Waste Management (WM) FY2025 10-K Annual Report
Waste Management (WM) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 9, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Waste Management FY2025 10-K Analysis
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 specific profitability or margin percentages disclosed in this excerpt
- • 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
Waste Management FY2025 Key Financial MetricsXBRL
Revenue
$25.2B
▲ +14.2% YoY
Net Income
$2.7B
▼ -1.4% YoY
Operating Margin
17.1%
▼ -132bp YoY
Net Margin
10.7%
▼ -170bp YoY
ROE
27.1%
▼ -617bp YoY
Total Assets
$45.8B
▲ +2.8% YoY
EPS (Diluted)
$6.70
▼ -1.6% YoY
Operating Cash Flow
$6.0B
▲ +12.1% YoY
Source: XBRL data from Waste Management FY2025 10-K filing on SEC EDGAR. All figures in USD.
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