Waste Management (WM) is underperforming the S&P 500 in 2025, with disappointing results in recycling and healthcare. Despite this, WM is forecasting strong free cash flow in 2025 and 2026, supporting future dividend raises. The company reported $1.98 in adjusted diluted earnings per share for the third quarter, missing analyst estimates. Core business is strong, but healthcare solutions and recycling segments have struggled. WM is guiding for total revenue of $25.2 billion in 2025, attributing lower expectations to challenges in recycled commodity pricing and healthcare solutions revenue. WM remains a reliable dividend stock, generating significant free cash flow and providing essential services. It is a good option for risk-averse investors looking for consistent income.

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