WM revenue rises 6.3% on pricing as it affirms 2026 outlook

WM, the largest U.S. trash and recycling company, reported third-quarter revenue of $6.85 billion, up 6.3% from a year earlier, and affirmed its 2026 outlook, according to its earnings release filed with an 8-K.

Earnings per diluted share were $2.05, up from $1.49 in the third quarter of 2025. Adjusted earnings per share were $2.15, compared with $1.98.

Pricing did the work

Core price, the company's measure of price increases on its collection and disposal business, was 5.8% in the quarter, while collection volume slipped 0.4%, according to the release. Adjusted operating EBITDA was $2,121 million, up 5.8%.

That mix, higher prices offsetting slightly lower volume, is a familiar pattern for waste companies, which tend to have strong pricing power because local collection and landfill capacity is hard to replace.

Healthcare unit and shareholder returns

Revenue from WM Healthcare Solutions, the medical waste business the company added through its acquisition of Stericycle, rose 3.7%. WM returned $957 million to shareholders in the quarter, the release said.

Guidance affirmed

WM affirmed its 2026 financial guidance. Chief Executive Jim Fish leads the company.

Why it matters

WM's results are a read on the broader economy as well as on the company itself, since collection volumes move with construction, manufacturing and consumer activity. A small decline in volume alongside solid price gains shows the company is still able to grow earnings without help from volume.

Investors will look to the earnings call for detail on the healthcare business, cost trends and how the company is thinking about pricing heading into 2027.

Sources

1. Waste Management, Inc. Form 8-K with third-quarter 2026 results, filed Oct. 27, 2026 (accession 0001104659-26-119188)

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

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