Waste Management, Inc., through its subsidiaries, provides waste management environmental services to residential, commercial, industrial, and municipal customers in North America. It offers collection services, including picking up and transporting waste and recyclable materials from where it was generated to a transfer station, material recovery facility (MRF), or disposal site; and owns, develops, and operates landfill gas-to-energy facilities in the United States, as well as owns and operates transfer stations. As of December 31, 2021, the company owned or operated 255 solid waste landfills; 5 secure hazardous waste landfills; 96 MRFs; and 340 transfer stations. It also provides materials processing and commodities recycling services; recycling brokerage services, such as managing the marketing of recyclable materials for third parties; and other strategic business solutions. In addition, the company offers construction and remediation services; services related with the disposal of fly ash, and residue generated from the combustion of coal and other fuel stocks; in-plant services comprising full-service waste management solutions and consulting services; and specialized disposal services for oil and gas exploration and production operations. The company was formerly known as USA Waste Services, Inc. and changed its name to Waste Management, Inc. in 1998. Waste Management, Inc. was incorporated in 1987 and is headquartered in Houston, Texas.

Waste Management, Inc.

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Interest Accretion on Landfill and Environmental Remediation Liabilities

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Interest Accretion on and Discount Rate Adjustments to Environmental Remediation Liabilities and Recovery Assets

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Equity-Based Compensation Expense

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Net Gain on Disposal of Assets

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Goodwill Impairment

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Loss from Divestitures, Asset Impairments and Other, Net

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Equity in Net Income of Unconsolidated Entities, Net of Dividends

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Loss on Early Extinguishment of Debt, Net

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Accounts Payable and Accrued Liabilities

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Deferred Revenues and Other Liabilities

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Net Cash Provided by Operating Activities

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Acquisitions of Businesses, Net of Cash Acquired

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Capital Expenditures

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Net Receipts from Restricted Trust and Escrow Accounts

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Other, Net

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Debt Repayments

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Net Commercial Paper Borrowings

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Premiums and Other Paid on Early Extinguishment of Debt

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Common Stock Repurchase Program

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Cash Dividends

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Exercise of Common Stock Options

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Net Income

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Depreciation & Amortization

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Share-Based Compensation Expense

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Other Adjustments

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Capital Expenditure

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Proceeds from Sale of Property, Plant & Equipment

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Payments for Business Acquisitions

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Other Investing Activities

Revenue

EBIT

EBITDA

CapEx

Net Interest Income

Assets

Adjusted EBITDA

Gross Profit

Adjusted Net Income

Net Revenue

Average Assets

Adjusted EBIT

Adjusted Revenue

Adjusted EBT

Adjusted Funds From Operations

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	603	727	637	598	760	680
Consolidated Net Income
Depreciation & Amortization	729	708	656	652	558	543
Depreciation, Depletion and Amortization
Share-Based Compensation Expense	43	41	51	34	27	27
Equity-Based Compensation Expense
Other Adjustments	422	99	101	103.5	80.5	3
Deferred Income Tax Expense
Interest Accretion on Landfill and Environmental Remediation Liabilities
Interest Accretion on and Discount Rate Adjustments to Environmental Remediation Liabilities and Recovery Assets
Provision for Bad Debts
Excess Tax Benefits Associated with Equity-Based Transactions
Net Gain on Disposal of Assets
Goodwill Impairment
Loss from Divestitures, Asset Impairments and Other, Net
Equity in Net Income of Unconsolidated Entities, Net of Dividends
Loss on Early Extinguishment of Debt, Net
Changes in Trade Receivables	-130	-374	51	-83	-103	-303
Change in Receivables
Changes in Accounts Payable	-7	329	-287	132	64	187
Accounts Payable and Accrued Liabilities
Changes in Other Operating Activities	-68	15	-1	74	-26	18
Change in Other Current Assets
Change in Other Assets
Deferred Revenues and Other Liabilities
Cash from Operating Activities	1,592	1,545	1,208	1,511	1,358	1,154
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-776	-732	-831	-1,115	-781	-667
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	5	5	98	59	41	43
Proceeds from Divestitures of Businesses and Other Assets, Net of Cash Divested
Payments for Business Acquisitions	-29	-363	-3	-6,706	-539	-232
Acquisitions of Businesses, Net of Cash Acquired
Other Investing Activities	16	4	-93	399.5	799	-748
Net Receipts from Restricted Trust and Escrow Accounts
Other, Net
Cash from Investing Activities	-784	-1,086	-829	-7,762	-480	-1,604
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	5,821	4,142	4,993	13,664	1,734	4,768
New Borrowings
Repayments of Long-Term Debt	-6,538	-4,071	-5,163	-7,251	-1,867	-4,182
Debt Repayments
Net Issuance / (Repayments) of Long-Term Debt	-717	71	-170	6,413	-133	586
Issuance of Common Shares	4	25	25	11	6	4
Exercise of Common Stock Options
Excess Tax Benefits Associated with Equity-Based Transactions
Repurchases of Common Shares	-1	-4	-45	-3	-1	-36
Common Stock Repurchase Program
Tax Payments Associated with Equity-Based Compensation Transactions
Net Issuance / (Repurchases) of Common Shares	3	21	-20	8	5	-32
Common Share Dividends Paid	-332	-333	-336	-301	-301	-301
Cash Dividends
Other Financing Activities	-3	-4	-10	-62	-10	-4
Net Commercial Paper Borrowings
Premiums and Other Paid on Early Extinguishment of Debt
Other, Net
Cash from Financing Activities	-1,049	-245	-536	6,058	-439	273
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	816	813	377	396	577	487
NOPAT	769.5	901.7	818.9	785.1	854.7	767.5
Levered Free Cash Flow	-236	1,117	4	6,754	442	1,347
Unlevered Free Cash Flow	647.5	1,221.7	355.9	528.1	669.7	848.5
Net Change in Cash	-241	214	-157	-193	439	-177