Waste Management stock stays supported by earnings and cash flow

Waste Management (US94106L1098) remains a numbers story: the company reported $22.1 billion in revenue for fiscal 2025, adjusted EPS of $6.12, and free cash flow of $2.7 billion, all while continuing to support a dividend that has been raised for 22 consecutive years.

Revenue and profit base

The latest annual figures from Waste Management show revenue of $22.1 billion in fiscal 2025, up from $20.4 billion in fiscal 2024, while adjusted EPS increased to $6.12 from $5.61. Net income was $2.5 billion in fiscal 2025, compared with $2.3 billion a year earlier.

That mix matters for a waste-services group because pricing, route density and cost control can all show up together in the same report cycle. The company also ended fiscal 2025 with free cash flow of $2.7 billion, a level that gives room for dividends, buybacks and acquisitions.

Margin strength in 2025

Waste Management said adjusted operating EBITDA reached $6.4 billion in fiscal 2025, compared with $5.8 billion in fiscal 2024, while the adjusted operating EBITDA margin improved to 28.8% from 28.4%. That 40-basis-point gain is modest, but it is visible across a business that depends on scale and disciplined pricing.

The dividend record adds another dated marker: the payout has been increased for 22 straight years as of fiscal 2025. For investors, that long run is part of the market case for the stock, alongside the companys ability to convert earnings into cash.

Cash flow matters most

Free cash flow of $2.7 billion in fiscal 2025 is the clearest sign that the business model still converts earnings into spendable capital. Waste Management paired that with a net income figure of $2.5 billion, which leaves less room for the market to focus only on volume growth.

The stock angle is straightforward: stable recurring demand, rising cash generation and a long dividend record usually keep attention on execution rather than headline growth. That is especially true for a company whose core service is tied to residential, commercial and industrial waste collection.

Commercial collection stays central

The companys commercial collection and disposal network remains the representative product line for the stock story because it captures pricing power, route density and operating leverage in one segment. In fiscal 2025, the broader business benefited from that structure through higher revenue and a wider adjusted EBITDA base.

Market view and price level

Waste Management stock last traded in the broad area that followed its fiscal 2025 reporting cycle, with the latest annual metrics pointing to a company that is still producing billions in revenue and cash. The key public numbers are the $22.1 billion revenue base, the $6.12 adjusted EPS, and the $2.7 billion free cash flow figure for fiscal 2025, all of which frame how the market can read the shares as a defensive cash compounder.