WM · Earnings call · 2026Q3T · Full report

Healthcare Volume Trends

WASTE MANAGEMENT INC · 2026-10-27 · Importance 20 · Surprise 24

Management said volume trends are improving in both traditional health care, including medical waste, and secure information destruction, while stopping short of identifying when either would return to positive volume. Secure information destruction was tracking somewhat quicker than medical waste, and management expected sequential improvement. Hospitals, a significant part of medical-waste revenue, were growing on a same-store-sales basis, though other factors had affected the overall measure. Management characterized the longer-term medical-waste opportunity as an area expected to deliver outsized growth.

Key facts

• Waste Management said medical waste and secure document destruction volume trends were improving, but it was not ready to say when they would turn positive; it expected benefits to continue into 2027.
• Waste Management said traditional health care and secure information destruction volume trends were both improving, with secure information destruction tracking somewhat faster.
• Waste Management expected quarter-over-quarter sequential improvement in its health care volume trends moving forward.
• Waste Management said hospitals, a significant part of medical-waste revenue, were growing on a same-store-sales basis.
• Waste Management said the medical-waste business had potential for outsized growth over the longer term and that it would be patient as volume accrued to its benefit.