Waste Management Inc delivered a solid QQ2 2025 performance characterized by resilient top-line growth, expanding margins, and meaningful free cash flow generation. Revenue totaled $6.430 billion, up 19.0% year over year and up 6.85% quarter over quarter, supported by price realization and volume stability in its North American waste collection and disposal operations. Gross profit reached $1.883 billion, a gross margin of 29.28%, with EBITDA of $1.904 billion and operating income of $1.187 billion (operating margin ~18.46%). Net income was $726 million, yielding diluted earnings per share of $1.80. Free cash flow was $813 million, underpinned by operating cash flow of $1.545 billion and capital expenditures of $732 million. The balance sheet remains leverage-heavy, with total debt of $24.02 billion and net debt of $23.58 billion, and liquidity metrics showing a current ratio near 0.86 and a cash position of roughly $440 million at quarter end. Management commentary on pricing, cost discipline, and long-cycle asset investments—along with strong FCF—supports a constructive but disciplined investment stance.