WM Q2 2026: revenue up 4.0% to $6.68B, adjusted EPS $2.02, cash flow +34.5%
WM's second quarter of 2026 was a solid operating quarter with a slightly soft bottom line: revenue rose 4.0% to $6.68 billion, adjusted earnings per share of $2.02 came in just under the $2.0394 consensus, and free cash flow was $1.10 billion versus $818 million a year ago. Read this as a pricing-and-cash-flow story rather than a growth story, because volumes fell 1.8% and management trimmed its full-year revenue range while leaving profit and cash targets untouched.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $1.95 and adjusted EPS was $2.02, up from $1.80 and $1.92 in the prior-year quarter. The $2.02 adjusted figure landed just below the $2.0394 consensus, so this was a narrow miss on the bottom line rather than a beat. Adjusted net income of $813 million excluded $37 million of pre-tax Stericycle integration and other charges.
Revenue rose 4.0% to $6.68 billion from $6.43 billion a year earlier. Almost all of that came from price: core price increased 5.7% and Collection and Disposal yield was 3.6%, while Collection and Disposal volume fell 1.8%. Recycling and renewable energy volumes grew on newly completed projects, and higher energy surcharges also added to the top line.
Management kept full-year adjusted operating EBITDA at $8.15 to $8.25 billion and free cash flow at $3.75 to $3.85 billion, and raised the adjusted EBITDA margin range by 20 basis points to 31.0% to 31.2%. Revenue guidance was cut roughly 0.6% to $26.275 to $26.475 billion, driven by lower volume expectations partly offset by higher energy surcharges. In plain terms, WM expects to earn the same profit on slightly less revenue.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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