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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)



☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the Quarterly Period Ended September 30, 2025

or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from to

Commission file number 1-12154

Waste Management, Inc.

(Exact name of registrant as specified in its charter)


Delaware	73-1309529
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

800 Capitol Street

Suite 3000

Houston, Texas 77002

(Address of principal executive offices)

(713) 512-6200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, $0.01 par value	WM	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☑		Accelerated filer ☐
Non-accelerated filer ☐		Smaller reporting company ☐
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

The number of shares of Common Stock, $0.01 par value, of the registrant outstanding at October 24, 2025 was 402,867,051 (excluding treasury shares of 227,415,410).

PART I.

Item 1. Financial Statements.

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share and Par Value Amounts)


	September 30,		December 31,
	2025		2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	175	$	414
Accounts receivable, net of allowance for doubtful accounts of $122 and $165, respectively		3,397		3,272
Other receivables, net of allowance for doubtful accounts of $3 and $4, respectively		620		415
Parts and supplies		223		206
Other current assets		424		467
Total current assets		4,839		4,774
Property and equipment, net of accumulated depreciation and depletion of $24,781 and $23,777, respectively		20,069		19,340
Goodwill		13,894		13,438
Other intangible assets, net		3,873		4,188
Restricted funds		541		413
Investments in unconsolidated entities		791		846
Other long-term assets		1,601		1,568
Total assets	$	45,608	$	44,567
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	2,082	$	2,046
Accrued liabilities		2,077		2,180
Deferred revenues		698		673
Current portion of long-term debt		880		1,359
Total current liabilities		5,737		6,258
Long-term debt, less current portion		22,482		22,541
Deferred income taxes		3,025		2,815
Landfill and environmental remediation liabilities		3,132		3,048
Other long-term liabilities		1,712		1,651
Total liabilities		36,088		36,313
Commitments and contingencies (Note 6)
Equity:
Waste Management, Inc. stockholders’ equity:
Common stock, $0.01 par value; 1,500,000,000 shares authorized; 630,282,461 shares issued		6		6
Additional paid-in capital		5,640		5,496
Retained earnings		16,823		15,858
Accumulated other comprehensive income (loss)		(31)		(115)
Treasury stock at cost, 227,420,930 and 228,788,284 shares, respectively		(12,919)		(12,993)
Total Waste Management, Inc. stockholders’ equity		9,519		8,252
Noncontrolling interests		1		2
Total equity		9,520		8,254
Total liabilities and equity	$	45,608	$	44,567

See Notes to Condensed Consolidated Financial Statements.

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except per Share Amounts)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Operating revenues	$	6,443	$	5,609	$	18,891	$	16,170
Costs and expenses:
Operating		3,833		3,399		11,319		9,830
Selling, general and administrative		665		525		2,048		1,517
Depreciation, depletion and amortization		729		558		2,093		1,615
Restructuring		14		2		39		2
(Gain) loss from divestitures, asset impairments and unusual items, net		213		6		239		62
		5,454		4,490		15,738		13,026
Income from operations		989		1,119		3,153		3,144
Other income (expense):
Interest expense, net		(225)		(131)		(689)		(397)
Equity in net income (loss) of unconsolidated entities		4		1		11		4
Other, net		7		6		16		7
		(214)		(124)		(662)		(386)
Income before income taxes		775		995		2,491		2,758
Income tax expense		172		235		524		611
Consolidated net income		603		760		1,967		2,147
Less: Net income (loss) attributable to noncontrolling interests		—		—		1		(1)
Net income attributable to Waste Management, Inc.	$	603	$	760	$	1,966	$	2,148
Basic earnings per common share	$	1.50	$	1.89	$	4.88	$	5.35
Diluted earnings per common share	$	1.49	$	1.88	$	4.87	$	5.33

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Consolidated net income	$	603	$	760	$	1,967	$	2,147
Other comprehensive income (loss), net of tax:
Derivative instruments, net		(6)		(25)		(7)		(26)
Available-for-sale securities, net		5		10		13		10
Foreign currency translation adjustments		(39)		12		78		(22)
Post-retirement benefit obligations, net		—		—		—		(1)
Other comprehensive income (loss), net of tax		(40)		(3)		84		(39)
Comprehensive income		563		757		2,051		2,108
Less: Comprehensive income (loss) attributable to noncontrolling interests		—		—		1		(1)
Comprehensive income attributable to Waste Management, Inc.	$	563	$	757	$	2,050	$	2,109

See Notes to Condensed Consolidated Financial Statements.

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

(Unaudited)


	Nine Months Ended
	September 30,
	2025		2024
Cash flows from operating activities:
Consolidated net income	$	1,967	$	2,147
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation, depletion and amortization		2,093		1,615
Deferred income tax expense (benefit)		241		65
Interest accretion on landfill and environmental remediation liabilities		106		99
Provision for bad debts		61		37
Equity-based compensation expense		135		84
Net gain on disposal of assets		(14)		(72)
(Gain) loss from divestitures, asset impairments and other, net		239		62
Equity in net (income) loss of unconsolidated entities, net of dividends		(11)		(4)
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables		(453)		(230)
Other current assets		(75)		(38)
Other assets		176		93
Accounts payable and accrued liabilities		35		149
Deferred revenues and other liabilities		(155)		(128)
Net cash provided by operating activities		4,345		3,879
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired		(395)		(782)
Capital expenditures		(2,339)		(2,116)
Proceeds from divestitures of businesses and other assets, net of cash divested		108		99
Other, net		(73)		(40)
Net cash used in investing activities		(2,699)		(2,839)
Cash flows from financing activities:
New borrowings		14,956		10,914
Debt repayments		(15,772)		(10,619)
Common stock repurchase program		—		(262)
Cash dividends		(1,001)		(909)
Exercise of common stock options		54		42
Tax payments associated with equity-based compensation transactions		(50)		(49)
Other, net		(17)		(20)
Net cash used in financing activities		(1,830)		(903)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents		5		(2)
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents		(179)		135
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period		487		552
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$	308	$	687

Reconciliation of cash, cash equivalents and restricted cash and cash equivalents at end of period:
Cash and cash equivalents	$	175	$	614
Restricted cash and cash equivalents included in other current assets		60		4
Restricted cash and cash equivalents included in restricted funds		73		69
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$	308	$	687

See Notes to Condensed Consolidated Financial Statements.

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In Millions, Except Shares in Thousands)

(Unaudited)


			Waste Management, Inc. Stockholders’ Equity
										Accumulated
						Additional				Other
			Common Stock			Paid-In		Retained		Comprehensive		Treasury Stock			Noncontrolling
	Total		Shares	Amounts		Capital		Earnings		Income (Loss)		Shares	Amounts		Interests
Three Months Ended September 30:
2025
Balance, June 30, 2025	$	9,202	630,282	$	6	$	5,566	$	16,553	$	9	(227,680)	$	(12,933)	$	1
Consolidated net income		603	—		—		—		603		—	—		—		—
Other comprehensive income (loss), net of tax		(40)	—		—		—		—		(40)	—		—		—
Cash dividends declared of $0.825 per common share		(332)	—		—		—		(332)		—	—		—		—
Equity-based compensation transactions, net		87	—		—		74		(1)		—	258		14		—
Other, net		—	—		—		—		—		—	1		—		—
Balance, September 30, 2025	$	9,520	630,282	$	6	$	5,640	$	16,823	$	(31)	(227,421)	$	(12,919)	$	1

2024
Balance, June 30, 2024	$	7,451	630,282	$	6	$	5,433	$	15,104	$	(73)	(229,183)	$	(13,013)	$	(6)
Consolidated net income		760	—		—		—		760		—	—		—		—
Other comprehensive income (loss), net of tax		(3)	—		—		—		—		(3)	—		—		—
Cash dividends declared of $0.75 per common share		(301)	—		—		—		(301)		—	—		—		—
Equity-based compensation transactions, net		66	—		—		52		—		—	254		14		—
Other, net		(1)	—		—		—		—		—	1		—		(1)
Balance, September 30, 2024	$	7,972	630,282	$	6	$	5,485	$	15,563	$	(76)	(228,928)	$	(12,999)	$	(7)

See Notes to Condensed Consolidated Financial Statements.

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ─ (Continued)

(In Millions, Except Shares in Thousands)

(Unaudited)


			Waste Management, Inc. Stockholders’ Equity
										Accumulated
						Additional				Other
			Common Stock			Paid-In		Retained		Comprehensive		Treasury Stock			Noncontrolling
	Total		Shares	Amounts		Capital		Earnings		Income (Loss)		Shares	Amounts		Interests
Nine Months Ended September 30:
2025
Balance, December 31, 2024	$	8,254	630,282	$	6	$	5,496	$	15,858	$	(115)	(228,788)	$	(12,993)	$	2
Consolidated net income		1,967	—		—		—		1,966		—	—		—		1
Other comprehensive income (loss), net of tax		84	—		—		—		—		84	—		—		—
Cash dividends declared of $2.475 per common share		(1,001)	—		—		—		(1,001)		—	—		—		—
Equity-based compensation transactions, net		218	—		—		144		—		—	1,365		74		—
Other, net		(2)	—		—		—		—		—	2		—		(2)
Balance, September 30, 2025	$	9,520	630,282	$	6	$	5,640	$	16,823	$	(31)	(227,421)	$	(12,919)	$	1

2024
Balance, December 31, 2023	$	6,896	630,282	$	6	$	5,351	$	14,334	$	(37)	(228,827)	$	(12,751)	$	(7)
Consolidated net income		2,147	—		—		—		2,148		—	—		—		(1)
Other comprehensive income (loss), net of tax		(39)	—		—		—		—		(39)	—		—		—
Cash dividends declared of $2.25 per common share		(909)	—		—		—		(909)		—	—		—		—
Equity-based compensation transactions, net		148	—		—		69		2		—	1,391		77		—
Common stock repurchase program		(265)	—		—		60		—		—	(1,494)		(325)		—
Adoption of new accounting standard		(12)	—		—		—		(12)		—	—		—		—
Other, net		6	—		—		5		—		—	2		—		1
Balance, September 30, 2024	$	7,972	630,282	$	6	$	5,485	$	15,563	$	(76)	(228,928)	$	(12,999)	$	(7)

See Notes to Condensed Consolidated Financial Statements.

1. Basis of Presentation

The financial statements presented in this report represent the consolidation of Waste Management, Inc., a Delaware corporation; its wholly-owned and majority-owned subsidiaries; and certain variable interest entities for which Waste Management, Inc. or its subsidiaries are the primary beneficiaries as described in Note 14. Waste Management, Inc. is a holding company and all operations are conducted by its subsidiaries. When the terms “the Company,” “we,” “us” or “our” are used in this document, those terms refer to Waste Management, Inc., together with its consolidated subsidiaries and consolidated variable interest entities. When we use the term “WMI,” we are referring only to Waste Management, Inc., the parent holding company.

We are North America’s leading provider of comprehensive environmental solutions, providing services throughout the United States (“U.S.”) and Canada. We partner with our customers and the communities we serve to manage and reduce waste at each stage from collection to disposal, while recovering valuable resources and creating clean, renewable energy. Our solid waste business is operated and managed locally by our subsidiaries that focus on distinct geographic areas and provide collection, transfer, disposal, recycling and resource recovery services. Through our subsidiaries, including our Waste Management Renewable Energy (“WM Renewable Energy”) segment, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas (“RNG”), which is a significant source of fuel that we allocate to our natural gas fleet.

On November 4, 2024, we completed the acquisition of all outstanding shares of Stericycle, Inc. (“Stericycle”), the operations of which are presented in this report as our new WM Healthcare Solutions segment. The acquisition expands our offerings in the U.S. and Canada and adds operations in parts of Western Europe. This business provides regulated waste and compliance services and secure information destruction services that protect people and brands, promote health and well-being and safeguard the environment. Refer to Note 8 for further discussion.

Our senior management evaluates, oversees and manages the financial performance of our business through five reportable segments, referred to as (i) Collection and Disposal - East Tier (“East Tier”); (ii) Collection and Disposal - West Tier (“West Tier”); (iii) Recycling Processing and Sales; (iv) WM Renewable Energy and (v) WM Healthcare Solutions. Our East and West Tiers along with certain ancillary services (“Other Ancillary”) that are not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” businesses. We also provide additional services not managed through our five reportable segments, which are presented as Corporate and Other. Refer to Note 7 for further discussion.

The Condensed Consolidated Financial Statements as of September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024 are unaudited. In the opinion of management, these financial statements include all adjustments, which, unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows, and changes in equity for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The financial statements presented herein should be read in conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.

In preparing our financial statements, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with precision from available data or simply cannot be calculated. In some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our financial statements, the most difficult, subjective and complex estimates and the assumptions that present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived asset impairments, intangible asset impairments and the fair value of assets and liabilities acquired in business combinations. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements.

Revenue Recognition

We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected; tons are received at our landfills, transfer stations or processing facilities; or recycling and other commodities, such as RNG, electricity and capacity, Renewable Identification Numbers (“RINs”) and Renewable Energy Credits (“RECs”), are sold. Compliance services revenues are recognized over the contractual service period.

We also bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts and equipment rentals. These advanced billings are included in deferred revenues and recognized as revenue in the period service is provided. Substantially all our deferred revenues during the reported periods are realized as revenues within one to three months, when the related services are performed.

Contract Acquisition Costs

Our incremental direct costs of obtaining a contract, which consist primarily of sales incentives, are generally deferred and amortized to selling, general and administrative expense over the estimated life of the relevant customer relationship, ranging from five to 16 years. Contract acquisition costs that are paid to the customer are deferred and amortized as a reduction in revenue over the contract life. Our contract acquisition costs are classified as current or noncurrent based on the timing of when we expect to recognize amortization and are included in other assets in our Condensed Consolidated Balance Sheets. As of September 30, 2025 and December 31, 2024, we had $235 million and $218 million, respectively, of deferred contract costs, of which $173 million and $154 million, respectively, were related to deferred sales incentives.

Leases

Amounts for our operating lease right-of-use assets are recorded in other long-term assets and the current and long-term portion of our operating lease liabilities are reflected in accrued liabilities and other long-term liabilities, respectively, in our Condensed Consolidated Balance Sheets. Amounts for our financing leases are recorded in property and equipment, net of accumulated depreciation and depletion, and current or long-term debt in our Condensed Consolidated Balance Sheets, as appropriate.

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments held within restricted funds, and accounts and other receivables. We make efforts to control our exposure to credit risk associated with these instruments by (i) placing our assets and other financial interests with a diverse group of credit-worthy financial institutions; (ii) holding high-quality financial instruments while limiting investments in any one instrument and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures, although generally we do not have collateral requirements for credit extensions. We also control our exposure associated with trade receivables by discontinuing service, to the extent allowable, to non-paying customers. However, our overall credit risk associated with trade receivables is limited due to the large number and diversity of customers we serve.

Reclassifications

When necessary, reclassifications have been made to our prior period financial information to conform to the current year presentation and are not material to our Condensed Consolidated Financial Statements.

2. Landfill and Environmental Remediation Liabilities

Liabilities for landfill and environmental remediation costs are presented in the table below (in millions):


	September 30, 2025						December 31, 2024
			Environmental						Environmental
	Landfill		Remediation		Total		Landfill		Remediation		Total
Current (in accrued liabilities)	$	184	$	34	$	218	$	177	$	54	$	231
Long-term		2,951		181		3,132		2,880		168		3,048
	$	3,135	$	215	$	3,350	$	3,057	$	222	$	3,279

The changes to landfill and environmental remediation liabilities for the nine months ended September 30, 2025 are reflected in the table below (in millions):


			Environmental
	Landfill		Remediation
December 31, 2024	$	3,057	$	222
Obligations incurred and capitalized		66		—
Obligations settled		(128)		(20)
Interest accretion		106		—
Revisions in estimates		29		13
Acquisitions, divestitures and other adjustments		5		—
September 30, 2025	$	3,135	$	215

At several of our landfills, we provide financial assurance by depositing cash into restricted trust funds for purposes of settling final capping, closure, post-closure and environmental remediation obligations. Generally, these trust funds are established to comply with statutory requirements and operating agreements. See Note 14 for additional information related to these trusts.

3. Debt

The following table summarizes the major components of debt at principal amounts as of each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of September 30, 2025:


	September 30,		December 31,
	2025		2024
Commercial paper program (weighted average interest rate of 4.3% as of September 30, 2025 and 4.7% as of December 31, 2024)	$	862	$	1,250
Senior notes, maturing through 2054, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 4.2% as of September 30, 2025 and December 31, 2024)		17,998		18,419
Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6%		359		348
Tax-exempt bonds, maturing through 2055, fixed and variable interest rates ranging from 0.70% to 4.60% (weighted average interest rate of 3.5% as of September 30, 2025 and December 31, 2024)		3,015		2,873
Financing leases and other, maturing through 2082 (weighted average interest rate of 4.8% as of September 30, 2025 and 4.9% as of December 31, 2024) (a)		1,290		1,189
Debt issuance costs, discounts and other		(162)		(179)
		23,362		23,900
Current portion of long-term debt		880		1,359
Long-term debt, less current portion	$	22,482	$	22,541

(a)	Excluding our landfill financing leases, the maturities of our financing leases and other debt obligations extend through 2059.

Debt Classification

As of September 30, 2025, we had approximately $3.9 billion of debt maturing within the next 12 months, including (i) $1.5 billion of tax-exempt bonds with term interest rate periods that expire within the next 12 months, which is prior to their scheduled maturities; (ii) $861 million of short-term borrowings under our commercial paper program (net of related discount on issuance); (iii) $500 million of 0.75% senior notes that mature in November 2025; (iv) $223 million of 7.1% senior notes that mature in August 2026; (v) $359 million of 2.6% Canadian senior notes that mature in September 2026 and (vi) $380 million of other debt with scheduled maturities within the next 12 months, including $188 million of tax-exempt bonds. As of September 30, 2025, we have classified $3.0 billion of debt maturing in the next 12 months as long-term because we have the intent and ability to refinance these borrowings on a long-term basis as supported by the forecasted available capacity under our $3.5 billion long-term U.S. and Canadian revolving credit facility (“$3.5 billion revolving credit facility”), as discussed below. The remaining $880 million of debt maturing in the next 12 months is classified as current obligations.

Access to and Utilization of Credit Facilities and Commercial Paper Program

$3.5 Billion Revolving Credit Facility — Our $3.5 billion revolving credit facility, maturing May 2029, provides us with credit capacity to be used for cash borrowings, to support letters of credit and to support our commercial paper program. The interest rates we pay on outstanding U.S. or Canadian loans are based on the Secured Overnight Financing Rate (“SOFR”) administered by the Federal Reserve Bank of New York or the Canadian Overnight Repo Rate Average (“CORRA”) administered by the Bank of Canada, respectively, plus a spread depending on our senior public debt rating assigned by Moody’s Investors Service, Inc. and Standard and Poor’s Global Ratings. The spread above SOFR or CORRA can range from 0.585% to 1.025% per annum, plus applicable credit adjustments. We also pay certain other fees set forth in the $3.5 billion revolving credit facility agreement, including a facility fee based on the aggregate commitment, regardless of usage. As of September 30, 2025, we had no outstanding borrowings under this facility. We had $861 million of outstanding borrowings (net of related discount on issuance) under our commercial paper program and $227 million of letters of credit issued, both supported by the facility, leaving unused and available credit capacity of $2.4 billion as of September 30, 2025. WM Holdings, a wholly-owned subsidiary of WMI, guarantees all of the obligations under the $3.5 billion revolving credit facility.

Commercial Paper Program — We have a commercial paper program that enables us to borrow funds for up to 397 days at competitive interest rates. The rates we pay for outstanding borrowings are based on the term of the notes. The commercial paper program is fully supported by our $3.5 billion revolving credit facility. As of September 30, 2025, we had $861 million of outstanding borrowings (net of related discount on issuance) under our commercial paper program.

Other Letter of Credit Lines — As of September 30, 2025, we had utilized $887 million of other uncommitted letter of credit lines with terms maturing through December 2028.

Debt Borrowings and Repayments

Commercial Paper Program — During the nine months ended September 30, 2025, we made cash repayments of $15.1 billion, which were partially offset by $14.7 billion of cash borrowings (net of related discount on issuance).

Senior Notes — We repaid $422 million of 3.125% senior notes upon maturity in March 2025.

Senior Notes Exchange Offer — On June 25, 2025, we completed an exchange offer pursuant to which we issued approximately $483 million in new notes (the “Registered Notes”) registered under the Securities Act of 1933, as amended, in exchange for a like amount of our outstanding unregistered 3.875% Senior Notes due 2029 (the “Restricted Notes”). This amount represented approximately 99% of the $485 million aggregate principal amount of Restricted Notes that were originally issued on November 8, 2024, in a private offer in exchange for notes of Stericycle. The terms of the Registered Notes are substantially identical in all material respects to the terms of the Restricted Notes, except that the Registered Notes are not subject to restrictions on transfer. The debt exchange is accounted for as a modification of debt, as the

financial terms of the Registered Notes do not differ from the Restricted Notes, and there is no substantial difference between the present value of cash flows under each respective set of notes.

Tax-Exempt Bonds — We issued $252 million of tax-exempt bonds in the nine months ended September 30, 2025. The proceeds from the issuance of these bonds were deposited directly into a restricted trust fund to be used for the specific purpose for which the money was raised, which is generally to finance expenditures for solid waste disposal and recycling facility construction and development. In 2025, we also repaid $110 million of our tax-exempt bonds at their respective scheduled maturities with available cash on hand.

Financing Leases and Other — The increase in our financing leases and other debt obligations during the nine months ended September 30, 2025 is due to an increase of $208 million primarily related to non-cash financing leases, partially offset by $107 million of cash repayments of other debt at maturity.

4. Income Taxes

Our effective income tax rate was 22.2% and 21.0% for the three and nine months ended September 30, 2025, respectively, compared to 23.6% and 22.2% for the three and nine months ended September 30, 2024, respectively. The decrease in our effective income tax rate when comparing the three and nine months ended September 30, 2025 and 2024 was primarily driven by an increase in federal tax credits partially offset by unfavorable adjustments to accruals and related deferred taxes.

We evaluate our effective income tax rate at each interim period and adjust it as facts and circumstances warrant.

Investments Qualifying for Federal Tax Credits

Renewable Natural Gas — Through our subsidiaries, including our WM Renewable Energy segment, we have invested in building landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and RNG. We expect our new RNG facilities to qualify for federal tax credits and to realize those credits through 2026 under Section 48 of the Internal Revenue Code.

During the three and nine months ended September 30, 2025, we recognized a reduction in our income tax expense of $49 million and $138 million, respectively, due to federal tax credits expected to be realized from our RNG investments compared to $37 million and $111 million, respectively, for the comparable prior year periods.

Low-Income Housing — We have significant financial interests in entities established to invest in and manage low-income housing properties. We support the operations of these entities in exchange for a pro-rata share of the tax credits they generate. The low-income housing investments qualify for federal tax credits that we expect to realize through 2036 under Section 42 and Section 45D of the Internal Revenue Code.

Under the proportional amortization method, the equity investment is amortized in proportion to the income tax credits and other income tax benefits received. The amortization expense and the income tax credits are required to be presented on a net basis in income tax expense on the Condensed Consolidated Statements of Operations.

During the three and nine months ended September 30, 2025, we recognized income tax expense of $26 million and $71 million, respectively, related to amortization under the proportional amortization method and a reduction in our income tax expense of $37 million and $99 million, respectively, primarily due to federal tax credits realized from these investments. In addition, during the three and nine months ended September 30, 2025, we recognized interest expense of $8 million and $25 million, respectively, associated with our investments in low-income housing properties.

During the three and nine months ended September 30, 2024, we recognized income tax expense of $19 million and $56 million related to amortization under the proportional amortization method and a reduction in our income tax expense of $26 million and $76 million, respectively, primarily due to federal tax credits realized from these investments. In addition, during the three and nine months ended September 30, 2024, we recognized interest expense of $5 million and

$16 million, respectively, associated with our investments in low-income housing properties. See Note 14 for additional information related to these unconsolidated variable interest entities.

Adjustments to Accruals and Related Deferred Taxes — During the three and nine months ended September 30, 2025, we recognized income tax expense of $22 million due to certain adjustments to accruals and related deferred taxes primarily related to a change from our initial expectations of the federal tax credits expected to be realized from our RNG investments. During the three and nine months ended September 30, 2024, there were immaterial adjustments to accruals and related deferred taxes.

Tax Legislation — On July 4, 2025, President Trump signed the One Big Beautiful Bill Act into law. We are currently evaluating several business tax provisions in the legislation, none of which are expected to have a material impact on our effective tax rate. However, we expect a beneficial impact to cash taxes related to bonus depreciation.

5. Earnings Per Share

Basic and diluted earnings per share for the three and nine months ended September 30 were computed using the following common share data (shares in millions):


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Number of common shares outstanding at end of period	402.9	401.4	402.9	401.4
Effect of using weighted average common shares outstanding	0.1	0.1	(0.3)	0.1
Weighted average basic common shares outstanding	403.0	401.5	402.6	401.5
Dilutive effect of equity-based compensation awards and other contingently issuable shares	1.3	1.7	1.4	1.7
Weighted average diluted common shares outstanding	404.3	403.2	404.0	403.2
Potentially issuable shares	4.3	4.8	4.3	4.8
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1.1	1.2	1.3	1.3

Refer to the Condensed Consolidated Statements of Operations for net income attributable to Waste Management, Inc.

6. Commitments and Contingencies

Financial Instruments — We have obtained letters of credit, surety bonds and insurance policies and have established trust funds and issued financial guarantees to support tax-exempt bonds, contracts, performance of landfill final capping, closure and post-closure requirements, environmental remediation and other obligations. Letters of credit generally are supported by our $3.5 billion revolving credit facility and other credit lines established for that purpose. These facilities are discussed further in Note 3. Surety bonds and insurance policies are supported by (i) a diverse group of third-party surety and insurance companies; (ii) an entity in which we have a noncontrolling financial interest or (iii) a wholly-owned insurance captive, the sole business of which is to issue surety bonds and/or insurance policies on our behalf.

Management does not expect that any claims against or draws on these instruments would have a material adverse effect on our financial condition, results of operations or cash flows. We have not experienced any unmanageable difficulty in obtaining the required financial assurance instruments for our current operations. In an ongoing effort to mitigate risks of future cost increases and reductions in available capacity, we continue to evaluate various options to access cost-effective sources of financial assurance.

Insurance — We carry insurance coverage for protection of our assets and operations from certain risks including general liability, automobile liability, workers’ compensation, real and personal property, directors’ and officers’ liability, pollution legal liability, cyber incident liability and other coverages we believe are customary to the industry. Our exposure to loss for insurance claims is generally limited to the per-incident deductible under the related insurance policy and any

amounts that exceed our insured limits. Our exposure could increase if our insurers are unable to meet their commitments on a timely basis.

We have retained a significant portion of the risks related to our health and welfare, general liability, automobile liability and workers’ compensation claims programs. “General liability” refers to the self-insured portion of specific third-party claims made against us that may be covered under our commercial general liability insurance policy. For our self-insured portions, the exposure for unpaid claims and associated expenses, including incurred but not reported losses, is based on an actuarial valuation or internal estimates. The accruals for these liabilities could be revised if future occurrences or loss development significantly differ from such valuations and estimates. We use a wholly-owned insurance captive to insure the deductibles for our general liability, automobile liability and workers’ compensation claims programs.

We do not expect the impact of any known casualty, property, environmental or other contingency to have a material impact on our financial condition, results of operations or cash flows.

Guarantees — In the ordinary course of our business, WMI and WM Holdings enter into guarantee agreements associated with their subsidiaries’ operations. Additionally, WMI and WM Holdings have each guaranteed all of the senior debt of the other entity. No additional liabilities have been recorded for these intercompany guarantees because all of the underlying obligations are reflected in our Condensed Consolidated Balance Sheets.

As of September 30, 2025, we have guaranteed the obligations and certain performance requirements of third parties in connection with both consolidated and unconsolidated entities, including guarantees to cover the difference, if any, between the sale value and the guaranteed market or contractually-determined value of certain homeowner’s properties that are adjacent to or near 18 of our landfills. We have also agreed to indemnify certain third-party purchasers against liabilities associated with divested operations prior to such sale. We do not believe that the remaining contingent obligations will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

Environmental Matters — A significant portion of our operating costs and capital expenditures could be characterized as costs of environmental protection. The nature of our operations, particularly with respect to the construction, operation and maintenance of our landfills, subjects us to an array of laws and regulations relating to the protection of the environment. Under current laws and regulations, we may have liabilities for environmental damage caused by our operations, or for damage caused by conditions that existed before we acquired a site. In addition to remediation activity required by state or local authorities, such liabilities include potentially responsible party (“PRP”) investigations. The costs associated with these liabilities can include settlements, certain legal and consultant fees, as well as incremental internal and external costs directly associated with site investigation and clean-up.

Estimating our degree of responsibility for remediation is inherently difficult. We recognize and accrue for an estimated remediation liability when we determine that such liability is both probable and reasonably estimable. Determining the method and ultimate cost of remediation requires that a number of assumptions be made. There can sometimes be a range of reasonable estimates of the costs associated with the likely site remediation alternatives identified in the environmental impact investigation. In these cases, we use the amount within the range that is our best estimate. If no amount within a range appears to be a better estimate than any other, we use the amount that is the low end of such range. If we used the high ends of such ranges (where estimable), our aggregate potential liability would be approximately $10 million higher than the $215 million recorded in the Condensed Consolidated Balance Sheet as of September 30, 2025. Our ultimate responsibility may differ materially from current estimates. It is possible that technological, regulatory or enforcement developments, the results of environmental studies, the inability to identify other PRPs, the inability of other PRPs to contribute to the settlements of such liabilities, or other factors could require us to record additional liabilities. Our ongoing review of our remediation liabilities, in light of relevant internal and external facts and circumstances, could result in revisions to our accruals that could cause upward or downward adjustments to our balance sheet and income from operations. These adjustments could be material in any given period.

As of September 30, 2025, we had been notified by the government that we are a PRP in connection with 74 locations listed on the Environmental Protection Agency’s (“EPA’s”) Superfund National Priorities List, or NPL. Of the 74 sites at

which claims have been made against us, 14 are sites we own. Each of the NPL sites we own was initially developed by others as a landfill disposal facility. At each of these facilities, we are working in conjunction with the government to characterize or remediate identified site problems, and we have either agreed with other legally liable parties on an arrangement for sharing the costs of remediation or are working toward a cost-sharing agreement. We generally expect to receive any amounts due from other participating parties at or near the time that we make the remedial expenditures. The other 60 NPL sites, which we do not own, are at various procedural stages under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, known as CERCLA or Superfund.

The majority of proceedings involving NPL sites that we do not own are based on allegations that certain of our subsidiaries (or their predecessors) transported hazardous substances to the sites, often prior to our acquisition of these subsidiaries. CERCLA generally provides for liability for those parties owning, operating, transporting to or disposing at the sites. Proceedings arising under Superfund typically involve numerous waste generators and other waste transportation and disposal companies and seek to allocate or recover costs associated with site investigation and remediation, which costs could be substantial and could have a material adverse effect on our consolidated financial statements. At some of the sites at which we have been identified as a PRP, our liability is well defined as a consequence of a governmental decision and an agreement among liable parties as to the share each will pay for implementing that remedy. At other sites, where no remedy has been selected or the liable parties have been unable to agree on an appropriate allocation, our future costs are uncertain.

In 2018, both of McGinnes Industrial Maintenance Corporation (“MIMC”), a subsidiary of Waste Management of Texas, Inc., and International Paper Company (“IPC”) entered into an Administrative Order on Consent with the EPA as PRPs to develop a remedial design for the San Jacinto River Waste Pits Superfund Site in Harris County, Texas. We recorded a liability for MIMC’s estimated potential share of the EPA’s proposed remedy and related costs, although allocation of responsibility among the PRPs for the proposed remedy has not been established. In November 2024, MIMC and IPC publicly issued a proposed revised full remedial design that was approved by the EPA in September 2025. The recorded liability as of September 30, 2025, and December 31, 2024, was approximately $101 million and $97 million, respectively. MIMC’s ultimate liability could be materially different from current estimates, including potential increases resulting from MIMC’s continued engagement with the EPA regarding the newly-approved remedial design for the site.

Item 103 of the SEC’s Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings, or such proceedings are known to be contemplated, unless we reasonably believe that the matter will result in no monetary sanctions, or in monetary sanctions, exclusive of interest and costs, below a stated threshold. In accordance with this SEC regulation, the Company uses a threshold of $1 million for purposes of determining whether disclosure of any such environmental proceedings is required. We are not aware of any matters in the third quarter of 2025 that are required to be disclosed pursuant to this standard.

From time to time, we are also named as defendants in personal injury and property damage lawsuits, including purported class actions, on the basis of having owned, operated or transported waste to a disposal facility that is alleged to have contaminated the environment or, in certain cases, on the basis of having conducted environmental remediation activities at sites. Some of the lawsuits may seek to have us pay the costs of monitoring of allegedly affected sites and health care examinations of allegedly affected persons for a substantial period of time even where no actual damage is proven. While we believe we have meritorious defenses to these lawsuits, the ultimate resolution is often substantially uncertain due to the difficulty of determining the cause, extent and impact of alleged contamination (which may have occurred over a long period of time), the potential for successive groups of complainants to emerge, the diversity of the individual plaintiffs’ circumstances, and the potential contribution or indemnification obligations of co-defendants or other third parties, among other factors. Additionally, we often enter into agreements with landowners imposing obligations on us to meet certain regulatory or contractual conditions upon site closure or upon termination of the agreements. Compliance with these agreements inherently involves subjective determinations and may result in disputes, including litigation.

Litigation — We are subject to various proceedings, lawsuits, disputes and claims arising in the ordinary course of our business. Many of these actions raise complex factual and legal issues and are subject to uncertainties. Actions that have been filed against us, and that may be filed against us in the future, include personal injury, property damage, commercial, customer, and employment-related claims, including purported state and national class action lawsuits related

to: alleged environmental contamination, including releases of hazardous material and odors; sales and marketing practices, customer service agreements and prices and fees; and federal and state wage and hour and other laws. The plaintiffs in some actions seek unspecified damages or injunctive relief, or both. These actions are in various procedural stages, and some are covered, in part, by insurance. We currently do not believe that the eventual outcome of any such actions will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

On November 4, 2024, the Company acquired Stericycle. At the time of the acquisition, Stericycle was subject to the following legal matter, which is now a legal matter of our wholly-owned subsidiary.

On February 11, 2020, Stericycle received an administrative subpoena from the U.S. Drug Enforcement Administration (“DEA”), which executed a search warrant at a facility in Rancho Cordova, California and an administrative inspection warrant at a facility in Indianapolis, Indiana for materials related to Stericycle’s now-divested Domestic Environmental Solutions business of collecting, transporting, and destroying controlled substances from retail customers (the “ESOL Retail Controlled Substances Business”). On that same day, agents from the California Department of Toxic Substances Control executed a separate search warrant at the Rancho Cordova facility. Since that time, the U.S. Attorney’s Office for the Eastern District of California (“USAO EDCA”) has been overseeing criminal and civil investigations of the ESOL Retail Controlled Substances Business. The USAO EDCA informed Stericycle that the investigations relate to Stericycle’s operation and sale of its ESOL Retail Controlled Substances Business that was divested in 2020 and has asserted that Stericycle and some of Stericycle’s current or former employees may have civil and criminal liability under the Controlled Substances Act and other federal statutes related to that business. Stericycle has been cooperating with the ongoing investigations, which are limited to the period of Stericycle’s historical operation and ownership of the ESOL Retail Controlled Substances Business from 2015 through 2020. While the ultimate disposition of this matter remains uncertain, we do not currently believe that it will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

In June 2022, we and certain of our officers were named as defendants in a complaint alleging violation of the federal securities laws and seeking certification as a class action in the U.S. District Court for the Southern District of New York. A lead plaintiff was appointed and an amended complaint was filed in January 2023. The amended complaint sought damages on behalf of a putative class of secondary market purchasers of our senior notes with a special mandatory redemption feature issued in May 2019, asserting claims under the Securities Exchange Act of 1934, as amended, based on alleged misrepresentations and omissions concerning the anticipated time for completion of our acquisition of Advanced Disposal. In August 2025, the court granted preliminary approval of a settlement that will be covered by insurance, with a final approval hearing scheduled for December 2025. We do not believe that the eventual outcome of this matter will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

WMI’s charter and bylaws provide that WMI shall indemnify against all liabilities and expenses, and upon request shall advance expenses to any person, who is subject to a pending or threatened proceeding because such person is or was a director or officer of the Company. Such indemnification is required to the maximum extent permitted under Delaware law. Accordingly, the director or officer must execute an undertaking to reimburse the Company for any fees advanced if it is later determined that the director or officer was not permitted to have such fees advanced under Delaware law. Additionally, the Company has direct contractual obligations to provide indemnification to each of the members of WMI’s Board of Directors and each of WMI’s executive officers. The Company may incur substantial expenses in connection with the fulfillment of its advancement of costs and indemnification obligations in connection with actions or proceedings that may be brought against its former or current officers, directors and employees.

Multiemployer Defined Benefit Pension Plans — About 20% of our workforce is covered by collective bargaining agreements with various local unions across the U.S. and Canada, and certain parts of Europe. As a result of some of these agreements, certain of our subsidiaries are participating employers in a number of trustee-managed multiemployer defined benefit pension plans (“Multiemployer Pension Plans”) for the covered employees. In connection with our ongoing renegotiation of various collective bargaining agreements, we may discuss and negotiate for the complete or partial withdrawal from one or more of these Multiemployer Pension Plans. A complete or partial withdrawal from a

Multiemployer Pension Plan may also occur if employees covered by a collective bargaining agreement vote to decertify a union from continuing to represent them. Any other circumstance resulting in a decline in Company contributions to a Multiemployer Pension Plan through a reduction in the labor force, whether through attrition over time or through a business event (such as the discontinuation or nonrenewal of a customer contract, the decertification of a union, or relocation, reduction or discontinuance of certain operations) may also trigger a complete or partial withdrawal from one or more of these pension plans.

We do not believe that any future liability relating to our past or current participation in, or withdrawals from, the Multiemployer Pension Plans to which we contribute will have a material adverse effect on our business, financial condition or liquidity. However, liability for future withdrawals could have a material adverse effect on our results of operations or cash flows for a particular reporting period, depending on the number of employees withdrawn and the financial condition of the Multiemployer Pension Plan(s) at the time of such withdrawal(s).

Tax Matters — We maintain a liability for uncertain tax positions, the balance of which management believes is adequate. Results of audit assessments by taxing authorities are not currently expected to have a material adverse effect on our financial condition, results of operations or cash flows. We participate in the IRS’s Compliance Assurance Process, which means we work with the IRS throughout the year towards resolving any material issues prior to the filing of our annual tax return. Any unresolved issues as of the tax return filing date are subject to routine examination procedures. In the fourth quarter of 2022, the Company received a notice of tax due for the 2017 tax year related to a remaining disagreement with the IRS. In response to the notice, the Company made a deposit of approximately $103 million with the IRS. In the fourth quarter of 2024, the Company filed a claim for refund of the entire amount deposited with the IRS. We expect to litigate any denial of the claim for refund. As of September 30, 2025 and December 31, 2024, the IRS deposit, net of reserve for uncertain tax positions, was classified as a component of other long-term assets in the Company’s Condensed Consolidated Balance Sheets.

7. Segment and Related Information

Our senior management evaluates, oversees and manages the financial performance of our business through five reportable segments, referred to as (i) East Tier; (ii) West Tier; (iii) Recycling Processing and Sales; (iv) WM Renewable Energy and (v) WM Healthcare Solutions. Our East and West Tiers along with Other Ancillary services that are not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” businesses. We also provide additional services not managed through our five reportable segments, which are presented as Corporate and Other.

Summarized financial information concerning our reportable segments for the three and nine months ended September 30 is shown in the following table (in millions):


	Net		Intercompany		Gross				Selling,		Other		Depreciation,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Depletion and		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(b)		Amortization		Operations(c)		(d)
Three Months Ended September 30:
2025
Collection and Disposal:
East Tier	$	2,336	$	638	$	2,974	$	1,813	$	88	$	46	$	287	$	740	$	348
West Tier		2,228		560		2,788		1,738		88		—		234		728		271
Other Ancillary		757		51		808		773		28		—		7		—		12
Collection and Disposal(e)(f)(g)		5,321		1,249		6,570		4,324		204		46		528		1,468		631
Recycling Processing and Sales(e)		372		98		470		389		16		155		47		(137)		59
WM Renewable Energy(f)		115		1		116		63		5		11		16		21		114
WM Healthcare Solutions(g)(h)		628		110		738		511		129		9		110		(21)		42
Corporate and Other(f)		7		7		14		6		316		6		28		(342)		1
Total	$	6,443	$	1,465	$	7,908	$	5,293	$	670	$	227	$	729	$	989	$	847

Intercompany Elimination(a)						(1,465)		(1,460)		(5)		—		—		—
Net						6,443		3,833		665		227		729		989


	Net		Intercompany		Gross				Selling,		Other		Depreciation,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Depletion and		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(b)		Amortization		Operations(c)		(d)
2024
Collection and Disposal:
East Tier	$	2,242	$	584	$	2,826	$	1,747	$	96	$	2	$	263	$	718	$	305
West Tier		2,138		524		2,662		1,657		95		(19)		221		708		306
Other Ancillary		704		46		750		714		29		—		7		—		17
Collection and Disposal(e)(f)		5,084		1,154		6,238		4,118		220		(17)		491		1,426		628
Recycling Processing and Sales(e)		432		71		503		434		16		(1)		33		21		124
WM Renewable Energy(f)		87		1		88		41		3		7		9		28		147
Corporate and Other(f)		6		5		11		32		291		19		25		(356)		(10)
Total	$	5,609	$	1,231	$	6,840	$	4,625	$	530	$	8	$	558	$	1,119	$	889

Intercompany Elimination(a)						(1,231)		(1,226)		(5)		—		—		—
Net						5,609		3,399		525		8		558		1,119


	Net		Intercompany		Gross				Selling,		Other		Depreciation,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Depletion and		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(b)		Amortization		Operations(c)		(d)
Nine Months Ended September 30:
2025
Collection and Disposal:
East Tier	$	6,768	$	1,826	$	8,594	$	5,336	$	264	$	54	$	810	$	2,130	$	905
West Tier		6,561		1,620		8,181		5,066		257		2		692		2,164		828
Other Ancillary		2,195		154		2,349		2,244		89		16		20		(20)		41
Collection and Disposal(e)(f)(g)		15,524		3,600		19,124		12,646		610		72		1,522		4,274		1,774
Recycling Processing and Sales(e)		1,137		280		1,417		1,175		45		161		131		(95)		167
WM Renewable Energy(f)		321		2		323		177		11		11		46		78		351
WM Healthcare Solutions(g)(h)		1,893		326		2,219		1,507		434		27		316		(65)		122
Corporate and Other(f)		16		23		39		28		965		7		78		(1,039)		(111)
Total	$	18,891	$	4,231	$	23,122	$	15,533	$	2,065	$	278	$	2,093	$	3,153	$	2,303

Intercompany Elimination(a)						(4,231)		(4,214)		(17)		—		—		—
Net						18,891		11,319		2,048		278		2,093		3,153


	Net		Intercompany		Gross				Selling,		Other		Depreciation,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Depletion and		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(b)		Amortization		Operations(c)		(d)
2024
Collection and Disposal:
East Tier	$	6,501	$	1,677	$	8,178	$	5,079	$	274	$	4	$	757	$	2,064	$	726
West Tier		6,207		1,529		7,736		4,829		278		(19)		639		2,009		725
Other Ancillary		2,014		135		2,149		2,053		87		(2)		20		(9)		40
Collection and Disposal(e)(f)		14,722		3,341		18,063		11,961		639		(17)		1,416		4,064		1,491
Recycling Processing and Sales(e)		1,205		209		1,414		1,207		46		(1)		93		69		351
WM Renewable Energy(f)		225		3		228		120		8		7		26		67		361
Corporate and Other(f)		18		18		36		98		839		75		80		(1,056)		15
Total	$	16,170	$	3,571	$	19,741	$	13,386	$	1,532	$	64	$	1,615	$	3,144	$	2,218

Intercompany Elimination(a)						(3,571)		(3,556)		(15)		—		—		—
Net						16,170		9,830		1,517		64		1,615		3,144

(a)	Includes each segment’s intercompany activity, including transactions within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.

(b)	Other net expenses include restructuring expenses, (gain) loss from divestitures, and asset impairments and unusual items, net.

(c)	For those items included in the determination of income from operations, the accounting policies of the segments are the same as those described in Note 1.

(d)

Includes non-cash items. Additionally, our Corporate and Other business recognizes construction work in progress for fleet purchases during the period. Capital expenditures are reported in our reportable segments at the time they are recorded within the segments’ property and equipment balances and, therefore, include timing differences for amounts accrued but not yet paid as well as amounts transferred from Corporate and Other for fleet placed in service.

(e)

Certain fees related to the processing of recyclable material we collect are included within our Collection and Disposal businesses. The amounts in income from operations for the three and nine months ended September 30, 2025 are $19 million and $59 million, respectively. The amounts in income from operations for three and nine months ended September 30, 2024, are $29 million and $77 million, respectively.

(f)

WM Renewable Energy pays a 15% intercompany royalty to our Collection and Disposal and Corporate and Other businesses for landfill gas. The total amount of royalties in gross and intercompany operating revenues for the East Tier, West Tier, and Corporate and Other and in operating expenses for WM Renewable Energy for the three and nine months ended September 30, 2025 are $17 million and $48 million, respectively. The total amount of royalties in gross and intercompany operating revenues for the East Tier, West Tier, and Corporate and Other and in operating

expenses for WM Renewable Energy for the three and nine months ended September 30, 2024 are $13 million and $34 million, respectively. Prior to the fourth quarter of 2024, amounts related to intercompany royalty payments were adjusted through income from operations. Prior periods have been recast to conform to current year presentation.

(g)

Our Collection and Disposal business records intercompany operating revenue for collection and disposal services provided to WM Healthcare Solutions. The total amount of intercompany operating revenues reflected in our Collection and Disposal businesses and in operating expenses for WM Healthcare Solutions for the three and nine months ended September 30, 2025 are $16 million and $36 million, respectively.

(h)

In the third quarter of 2025, as a result of continued integration efforts and to enhance transparency and accountability, the Company began reflecting intra-segment activity within the WM Healthcare Solutions segment. These charges were designed to measure profitability at more granular levels of the enterprise and to facilitate clearer financial accountability within operating units. Accordingly, adjustments to the nine months ended September 30, 2025 were made to properly reflect the year to date intra-segment activity. Intra-segment operating revenues and operating expenses within WM Healthcare Solutions for the three and nine months ended September 30, 2025 are $108 million and $315 million, respectively.

Total assets by reportable segment are presented in the table below as follows (in millions):


	September 30,		December 31,
	2025		2024
Collection and Disposal:
East Tier	$	15,964	$	15,328
West Tier		12,049		11,786
Other Ancillary		808		779
Collection and Disposal		28,821		27,893
Recycling Processing and Sales		2,710		2,686
WM Renewable Energy		1,879		1,544
WM Healthcare Solutions		9,098		9,406
Corporate and Other		4,019		3,785
Elimination of intercompany investments and advances		(919)		(747)
Total assets, per Condensed Consolidated Balance Sheet	$	45,608	$	44,567

The mix of operating revenues from our major lines of business for the three and nine months ended September 30 are as follows (in millions):


	Net		Intercompany		Gross
	Operating		Operating		Operating
	Revenues		Revenues (a)(b)		Revenues
Three Months Ended September 30:
2025
Commercial	$	1,419	$	223	$	1,642
Industrial		808		234		1,042
Residential		884		22		906
Other collection		819		69		888
Total collection		3,930		548		4,478
Landfill		995		407		1,402
Transfer		396		294		690
Total Collection and Disposal		5,321		1,249		6,570
Recycling Processing and Sales		372		98		470
WM Renewable Energy		115		1		116
WM Healthcare Solutions		628		110		738
Corporate and Other		7		7		14
Total	$	6,443	$	1,465	$	7,908

2024
Commercial	$	1,359	$	205	$	1,564
Industrial		797		206		1,003
Residential		875		22		897
Other collection		765		57		822
Total collection		3,796		490		4,286
Landfill		923		388		1,311
Transfer		365		276		641
Total Collection and Disposal		5,084		1,154		6,238
Recycling Processing and Sales		432		71		503
WM Renewable Energy		87		1		88
Corporate and Other		6		5		11
Total	$	5,609	$	1,231	$	6,840


	Net		Intercompany		Gross
	Operating		Operating		Operating
	Revenues		Revenues (a)(b)		Revenues
Nine Months Ended September 30:
2025
Commercial	$	4,197	$	657	$	4,854
Industrial		2,339		656		2,995
Residential		2,628		66		2,694
Other collection		2,368		209		2,577
Total collection		11,532		1,588		13,120
Landfill		2,871		1,170		4,041
Transfer		1,121		842		1,963
Total Collection and Disposal		15,524		3,600		19,124
Recycling Processing and Sales		1,137		280		1,417
WM Renewable Energy		321		2		323
WM Healthcare Solutions		1,893		326		2,219
Corporate and Other		16		23		39
Total	$	18,891	$	4,231	$	23,122

WASTE MANAGEMENT INC 10-Q