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WM — Jan 28, 2026 release

Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001104659-26-007476
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Showing in the filing
Investment in solid waste acquisitions
“$100 to $200 million”
Period
FY2026
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 41
Return to shareholders through dividends and… for FY2026
“approximately $3.5 billion”
Shareholder returns (dividends and share rep… for FY2026
“approximately $3.5 billion”
Revenue for FY2026
“$26,425 - $26,625”
Revenue - Projected Year-Over-Year Change at… for FY2026
“Growth of 5.2%”
Adjusted operating EBITDA for FY2026
“$8,150 - $8,250”
Adjusted operating EBITDA - Projected Year-O… for FY2026
“Growth of 6.2% on a comparable basis, reflecting a change in the classification of accretion expense beginning in 2026 (i)”
Adjusted operating EBITDA margin for FY2026
“30.8%-31.0%”
Adjusted operating EBITDA margin - Projected… for FY2026
“Expansion of 30 basis points on a comparable basis, reflecting a change in the classification of accretion expense beginning in 2026, (i) or 50 basis points when normalized for the prior year wildfire cleanup”
Capital to support the business for FY2026
“$2,450 - $2,550”
Capital to support the business - Projected … for FY2026
“Reduction of about $100 million”
Sustainability growth capital (j) for FY2026
“About $200”
Sustainability growth capital (j) - Projecte… for FY2026
“Reduction of more than $400 million”
Free cash flow for FY2026
“$3,750 - $3,850”
Free cash flow - Projected Year-Over-Year Ch… for FY2026
“Growth of 29.4%”
Core price for FY2026
“between 5.4% and 5.8%”
Yield for FY2026
“between 3.2% and 3.6%”
Volumes for FY2026
“between 0.2% and 0.6%”
Rollover from solid waste acquisitions - rev… for FY2026
“about $65 million”
Revenue from rollover from solid waste acqui…
“about $65 million”
Rollover from solid waste acquisitions - adj… for FY2026
“$25 million”
Adjusted operating EBITDA from rollover from…
“$25 million”
Adjusted operating EBITDA growth for Recycli… for FY2026
“between $235 and $255 million”
Healthcare Solutions business revenue growth for FY2026
“around 3%”
Investment in solid waste acquisitions for FY2026
“$100 to $200 million”
Estimated annual dividends paid to sharehold… for FY2026
“$1.5 billion”
Increase in annual dividend for FY2026
“$0.48 per share”
Annual dividend per share for FY2026
“$3.78”
Resumption of share repurchases for Q1 FY2026
“first quarter of 2026”
Share repurchases for FY2026
“approximately $2 billion”
Leverage ratio target for FY2026
“between 2.5x and 3.0x”
Renewable natural gas plants to be completed for FY2026
“six additional”
Recycling projects to be completed for FY2026
“four additional”
Run-rate contributions from previously annou… for FY2027
“almost all of the full run-rate contributions from its previously announced projects”
Adjusted operating EBITDA for Recycling Proc… for FY2027
“approach $1 billion”
Accretion expense for FY2026
“approximately $150 million”
Capital spending on two recently approved re… for FY2026
“about $85 million”
Blended average single-stream recycled commo… for FY2026
“approximately $70 per ton”
Renewable natural gas generation for FY2026
“between 21 and 22 million MMBtu”
Contracted renewable natural gas price (60% … for FY2026
“about $27 per MMBtu”
Uncontracted/market-rate renewable natural g… for FY2026
“approximately $24.50 per MMBtu”
Overall anticipated blended average price of… for FY2026
“approximately $26 per MMBtu”
Exhibit 99.1 · the passage around this item
… earlier in the release
Margin expansion is expected to be driven by further SG&A synergies and cost optimization now that operations are locally managed.   · WM’s strong balance sheet and cash flow growth outlook position the Company to continue its commitment to sound capital allocation. The Company’s outlook includes $100 to $200 million of investment in solid waste acquisitions and estimated annual dividends paid to shareholders of $1.5 billion. The Board of Directors has indicated its intention to increase the annual dividend by $0.48 per share to $3.78 in 2026, though all future dividends will be declared at the discretion of the Board prior to payment. As announced in December, the Company expects to resume share repurchases during the first quarter of 2026 and repurchase approximately $2 billion of its shares during 2026 while remaining committed to returning to its targeted leverage ratio of between 2.5x and 3.0x during the year. (d)   SUSTAINABILITY GROWTH OUTLOOK   WM is progressing its sustainability growth portfolio to expand its industry-leading network of renewable energy and recycling assets. The Company expects to complete six additional renewable natural gas plants and four additional recycling projects in 2026. The Company has executed well on its strategic investment portfolio, and 2027 financial results are expected to achieve almost all of the full run-rate contributions from its previously announced projects. As a result, adjusted operating EBITDA for the Recycling Processing and Sa
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.