Waste Management

WM · Industrials · Market cap $90.3B

Q1 FY26 Jan 1 – Mar 31, 2026 reported Jul 29, 2026

Revenue$6.2B +3% year over year

Gross profit$2.5B

Operating profit$1.1B

Net profit$0.7B 12% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	6.2	100%	+3%
East Tier	2.4	39%
West Tier	2.3	37%
Other Ancillary	0.8	13%
Healthcare Solutions	0.6	10%
Renewable Energy	0.2	3%
Cost of revenue	−3.7	60%
Gross profit	2.5	41% margin	+1pp
SG&A	−0.7	11%	+0pp
Other	−0.7	11%	+0pp
Operating profit	1.1	18% margin	+1pp
Tax	−0.2
Interest & other costs	−0.2
Net profit	0.7	12%	+1pp

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	6.3	100%	+7%
Collection and Disposal	5.2	83%	+4%
Healthcare Solutions	0.6	10%
Recycling Processing and Sales	0.4	6%	−11%
Renewable Energy Segment	0.2	3%	+69%
Cost of revenue	−3.7	59%
Gross profit	2.6	41% margin	+1pp
SG&A	−0.7	11%	−2pp
Other	−0.7	12%	+0pp
Operating profit	1.2	18% margin	+3pp
Tax	−0.3
Interest & other costs	−0.2
Net profit	0.7	12%	+2pp

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	6.4	100%	+15%
Commercial	1.4	22%	+4%
Landfill	1	16%	+8%
Residential	0.9	14%	+1%
Other Collection	0.8	12%	+7%
Industrial	0.8	12%	+1%
Healthcare Solutions	0.6	9%
Other	0.5	8%
Transfer	0.4	6%	+8%
Cost of revenue	−3.8	59%
Gross profit	2.6	41% margin	+1pp
SG&A	−0.7	10%	+1pp
Other	−1	15%	+0pp
Operating profit	1	15% margin	−5pp
Tax	−0.2
Interest & other costs	−0.2
Net profit	0.6	9%	−4pp

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	6.4	100%	+19%
Commercial	1.4	22%	+5%
Landfill	1	16%	+19%
Residential	0.9	14%	+1%
Other Collection	0.8	12%	+9%
Industrial	0.8	12%	+1%
Healthcare Solutions	0.6	9%
Other	0.5	8%
Transfer	0.4	6%	+12%
Cost of revenue	−3.8	59%
Gross profit	2.6	40% margin	+1pp
SG&A	−0.7	11%	+2pp
Other	−0.7	12%	+0pp
Operating profit	1.2	18% margin	−1pp
Tax	−0.3
Interest & other costs	−0.2
Net profit	0.7	11%	−1pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q1 FY26	Jan 1 – Mar 31, 2026	Jul 29, 2026	$6.2B	+3%	18%	$0.7B	12%
Q4 FY25	Oct 1 – Dec 31, 2025	Feb 9, 2026	$6.3B	+7%	19%	$0.7B	12%
Q3 FY25	Jul 1 – Sep 30, 2025	Oct 28, 2025	$6.4B	+15%	16%	$0.6B	9%
Q2 FY25	Apr 1 – Jun 30, 2025	Jul 29, 2025	$6.4B	+19%	19%	$0.7B	11%