Waste Management Inc reported a solid Q3 2025 topline with revenue of USD 6.443 billion, up 14.9% year-over-year, underscoring continued demand resilience in North America. Despite stronger revenue and EBITDA of USD 1.729 billion, net income declined to USD 603 million (EPS USD 1.50), a drop of roughly 20% year-over-year and 17% quarter-over-quarter, driven by higher other income/expense items and taxes that weighed on reported earnings. The company generated robust cash flow, with operating cash flow per share of USD 3.95 and free cash flow per share of USD 2.02, supporting a payout ratio of 55.1% and a cash position per share of USD 0.434. Leverage remains modest (debt-to-capitalization ~8.5%), but liquidity metrics show near-term tightening (current ratio 0.84; cash ratio 0.0305), suggesting continued emphasis on working capital discipline and capital allocation. Market valuation remains elevated, with a P/E of ~36.9x and EV/EBITDA around 70x, reflecting WM’s strong cash-flow generation and the quality of its franchise, but investors should monitor recycling-price dynamics, regulatory developments, and capex intensity as key drivers of earnings upside.