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Stocks · Industrials · Refuse Systems

Waste Management

WM Clue Score60
United States Fiscal year ends December CIK 0000823768
$211.14 +1.11% Close, 12 Oct 2026
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Price $211.14 +36.70% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue13.61Operating income2.30Net income1.18EPS, diluted2.65Fiscal year 2017Revenue14.49 +6.4%Operating income2.64Net income1.95 +64.9%EPS, diluted4.41 +66.4%Fiscal year 2018Revenue14.91 +3.0%Operating income2.79Net income1.93 −1.2%EPS, diluted4.45 +0.9%Fiscal year 2019Revenue15.46 +3.6%Operating income2.71Net income1.67 −13.2%EPS, diluted3.91 −12.1%Fiscal year 2020Revenue15.22 −1.5%Operating income2.43Net income1.50 −10.4%EPS, diluted3.52 −10.0%Fiscal year 2021Revenue17.93 +17.8%Operating income2.97Net income1.82 +21.4%EPS, diluted4.29 +21.9%Fiscal year 2022Revenue19.70 +9.9%Operating income3.37Net income2.24 +23.2%EPS, diluted5.39 +25.6%Fiscal year 2023Revenue20.43 +3.7%Operating income3.58Net income2.30 +2.9%EPS, diluted5.66 +5.0%Fiscal year 2024Revenue22.06 +8.0%Operating income4.06Net income2.75 +19.2%EPS, diluted6.81 +20.3%Fiscal year 2025Revenue25.20 +14.2%Operating income4.31Net income2.71 −1.4%EPS, diluted6.70 −1.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 13.61 14.49 14.91 15.46 15.22 17.93 19.70 20.43 22.06 25.20
Growth +6.4% +3.0% +3.6% −1.5% +17.8% +9.9% +3.7% +8.0% +14.2%
Operating income 2.30 2.64 2.79 2.71 2.43 2.97 3.37 3.58 4.06 4.31
Net income 1.18 1.95 1.93 1.67 1.50 1.82 2.24 2.30 2.75 2.71
Growth +64.9% −1.2% −13.2% −10.4% +21.4% +23.2% +2.9% +19.2% −1.4%
EPS, diluted 2.65 4.41 4.45 3.91 3.52 4.29 5.39 5.66 6.81 6.70
Growth +66.4% +0.9% −12.1% −10.0% +21.9% +25.6% +5.0% +20.3% −1.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin16.9%Net margin8.7%Free cash flow margin12.2%Fiscal year 2017Operating margin18.2%Net margin13.5%Free cash flow margin11.1%Fiscal year 2018Operating margin18.7%Net margin12.9%Free cash flow margin12.7%Fiscal year 2019Operating margin17.5%Net margin10.8%Free cash flow margin13.3%Fiscal year 2020Operating margin16.0%Net margin9.8%Free cash flow margin11.9%Fiscal year 2021Operating margin16.5%Net margin10.1%Free cash flow margin12.8%Fiscal year 2022Operating margin17.1%Net margin11.4%Free cash flow margin8.8%Fiscal year 2023Operating margin17.5%Net margin11.3%Free cash flow margin8.9%Fiscal year 2024Operating margin18.4%Net margin12.4%Free cash flow margin9.8%Fiscal year 2025Operating margin17.1%Net margin10.7%Free cash flow margin11.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 16.9% 18.2% 18.7% 17.5% 16.0% 16.5% 17.1% 17.5% 18.4% 17.1%
Net margin 8.7% 13.5% 12.9% 10.8% 9.8% 10.1% 11.4% 11.3% 12.4% 10.7%
Free cash flow margin 12.2% 11.1% 12.7% 13.3% 11.9% 12.8% 8.8% 8.9% 9.8% 11.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow3.00Capital expenditure−1.35Free cash flow1.66Buybacks−0.73Dividends paid−0.73Fiscal year 2017Operating cash flow3.18Capital expenditure−1.57Free cash flow1.61 −2.7%Buybacks−0.75Dividends paid−0.75Fiscal year 2018Operating cash flow3.57Capital expenditure−1.67Free cash flow1.90 +17.8%Buybacks−1.00Dividends paid−0.80Fiscal year 2019Operating cash flow3.87Capital expenditure−1.82Free cash flow2.06 +8.4%Buybacks−0.25Dividends paid−0.88Fiscal year 2020Operating cash flow3.40Capital expenditure−1.59Free cash flow1.82 −11.7%Buybacks−0.40Dividends paid−0.93Fiscal year 2021Operating cash flow4.34Capital expenditure−2.04Free cash flow2.30 +26.5%Buybacks−1.35Dividends paid−0.97Fiscal year 2022Operating cash flow4.54Capital expenditure−2.81Free cash flow1.73 −24.9%Buybacks−1.50Dividends paid−1.08Fiscal year 2023Operating cash flow4.72Capital expenditure−2.90Free cash flow1.82 +5.6%Buybacks−1.30Dividends paid−1.14Fiscal year 2024Operating cash flow5.39Capital expenditure−3.23Free cash flow2.16 +18.4%Buybacks−0.26Dividends paid−1.21Fiscal year 2025Operating cash flow6.04Capital expenditure−3.23Free cash flow2.82 +30.4%Dividends paid−1.33
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 3.00 3.18 3.57 3.87 3.40 4.34 4.54 4.72 5.39 6.04
Capital expenditure −1.35 −1.57 −1.67 −1.82 −1.59 −2.04 −2.81 −2.90 −3.23 −3.23
Free cash flow 1.66 1.61 1.90 2.06 1.82 2.30 1.73 1.82 2.16 2.82
Growth −2.7% +17.8% +8.4% −11.7% +26.5% −24.9% +5.6% +18.4% +30.4%
Buybacks −0.73 −0.75 −1.00 −0.25 −0.40 −1.35 −1.50 −1.30 −0.26 n/a
Dividends paid −0.73 −0.75 −0.80 −0.88 −0.93 −0.97 −1.08 −1.14 −1.21 −1.33

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash0.03Shareholders’ equity5.30Fiscal year 2017Cash0.02Shareholders’ equity6.02Fiscal year 2018Cash0.06Shareholders’ equity6.28Fiscal year 2019Cash3.56Shareholders’ equity7.07Fiscal year 2020Cash0.55Shareholders’ equity7.45Fiscal year 2021Cash0.12Shareholders’ equity7.12Fiscal year 2022Cash0.35Shareholders’ equity6.85Fiscal year 2023Cash0.46Shareholders’ equity6.90Fiscal year 2024Cash0.41Shareholders’ equity8.25Fiscal year 2025Cash0.20Shareholders’ equity9.99
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.03 0.02 0.06 3.56 0.55 0.12 0.35 0.46 0.41 0.20
Shareholders’ equity 5.30 6.02 6.28 7.07 7.45 7.12 6.85 6.90 8.25 9.99

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
16.9% 18.2% 18.7% 17.5% 16.0% 16.5% 17.1% 17.5% 18.4% 17.1%
13.4% 15.1% 15.9% 13.6% 12.4% 13.1% 14.8% 14.8% 15.7% 13.6%
8.7% 13.5% 12.9% 10.8% 9.8% 10.1% 11.4% 11.3% 12.4% 10.7%
12.2% 11.1% 12.7% 13.3% 11.9% 12.8% 8.8% 8.9% 9.8% 11.2%
Spending
10.4% 10.1% 9.7% 10.6% 11.4% 10.4% 9.8% 9.4% 10.3% 10.8%
9.9% 10.8% 11.2% 11.7% 10.4% 11.4% 14.3% 14.2% 14.6% 12.8%
35.2% 11.0% 19.1% 20.6% 21.0% 22.6% 23.2% 24.7% 20.6% 20.9%
Returns
22.3% 32.4% 30.7% 23.6% 20.1% 25.5% 32.7% 33.4% 33.3% 27.1%
5.7% 8.9% 8.5% 6.0% 5.1% 6.2% 7.1% 7.0% 6.2% 5.9%
Balance and payout
74.5% 72.3% 72.3% 74.5% 74.6% 75.5% 78.1% 79.0% 81.5% 78.2%
61.4% 38.5% 41.7% 52.5% 62.0% 53.4% 48.1% 49.3% 44.1% 49.3%
87.6% 93.1% 95.1% 54.6% 73.1% 100.9% 149.2% 133.7% 68.2% 47.4%