Waste Management, Inc. (WM) Earnings Call Transcripts

Waste Management, Inc.'s Latest Earnings Call - Q3 FY2026

In the third quarter of 2026, Waste Management, Inc. (WM) reported a revenue increase of 6.3% year-over-year, reaching $5.2 billion, and operating EBITDA growth of 5.8%. The company maintained its operating EBITDA margin at 31% despite headwinds from rising fuel costs. Management signaled confidence in achieving full-year guidance, with revenue and free cash flow expected to finish at the high end of their ranges. Notably, the Healthcare Solutions segment showed strong performance with a 33% increase in operating EBITDA, marking a significant turnaround after integration challenges.

Reported metrics

Guidance from management

WM expects to achieve full-year revenue and free cash flow at the high end of their previously established ranges. Operating EBITDA is also anticipated to be within the guidance range set at the beginning of the year.

What management said

Stepping back, I would just say, if we think about the guidance range in general, given where we started at the beginning of the year and the moving pieces and the dynamics we're definitely impressed with the resiliency and the strength of the business.

So Tyler, it's a good question. I would tell you, first and foremost, it's not related to our safety performance. It has more to do with sort of an out-of-period adjustment that happened in Q3. But if you look at our safety statistics and performance, that is not what's driving. In fact, across the broader business, including our health care business, we're seeing a nice improvement in our recordable injury rate and ...

What analysts pressed on

Analysts expressed concerns regarding the impact of rising fuel costs on margins and the potential for continued volume declines, particularly in residential and commercial segments. There were also inquiries about the sustainability of pricing power amid economic headwinds.

Main topics on the call

• Leadership Transition — CEO Jim Fish announced his retirement in early January 2027, with John Morris set to take over. Fish expressed confidence in Morris's ability to lead the company, stating, "I have the utmost confidence that John is the r...
• Healthcare Solutions Performance — The Healthcare Solutions segment saw a revenue increase of 3.7% and a 33% rise in operating EBITDA, marking the first year-over-year revenue growth since the acquisition. Morris noted, "We achieved both of those targets ...
• Cost Management and SG&A Reduction — WM successfully reduced SG&A expenses to 9.3% of revenue, down from 10% the previous year. Fish highlighted this achievement, stating, "We continued to reduce our SG&A down to 9.3%."
• Fuel Cost Impact — Management acknowledged a significant headwind from rising fuel costs, which impacted margins. Reed mentioned, "We are assuming about a 40-basis-point impact from higher fuel costs," indicating ongoing challenges in this...

Read the full Waste Management, Inc. transcript (Q3 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 October 28, 2026. Based on this history, Waste Management, Inc. reports quarterly. The most recent call on file is dated October 28, 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

October 28, 2026

Reporting cadence

quarterly