Waste Management, Inc. (USD). For the year ended 31 December 2025, revenue was 25.20B, +14.2 % on the previous year, net income was 2.71B. Debt as of 30 June 2026 stood at 23.36B.
Company reports as filed with the U.S. Securities and Exchange Commission.
| Metric | 31/12/2025 | 31/12/2024 |
|---|---|---|
| Revenue | 25.20B | 22.06B |
| Cost of revenue | 15.01B | 13.38B |
| Selling, general and administrative | 2.72B | 2.26B |
The series is stated in the current share scale after splits; dividends are not included in the price
Waste Management hauls rubbish and owns landfills — a business whose demand never disappears.
The real asset here is not the trucks but the landfills: permitting a new one is nearly impossible and existing ones have finite capacity. A landfill owner dictates terms to everyone hauling waste in the area, competitors included — hence durable pricing.
Revenue rests on contracts with municipalities and businesses, often indexed to inflation, so higher fuel and labour costs pass through to the customer with a lag but do pass through. Volumes track the economy weakly: rubbish is produced in downturns too.
Adjacent lines are recycling, where income depends on secondary material prices, and landfill gas captured and sold as fuel. The company pays a dividend with a long record of increases and buys back stock consistently.
| Operating expenses | 20.90B | 18.00B |
| Operating income | 4.31B | 4.06B |
| Pre-tax income | 3.43B | 3.46B |
| Income tax | 717M | 713M |
| Net income | 2.71B | 2.75B |
| Earnings per share | 6.72 | 6.84 |
| Earnings per share, diluted | 6.70 | 6.81 |
| Metric | 30/06/2026 | 31/03/2026 | 31/12/2025 | 30/09/2025 | 30/06/2025 | 31/03/2025 | 31/12/2024 | 30/09/2024 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 557M | 158M | 201M | 175M | 440M | 216M | 487M | 614M |
| Receivables | 3.50B | 3.37B | 3.44B | 3.40B | 3.41B | 3.26B | 3.27B | 2.84B |
| Current assets | 5.40B | 4.81B | 4.91B | 4.84B | 4.98B | 4.46B | 4.77B | 4.26B |
| Goodwill | 14.00B | 13.87B | 13.88B | 13.89B | 13.89B | 13.53B | 13.44B | 9.82B |
| Total assets | 46.44B | 45.70B | 45.84B | 45.61B | 45.72B | 44.49B | 44.57B | 34.73B |
| Current liabilities | 5.95B | 5.15B | 5.52B | 5.74B | 5.82B | 5.35B | 6.26B | 4.78B |
| Short-term debt | 1.08B | 641M | 711M | 880M | 964M | 954M | 1.36B | 676M |
| Long-term debt | 22.28B | 22.25B | 22.20B | 22.48B | 23.06B | 22.88B | 22.54B | 15.98B |
| Total liabilities | 36.52B | 35.68B | 35.84B | 36.09B | 36.52B | 35.84B | 36.31B | 26.76B |
| Equity | 9.93B | 10.02B | 9.99B | 9.52B | 9.20B | 8.65B | 8.25B | 7.97B |
| Shares outstanding | 400M | 402M | 403M | 403M | 403M | 402M | 402M | 401M |
| Shares issued | 630M | 630M | 630M | 630M | 630M | 630M | 630M | 630M |
| Treasury shares | 230M | 228M | 227M | 227M | 228M | 228M | 229M | 229M |
| Metric | 31/12/2025 | 31/12/2024 |
|---|---|---|
| Operating cash flow | 6.04B | 5.39B |
| Depreciation and amortisation | 2.86B | 2.27B |
| Share-based compensation | 169M | 118M |
| Capital expenditure | 3.23B | 3.23B |
| Investing cash flow | −3.57B | −10.60B |
| Dividends paid | 1.33B | 1.21B |
| Share buybacks | — | 262M |
| Financing cash flow | −2.67B | 5.16B |
A company's accounts come as three tables, and each answers its own question. The income statement shows what the company earned over a period: revenue at the top, costs below it and net income at the bottom, which is what is left for shareholders after tax. When revenue grows and net income does not, costs are growing faster, so it is worth finding out which line has moved.
The balance sheet is a snapshot on a single date: what the company owns and what it owes. Assets equal liabilities plus shareholders' equity. Debt is best judged against cash and earnings rather than on its own, because the same amount can be unremarkable for a large company and dangerous for a small one. Note that a balance sheet is published every quarter, so its date is often more recent than the date of the annual income statement.
The cash flow statement shows how much money actually came in. Net income is an accounting figure, while operating cash flow is what the business really collected. A healthy company usually brings in at least as much in cash as it reports on paper. Out of that flow it pays for equipment, pays dividends and buys back its own shares.
Every column carries the date its period ended, because companies close their financial years in different months. A dash means the company did not report that line, not that it equals zero: a bank, for example, has no cost of revenue. Annual figures give the overall picture, and quarterly ones reveal a turning point sooner, although they are more seasonal, so compare a quarter with the same quarter of the previous year.
Amounts in USD unless stated otherwise. Data: US exchange trading and company filings with the regulator