Earnings Call
Jul 28, 2026
Q2 FY2026
EPS Estimate
1.98
EPS Actual
2.02
Post-Earnings Close
$236.60
Earnings Reaction
-1.2%
WM's second quarter results were defined less by the headline numbers and more by what those numbers revealed about the durability of the underlying business model. Operating EBITDA grew 9.1% excluding the prior year's wildfire cleanup contributions, and margin expanded 40 basis points despite a combined 100 basis point headwind from wildfire comparisons and elevated energy surcharges, a result that speaks directly to the quality of cost management and pricing discipline running through the collection and disposal franchise. Free cash flow surged 35% in the quarter and 57% in the first half, putting WM on track to double its free cash flow over a three-year period, a milestone that underscores the capital efficiency gains from lower sustainability CapEx and working capital improvements.
Report generated on Jul 30, 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.
Read the full WM analysis
The complete report, with key themes, analyst Q&A summary, notable quotes, and market context — is free with an account. No password, no card.