WASTE MANAGEMENT INC Earnings Summary — Q1 2026

• Revenue reached $6.23 billion for Q1 2026, maintaining a steady upward trajectory with a 3.47% YoY increase.
• Net Income performance remained robust at $723 million, reflecting significant growth compared to $637 million in Q1 2025.
• Total operating expenses were well-managed at $1.42 billion, down from $1.46 billion in the prior quarter despite inflationary pressures.
• Operating income of $1.11 billion shows strong execution, though slightly lower than the $1.15 billion peak in Q4 2025.
• Interest expense remains stable sequentially at $225 million, though it has nearly doubled on a YoY basis compared to pre-acquisition levels.
• The 13.5% YoY growth in Net Income demonstrates successful cost control and pricing power in an essential service market.

Management remains focused on pivoting toward 'sustainability growth' and monetization of landfill emissions through Renewable Natural Gas (RNG). Emphasis is placed on labor reduction through AI-driven sorting and automated truck fleets to offset inflationary pressures.

Stable

WM continues to show steady growth metrics following a period of rapid acquisition-led expansion in 2025. While revenue growth has slowed from 19% to 3.5%, profitability remains high and well above historical baselines.

The company is positioned as a high-quality compounder with dominant market share. Future growth is expected from further integration of the Stericycle acquisition and the expansion of renewable energy capabilities at landfill sites.