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WM · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
The garbage-collection compounder keeps compounding — revenue up 4% with operating EBITDA margin expanding 90 bp to 30.4%, SG&A actually down on Stericycle integration synergies, and EPS up 8%.
Net Income to WM
$785M
up 8.1% y/y
Operating Revenues
$6,684M
up 4.0% y/y
Income from Operations
$1,253M
up 8.9% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Operating Revenues | $6,684 · +4.0% |
| Operating Costs | $3,955 · +4.0% |
| SG&A | $683 · -1.9% · Stericycle integration synergies |
| DD&A* | $777 · +4.4% · Incl. landfill accretion (reclass) |
| Restructuring & Impairments | $16 · vs $36 |
| Income from Operations | $1,253 · +8.9% · 18.7% margin · EBITDA 30.4% |
| Interest & Other, net | $229 · +3% · Interest expense $233 less other income |
| Pretax Income | $1,024 · +10.3% |
| Income Taxes | $238 · ETR 23.2% |
| Net Income to WM | $785 · +8.1% · Diluted EPS $1.95 · +8.3% |
Verdict: the garbage-collection compounder keeps compounding — revenue up 4% with operating EBITDA margin expanding 90 bp to 30.4%, SG&A actually down on Stericycle integration synergies, and EPS up 8%.
Operating EBITDA $2,030M (30.4% margin, was 29.5%) · adjusted EPS $2.02 (+5.2%) · adjusted operating EBITDA margin 30.9%.
Source and notation
* marks non-cash / ≈ estimated. From 2026 landfill accretion moved into DD&A (prior year recast). Source: WM press release, 8-K EX-99.1 (SEC EDGAR).
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<a href="https://whoreportstoday.com/t/wm/q2-2026">WM Q2 2026 earnings chart (Who Reports Today)</a>
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- Margin, not growth, is the story: revenue rose 4.0% but operating income rose 8.9% — operating EBITDA margin reached 30.4% (+90 bp y/y), 30.9% adjusted.
- SG&A fell 1.9% to $683M in a growing business — management credits cost control and integration benefits from the WM Healthcare Solutions (Stericycle) acquisition.
- DD&A rose 4.4% to $777M, partly an accounting change: landfill accretion expense moved from operating costs into DD&A starting 2026, with prior-year figures recast.
- Net interest expense was flat at $233M — the Stericycle acquisition debt is being carried without incremental cost pressure.
- One-off noise is minimal this quarter: restructuring plus divestiture/impairment items totaled $16M vs $36M a year ago.
- GAAP EPS grew faster than adjusted (+8.3% vs +5.2%) because last year carried more adjustment charges; adjusted EPS is $2.02.
- Effective tax rate ticked up to 23.2% from 21.7% — a modest drag absorbed by operating gains.
What distorts the picture in this report and what to watch beyond the headlines.
WM — Waste Management provides waste collection, recycling, and disposal services in North America.
It operates landfills, transfer stations, and recycling facilities across the United States and Canada.
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