WM · Earnings call · 2026Q3T · Full report

Guidance / Outlook

WASTE MANAGEMENT INC · 2026-10-27 · Importance 54 · Surprise 24

Management expected full-year operating EBITDA to remain within the range established at the beginning of 2026, with revenue and free cash flow at the high end of their prior ranges. Full-year SG&A was expected to be about 10% of revenue. Company volume was still expected to decline about 1% for the year, or about 0.5% excluding prior-year wildfire cleanup volumes. Management also expected the fourth quarter to deliver the best margin performance of the year sequentially, while year-over-year margins could be lower because of an assumed 40-basis-point fuel impact.

Key facts

• WM expects full-year 2026 revenue and free cash flow to finish at the high end of their guidance ranges.
• WM expected full-year 2026 volume to be about negative 1%, or negative 50 basis points excluding wildfire cleanup volumes from the prior year.
• WM anticipated 2026 revenue and free cash flow results at the high end of its prior ranges.
• WM expected full-year 2026 SG&A of about 10% of revenue.
• WM expected its best performance from a margin perspective in the fourth quarter of 2026, with sequentially improving margins throughout the year, similar to 2025.
• WM's full-year 2026 volume outlook was about a 1% decline, or about 50 basis points down excluding the prior-year wildfire comparison.
• Waste Management said next year's growth algorithm would depend fundamentally on volume growth and expectations, while pricing was expected to cover costs.
• Waste Management said Health Care Solutions would benefit the company next year as it exited Q3 and entered Q4.