Waste Management's Q2 Earnings Outshine Expectations, But Stock Lags Behind Peer Republic Services

Waste Management (WM) stock has underperformed the Industrial Select Sector SPDR Fund (XLI) by 6.6% over the past three months. Despite a 7.2% gain over the past 52 weeks, WM's stock price has surged 11.2% on a YTD basis, lagging behind XLI's 13.7% gains in 2025 and 16.5% returns over the past year. Waste Management's Q2 results showed robust organic revenue growth and margin expansion, with operating revenues surging 19% YoY to $6.4 billion. The company's adjusted EBITDA increased 18.9% YoY to $1.9 billion, and adjusted EPS of $1.92 surpassed consensus estimates by 1.6%.