Selected Financial Data
since 2005
Income Statement
Waste Management Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Operating revenues | Income from operations | Net income attributable to Waste Management, Inc. |
|---|---|---|---|
| Dec 31, 2021 | 17,931) | 2,965) | 1,816) |
| Dec 31, 2020 | 15,218) | 2,434) | 1,496) |
| Dec 31, 2019 | 15,455) | 2,706) | 1,670) |
| Dec 31, 2018 | 14,914) | 2,789) | 1,925) |
| Dec 31, 2017 | 14,485) | 2,636) | 1,949) |
| Dec 31, 2016 | 13,609) | 2,296) | 1,182) |
| Dec 31, 2015 | 12,961) | 2,045) | 753) |
| Dec 31, 2014 | 13,996) | 2,299) | 1,298) |
| Dec 31, 2013 | 13,983) | 1,079) | 98) |
| Dec 31, 2012 | 13,649) | 1,851) | 817) |
| Dec 31, 2011 | 13,378) | 2,028) | 961) |
| Dec 31, 2010 | 12,515) | 2,116) | 953) |
| Dec 31, 2009 | 11,791) | 1,887) | 994) |
| Dec 31, 2008 | 13,388) | 2,234) | 1,087) |
| Dec 31, 2007 | 13,310) | 2,254) | 1,163) |
| Dec 31, 2006 | 13,363) | 2,029) | 1,149) |
| Dec 31, 2005 | 13,074) | 1,710) | 1,182) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An analysis of the financial performance from 2005 to 2021 reveals a general upward trajectory in revenue and operating efficiency, characterized by periods of stability and specific instances of significant volatility.
- Revenue Growth and Stability
- Operating revenues remained relatively stagnant between 2005 and 2008, fluctuating around the 13 billion USD mark. A notable contraction occurred in 2009, with revenues falling to 11.79 billion USD, followed by a recovery phase that stabilized revenues between 13 billion and 14 billion USD through 2014. A more aggressive growth phase began after 2015, culminating in a significant increase to 17.93 billion USD by 2021, representing the highest revenue peak in the observed period.
- Operating Income and Margin Trends
- Income from operations demonstrated an overall increase from 1.71 billion USD in 2005 to 2.96 billion USD in 2021. While the trend is positive, a severe anomaly is observed in 2013, where operating income dropped sharply to 1.08 billion USD before rebounding to 2.30 billion USD in 2014. From 2016 onwards, operating income maintained a higher baseline, generally staying above 2.4 billion USD, suggesting an improvement in operational efficiency and cost management over the long term.
- Net Income Volatility
- Net income attributable to the company exhibited higher volatility than operating revenues. After a period of relative consistency between 2005 and 2012, a critical decline occurred in 2013, with net income falling to 98 million USD. This represents the lowest profitability point in the sequence. Following this trough, net income recovered strongly, peaking at 1.95 billion USD in 2017. Although a slight decline was noted between 2018 and 2020, the period ended with a recovery to 1.82 billion USD in 2021.
- Correlation of Performance Metrics
- The alignment between operating revenues and income from operations suggests a scalable business model, although the divergence seen in 2013 indicates the impact of non-recurring expenses or extraordinary items that heavily affected the bottom line without a corresponding collapse in top-line revenue. The growth observed between 2016 and 2021 indicates a simultaneous expansion of both market reach and profit conversion.
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Balance Sheet: Assets
Waste Management Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 3,069) | 29,097) |
| Dec 31, 2020 | 3,540) | 29,345) |
| Dec 31, 2019 | 6,209) | 27,743) |
| Dec 31, 2018 | 2,645) | 22,650) |
| Dec 31, 2017 | 2,624) | 21,829) |
| Dec 31, 2016 | 2,376) | 20,859) |
| Dec 31, 2015 | 2,345) | 20,419) |
| Dec 31, 2014 | 3,641) | 21,412) |
| Dec 31, 2013 | 2,499) | 22,603) |
| Dec 31, 2012 | 2,423) | 23,097) |
| Dec 31, 2011 | 2,379) | 22,569) |
| Dec 31, 2010 | 2,482) | 21,476) |
| Dec 31, 2009 | 3,010) | 21,154) |
| Dec 31, 2008 | 2,335) | 20,227) |
| Dec 31, 2007 | 2,480) | 20,175) |
| Dec 31, 2006 | 3,182) | 20,600) |
| Dec 31, 2005 | 3,451) | 21,135) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory of the asset base between 2005 and 2021 is characterized by a long period of stability followed by a significant expansion phase starting in 2019. Total assets remained relatively range-bound for over a decade before experiencing a sharp upward shift in the latter part of the period.
- Current Assets Analysis
- Current assets exhibited significant volatility over the analyzed period. From 2005 to 2018, these assets generally fluctuated between 2.3 billion and 3.6 billion US dollars, with a noticeable decline between 2005 and 2008. A substantial anomaly occurred in 2019, where current assets spiked to 6.2 billion US dollars, more than double the previous year's value. This peak was temporary, as values receded to 3.5 billion in 2020 and 3.1 billion in 2021.
- Total Assets Analysis
- Total assets demonstrated remarkable consistency from 2005 to 2018, maintaining a corridor between approximately 20.1 billion and 23.1 billion US dollars. A structural shift occurred in 2019, marked by an increase to 27.7 billion US dollars. This growth trend peaked in 2020 at 29.3 billion US dollars before a marginal contraction to 29.1 billion US dollars in 2021.
- Asset Composition and Correlation
- The relationship between current assets and total assets indicates that the bulk of the asset base is comprised of non-current assets, reflecting the capital-intensive nature of the operations. While total assets grew by approximately 37% between 2005 and 2021, the growth was non-linear, with the most aggressive expansion occurring after 2018. The spike in current assets in 2019 contributed significantly to the total asset increase in that year, although the subsequent growth in 2020 suggests the acquisition or valuation increase of long-term assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
Waste Management Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt, including current portion | Total Waste Management, Inc. stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 4,082) | 21,971) | 13,405) | 7,124) |
| Dec 31, 2020 | 3,553) | 21,891) | 13,810) | 7,452) |
| Dec 31, 2019 | 3,144) | 20,673) | 13,498) | 7,068) |
| Dec 31, 2018 | 3,108) | 16,374) | 10,026) | 6,275) |
| Dec 31, 2017 | 3,262) | 15,787) | 9,491) | 6,019) |
| Dec 31, 2016 | 2,794) | 15,539) | 9,310) | 5,297) |
| Dec 31, 2015 | 2,510) | 15,052) | 8,981) | 5,345) |
| Dec 31, 2014 | 3,485) | 15,523) | 9,435) | 5,866) |
| Dec 31, 2013 | 3,014) | 16,601) | 10,226) | 5,707) |
| Dec 31, 2012 | 3,036) | 16,422) | 9,916) | 6,354) |
| Dec 31, 2011 | 3,068) | 16,179) | 9,756) | 6,070) |
| Dec 31, 2010 | 2,485) | 14,885) | 8,907) | 6,260) |
| Dec 31, 2009 | 2,901) | 14,563) | 8,873) | 6,285) |
| Dec 31, 2008 | 3,036) | 14,042) | 8,326) | 5,902) |
| Dec 31, 2007 | 2,598) | 14,073) | 8,337) | 5,792) |
| Dec 31, 2006 | 3,268) | 14,103) | 8,317) | 6,222) |
| Dec 31, 2005 | 3,257) | 14,733) | 8,687) | 6,121) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An analysis of the financial position from 2005 to 2021 reveals a general increase in both total liabilities and stockholders' equity, with a significant acceleration in leverage beginning in 2019. While the balance sheet remained relatively stable for over a decade, the latter years of the period show a marked expansion in the company's debt obligations.
- Total Liabilities and Long-Term Debt Trends
- Total liabilities remained consistent between 2005 and 2008, fluctuating around US$ 14 billion. A gradual upward trajectory followed until 2018, reaching US$ 16.37 billion. A substantial increase occurred in 2019, with total liabilities jumping to US$ 20.67 billion, and peaking at US$ 21.89 billion in 2020. This increase is largely driven by long-term debt, which rose from US$ 8.69 billion in 2005 to a peak of US$ 13.81 billion in 2020. The sharp rise in long-term debt starting in 2019 suggests a strategic shift toward increased borrowing or capital investment during this period.
- Current Liabilities Volatility
- Current liabilities exhibited more fluctuation than long-term obligations. After starting at US$ 3.26 billion in 2005, these liabilities reached a low of US$ 2.49 billion in 2010 and another dip to US$ 2.51 billion in 2015. However, a steady increase is observed toward the end of the period, with current liabilities climbing to US$ 4.08 billion by 2021, representing the highest level in the analyzed timeframe.
- Stockholders' Equity and Capital Structure
- Stockholders' equity remained remarkably stagnant for a significant portion of the timeline, oscillating between US$ 5.3 billion and US$ 6.3 billion from 2005 to 2018. A growth phase began in 2019, with equity rising to US$ 7.07 billion and reaching a peak of US$ 7.45 billion in 2020. Despite this growth in equity, the pace of increase in total liabilities has significantly outstripped the growth in equity, leading to a higher debt-to-equity ratio by 2021 compared to 2005.
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Cash Flow Statement
Waste Management Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 4,338) | (1,894) | (2,900) |
| Dec 31, 2020 | 3,403) | (4,847) | (1,559) |
| Dec 31, 2019 | 3,874) | (2,376) | 1,964) |
| Dec 31, 2018 | 3,570) | (2,169) | (1,508) |
| Dec 31, 2017 | 3,180) | (1,379) | (1,811) |
| Dec 31, 2016 | 2,960) | (1,932) | (1,035) |
| Dec 31, 2015 | 2,498) | (1,608) | (2,155) |
| Dec 31, 2014 | 2,331) | 995) | (2,072) |
| Dec 31, 2013 | 2,455) | (1,900) | (687) |
| Dec 31, 2012 | 2,295) | (1,830) | (530) |
| Dec 31, 2011 | 2,469) | (2,185) | (566) |
| Dec 31, 2010 | 2,275) | (1,606) | (1,273) |
| Dec 31, 2009 | 2,362) | (1,250) | (457) |
| Dec 31, 2008 | 2,575) | (1,183) | (1,256) |
| Dec 31, 2007 | 2,439) | (761) | (1,946) |
| Dec 31, 2006 | 2,540) | (788) | (1,803) |
| Dec 31, 2005 | 2,391) | (1,062) | (1,090) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Cash flow patterns from 2005 to 2021 demonstrate a stable operational foundation with a notable acceleration in cash generation during the latter third of the period. Operating cash flows have consistently served as the primary source of liquidity, enabling the funding of capital expenditures and the fulfillment of financing obligations.
- Operating Cash Flow Trends
- Net cash provided by operating activities remained relatively range-bound between 2005 and 2014, fluctuating between a low of 2,275 million US dollars in 2010 and a high of 2,575 million US dollars in 2008. A period of sustained growth began in 2015, with cash flows climbing steadily to 3,874 million US dollars by 2019. Despite a moderate decline to 3,403 million US dollars in 2020, the period concluded with a significant peak of 4,338 million US dollars in 2021, representing an 81% increase over 2005 levels.
- Investing Cash Flow Patterns
- Investing activities were characterized by consistent net cash outflows, reflecting ongoing capital investment. From 2005 to 2013, outflows generally fluctuated between 761 million and 2,185 million US dollars. A significant deviation occurred in 2014, where the company recorded a net cash inflow of 995 million US dollars, suggesting a substantial asset divestiture or liquidation. Outflows resumed and intensified thereafter, culminating in a peak expenditure of 4,847 million US dollars in 2020, which indicates a period of aggressive acquisition or infrastructure expansion, before normalizing to 1,894 million US dollars in 2021.
- Financing Cash Flow Dynamics
- Financing activities predominantly resulted in net cash outflows throughout the analyzed timeframe, typically signifying debt repayments or distributions to shareholders. Outflows were particularly pronounced between 2014 and 2015, exceeding 2,000 million US dollars in each year. A notable reversal occurred in 2019, when net cash provided by financing activities reached 1,964 million US dollars, indicating a significant influx of capital likely used to support the subsequent surge in investing activities. This was followed by a return to outflows, reaching a period high of 2,900 million US dollars in 2021.
The overall financial trajectory indicates a company that has successfully scaled its operational cash generation to support increasing capital intensity. The alignment of a financing inflow in 2019 followed by a massive investing outflow in 2020 suggests a strategic shift toward large-scale growth or asset acquisition, funded by a combination of external financing and strong internal cash flow.
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Per Share Data
Waste Management Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 4.32 | 4.29 | 2.30 |
| Dec 31, 2020 | 3.54 | 3.52 | 2.18 |
| Dec 31, 2019 | 3.93 | 3.91 | 2.05 |
| Dec 31, 2018 | 4.49 | 4.45 | 1.86 |
| Dec 31, 2017 | 4.44 | 4.41 | 1.70 |
| Dec 31, 2016 | 2.66 | 2.65 | 1.64 |
| Dec 31, 2015 | 1.66 | 1.65 | 1.54 |
| Dec 31, 2014 | 2.80 | 2.79 | 1.50 |
| Dec 31, 2013 | 0.21 | 0.21 | 1.46 |
| Dec 31, 2012 | 1.76 | 1.76 | 1.42 |
| Dec 31, 2011 | 2.05 | 2.04 | 1.36 |
| Dec 31, 2010 | 1.98 | 1.98 | 1.26 |
| Dec 31, 2009 | 2.02 | 2.01 | 1.16 |
| Dec 31, 2008 | 2.21 | 2.19 | 1.08 |
| Dec 31, 2007 | 2.25 | 2.23 | 0.96 |
| Dec 31, 2006 | 2.13 | 2.10 | 0.66 |
| Dec 31, 2005 | 2.11 | 2.09 | 1.02 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial per-share performance from 2005 to 2021 is characterized by significant volatility in earnings contrasted with a consistent, long-term growth strategy for shareholder dividends.
- Earnings Per Share Trends
- Basic and diluted earnings per share remained relatively stable between 2005 and 2012, generally fluctuating between $1.76 and $2.25. A severe contraction occurred in 2013, with basic EPS falling to $0.21, followed by a period of instability between 2014 and 2016. From 2017 onwards, earnings entered a higher valuation tier, peaking at $4.49 in 2018 before stabilizing above $3.50 through 2021.
- Dividend Growth and Sustainability
- Dividend per share exhibits a strong, linear upward trajectory following a brief decline in 2006. From 2007 to 2021, dividends grew steadily from $0.96 to $2.30. Notably, this growth persisted even during periods of extreme earnings volatility, such as the 2013 earnings drop, indicating a disciplined dividend policy and a priority on consistent shareholder returns regardless of short-term net income fluctuations.
- Dilution Impact
- The variance between basic and diluted earnings per share is minimal throughout the entire observed period. This narrow spread suggests a low volume of dilutive instruments, such as stock options or convertible securities, ensuring that earnings growth is distributed almost equally across all share classes.
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