SEATTLE (Recycling Monster): WM (formerly Waste Management, Inc.) announced its financial results for the third quarter ended September 30, 2025, reporting strong growth in its core operations despite challenges in recycling markets.
The company’s WM Legacy Business posted an 8.7% increase in adjusted operating EBITDA, driven primarily by the Collection and Disposal segment, which delivered an impressive operating EBITDA margin of 37.5%. Revenue growth in the segment was supported by a core price increase of 6.0% and a yield of 3.8%, while volumes improved modestly by 0.2% year-over-year.
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In contrast, the Recycling Processing and Sales division saw revenues decline by $60 million, reflecting a steep 35% drop in the blended average price of single-stream commodities compared to the same quarter last year. However, despite the price headwinds, the Recycling segment’s operating EBITDA surged 18%, largely due to WM’s continued investments in MRF automation and efficiency upgrades across its recycling facilities.
The company’s WM Healthcare Solutions segment reported $628 million in revenue, slightly below projections as WM continues the integration of Stericycle and its enterprise resource planning (ERP) systems. The company emphasized that the healthcare waste management business remains a strategic long-term growth driver.
According to John Morris, President of WM, the company has completed approximately $450 million in acquisitions so far in 2025 and expects to reach around $500 million by year-end. He noted that WM remains focused on “driving operational efficiency, expanding sustainability solutions, and positioning the business for consistent earnings growth in 2026 and beyond.”