Waste Management Inc. (WM) Q3 2026 (USD): Adj. EPS 2.15 (exp. 2.18), Revenue 6.85bln (exp. 6.81bln), Adj. EBITDA 2.12bln (exp. 2.16bln); to buyback shares for USD 2bln

• FY revenue 26.275-26.475bln (exp. 26.4bln).
• FY adj. EBITDA 8.15-8.25bln (exp. 8.2bln).

Waste Management sits in a small cohort of scaled, quasi-utility waste haulers whose quarters are judged less on the headline beat or miss than on pricing versus volume, with price-led growth in this group historically rewarded and volume-led growth treated as softer quality. The pattern here, revenue ahead of expectations with adjusted EPS and EBITDA a touch light, fits the cost-inflation template that has recurred in this sector: collection and disposal pricing holding up while labour, fleet, and recycling-commodity swings eat the margin line. Full-year guidance straddling consensus on revenue and EBITDA is the kind of in-line reaffirmation that typically leaves the multiple to be decided by the buyback, and a USD 2bln repurchase authorisation is a meaningful support signal relative to free cash flow for a name in this peer set. The questions the call usually settles are the trajectory of core price versus CPI, recycled commodity and renewable energy credit contributions, and integration economics on any recent acquisitions, each of which has driven guidance revisions in past quarters for this group. The follow-ons are the call commentary on volume trends in industrial and construction-linked collection, and whether peers report the same price-cost spread, since read-across within the waste complex has historically been tight.