Waste Management stock keeps 2026 outlook as healthcare margins improve
Published on 11/10/2026 at 15:02 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSHealthcare Gains Offset Cost Pressure
- Waste Management increased quarterly revenue and adjusted operating EBITDA while healthcare profitability strengthened.
- Fuel costs and risk-management expenses limited margin expansion, and collection volumes declined.
- Management expects full-year revenue and free cash flow at the high end of its guidance ranges.
Waste Management reported third-quarter results on Tuesday, October 27, covering the period ended September 30, 2026. In its earnings release, the company said revenue rose 6.3 percent year over year to 6.846 billion US dollars.
Adjusted operating EBITDA increased 5.8 percent to 2.121 billion US dollars. The adjusted operating EBITDA margin was 31.0 percent, down from 31.1 percent a year earlier. Adjusted diluted earnings per share rose to 2.15 US dollars from 1.98 US dollars, while reported diluted earnings per share increased to 2.05 US dollars from 1.49 US dollars.
Pricing Supports Core Operations
Management attributed the revenue increase to a 5.8 percent core-price contribution, a 3.4 percent yield contribution from Collection and Disposal, energy surcharges and higher volumes in recycling and renewable energy. Collection and Disposal volumes declined 0.4 percent, or 0.5 percent on a workday-adjusted basis, as the company continued to shed lower-margin residential business and faced commercial declines.
Pricing and operating efficiency supported adjusted margin performance in the core business. Waste Management said those benefits added 40 basis points to the adjusted operating EBITDA margin, while Healthcare Solutions contributed another 30 basis points. Higher fuel costs and risk-management expenses each reduced the margin by 40 basis points, leaving the overall adjusted margin 10 basis points below the prior-year quarter.
Healthcare Integration Gains Traction
Healthcare Solutions revenue grew 3.7 percent. Operating EBITDA increased by more than 30 percent, supported by cost management, pricing and synergies from the integration of Stericycle. The improvement gives investors a counterweight to weaker collection volumes, although the group remains exposed to labor, fuel, insurance and regulatory costs.
Cash generation was a stronger part of the report. Net cash from operations rose 12 percent in the first nine months to 4.867 billion US dollars, while free cash flow reached 3.009 billion US dollars, more than 42 percent above the prior-year period. Waste Management returned 957 million US dollars to shareholders during the quarter through buybacks and dividends.
Guidance Remains Intact
Management expects full-year revenue at the high end of its 26.275 billion to 26.475 billion US dollar range. Adjusted operating EBITDA is expected within the 8.15 billion to 8.25 billion US dollar range, while free cash flow is also expected at the high end of its 3.75 billion to 3.85 billion US dollar range.
Waste Management stock traded at 212.75 euros on Lang & Schwarz at 15:00 CET on Tuesday, November 10, 1.02 percent above the Xetra close of Monday, November 9. The price action provides a current market reference, while the earnings release points to a mixed operating picture: pricing, healthcare integration and cash flow are supportive, but fuel costs and volume pressure remain material risks.
Waste Management stock at a glance
- Company: Waste Management, Inc.
- ISIN: US94106L1098
- Ticker: WM
- Home exchange: NYSE
- Lang & Schwarz quote: 212.75 euros at 15:00 CET on November 10, 2026
- Daily comparison: 1.02 percent above the Xetra close of November 9, 2026, at 210.60 euros
- 52-week range: 172.76 to 220.20 euros
The S&P 500 provides the broader market backdrop for US-listed environmental-services shares.
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