Core Insights - WM's stock has underperformed despite the broader market rally, making it an attractive option for risk-averse investors seeking passive income [1][7]. Financial Performance - For Q3 2025, WM reported adjusted diluted earnings per share of $1.98, missing analyst expectations of $2.01, reflecting only 1% growth compared to Q3 2024 [3]. - Revenue in the recycling processing and sales segment declined by $60 million due to lower market prices for recycled commodities, including a 35% drop in the blended average price of single-stream commodities [6][8]. - The company received $68 per ton for single-stream recycled commodities, down from $101 per ton a year ago, and has adjusted its guidance for 2025 to $75 per ton from a previous $80 [7]. Business Segments - WM operates an integrated waste collection, transportation, and disposal business, alongside a growing recycling and renewable energy sector [4]. - The healthcare solutions segment underperformed, with revenue falling short of expectations as WM deferred planned price increases to enhance customer lifetime value [5]. Market Trends - Demand for recycled materials has decreased, impacting WM's revenue from recycling and renewable credits, which are crucial for capital expenditures [8].