What is the primary revenue source for Waste Management (WM)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze WM's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Waste Management's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Waste Management Makes Money: WM Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin improved by 0.94 percentage points year over year.

Revenue: USD 12.91B
Largest revenue segment share (Commercial): 22.57%
Cost of revenue: USD 7.65B
Selling, general and administrative: USD 1.39B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueOperating revenues · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueOperating · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Commercial)Commercial · segment_value / revenue * 100
Operating marginOperating income (loss) · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Watch

Current assets do not cover near-term liabilities, indicating short-term funding pressure.

Goodwill accounts for 30.15% of total assets, a high share where impairment could hit earnings and equity.

Property, plant and equipment: USD 20.44B
Goodwill: USD 14.00B
Accounts receivable: USD 3.50B
Total liabilities: USD 36.52B
Shareholder equity: USD 9.93B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Property, plant and equipmentProperty, plant, and equipment and finance lease right-of-use asset, after accumulated depreciation and amortization · PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Shareholder equityEquity, including portion attributable to noncontrolling interest · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesLiabilities · Liabilities
Accounts receivableAccounts receivable, net of allowance for doubtful accounts of $73 and $87, respectively · AccountsReceivableNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 213.99% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 1.51B
Operating cash flow: USD 3.23B
Cash conversion: 213.99%
Free cash flow: USD 1.95B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income attributable to waste management, inc. · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 764.00M
Share repurchases: USD 1.00B
Stock issuance proceeds: USD 32.00M
Net shareholder return: USD 1.74B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesCash paid for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsExercise of common stock options · ProceedsFromStockOptionsExercised · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?