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WM · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Waste Management, Inc. (WM) stock moving?
WM's Q3 2026 results (Oct 27) showed revenue of $6.846B, up 6.3% year over year, driven by 5.8% core price and 3.4% Collection and Disposal yield. Adjusted operating EBITDA rose 5.8% and adjusted diluted EPS reached $2.15, up from $1.98, though it slightly missed consensus. Collection and Disposal volume fell 0.4%, reflecting deliberate shedding of low-margin residential business and commercial losses. Management affirmed 2026 guidance and cited 12% growth in operating cash flow over nine months, and the company returned $957M to shareholders in the quarter. The stock fell about 4.5% on Oct 28 on heavy volume (3.67M shares) to a 30-day low of $224.64, then recovered to a high of $247.40 on Nov 5 and closed at $237.38 on Nov 10. Volume has tapered to 1.39M shares on the latest session, suggesting less conviction in the current move. Analyst reaction was mostly constructive: UBS ($280, Buy), Barclays ($283, Overweight) and JP Morgan ($260, Overweight) raised targets, while RBC ($247), BofA ($250) and BNP Paribas ($245) hold Neutral-type ratings with targets near or below the current price. The median target across the six updates is about $255, roughly 7% above the last close. Near-term price action is likely to hinge on whether the stock can hold the low $230s and retake the mid-$240s. The new I Recycle public education pledge is a minor, non-financial item.
News behind the analysis
- WM Launches "I Recycle" Pledge to Promote Recycling EducationWM introduced the "I Recycle" pledge, a nationwide initiative to encourage better recycling habits and provide public education resources.
- UBS Raises Price Target on Waste Management to $280 From $270UBS raised its price target on WM from $270 to $280 and kept a Buy rating.
- JP Morgan Maintains Overweight on Waste Management, Raises Price Target to $260JP Morgan kept its Overweight rating on WM and raised its price target to $260.
- RBC Capital Maintains Sector Perform on Waste Management, Raises Price Target to $247RBC Capital kept its Sector Perform rating on WM and raised its price target to $247.
- Barclays Maintains Overweight Rating and Raises Price Target for Waste ManagementBarclays reaffirmed its Overweight rating on WM and raised its price target from $277 to $283.
- BNP Paribas Maintains Neutral on Waste Management, Lowers Price Target to $245BNP Paribas kept a Neutral rating on WM and lowered its price target to $245.
- BofA Adjusts Price Target on Waste Management to $250 From $245Bank of America raised its price target on WM from $245 to $250 and kept a Neutral rating.
- Waste Management Reports Q3 2026 Financial ResultsWM reported Q3 2026 revenue of $6.85B, above expectations, while adjusted EPS of $2.15 slightly missed consensus; 2026 guidance was affirmed.
- Waste Management Q3 2026 Earnings Call TranscriptFull transcript of WM's Q3 2026 earnings call, held the day results were reported.
About Waste Management, Inc.
WM (Waste Management, Inc.) is the largest trash and recycling company in North America. It collects garbage, recycling and medical waste from homes and businesses. What sets it apart is that it owns the biggest network of landfills on the continent, and it also makes renewable natural gas from landfill gas and runs a medical-waste business it bought from Stericycle.
How it makes money
Most of its revenue comes from its core Collection and Disposal business. WM charges homes, businesses and towns for trash pickup, often under long-term contracts, and charges fees to use its transfer stations and landfills. Smaller amounts come from selling recycled materials, from renewable natural gas and energy credits, and from its Healthcare Solutions unit, which handles medical waste and document shredding. Total revenue for 2026 is expected to be roughly $26.4 billion. Price increases have been the main source of growth, with core pricing up about 5–6% in 2026.
What usually moves WM
- Annual price increases versus labor and fuel costs
- Trash volumes tied to construction and industrial activity
- Prices for recycled materials and renewable natural gas and energy credits
- How well the healthcare (Stericycle) business is integrated
- Share buybacks, dividends and interest rates