Waste Management's first quarter 2026 earnings beat estimates driven by pricing and cost control, despite a slight revenue miss.

Waste Management reported first quarter 2026 revenue of $6.23 billion, a 3.5% increase year-over-year but slightly missing analyst estimates. Adjusted earnings per share came in at $1.81, beating expectations, as the company demonstrated strong profitability and reaffirmed its full-year financial outlook.

Key Highlights

• Revenue growth was driven by a core price increase of 6.3% and a collection and disposal yield of 3.9%, offsetting a 1.5% decline in collection and disposal volume.
• Adjusted operating EBITDA margin expanded by 70 basis points to 29.8%, reflecting disciplined pricing and successful cost optimization efforts, particularly in the Collection and Disposal business.
• Free cash flow nearly doubled year-over-year to $920 million from $475 million, driven by higher operating EBITDA and improvements in working capital.