SHARPE
Reported results
- As reported revenue was $6,846 million for the third quarter of 2026, compared to $6,443 million in the third quarter of 2025.
- GAAP diluted earnings per share was $2.05 for the third quarter of 2026, compared to $1.49 in the prior year period.
- Non-GAAP adjusted diluted earnings per share was $2.15 for the third quarter of 2026, compared to $1.98 in the third quarter of 2025.
- Non-GAAP adjusted operating EBITDA was $2,121 million for the third quarter of 2026, an increase of 5.8% compared to $2,005 million in the third quarter of 2025.
- Net cash provided by operating activities was $4.87 billion through the first nine months of 2026, a 12.0% increase from the prior year.
- Non-GAAP free cash flow was $3.01 billion through the first nine months of 2026, compared to $2.11 billion in the prior year period.
Guidance
- For full-year 2026, revenue is expected to be at the high end of the guidance range of $26.275 to $26.475 billion.
- For full-year 2026, non-GAAP adjusted operating EBITDA is expected to be within the guidance range of $8.15 to $8.25 billion.
- For full-year 2026, non-GAAP free cash flow is expected to be at the high end of the guidance range of $3.75 to $3.85 billion.
- The Company continues to expect to repurchase a total of $2 billion of its shares in 2026.
Notes
Beginning in 2026, landfill accretion expense was moved from operating expenses to depreciation, depletion, amortization, and accretion. Landfill accretion expense in the three months ended September 30, 2026 and 2025 was $39 million and $35 million, respectively. For comparability purposes, 2025 actuals have been updated to reflect that change.
Price and volatility reaction
The stock moved -4.5% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -4.0 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 235.81 | 2026-10-27 |
| Close after release | 225.15 | 2026-10-28 |
| Realised move | -4.5% | close to close |
| 30d ATM IV change | -4.0 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-10-27 (8-K, Item 2.02). Read the original filing on sec.gov.