Waste Management Q1 Earnings Call Highlights

2 weeks ago 12

MarketBeat

Sat, May 2, 2026 astatine 1:12 PM CDT 9 min read

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Key Points

Operating EBITDA roseate astir 6% with beardown pricing (core terms 6.3%) and ~110 bps borderline enlargement successful postulation and disposal, portion escaped currency travel astir doubled to $920 million, backing astir $730 million of dividends and buybacks and bringing leverage to 2.94x.
Renewable vigor and recycling momentum: RNG Operating EBITDA much than doubled arsenic 7 RNG plants came online and WM has locked ~80% of 2026 RNG volume, portion recycling EBITDA grew 18% contempt weaker commodity prices acknowledgment to automation and higher processed volumes.
Volume headwinds but outlook intact: Q1 volumes were softer owed to terrible wintertime upwind and the lack of prior-year wildfire volumes (about $85M revenue), but absorption expects seasonally improving volumes, volition refresh guidance aft Q2, and remains “on track” for full-year targets.
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Waste Management (NYSE:WM) reported first-quarter 2026 results that absorption said met interior expectations, highlighting borderline expansion, beardown escaped currency travel generation, and continued advancement crossed the company’s strategical priorities contempt softer volumes tied to wintertime upwind and the lack of prior-year wildfire-related activity.

Quarterly show and strategical priorities

Chief Executive Officer Jim Fish said first-quarter Operating EBITDA roseate “by astir 6%” versus the prior-year period, supported by the postulation and disposal concern and “further supported by maturation successful our sustainability businesses and ongoing optimization of healthcare solutions.” Fish said the commencement to the twelvemonth “reinforces our assurance successful achieving our full-year fiscal guidance.”

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Fish framed the 4th done 4 2026 priorities:

Growing postulation and disposal: Fish said the postulation and disposal concern produced 6.4% Operating EBITDA growth, citing lawsuit beingness worth focus, operational execution, and web advantages.
Scaling sustainability returns: He said renewable vigor Operating EBITDA “more than doubled” year-over-year, driven by completion of 7 renewable earthy state (RNG) facilities since the archetypal 4th of 2025. In recycling, helium noted single-stream commodity pricing declined “to 27%,” yet Operating EBITDA grew 18% arsenic automation reduced labour costs and improved worldly quality, with 9% higher processed volume.
Advancing WM Healthcare Solutions: Fish said healthcare gross was impacted by measurement losses from past year, but outgo controls and synergy seizure drove astir 12% Operating EBITDA growth. He said the institution expects an inflection successful healthcare gross maturation successful the 2nd fractional of 2026 arsenic ERP stabilization continues.
Capital allocation: Fish said first-quarter escaped currency travel totaled $920 million, “nearly doubling from the anterior year,” enabling astir $730 cardinal of shareholder returns via dividends and buybacks.