Waste Management, Inc. stock research
FY2025 Q2
Waste Management (WM) Gross Margin — Quarter Ended Jun 30, 2025
Revenue, gross profit, and cost of revenue all increased compared to both the prior quarter and the same quarter last year. Gross margin improved from the preceding quarter and strengthened from the year-ago period.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue, gross profit, and cost of revenue all increased compared to both the prior quarter and the same quarter last year. Gross margin improved from the preceding quarter and strengthened from the year-ago period.
- The relationship between revenue and cost of revenue shifted favorably, as gross profit grew more than cost of revenue relative to revenue. This improvement drove the gross margin higher versus both comparison periods.
- Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all higher, and gross margin improved. Relative to the same quarter one year earlier, all metrics were higher, and gross margin strengthened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
40.3%
Gross profit
$2.6B
Revenue
$6.4B
Cost of revenue
$3.8B
Quarter-over-quarter change
+0.3 pts
Year-over-year change
+1.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 30, 2024 | $5.6B | $2.2B | $3.4B | 39.4% |
| Dec 31, 2024 | $5.9B | $2.3B | $3.6B | 39.7% |
| Mar 31, 2025 | $6.0B | $2.4B | $3.6B | 40.0% |
| Jun 30, 2025 | $6.4B | $2.6B | $3.8B | 40.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
+0.3 pts
Year-over-year change
Jun 30, 2024
+1.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The relationship between revenue and cost of revenue shifted favorably, as gross profit grew more than cost of revenue relative to revenue. This improvement drove the gross margin higher versus both comparison periods.
Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all higher, and gross margin improved. Relative to the same quarter one year earlier, all metrics were higher, and gross margin strengthened.
Monitor whether the relationship between revenue and cost of revenue continues to support gross margin at the improved level seen in the current quarter.