Waste Management, Inc. (WM) Earnings Call Transcripts

Waste Management, Inc.'s Latest Earnings Call - Q2 FY2026

In the second quarter of fiscal year 2026, Waste Management, Inc. (WM) reported a revenue of $6.7 billion, reflecting a decline from the previous year's $6.9 billion, primarily due to lower collection and disposal volumes. Operating EBITDA grew 5.5%, or 9.1% excluding last year's wildfire cleanup contributions, with an operating EBITDA margin expansion of 40 basis points. Management narrowed its full-year revenue guidance to $26.75 billion to $26.475 billion, citing softer volume trends but maintained confidence in profitability and cash flow outlook, supported by strong pricing and disciplined execution.

Reported metrics

Guidance from management

Management maintained its operating EBITDA and free cash flow guidance for the year but narrowed revenue expectations due to softer volume trends. They expect collection and disposal yield to track toward the high end of their guidance range.

What management said

Tony, I think when you look at overall landfill volumes, you saw that we still have positive landfill volumes across MSW in the quarter moderated a little bit from Q1 to Q2, but still positive. I think a bright spot was certainly special waste because even net of the wildfires, which was significant volume, particularly in Q2 last year, we're still showing positive 4.5% volume there. I think that's a pretty good in...

And I think on Corporate and Other, we saw improved performance sequentially from Q1 to Q2. It's largely driven by timing of certain expenses, which can create some of that variability quarter in, quarter out. But I think what's important too, if you step back is from a full year perspective, while we see variability in various segment contributions, we remain confident in our full year outlook overall operating EBIT...

What analysts pressed on

Analysts expressed concerns regarding the softness in volume trends, particularly in the commercial segment, and questioned the sustainability of margin expansion given the competitive landscape. There were also inquiries about the impact of higher fuel surcharges on customer demand and overall pricing power.

Main topics on the call

• Revenue Guidance Adjustment — Management narrowed its full-year revenue outlook by about 1.5% to a range of $26.75 billion to $26.475 billion, citing lower solid waste volumes and reduced recycling brokerage activity. Jim Fish stated, "This uptake do...
• Operating EBITDA Growth — Operating EBITDA grew by 5.5%, or 9.1% excluding wildfire cleanup contributions, demonstrating strong underlying profitability. David Reed noted, "Despite these headwinds, we delivered strong earnings growth and margin e...
• Margin Expansion — Operating EBITDA margin expanded by 40 basis points, driven by a strong price-to-cost spread and cost reductions from technology and automation. John Morris highlighted, "Operating expenses remained below 60% of revenue ...
• Free Cash Flow Generation — Free cash flow grew by 35% for the quarter, reflecting strong earnings and lower capital spending. Jim Fish remarked, "This earnings growth, combined with lower capital spending and working capital benefits, led to a 35%...

Read the full Waste Management, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 68 Waste Management, Inc. earnings call transcripts on record, spanning February 13, 2020 to July 29, 2026. Based on this history, Waste Management, Inc. reports quarterly. The most recent call on file is dated July 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

WM

Exchange

NYSE

Country

US

Sector

Industrials

Industry

Commercial Services and Supplies

Calls on record

68

First call

February 13, 2020

Most recent

July 29, 2026

Reporting cadence

quarterly