Waste Management Inc. Reports $25.204 Billion Revenue for Fiscal Year 2025, Driven by Acquisitions and Increased Volumes

Waste Management Inc. reported a revenue of $25.204 billion for the fiscal year 2025, marking a 14.2% increase compared to the $22.063 billion reported in 2024. This growth was primarily driven by recent acquisitions, particularly Stericycle, higher yield in the Collection and Disposal businesses, and increased volumes in landfill, renewable energy, and recycling operations. However, these gains were partially offset by lower residential collection volumes and a reduction in single-stream and brokerage recycled commodity prices. The company's net income attributable to Waste Management Inc. was $2.708 billion, or $6.70 per diluted share, slightly lower than the $2.746 billion, or $6.81 per diluted share, reported in the previous fiscal year.

Operating expenses for 2025 totaled $15.012 billion, representing 59.6% of revenues, compared to $13.383 billion, or 60.7% of revenues, in 2024. The increase in operating expenses was primarily due to recent acquisitions, incremental costs from new Renewable Natural Gas (RNG) facilities, and increased landfill volumes. These increases were partially offset by lower residential volumes, decreased costs of goods sold due to lower recycling commodity prices, and continued efficiency and cost control in the Collection and Disposal business. Selling, general, and administrative expenses increased to $2.722 billion, or 10.8% of revenues, from $2.264 billion, or 10.3% of revenues, in the prior year, primarily due to the Stericycle acquisition.

Strategic developments included the acquisition of Stericycle, which expanded the company's service offerings in the U.S., Canada, and Western Europe. The company also continued to invest in its Renewable Energy and Recycling Processing and Sales segments, while increasing automation and reducing labor dependency. In December 2025, the Board of Directors approved up to $3.0 billion in future share repurchases and expects to increase the quarterly dividend from $0.825 to $0.945 per share for dividends declared in 2026, marking the 23rd consecutive year of dividend increases.

Key operational developments included the operation of 257 landfill sites and 342 transfer stations as of December 31, 2025. The company also operated 113 recycling facilities and 103 landfill gas beneficial use projects. Employee headcount as of December 31, 2025, was approximately 60,500, with approximately 9,200 employees covered by collective bargaining agreements. The company's Total Recordable Incident Rate (TRIR) as of December 31, 2025, was 3.14, a 3% improvement from 2024.

Looking ahead, the company intends to continue returning value to stockholders through dividend payments and share repurchases. The company also plans to continue investing in automation to improve processes and drive operational efficiency, while furthering its sustainability growth strategy. However, the company acknowledges that future performance is subject to certain risks and uncertainties, including changes in economic conditions, the competitive landscape, the regulatory environment, and technology.