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Analyst
Trevor Romeo
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 26on tracked calls
- Challenge rate
- 0%none of 26 questions
- Companies
- 2questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 26 of 26 questions from 2 companies
WMWaste Management14 questions · 7 reporting periods · 0 of 14 challenging
Calendar 2026 Q2
So maybe how much of that is new facilities versus improving throughput at your existing facilities?
Show response
Hemmer credited both new and automated facilities and flagged that a slightly higher commodity price outlook will likely be offset by the Arizona facility fire.
Are there any items, working capital or otherwise that would make conversion step down in the second half?
Show response
Reed named accounts payable as the watch item keeping WM inside the range and said an update would come with third quarter results.
Calendar 2026 Q1
where are you kind of seeing pricing stick a little better than you thought? And what are the drivers of that?
Show response
Fish highlighted residential yield up 110bp with 6.3% yield, and MSW yield at 6.9% as biggest positive surprises. CPI resets have 1-2 quarter lag, with back-half impact expected.
in terms of AI, there's a lot of hype out there. So would love your views on whether there are any new tools you're looking at
Show response
Morris cited recycling AI/automation, 19,000 trucks with smart technology, AI coaching for 20,000+ drivers, and potential for routing optimization and remote heavy equipment operation.
Calendar 2025 Q4
I was hoping maybe you could level set how much cost synergy capture you realized in 2025 and then how much is baked in for incremental in 2026
Show response
Jim confirmed 2025 SG&A synergies exceeded $100M top end. $300M total synergy goal including $50M cross-sell feels comfortable. SG&A went from 11% in Q1 2025 to 10.3% year-end with near-term path to below 10%. Cross-sell benefits partly show up in C&D business.
I appreciate the, I guess, the 60% of volumes contracted for 2026. That's encouraging. For the 40% of the uncontracted volumes
Show response
Tara explained 60% presold for 2026 with volume doubling from ~10 to 21-22+ MMBtus. Uncontracted 40% goes to voluntary market. RIN pricing expected to hold steady in $2.30-$2.40 range.
Calendar 2025 Q3
If you could maybe just touch a little more on the deferral of the pricing increases. Just maybe like what kind of customers are pushing back and why
Show response
Jim explained deferred PIs were proactive, not reactive to pushback. Revenue impacted by three things: deferred PIs, customer credits to clear old AR (mostly one-timers), and some churn. 1/3 of past-due AR cleared in last 3 months. ERP team making strong progress with stabilization expected by end of Q1 2026.
how are you thinking about both pieces of that spread into -- beyond this year
Show response
John noted yield at 4.1% and core price at 6% vs CPI at ~2.9-3.0%, maintaining good spread. Pricing syndicated more effectively across landfills, post-collection network, and residential. Driver turnover at all-time company low supports cost trajectory.
Calendar 2025 Q2
how much voluntary workforce turnover. Have you seen a Healthcare Solutions since the acquisition
Show response
Jim confirmed hourly workforce turnover improving post-acquisition. Managerial changes expected from SG&A optimization. Culture of ownership being driven to site level.
I don't know if you had temporary volume benefits that boosted that, but it doesn't sound like you've done much on the medical waste side yet
Show response
John confirmed MSW strength is organic, not fire-related. Internalization rose from historic 65-66% to 71%+ due to network investments and intermodal capabilities.
Calendar 2025 Q1
I guess, is the full $500 million included in your guidance now
Show response
Devina clarified acquisitions are in the upside of guidance. John cited labor scarcity, uncertainty, and disposal capacity concerns as driving sellers.
Just wondering if you could share any anecdotes you've had from conversations with customers about sort of the combined value proposition
Show response
Rafa shared positive feedback from West Coast hospital networks. Cross-sell playbooks still in development. Only 17% of customer book is shared wallet today.
Calendar 2024 Q4
if you could maybe talk about the Q4 like-for-like performance from a revenue and margin perspective for Stericycle
Show response
Devina explained the 9% EBITDA growth driven by McCarran facility and fleet recapitalization at up to 30% cost savings.
how are you thinking about the more cyclical portions of that volume and how likely they could be to rebound
Show response
John highlighted strong MSW and special waste trends offset by intentional residential shedding of ~3.5% and industrial softness.
RSGRepublic Services12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q1
I was just wondering if you could give maybe an update on your cross-selling initiatives there.
Show response
CEO highlighted IT and sales integration to enable single contract/bill for integrated service offerings. Progress building over next 18-24 months as initiatives get fully deployed.
I would love if you could speak to kind of how you're thinking about investing in the organics business, what you're seeing from a regulatory perspective
Show response
CEO noted organics investment is very regional/state-specific, technology costs need to come down for scalability, but long-term growth driver with 25% of landfill volume being organic.
Calendar 2025 Q4
your PFAS remediation business, love if you could maybe talk about what kind of revenue you're expecting for that business
Show response
Jon sized PFAS at $50-75M for 2026 with good recurring work, expects slower regulatory development under current administration but sees it as a big long-term opportunity.
reshoring as well as maybe infrastructure funding and things like that as a medium-term, long-term tailwind
Show response
Jon described reshoring as a real long-term demand driver once tariff policy stabilizes, benefiting both ES and the manufacturing portion of R&W.
Calendar 2025 Q3
was the softness in this quarter kind of about what you expected last quarter when you lowered the guidance
Show response
Jon acknowledged conditions worsened beyond expectations after the Q2 guide cut, with dramatic slowdown in June-August before stabilization in September-October.
Should we think about buybacks continuing to be maybe a bigger driver with the stock at these levels
Show response
Brian confirmed Republic was a buyer at current valuations and expects to continue, reflecting opportunistic capital allocation approach.
Calendar 2025 Q2
any update there in terms of size, regions, any bias to one of the -- either Recycling & Waste or ES
Show response
Jon described strong pipeline of regional and tuck-in deals with some lumpiness in timing, already off to a strong year with robust remainder forecast.
any thoughts on, I guess, Q3 versus Q4 and the consolidated margins would be great
Show response
Brian flagged a 40bps Q3 2024 headwind from non-recurring insurance and bad debt recoveries, implying slight Q3 negative and Q4 positive year-over-year.
Calendar 2025 Q1
noticed that the MSW and the volumes were down, I think, 4% in the quarter. Just wondering if there was anything, you know, specific
Show response
Brian attributed MSW volume decline primarily to weather, noting 6.8% yield in the business still drove over 3% organic growth in the MSW line.
how much further opportunity you see there to increase efficiency and take some labor benefits
Show response
John described ongoing automation investment across 75+ recycling centers, with Anaheim as a unique complete rebuild and retool.
Calendar 2024 Q4
where does that place you relative to kind of your historical averages? And then two, any sort of new initiatives
Show response
Jon confirmed decade-low turnover driven by strong leadership and engagement, with further but more modest improvement expected in 2025.
Just in terms of the revenue performance, just wondering if you could, I guess, talk about the pricing environment for hazardous waste
Show response
Jon described margin expansion through customer mix, pricing, and cost management but didn't provide specific T&D vs field services breakdown.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| WM Waste Management | 14 | 0%none of 14 questions |
| RSG Republic Services | 12 | 0%none of 12 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 4 | 0%none of 4 questions | 2 |
| 2025 Q1 | 4 | 0%none of 4 questions | 2 |
| 2025 Q2 | 4 | 0%none of 4 questions | 2 |
| 2025 Q3 | 4 | 0%none of 4 questions | 2 |
| 2025 Q4 | 4 | 0%none of 4 questions | 2 |
| 2026 Q1 | 4 | 0%none of 4 questions | 2 |
| 2026 Q2 | 2 | 0%none of 2 questions | 1 |
- 2024 Q44 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q24 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q34 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q44 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2026 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth7
- M&A7
- Pricing6
- Competitive Dynamics5
- Demand5
- Capex Investment4
- Capital Allocation3
- Guidance Reliability2
- Regulation Policy2
- Macroeconomic2
Show all 16 topics
- Innovation & R&D2
- Margin2
- Labor Market2
- Cloud & AI1
- Trade Tariffs1
- Cost Pressure1