Waste Management reported fourth‐quarter earnings of $1.93 per share, falling short of the Zacks Consensus Estimate of $1.95. This result compares with earnings of $1.70 per share in the year‐ago quarter. Adjusted operating EBITDA for the quarter was $1.97 billion, a 15.5% increase from $1.71 billion a year earlier and just above the consensus of $1.96 billion. Revenue reached $6.31 billion, up 7.1% year‐over‐year, but trailed the Wall Street estimate of $6.34 billion.

The Legacy Business generated $5.70 billion in quarterly revenue, a 3.8% increase driven by core pricing of 6.3% and yield of 3.8%, offset by volume declines. Legacy operating EBITDA rose 10.1% on an adjusted basis to $1.87 billion, expanding margin by 150 basis points to 32.8%. Healthcare Solutions delivered $105 million in adjusted EBITDA, up from $87 million, lifting its margin to 17.1% from 14.1% in the prior‐year quarter as integration synergies and cost initiatives took effect.

For full‐year 2025, Waste Management reported revenue of $25.20 billion, up 14.2% from $22.06 billion in 2024. Adjusted operating EBITDA grew 15.5% to $7.58 billion, pushing the adjusted margin to a record 30.1%. Net cash provided by operating activities rose 12.1% to $6.04 billion, resulting in free cash flow of $2.94 billion, a 26.8% increase. The company invested approximately $400 million in solid waste and recycling acquisitions during the year.

Management projects 2026 revenue of $26.43 billion to $26.63 billion, a 5.2% midpoint increase, and adjusted operating EBITDA of $8.15 billion to $8.25 billion, up 6.2%. Core pricing is expected between 5.4% and 5.8%, with yield of 3.2% to 3.6% and volume growth of 0.2% to 0.6%. The company plans $2.45 billion to $2.55 billion in capital expenditures, including $200 million for sustainability growth, and aims to return $3.5 billion to shareholders through dividends and repurchases while targeting a leverage ratio of 2.5x–3.0x.