WM · Earnings call · 2026Q3T · Full report

Volume and Demand Trends

WASTE MANAGEMENT INC · 2026-10-27 · Importance 31 · Surprise 32

Collection and disposal volume was modestly negative, with residential volume down 2.6% in the quarter versus 3.5% year to date as intentional customer shedding continued to moderate. Industrial roll-off volume was flat to slightly positive, while commercial volume declined about 1.3%, reflecting national-account broker losses and pressure on small and midsize businesses. Management connected softer construction, landfill and commercial activity with conditions in construction, housing and business formation. Residential core price, yield and revenue added about $40 million despite lower volume, and management said residential trends were moving in a positive direction heading into 2027.

Key facts

• WM expected to lap the commercial national account broker decisions around the end of the first quarter of 2027.
• WM's full-year 2026 residential volume was expected to move toward positive in the second half, although management did not specify when it would turn positive.
• Waste Management said housing was at approximately 1.2 million, well below its historical level.
• Waste Management said 16 areas reported very strong special-waste pipelines, although some pipeline opportunities had not yet materialized.
• WM saw improving volume trends in the secure document and health care businesses heading into 2027, but management did not specify when they would turn positive.
• WM's residential volume was down 3.5% year to date and down 2.6% in the third quarter of 2026.
• WM's commercial volume was down about 1.3% in the third quarter of 2026, slightly more negative than in the second quarter.
• Waste Management's construction and demolition volume was down about 4.5% year-to-date.