Waste Management stock: Healthcare gains support 2026 outlook

Published on 11/11/2026 at 16:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Waste Management stock reflects stronger healthcare profitability and disciplined capital returns. Fuel costs and softer volumes remain investor risks.

Healthcare gains support the outlook

Third-quarter revenue increased 6.3%, while Healthcare Solutions delivered stronger profitability.
Management kept its 2026 revenue and free cash flow targets toward the upper end of their ranges.
Fuel costs, risk-management expenses and softer collection volumes remain key investor risks.

Waste Management, US94106L1098, Illustration mit AI erstellt.

Waste Management's third-quarter results and capital-return plans continue to shape the investment case after the company reaffirmed its 2026 outlook. Its earnings release, published on October 27, showed stronger healthcare profitability and cash generation, while fuel costs and weaker collection volumes limited margin expansion.

Waste Management stock traded at 214.00 euros on Lang & Schwarz at 16:30 CET on Wednesday, November 11, 2026.

Healthcare offsets operating pressure

For the quarter ended September 30, 2026, revenue increased 6.3% to 6.846 billion US dollars. Adjusted operating EBITDA rose 5.8% to 2.121 billion US dollars, while the adjusted margin eased to 31.0% from 31.1% a year earlier.

Healthcare Solutions remained the clearest operating improvement. Revenue increased 3.7%, and adjusted operating EBITDA reached 146 million US dollars, compared with 110 million US dollars in the prior-year quarter. WM attributed the progress to cost management, pricing and integration benefits.

The broader margin picture remains mixed. Collection and Disposal volumes declined 0.4%, or 0.5% on a workday-adjusted basis. Price-to-cost gains and healthcare improvements added support, but higher fuel expenses and risk-management costs each reduced the adjusted margin by 40 basis points.

Cash flow and buybacks remain central

Through the first nine months, net cash from operating activities reached 4.87 billion US dollars, while free cash flow rose to 3.009 billion US dollars from 2.114 billion US dollars a year earlier. WM returned 957 million US dollars to shareholders during the third quarter and expects total 2026 share repurchases of 2 billion US dollars.

Management expects full-year revenue toward the high end of its 26.275 billion to 26.475 billion US dollar range. Adjusted operating EBITDA remains guided to 8.15 billion to 8.25 billion US dollars, while free cash flow is expected toward the high end of the 3.75 billion to 3.85 billion US dollar range. The figures and outlook are set out in the WM earnings release.