Waste Management (WM) 10-K Summary — Year Ended Dec 31, 2023
Waste Management provides waste collection, transfer, disposal, and recycling services across North America. In the most recent annual period, the company reported higher revenue and operating income compared to the prior year.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Waste Management provides waste collection, transfer, disposal, and recycling services across North America. In the most recent annual period, the company reported higher revenue and operating income compared to the prior year.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$20.4B
Revenue reported for the fiscal year.
Operating income
$3.6B
Income from operations reported for the year.
Net income
$2.3B
Net income reported for the year.
Operating cash flow
$4.7B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $17.9B | n/a |
| Dec 31, 2022 | $19.7B | +9.9% |
| Dec 31, 2023 | $20.4B | +3.7% |
Business overview
The company operates as a provider of comprehensive waste management services, including collection, transfer, recycling, and disposal. It serves residential, commercial, and industrial customers through a network of landfills, transfer stations, and recycling facilities.
Financial performance
Revenue increased from the prior year, while operating income also improved. Net income and cash from operations remained substantial, reflecting the company's ability to generate consistent earnings.
Material risks
The filing discusses risks related to interest rate fluctuations on floating-rate debt, which could affect financing costs. Additionally, investments in low-income housing entities generate tax benefits but also result in equity losses that may impact reported earnings.
Liquidity and capital
The company manages liquidity through cash balances and access to capital markets, including commercial paper and variable-rate bonds. Debt refinancing activities have been used to reduce high-coupon obligations and manage interest costs.
What to watch
Readers should monitor changes in interest expense and the impact of floating-rate debt on future financing costs.