0001104659-25-103136 | 10-Q | XBRL Viewer

Income Taxes	9 Months Ended
Sep. 30, 2025
Income Taxes
Income Taxes	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.

Income Taxes

9 Months Ended

Sep. 30, 2025

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.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 175	$ 414
Accounts receivable, net of allowance for doubtful accounts of $187 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 $24,477 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
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)
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, 227,680,075 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

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share

Earnings Per Share

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.

Segment and Related Information - Revenue mix (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment revenue
Operating revenues	$ 6,443	$ 5,609	$ 18,891	$ 16,170
Collection and Disposal [Member]
Segment revenue
Operating revenues	5,321	5,084
Collection [Member]
Segment revenue
Operating revenues	3,930	3,796	11,532	11,112
Commercial [Member]
Segment revenue
Operating revenues	1,419	1,359	4,197	4,005
Industrial [Member]
Segment revenue
Operating revenues	808	797	2,339	2,323
Residential [Member]
Segment revenue
Operating revenues	884	875	2,628	2,592
Other Collection [Member]
Segment revenue
Operating revenues	819	765	2,368	2,192
Landfill [Member]
Segment revenue
Operating revenues	995	923	2,871	2,588
Transfer [Member]
Segment revenue
Operating revenues	396	365	1,121	1,022
Recycling Processing and Sales [Member]
Segment revenue
Operating revenues	372	432
WM Renewable Energy [Member]
Segment revenue
Operating revenues	115	87
WM Healthcare Solutions [Member]
Segment revenue
Operating revenues	628		1,893
Corporate and other [Member]
Segment revenue
Operating revenues	7	6
Operating Segments [Member]
Segment revenue
Operating revenues	7,908	6,840	23,122	19,741
Operating Segments [Member] \| Collection and Disposal [Member]
Segment revenue
Operating revenues	6,570	6,238
Operating Segments [Member] \| Collection [Member]
Segment revenue
Operating revenues	4,478	4,286	13,120	12,519
Operating Segments [Member] \| Commercial [Member]
Segment revenue
Operating revenues	1,642	1,564	4,854	4,591
Operating Segments [Member] \| Industrial [Member]
Segment revenue
Operating revenues	1,042	1,003	2,995	2,915
Operating Segments [Member] \| Residential [Member]
Segment revenue
Operating revenues	906	897	2,694	2,659
Operating Segments [Member] \| Other Collection [Member]
Segment revenue
Operating revenues	888	822	2,577	2,354
Operating Segments [Member] \| Landfill [Member]
Segment revenue
Operating revenues	1,402	1,311	4,041	3,725
Operating Segments [Member] \| Transfer [Member]
Segment revenue
Operating revenues	690	641	1,963	1,819
Operating Segments [Member] \| Recycling Processing and Sales [Member]
Segment revenue
Operating revenues	470	503
Operating Segments [Member] \| WM Renewable Energy [Member]
Segment revenue
Operating revenues	116	88
Operating Segments [Member] \| WM Healthcare Solutions [Member]
Segment revenue
Operating revenues	738		2,219
Operating Segments [Member] \| Corporate and other [Member]
Segment revenue
Operating revenues	14	11
Intercompany Elimination [Member]
Segment revenue
Operating revenues	1,465	1,231	4,231	3,571
Intercompany Elimination [Member] \| Collection and Disposal [Member]
Segment revenue
Operating revenues	1,249	1,154
Intercompany Elimination [Member] \| Collection [Member]
Segment revenue
Operating revenues	548	490	1,588	1,407
Intercompany Elimination [Member] \| Commercial [Member]
Segment revenue
Operating revenues	223	205	657	586
Intercompany Elimination [Member] \| Industrial [Member]
Segment revenue
Operating revenues	234	206	656	592
Intercompany Elimination [Member] \| Residential [Member]
Segment revenue
Operating revenues	22	22	66	67
Intercompany Elimination [Member] \| Other Collection [Member]
Segment revenue
Operating revenues	69	57	209	162
Intercompany Elimination [Member] \| Landfill [Member]
Segment revenue
Operating revenues	407	388	1,170	1,137
Intercompany Elimination [Member] \| Transfer [Member]
Segment revenue
Operating revenues	294	276	842	$ 797
Intercompany Elimination [Member] \| Recycling Processing and Sales [Member]
Segment revenue
Operating revenues	98	71
Intercompany Elimination [Member] \| WM Renewable Energy [Member]
Segment revenue
Operating revenues	1	1
Intercompany Elimination [Member] \| WM Healthcare Solutions [Member]
Segment revenue
Operating revenues	110		$ 326
Intercompany Elimination [Member] \| Corporate and other [Member]
Segment revenue
Operating revenues	$ 7	$ 5

Debt - Components (Detail) $ in Millions, $ in Millions	Sep. 30, 2025 USD ($)	Sep. 30, 2025 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)
Debt
Debt issuance costs, discounts and other	$ (162)		$ (179)
Debt	23,362		23,900
Current portion of long-term debt	880		1,359
Long-term debt, less current portion	22,482		22,541
Commercial Paper Program [Member]
Debt
Debt	$ 862		$ 1,250
Weighted average interest rate	4.30%	4.30%	4.70%	4.70%
Senior Notes, Aggregate [Member]
Debt
Debt	$ 17,998		$ 18,419
Weighted average interest rate	4.20%	4.20%	4.20%	4.20%
Senior Notes, Aggregate [Member] \| Minimum [Member]
Debt
Interest rate (as a percent)	0.75%	0.75%	0.75%	0.75%
Senior Notes, Aggregate [Member] \| Maximum [Member]
Debt
Interest rate (as a percent)	7.75%	7.75%	7.75%	7.75%
Canadian Senior Notes [Member]
Debt
Debt	$ 359	$ 500	$ 348	$ 500
Interest rate (as a percent)	2.60%	2.60%	2.60%	2.60%
Tax Exempt Bonds [Member]
Debt
Debt	$ 3,015		$ 2,873
Weighted average interest rate	3.50%	3.50%	3.50%	3.50%
Tax Exempt Bonds [Member] \| Minimum [Member]
Debt
Interest rate (as a percent)	0.70%	0.70%	0.70%	0.70%
Tax Exempt Bonds [Member] \| Maximum [Member]
Debt
Interest rate (as a percent)	4.60%	4.60%	4.60%	4.60%
Financing leases and other [Member]
Debt
Debt	$ 1,290		$ 1,189
Weighted average interest rate	4.80%	4.80%	4.90%	4.90%

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 122	$ 165
Allowance for other receivables	3	4
Accumulated depreciation and depletion	$ 24,781	$ 23,777
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	630,282,461	630,282,461
Treasury stock, shares	227,420,930	228,788,284

Common Stock Repurchase Program - Repurchases (Detail) shares in Thousands	9 Months Ended
	Sep. 30, 2025 shares
Common Stock Repurchase Program
Shares repurchased (in shares)	0

Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2025

Acquisitions and Divestitures

Acquisitions and Divestitures

8. Acquisitions and Divestitures

Acquisitions

Stericycle Acquisition

On June 3, 2024, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) to acquire all outstanding shares of Stericycle for $62.00 per share in cash, representing a total enterprise value of approximately $7.2 billion (net of cash acquired) when including the assumption of $0.5 billion of debt and the repayment of approximately $0.8 billion of net debt. The acquisition expands our offerings in the U.S., Canada and parts of Western Europe by providing regulated waste and compliance services and secure information destruction services that protect people and brands, promote health and well-being and safeguard the environment. The transaction closed on November 4, 2024 and was funded using borrowings under a term credit agreement, commercial paper program and available cash on hand. Shortly thereafter, we repaid all outstanding borrowings under the term credit agreement with net proceeds from our November 2024 issuance of $5.2 billion of senior notes.

Our Condensed Consolidated Financial Statements have not been retroactively restated to include Stericycle’s historical financial position or results of operations. The acquisition is accounted for as a business combination. In accordance with the purchase method of accounting, the purchase price paid has been allocated to the assets and liabilities acquired based upon their estimated fair values as of the acquisition date, with the excess of the purchase price over the net assets acquired recorded as goodwill.

Our estimates and assumptions are subject to change during the measurement period, not to exceed one year from the acquisition date. The areas of acquisition accounting that are not yet finalized primarily relate to (i) finalizing the review and valuation of trade names, permits, customer relationships and certain property plant and equipment and other intangibles (including the models, key assumptions, estimates and inputs used) and assignment of remaining useful lives associated with the depreciable and amortizable assets and (ii) finalizing the review and valuation of accrued expenses, contingent liabilities, deferred taxes and goodwill (including key assumptions, inputs and estimates).

Goodwill of $3.8 billion was calculated as the excess of the consideration paid over the net assets recognized and represents the future economic benefits expected to arise from other assets acquired that could not be individually identified and separately recognized and from synergies of the combination. In the first quarter of 2025, we finalized the determination of our reporting units related to the Stericycle acquisition and allocated the goodwill balance to two reporting units within our WM Healthcare Solutions segment using a relative fair value allocation method. Substantially all of the goodwill is not deductible for income tax purposes.

The following table shows the preliminary purchase price allocation as of the date acquired and adjustments to September 30, 2025 (in millions):


	November 4, 2024			Adjustments	September 30, 2025
Cash and cash equivalents	$	198	$	—	$	198
Accounts and other receivables		506		(44)		462
Parts and supplies		19		—		19
Other current assets		64		(2)		62
Assets held for sale (a)		125		(5)		120
Property and equipment		782		(35)		747
Goodwill		3,633		131		3,764
Other intangible assets		3,536		(54)		3,482
Other assets		619		(9)		610
Accounts payable		(186)		1		(185)
Accrued liabilities		(336)		(26)		(362)
Deferred revenues		(77)		—		(77)
Current portion of long-term debt		(5)		—		(5)
Liabilities held for sale (a)		(35)		—		(35)
Long-term debt, less current portion		(510)		—		(510)
Deferred income taxes		(884)		39		(845)
Other liabilities		(542)		—		(542)
Total purchase price	$	6,907	$	(4)	$	6,903

(a)

Represents Stericycle’s Spain and Portugal subsidiaries. See “Divestitures” below for additional information.

The preliminary allocation of $3,482 million for other intangible assets includes (i) $2,296 million for customer relationships with a weighted average amortization period of 15 years; (ii) $610 million for indefinite lived trade names; (iii) $319 million for indefinite lived permits; (iv) $114 million for finite lived trade names with a weighted average amortization period of 2.9 years; (v) $138 million for enterprise resource planning software with a weighted average amortization period of 4.7 years and (vi) $5 million for developed technology with an amortization period of 17 years.

2025 Acquisitions

During the nine months ended September 30, 2025, we completed solid waste and recycling acquisitions with total consideration of $442 million, which included $399 million in net cash paid and $43 million of other consideration, specifically purchase price holdbacks. In addition, we paid $8 million of holdbacks related to prior year acquisitions.

Total consideration for our 2025 acquisitions was primarily allocated to $91 million of property and equipment, $45 million of other intangible assets, primarily customer relationships, and $322 million of goodwill. The goodwill was primarily a result of expected synergies from combining the acquired businesses with our existing operations and substantially all was tax deductible. We remain in the measurement period for most of our 2025 acquisitions, and adjustments to our preliminary purchase price allocation may occur.

Divestitures

On January 2, 2025, we completed the sale of our WM Healthcare Solutions’ Spain and Portugal subsidiaries. As the fair value of consideration transferred was equal to the carrying value of the divested subsidiaries, no gain or loss was recognized.

Fair Value Measurements - Debt (Detail) - USD ($) $ in Billions	Sep. 30, 2025	Dec. 31, 2024
Reported Value Measurement [Member]
Fair Value
Fair value of debt	$ 23.4	$ 23.9
Significant Other Observable Inputs (Level 2) [Member] \| Estimate of Fair Value Measurement [Member]
Fair Value
Fair value of debt	$ 23.0	$ 22.9

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net

9 Months Ended

Sep. 30, 2025

(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net

(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net

10. (Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net

(Gain) loss from divestitures, asset impairments and unusual items, net for the three months ended September 30, 2025 includes (i) a $152 million impairment charge related to the decision to temporarily suspend the operations of a business engaged in accelerating plastic film and wrap recycling capabilities within our Recycling Processing and Sales segment resulting from significant deterioration of market pricing and demand for post-consumer plastics; (ii) a $45 million impairment charge related to the decision to accelerate the closure of a landfill within our East Tier and (iii) an $11 million negotiated payment for early termination of a contract in our WM Renewable Energy segment. The nine months ended September 30, 2025 also includes a $16 million goodwill impairment charge related to a business engaged in oil recovery and sludge processing services. This charge is reflected in Other Ancillary within our Collection and Disposal businesses.

(Gain) loss from divestitures, asset impairments and unusual items, net for the three months ended September 30, 2024 primarily relates to a $14 million loss associated with the divestiture of a minority investment in a medical waste company within Corporate and Other, in connection with our November 2024 acquisition of Stericycle. The nine months ended September 30, 2024 included a $54 million charge required to increase the estimated fair value of a liability associated with the expected disposition of an investment the Company holds in a waste diversion technology business. This charge is reflected in our Corporate and Other measures within our segment reporting.

Debt - Classification and Credit Facilities (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Debt
Debt maturing or subject to remarketing within twelve months	$ 3,900,000,000
Debt classified as long-term due to intent and ability to refinance on long-term basis	3,000,000,000
Current portion of long-term debt	880,000,000	$ 1,359,000,000
Tax Exempt Bonds [Member]
Debt
Debt maturing or subject to remarketing within twelve months	188,000,000
Debt with interest rate periods that expire in the next 12 months	$ 1,500,000,000
Tax Exempt Bonds [Member] \| Minimum [Member]
Debt
Interest rate (as a percent)	0.70%	0.70%
Tax Exempt Bonds [Member] \| Maximum [Member]
Debt
Interest rate (as a percent)	4.60%	4.60%
Commercial Paper Program [Member]
Debt
Debt maturing or subject to remarketing within twelve months	$ 861,000,000
Debt term	397 days
Commercial paper borrowings	$ 861,000,000,000
0.750% senior notes due November 2025 [Member]
Debt
Debt maturing or subject to remarketing within twelve months	500,000,000
Debt with interest rate periods that expire in the next 12 months	0.75
7.1% senior notes due August 2026 [Member]
Debt
Debt maturing or subject to remarketing within twelve months	$ 223,000,000
Interest rate (as a percent)	7.10%
Canadian Senior Notes [Member]
Debt
Debt maturing or subject to remarketing within twelve months	$ 359,000,000
Interest rate (as a percent)	2.60%	2.60%
Other Debt [Member]
Debt
Debt maturing or subject to remarketing within twelve months	$ 380,000,000
Revolving Credit Facility [Member]
Debt
Maximum capacity	3,500,000,000
Outstanding borrowings under credit facility	0
Letters of credit outstanding	227,000,000
Unused and available credit capacity	$ 2,400,000,000
Revolving Credit Facility [Member] \| Minimum [Member]
Debt
Spread rate (as a percent)	0.585%
Revolving Credit Facility [Member] \| Maximum [Member]
Debt
Spread rate (as a percent)	1.025%
Other Letter Of Credit Lines [Member]
Debt
Letters of credit outstanding	$ 887,000,000

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2025

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

11. Accumulated Other Comprehensive Income (Loss)

The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, which is included as a component of Waste Management, Inc. stockholders’ equity, are as follows (in millions, with amounts in parentheses representing decreases to accumulated other comprehensive income):


					Foreign		Post-
			Available-		Currency		Retirement
	Derivative		for-Sale		Translation		Benefit
	Instruments		Securities		Adjustments		Obligations		Total
Balance, December 31, 2024	$	44	$	15	$	(179)	$	5	$	(115)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $0, $5, $0 and $0, respectively		(3)		13		78		—		88
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $(1), $0, $0 and $0, respectively		(4)		—		—		—		(4)
Net current period other comprehensive income (loss)		(7)		13		78		—		84
Balance, September 30, 2025	$	37	$	28	$	(101)	$	5	$	(31)

Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Detail) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Taxes
Effective tax rate of income (loss) before income taxes	22.20%	23.60%	21.00%	22.20%
Tax credits and adjustments	$ 49	$ 37	$ 138	$ 111
Low income housing investments [Member]
Income Taxes
Investment proportional amortization tax impact	26	19	71	56
Income tax benefit from low-income housing investments	37	26	99	76
Variable interest entities interest expense	8	$ 5	25	$ 16
Renewable Natural Gas [Member]
Income Taxes
Increase (decrease) to accruals and related deferred taxes	$ 22		$ 22

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Beginning balance at Dec. 31, 2023	$ 6	$ 5,351		$ 14,334	$ (37)	$ (12,751)	$ (7)		$ 6,896
Beginning balance, common shares at Dec. 31, 2023	630,282,000
Beginning balance, treasury shares at Dec. 31, 2023						(228,827,000)
Equity roll forward
Consolidated net income				2,148			(1)		2,147
Other comprehensive income (loss), net of tax					(39)				(39)
Cash dividends declared				(909)					(909)
Equity-based compensation transactions, net		69		2		$ 77			148
Equity-based compensation transactions, net (in shares)						1,391,000
Common stock repurchase program		60				$ (325)			(265)
Common stock repurchase program, (in shares)						(1,494,000)
Other, net		5					1		6
Other, net, (in shares)						2,000
Ending balance at Sep. 30, 2024	$ 6	5,485	$ (12)	15,563	(76)	$ (12,999)	(7)	$ (12)	$ 7,972
Ending balance, common shares at Sep. 30, 2024	630,282,000								401,400,000
Ending balance, treasury shares at Sep. 30, 2024						(228,928,000)
Beginning balance at Jun. 30, 2024	$ 6	5,433		15,104	(73)	$ (13,013)	(6)		$ 7,451
Beginning balance, common shares at Jun. 30, 2024	630,282,000
Beginning balance, treasury shares at Jun. 30, 2024						(229,183,000)
Equity roll forward
Consolidated net income				760					760
Other comprehensive income (loss), net of tax					(3)				(3)
Cash dividends declared				(301)					(301)
Equity-based compensation transactions, net		52				$ 14			66
Equity-based compensation transactions, net (in shares)						254,000
Other, net							(1)		(1)
Other, net, (in shares)						1,000
Ending balance at Sep. 30, 2024	$ 6	5,485	$ (12)	15,563	(76)	$ (12,999)	(7)	$ (12)	$ 7,972
Ending balance, common shares at Sep. 30, 2024	630,282,000								401,400,000
Ending balance, treasury shares at Sep. 30, 2024						(228,928,000)
Beginning balance at Dec. 31, 2024	$ 6	5,496		15,858	(115)	$ (12,993)	2		$ 8,254
Beginning balance, common shares at Dec. 31, 2024	630,282,000
Beginning balance, treasury shares at Dec. 31, 2024						(228,788,000)			(228,788,284)
Equity roll forward
Consolidated net income				1,966			1		$ 1,967
Other comprehensive income (loss), net of tax					84				84
Cash dividends declared				(1,001)					(1,001)
Equity-based compensation transactions, net		144				$ 74			$ 218
Equity-based compensation transactions, net (in shares)						1,365,000
Common stock repurchase program, (in shares)									0
Other, net							(2)		$ (2)
Other, net, (in shares)						2,000
Ending balance at Sep. 30, 2025	$ 6	5,640		16,823	(31)	$ (12,919)	1		$ 9,520
Ending balance, common shares at Sep. 30, 2025	630,282,000								402,900,000
Ending balance, treasury shares at Sep. 30, 2025						(227,421,000)			(227,420,930)
Beginning balance at Jun. 30, 2025	$ 6	5,566		16,553	9	$ (12,933)	1		$ 9,202
Beginning balance, common shares at Jun. 30, 2025	630,282,000
Beginning balance, treasury shares at Jun. 30, 2025						(227,680,000)
Equity roll forward
Consolidated net income				603					603
Other comprehensive income (loss), net of tax					(40)				(40)
Cash dividends declared				(332)					(332)
Equity-based compensation transactions, net		74		(1)		$ 14			87
Equity-based compensation transactions, net (in shares)						258,000
Other, net, (in shares)						1,000
Ending balance at Sep. 30, 2025	$ 6	$ 5,640		$ 16,823	$ (31)	$ (12,919)	$ 1		$ 9,520
Ending balance, common shares at Sep. 30, 2025	630,282,000								402,900,000
Ending balance, treasury shares at Sep. 30, 2025						(227,421,000)			(227,420,930)

Acquisitions and Divestitures (Detail) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Nov. 04, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Nov. 30, 2024
Business Acquisition
Debt repayments				$ 15,772	$ 10,619
Operating		$ (3,833)	$ (3,399)	(11,319)	(9,830)
Selling, general and administrative		$ (665)	$ (525)	(2,048)	$ (1,517)
Contingent consideration paid for acquisitions closed in previous year				8
Stericycle [Member]
Business Acquisition
Business acquisition cost (dollars per share)	$ 62
Total consideration, net of cash acquired	$ 7,200
Debt incurred for acquisition	500
Debt repayments	$ 800
Stericycle [Member] \| Senior Notes, Aggregate [Member]
Business Acquisition
Debt instrument face amount						$ 5,200
2025 Business Acquisitions [Member]
Business Acquisition
Total consideration, net of cash acquired				442
Business acquisitions cash payments				399
Other consideration				$ 43

Variable Interest Entities (Detail) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Variable Interest Entity
Carrying value of debt	$ 23,362	$ 23,900
Assets	45,608	44,567
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity
Assets	138	128
Low income housing investments [Member] \| Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity
Aggregate investment balance	636	707
Carrying value of debt	635	670
Trust For Final Capping, Closure, Post-closure Or Environmental Remediation Obligations [Member] \| Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity
Aggregate investment balance	$ 121	$ 111

- Definition

Amount of asset recognized for present right to economic benefit.

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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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+ Details

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
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

Segment and Related Information - Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Segment Reporting
Total assets	$ 45,608	$ 44,567
Operating Segments [Member] \| Collection and Disposal [Member]
Segment Reporting
Total assets	28,821	27,893
Operating Segments [Member] \| East Tier [Member]
Segment Reporting
Total assets	15,964	15,328
Operating Segments [Member] \| West Tier [Member]
Segment Reporting
Total assets	12,049	11,786
Operating Segments [Member] \| Other Ancillary [Member]
Segment Reporting
Total assets	808	779
Operating Segments [Member] \| Recycling Processing and Sales [Member]
Segment Reporting
Total assets	2,710	2,686
Operating Segments [Member] \| WM Renewable Energy [Member]
Segment Reporting
Total assets	1,879	1,544
Operating Segments [Member] \| WM Healthcare Solutions [Member]
Segment Reporting
Total assets	9,098	9,406
Operating Segments [Member] \| Corporate and Other [Member]
Segment Reporting
Total assets	4,019	3,785
Intercompany Elimination [Member]
Segment Reporting
Total assets	$ (919)	$ (747)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 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

Landfill and Environmental Remediation Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Landfill and Environmental Remediation Liabilities

Liabilities for Landfill and Environmental Remediation Costs

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

Changes to Landfill and Environmental Remediation Liabilities

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

Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
AOCI roll forward
Beginning balance	$ 9,202	$ 7,451	$ 8,254	$ 6,896
Other comprehensive income (loss), net of tax	(40)	(3)	84	(39)
Ending balance	9,520	7,972	9,520	7,972
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI roll forward
Beginning balance	9	(73)	(115)	(37)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)			88
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit			(4)
Other comprehensive income (loss), net of tax	(40)	(3)	84	(39)
Ending balance	(31)	$ (76)	(31)	$ (76)
Derivative Instruments [Member]
AOCI roll forward
Beginning balance			44
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)			(3)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit			(4)
Other comprehensive income (loss), net of tax			(7)
Ending balance	37		37
Other comprehensive income (loss) before reclassifications, tax			0
Amounts reclassified from accumulated other comprehensive (income) loss, tax			(1)
Available-for-Sale Securities [Member]
AOCI roll forward
Beginning balance			15
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)			13
Other comprehensive income (loss), net of tax			13
Ending balance	28		28
Other comprehensive income (loss) before reclassifications, tax			5
Amounts reclassified from accumulated other comprehensive (income) loss, tax			0
Foreign Currency Translation Adjustments [Member]
AOCI roll forward
Beginning balance			(179)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit)			78
Other comprehensive income (loss), net of tax			78
Ending balance	(101)		(101)
Other comprehensive income (loss) before reclassifications, tax			0
Amounts reclassified from accumulated other comprehensive (income) loss, tax			0
Post - Retirement Benefit Obligations [Member]
AOCI roll forward
Beginning balance			5
Ending balance	$ 5		5
Other comprehensive income (loss) before reclassifications, tax			0
Amounts reclassified from accumulated other comprehensive (income) loss, tax			$ 0

Basis of Presentation

9 Months Ended

Sep. 30, 2025

Basis of Presentation

Basis of Presentation

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.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2025
Basis of Presentation
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	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	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	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	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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 18
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
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, Current, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Restricted cash and cash equivalents included in restricted funds	$ 73	$ 69
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Restricted Cash and Investments, Noncurrent	Restricted Cash and Investments, Noncurrent
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 308	$ 687

Restructuring

9 Months Ended

Sep. 30, 2025

Restructuring

Restructuring

9. Restructuring

During the three and nine months ended September 30, 2025, we recognized $14 million and $39 million of pre-tax restructuring charges, primarily related to employee costs associated with the integration of Stericycle as well as employee retention and severance costs incurred to support automation at our recycling facilities and in certain back-office functions.

Segment and Related Information - Summary (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)
Segment Reporting
Number of reportable segments \| segment			5
Net operating revenue royalty (as a percent)	15.00%		15.00%
Royalty amount	$ 17	$ 13	$ 48	$ 34
Operating revenues	6,443	5,609	18,891	16,170
Operating expenses	3,833	3,399	11,319	9,830
Selling, general and administrative	665	525	2,048	1,517
Other net expenses	227	8	278	64
Depreciation, depletion and amortization	729	558	2,093	1,615
Income from operations	989	1,119	3,153	3,144
Capital expenditures	847	889	2,303	2,218
Collection and Disposal [Member]
Segment Reporting
Operating revenues	5,321	5,084	15,524	14,722
Other net expenses	46	(17)	72	(17)
Depreciation, depletion and amortization	528	491	1,522	1,416
Income from operations	1,468	1,426	4,274	4,064
Capital expenditures	631	628	1,774	1,491
Collection and Disposal [Member] \| East Tier [Member]
Segment Reporting
Operating revenues	2,336	2,242	6,768	6,501
Other net expenses	46	2	54	4
Depreciation, depletion and amortization	287	263	810	757
Income from operations	740	718	2,130	2,064
Capital expenditures	348	305	905	726
Collection and Disposal [Member] \| West Tier [Member]
Segment Reporting
Operating revenues	2,228	2,138	6,561	6,207
Other net expenses		(19)	2	(19)
Depreciation, depletion and amortization	234	221	692	639
Income from operations	728	708	2,164	2,009
Capital expenditures	271	306	828	725
Collection and Disposal [Member] \| Other Ancillary [Member]
Segment Reporting
Operating revenues	757	704	2,195	2,014
Other net expenses			16	(2)
Depreciation, depletion and amortization	7	7	20	20
Income from operations			(20)	(9)
Capital expenditures	12	17	41	40
Recycling Processing and Sales [Member]
Segment Reporting
Operating revenues	372	432	1,137	1,205
Other net expenses	155	(1)	161	(1)
Depreciation, depletion and amortization	47	33	131	93
Income from operations	(137)	21	(95)	69
Capital expenditures	59	124	167	351
WM Renewable Energy [Member]
Segment Reporting
Operating revenues	115	87	321	225
Other net expenses	11	7	11	7
Depreciation, depletion and amortization	16	9	46	26
Income from operations	21	28	78	67
Capital expenditures	114	147	351	361
WM Healthcare Solutions [Member]
Segment Reporting
Operating revenues	628		1,893
Other net expenses	9		27
Depreciation, depletion and amortization	110		316
Income from operations	(21)		(65)
Capital expenditures	42		122
Corporate and Other [Member]
Segment Reporting
Operating revenues	7	6	16	18
Other net expenses	6	19	7	75
Depreciation, depletion and amortization	28	25	78	80
Income from operations	(342)	(356)	(1,039)	(1,056)
Capital expenditures	1	(10)	(111)	15
Operating Segments [Member]
Segment Reporting
Operating revenues	7,908	6,840	23,122	19,741
Operating expenses	5,293	4,625	15,533	13,386
Selling, general and administrative	670	530	2,065	1,532
Operating Segments [Member] \| Collection and Disposal [Member]
Segment Reporting
Operating revenues	6,570	6,238	19,124	18,063
Operating expenses	4,324	4,118	12,646	11,961
Selling, general and administrative	204	220	610	639
Operating Segments [Member] \| Collection and Disposal [Member] \| Processing fees [Member]
Segment Reporting
Income from operations	(19)	(29)	(59)	(77)
Operating Segments [Member] \| Collection and Disposal [Member] \| East Tier [Member]
Segment Reporting
Operating revenues	2,974	2,826	8,594	8,178
Operating expenses	1,813	1,747	5,336	5,079
Selling, general and administrative	88	96	264	274
Operating Segments [Member] \| Collection and Disposal [Member] \| West Tier [Member]
Segment Reporting
Operating revenues	2,788	2,662	8,181	7,736
Operating expenses	1,738	1,657	5,066	4,829
Selling, general and administrative	88	95	257	278
Operating Segments [Member] \| Collection and Disposal [Member] \| Other Ancillary [Member]
Segment Reporting
Operating revenues	808	750	2,349	2,149
Operating expenses	773	714	2,244	2,053
Selling, general and administrative	28	29	89	87
Operating Segments [Member] \| Recycling Processing and Sales [Member]
Segment Reporting
Operating revenues	470	503	1,417	1,414
Operating expenses	389	434	1,175	1,207
Selling, general and administrative	16	16	45	46
Operating Segments [Member] \| WM Renewable Energy [Member]
Segment Reporting
Operating revenues	116	88	323	228
Operating expenses	63	41	177	120
Selling, general and administrative	5	3	11	8
Operating Segments [Member] \| WM Healthcare Solutions [Member]
Segment Reporting
Operating revenues	738		2,219
Operating expenses	511		1,507
Selling, general and administrative	129		434
Operating Segments [Member] \| Corporate and Other [Member]
Segment Reporting
Operating revenues	14	11	39	36
Operating expenses	6	32	28	98
Selling, general and administrative	316	291	965	839
Intercompany Elimination [Member]
Segment Reporting
Operating revenues	1,465	1,231	4,231	3,571
Operating expenses	1,460	1,226	4,214	3,556
Selling, general and administrative	(5)	(5)	(17)	(15)
Intercompany Elimination [Member] \| Collection and Disposal [Member]
Segment Reporting
Operating revenues	1,249	1,154	3,600	3,341
Intercompany Elimination [Member] \| Collection and Disposal [Member] \| East Tier [Member]
Segment Reporting
Operating revenues	638	584	1,826	1,677
Intercompany Elimination [Member] \| Collection and Disposal [Member] \| West Tier [Member]
Segment Reporting
Operating revenues	560	524	1,620	1,529
Intercompany Elimination [Member] \| Collection and Disposal [Member] \| Other Ancillary [Member]
Segment Reporting
Operating revenues	51	46	154	135
Intercompany Elimination [Member] \| Recycling Processing and Sales [Member]
Segment Reporting
Operating revenues	98	71	280	209
Intercompany Elimination [Member] \| WM Renewable Energy [Member]
Segment Reporting
Operating revenues	1	1	2	3
Intercompany Elimination [Member] \| WM Healthcare Solutions [Member]
Segment Reporting
Operating revenues	110		326
Operating expenses	16		36
Income from operations	108		315
Intercompany Elimination [Member] \| Corporate and Other [Member]
Segment Reporting
Operating revenues	$ 7	$ 5	$ 23	$ 18

Landfill and Environmental Remediation Liabilities - Changes (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Landfill and Environmental Remediation Liabilities
Ending balance, environmental remediation	$ 215
Landfill [Member]
Landfill and Environmental Remediation Liabilities
Beginning balance, landfill	3,057
Obligations incurred and capitalized	66
Obligations settled	(128)
Interest accretion	106
Revisions in estimates	29
Acquisitions, divestitures and other adjustments	5
Ending balance, landfill	3,135
Environmental Remediation Liabilities [Member]
Landfill and Environmental Remediation Liabilities
Beginning balance, environmental remediation	222
Obligations settled	(20)
Revisions in estimates and interest rate assumptions	13
Ending balance, environmental remediation	$ 215

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2025

Accumulated Other Comprehensive Income (Loss)

Components of Accumulated Other Comprehensive Income (Loss), net of tax


					Foreign		Post-
			Available-		Currency		Retirement
	Derivative		for-Sale		Translation		Benefit
	Instruments		Securities		Adjustments		Obligations		Total
Balance, December 31, 2024	$	44	$	15	$	(179)	$	5	$	(115)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $0, $5, $0 and $0, respectively		(3)		13		78		—		88
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $(1), $0, $0 and $0, respectively		(4)		—		—		—		(4)
Net current period other comprehensive income (loss)		(7)		13		78		—		84
Balance, September 30, 2025	$	37	$	28	$	(101)	$	5	$	(31)

Acquisitions and Divestitures - Intangible Allocation (Detail) - Stericycle [Member] - USD ($) $ in Millions	Nov. 04, 2024	Sep. 30, 2025
Intangible assets
Other intangible assets	$ 3,482	$ 3,482
Trade Names [Member]
Intangible assets
Other intangible assets	610
Permits [Member]
Intangible assets
Other intangible assets	319
Customer Relationships [Member]
Intangible assets
Other intangible assets	$ 2,296
Weighted average amortization periods	15 years
Trade Names [Member]
Intangible assets
Other intangible assets	$ 114
Weighted average amortization periods	2 years 10 months 24 days
ERP software [Member]
Intangible assets
Other intangible assets	$ 138
Weighted average amortization periods	4 years 8 months 12 days
Developed technology [Member]
Intangible assets
Other intangible assets	$ 5
Weighted average amortization periods	17 years

Segment and Related Information

9 Months Ended

Sep. 30, 2025

Segment and Related Information

Segment and Related Information

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

2024
Commercial	$	4,005	$	586	$	4,591
Industrial		2,323		592		2,915
Residential		2,592		67		2,659
Other collection		2,192		162		2,354
Total collection		11,112		1,407		12,519
Landfill		2,588		1,137		3,725
Transfer		1,022		797		1,819
Total Collection and Disposal		14,722		3,341		18,063
Recycling Processing and Sales		1,205		209		1,414
WM Renewable Energy		225		3		228
Corporate and Other		18		18		36
Total	$	16,170	$	3,571	$	19,741

(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)

Beginning with the 2024 Form 10-K, the Company adjusted gross and intercompany operating revenues to reflect the 15% royalty paid by WM Renewable Energy to our Collection and Disposal and Corporate and Other businesses for the purchase of landfill gas. There was no change to net operating revenues. Prior periods have been recast to conform to current presentation.

Our financial and operating results may fluctuate for many reasons, including period-to-period changes in the relative contribution of revenue by each line of business, changes in commodity prices and general economic conditions. Our operating revenues and volumes typically experience seasonal increases in the summer months that are reflected in second and third quarter revenues and results of operations.

Service or operational disruptions caused by severe storms, extended periods of inclement weather or climate events can significantly affect the operating results of the geographic areas affected. Extreme weather events may also lead to supply chain disruption and delayed project development, or disruption of our customers’ businesses, reducing the amount of waste generated by their operations.

Conversely, certain destructive weather and climate conditions, such as wildfires in the Western U.S. and hurricanes that most often impact our operations in the Southern and Eastern U.S. during the second half of the year, can increase our revenues in the geographic areas affected as a result of the waste volumes generated by these events.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Landfill and Environmental Remediation Liabilities

9 Months Ended

Sep. 30, 2025

Landfill and Environmental Remediation Liabilities

Landfill and Environmental Remediation Liabilities

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.

Debt - Borrowings and Repayments (Detail) - USD ($) $ in Millions			9 Months Ended
	Jun. 25, 2025	Nov. 08, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt
Debt repayments			$ 15,772	$ 10,619
Net proceeds			14,956	$ 10,914
Commercial Paper Program [Member]
Debt
Commercial paper repayments			15,100
Commercial paper borrowings			$ 14,700
3.125% senior notes due March 2025 [Member]
Debt
Interest rate (as a percent)			3.125%
Debt repayments			$ 422
3.875% Senior Notes due 2029 [Member]
Debt
Interest rate (as a percent)	3.875%
Debt amount tendered	$ 483	$ 485
Debt amount tendered (as a percent)	99.00%
Tax Exempt Bonds [Member]
Debt
Debt repayments			110
Net proceeds			252
Financing leases and other [Member]
Debt
Non-cash financing lease incurred			208
Debt repayments			$ 107

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Measurements

Fair Value of Assets and Liabilities Measured on Recurring Basis


	September 30,		December 31,
	2025		2024
Quoted prices in active markets (Level 1):
Cash equivalents and money market funds	$	79	$	56
Equity securities		83		70
Significant other observable inputs (Level 2):
Available-for-sale securities (a)		544		445
Total assets measured at fair value	$	706	$	571

(a)	Our available-for-sale securities primarily relate to debt securities with maturities over the next ten years.

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Measurements

Fair Value Measurements

13. Fair Value Measurements

Assets and Liabilities Accounted for at Fair Value

Our assets and liabilities that are measured at fair value on a recurring basis include the following (in millions):


	September 30,		December 31,
	2025		2024
Quoted prices in active markets (Level 1):
Cash equivalents and money market funds	$	79	$	56
Equity securities		83		70
Significant other observable inputs (Level 2):
Available-for-sale securities (a)		544		445
Total assets measured at fair value	$	706	$	571

(a)	Our available-for-sale securities primarily relate to debt securities with maturities over the next ten years.

Fair Value of Debt

As of September 30, 2025 and December 31, 2024, the carrying value of our debt was $23.4 billion and $23.9 billion, respectively. The estimated fair value of our debt was approximately $23.0 billion and $22.9 billion as of September 30, 2025 and December 31, 2024, respectively.

Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, our estimates are not necessarily indicative of the amounts that we, or holders of the instruments, could realize in a current market exchange. The use of different assumptions or estimation methodologies could have a material effect on the estimated fair values. The fair value estimates are based on Level 2 inputs of the fair value hierarchy available as of September 30, 2025 and December 31, 2024. These amounts have not been revalued since those dates, and current estimates of fair value could differ significantly from the amounts presented.

See Note 8 for information related to the nonrecurring fair value measurement of assets and liabilities acquired in connection with our acquisition of Stericycle. See Note 10 for information related to our nonrecurring Level 3 fair value measurements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment and Related Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment and Related Information

Reportable Segments

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)

(e)

(f)

(g)

(h)

Schedule of total assets for segments

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

Summary of operating revenues mix

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

2024
Commercial	$	4,005	$	586	$	4,591
Industrial		2,323		592		2,915
Residential		2,592		67		2,659
Other collection		2,192		162		2,354
Total collection		11,112		1,407		12,519
Landfill		2,588		1,137		3,725
Transfer		1,022		797		1,819
Total Collection and Disposal		14,722		3,341		18,063
Recycling Processing and Sales		1,205		209		1,414
WM Renewable Energy		225		3		228
Corporate and Other		18		18		36
Total	$	16,170	$	3,571	$	19,741

(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)

Fair Value Measurements - Recurring (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Available-for-sale securities [Member]
Fair Value
Investment maturity	10 years
Fair Value, Recurring [Member]
Fair Value
Total assets measured at fair value	$ 706	$ 571
Fair Value, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Fair Value
Cash equivalents and money market funds	79	56
Fair Value, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Equity securities [Member]
Fair Value
Investments	83	70
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Available-for-sale securities [Member]
Fair Value
Investments	$ 544	$ 445

Restructuring Costs - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Restructuring
Restructuring	$ 14	$ 2	$ 39	$ 2

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Acquisitions and Divestitures - Allocation (Detail) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024	Nov. 04, 2024
Purchase price allocation
Goodwill	$ 13,894	$ 13,438
Allowance for doubtful accounts	122	$ 165
2025 Business Acquisitions [Member]
Purchase price allocation
Property and equipment	91
Goodwill	322
Other intangible assets	45
Stericycle [Member]
Purchase price allocation
Cash and cash equivalents	198
Accounts and other receivables	462
Parts and supplies	19
Other current assets	62
Assets held for sale	120
Property and equipment	747
Goodwill	3,764		$ 3,800
Other intangible assets	3,482		3,482
Other assets	610
Accounts payable	(185)
Accrued liabilities	(362)
Deferred revenues	(77)
Current portion of long-term debt	(5)
Liabilities held for sale	(35)
Long-term debt, less current portion	(510)
Deferred income taxes	(845)
Other liabilities	(542)
Total purchase price	6,903
Stericycle [Member] \| Previously Reported [Member]
Purchase price allocation
Cash and cash equivalents			198
Accounts and other receivables			506
Parts and supplies			19
Other current assets			64
Assets held for sale			125
Property and equipment			782
Goodwill			3,633
Other intangible assets			3,536
Other assets			619
Accounts payable			(186)
Accrued liabilities			(336)
Deferred revenues			(77)
Current portion of long-term debt			(5)
Liabilities held for sale			(35)
Long-term debt, less current portion			(510)
Deferred income taxes			(884)
Other liabilities			(542)
Total purchase price			$ 6,907
Stericycle [Member] \| Revision of Prior Period, Adjustment [Member]
Purchase price allocation
Accounts and other receivables	(44)
Other current assets	(2)
Assets held for sale	(5)
Property and equipment	(35)
Goodwill	131
Other intangible assets	(54)
Other assets	(9)
Accounts payable	1
Accrued liabilities	(26)
Deferred income taxes	39
Total purchase price	$ (4)

Debt

9 Months Ended

Sep. 30, 2025

Debt

Debt

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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation (Details) $ in Millions	9 Months Ended
Basis of Presentation (Details) $ in Millions	Sep. 30, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Capitalized Costs
Number of reportable segments \| segment	5
Deferred contract costs	$ 235	$ 218
Deferred sales incentives	$ 173	$ 154
Minimum [Member]
Capitalized Costs
Deferred revenue recognition period	1 month
Contract amortization period	5 years
Maximum [Member]
Capitalized Costs
Deferred revenue recognition period	3 months
Contract amortization period	16 years

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Oct. 24, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2025
Securities Act File Number	1-12154
Entity Registrant Name	Waste Management, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1309529
Entity Address, Address Line One	800 Capitol Street
Entity Address, Address Line Two	Suite 3000
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	512-6200
Title of 12(b) Security	Common Stock
Trading Symbol	WM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		402,867,051
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000823768
Amendment Flag	false

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 603	$ 760	$ 1,966	$ 2,148

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share

Computing Basic and Diluted 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

Common Stock Repurchase Program

9 Months Ended

Sep. 30, 2025

Common Stock Repurchase Program

Common Stock Repurchase Program

12. Common Stock Repurchase Program

The Company may repurchase shares of its common stock as part of capital allocation programs authorized by our Board of Directors.

There were no common stock repurchases during the nine months ended September 30, 2025. As a result of the incremental debt incurred to fund the Stericycle acquisition, the Company has temporarily suspended share repurchases. We expect to resume share repurchases once the Company’s leverage returns to targeted levels.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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
Total costs and expenses	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
Total other income (expense)	(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	$ 1.5	$ 1.89	$ 4.88	$ 5.35
Diluted earnings per common share	$ 1.49	$ 1.88	$ 4.87	$ 5.33

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies.

Commitments and Contingencies

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.

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2022 USD ($)	Sep. 30, 2025 USD ($) site	Dec. 31, 2024 USD ($)
Contingencies
Landfills near properties guaranteeing market value \| site		18
Aggregate increase potential liability		$ 10
Sites EPA notified we are a PRP \| site		74
Owned sites EPA notified we are a PRP \| site		14
Non-owned sites EPA notified we are a PRP \| site		60
Environmental remediation liabilities		$ 215
Environmental matters threshold requiring disclosure under SEC Item 103		$ 1
Workforce covered by collective bargaining (as a percent)		20.00%
Revolving Credit Facility [Member]
Contingencies
Credit Facility, aggregate capacity		$ 3,500
Tax Year 2017 [Member]
Contingencies
Income tax deposit paid	$ 103
San Jacinto Waste Pits [Member]
Contingencies
Environmental remediation liabilities		$ 101	$ 97

Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt

Components of debt


	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.

Landfill and Environmental Remediation Liabilities - Summary (Detail) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Landfill and Environmental Remediation Liabilities
Total, Environmental Remediation	$ 215
Current (in accrued liabilities)	218	$ 231
Long-term	3,132	3,048
Total	3,350	3,279
Landfill [Member]
Landfill and Environmental Remediation Liabilities
Current (in accrued liabilities), Landfill	184	177
Long-term, Landfill	2,951	2,880
Total, Landfill	3,135	3,057
Environmental Remediation Liabilities [Member]
Landfill and Environmental Remediation Liabilities
Current (in accrued liabilities), Environmental Remediation	$ 34	$ 54
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Long-term, Environmental Remediation	$ 181	$ 168
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term	Long-term
Total, Environmental Remediation	$ 215	$ 222

Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2025

Acquisitions and Divestitures

Summary of purchase price allocation

The following table shows the preliminary purchase price allocation as of the date acquired and adjustments to September 30, 2025 (in millions):


	November 4, 2024			Adjustments	September 30, 2025
Cash and cash equivalents	$	198	$	—	$	198
Accounts and other receivables		506		(44)		462
Parts and supplies		19		—		19
Other current assets		64		(2)		62
Assets held for sale (a)		125		(5)		120
Property and equipment		782		(35)		747
Goodwill		3,633		131		3,764
Other intangible assets		3,536		(54)		3,482
Other assets		619		(9)		610
Accounts payable		(186)		1		(185)
Accrued liabilities		(336)		(26)		(362)
Deferred revenues		(77)		—		(77)
Current portion of long-term debt		(5)		—		(5)
Liabilities held for sale (a)		(35)		—		(35)
Long-term debt, less current portion		(510)		—		(510)
Deferred income taxes		(884)		39		(845)
Other liabilities		(542)		—		(542)
Total purchase price	$	6,907	$	(4)	$	6,903

(a)

Represents Stericycle’s Spain and Portugal subsidiaries. See “Divestitures” below for additional information.

(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Recycling Processing and Sales [Member] \| Accelerating film and plastic wrap recycling capabilities company [Member] \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Asset Impairments and Unusual Items
Asset impairments	$ 152
Other Ancillary [Member] \| Oil recovery and sludge processing services [Member]
Asset Impairments and Unusual Items
Goodwill impairment			$ 16
East Tier {Member] \| Landfill Closure [Member] \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Asset Impairments and Unusual Items
Asset impairments	45
WM Renewable Energy [Member] \| Early Contract Termination [Member] \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Asset Impairments and Unusual Items
(Gain) loss from divestitures, asset impairments and unusual items, net	$ 11
Corporate Segment and Other Operating Segment [Member] \| Waste Diversion Technology Company [Member]
Asset Impairments and Unusual Items
Asset impairments				$ 54
Corporate Segment and Other Operating Segment [Member] \| Medical waste company [Member] \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Asset Impairments and Unusual Items
Gain (loss) on sale of assets		$ (14)

Earnings Per Share (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
Earnings Per Share (Detail) - shares shares in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share
Number of common shares outstanding at end of period (in shares)	402.9	401.4	402.9	401.4
Effect of using weighted average common shares outstanding (in shares)	0.1	0.1		0.1
Negative effect of using weighted average common shares outstanding (in shares)			(0.3)
Weighted average basic common shares outstanding (in shares)	403.0	401.5	402.6	401.5
Dilutive effect of equity-based compensation awards and other contingently issuable shares (in shares)	1.3	1.7	1.4	1.7
Weighted average diluted common shares outstanding (in shares)	404.3	403.2	404.0	403.2
Potentially issuable shares (in shares)	4.3	4.8	4.3	4.8
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding (in shares)	1.1	1.2	1.3	1.3

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of contingently issuable shares. Contingently issuable shares are those shares that are issuable for little or no cash contingent on certain conditions being met.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-26

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 44
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-44

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 51
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-51

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-52

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-53

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 54
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-54

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 48
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-48

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 48
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-48

+ Details

Variable Interest Entities

9 Months Ended

Sep. 30, 2025

Variable Interest Entities

Variable Interest Entities

14. Variable Interest Entities

The following is a description of our financial interests in unconsolidated and consolidated variable interest entities that we consider significant:

Low-Income Housing Properties

We do not consolidate our investments in entities established to manage low-income housing properties because we are not the primary beneficiary of these entities as we do not have the power to individually direct the activities of these entities. Our aggregate investment balance in these entities was $636 million and $707 million as of September 30, 2025 and December 31, 2024, respectively. The debt balance related to our investments in low-income housing properties was $635 million and $670 million as of September 30, 2025 and December 31, 2024, respectively. Additional information related to these investments is discussed in Note 4.

Trust Funds for Final Capping, Closure, Post-Closure or Environmental Remediation Obligations

Unconsolidated Variable Interest Entities — Trust funds that are established for both the benefit of the Company and the host community in which we operate are not consolidated because we are not the primary beneficiary of these entities as (i) we do not have the power to direct the significant activities of the trusts or (ii) power over the trusts’ significant activities is shared. Our interests in these trusts are accounted for as investments in unconsolidated entities and receivables. These amounts are recorded in other receivables, investments in unconsolidated entities and other long-term assets in our

Condensed Consolidated Balance Sheets, as appropriate. We also reflect our share of the unrealized gains and losses on available-for-sale securities held by these trusts as a component of our accumulated other comprehensive income (loss). Our investments and receivables related to these trusts had an aggregate carrying value of $121 million and $111 million as of September 30, 2025 and December 31, 2024, respectively.

Consolidated Variable Interest Entities — Trust funds for which we are the sole beneficiary are consolidated because we are the primary beneficiary. These trust funds are recorded in restricted funds in our Condensed Consolidated Balance Sheets. Unrealized gains and losses on available-for-sale securities held by these trusts are recorded as a component of accumulated other comprehensive income (loss). These trusts had a fair value of $138 million and $128 million as of September 30, 2025 and December 31, 2024, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Cash dividends declared per common share	$ 0.825	$ 0.75	$ 2.475	$ 2.25

Insider Trading Arrangements - James Fish Jr	3 Months Ended
Insider Trading Arrangements - James Fish Jr	Sep. 30, 2025 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 11, 2025, James C. Fish, Jr., Chief Executive Officer and member of our Board of Directors, adopted a stock trading plan (the “Fish Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Fish Plan will commence on February 2, 2026, and will automatically terminate on the earlier of June 30, 2026, and the completion of all the contemplated transactions set forth therein. The Fish plan provides for the potential sale of all net after-tax shares of our common stock received from the payout of performance share unit (“PSU”) equity compensation awards for the performance period ended December 31, 2025, upon our common stock reaching specified market prices. Mr. Fish received a target grant of 51,316 PSU awards with a performance period ended December 31, 2025; the number of shares to be paid out to Mr. Fish on account of these PSU awards can range from zero to 200% of the initial target grant. As a result, the number of shares of common stock to potentially be sold pursuant to the Fish Plan will be determined in the first quarter of 2026 based on certification by the Management Development and Compensation Committee of the Board of Directors of the Company’s achievement relative to applicable performance measures for the underlying PSU awards.
Name	James C. Fish, Jr.
Title	Chief Executive Officer and member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 11, 2025
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 30, 2026
Aggregate Available	51,316