Stock Analysis on Net
Stock Analysis on Net

Waste Management Inc. (NYSE:WM)

$22.49

This company has been moved to the archive! The financial data has not been updated since February 15, 2022.

Common-Size Income Statement
Quarterly Data

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Waste Management Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Operating revenues
Operating costs
Gross profit
Selling, general and administrative
Depreciation and amortization
Restructuring
Gain (loss) from divestitures, asset impairments and unusual items, net
Income from operations
Interest expense, net
Loss on early extinguishment of debt
Equity in net losses of unconsolidated entities
Other, net
Other income (expense)
Income before income taxes
Income tax expense
Consolidated net income
Net (income) loss attributable to noncontrolling interests
Net income attributable to Waste Management, Inc.

Based on: 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Operating Revenues and Costs
Operating revenues remained stable at 100% across all periods, serving as a constant baseline for analysis. Operating costs fluctuated slightly within a narrow range, generally between -62.97% and -60.17%. A modest improvement was noted in late 2019 and early 2020, though operating costs edged upward again towards the end of 2021, peaking at -63.17%.
Gross Profit
Gross profit consistently hovered around 37% to 39% of operating revenues. Following a gradual increase throughout 2017 and 2018, peaking near 39.83% in late 2019, gross profit showed intermittently lower levels in 2021, concluding at 36.83% in the final quarter presented. This indicates some pressure on profitability in the most recent periods.
Selling, General and Administrative Expenses
SG&A expenses generally ranged from approximately -9% to -12% of operating revenues. There were periodic spikes such as in late 2019 and 2020 where the ratio increased to around -11.5% or higher, indicating elevated overhead costs. The trend varied without a clear directional pattern, though the latter 2020 and 2021 periods display somewhat higher ratios around -10% to -12.5%.
Depreciation and Amortization
This expense consistently constituted around -9.3% to -11.6% of operating revenues. A gradual upward trend is evident, with the ratio increasing from below 10% in early years to nearing the upper end of the range towards 2021. This may reflect growing capital expenditures or more assets subject to amortization and depreciation.
Restructuring
Restructuring costs were minimal and irregular, mostly close to zero with occasional minor negative amounts up to around -0.18%. This implies limited impact from restructuring activities over the observed timeframe.
Gains and Losses from Divestitures and Unusual Items
These figures exhibited volatility with both positive and negative values, including sharp gains such as 1.15% in late 2018 and losses such as -1.71% in mid-2020. No clear trend emerged, emphasizing the irregular and non-recurring nature of these items.
Income from Operations
Income from operations ranged broadly between approximately 14.8% and 19.96%, peaking in late 2017 and late 2018. There was a decline during 2019 and early 2020 with a recovery observed later in 2020 and 2021, though the latter period showed slightly lower profitability, ending near 15.35%.
Interest Expense, Net
The interest expense ratio remained fairly stable, mostly between -2.4% and -3.3%. However, notable reductions were observed late in the period, dropping to as low as -1.77% in late 2021, potentially signifying lower debt costs or improved financial management.
Loss on Early Extinguishment of Debt
This item appeared sporadically, with significant spikes such as -2.13% in late 2019 and -4.92% in late 2021. These losses impacted net income in certain quarters, indicating episodes of debt restructuring or refinancing costs.
Equity in Net Losses of Unconsolidated Entities
This expense mostly remained under -0.5% of operating revenues, occasionally approaching -0.7%. The trend was generally stable without marked improvement or deterioration.
Other Income (Expense), Net
Other income/expense ratios displayed wide variability. Negative spikes, especially in 2019 and 2021, reached up to -7.48%, indicating occasional adverse impacts that contributed to earnings volatility.
Income Before Income Taxes
This measure closely followed operating income trends, fluctuating between about 10% and 17%. Peaks occurred in 2017 and 2018, with some decline in 2019 and 2020, and a partial recovery thereafter. The data suggest cyclical pressures affecting pre-tax profitability.
Income Tax Expense
Income tax expenses varied moderately, mostly between -1.98% and -5.79%. A notable anomaly was a positive 8.73% in late 2017, likely reflecting a tax benefit or adjustment. For most periods, tax costs were relatively consistent relative to revenue.
Consolidated Net Income
Net income showed variability, generally tracking income before taxes after tax impacts. Early 2017 and 2018 quarters produced net margins between 8.5% and 13.8%. A pronounced spike to 24.73% net income in late 2017 indicates an exceptional quarter, potentially affected by non-recurring gains. Subsequent years saw net income margins fluctuate mostly between 7.8% and 12.5%, with some erosion in the latest quarters of 2021.
Net Income Attributable to Waste Management, Inc.
The net income attributable to the company closely mirrored consolidated net income with minimal differences due to noncontrolling interests. Margins consistently followed the same patterns, reflecting the overall profitability trend noted above.