WM · Full Picture

WASTE MANAGEMENT INC — the full picture

Earnings window · 2026-07-29 to 2026-11-09 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Capital Expenditure Program · Capital expenditurePriority 76
    -5.0% cash; 2 sources (sec_filing, transcript); 2 forward row(s); quote_verified
    WM expected 2026 capital spending to be within guidance but toward the higher end, at about $2.75 billion.
  2. Revenue Performance and Mix · Revenue growth & mixPriority 72
    +1.3% revenue; 4 sources (news, press_release, sec_filing, transcript); 3 forward row(s); structured_verified
    The consensus estimate for total collection and disposal segment revenues is set at $5.5 billion, indicating a 4% increase from the year-ago quarter's actual.
  3. Guidance / Outlook · Guidance & outlookPriority 67
    +2.7% revenue; 3 sources (news, press_release, transcript); 7 forward row(s); quote_verified
    Waste Management lowered its 2026 revenue outlook to a range of USD 26.28 billion to USD 26.48 billion.
  4. Free Cash Flow · Cash flow generationPriority 63
    +3.6% cash (realized); 4 sources (news, press_release, sec_filing, transcript); 1 forward row(s); structured_verified
    Free cash flow rose 34.5 percent to USD 1.104 billion in Q2 2026.
  5. Capital Return Program · Buybacks & dividendsPriority 57
    -0.8% cash; 2 sources (press_release, transcript); 1 forward row(s); quote_verified
    WM repurchased $1.58 billion of its shares in the first nine months of 2026 and continued to expect to repurchase a total of $2 billion of shares in 2026.
  6. Tax Legislation · UnclassifiedPriority 56
    +2.3% net_income; 4 forward row(s); structured_verified
    WASTE MANAGEMENT expects its cumulative benefit from the Section 48 investment tax credit to be between $400 million and $425 million, $309 million of which was recognized between 2023 and 2025 with the remainder anticipated to be realized in 2026 and 2027.
  7. Operating Expense Trends · Operating expenses (SG&A)Priority 55
    -4.3% operating_income (realized); 3 sources (press_release, sec_filing, transcript); quote_verified
    Q3 2026 operating expenses were $4,093 million, or 59.8% of revenues, compared with $3,798 million, or 58.9%, in Q3 2025, an increase of $295 million.
  8. Market Demand Trends · Demand, orders & backlogPriority 54
    3 sources (news, press_release, sec_filing); quote_verified
    California State Teachers Retirement System raised its holdings in Waste Management by 26,113.1% during the second quarter and owned 121,870,338 shares after purchasing an additional 121,405,416 shares.
  9. Operating Margin Drivers · UnclassifiedPriority 53
    +4.2% operating_income (realized); 2 sources (sec_filing, transcript); structured_verified
    Q3 2026 income from operations was $1,279 million, or 18.7% of revenues, compared with $989 million, or 15.3%, in Q3 2025, an increase of $290 million.
  10. Capital Allocation · Buybacks & dividendsPriority 52
    quote_verified
    Waste Management's stock closed at $236.60 on a Wednesday, down 1.17%, and was 4.65% below its 52-week high.
  11. Debt and Liquidity Position · Debt, leverage & refinancingPriority 52
    +0.7% liability; 2 sources (sec_filing, transcript); 3 forward row(s); structured_verified
    Forecasted available capacity under our long-term U.S. and Canadian revolving credit facility was $3.5 billion.
  12. Diesel Price and Fuel Surcharges · UnclassifiedPriority 51
    2 sources (sec_filing, transcript); quote_verified
    Waste Management said it was assuming Q4 diesel prices about 40% above Q4 of the prior year, at a little over $5.50 per gallon.

Threads by pillar

Revenue & Demand Priority 85 · 6 threads

Costs & Margins Priority 71 · 6 threads

Capital & Balance Sheet Priority 90 · 9 threads

Strategy & Portfolio Priority 52 · 2 threads

Legal, Regulatory & Policy Priority 34 · 2 threads

Guidance & Outlook Priority 69 · 2 threads

Macro & Market Conditions Priority 55 · 6 threads

Management & Governance Priority 42 · 3 threads

Unclassified Priority 81 · 5 threads

Expected impact by metric

metricforward netforward grossrealized
cash-4.9%+8.2%-7.3%
revenue+4.0%+4.0%+5.9%
net_income+2.3%+2.3%+4.0%
liability+0.7%+0.7%-0.3%
operating_income——+1.5%
margin——+2.5%