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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 June 30, 2026

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 as of July 24, 2026 was 399,715,184 (excluding treasury shares of 230,567,277).

PART I.

Item 1. Financial Statements.

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share and Par Value Amounts)


		June 30,			December 31,
		2026			2025
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	557		$	201
Accounts receivable, net of allowance for doubtful accounts of $73 and $87, respectively			3,495			3,435
Other receivables, net of allowance for doubtful accounts of $3 and $3, respectively			711			620
Parts and supplies			232			225
Other current assets			402			429
Total current assets			5,397			4,910
Property and equipment, net of accumulated depreciation and depletion of $25,432 and $25,096, respectively			20,440			20,378
Goodwill			14,001			13,880
Other intangible assets, net			3,641			3,767
Restricted funds			648			513
Investments in unconsolidated entities			738			779
Other long-term assets			1,576			1,608
Total assets		$	46,441		$	45,835
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	1,992		$	1,867
Accrued liabilities			2,114			2,211
Deferred revenues			767			735
Current portion of long-term debt			1,075			711
Total current liabilities			5,948			5,524
Long-term debt, less current portion			22,281			22,196
Deferred income taxes			3,307			3,160
Landfill and environmental remediation liabilities			3,325			3,278
Other long-term liabilities			1,654			1,686
Total liabilities			36,515			35,844
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			5,864			5,676
Retained earnings			17,977			17,232
Accumulated other comprehensive income (loss)			(71)			(10)
Treasury stock at cost, 230,314,758 and 227,340,757 shares, respectively			(13,851)			(12,914)
Total Waste Management, Inc. stockholders’ equity			9,925			9,990
Noncontrolling interests			1			1
Total equity			9,926			9,991
Total liabilities and equity		$	46,441		$	45,835

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				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Operating revenues	$	6,684	$	6,430	$	12,911	$	12,448
Costs and expenses:
Operating		3,955		3,803		7,649		7,415
Selling, general and administrative		683		696		1,390		1,383
Depreciation, depletion, amortization and accretion		777		744		1,512		1,435
Restructuring		6		12		10		25
(Gain) loss from divestitures, asset impairments and unusual items, net		10		24		(16)		26
		5,431		5,279		10,545		10,284
Income from operations		1,253		1,151		2,366		2,164
Other income (expense):
Interest expense, net		(233)		(232)		(458)		(464)
Other, net		4		9		7		16
		(229)		(223)		(451)		(448)
Income before income taxes		1,024		928		1,915		1,716
Income tax expense		238		201		406		352
Consolidated net income		786		727		1,509		1,364
Less: Net income (loss) attributable to noncontrolling interests		1		1		1		1
Net income attributable to Waste Management, Inc.	$	785	$	726	$	1,508	$	1,363
Basic earnings per common share	$	1.96	$	1.80	$	3.75	$	3.39
Diluted earnings per common share	$	1.95	$	1.80	$	3.74	$	3.37

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions)

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Consolidated net income	$	786	$	727	$	1,509	$	1,364
Other comprehensive income (loss), net of tax:
Derivative instruments, net		(1)		(10)		(3)		(1)
Available-for-sale securities, net		4		6		—		8
Foreign currency translation adjustments		(30)		100		(58)		117
Post-retirement benefit obligations, net		—		—		—		—
Other comprehensive income (loss), net of tax		(27)		96		(61)		124
Comprehensive income		759		823		1,448		1,488
Less: Comprehensive income (loss) attributable to noncontrolling interests		1		1		1		1
Comprehensive income attributable to Waste Management, Inc.	$	758	$	822	$	1,447	$	1,487

See Notes to Condensed Consolidated Financial Statements.

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

(Unaudited)


	Six Months Ended
	June 30,
	2026		2025
Cash flows from operating activities:
Consolidated net income	$	1,509	$	1,364
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion		1,512		1,435
Deferred income tax expense (benefit)		143		79
Provision for bad debts		69		43
Equity-based compensation expense		98		92
Net gain on disposal of assets		(6)		(12)
(Gain) loss from divestitures, asset impairments and other, net		(16)		26
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables		(224)		(323)
Other current assets		3		(52)
Other assets		127		134
Accounts payable and accrued liabilities		134		42
Deferred revenues and other liabilities		(122)		(75)
Net cash provided by operating activities		3,227		2,753
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired		(85)		(366)
Capital expenditures		(1,280)		(1,563)
Proceeds from divestitures of businesses and other assets, net of cash divested		77		103
Other, net		(139)		(89)
Net cash used in investing activities		(1,427)		(1,915)
Cash flows from financing activities:
New borrowings		12,823		9,135
Debt repayments		(12,484)		(9,234)
Common stock repurchase program		(1,003)		—
Cash dividends		(764)		(669)
Exercise of common stock options		32		50
Tax payments associated with equity-based compensation transactions		(40)		(49)
Other, net		(16)		(14)
Net cash used in financing activities		(1,452)		(781)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents		(7)		8
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents		341		65
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period		297		487
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$	638	$	552

Reconciliation of cash, cash equivalents and restricted cash and cash equivalents at end of period:
Cash and cash equivalents	$	557	$	440
Restricted cash and cash equivalents included in other current assets		9		45
Restricted cash and cash equivalents included in restricted funds		72		67
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$	638	$	552

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 June 30:
2026
Balance, March 31, 2026	$	10,022	630,282	$	6	$	5,708	$	17,571	$	(44)	(228,009)	$	(13,220)	$	1
Consolidated net income		786	—		—		—		785		—	—		—		1
Other comprehensive income (loss), net of tax		(27)	—		—		—		—		(27)	—		—		—
Cash dividends declared of $0.945 per common share		(379)	—		—		—		(379)		—	—		—		—
Equity-based compensation transactions, net		52	—		—		49		—		—	59		3		—
Common stock repurchase program		(671)	—		—		—		—		—	(2,998)		(671)		—
Acquisitions		144	—		—		107		—		—	632		37		—
Other, net		(1)	—		—		—		—		—	1		—		(1)
Balance, June 30, 2026	$	9,926	630,282	$	6	$	5,864	$	17,977	$	(71)	(230,315)	$	(13,851)	$	1

2025
Balance, March 31, 2025	$	8,651	630,282	$	6	$	5,515	$	16,160	$	(87)	(227,911)	$	(12,944)	$	1
Consolidated net income		727	—		—		—		726		—	—		—		1
Other comprehensive income (loss), net of tax		96	—		—		—		—		96	—		—		—
Cash dividends declared of $0.825 per common share		(333)	—		—		—		(333)		—	—		—		—
Equity-based compensation transactions, net		62	—		—		51		—		—	231		11		—
Other, net		(1)	—		—		—		—		—	—		—		(1)
Balance, June 30, 2025	$	9,202	630,282	$	6	$	5,566	$	16,553	$	9	(227,680)	$	(12,933)	$	1

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
Six Months Ended June 30:
2026
Balance, December 31, 2025	$	9,991	630,282	$	6	$	5,676	$	17,232	$	(10)	(227,341)	$	(12,914)	$	1
Consolidated net income		1,509	—		—		—		1,508		—	—		—		1
Other comprehensive income (loss), net of tax		(61)	—		—		—		—		(61)	—		—		—
Cash dividends declared of $1.89 per common share		(764)	—		—		—		(764)		—	—		—		—
Equity-based compensation transactions, net		133	—		—		81		1		—	890		51		—
Common stock repurchase program		(1,025)	—		—		—		—		—	(4,497)		(1,025)		—
Acquisitions		144	—		—		107		—			632		37		—
Other, net		(1)	—		—		—		—		—	1		—		(1)
Balance, June 30, 2026	$	9,926	630,282	$	6	$	5,864	$	17,977	$	(71)	(230,315)	$	(13,851)	$	1

2025
Balance, December 31, 2024	$	8,254	630,282	$	6	$	5,496	$	15,858	$	(115)	(228,788)	$	(12,993)	$	2
Consolidated net income		1,364	—		—		—		1,363		—	—		—		1
Other comprehensive income (loss), net of tax		124	—		—		—		—		124	—		—		—
Cash dividends declared of $1.65 per common share		(669)	—		—		—		(669)		—	—		—		—
Equity-based compensation transactions, net		131	—		—		70		1		—	1,107		60		—
Other, net		(2)	—		—		—		—		—	1		—		(2)
Balance, June 30, 2025	$	9,202	630,282	$	6	$	5,566	$	16,553	$	9	(227,680)	$	(12,933)	$	1

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 13. 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 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. Our Healthcare Solutions segment provides regulated waste and compliance services (“RWCS”) and secure information destruction (“SID”) services in the U.S., Canada and Western Europe that protect people and brands, promote health and well-being and safeguard the environment. Additionally, through our Recycling Processing and Sales segment, we are a leading recycler in the U.S. and Canada, handling materials that include paper, cardboard, glass, plastic and metal.

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) Renewable Energy and (v) 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” business. 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 June 30, 2026 for the three and six months ended June 30, 2026 and 2025 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, 2025.

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 June 30, 2026 and December 31, 2025, we had $230 million and $237 million, respectively, of deferred contract costs, of which $184 million and $177 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 with the current year presentation, including the reclassification of interest accretion on landfill and environmental remediation liabilities from operating expenses to depreciation, depletion, amortization and accretion in our Condensed Consolidated Statements of Operations. These reclassifications are not material to our Condensed Consolidated Financial Statements.

Adoption of New Accounting Standards in 2026

Improvements to Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Account Receivable and Contract Assets” (“ASU 2025-05”), which simplifies the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification 606, Revenue from Contracts with Customers. The amendments permit entities to elect a practical expedient to assume the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast for purposes of estimating expected credit losses. The Company adopted ASU 2025-05 on a prospective basis and elected the practical expedient during the quarter ended March 31, 2026. The adoption of the amended guidance did not have a material impact on 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):


	June 30, 2026						December 31, 2025
			Environmental						Environmental
	Landfill		Remediation		Total		Landfill		Remediation		Total
Current (in accrued liabilities)	$	186	$	58	$	244	$	186	$	72	$	258
Long-term		3,153		172		3,325		3,119		159		3,278
	$	3,339	$	230	$	3,569	$	3,305	$	231	$	3,536

The changes to landfill and environmental remediation liabilities for the six months ended June 30, 2026 are reflected in the table below (in millions):


			Environmental
	Landfill		Remediation
December 31, 2025	$	3,305	$	231
Obligations incurred and capitalized		45		—
Obligations settled		(66)		(14)
Interest accretion		78		—
Revisions in estimates		(20)		13
Acquisitions, divestitures and other adjustments		(3)		—
June 30, 2026	$	3,339	$	230

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 13 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 June 30, 2026:


		June 30,			December 31,
		2026			2025
Commercial paper program (weighted average interest rate of 3.95% as of June 30, 2026 and 4.05% as of December 31, 2025)		$	1,068		$	1,090
Senior notes, maturing through 2054, interest rates ranging from 1.15% to 7.75% (weighted average interest rate of 4.27% as of June 30, 2026 and 4.28% as of December 31, 2025)			17,483			17,498
Canadian senior notes, C$500 million, redeemed July 2026, interest rate of 2.60%			352			364
Canadian senior notes, C$700 million, maturing July 2033, interest rate of 3.944%			493			—
Tax-exempt bonds, maturing through 2055, fixed and variable interest rates ranging from 0.70% to 4.60% (weighted average interest rate of 3.33% as of June 30, 2026 and 3.41% as of December 31, 2025)			2,827			2,827
Financing leases and other, maturing through 2075 (weighted average interest rate of 4.90% as of June 30, 2026 and 4.83% as of December 31, 2025)			1,283			1,284
Debt issuance costs, discounts and other			(150)			(156)
			23,356			22,907
Current portion of long-term debt			1,075			711
Long-term debt, less current portion		$	22,281		$	22,196

Debt Classification

As of June 30, 2026, we had approximately $3.8 billion of debt maturing within the next 12 months, including (i) $2.0 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) $1.1 billion of short-term borrowings under our commercial paper program (net of related discount on issuance); (iii) $223 million of 7.10% senior notes that mature in August 2026; (iv) $352 million of 2.60% Canadian senior notes that the Company elected to redeem in July 2026 and (v) $206 million of other debt with scheduled maturities within the next 12 months. As of June 30, 2026, we have classified $2.7 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 $1.1 billion 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 a secured overnight financing rate administered by the Federal Reserve Bank of New York (“SOFR”) 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 June 30, 2026, we had no outstanding borrowings under this facility. We had $1.1 billion of outstanding borrowings (net of related discount on issuance) under our commercial paper program and $226 million of letters of credit issued, both supported by the facility, leaving unused and available credit capacity of $2.2 billion as of June 30, 2026. WM Holdings, Inc. (“WM Holdings”), a wholly-owned subsidiary of WMI, guarantees all 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 June 30, 2026, we had $1.1 billion of outstanding borrowings (net of related discount on issuance) under our commercial paper program.

Other Letter of Credit Lines — As of June 30, 2026, we had utilized $944 million of other uncommitted letter of credit lines, with terms maturing through December 2029.

Debt Borrowings and Repayments

Canadian Senior Notes — In June 2026, Waste Management of Canada Corporation, an indirect wholly-owned subsidiary of WM, issued C$700 million, or $493 million, of 3.944% senior notes due July 15, 2033, all of which are fully and unconditionally guaranteed on a senior unsecured basis by WM and WM Holdings. The net proceeds from the debt issuance were C$696 million, or $490 million, which were used to redeem the previously outstanding C$500 million 2.60% Canadian senior notes that would have matured in September 2026, and we intend to use the remainder of the proceeds for general corporate purposes.

Commercial Paper Program — During the six months ended June 30, 2026, we made cash repayments of $12.4 billion, which were partially offset by $12.3 billion of cash borrowings (net of related discount on issuance) used for general corporate purposes.

Financing Leases and Other — The decrease in our financing leases and other debt obligations for the six months ended June 30, 2026 is due to $98 million of cash repayments of debt at maturity, partially offset by new, non-cash, finance lease activity of $97 million.

4. Income Taxes

Our effective income tax rate was 23.2% and 21.2% for the three and six months ended June 30, 2026, respectively, compared to 21.7% and 20.5% for the three and six months ended June 30, 2025, respectively. The increase in our effective income tax rate when comparing the three and six months ended June 30, 2026 and 2025 was primarily driven by a decrease in investment tax credits and an increase in pre-tax income, partially offset by the recognition of clean fuel production tax credits at our RNG facilities. 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 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. Our RNG facilities in the U.S. qualify for investment tax credits and clean fuel production tax credits, pursuant to Sections 48 and 45Z of the Internal Revenue Code, which we expect to realize through 2027 and 2029, respectively.

During the three and six months ended June 30, 2026, we recognized a reduction in our income tax expense of $29 million and $53 million, respectively, due to investment tax credits from our RNG investments compared to $43 million and $89 million, respectively, for the comparable prior year periods.

During the three and six months ended June 30, 2026, we recognized a reduction in our income tax expense of $9 million and $44 million, respectively, related to clean fuel production tax credits from our RNG production and sales activity, with $17 million attributable to production and sales during the first half of 2026 and $27 million attributable to 2025 operations. The timing of the recognition of these production tax credits resulted from the issuance of proposed Treasury regulations during the first quarter of 2026 that clarified the qualification of our RNG sales for the credit.

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 2038 pursuant to Sections 42 and 45D of the Internal Revenue Code.

During the three and six months ended June 30, 2026, we recognized income tax expense of $26 million and $48 million, respectively, related to amortization under ASU 2023-02 and a reduction in our income tax expense of $35 million and $65 million, respectively, primarily due to federal tax credits realized from these investments. In addition, during the three and six months ended June 30, 2026, we recognized interest expense of $7 million and $15 million, respectively, associated with our investments in low-income housing properties.

During the three and six months ended June 30, 2025, we recognized income tax expense of $25 million and $45 million, respectively, related to amortization under ASU 2023-02 and a reduction in our income tax expense of $35 million and $62 million, respectively, primarily due to federal tax credits realized from these investments. In addition, during the three and six months ended June 30, 2025, we recognized interest expense of $8 million and $17 million, respectively, associated with our investments in low-income housing properties.

See Note 13 for additional information related to these unconsolidated variable interest entities.

5. Earnings Per Share

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


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
Number of common shares outstanding at end of period	400.0	402.6	400.0	402.6
Effect of using weighted average common shares outstanding	1.5	—	2.3	(0.1)
Weighted average basic common shares outstanding	401.5	402.6	402.3	402.5
Dilutive effect of equity-based compensation awards and other contingently issuable shares	0.9	1.7	1.0	1.5
Weighted average diluted common shares outstanding	402.4	404.3	403.3	404.0
Potentially issuable shares	3.9	4.3	3.9	4.3
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1.5	0.9	1.6	1.2

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 June 30, 2026, 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 $16 million higher than the $230 million recorded in the Condensed Consolidated Balance Sheet as of June 30, 2026. 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 June 30, 2026, we had been notified by the government that we are a PRP in connection with 75 locations listed on the Environmental Protection Agency’s (“EPA’s”) Superfund National Priorities List, or NPL. Of the 75 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 61 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 EPA issued a Unilateral Administrative Order for the site cleanup in April 2026. The issuance of this order was anticipated, and MIMC and IPC have communicated to the EPA their intention to comply. The recorded liability as of June 30, 2026, and December 31, 2025, was approximately $100 million. MIMC’s ultimate liability could be materially different from current estimates, including potential increases resulting from MIMC’s continued engagement with the EPA as construction contracting and planning proceed.

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. The following matter is disclosed in accordance with that requirement. We do not currently 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.

On April 26, 2026, the Delaware Department of Natural Resources and Environmental Control issued an order against Delaware Recyclable Products, Inc., an indirect, wholly-owned subsidiary of WMI, alleging certain environmental violations related to landfill cover and erosion control, stormwater management, the management of prohibited waste, and other permitting and operational matters. The order seeks compliance with a modified permit, certain remedial actions and the payment of an administrative penalty. Our appeal of this order is pending.

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 February 11, 2020, Stericycle, Inc. (“Stericycle”), a now wholly-owned subsidiary, received an administrative subpoena from the U.S. Drug Enforcement Administration, 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 has been overseeing criminal and civil investigations of the ESOL Retail Controlled Substances Business. Stericycle cooperated with the investigations, which were limited to the period of Stericycle’s historical operation and ownership of the ESOL Retail Controlled Substances Business from 2015 through 2020. In May 2026, Stericycle entered into certain settlement agreements, including a one-year deferred prosecution agreement, with the U.S. Department of Justice resolving the criminal and civil investigations. Stericycle has made the agreed-upon penalty and settlement payments and is subject to certain continuing compliance, reporting and cooperation obligations during the term of the deferred prosecution agreement. We do not currently believe 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 15% 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, and in response to that notice, the Company placed a deposit of approximately $103 million with the IRS. The Company filed a claim for refund of the entire deposit in the fourth quarter of 2024 and received a partial refund of approximately $14 million plus interest from the IRS in the second quarter of 2026. We expect to litigate any denial of the claim for refund of the remaining deposit. As of June 30, 2026 and December 31, 2025, the IRS deposit of $89 million and $103 million, respectively, 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) Renewable Energy and (v) 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” business. 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 six months ended June 30 is shown in the following table (in millions):


													Depreciation,
	Net		Intercompany		Gross				Selling,		Other		Depletion,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Amortization		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(b)		and Accretion		Operations(c)		(d)
Three Months Ended June 30:
2026
Collection and Disposal:
East Tier	$	2,406	$	663	$	3,069	$	1,888	$	91	$	—	$	306	$	784	$	302
West Tier		2,291		582		2,873		1,769		91		—		252		761		293
Other Ancillary		782		58		840		800		28		—		7		5		16
Collection and Disposal(e)(f)(g)		5,479		1,303		6,782		4,457		210		—		565		1,550		611
Recycling Processing and Sales(e)		403		88		491		385		14		2		54		36		64
Renewable Energy(f)		157		—		157		81		5		—		24		47		61
Healthcare Solutions(g)(h)		638		104		742		506		126		3		105		2		28
Corporate and Other(f)		7		8		15		22		335		11		29		(382)		(41)
Total	$	6,684	$	1,503	$	8,187	$	5,451	$	690	$	16	$	777	$	1,253	$	723

Intercompany Elimination(a)						(1,503)		(1,496)		(7)		—		—		—
Net						6,684		3,955		683		16		777		1,253

													Depreciation,
	Net		Intercompany		Gross				Selling,		Other		Depletion,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Amortization		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(b)		and Accretion		Operations(c)		(d)
2025
Collection and Disposal:
East Tier	$	2,292	$	630	$	2,922	$	1,815	$	88	$	8	$	290	$	721	$	360
West Tier		2,251		554		2,805		1,706		86		2		254		757		335
Other Ancillary		738		51		789		753		31		16		6		(17)		12
Collection and Disposal(e)(f)(g)		5,281		1,235		6,516		4,274		205		26		550		1,461		707
Recycling Processing and Sales(e)		381		101		482		398		14		1		45		24		70
Renewable Energy(f)		115		—		115		59		3		—		15		38		115
Healthcare Solutions(g)(h)		646		114		760		519		150		9		105		(23)		46
Corporate and Other(f)		7		8		15		4		331		—		29		(349)		(123)
Total	$	6,430	$	1,458	$	7,888	$	5,254	$	703	$	36	$	744	$	1,151	$	815

Intercompany Elimination(a)						(1,458)		(1,451)		(7)		—		—		—
Net						6,430		3,803		696		36		744		1,151


													Depreciation,
	Net		Intercompany		Gross				Selling,		Other		Depletion,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Amortization		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(b)		and Accretion		Operations(c)		(d)
Six Months Ended June 30:
2026
Collection and Disposal:
East Tier	$	4,605	$	1,263	$	5,868	$	3,589	$	181	$	-	$	591	$	1,507	$	481
West Tier		4,441		1,119		5,560		3,418		187		(34)		491		1,498		529
Other Ancillary		1,514		115		1,629		1,553		57		-		14		5		33
Collection and Disposal(e)(f)(g)		10,560		2,497		13,057		8,560		425		(34)		1,096		3,010		1,043
Recycling Processing and Sales(e)		771		175		946		753		29		4		105		55		94
Renewable Energy(f)		316		2		318		164		11		-		48		95		104
Healthcare Solutions(g)(h)		1,252		211		1,463		1,006		248		12		209		(12)		55
Corporate and Other(f)		12		16		28		54		690		12		54		(782)		(35)
Total	$	12,911	$	2,901	$	15,812	$	10,537	$	1,403	$	(6)	$	1,512	$	2,366	$	1,261

Intercompany Elimination(a)						(2,901)		(2,888)		(13)		—		—		—
Net						12,911		7,649		1,390		(6)		1,512		2,366

													Depreciation,
	Net		Intercompany		Gross				Selling,		Other		Depletion,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Amortization		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(b)		and Accretion		Operations(c)		(d)
2025
Collection and Disposal:
East Tier	$	4,432	$	1,188	$	5,620	$	3,488	$	176	$	8	$	558	$	1,390	$	557
West Tier		4,333		1,060		5,393		3,298		169		2		488		1,436		557
Other Ancillary		1,438		103		1,541		1,471		61		16		13		(20)		29
Collection and Disposal(e)(f)(g)		10,203		2,351		12,554		8,257		406		26		1,059		2,806		1,143
Recycling Processing and Sales(e)		765		182		947		786		29		6		84		42		108
Renewable Energy(f)		206		1		207		114		6		-		30		57		237
Healthcare Solutions(g)(h)		1,265		216		1,481		996		305		18		206		(44)		80
Corporate and Other(f)		9		16		25		16		649		1		56		(697)		(112)
Total	$	12,448	$	2,766	$	15,214	$	10,169	$	1,395	$	51	$	1,435	$	2,164	$	1,456

Intercompany Elimination(a)						(2,766)		(2,754)		(12)		—		—		—
Net						12,448		7,415		1,383		51		1,435		2,164

(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 business. The amounts in income from operations for the three and six months ended June 30, 2026 are $22 million and $40 million, respectively. The amounts in income from operations for the three and six months ended June 30, 2025 are $20 million and $40 million, respectively.

(f)

Renewable Energy pays a 15% intercompany royalty to our Collection and Disposal business and Corporate and Other 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 Renewable Energy for the three and six months ended June 30, 2026 are $24 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 Renewable Energy for the three and six months ended June 30, 2025 are $17 million and $31 million, respectively.

(g)

Our Collection and Disposal business records intercompany operating revenue for collection and disposal services provided to Healthcare Solutions. The total amount of intercompany operating revenues reflected in our Collection and Disposal business and in operating expenses for Healthcare Solutions for the three and six months ended June 30, 2026 are $16 million and $36 million, respectively, and for three and six months ended June 30, 2025 are $12 million and $20 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 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 three and six months ended June 30, 2025 were made to properly reflect intra-segment activity for each period. Intra-segment operating revenues and operating expenses within Healthcare Solutions for the three and six months ended June 30, 2026 are $101 million and $202 million, respectively. Intra-segment operating revenues and operating expenses within Healthcare Solutions for the three and six months ended June 30, 2025 are $113 million and $207 million, respectively.

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


	June 30,		December 31,
	2026		2025
Collection and Disposal:
East Tier	$	15,906	$	16,099
West Tier		12,608		12,245
Other Ancillary		818		801
Collection and Disposal		29,332		29,145
Recycling Processing and Sales		2,841		2,718
Renewable Energy		2,032		1,976
Healthcare Solutions		8,758		9,002
Corporate and Other		4,075		3,888
Elimination of intercompany investments and advances		(597)		(894)
Total assets, per Condensed Consolidated Balance Sheet	$	46,441	$	45,835

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


		Net			Intercompany			Gross
		Operating			Operating			Operating
		Revenues			Revenues(a)			Revenues
Three Months Ended June 30:
2026
Commercial		$	1,485		$	236		$	1,721
Industrial			820			245			1,065
Residential			911			19			930
Other collection			849			74			923
Total collection			4,065			574			4,639
Landfill			1,004			429			1,433
Transfer			410			300			710
Total Collection and Disposal			5,479			1,303			6,782
Recycling Processing and Sales			403			88			491
Renewable Energy			157			—			157
Healthcare Solutions (b)			638			104			742
Corporate and Other			7			8			15
Total		$	6,684		$	1,503		$	8,187

2025
Commercial		$	1,398		$	220		$	1,618
Industrial			790			223			1,013
Residential			872			22			894
Other collection			796			68			864
Total collection			3,856			533			4,389
Landfill			1,036			410			1,446
Transfer			389			292			681
Total Collection and Disposal			5,281			1,235			6,516
Recycling Processing and Sales			381			101			482
Renewable Energy			115			—			115
Healthcare Solutions (b)			646			114			760
Corporate and Other			7			8			15
Total		$	6,430		$	1,458		$	7,888


		Net		Intercompany		Gross
		Operating		Operating		Operating
		Revenues		Revenues (a)		Revenues
Six Months Ended June 30:
2026

WASTE MANAGEMENT INC 10-Q