Q3 2025 Earnings

Industrials Waste Management

Income Statement

Revenue

$4.2B+3.3% YoY

Gross Profit

$1.3B29.9% margin

Operating Income

$836M19.8% margin

Net Income

$550M13.1% margin

EPS (Diluted)

$1.76

QoQ Revenue Growth

-0.5%

Cash Flow

Operating Cash Flow

$1.2B

Free Cash Flow

$737M

Stock-Based Comp.

$10M

Balance Sheet

Total Assets

$33.8B

Total Liabilities

$21.9B

Stockholders' Equity

$11.9B

Cash & Equivalents

$84M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$4.2B	$4.1B	+3.3%
Gross Profit	$1.3B	$1.3B	+0.0%
Operating Income	$836M	$855M	-2.2%
Net Income	$550M	$566M	-2.8%

Revenue Segments

Collection Service Line

$2.8B45%

Collection Service Line - Small-container

$1.3B20%

Collection Service Line - Large-container

$797M13%

Collection Service Line - Residential

$754M12%

Environmental Solutions Service Line

$449M7%

Other Service Line - Sale Of Recycled Commodities

$107M2%

Other Service Line - Other Non-core

$97M2%

Collection Service Line - Other

$17M0%