Waste Management reported 6.3% core pricing growth and 110 basis points of margin expansion in its Collection and Disposal segment during the first quarter of 2026. CEO Jim Fish highlighted that the company's landfill network, which is nearly impossible to replicate near major cities due to regulatory hurdles, allows it to raise prices as industry capacity shifts away from urban areas. The dividend has more than doubled since 2017, reaching an annualized $3.78 in 2026, while consuming only 22% of operating cash flow. Free cash flow nearly doubled to $920 million in the quarter, and management plans roughly $2 billion in buybacks this year. Shares trade near their 52-week low at around $214.60, with a forward P/E of 26 and a beta of 0.457.
Waste Management Inc6.3% core pricing growth and margin expansion driven by landfill network moat
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