SEATTLE (Recycling Monster): WM cut its revenue guidance for the current year. At the same time, it reported strong revenue and EBITDA for the second quarter of 2025.

The company’s revenue totalled $6.43 billion, significantly higher by 19% from the same quarter a year before. The net income was up by 6.8% year-on-year to $726 million during the quarter. The operating EBITDA witnessed notable year-on-year surge by 19.8% to $1.86 billion, with an adjusted margin of 29.9%.

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WM reported revenue growth in the collection and disposal business. Certain volume categories, especially MSW, showed improvement. The MSW volumes recorded 4.5% jump over the year. However, its commercial, residential and industrial volumes were down during the quarter. Also, it reported notable progress in integrating Stericycle into WM’s Healthcare Solutions business.

The blended average price for single-stream recycled commodities was $82 per ton in Q2, down by 14.5% year-on-year. The company downsized its forecast for commodity prices for the year from its earlier projection of $85 per ton to about $80 per ton.

The company decreased its revenue guidance for the year to between $25.275 billion and $25.475 billion. On the other hand, it increased its free cash flow guidance to between $2.8 billion and $2.9 billion. Meanwhile, WM’s adjusted EBITDA guidance remained essentially the same.