Form 8-K

8-K — WASTE MANAGEMENT INC

Accession: 0001104659-26-087575

Filed: 2026-07-28

Period: 2026-07-28

CIK: 0000823768

SIC: 4953 (REFUSE SYSTEMS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2621414d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2621414d1_ex99-1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: tm2621414d1_8k.htm · Sequence: 1

false

0000823768

WASTE MANAGEMENT INC

0000823768

2026-07-28

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

SECURITIES AND

EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13

or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2026

Waste

Management, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware

1-12154

73-1309529

(State

or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS

Employer

Identification No.)

800

Capitol Street, Suite

3000, Houston,

Texas

77002

(Address

of Principal Executive Offices)

(Zip

Code)

Registrant’s Telephone number, including

area code: (713) 512-6200

(Former Name or Former Address, if Changed Since

Last Report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of

the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common

Stock, $0.01 par value

New

York Stock Exchange

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

Waste Management, Inc. (the

“Company”) issued a press release today announcing its financial results for the second quarter of 2026, a copy of which is

furnished as Exhibit 99.1 to this Form 8-K. The Company is conducting an audio webcast to discuss these results beginning at 10:00 a.m.

Eastern Time on July 29, 2026. Listeners can access the live audio webcast by visiting investors.wm.com and

selecting “Events & Presentations” from the website menu. A replay of the audio webcast will be available at the same

location.

On the webcast, management

of the Company is expected to discuss certain non-GAAP financial measures. The Company has provided information regarding its use of non-GAAP

measures and reconciliations of such measures to their most comparable GAAP measures in the notes and tables that accompany the press

release.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Index

Exhibit

Number

Description

99.1

Press Release dated July 28, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements

of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto

duly authorized.

WASTE MANAGEMENT, INC.

Date: July 28, 2026

By:

/s/ Charles C. Boettcher

Charles C. Boettcher

Executive Vice President and Chief Legal Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2621414d1_ex99-1.htm · Sequence: 2

Exhibit

99.1

Announces Second Quarter 2026 Earnings

Cash

Flow from Operations Increases Nearly 12%, Supporting the Return of More Than $1 Billion to Shareholders During the Quarter

Completes Four Sustainability Growth Projects and Releases its 2026 Sustainability Report

Houston

— July 28, 2026 —

WM (NYSE: WM) today announced financial results for the quarter ended June 30, 2026.

Three Months Ended

June 30, 2026

(in millions, except per share amounts)

June 30, 2025

(in millions, except per share amounts)

As Reported

As Adjusted(a)

As Reported

As Adjusted(a)

Revenue

$ 6,684

$ 6,430

Income from Operations

$ 1,253

$ 1,290

$ 1,151

$ 1,215

Operating EBITDA(b) (c)

$ 2,030

$ 2,067

$ 1,895

$ 1,959

Operating EBITDA Margin

30.4 %

30.9 %

29.5 %

30.5 %

Net Income(d)

$ 785

$ 813

$ 726

$ 777

Diluted EPS

$ 1.95

$ 2.02

$ 1.80

$ 1.92

“Second

quarter earnings growth, margin expansion, and cash flow generation reflect the strength of our business model and consistent execution

from the WM team,” said Jim Fish, WM’s CEO. “Adjusted operating EBITDA grew 5.5%, or 9.1% when removing contributions

from wildfire cleanup activities in the prior year. Each of our operating segments contributed to growth in adjusted operating EBITDA

and margin, led by the Collection and Disposal business and bolstered by our healthcare and sustainability businesses. The momentum across

our operations and our confidence in the ability to execute our strategy position us well to achieve strong 2026 results.”(a)

Fish

continued, “Our results continue to demonstrate our ability to harvest the benefits of our strategic investments in technology

and automation, sustainability growth projects, and our healthcare business. Growth and productivity gains across our diversified portfolio,

anchored by our Collection and Disposal business, drove a nearly 12% increase in cash flow from operations. With a strong balance sheet,

industry-leading asset network, and significant technology runway ahead, we are confident in our ability to deliver long-term value for

shareholders.”

KEY

HIGHLIGHTS FOR the SECOND quarter OF 2026

· Revenue

grew 4.0%, driven by core price of 5.7% and Collection and Disposal yield of 3.6%. In addition

to disciplined execution on pricing, revenue growth was driven by increased volumes in the

recycling and renewable energy businesses as a result of completed growth projects as well

as higher energy surcharges.(e)

· Collection

and Disposal volume declined 1.8%, primarily due to wildfire cleanup activities that benefited

the prior year period. Excluding prior year’s wildfire cleanup activity, landfill volumes

grew 1.7% and Collection and Disposal volume declined 0.4%. While intentional shedding of

lower-margin residential business drove a portion of the Collection and Disposal volume decline,

residential volume losses have begun to slow, as anticipated, with losses improving sequentially

by 210 basis points.

· Operating

expenses were 59.2% of revenue, in-line with prior year despite higher fuel-related expenses,

demonstrating the Company’s continued commitment to using technology and automation

to optimize costs and enhance operational efficiency.

· SG&A

expenses were 10.2% of revenue, or 9.9% on an adjusted basis, an improvement of 60 basis

points both on a reported and adjusted basis from the prior year, reflecting strong cost

discipline and continued synergy capture in Healthcare Solutions.(a)

· Total

Company operating EBITDA margin expanded 90 basis points, or 40 basis points on an adjusted

basis, in the second quarter, overcoming a 60-basis point headwind from prior year wildfire

cleanup volumes and a 40-basis point headwind from the impact of higher energy surcharges.

(a)

· Collection

and Disposal operating EBITDA grew by $104 million, or $79 million on an adjusted basis.

Growth overcame a 70-basis point headwind to the segment from wildfire cleanup contributions

in the prior year and was driven by favorable price-to-cost spread, reflecting the Company’s

continued success in reducing frontline turnover and disciplined cost management initiatives.(a)

· Together,

operating EBITDA in the recycling and renewable energy businesses grew $39 million, or $40

million on an adjusted basis, an increase of 32.5% compared to last year driven by higher

recycling volumes, efficiencies from automation projects, and increased renewable natural

gas production.(a)(f)

· Operating

EBITDA grew by $25 million, or $11 million on an adjusted basis, in the Healthcare Solutions

business, driven by effective SG&A cost management and benefits from integration with

core Collection and Disposal operations.(a)

· The

Company generated $1.73 billion of net cash provided by operating activities compared to

$1.55 billion in the prior year period, primarily driven by operating EBITDA growth and working

capital improvements. Free cash flow was $1.10 billion, compared to $818 million in the prior

year period, an increase of 34.5%.(a)

· The

Company returned $1.04 billion to shareholders in the second quarter, consisting of $659

million in share repurchases and $379 million in cash dividends.

· During

the quarter, the Company completed three new renewable natural gas facilities, two in South

Carolina and one in Florida that together added about 3.5 million MMBtu of expected annual

run-rate production. Additionally, the Company completed a new recycling facility in Denver,

Colorado that added about 60,000 tons of annual processing capacity.

· WM

released its 2026 Sustainability Report, Driving Value Through Sustainability, highlighting

progress toward the Company’s sustainability ambitions and describing how its sustainability

businesses drive value while advancing a more sustainable future for communities and the

environment.

2026

OUTLOOK

With

two quarters of the year complete, the Company remains confident in its ability to deliver its full-year outlook for adjusted operating

EBITDA between $8.15 and $8.25 billion and free cash flow of between $3.75 and $3.85 billion. Revenue is now expected to be between $26.275

and $26.475 billion dollars, reflecting a reduction of approximately 0.6% compared to the prior outlook, primarily driven by lower volume

expectations, partially offset by higher energy surcharges. Accordingly, adjusted operating EBITDA margin in 2026 is now expected to

be between 31.0% and 31.2%, representing an increase of 20 basis points. Despite a slightly lower revenue outlook, the resilience of

the Company’s operating model, including a proven ability to flex costs and drive productivity, supports continued confidence in

achieving original profitability and cash flow targets.(a)

(a) The

information labeled as adjusted in this press release, as well as free cash flow, are non-GAAP

measures. Please see “Non-GAAP Financial Measures” below and the reconciliations

in the accompanying schedules for more information.

(b) Management

defines operating EBITDA as GAAP income from operations before depreciation, depletion, amortization

and accretion; this measure may not be comparable to similarly titled measures reported by

other companies.

in 2026, landfill accretion expense was moved from operating expenses to depreciation, depletion,

amortization, and accretion. Landfill accretion expense in the three months ended June 30,

2026 and 2025 was $39 million and $36 million, respectively. For comparability purposes,

2025 actuals have been updated to reflect that change.

(d) For

purposes of this press release, all references to “Net income” refer to the financial

statement line item “Net income attributable to Waste Management, Inc.”

(e) Core

price is a performance metric used by management to evaluate the effectiveness of our pricing

strategies; it is not derived from our financial statements and may not be comparable to

measures presented by other companies. Core price is based on certain historical assumptions,

which may differ from actual results, to allow for comparability between reporting periods

and to reveal trends in results over time.

(f) The

Company’s blended average price received for single stream recycled commodities sold

during the quarter was about $75 per ton compared to about $84 per ton in the prior year

period. The average price received for Renewable Fuel Standard credits was $2.33 during the

quarter compared to $2.53 in the prior year period. The average price received for natural

gas was $2.23 per MMBtu during the quarter compared to $2.81 per MMBtu in the prior year.

The average price received for electricity was about $69 per megawatt hour in the quarter

compared to about $67 per megawatt hour in the prior year period.

The

Company will host a conference call at 10 a.m. ET on July 29, 2026, to discuss the second quarter 2026 results. Information

contained within this press release will be referenced and should be considered in conjunction with the call.

Listeners

can access a live audio webcast of the conference call by visiting investors.wm.com and selecting “Events & Presentations”

from the website menu. A replay of the audio webcast will be available at the same location following the conclusion of the call.

Conference

call participants should register to obtain their dial in and passcode details. This streamlined process improves security and

eliminates wait times when joining the call.

about

(WM.com) is North America's leading provider of comprehensive environmental solutions. Previously known as Waste Management and

based in Houston, Texas, WM is driven by commitments to put people first and achieve success with integrity. WM, through its subsidiaries,

provides collection, recycling and disposal services to millions of residential, commercial, industrial, medical and municipal customers

throughout the U.S. and Canada. With innovative infrastructure and capabilities in recycling, organics and renewable energy, WM provides

environmental solutions to and collaborates with its customers in helping them pursue their sustainability goals. In North America, WM

has the largest disposal network and collection fleet, is the largest recycler and is a leader in beneficial use of landfill gas, with

a growing network of renewable natural gas plants and the most landfill gas-to-electricity plants, as well as the largest heavy-duty

natural gas truck fleet in the industry. WM, through its subsidiaries, also provides collection and disposal services of regulated medical

waste and secure information destruction services in the U.S., Canada and Western Europe. To learn more about WM and the company's sustainability

progress and solutions, visit Sustainability.WM.com.

Forward-Looking

Statements

The

Company, from time to time, provides estimates or projections of financial and other data, comments on expectations relating to future

periods and makes statements of opinion, view or belief about current and future events, circumstances or performance. This press release

contains a number of such forward-looking statements, including all statements under the heading “2026 Outlook” and all statements

regarding future growth, earnings, value creation, performance and results of our business; targets, financial guidance and outlook;

ability to achieve the Company’s 2026 outlook; and technology and automation investments and results. You should view these statements

with caution. They are based on the facts and circumstances known to the Company as of the date the statements are made. These forward-looking

statements are subject to risks and uncertainties that could cause actual results to be materially different from those set forth in

such forward-looking statements, including but not limited to, failure to implement our optimization, automation, growth, and cost savings

initiatives and overall business strategy; failure to obtain the results anticipated from strategic initiatives, investments, acquisitions,

or new lines of business; failure to identify acquisition targets, consummate and integrate acquisitions, including our ability to integrate

the acquisition of Stericycle, Inc. (which is now presented as our Healthcare Solutions segment) and achieve the anticipated benefits

therefrom, including synergies; legal, regulatory, operational, technological and other matters that may affect the costs and timing

of our ability to integrate and deliver all of the expected benefits of the Stericycle, Inc. acquisition; existing or new environmental

and other regulations, including developments related to emerging contaminants, gas emissions, renewable energy, recyclables, extended

producer responsibility and our natural gas fleet; significant environmental, safety or other incidents resulting in liabilities or brand

damage; failure to obtain and maintain necessary permits due to land scarcity, public opposition or otherwise; diminishing landfill capacity,

resulting in increased costs and the need for disposal alternatives; failure to attract, hire and retain key team members and a high

quality workforce; increases in labor costs due to union organizing activities or changes in wage- and labor-related regulations; disruption

and costs resulting from severe weather and destructive climate events; failure to achieve our sustainability goals or execute on our

sustainability-related strategy and initiatives, including within planned timelines or anticipated budgets due to disruptions, delays,

cost increases or changes in environmental or tax regulations and incentives; focus on, and regulation of, environmental and sustainability-related

disclosures, which could lead to increased costs, risk of non-compliance, brand damage and litigation risk related to our sustainability

efforts; macroeconomic conditions, geopolitical conflict and large-scale market disruption resulting in labor, supply chain and transportation

constraints, inflationary cost pressures and fluctuations in commodity prices, fuel and other energy costs; increased competition and

pricing pressure; impacts from international trade restrictions and tariffs; competitive disposal alternatives, diversion of waste from

landfills and declining waste volumes; changes in general economic conditions, capital markets or consumer trends; changing conditions

in the recycling industry, including impacts on demand, pricing and availability of counterparties; changing conditions in the healthcare

industry; adoption of new tax legislation; fuel shortages; failure to develop and protect new technology; failure of technology to perform

as expected; inability to adapt and manage the benefits and risks of artificial intelligence; failure to prevent, detect and address

cybersecurity incidents or comply with privacy regulations; negative outcomes of litigation or governmental proceedings, including those

acquired through transactions; failure to maintain an effective system of internal control over financial reporting; and operational

or management decisions or developments that result in impairment charges. Please also see the Company’s filings with the SEC,

including Part I, Item 1A of the Company’s most recently filed Annual Report on Form 10-K, as updated by subsequent

Quarterly Reports on Form 10-Q, for additional information regarding these and other risks and uncertainties applicable to its business.

The Company assumes no obligation to update any forward-looking statement, including financial estimates and forecasts, whether as a

result of future events, circumstances or developments or otherwise.

Non-GAAP

Financial Measures

supplement its financial information, the Company has presented, and/or may discuss on the conference call, adjusted measures including

adjusted earnings per diluted share, adjusted net income, adjusted income from operations and margin, adjusted operating EBITDA and margin,

adjusted operating expense and margin, and adjusted SG&A expenses and margin. All adjusted measures and free cash flow are non-GAAP

financial measures, as defined in Regulation G of the Securities Exchange Act of 1934, as amended. The Company reports its financial

results in compliance with GAAP but believes that also discussing non-GAAP measures provides investors with (i) financial measures

the Company uses in the management of its business and (ii) additional, meaningful comparisons of current results to prior periods’

results by excluding items that the Company does not believe reflect its fundamental business performance and are not representative

or indicative of its results of operations.

The

Company discusses free cash flow and provides a projection of free cash flow because the Company believes that it is indicative of its

ability to pay its quarterly dividends, repurchase common stock, fund acquisitions and other investments and, in the absence of refinancings,

to repay its debt obligations. The Company believes free cash flow gives investors useful insight into how the Company views its liquidity,

but the use of free cash flow as a liquidity measure has material limitations because it excludes certain expenditures that are required

or that the Company has committed to, such as declared dividend payments and debt service requirements. The Company defines free cash

flow as net cash provided by operating activities, less capital expenditures, plus proceeds from divestitures of businesses and other

assets (net of cash divested); this definition may not be comparable to similarly-titled measures reported by other companies.

The

quantitative reconciliations of non-GAAP measures to the most comparable GAAP measures are included in the accompanying schedules, with

the exception of projected adjusted operating EBITDA and margin. Non-GAAP measures should not be considered a substitute for financial

measures presented in accordance with GAAP.

FOR

MORE INFORMATION

Website

www.wm.com

Analysts

Egl

713.265.1656

eegl@wm.com

Media

Toni

Werner

media@wm.com

###

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except per Share Amounts)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Operating revenues

$ 6,684

$ 6,430

$ 12,911

$ 12,448

Costs and expenses:

Operating(a)

3,955

3,803

7,649

7,415

Selling, general and administrative

683

696

1,390

1,383

Depreciation, depletion, amortization and accretion(a)

777

744

1,512

1,435

Restructuring

(Gain) loss from divestitures, asset impairments and unusual items, net

(16 )

5,431

5,279

10,545

10,284

Income from operations

1,253

1,151

2,366

2,164

Other income (expense):

Interest expense, net

(233 )

(232 )

(458 )

(464 )

Other, net

(229 )

(223 )

(451 )

(448 )

Income before income taxes

1,024

928

1,915

1,716

Income tax expense

238

201

406

352

Consolidated net income

786

727

1,509

1,364

Less: Net income (loss) attributable to noncontrolling interests

Net income attributable to Waste Management, Inc.

$ 785

$ 726

$ 1,508

$ 1,363

Basic earnings per common share

$ 1.96

$ 1.80

$ 3.75

$ 3.39

Diluted earnings per common share

$ 1.95

$ 1.80

$ 3.74

$ 3.37

Weighted average basic common shares outstanding

401.5

402.6

402.3

402.5

Weighted average diluted common shares outstanding

402.4

404.3

403.3

404.0

(a) Beginning in 2026, landfill accretion expense was moved from operating expenses to depreciation, depletion,

amortization and accretion. Landfill accretion expenses in the three months and six months ended June 30, 2026 are $39 million and

$78 million, respectively. Landfill accretion expenses in the three and six months ended June 30, 2025 are $36 million and $71 million,

respectively. For comparability purposes, 2025 actuals have been updated to reflect that change.

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions)

(Unaudited)

June 30,

December 31,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

$ 557

$ 201

Receivables, net

4,206

4,055

Other

634

654

Total current assets

5,397

4,910

Property and equipment, net

20,440

20,378

Goodwill

14,001

13,880

Other intangible assets, net

3,641

3,767

Other

2,962

2,900

Total assets

$ 46,441

$ 45,835

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable, accrued liabilities and deferred revenues

$ 4,873

$ 4,813

Current portion of long-term debt

1,075

711

Total current liabilities

5,948

5,524

Long-term debt, less current portion

22,281

22,196

Other

8,286

8,124

Total liabilities

36,515

35,844

Equity:

Waste Management, Inc. stockholders’ equity

9,925

9,990

Noncontrolling interests

Total equity

9,926

9,991

Total liabilities and equity

$ 46,441

$ 45,835

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

(Unaudited)

Six Months Ended

June 30,

2026

2025

Cash flows from operating activities:

Consolidated net income

$ 1,509

$ 1,364

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

Depreciation, depletion, amortization and accretion

1,512

1,435

Other

288

228

Change in operating assets and liabilities, net of effects of acquisitions and divestitures

(82 )

(274 )

Net cash provided by operating activities

3,227

2,753

Cash flows from investing activities:

Acquisitions of businesses, net of cash acquired

(85 )

(366 )

Capital expenditures

(1,280 )

(1,563 )

Proceeds from divestitures of businesses and other assets, net of cash divested

103

Other, net

(139 )

(89 )

Net cash used in investing activities

(1,427 )

(1,915 )

Cash flows from financing activities:

New borrowings

12,823

9,135

Debt repayments

(12,484 )

(9,234 )

Common stock repurchase program

(1,003 )

—

Cash dividends

(764 )

(669 )

Exercise of common stock options

Tax payments associated with equity-based compensation transactions

(40 )

(49 )

Other, net

(16 )

(14 )

Net cash used in financing activities

(1,452 )

(781 )

Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents

(7 )

Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents

341

Cash, cash equivalents and restricted cash and cash equivalents at beginning of period

297

487

Cash, cash equivalents and restricted cash and cash equivalents at end of period

$ 638

$ 552

WASTE MANAGEMENT, INC.

SUMMARY DATA SHEET

(In Millions)

(Unaudited)

Operating Revenues by Line of Business

Three Months Ended June 30,

2026

2025

Gross

Intercompany

Net

Gross

Intercompany

Net

Operating

Revenues

Revenues(a)

Revenues

Revenues(a)

Revenues

Commercial

$ 1,721

$ (236 )

$ 1,485

$ 1,618

$ (220 )

$ 1,398

Industrial

1,065

(245 )

820

1,013

(223 )

790

Residential

930

(19 )

911

894

(22 )

872

Other collection

923

(74 )

849

864

(68 )

796

Total collection

4,639

(574 )

4,065

4,389

(533 )

3,856

Landfill

1,433

(429 )

1,004

1,446

(410 )

1,036

Transfer

710

(300 )

410

681

(292 )

389

Total Collection and Disposal

$ 6,782

$ (1,303 )

$ 5,479

$ 6,516

$ (1,235 )

$ 5,281

Recycling Processing and Sales

491

(88 )

403

482

(101 )

381

Renewable Energy

157

—

157

115

—

115

Healthcare Solutions(b)

742

(104 )

638

760

(114 )

646

Corporate and Other

(8 )

Total

$ 8,187

$ (1,503 )

$ 6,684

$ 7,888

$ (1,458 )

$ 6,430

Six Months Ended June 30,

2026

2025

Gross

Intercompany

Net

Gross

Intercompany

Net

Operating

Revenues

Revenues(a)

Revenues

Revenues(a)

Revenues

Commercial

$ 3,379

$ (465 )

$ 2,914

$ 3,212

$ (434 )

$ 2,778

Industrial

2,045

(467 )

1,578

1,953

(422 )

1,531

Residential

1,836

(37 )

1,799

1,788

(44 )

1,744

Other collection

1,789

(146 )

1,643

1,689

(140 )

1,549

Total collection

9,049

(1,115 )

7,934

8,642

(1,040 )

7,602

Landfill

2,679

(811 )

1,868

2,639

(763 )

1,876

Transfer

1,329

(571 )

758

1,273

(548 )

725

Total Collection and Disposal

$ 13,057

$ (2,497 )

$ 10,560

$ 12,554

$ (2,351 )

$ 10,203

Recycling Processing and Sales

946

(175 )

771

947

(182 )

765

Renewable Energy

318

(2 )

316

207

(1 )

206

Healthcare Solutions(b)

1,463

(211 )

1,252

1,481

(216 )

1,265

Corporate and Other

(16 )

Total

$ 15,812

$ (2,901 )

$ 12,911

$ 15,214

$ (2,766 )

$ 12,448

(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) In the third quarter of 2025, as a result of continued integration efforts and to enhance transparency

and accountability, the Company began reflecting intra-segment activity within the Healthcare Solutions segment. These charges were designed

to measure profitability at more granular levels of the enterprise and to facilitate clearer financial accountability within operating

units. Accordingly, adjustments to the three and six months ended June 30, 2025 were made to properly reflect intra-segment activity

for each period. Intra-segment operating revenues and operating expenses within Healthcare Solutions for the three and six months ended

June 30, 2026 are $101 million and $202 million, respectively. Intra-segment operating revenues and operating expenses within Healthcare

Solutions for the three and six months ended June 30, 2025 are $113 million and $207 million, respectively.

WASTE MANAGEMENT, INC.

SUMMARY DATA SHEET

(In Millions)

(Unaudited)

Internal Revenue Growth

Period-to-Period

Change for the

Period-to-Period

Change for the

Three

Months Ended

Six

Months Ended

June 30,

2026 vs. 2025

June 30,

2026 vs. 2025

As a % of

Total

Amount

Business(a)

Amount

Company(b)

Amount

Business(a)

Amount

Company(b)

Collection

and Disposal

$ 181

3.6 %

$ 362

3.7 %

Recycling

Processing and Sales and Renewable Energy(c)

(6 )

(1.2 )

(43 )

(4.3 )

Energy

surcharge and mandated fees

102

38.2

122

23.7

Total

average yield

$ 277

4.3 %

$ 441

3.5

Volume(d)

(22 )

(0.3 )

(10 )

(0.1

)

Healthcare

Solutions(e)

(30 )

(0.5 )

(42 )

(0.3

)

Internal

revenue growth

225

3.5

389

3.1

Acquisitions

0.5

0.6

Divestitures

(5 )

—

(9 )

(0.1

)

Foreign

currency translation

—

0.1

Total

$ 254

4.0 %

$ 463

3.7

Period-to-Period Change for the

Three Months Ended

Six Months Ended

June 30, 2026 vs. 2025

As a % of Related Business(a)

Yield

Volume

Yield

Volume

Commercial

4.0 %

(1.2 )%

4.4 %

(1.4 )%

Industrial

3.4

0.2

3.3

0.2

Residential

6.1

(2.9 )

6.2

(3.9 )

Total collection

4.2

(1.2 )

4.3

(1.6 )

MSW

5.2

0.2

5.9

1.3

Transfer

3.6

(1.1 )

3.4

(1.9 )

Total Collection and Disposal

3.6 %

(1.8 )%

3.7 %

(1.6 )%

(a) Calculated by dividing the increase or decrease for the current

year period by the prior year period’s related business revenues adjusted to exclude the impacts of divestitures for the current year

period.

(b) Calculated by dividing the increase or decrease for the current

year period by the prior year period’s total Company revenues adjusted to exclude the impacts of divestitures for the current year

period.

WM Renewable Energy segments, as well as changes in certain recycling fees charged by our collection and disposal operations.

(d) Includes activities from our Corporate and Other businesses.

(e) The amounts reported herein represent the change in our revenues from the combined impacts of yield and

volume attributable to our Healthcare Solutions segment.

WASTE MANAGEMENT, INC.

SUMMARY DATA SHEET

(In Millions)

(Unaudited)

Free

Cash Flow(a)

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Net cash provided by operating activities

$ 1,726

$ 1,545

$ 3,227

$ 2,753

Capital expenditures to support the business

(555 )

(572 )

(1,144 )

(1,275 )

Proceeds from divestitures of businesses and other assets, net of cash divested

103

Free cash flow without sustainability growth investments

1,179

978

2,160

1,581

Capital expenditures - sustainability growth investments

(75 )

(160 )

(136 )

(288 )

Free cash flow

$ 1,104

$ 818

$ 2,024

$ 1,293

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Supplemental Data

Internalization of waste, based on disposal costs

73.0 %

71.9 %

72.4 %

71.3 %

Landfill depletable tons (in millions)

33.5

34.7

62.3

64.0

Acquisition Summary(b)

Gross annualized revenue acquired

$ 123

$ 131

$ 123

$ 142

Total consideration, net of cash acquired

235

404

235

411

Cash paid for acquisitions consummated during the period, net of cash acquired

363

370

Cash paid for acquisitions including contingent consideration and other items from prior periods, net of cash acquired

365

378

Landfill Amortization and Accretion

Expenses

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Landfill depletion expense:

Cost basis of landfill assets

$ 187

$ 182

$ 347

$ 332

Asset retirement costs

Total landfill depletion expense

230

220

422

403

Accretion expense

Landfill depletion and accretion expense

$ 269

$ 256

$ 500

$ 474

(a) The summary of free cash flow has been prepared to highlight and facilitate understanding of the principal

cash flow elements. Free cash flow is not a measure of financial performance under generally accepted accounting principles and is not

intended to replace the consolidated statement of cash flows that was prepared in accordance with generally accepted accounting principles.

(b) Represents amounts associated with business acquisitions consummated during the applicable period except

where noted.

WASTE MANAGEMENT, INC.

RECONCILIATION OF CERTAIN NON-GAAP MEASURES

(In Millions, Except Per Share Amounts)

(Unaudited)

Three Months Ended June 30, 2026

Income from

Pre-tax

Tax

Net

Diluted Per

Operations

Income

Expense

Income(a)

Share Amount

As reported amounts

$ 1,253

$ 1,024

$ 238

$ 785

$ 1.95

Adjustments:

Stericycle acquisition and integration costs

(Gain) loss from asset impairments, unusual items and other, net

0.07

As adjusted amounts

$ 1,290

$ 1,061

$ 247 (b)

$ 813

$ 2.02

Depreciation, depletion, amortization, and accretion(c)

777

Adjusted operating EBITDA

$ 2,067

Adjusted operating EBITDA margin

30.9 %

Three Months Ended June 30, 2025

Income from

Pre-tax

Tax

Net

Diluted Per

Operations

Income

Expense

Income(a)

Share Amount

As reported amounts

$ 1,151

$ 928

$ 201

$ 726

$ 1.80

Adjustments:

Stericycle acquisition and integration costs

(Gain) loss from asset impairments, unusual items and other, net(d)

0.12

As adjusted amounts

$ 1,215

$ 992

$ 214 (b)

$ 777

$ 1.92

Depreciation, depletion, amortization, and accretion(c)

744

Adjusted operating EBITDA

$ 1,959

Adjusted operating EBITDA margin

30.5 %

Wildfire Adjustment:

Wildfire clean-up activities

(64 )

Operating EBITDA adjusted for wildfires

$ 1,895

(a) For purposes of this press release table, all references to “Net income” refer to the financial

statement line item “Net income attributable to Waste Management, Inc.”

(b) The Company calculates its effective tax rate based on actual dollars. When the effective tax rate is

calculated by dividing the Tax Expense amount in the table above by the Pre-tax Income amount, differences occur due to rounding, as these

items have been rounded in millions. The three months ended June 30, 2026 and 2025 adjusted effective tax rates are 23.3% and 21.8%,

respectively.

amortization and accretion. Landfill accretion expenses in the three months ended June 30, 2026 and 2025 are $39 million and $36

million, respectively. For comparability purposes, 2025 results have been updated to reflect that change.

(d) The three months ended June 30, 2025 includes net charges primarily related to a business engaged

in oil recovery and sludge processing services.

WASTE MANAGEMENT, INC.

RECONCILIATION OF CERTAIN NON-GAAP MEASURES

(In Millions)

(Unaudited)

Three

Months Ended June 30, 2026

Recycling

Collection

Processing

Renewable

Healthcare

Corporate

Total

and

Disposal(a)(b)

and

Sales(a)

Energy(b)

Solutions

and

Other

Adjusted

Operating EBITDA and Adjusted Operating EBITDA Margin

Operating

revenues, as reported

$ 5,479

$ 403

$ 157

$ 638

$ 7

$ 6,684

Income

from operations, as reported

$ 1,550

$ 36

$ 47

$ 2

$ (382 )

$ 1,253

Depreciation,

depletion, amortization, and accretion(c)

565

105

777

Operating

EBITDA, as reported

$ 2,115

$ 90

$ 71

$ 107

$ (353 )

$ 2,030

Adjustments:

Stericycle

acquisition and integration costs

—

(Gain)

loss from asset impairments, unusual items and other, net

—

Adjusted

operating EBITDA

$ 2,115

$ 92

$ 71

$ 121

$ (332 )

$ 2,067

Operating

EBITDA margin, as reported

38.6 %

22.3 %

45.2 %

16.8 %

N/A

30.4 %

Adjusted

operating EBITDA margin

38.6 %

22.8 %

45.2 %

19.0 %

N/A

30.9 %

Three

Months Ended June 30, 2025

Recycling

Collection

Processing

Renewable

Healthcare

Corporate

Total

and

Disposal(a)(b)

and

Sales(a)

Energy(b)

Solutions

and

Other

Adjusted

Operating EBITDA and Adjusted Operating EBITDA Margin

Operating

revenues, as reported

$ 5,281

$ 381

$ 115

$ 646

$ 7

$ 6,430

Income

from operations, as reported

$ 1,461

$ 24

$ 38

$ (23 )

$ (349 )

$ 1,151

Depreciation,

depletion, amortization, and accretion(c)

550

105

744

Operating

EBITDA, as reported

$ 2,011

$ 69

$ 53

$ 82

$ (320 )

$ 1,895

Adjustments:

Stericycle

acquisition and integration costs

—

(Gain)

loss from asset impairments, unusual items and other, net(d)

—

Adjusted

operating EBITDA

$ 2,036

$ 70

$ 53

$ 110

$ (310 )

$ 1,959

Operating

EBITDA margin, as reported

38.1 %

18.1 %

46.1 %

12.7 %

N/A

29.5 %

Adjusted

operating EBITDA margin

38.6 %

18.4 %

46.1 %

17.0 %

N/A

30.5 %

(a) Certain fees related to the processing of recycled material we collect are included within our Collection

and Disposal business. The amounts in Income from Operations for the three months ended June 30, 2026 and 2025 are $22 million and

$20 million, respectively.

(b) WM Renewable Energy pays a 15% intercompany royalty to our Collection and Disposal business and Corporate

and Other for landfill gas. The total amount of royalties in Income from Operations for the three months ended June 30, 2026 and

2025, are $24 million and $17 million, respectively.

amortization and accretion. Landfill accretion expenses in the three months ended June 30, 2026 and 2025 are $39 million and $36

million, respectively. For comparability purposes, 2025 results have been updated to reflect that change.

(d) The three months ended June 30, 2025 includes net charges primarily related to a business engaged

in oil recovery and sludge processing services.

WASTE MANAGEMENT, INC.

RECONCILIATION OF CERTAIN NON-GAAP MEASURES

(In Millions)

(Unaudited)

Three Months Ended

June 30, 2026

June 30, 2025(a)

Adjusted Operating Expenses and Adjusted Operating Expenses Margin

Operating revenues, as reported

$ 6,684

$ 6,430

Operating expenses, as reported

$ 3,955

$ 3,803

As a % of net revenues

59.2 %

59.1 %

Adjustment:

Legacy loss contingency reserve

—

(4 )

Operating expenses, as adjusted

$ 3,955

$ 3,799

As a % of net revenues

59.2 %

59.1 %

Three Months Ended

June 30, 2026

June 30, 2025

Adjusted SG&A Expenses and Adjusted SG&A Expenses Margin

Operating revenues, as reported

$ 6,684

$ 6,430

SG&A expenses, as reported

$ 683

$ 696

As a % of net revenues

10.2 %

10.8 %

Adjustment:

Stericycle acquisition and integration-related costs

(21 )

(24 )

SG&A expenses, as adjusted

$ 662

$ 672

As a % of net revenues

9.9 %

10.5 %

2026 Projected Free Cash Flow Reconciliation(b)

Scenario 1

Scenario 2

Net cash provided by operating activities

$ 6,300

$ 6,450

Capital expenditures to support the business

(2,400 )

(2,500 )

Proceeds from divestitures of businesses and other assets, net of cash divested

100

150

Free cash flow without sustainability growth investments

$ 4,000

$ 4,100

Capital expenditures - sustainability growth investments

(250 )

Free cash flow

$ 3,750

$ 3,850

(a) Beginning in 2026, landfill accretion expense was moved from operating expenses to depreciation, depletion,

amortization and accretion. Landfill accretion expenses in the three months ended June 30, 2026 and 2025 are $39 million and $36

million, respectively. For comparability purposes, 2025 results have been updated to reflect that change.

(b) The reconciliation includes two scenarios that illustrate our projected free cash flow range for 2026.

The amounts used in the reconciliation are subject to many variables, some of which are not under our control and, therefore, are not

necessarily indicative of actual results.

WASTE MANAGEMENT, INC.

SUPPLEMENTAL INFORMATION PROVIDED FOR ILLUSTRATIVE

PURPOSES ONLY

(In Millions)

(Unaudited)

Diversity in the structure

of recycling contracts results in different accounting treatment for commodity rebates. In accordance with revenue recognition guidance,

our Company records gross recycling revenue and records rebates paid to customers as cost of goods sold. Other contract structures allow

for netting of rebates against revenue.

The table below illustrates

the impact that differing contract structures have on the Company’s adjusted operating EBITDA margin results. This information has

been provided to enhance comparability and is not intended to replace or adjust GAAP reported results.

Three Months Ended

June 30, 2026

June 30, 2025

Amount

Change in

Adjusted

Operating

EBITDA Margin

Amount

Change in

Adjusted

Operating

EBITDA Margin

Recycling commodity rebates

$ 180

0.9 %

$ 139

0.7 %

Six Months Ended

June 30, 2026

June 30, 2025

Amount

Change in

Adjusted

Operating

EBITDA Margin

Amount

Change in

Adjusted

Operating

EBITDA Margin

Recycling commodity rebates

$ 342

0.8 %

$ 377

0.9 %

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