WM Q2 2025: revenue +19% to $6.43B, adjusted EPS $1.92, FCF guidance raised $125M

WASTE MANAGEMENT INC

2025-Q2 EPS reported $3.37 vs consensus $1.95 ▲ beat (+72.6%)

Q2 2025 revenue $6.430B (+19% total, +7.1% legacy); GAAP EPS $1.80, adjusted EPS $1.92 vs $1.82 prior year.
Adjusted operating EBITDA $1.923B (29.9% margin); WM Healthcare Solutions contributed $110M. Legacy margin improved 150 bps.
2025 guidance: reaffirms adjusted EBITDA midpoint $7.550B, narrows range. Free cash flow raised to $2.8-$2.9B (up $125M).
Revenue guidance lowered to $25.275-$25.475B due to lower recycled commodity prices and weather; EBITDA margin guidance raised to 29.6%-29.9%.
Sustainability: 22% GHG reduction since 2021; three growth projects started. Cross-selling synergies target $300M by 2027.

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