WM changes
Pick any two versions below to diff them.
- Balance sheet
- WM funds its trucks, landfills and acquisitions with unsecured debt that the parent company issues. Its subsidiary WM Holdings guarantees this debt. Most of the debt came from the $7.2 billion Stericycle purchase in November 2024. At June 30, 2026, total debt was $23.4 billion. This was $17.5 billion of US senior notes at an average rate of 4.27%, due through 2054, and $0.8 billion of Canadian notes. It also included $2.8 billion of tax-exempt bonds, $1.3 billion of finance leases and other debt, and $1.1 billion of commercial paper. About $3.8 billion falls due or must be repriced within 12 months. This is mostly $2.0 billion of tax-exempt bonds whose interest periods end, and commercial paper that WM rolls over. An undrawn $3.5 billion revolving credit line to May 2029 left $2.2 billion of unused capacity. At the October 2024 issue, S&P and Fitch rated WM's notes A-, and Moody's rated them A3. Cash was only $557 million, so net debt was about $22.8 billion. This is about 2.8 times the $8.15 to $8.25 billion of adjusted operating EBITDA that WM expects for 2026. It is inside the 2.75 to 3.0 times target. Interest expense was $458 million in the first half of 2026. WM also owes $3.6 billion to close and monitor landfills and to clean up sites. This long-term cost does not show as debt. WM guides 2026 free cash flow at $3.75 to $3.85 billion, so it can pay its $3.78 per share dividend and keep buying back stock. But leverage near 2.8 times leaves less room for another large acquisition. As of 2026-06-30.
- Checkpoints
- Oct 27, 2026: Q3 2026 earnings: Healthcare Solutions volumes and synergies. Pending. Watch: Stable Healthcare Solutions volumes, synergies on plan and EBITDA guidance of $8.15 to $8.25 billion kept pass; another revenue cut or lower EBITDA guidance fails. Jan 4, 2027: John Morris becomes CEO. Pending. Watch: A smooth handover with no change to strategy or financial targets passes; senior departures or a strategy reset fails. Jan 2027 (estimate): Full-year 2026 results and 2027 guidance. Pending. Watch: 2026 free cash flow of $3.75 to $3.85 billion and 2027 guidance for EBITDA growth with the full Stericycle synergies pass; a miss or weak 2027 outlook fails.