WM Q4 adj EPS $1.93, FY record margin 30.1%; guides FY2026 FCF ~$3.8B, dividend to $3.78

WASTE MANAGEMENT INC

2025-FY EPS reported $6.70 vs consensus $2.00 ▲ beat (+235.0%)

Q4 revenue $6,313M (+7.1% YoY), adjusted diluted EPS $1.93 vs $1.70 YoY.
FY adjusted operating EBITDA margin 30.1% (first >30%), operating cash flow $6.04B (+12.1%), free cash flow $2.94B (+26.8%).
Healthcare Solutions revenue $2,508M; adjusted EBITDA margin 16.9%, up from 1.0% in 2024.
2026 guidance: revenue $26.4-$26.6B, adjusted operating EBITDA $8.15-$8.25B, free cash flow $3.75-$3.85B (~29% growth).
Board indicates intention to increase annual dividend by $0.48 to $3.78/share; expects ~$2B share repurchases in 2026.

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