Waste Management, Inc. (WM) Income Statement
WM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWM revenue and net income
Where WM's revenue goes
2025Each bar shows an amount and its share of revenue. WM kept 10.7% of revenue as net income.
WM profit margins
WM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +14.2% | +8.6% | +10.6% | +6.9% |
| Gross profit | +14.3% | +11.0% | +11.7% | +7.7% |
| Operating income | +11.0% | +10.2% | +13.2% | +8.0% |
| Net income | −1.4% | +6.6% | +12.6% | +13.7% |
| EPS (diluted) | +3.7% | +10.3% | +13.2% | +11.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WM quarterly EPS vs estimates
Waste Management beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 27, 2026 (estimate $2.18).
WM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.20B | $22.06B | $20.43B | $19.70B | $17.93B | $15.22B | $15.46B | $14.91B | $14.48B | $13.61B |
| Cost of revenue | $17.88B | $15.65B | $14.68B | $14.33B | $13.11B | $11.01B | $11.07B | $10.73B | $10.40B | $9.79B |
| Gross profit | $7.33B | $6.41B | $5.75B | $5.37B | $4.82B | $4.21B | $4.38B | $4.19B | $4.09B | $3.82B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $2.72B | $2.21B | $1.93B | $1.94B | $1.83B | $1.73B | $1.63B | $1.45B | $1.47B | $1.41B |
| Total operating expenses | $2.72B | $2.26B | $1.93B | $1.93B | $1.81B | $1.73B | $1.63B | $1.45B | $1.47B | $1.41B |
| Operating income | $4.61B | $4.15B | $3.82B | $3.44B | $3.01B | $2.48B | $2.75B | $2.73B | $2.62B | $2.41B |
| Interest income | $902.0M | $594.0M | $560.0M | $445.0M | $401.0M | $486.0M | $466.0M | $415.0M | $431.0M | $440.0M |
| Interest expense | $912.0M | $598.0M | $500.0M | $378.0M | $365.0M | $425.0M | $411.0M | $363.0M | $351.0M | $365.0M |
| Income before taxes | $3.43B | $3.46B | $3.02B | $2.92B | $2.35B | $1.89B | $2.10B | $2.38B | $2.19B | $1.82B |
| Income taxes | $717.0M | $713.0M | $745.0M | $678.0M | $532.0M | $397.0M | $434.0M | $453.0M | $242.0M | $642.0M |
| Net income | $2.71B | $2.75B | $2.30B | $2.24B | $1.82B | $1.50B | $1.67B | $1.93B | $1.95B | $1.18B |
| EBITDA | $5.07B | $6.46B | $5.72B | $5.45B | $4.82B | $4.09B | $4.09B | $4.22B | $3.92B | $3.49B |
| EPS (diluted) | $7.50 | $7.23 | $6.19 | $5.59 | $4.85 | $4.03 | $4.43 | $4.20 | $3.22 | $2.92 |
| Gross margin | 29.1% | 29.1% | 28.1% | 27.2% | 26.9% | 27.6% | 28.4% | 28.1% | 28.2% | 28.1% |
| Operating margin | 18.3% | 18.8% | 18.7% | 17.5% | 16.8% | 16.3% | 17.8% | 18.3% | 18.1% | 17.7% |
| Net margin | 10.7% | 12.4% | 11.3% | 11.4% | 10.1% | 9.8% | 10.8% | 12.9% | 13.5% | 8.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.68B | $6.23B | $6.31B | $6.44B | $6.43B | $6.02B | $5.89B | $5.61B | $5.40B | $5.16B | $5.22B | $5.20B |
| Cost of revenue | $3.96B | $3.69B | $4.46B | $4.56B | $4.55B | $4.30B | $4.21B | $3.96B | $3.83B | $3.65B | $3.67B | $3.71B |
| Gross profit | $2.73B | $2.53B | $1.85B | $1.88B | $1.88B | $1.72B | $1.69B | $1.65B | $1.57B | $1.50B | $1.54B | $1.49B |
| Sales, general & admin | $643.0M | $707.0M | $674.0M | $647.0M | $672.0M | $668.0M | $733.0M | $525.0M | $501.0M | $491.0M | $493.0M | $470.0M |
| Total operating expenses | $1.48B | $1.42B | $674.0M | $665.0M | $696.0M | $687.0M | $747.0M | $525.0M | $501.0M | $491.0M | $513.0M | $470.0M |
| Operating income | $1.25B | $1.11B | $1.18B | $1.22B | $1.19B | $1.03B | $941.0M | $1.13B | $1.07B | $1.01B | $1.03B | $1.02B |
| Interest income | — | — | $224.0M | $221.0M | $230.0M | $227.0M | $201.0M | $130.0M | — | — | — | $145.0M |
| Interest expense | $233.0M | $225.0M | $223.0M | $225.0M | $232.0M | $232.0M | $201.0M | $131.0M | $136.0M | $130.0M | $128.0M | $127.0M |
| Income before taxes | $1.02B | $891.0M | $935.0M | $775.0M | $928.0M | $788.0M | $700.0M | $995.0M | $894.0M | $869.0M | $644.0M | $872.0M |
| Income taxes | $238.0M | $168.0M | $193.0M | $172.0M | $201.0M | $151.0M | $102.0M | $235.0M | $214.0M | $162.0M | $175.0M | $210.0M |
| Net income | $785.0M | $723.0M | $742.0M | $603.0M | $726.0M | $637.0M | $598.0M | $760.0M | $680.0M | $708.0M | $493.0M | $663.0M |
| EBITDA | $2.03B | $1.84B | $1.96B | $1.76B | $1.90B | $1.71B | $1.59B | $1.72B | $1.61B | $1.55B | $1.33B | $1.55B |
| EPS (diluted) | $2.02 | $1.81 | $1.93 | $1.98 | $1.92 | $1.67 | $1.70 | $1.96 | $1.82 | $1.75 | $1.74 | $1.63 |
| Gross margin | 40.8% | 40.7% | 29.3% | 29.2% | 29.3% | 28.5% | 28.6% | 29.5% | 29.0% | 29.2% | 29.6% | 28.7% |
| Operating margin | 18.7% | 17.9% | 18.6% | 18.9% | 18.5% | 17.1% | 16.0% | 20.1% | 19.8% | 19.7% | 19.8% | 19.6% |
| Net margin | 11.7% | 11.6% | 11.8% | 9.4% | 11.3% | 10.6% | 10.1% | 13.5% | 12.6% | 13.7% | 9.4% | 12.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WM's financial statements (latest annual report filed February 9, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WM financial results
In fiscal year 2025 (ended December 31, 2025), Waste Management reported revenue of $25.2 billion, up 14.2% from the year before. It had net income of $2.7 billion (down 1.4%), a net profit margin of 10.7%. Diluted earnings per share came to $7.50. Over five years revenue grew at an average rate of 10.6% a year.
See the WM stock overview for the latest quote and news, or the WM chart for price history and technical indicators.
WM income statement FAQ
What is Waste Management's annual revenue?
Waste Management reported total revenue of $25.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 14.2% from $22.1 billion the previous year.
Is Waste Management profitable?
Yes. Waste Management reported net income of $2.7 billion in fiscal 2025, a net profit margin of 10.7%; its operating margin was 18.3%.
What is Waste Management's gross margin?
Waste Management's gross margin was 29.1% in fiscal 2025: for every $100 of revenue, Waste Management kept $29 after the direct cost of its products and services.
How fast is Waste Management growing?
Revenue grew 10.6% a year on average over the last five fiscal years, from $15.2 billion to $25.2 billion.
What are Waste Management's earnings per share?
Waste Management earned $7.50 per diluted share in fiscal 2025, compared with $7.23 a year earlier.
When will Waste Management report its next earnings?
Waste Management is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 after the market closes.
When does Waste Management's fiscal year end?
Waste Management's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 9, 2026.