Earnings Call
Apr 28, 2026
Q1 FY2026
EPS Estimate
1.74
EPS Actual
1.81
Post-Earnings Close
$230.31
Earnings Reaction
+1.3%
WM opened 2026 with a quarter that demonstrated the durability of its operating model under genuinely adverse conditions, severe winter weather along the East Coast (Boston recorded its heaviest snowfall in roughly 15 years), the absence of last year's Southern California wildfire-related volumes, and a softening macro backdrop that kept industrial activity subdued. Against that backdrop, Q1 operating EBITDA grew nearly 6% year-over-year, free cash flow nearly doubled to $920 million, and Collection and Disposal EBITDA margins expanded 110 basis points, all while operating expenses came in below 60% of revenue for the fifth consecutive quarter. The headline numbers were broadly in line with management's own expectations, and the company reaffirmed full-year guidance across revenue, EBITDA, and free cash flow.
Report generated on Apr 29, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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