Every material Form 8-K Waste Management filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
WM reported third-quarter 2025 revenue of $6.443 billion, up 14.9% from $5.609 billion a year earlier, with growth including the WM Healthcare Solutions business acquired through Stericycle. GAAP diluted EPS fell to $1.49 from $1.88, while adjusted diluted EPS rose to $1.98 from $1.96, and the company affirmed its full-year adjusted operating EBITDA and free cash flow guidance but expects 2025 revenue at the low end of its prior range.
Q3 2025 GAAP diluted EPS was $1.49 versus $1.88 a year earlier; adjusted diluted EPS was $1.98 versus $1.96.
Q3 income from operations was $989 million, down from $1.119 billion, including a $213 million loss from divestitures, asset impairments and unusual items.
2025 adjusted operating EBITDA guidance of $7.475 billion to $7.625 billion and free cash flow guidance of $2.8 billion to $2.9 billion were affirmed.
Full-year 2025 revenue is now expected at about $25.275 billion, the low end of prior guidance, mainly due to lower recycled commodity prices and lower WM Healthcare Solutions revenue expectations.
Waste Management approved a one-time retention award of restricted stock units valued at $2,100,000 for Senior Vice President and Chief Sustainability Officer Tara J. Hemmer, to be granted September 2, 2025. The units vest 50% on the second anniversary and 50% on the third anniversary of the grant, which ties Ms. Hemmer's compensation to continued service and to the share price.
Award value: $2,100,000 in restricted stock units to Tara J. Hemmer, granted September 2, 2025
Share count set by dividing the award value by the average of the high and low price over the 30 trading days before grant
Vesting: 50% on the second anniversary and 50% on the third anniversary of grant; dividends accrue and are paid in cash on payout
Unvested units are forfeited on resignation or termination for cause
WM's Executive Vice President and Chief Financial Officer Devina Rankin gave notice on August 21, 2025 that she will resign, effective November 1, 2025 or the day after the Form 10-Q for the quarter ended September 30, 2025 is filed if later, and will remain an executive advisor through March 2026. The Board elected David L. Reed, currently Vice President and Business Partner for the West Tier operations, to succeed her as CFO, with a base salary of $700,000 and a target annual cash incentive of 100% of base salary.
Devina Rankin resignation effective November 1, 2025 (or the day after the Q3 2025 Form 10-Q filing, if later); executive advisor through March 2026
David L. Reed, age 47, elected EVP and CFO effective on the same date; previously WM Vice President and Treasurer from July 2017 to December 2022
Reed's base salary to rise to $700,000; RSU award valued at $565,000 to be granted November 3, 2025, vesting 34%, 33%, 33% over three years
CEO Jim Fish cited Rankin's role on senior leadership since becoming CFO in 2017
WM reported second-quarter 2025 revenue of $6.43 billion, up from $5.40 billion, and diluted EPS of $1.80 versus $1.69 a year earlier, with net income attributable to the company of $726 million versus $680 million. The company affirmed its 2025 adjusted operating EBITDA guidance midpoint of $7.550 billion and raised its free cash flow projection, but lowered its total revenue outlook, citing lower recycled commodity prices and harsh winter weather.
Q2 2025 revenue was $6.43 billion versus $5.40 billion in Q2 2024; WM Healthcare Solutions contributed $646 million.
Diluted EPS was $1.80 as reported and $1.92 as adjusted, versus $1.69 and $1.82 in the prior year quarter.
2025 total revenue outlook is now $25.275 billion to $25.475 billion, a decrease from prior expectations.
Adjusted operating EBITDA guidance midpoint of $7.550 billion was affirmed; free cash flow is now projected at $2.8 billion to $2.9 billion, up $125 million from initial guidance.
WM's Board promoted Executive Vice President and Chief Operating Officer John J. Morris, Jr. to President, reporting to CEO James C. Fish, Jr., who voluntarily resigned as President. Morris will serve as both President and COO, and his pay and equity award were increased. The change alters the company's senior leadership structure, and the filing sets out the compensation terms that apply to Morris.
Morris, age 55, has been Executive Vice President and COO since 2019 and now also serves as President.
Morris's annual base salary increased to $1 million; target annual cash incentive is 125% of base salary.
RSU award valued at $1.05 million with a May 20, 2025 grant date, vesting 34%, 33% and 33% on the first, second and third anniversaries.
WM reported first quarter 2025 revenue of $6.02 billion, up 16.7% from $5.16 billion a year earlier, with WM Healthcare Solutions, from the Stericycle acquisition, contributing $619 million. Diluted EPS fell to $1.58 from $1.75, and net income attributable to WM fell to $637 million from $708 million, so higher sales did not translate into higher per-share profit for shareholders. The company said the results give it confidence it is on pace to achieve its 2025 outlook.
Revenue of $6.02 billion, up 16.7%; WM Legacy Business revenue rose 4.7% to $5.40 billion
Diluted EPS of $1.58 versus $1.75 a year earlier; adjusted diluted EPS of $1.67 versus $1.75
Interest expense, net, was $232 million versus $130 million; free cash flow was $475 million versus $714 million
Company said results put it on pace to achieve its 2025 outlook; the release does not state a change to that outlook
On February 25, 2025, Waste Management's Compensation Committee granted annual incentive awards to its named executive officers, including performance share units (PSUs), stock options and annual cash incentives under its 2023 Stock Incentive Plan. The filing is a routine annual grant that sets out the award terms, and it does not change the company's executive roster.
CEO James C. Fish, Jr. received 43,636 PSUs and 50,580 stock options, with options priced at $231.195 (fair market value on the grant date).
PSUs are split 50% on cash flow generation and 50% on total shareholder return relative to the S&P 500, measured through December 31, 2027, with payouts from 0% to 200% of target.
Stock options vest 34% after one year, 33% after two years and 33% after three years, and have a 10-year term.
Annual cash incentive payouts range from zero to 200% of target, based on operating EBITDA, income from operations excluding depreciation and amortization margin and internal revenue growth.
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Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Waste Management filing is on SEC EDGAR ↗. 8-K briefs of other companies →