Waste Management stock: Q3 EPS miss tempers healthcare progress

Published on 11/09/2026 at 17:04 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Waste Management stock faces a mixed operating picture after its third quarter. Healthcare profitability improved, but fuel and insurance costs compressed margins.

Healthcare and cost pressure

Adjusted third-quarter earnings per share missed consensus as fuel and insurance costs absorbed pricing gains.
Healthcare Solutions delivered stronger profitability, while core collection volumes remained under pressure.
Management expects full-year revenue and free cash flow at the high end of its ranges.

Waste Management, US94106L1098, Illustration mit AI erstellt.

Waste Management stock traded at 210.00 euros on Lang & Schwarz at 17:00 CET on Monday, November 9, 2026, 0.57 percent below the Xetra close of Friday, November 6. The latest investor focus is the contrast between a stronger healthcare business and cost pressure that limited earnings conversion.

In an analysis published on October 28, Earnings Whispers said adjusted third-quarter earnings reached 2.15 US dollars per share, three cents below the 2.18 US dollar consensus. Revenue rose 6.3 percent to 6.846 billion US dollars and exceeded the 6.80 billion US dollar estimate.

Healthcare offsets core pressure

Healthcare Solutions revenue increased 3.7 percent, while adjusted EBITDA rose roughly one-third. The unit's core price reached 5.5 percent and selling, general and administrative costs fell to 15.2 percent of revenue, allowing the business to reach its year-end targets ahead of schedule.

The broader margin picture remained less supportive. Adjusted operating EBITDA margin slipped to 31.0 percent from 31.1 percent a year earlier. Collection and Disposal pricing and healthcare operations added margin support, but higher fuel costs and a 63 million US dollar increase in risk-management costs offset those gains.

Cash flow supports the outlook

Management maintained its 2026 revenue range of 26.275 billion to 26.475 billion US dollars and expects revenue toward the high end. Free cash flow is also expected at the high end of its 3.75 billion to 3.85 billion US dollar range, while adjusted operating EBITDA remains within 8.15 billion to 8.25 billion US dollars.

The company expects fourth-quarter margins to improve sequentially, but management indicated that the year-over-year comparison may remain weaker because of fuel costs. Softer collection volumes and the pace of healthcare integration therefore remain important factors for investors.