Short answer
Waste Management (WM) filed its fiscal 2025 10-K annual report with the SEC on Feb 9, 2026. It reported revenue of $25.2B (+14.2% year over year) and net income of $2.7B.
- Top risk flagged: Cybersecurity risk overseen by Audit Committee, including compliance with NIST framework and AI governance policies
FY2025 key financial metrics · XBRL
- Revenue
- $25.2B
- +14.2% YoY
- Net income
- $2.7B
- −1.4% YoY
- Operating margin
- 17.1%
- −1.3 pp YoY
- EPS (diluted)
- $6.70
- −1.6% YoY
- ROE
- 27.1%
- −6.2 pp YoY
- Operating cash flow
- $6.0B
- +12.1% YoY
Source: XBRL data from the Waste Management (WM) FY2025 10-K on SEC EDGAR. USD.
Waste Management FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Integrated waste management with collection, landfill, recycling, renewable energy, and healthcare solutions services
- New emphasis: Integration and expansion of Healthcare Solutions segment post-Stericycle acquisition in Nov 2024
- Strategic shift: Digital transformation via automation and optimization to reduce labor dependency and improve customer experience
- Key metric: Revenue $25.2B in 2025, up 14.2% YoY, driven by Stericycle acquisition and growth in Collection, Landfill, Renewable Energy
- Noteworthy fact: 2025 includes $248M net charges mainly from a $232M asset impairment in Recycling Processing and Sales segment
Management Discussion & Analysis
- Revenue not explicitly stated; Stericycle acquisition added Healthcare Solutions segment with $7.2B enterprise value
- Acquisition-related costs $120M in 2025 vs $160M in 2024 impacting SG&A and restructuring expense
- Collection and Disposal segment split: East Tier (Eastern US, Great Lakes, Canada), West Tier (Western, Southern, Central US, BC Canada); no segment revenue values given
- Renewable Energy operates 103 landfill gas projects generating RNG, electricity, RINs, RECs; earns 15% royalty on net operating revenue
- Healthcare Solutions segment operates 307 facilities worldwide after Stericycle acquisition; generates regulated waste and secure destruction services
- No reported cash flow, buybacks, dividends, or capital expenditures figures disclosed
- Industry maturity noted with evolving customer demand for recycling and renewable energy projects; published 2025 Sustainability Report supports 2030 goals
- Management highlights expansion via acquisition and sustainability initiatives without formal financial guidance or explicit risk disclosure in this section
Risk Factors
- Cybersecurity risk overseen by Audit Committee, including compliance with NIST framework and AI governance policies
- Potential liability exposure from significant cybersecurity incidents impacting customer and vendor relationships
- Board escalation protocol triggered upon cybersecurity incidents, ensuring rapid executive notification and response
- Cyber incident insurance coverage and regular penetration testing mitigate operational disturbances from cyber threats
Generated from the filing text; verify against the original. How to read a 10-K
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