Waste Management earnings: third quarter 2026

Waste Management's sales grew 6.3% in the third quarter of 2026, mostly from higher prices, and its adjusted profit per share rose about 9%. Its cash generation was the standout, and it kept its forecasts for the year, pointing to the top of its ranges for sales and cash. ¹

Against what analysts expected

Earnings per share were $2.15 on the company's adjusted basis and $2.05 as reported. Both were below the $2.18 analysts expected on average, according to Nasdaq's earnings calendar. ¹²

The strong points

• Sales rose 6.3% from a year ago, driven mainly by higher prices, fuel-related surcharges and growth in recycling and renewable energy. ¹
• Free cash flow, the cash left after running the business and investing in it, reached $3.01 billion over the first nine months of the year, up more than 42%. ¹
• On the company's own adjusted basis, which strips out one-off items, earnings per share rose about 9%, helped by fewer shares outstanding. ¹

The weak points

• Part of the cash gain comes from spending less, with total capital spending down 17.2% over the nine months. ¹
• In the third quarter on its own, cash from running the business rose only 3.0%. ¹
• Debt due within a year more than doubled since December, while cash on hand is only $247 million. ¹

What the company expects

• Waste Management kept its forecast for 2026 sales and now expects to land at the top of its $26.275 to $26.475 billion range. ¹
• For adjusted operating EBITDA, a measure of profit from running the business before depreciation, the company expects a result somewhere within its $8.15 to $8.25 billion range, not at the top. ¹

Our verdict on the quarter

A strong report. A solid quarter with price-led sales growth, rising adjusted profit and very strong cash, and the company kept its forecasts for the year, though profit per share came in a little below what analysts expected.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. Waste Management's results release, 27 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 27 October 2026. ↩