	4,774	4,910
Property, plant and equipment	10,950	11,559	11,942	12,893	14,148	14,419	15,719	16,968	19,340	20,378
Lease right-of-use assets				424	466	451	456	453	996	959
Goodwill	6,215	6,247	6,430	6,532	8,994	9,028	9,323	9,254	13,438	13,880
Intangible assets	591	547	572	521	1,024	898	827	759	4,188	3,767
Other non-current assets	302	264	359	792	866	903	1,021	1,010	1,568	1,608
Total assets	20,859	21,829	22,650	27,743	29,345	29,097	31,367	32,823	44,567	45,835
Accounts payable	799	1,040	1,037	1,065	1,121	1,375	1,766	1,709	2,046	1,867
Accrued liabilities	1,085	980	1,117	1,327	1,342	1,428	1,625	1,605	2,180	2,211
Deferred revenue	493	503	522	534	539	571	589	578	673	735
Short-term debt	417	739	432	218	551	708	414	334	1,359	711
Total current liabilities	2,794	3,262	3,108	3,144	3,553	4,082	4,394	4,226	6,258	5,524
Long-term debt	8,893	8,752	9,594	13,280	13,259	12,697	14,570	15,895	22,541	22,196
Lease liabilities				366	453	459	460	452	878	845
Other non-current liabilities	695	755	553	912	1,051	1,125	1,106	1,092	1,651	1,686
Total liabilities	15,539	15,787	16,374	20,673	21,891	21,971	24,503	25,927	36,313	35,844
Total debt	9,310	9,491	10,026	13,498	13,810	13,405	14,984	16,229	23,900	22,907
Paid-in capital	4,850	4,933	4,993	5,049	5,129	5,169	5,314	5,351	5,496	5,676
Retained earnings	7,388	8,588	9,797	10,592	11,159	12,004	13,167	14,334	15,858	17,232
Treasury stock	-6,867	-7,516	-8,434	-8,571	-8,881	-10,072	-11,569	-12,751	-12,993	-12,914
Other comprehensive income	-80	8	-87	-8	39	17	-69	-37	-115	-10
Shareholders' equity	5,297	6,019	6,275	7,068	7,452	7,124	6,849	6,903	8,252	9,990
Minority interests	23	23	1	2	2	2	15	-7	2	1
Total equity	5,320	6,042	6,276	7,070	7,454	7,126	6,864	6,896	8,254	9,991
Total liabilities and equity	20,859	21,829	22,650	27,743	29,345	29,097	31,367	32,823	44,567	45,835
Shares outstanding	439	433	424	424	423	416	408	402	402	403

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,180	1,949	1,923	1,671	1,496	1,817	2,240	2,276	2,745	2,709
Depreciation and amortization	1,301	1,376	1,477	1,574	1,671	1,999	2,038	2,071	2,267	2,863
Stock-based compensation	90	101	89	86	94	108	84	93	118	169
Deferred income tax	73	-251	25	100	165	-77	49	83	124	363
Change in payables	192	126	203	243	-37	206	393	90	281	41
Cash from operations	3,003	3,180	3,570	3,874	3,403	4,338	4,536	4,719	5,390	6,043
Capital expenditures	-1,347	-1,568	-1,671	-1,815	-1,585	-2,039	-2,809	-2,895	-3,231	-3,227
Acquisitions	-608	-198	-460	-521	-4,085	-75	-377	-170	-7,488	-395
Cash from investing	-1,929	-1,620	-2,169	-2,376	-4,847	-1,894	-3,063	-3,091	-10,601	-3,566
Stock issued	63	95	52	67	63	66	44	44	53	61
Share buybacks	-725	-750	-1,004	-248	-402	-1,350	-1,500	-1,302	-262
Dividends paid	-726	-750	-802	-876	-927	-970	-1,077	-1,136	-1,210	-1,334
Cash from financing	-1,084	-1,361	-1,508	1,964	-1,559	-2,900	-1,216	-1,524	5,155	-2,673
Exchange rate effect			-3	2	4	2
Net change in cash	-10	199	-110	3,464	-2,999	-454	251	107	-65	-190
Free cash flow	1,656	1,612	1,899	2,059	1,818	2,299	1,727	1,824	2,159	2,816
Interest paid	375	380	339	397	461	387	348	447	530	927
Income taxes paid	442	562	349	292	422	370	736	633	645	494

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $206.83 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	40.9%	Gross profit / revenue.
Operating margin	17.6%	Operating income / revenue.
EBITDA margin	29.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.1%	Pre-tax income / revenue.
Net margin	11.1%	Net income / revenue.
FCF margin	13.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.4%	Cash from operations / revenue.
Effective tax rate	21.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	28.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.1%	Net income / average total assets.
Return on invested capital (ROIC)	10.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	10.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	11.5%	Capital expenditures / revenue.
D&A / revenue	11.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	6.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	6.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-1.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	7.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	30.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	17.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	9.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	21.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.91x	Current assets / current liabilities.
Quick ratio	0.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	50.3%	Total debt / total assets.
Liabilities / assets	78.6%	Total liabilities / total assets.
Net debt	$22.80B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.03x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$551.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	38.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$7.72B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.55x	Revenue / average total assets.
Fixed asset turnover	1.26x	Revenue / average property, plant and equipment.
Receivables turnover	7.34x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.
FCF conversion	125.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	45.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.09	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$63.78	Revenue / diluted weighted shares.
FCF per share	$8.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$16.20	Cash from operations / diluted weighted shares.
Book value per share	$24.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$19.29	Tangible book value / shares outstanding.
Cash per share	$1.39	(Cash + short-term investments) / shares outstanding.
Payout ratio	50.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	40.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$82.67B	Share price x shares outstanding.
Enterprise value	$105.47B	Market cap + total debt - cash - short-term investments.
P/E	29.0x	Market cap / net income. Only when net income is positive.
P/S	3.22x	Market cap / revenue.
P/B	8.33x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	23.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.7x	Market cap / cash from operations, when positive.
EV/Sales	4.11x	Enterprise value / revenue.
EV/EBIT	23.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.3%	Free cash flow / market cap.
Earnings yield	3.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.7%	Dividends paid over the period / market cap.
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.
PEG	3.85x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was WASTE MANAGEMENT INC's revenue in fiscal 2025?

WASTE MANAGEMENT INC reported revenue of $25.20B for fiscal 2025, 14.2% higher than the year before.

Was WASTE MANAGEMENT INC profitable in fiscal 2025?

Yes. Net income was $2.71B, a net margin of 10.7%.

How much free cash flow did WASTE MANAGEMENT INC generate in fiscal 2025?

Cash from operations of $6.04B minus capital expenditures of $3.23B left free cash flow of $2.82B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to WASTE MANAGEMENT INC