[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_100":101},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","cvl7ggabca4pn8cbq2s8rxacy","revision",3,"title","Waste Management公布截至2026年9月30日的第三季度及前三季度业绩：前三季度营收197.57亿美元，净利润23.29亿美元","originalTitle","WASTE MANAGEMENT INC (0000823768) (Filer)","summary","Waste Management截至2026年9月30日的第三季度营收为68.46亿美元、归属公司净利润8.20亿美元，摊薄每股收益2.05美元；前三季度营收197.57亿美元，归属公司净利润23.29亿美元，摊薄每股收益5.79美元。","reason","材料节选汇总了Waste Management截至2026年9月30日的季度及九个月财务表现、现金流和资本回报信息。","source",{"_12":91,"_92":93,"_9":94,"_95":42,"_96":97,"_98":99},"links",{"_88":89,"_78":90},"publishedAt","2026-10-28T17:49:38.000Z","discoveredAt","2026-10-28T18:03:14.475Z","timelineAt","category","ai-products","tags",[84,85,86,87],"stockSymbols",[83],"score",65,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fQC9YdEGBQOo",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","c27871a2-7c4e-48e2-bcc2-40320fe2ce79","Waste Management公布2026年第三季度及前三季度业绩",{"_73":74,"_16":75},"

美国证券交易委员会

华盛顿特区 20549

Form 10-Q

（勾选一项）


☑	根据《1934年证券交易法》第13条或第15(d)条提交的季度报告

	截至2026年9月30日的季度期间
或

☐	根据《1934年证券交易法》第13条或第15(d)条提交的过渡报告

	过渡期间自至

委员会档案编号 1-12154

Waste Management, Inc.

（注册人章程中规定的确切名称）


特拉华州		73-1309529
（州或其他司法管辖区		（美国国税局雇主
注册成立或组织地）		识别号）

800 Capitol Street

Suite 3000

Houston, Texas 77002

（主要行政办公室地址）

(713) 512-6200

（注册人电话号码，包括区号）

根据该法第12(b)条登记的证券：

各类别名称

交易代码

上市交易所名称

普通股，面值 $0.01

纽约证券交易所

请勾选说明注册人是否 (1) 已在此前12个月内（或注册人被要求提交此类报告的较短期间内）提交《1934年证券交易法》第13条或第15(d)条要求提交的所有报告，以及 (2) 在过去90天内一直受此类提交要求约束。是 ☑ 否 ☐

请勾选说明注册人是否已在此前12个月内（或注册人被要求提交此类文件的较短期间内）以电子方式提交根据《S-T条例》第405条要求提交的所有交互式数据文件。是 ☑ 否 ☐

请勾选说明注册人是否为大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司或新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。


大型加速申报公司 ☑	加速申报公司 ☐
非加速申报公司 ☐	较小申报公司 ☐
	新兴成长型公司 ☐

如果是新兴成长型公司，请勾选说明注册人是否选择不采用《交易法》第13(a)条规定的、适用于遵守任何新的或修订后的财务会计准则的延长过渡期。 ☐

请勾选说明注册人是否为空壳公司（定义见该法规则12b-2）。是 ☐ 否 ☑

截至2026年10月23日，注册人已发行在外的普通股（面值 $0.01）为397,634,916股（不包括库存股232,647,545股）。

第一部分

第 1 项。财务报表。

WASTE MANAGEMENT, INC.

简明合并资产负债表

（单位：百万美元，股份数和面值除外）


	2026年9月30日		2025年12月31日
	（未经审计）
资产
流动资产：
现金及现金等价物	$	247			$	201
应收账款，扣除呆账准备金85和87（分别）	3,662			3,435
其他应收款，扣除呆账准备金3和3（分别）	697			620
零部件及用品	239			225
其他流动资产	405			429
流动资产总额	5,250			4,910
财产及设备，扣除累计折旧和损耗25,838和25,096（分别）	20,849			20,378
商誉	14,002			13,880
其他无形资产，净额	3,544			3,767
受限资金	611			513
对未合并实体的投资	711			779
其他长期资产	1,552			1,608
资产总额	$	46,519			$	45,835
负债和权益
流动负债：
应付账款	$	2,014			$	1,867
应计负债	2,071			2,211
递延收入	777			735
长期债务的流动部分	1,524			711
流动负债总额	6,386			5,524
长期债务，扣除流动部分	21,846			22,196
递延所得税	3,356			3,160
填埋场及环境修复负债	3,371			3,278
其他长期负债	1,692			1,686
负债总额	36,651			35,844
承诺和或有事项（附注6）
权益：
Waste Management, Inc. 股东权益：
普通股，面值$0.01；授权发行1,500,000,000股；已发行630,282,461股	6			6
额外实收资本	5,939			5,676
留存收益	18,419			17,232
累计其他综合收益（亏损）	(90)			(10)
库存股，按成本计价，分别为232,564,661股和227,340,757股	(14,407)			(12,914)
Waste Management, Inc. 股东权益总额	9,867			9,990
非控股权益	1			1
权益总额	9,868			9,991
负债和权益总额	$	46,519			$	45,835

参见简明合并财务报表附注。

WASTE MANAGEMENT, INC.

简明合并经营报表

（单位：百万美元，每股金额除外）

（未经审计）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
营业收入	$	6,846			$	6,443		$	19,757	$	18,891
成本和费用：
运营	4,093			3,798			11,742		11,213
销售、一般及行政费用	655			665			2,045		2,048
折旧、损耗、摊销及增值	792			764			2,304		2,199
重组	9			14			19		39
资产剥离、资产减值及异常项目的（收益）损失，净额	18			213			2		239
	5,567			5,454			16,112		15,738
经营所得	1,279			989			3,645		3,153
其他收入（费用）：
利息支出，净额	(237)			(225)			(695)		(689)
其他，净额	2			11			9		27
	(235)			(214)			(686)		(662)
税前收入	1,044			775			2,959		2,491
所得税费用	224			172			630		524
合并净利润	820			603			2,329		1,967
减：归属于非控股权益的净利润（亏损）	—			—			1		1
归属于Waste Management, Inc.的净利润	$	820			$	603		$	2,328	$	1,966
普通股基本每股收益	$	2.06			$	1.50		$	5.80	$	4.88
普通股摊薄每股收益	$	2.05			$	1.49		$	5.79	$	4.87

简明合并综合收益表

（单位：百万美元）

（未经审计）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
合并净利润	$	820			$	603		$	2,329	$	1,967
其他综合收益（亏损），税后净额：
衍生工具，净额	(2)			(6)			(5)		(7)
可供出售证券，净额	(12)			5			(12)		13
外币折算调整	(5)			(39)			(63)		78
退休后福利义务，净额	—			—			—		—
其他综合收益（亏损），税后净额	(19)			(40)			(80)		84
综合收益	801			563			2,249		2,051
减：归属于非控股权益的综合收益（亏损）	—			—			1		1
归属于 Waste Management, Inc. 的综合收益	$	801			$	563		$	2,248	$	2,050

请参阅简明合并财务报表附注。

WASTE MANAGEMENT, INC.

简明合并现金流量表

（百万美元）

（未经审计）


	截至9月30日的九个月
	2026		2025
经营活动产生的现金流量：
合并净利润	$	2,329			$	1,967
将合并净利润调节为经营活动提供的现金净额的调整项目：
折旧、资源耗竭、摊销及增值	2,304			2,199
递延所得税费用（收益）	196			241
坏账准备	96			61
股权激励薪酬费用	139			135
处置资产净收益	(8)			(14)
资产剥离、资产减值及其他净收益（损失）	2			239
经营性资产和负债变动，扣除收购和资产剥离的影响：
应收款项	(389)			(453)
其他流动资产	(7)			(75)
其他资产	203			165
应付账款及应计负债	194			35
递延收入及其他负债	(192)			(155)
经营活动提供的现金净额	4,867			4,345
投资活动产生的现金流量：
收购业务，扣除取得的现金	(89)			(395)
资本支出	(1,937)			(2,339)
出售业务及其他资产所得款项，扣除出售的现金	79			108
其他，净额	(112)			(73)
投资活动使用的现金净额	(2,059)			(2,699)
融资活动产生的现金流量：
新增借款	18,644			14,956
偿还债务	(18,668)			(15,772)
普通股回购计划	(1,583)			—
现金股利	(1,141)			(1,001)
行使普通股期权	41			54
与股权激励交易相关的税款支付	(40)			(50)
其他，净额	(19)			(17)
融资活动使用的现金净额	(2,766)			(1,830)
汇率变动对现金、现金等价物及受限现金和现金等价物的影响	(7)			5
现金、现金等价物及受限现金和现金等价物增加（减少）	35			(179)
期初现金、现金等价物及受限现金和现金等价物	297			487
期末现金、现金等价物及受限现金和现金等价物	$	332			$	308

期末现金、现金等价物及受限现金和现金等价物的调节：
现金及现金等价物	$	247			$	175
计入其他流动资产的受限现金及现金等价物	11			60
计入受限资金的受限现金及现金等价物	74			73
期末现金、现金等价物及受限现金和现金等价物	$	332			$	308

请参阅简明合并财务报表附注。

WASTE MANAGEMENT, INC.

简明合并权益变动表

（百万美元，股份数以千计）

（未经审计）


			Waste Management, Inc. 股东权益
			普通股		额外实收资本	留存收益		累计其他综合收益（亏损）		库存股		非控股权益
	总计		股份数		金额				股份数		金额
截至2026年9月30日的三个月：
2026
2026年6月30日余额	$	9,926			630,282		$	6			$	5,864	$	17,977		$	(71)		(230,315)			$	(13,851)		$	1
合并净收益	820			—		—			—			820	—		—			—		—
其他综合收益（亏损），税后净额	(19)			—		—			—			—	(19)		—			—		—
宣布每股普通股现金股息$0.945	(377)			—		—			—			(377)	—		—			—		—
股权薪酬交易，净额	93			—		—			75			(1)	—		317			19		—
普通股回购计划	(575)			—		—			—			—	—		(2,568)			(575)		—

其他，净额	—			—		—			—			—	—		1			—		—
2026年9月30日余额	$	9,868			630,282		$	6			$	5,939	$	18,419		$	(90)		(232,565)		$	(14,407)		$	1

2025
2025年6月30日余额	$	9,202			630,282		$	6			$	5,566	$	16,553		$	9		(227,680)			$	(12,933)		$	1
合并净收益	603			—		—			—			603	—		—			—		—
其他综合收益（亏损），税后净额	(40)			—		—			—			—	(40)		—			—		—
宣布每股普通股现金股息$0.825	(332)			—		—			—			(332)	—		—			—		—
股权薪酬交易，净额	87			—		—			74			(1)	—		258			14		—
其他，净额	—			—		—			—			—	—		1			—		—
2025年9月30日余额	$	9,520			630,282		$	6			$	5,640	$	16,823		$	(31)		(227,421)			$	(12,919)		$	1

参阅简明合并财务报表附注。

WASTE MANAGEMENT, INC.

简明合并权益变动表 ─（续）

（百万美元，股份数以千计）

（未经审计）


			Waste Management, Inc. 股东权益
			普通股		额外实收资本	留存收益		累计其他综合收益（亏损）		库存股		非控股权益
	总计		股份数		金额				股份数		金额
截至2026年9月30日的九个月：
2026
2025年12月31日余额	$	9,991			630,282		$	6			$	5,676	$	17,232		$	(10)		(227,341)		$	(12,914)	$	1
合并净收益	2,329			—		—			—			2,328	—		—			—		1
其他综合收益（亏损），税后净额	(80)			—		—			—			—	(80)		—			—		—
宣布每股普通股现金股息$2.835	(1,141)			—		—			—			(1,141)	—		—			—		—
股权薪酬交易，净额	226			—		—			156			—	—		1,207			70		—
普通股回购计划	(1,600)			—		—			—			—	—		(7,065)			(1,600)		—
收购	144			—		—			107			—	—		632			37		—
其他，净额	(1)			—		—			—			—	—		2			—		(1)
2026年9月30日余额	$	9,868			630,282		$	6			$	5,939	$	18,419		$	(90)		(232,565)		$	(14,407)	$	1

2025
2024年12月31日余额	$	8,254			630,282		$	6			$	5,496	$	15,858		$	(115)		(228,788)		$	(12,993)	$	2
合并净收益	1,967			—		—			—			1,966	—		—			—		1
其他综合收益（亏损），税后净额	84			—		—			—			—	84		—			—		—
宣布每股普通股现金股息$2.475	(1,001)			—		—			—			(1,001)	—		—			—		—
股权薪酬交易，净额	218			—		—			144			—	—		1,365			74		—
其他，净额	(2)			—		—			—			—	—		2			—		(2)
2025年9月30日余额	$	9,520			630,282		$	6			$	5,640	$	16,823		$	(31)		(227,421)		$	(12,919)	$	1

参阅简明合并财务报表附注。

1. 列报基础

本报告所列财务报表合并了Waste Management, Inc.（一家特拉华州公司）、其全资及多数股权子公司，以及Waste Management, Inc.或其子公司作为主要受益人的某些可变利益实体的财务数据，详见附注 13。Waste Management, Inc.是一家控股公司，所有业务均由其子公司开展。在本文档中使用“公司”“我们”或“我们的”时，均指Waste Management, Inc.及其合并子公司和合并可变利益实体。使用“WMI”时，则仅指作为母控股公司的Waste Management, Inc.。

我们是北美领先的综合环境解决方案提供商，在美国（“U.S.”）和加拿大提供服务。我们与客户及服务所在社区合作，在从收集到处置的各个阶段管理和减少废弃物，同时回收有价值的资源并创造清洁的可再生能源。我们的固体废弃物业务由子公司在当地运营和管理，各子公司专注于不同的地理区域，并提供收集、转运、处置、回收及资源回收服务。通过可再生能源业务板块，我们也是美国和加拿大领先的垃圾填埋气发电设施开发商、运营商和所有者，生产可再生电力和可再生天然气（“RNG”）；后者是我们分配给天然气车队的重要燃料来源。我们的医疗保健解决方案业务板块在美国、加拿大和西欧提供受监管废弃物处理、合规服务及安全信息销毁服务，以保护人员和品牌、促进健康与福祉并守护环境。此外，通过回收处理与销售业务板块，我们是美国和加拿大领先的回收商，处理纸张、纸板、玻璃、塑料和金属等材料。

高级管理层通过五个可报告业务分部评估、监督和管理业务的财务表现，分别为：(i) 收集与处置——东部区域（“东部区域”）；(ii) 收集与处置——西部区域（“西部区域”）；(iii) 回收处理与销售；(iv) 可再生能源；以及(v) 医疗保健解决方案。东部和西部区域以及某些未纳入区域分部管理、但支持收集与处置业务的辅助服务（“其他辅助服务”），共同构成我们的“收集与处置”业务。我们还提供未纳入五个可报告业务分部管理的其他服务，这些服务列示为公司及其他。更多讨论请参阅附注 7。

截至2026年9月30日的简明合并财务报表，以及截至2026年和2025年9月30日止三个月和九个月的简明合并财务报表均未经审计。管理层认为，这些财务报表包含了公允列报所需的所有调整；除非另有披露，这些调整均属正常的经常性调整，涉及所列期间的财务状况、经营业绩、综合收益、现金流量和权益变动。中期业绩不一定能反映全年业绩。本文所列财务报表应与我们截至2025年12月31日止年度的Form 10-K年度报告中的财务报表一并阅读。

编制财务报表时，我们会作出许多估计和假设，这些估计和假设会影响资产、负债、权益、收入和费用的会计处理、确认及披露。由于我们使用的某些信息取决于未来事件、无法根据现有数据精确计算，或根本无法计算，因此我们必须作出这些估计和假设。在某些情况下，这些估计难以确定，我们必须运用重大判断。编制财务报表时，最困难、最主观和最复杂的估计，以及不确定性最大的假设，涉及我们对垃圾填埋场、环境修复负债、长期资产减值、无形资产减值的会计处理，以及企业合并中收购资产和负债的公允价值。实际结果可能与我们编制财务报表时采用的估计和假设存在重大差异。

收入确认

我们通常在提供服务或交付产品时确认收入。例如，通常在收集废弃物、垃圾填埋场、转运站或处理设施接收吨数，或出售回收材料及其他商品（如可再生天然气（RNG）、电力和容量、可再生燃料识别码（“RIN”）及可再生能源信用（“REC”））时确认收入。合规服务收入在合同服务期内确认。

我们还会在提供某些服务之前收费。这些服务包括某些商业和住宅合同以及设备租赁等。此类预收款项计入递延收入，并在提供服务的期间确认为收入。报告期内，我们几乎所有递延收入均在相关服务提供时，于一至三个月内确认为收入。

合同获取成本

我们获取合同的增量直接成本主要包括销售激励，通常予以递延，并在相关客户关系的预计存续期内（从五年到 16 年不等）摊销至销售、一般及管理费用。支付给客户的合同获取成本予以递延，并在合同期限内作为收入的减项摊销。我们的合同获取成本根据预计确认摊销的时间分类为流动或非流动，并计入简明合并资产负债表中的其他资产。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，我们的递延合同成本分别为 2.46 亿美元和 2.37 亿美元，其中与递延销售激励相关的金额分别为 1.93 亿美元和 1.77 亿美元。

租赁

经营租赁使用权资产计入其他长期资产；经营租赁负债的流动部分和长期部分分别列入简明合并资产负债表中的应计负债和其他长期负债。融资租赁金额计入不动产及设备（扣除累计折旧和折耗后），并根据适用情况列入简明合并资产负债表中的流动或长期债务。

信用风险集中度

可能使我们面临信用风险集中的金融工具主要包括现金及现金等价物、受限资金中的投资，以及应收账款和其他应收款。我们通过以下方式努力控制与这些工具相关的信用风险敞口：(i) 将资产和其他金融权益配置于多家信誉良好的金融机构；(ii) 持有高质量金融工具，同时限制对任何单一工具的投资；以及 (iii) 执行严格的信贷发放政策，包括信用评估、信用额度和监控程序，但通常不要求信贷发放提供抵押品。我们还通过在法律允许的范围内停止向未付款客户提供服务，控制与贸易应收款相关的风险敞口。不过，由于我们服务的客户数量众多且类型多样，与贸易应收款相关的整体信用风险有限。

重新分类

必要时，我们会将以前期间的财务信息重新分类，以符合本年度的列报方式，其中包括将垃圾填埋场和环境修复负债的利息增计额从经营费用重新分类至简明合并经营报表中的折旧、折耗、摊销和增计。这些重新分类对我们的简明合并财务报表并无重大影响。

2026 年采用的新会计准则

应收账款和合同资产信用损失计量的改进

2025年7月，财务会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）2025-05《金融工具——信用损失（主题326）：应收账款和合同资产信用损失的计量》（“ASU 2025-05”），简化了对根据《会计准则汇编》第606主题《与客户签订的合同收入》核算的交易所产生的流动应收账款和流动合同资产预期信用损失的估计。修订允许实体选择一项实务简便方法，在估计预期信用损失时，将资产负债表日的当前状况假定为在资产剩余存续期内保持不变，以制定合理且有依据的预测。本公司采用了前瞻性基础采纳 ASU 2025-05，并在截至2026年3月31日的季度选择了该实务简便方法。采纳修订后的指引未对我们的简明合并财务报表产生重大影响。

2. 垃圾填埋场及环境修复负债

垃圾填埋场及环境修复成本负债列示如下表（单位：百万）：


	2026年9月30日		2025年12月31日
	垃圾填埋场		环境修复		合计		垃圾填埋场	环境修复		合计
流动（计入应计负债）	$	171			$	44		$	215		$	186		$	72	$	258
长期	3,195			176			3,371		3,119		159		3,278
	$	3,366			$	220		$	3,586		$	3,305		$	231	$	3,536

截至2026年9月30日的九个月内，垃圾填埋场及环境修复负债的变动列示如下表（单位：百万）：


	垃圾填埋场		环境修复
2025年12月31日	$	3,305			$	231
发生并资本化的义务	69			—
已结算的义务	(114)			(25)
利息增计	117			—
估计数修订	(8)			14
收购、剥离及其他调整	(3)			—
2026年9月30日	$	3,366			$	220

在我们的若干垃圾填埋场，我们通过将现金存入受限信托基金，为结清最终覆土、关闭、关闭后及环境修复义务提供财务保证。通常，这些信托基金是为遵守法定要求和运营协议而设立的。有关这些信托的更多信息，请参见附注13。

3. 债务与衍生工具

下表汇总了截至各资产负债表日按本金金额列示的债务主要组成部分（单位：百万），并列示截至2026年9月30日各主要类别的到期日和利率区间：


	2026年9月30日		2025年12月31日
商业票据计划（截至2026年9月30日和2025年12月31日的加权平均利率分别为4.01%和4.05%）	$	1,250			$	1,090
高级票据，到期日截至2054年，利率范围为1.15%至7.75% （截至2026年9月30日和2025年12月31日的加权平均利率分别为4.23%和4.28%）	17,218			17,498
加拿大高级票据，C$500百万，2026年7月赎回，利率为2.60%	—			364
加拿大高级票据，C$700百万，2033年7月到期，利率为3.944%	492			—
免税债券，到期日最晚为2055年，固定和浮动利率为0.95%至4.60%（截至2026年9月 30日的加权平均利率为3.25%，截至2025年12月 31日为3.41%）	2,927			2,827
融资租赁及其他，到期日最晚为2075年（截至2026年9月 30日的加权平均利率为4.91%，截至2025年12月 31日为4.83%）	1,630			1,284
债务发行成本、折价及其他	(147)			(156)
	23,370			22,907
长期债务的流动部分	1,524			711
长期债务，扣除流动部分	$	21,846			$	22,196

债务分类

截至2026年9月 30日，我们有约$4.4 billion的债务将在未来12个月内到期，其中包括：(i) $2.2 billion的免税债券，其定期利率期限将在未来12个月内届满，早于其计划到期日；(ii) 商业票据计划项下$1.2 billion的短期借款（扣除相关发行折价）；(iii) 将于2027年7月到期、利率为4.95%的$750 million优先票据；以及(iv) 计划在未来12个月内到期的$211 million其他债务。截至2026年9月 30日，我们将未来12个月内到期的$2.9 billion债务归类为长期债务，因为我们有意图且有能力长期再融资这些借款；这一判断得到下文所述、基于预测的$3.5 billion长期美国和加拿大循环信贷额度（“$3.5 billion循环信贷额度”）可用容量的支持。未来12个月内到期的其余$1.5 billion债务归类为流动负债。

信贷额度及商业票据计划的使用与利用情况

$3.5 Billion Revolving Credit Facility — 我们的$3.5 billion循环信贷额度将于2029年5月到期，可用于现金借款、支持信用证以及支持我们的商业票据计划。我们为未偿还的美国或加拿大贷款支付的利率分别以纽约联邦储备银行管理的担保隔夜融资利率（“SOFR”）或加拿大银行管理的加拿大隔夜回购利率平均值（“CORRA”）为基础，并加上取决于Moody’s Investors Service, Inc.和Standard and Poor’s Global Ratings对我们高级公开债务所评评级的利差。SOFR或CORRA之上的年利差可为0.585%至1.025%，另加适用的信用调整。我们还需支付$3.5 billion循环信贷额度协议规定的某些其他费用，包括按承诺总额计算的额度费，无论是否使用。截至2026年9月 30日，我们在该额度项下没有未偿还借款。我们在商业票据计划项下有$1.2 billion未偿还借款（扣除相关发行折价），并已签发$229 million信用证，二者均由该额度支持；截至2026年9月 30日，尚有$2.0 billion未使用且可用的信贷额度。WM Holdings, Inc.（“WM Holdings”）是WMI的全资子公司，为$3.5 billion循环信贷额度项下的所有义务提供担保。

商业票据计划 — 我们设有商业票据计划，可按有竞争力的利率借入最长 397 天的资金。未偿借款的利率取决于票据期限。该商业票据计划由我们的 35 亿美元循环信贷额度提供全额支持。截至 2026 年 9 月 30 日，我们的商业票据计划项下有 12 亿美元未偿借款（扣除相关发行折价）。

其他信用证额度 — 截至 2026 年 9 月 30 日，我们已使用其他非承诺信用证额度 9.44 亿美元，期限最晚至 2029 年 12 月到期。

债务借款与偿还

商业票据计划 — 截至 2026 年 9 月 30 日的九个月内，我们以现金偿还了 179 亿美元；与此同时，为一般公司用途以现金借入 181 亿美元（扣除相关发行折价）。

优先票据 — 我们于 2026 年 8 月偿还了到期的 7.10% 优先票据，金额为 2.23 亿美元。

加拿大优先票据 — 2026 年 6 月，WM 的间接全资子公司 Waste Management of Canada Corporation 发行了 7 月 15 日到期、利率为 3.944% 的优先票据，金额为 7 亿加元（4.93 亿美元），全部由 WM 和 WM Holdings 以优先无担保方式提供全面且无条件的担保。此次债务发行的净收益为 6.96 亿加元（4.90 亿美元），用于赎回此前发行、原定于 2026 年 9 月到期的 5 亿加元、利率为 2.60% 的加拿大优先票据，以及一般公司用途。

免税债券 — 截至 2026 年 9 月 30 日的三个月内，我们发行了 1 亿美元免税债券。发行所得款项直接存入受限信托基金，用于筹集资金的特定用途，通常用于资助固体废弃物处理和回收设施的建设与开发支出。

融资租赁及其他 — 截至 2026 年 9 月 30 日的九个月内，融资租赁及其他债务义务增加，原因是新增 4.99 亿美元非现金融资租赁及融资活动，部分被到期债务的 1.53 亿美元现金偿还所抵消。

衍生工具

利率互换 — 我们使用利率互换来管理因基准利率变动而导致某些固定利率优先票据公允价值变动所带来的风险敞口。截至2026年9月30日的九个月内，我们签订了名义本金总额为$750 million的利率互换协议，协议约定我们收取固定利率，并按SOFR加点差支付浮动利率，到期日为2034年9月至2038年10月。2025年12月 31日，我们没有未结清的利率互换。这些互换被指定为公允价值套期，因此，互换公允价值的变动会被归属于套期风险的被套期优先票据账面价值变动所抵销。截至2026年9月 30日，这些互换的公允价值为负债$42 million，列示于公司简明合并资产负债表的其他长期负债中，同时被套期优先票据的账面金额相应减少$42 million。

4. 所得税

截至2026年9月 30日的三个月和九个月，我们的有效所得税率分别为21.5%和21.3%；相比之下，截至2025年9月 30日的三个月和九个月分别为22.2%和21.0%。

与2025年同期相比，截至2026年9月30日的三个月有效所得税率下降，主要是由于应计项目及相关递延税项的有利调整，部分被投资税收抵免减少所抵销。

与2025年同期相比，截至2026年9月30日的九个月有效所得税率上升，主要是由于投资税收抵免减少，部分被应计项目及相关递延税项的有利调整，以及确认我们RNG设施的清洁燃料生产税收抵免所抵销。

我们会在每个中期期间评估有效所得税率，并根据事实和情况进行调整。

符合联邦税收抵免资格的投资

可再生天然气 — 通过我们的可再生能源部门，我们投资建设了美国和加拿大的垃圾填埋气能源设施，用于生产可再生电力和RNG。根据《国内税收法典》第48条和第45Z条，我们在美国的RNG设施符合投资税收抵免和清洁燃料生产税收抵免资格；我们预计分别可享受至2027年和2029年。

截至2026年9月 30日的三个月和九个月，由于RNG投资产生的投资税收抵免，我们确认所得税费用分别减少$31 million和$84 million；相比之下，上年同期分别减少$49 million和$138 million。

截至2026年9月30日的三个月和九个月内，我们确认所得税费用减少 1,600万美元和6,000万美元，分别与我们生产和销售RNG活动产生的清洁燃料生产税收抵免有关，其中3,300万美元归属于截至2026年9月30日的九个月内的生产和销售，2,700万美元归属于2025年的运营。确认这些生产税收抵免的时间安排，是由于2026年第一季度发布的拟议财政部法规明确了我们的RNG销售符合抵免资格。

低收入住房 — 我们在为投资和管理低收入住房物业而设立的实体中拥有重大财务权益。我们支持这些实体的运营，以换取其产生的税收抵免按比例分配给我们。根据《国内税收法典》第42条和第45D条，低收入住房投资符合联邦税收抵免资格，我们预计可享受至2038年。

截至2026年9月30日的三个月和九个月内，我们分别确认了2,700万美元和7,500万美元的所得税费用，与根据ASU 2023-02《投资——权益法和合资企业（主题323）：采用比例摊销法核算税收抵免结构投资》（“ASU 2023-02”）进行的摊销有关；此外，我们的所得税费用分别减少了3,700万美元和1.02亿美元，主要是由于从这些投资中实现的联邦税收抵免。此外，截至2026年9月30日的三个月和九个月内，我们分别确认了与低收入住房物业投资相关的700万美元和2,200万美元利息费用。

截至2025年9月30日的三个月和九个月内，我们分别确认了2,600万美元和7,100万美元的所得税费用，与根据ASU 2023-02进行的摊销有关；此外，我们的所得税费用分别减少了3,700万美元和9,900万美元，主要是由于从这些投资中实现的联邦税收抵免。此外，截至2025年9月30日的三个月和九个月内，我们分别确认了与低收入住房物业投资相关的800万美元和2,500万美元利息费用。

有关这些未合并可变利益实体的更多信息，请参阅附注13。

5. 每股收益

截至9月30日的三个月和九个月的基本及稀释每股收益，采用以下普通股数据计算（股数以百万计）：


	截至三个月 9月30日，	截至九个月 9月30日，
	2026	2025	2026	2025
期末已发行普通股股数	397.7	402.9	397.7	402.9
采用加权平均已发行普通股股数的影响	1.2	0.1	3.5	(0.3)
加权平均基本普通股股数	398.9	403.0	401.2	402.6
股权激励薪酬奖励和其他附带发行条件的股份的稀释影响	0.9	1.3	1.0	1.4
加权平均稀释普通股股数	399.8	404.3	402.2	404.0
可能发行的股份	3.8	4.3	3.8	4.3
从稀释普通股股数中排除的反稀释可能发行股份数量	1.2	1.1	1.2	1.3

请参阅简明合并经营报表，了解归属于 Waste Management, Inc. 的净利润。

6. 承诺与或有事项

金融工具 — 我们已取得信用证、保证债券和保险单，并设立信托基金、提供财务担保，以支持免税债券、合同、垃圾填埋场最终覆土、封场及封场后要求的履行、环境修复及其他义务。信用证通常由我们的 35 亿美元循环信贷额度以及为此目的设立的其他信贷额度提供支持。关于这些额度的进一步讨论，请参阅附注 3。保证债券和保险单由以下机构提供支持：(i) 多家第三方保证和保险公司；(ii) 我们持有非控股财务权益的实体；或 (iii) 一家全资保险自保公司，其唯一业务是代表我们签发保证债券和/或保险单。

管理层预计，针对这些工具提出的任何索赔或提款均不会对我们的财务状况、经营业绩或现金流产生重大不利影响。在为当前运营取得所需财务保证工具方面，我们尚未遇到任何无法应对的困难。为降低未来成本上涨和可用容量减少的风险，我们持续评估各种方案，以获取具有成本效益的财务保证来源。

保险 — 我们为资产和运营投保，以防范某些风险，包括一般责任、汽车责任、工伤赔偿、不动产和动产、董事及高管责任、污染法律责任、网络事件责任，以及我们认为本行业惯常的其他保险。我们因保险索赔而承担的损失通常限于相关保单的单次事故免赔额，以及超出承保限额的任何金额。如果保险公司无法及时履行其承诺，我们承担的风险可能增加。

我们承担了健康与福利、一般责任、汽车责任及工伤赔偿索赔计划相关风险的很大一部分。“一般责任”指针对我们提出的、可能由商业一般责任保险单承保的特定第三方索赔中由我们自保的部分。对于自保部分，未付索赔及相关费用（包括已发生但尚未报告的损失）的风险敞口，是根据精算评估或内部估算确定的。如果未来发生的事件或损失发展与此类评估和估算存在重大差异，这些负债的应计金额可能需要修订。我们使用一家全资保险自保公司，为一般责任、汽车责任及工伤赔偿索赔计划中的免赔额提供保险。

我们预计，任何已知的意外事故、财产、环境或其他或有事项均不会对我们的财务状况、经营业绩或现金流产生重大影响。

担保 — 在日常业务过程中，WMI 和 WM Holdings 会就其子公司的运营签订担保协议。此外，WMI 和 WM Holdings 各自为另一实体的全部优先债务提供担保。由于所有相关基础债务均已反映在我们的简明合并资产负债表中，因此未就这些公司间担保另行确认负债。

截至2026年9月30日，我们已就第三方在合并及未合并实体中的义务和某些履约要求提供担保，其中包括：若某些房主房产（位于我们的18座垃圾填埋场旁边或附近）的出售价值与担保市场价值或合同确定价值之间存在差额，则我们将对该差额予以补足。我们还同意，就剥离业务在出售前产生的相关负债向某些第三方买方提供赔偿。我们认为，剩余或有义务不会对公司的业务、财务状况、经营业绩或现金流产生重大不利影响。

环境事项 — 我们相当一部分运营成本和资本支出可归类为环境保护成本。我们的运营性质，尤其是垃圾填埋场的建设、运营和维护，使我们受到一系列环境保护法律法规的约束。根据现行法律法规，我们可能需要对运营造成的环境损害，或收购场地之前已存在的状况所造成的损害承担责任。除州或地方主管部门要求开展的修复活动外，此类责任还包括潜在责任方（“PRP”）调查。相关成本可能包括和解金、某些法律和顾问费用，以及与场地调查和清理直接相关的增量内部和外部成本。

估算我们对修复工作应承担的责任程度本质上十分困难。当我们认定修复责任很可能发生且能够合理估算时，就会确认并计提估计修复负债。确定修复方法及最终成本需要作出多项假设。对于环境影响调查中确定的可能场地修复方案相关成本，有时会存在一系列合理估算。在这种情况下，我们采用该范围内的最佳估计金额。如果范围内没有任何金额明显优于其他金额，我们就采用该范围的低端金额。如果采用此类范围的高端金额（如可估算），我们的潜在负债总额将比截至2026年9月30日简明合并资产负债表中记录的$220 million高出约$18 million。我们的最终责任可能与当前估算存在重大差异。技术、监管或执法方面的进展、环境研究结果、无法识别其他潜在责任方（PRP）、其他PRP无法为此类负债的和解款项作出分担，或其他因素，都可能要求我们额外记录负债。我们会根据相关内部和外部事实及情况持续审查修复负债，这可能导致应计金额发生调整，从而使资产负债表和营业收入上调或下调。任何特定期间内，这些调整都可能是重大的。

截至2026年9月30日，政府已通知我们，我们是环境保护署（“EPA”）超级基金国家优先事项清单（NPL）所列75处地点相关的潜在责任方（PRP）。在对我们提出索赔的75处场地中，有14处归我们所有。我们拥有的每一处NPL场地最初均由他人开发为垃圾填埋处置设施。在这些设施中，我们正与政府合作，对已发现的场地问题进行定性或修复；我们已与其他依法承担责任的各方就修复成本分摊达成安排，或正在努力达成成本分摊协议。我们通常预计在发生修复支出时或前后收到其他参与方应支付的款项。其余61处我们并不拥有的NPL场地，根据经修订的1980年《综合环境响应、赔偿和责任法》（简称CERCLA或超级基金法），目前处于不同的程序阶段。

涉及我们并不拥有的 NPL 场址的大多数诉讼，均基于以下指控：我们的某些子公司（或其前身）曾将危险物质运往这些场址，且往往发生在我们收购这些子公司之前。CERCLA 通常规定，拥有、运营这些场址、向场址运输或在场址处置危险物质的相关方须承担责任。根据 Superfund 提起的诉讼通常涉及众多废物产生者及其他废物运输和处置公司，并要求分摊或追偿场址调查和修复相关费用；这些费用可能相当高昂，并可能对我们的合并财务报表产生重大不利影响。在我们被认定为潜在责任方（PRP）的某些场址，政府已作出决定，且责任方已就各自为实施该补救措施所承担的份额达成协议，因此我们的责任已明确界定。在其他尚未选定补救措施，或责任方无法就适当分摊达成一致的场址，我们未来的成本尚不确定。

2018 年，Waste Management of Texas, Inc. 的子公司 McGinnes Industrial Maintenance Corporation（“MIMC”）与 International Paper Company（“IPC”）均以潜在责任方（PRP）的身份，与 EPA 签订了行政同意令，为德克萨斯州哈里斯县的 San Jacinto River Waste Pits Superfund 场址制定补救设计。我们就 MIMC 预计可能承担的 EPA 拟议补救措施份额及相关费用计提了负债。尽管各 PRP 对拟议补救措施的责任分摊尚未正式确定，MIMC 与 IPC 已达成协议，平均承担这些费用。2024 年 11 月，MIMC 与 IPC 公开发布了一份修订后的完整补救设计提案，EPA 于 2025 年 9 月批准了该提案。EPA 于 2026 年 4 月就该场址清理工作发布了单方行政命令。该命令的发布在预期之内，MIMC 与 IPC 已向 EPA 表示有意遵守，并聘请补救承包商实施拟议补救措施。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，已计提负债约为 $100 million。随着施工推进，MIMC 持续与 EPA 沟通可能导致负债增加，因此 MIMC 的最终责任金额可能与当前估计存在重大差异。

SEC《S-K 条例》第 103 项要求披露某些环境事项：政府机构为诉讼当事方，或已知此类诉讼可能提起；但若我们合理认为该事项不会导致任何金钱制裁，或金钱制裁（不包括利息和费用）低于规定门槛，则无需披露。根据该 SEC 规定，公司将 $1 million 作为判断是否必须披露此类环境诉讼的门槛。以下事项依照该要求披露。我们目前认为，该事项的最终结果不会对公司的业务、财务状况、经营业绩或现金流产生重大不利影响。

2026年4月26日，特拉华州自然资源与环境控制部对Delaware Recyclable Products, Inc.（WMI的间接全资子公司）下达命令，指称其存在某些环境违规行为，涉及垃圾填埋场覆盖和水土流失控制、雨水管理、违禁废弃物管理以及其他许可和运营事项。该命令要求遵守经修订的许可证、采取某些补救措施并支付行政罚款。我们对该命令提出的上诉尚待审理。

我们也会不时因人身伤害和财产损害诉讼（包括声称代表集体提起的诉讼）而被列为被告，诉讼理由是我们曾拥有、运营或将废弃物运至某处处置设施，而该设施被指造成环境污染；在某些情况下，理由则是我们曾在相关场地开展环境修复活动。有些诉讼可能要求我们承担对被指受影响场地进行监测以及为被指受影响人员进行健康检查的费用，而且期限可能很长，即便没有证实实际损害。尽管我们认为对这些诉讼拥有充分的抗辩理由，但最终结果往往存在很大不确定性，原因包括难以确定所称污染的原因、范围和影响（污染可能在很长一段时间内发生），可能陆续出现后续原告群体，个别原告的情况各不相同，以及共同被告或其他第三方可能承担的分摊或赔偿义务等因素。此外，我们经常与土地所有者签订协议，约定在场地关闭或协议终止时，我们须履行某些监管或合同条件。履行这些协议本质上涉及主观判断，可能引发争议，包括诉讼。

诉讼——在正常业务过程中，我们会涉及各种程序、诉讼、争议和索赔。许多此类案件涉及复杂的事实和法律问题，存在不确定性。已经对我们提起以及未来可能对我们提起的诉讼包括人身伤害、财产损害、商业、客户及雇佣相关索赔，其中包括声称代表州级和全国性集体提起的诉讼，涉及：所称环境污染，包括危险物质泄漏和异味；销售和营销做法、客户服务协议以及价格和费用；以及联邦和州工资工时及其他法律。部分案件的原告要求赔偿金额未具体说明的损害，或要求禁令救济，或两者兼有。这些案件处于不同的程序阶段，部分损失由保险承保。目前，我们认为，此类案件的最终结果不会对公司业务、财务状况、经营业绩或现金流产生重大不利影响。

WMI 的章程和细则规定，对于任何因担任或曾担任本公司董事或高管而面临未决或受到威胁的诉讼程序的人士，WMI 应就其所有责任和费用提供赔偿，并应其要求预付费用。此类赔偿必须达到特拉华州法律允许的最大范围。因此，董事或高管必须签署承诺书，承诺如果事后认定其根据特拉华州法律无权获得费用预付，则向本公司偿还任何已预付的费用。此外，本公司还负有直接合同义务，向 WMI 董事会各成员及 WMI 各高管提供赔偿。本公司可能因履行费用预付和赔偿义务而产生巨额费用，这些义务涉及可能针对其前任或现任高管、董事及员工提起的诉讼或程序。

多雇主固定收益养老金计划 — 我们约 15% 的员工受美国、加拿大及欧洲部分地区各地方工会的集体谈判协议覆盖。由于其中一些协议，我们的某些子公司作为雇主参与了若干由受托人管理的多雇主固定收益养老金计划（“多雇主养老金计划”），这些计划覆盖相关员工。在持续重新谈判各项集体谈判协议的过程中，我们可能会讨论并协商完全或部分退出一项或多项多雇主养老金计划。如果受集体谈判协议覆盖的员工投票决定撤销工会继续代表他们的资格，也可能导致完全或部分退出多雇主养老金计划。任何其他导致本公司向多雇主养老金计划缴款减少的情况，无论是由于劳动力随时间自然流失，还是由于业务事项（例如客户合同终止或不续签、工会资格被撤销，或某些业务的搬迁、缩减或停止），也可能触发完全或部分退出一项或多项此类养老金计划。

我们认为，与过去或目前参与我们缴款的多雇主养老金计划或退出这些计划相关的任何未来负债，都不会对我们的业务、财务状况或流动性产生重大不利影响。然而，未来退出计划的负债可能会对特定报告期的经营业绩或现金流产生重大不利影响，具体取决于退出计划的员工人数以及退出时相关多雇主养老金计划的财务状况。

税务事项 — 我们为不确定的税务状况计提负债，管理层认为该余额充足。目前预计，税务机关审计评估的结果不会对我们的财务状况、经营业绩或现金流产生重大不利影响。我们参与美国国税局（IRS）的合规保证程序，这意味着我们全年与 IRS 合作，力求在提交年度纳税申报表之前解决任何重大问题。截至纳税申报表提交日仍未解决的任何问题，均须接受常规审查程序。2022 年第四季度，公司收到一份关于 2017 纳税年度应缴税款的通知，涉及与 IRS 尚未解决的分歧；对此，公司向 IRS 存入约 1.03 亿美元。公司于 2024 年第四季度就全部存款提交了退款申请，并于 2026 年第二季度收到 IRS 退还的约 1,400 万美元部分款项及利息。我们预计将就剩余存款的退款申请遭拒一事提起诉讼。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，分别为 8,900 万美元和 1.03 亿美元的 IRS 存款被列为公司简明合并资产负债表中其他长期资产的组成部分。

7. 分部及相关信息

我们的高级管理层通过五个应报告分部评估、监督和管理业务的财务表现，分别为：(i) 东部区域；(ii) 西部区域；(iii) 回收处理与销售；(iv) 可再生能源；以及 (v) 医疗解决方案。东部和西部区域以及其他未通过区域分部管理、但为我们的收集和处置业务提供支持的辅助服务，共同构成我们的“收集与处置”业务。我们还提供未纳入五个应报告分部管理的其他服务，这些服务列示为公司及其他。

以下列示截至 9 月 30 日的三个月和九个月期间有关我们应报告分部的汇总财务信息（单位：百万）：


	净营业收入		分部间营业收入(a)		营业总收入		营业费用		销售、一般及行政费用		其他净费用(b)	折旧、资源耗竭、摊销及增值		营业收入(c)		资本支出 (d)
截至 9 月 30 日的三个月：
2026
收集与处置：
东部区域	$	2,417			$	674			$	3,091		$	1,905			$	92			$	18	$	305	$	771	$	265
西部区域	2,354			599			2,953			1,826		100			—			261			766	270
其他辅助服务	808			57			865			824		29			—			7			5	12
收集与处置(e)(f)(g)	5,579			1,330			6,909			4,555		221			18			573			1,542	547
回收处理与销售(e)	441			89			530			425		14			—			55			36	44
可再生能源(f)	167			1			168			97		6			—			28			37	43
医疗解决方案(g)	651			101			752			507		109			9			107			20	25
公司及其他(f)	8			7			15			30		312			—			29			(356)	1
合计	$	6,846			$	1,528			$	8,374		$	5,614			$	662			$	27	$	792	$	1,279	$	660

分部间抵销(a)					(1,528)			(1,521)			(7)		—			—			—
净额					$	6,846			$	4,093		$	655			$	27			$	792	$	1,279

												折旧、
	净额		分部间		总额				销售、		其他	资源耗竭、		收入		资本
	营业		营业		Operating		Operating		General and		Net	Amortization		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(b)	and Accretion		Operations(c)		(d)
2025
Collection and Disposal:
East Tier	$	2,336			$	638			$	2,974		$	1,796			$	88			$	46	$	304	$	740	$	348
West Tier	2,228			560			2,788			1,723		88			—			249			728	271
Other Ancillary	757			51			808			773		28			—			7			—	12
Collection and Disposal(e)(f)(g)	5,321			1,249			6,570			4,292		204			46			560			1,468	631
Recycling Processing and Sales(e)	372			98			470			389		16			155			47			(137)	59
Renewable Energy(f)	115			1			116			63		5			11			16			21	114
Healthcare Solutions(g)	628			110			738			511		129			9			110			(21)	42
Corporate and Other(f)	7			7			14			3		316			6			31			(342)	1
Total	$	6,443			$	1,465			$	7,908		$	5,258			$	670			$	227	$	764	$	989	$	847

Intercompany Elimination(a)					(1,465)			(1,460)			(5)		—			—			—
Net					$	6,443			$	3,798		$	665			$	227			$	764	$	989


	Net Operating Revenues		Intercompany Operating Revenues(a)		Gross Operating Revenues		Operating Expenses		Selling, General and Administrative		Other Net Expenses(b)	Depreciation, Depletion, Amortization and Accretion		Income from Operations(c)		Capital Expenditures (d)
Nine Months Ended September 30:
2026
Collection and Disposal:
East Tier	$	7,022			$	1,937			$	8,959		$	5,494			$	273			$	18	$	896	$	2,278	$	746
West Tier	6,795			1,718			8,513			5,244		287			(34)			752			2,264	799
Other Ancillary	2,322			172			2,494			2,377		86			—			21			10	45
Collection and Disposal(e)(f)(g)	16,139			3,827			19,966			13,115		646			(16)			1,669			4,552	1,590
Recycling Processing and Sales(e)	1,212			264			1,476			1,178		43			4			160			91	138
Renewable Energy(f)	483			3			486			261		17			—			76			132	147
Healthcare Solutions(g)	1,903			312			2,215			1,513		357			21			316			8	80
Corporate and Other(f)	20			23			43			84		1,002			12			83			(1,138)	(34)
Total	$	19,757			$	4,429			$	24,186		$	16,151			$	2,065			$	21	$	2,304	$	3,645	$	1,921

Intercompany Elimination(a)					(4,429)			(4,409)			(20)		—			—			—
Net					$	19,757			$	11,742		$	2,045			$	21			$	2,304	$	3,645

												Depreciation,
	Net		Intercompany		Gross				Selling,		Other	Depletion,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net	Amortization		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(b)	and Accretion		Operations(c)		(d)
2025
Collection and Disposal:
East Tier	$	6,768			$	1,826			$	8,594		$	5,284			$	264			$	54	$	862	$	2,130	$	905
West Tier	6,561			1,620			8,181			5,021		257			2			737			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			12,549		610			72			1,619			4,274	1,774
Recycling Processing and Sales(e)	1,137			280			1,417			1,175		45			161			131			(95)	167
Renewable Energy(f)	321			2			323			177		11			11			46			78	351
Healthcare Solutions(g)	1,893			326			2,219			1,507		434			27			316			(65)	122
Corporate and Other(f)	16			23			39			19		965			7			87			(1,039)	(111)
Total	$	18,891			$	4,231			$	23,122		$	15,427			$	2,065			$	278	$	2,199	$	3,153	$	2,303

Intercompany Elimination(a)					(4,231)			(4,214)			(17)		—			—			—
Net					$	18,891			$	11,213		$	2,048			$	278			$	2,199	$	3,153

_________________________________________________________

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

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

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

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

(e)Certain fees related to the processing of recyclable material we collect are included within our Collection and Disposal business. The amounts in income from operations for the three and nine months ended September 30, 2026 are $21 million and $61 million, respectively. The amounts in income from operations for the three and nine months ended September 30, 2025 are $19 million and $59 million, respectively.

(f)Renewable Energy pays a 15% intercompany royalty to our Collection and Disposal business and Corporate and Other for landfill gas. The total amount of royalties in gross and intercompany operating revenues for the East Tier, West Tier, and Corporate and Other and in operating expenses for Renewable Energy for the three and nine months ended September 30, 2026 are $25 million and $73 million, respectively. The total amount of royalties in gross and intercompany operating revenues for the East Tier, West Tier, and Corporate and Other and in operating expenses for Renewable Energy for the three and nine months ended September 30, 2025 are $17 million and $48 million, respectively.

(g)Our Collection and Disposal business records intercompany operating revenue for collection and disposal services provided to Healthcare Solutions. The total amount of intercompany operating revenues reflected in our Collection and Disposal business and in operating expenses for Healthcare Solutions for the three and nine months ended September 30, 2026 are $19 million and $55 million, respectively, and for three and nine months ended September 30, 2025 are $16 million and $36 million, respectively.

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


	September 30, 2026		December 31, 2025
Collection and Disposal:
East Tier	$	16,326			$	16,099
West Tier	12,697			12,245
Other Ancillary	855			801
Collection and Disposal	29,878			29,145
Recycling Processing and Sales	2,836			2,718
Renewable Energy	2,054			1,976
Healthcare Solutions	8,636			9,002
Corporate and Other	3,878			3,888
Elimination of intercompany investments and advances	(763)			(894)
Total assets	$	46,519			$	45,835

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 Operating Revenues		Intercompany Operating Revenues(a)		Gross Operating Revenues
Three Months Ended September 30:
2026
Commercial	$	1,494			$	243		$	1,737
Industrial	843			257			1,100
Residential	926			19			945
Other collection	878			74			952
Total collection	4,141			593			4,734
Landfill	1,018			431			1,449
Transfer	420			306			726
Total Collection and Disposal	5,579			1,330			6,909
Recycling Processing and Sales	441			89			530
Renewable Energy	167			1			168
Healthcare Solutions	651			101			752
Corporate and Other	8			7			15
Total	$	6,846			$	1,528		$	8,374

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
Renewable Energy	115			1			116
Healthcare Solutions	628			110			738
Corporate and Other	7			7			14
Total	$	6,443			$	1,465		$	7,908


	Net Operating Revenues		Intercompany Operating Revenues(a)		Gross Operating Revenues
Nine Months Ended September 30:
2026
Commercial	$	4,408			$	708		$	5,116
Industrial	2,421			724			3,145
Residential	2,725			56			2,781
Other collection	2,521			220			2,741
Total collection	12,075			1,708			13,783
Landfill	2,886			1,242			4,128
Transfer	1,178			877			2,055
Total Collection and Disposal	16,139			3,827			19,966
Recycling Processing and Sales	1,212			264			1,476
Renewable Energy	483			3			486
Healthcare Solutions	1,903			312			2,215
Corporate and Other	20			23			43
Total	$	19,757			$	4,429		$	24,186

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
Renewable Energy	321			2			323
Healthcare Solutions	1,893			326			2,219
Corporate and Other	16			23			39
Total	$	18,891			$	4,231		$	23,122

___________________________________________________________

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.

8. Acquisitions and Divestitures

Acquisitions

During the nine months ended September 30, 2026, we completed solid waste acquisitions for total consideration of $239 million, which included issuance of shares of our common stock valued at $144 million from treasury stock, $89 million in net cash paid and $6 million of other consideration, specifically purchase price holdbacks. In addition, we paid $13 million of holdbacks related to prior year acquisitions.

Total consideration for our 2026 acquisitions was primarily allocated to $28 million of property and equipment, $76 million of other intangible assets, primarily customer relationships, and $140 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 not tax deductible. We remain in the measurement period for our 2026 acquisitions, and adjustments to our preliminary purchase price allocation may occur.

Divestitures

Proceeds from divestitures of businesses and other assets, net of cash divested, were $79 million and $108 million for the nine months ended September 30, 2026 and 2025, respectively. Proceeds in 2026 primarily related to a business divestiture in our West Tier, which resulted in a gain of $34 million recognized in (gain) loss from divestitures, asset impairments and unusual items, net in our Condensed Consolidated Statements of Operations.

9. (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, 2026 primarily relates to an $18 million impairment charge related to the decision to accelerate the closure of a landfill within our East Tier. The nine months ended September 30, 2026 also includes a $34 million gain on a business divestiture in our West Tier, partially offset by immaterial charges related to legal and remediation liabilities.

(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 suspend the operations of a business engaged in plastic film and wrap recycling 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 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 reflected in Other Ancillary within our Collection and Disposal business.

10. 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):


	Derivative Instruments		Available- for-Sale Securities		Foreign Currency Translation Adjustments		Post Retirement Benefit Obligations	Total
Balance, December 31, 2025	$	35			$	29		$	(81)	$	7	$	(10)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(1), $(4), $0 and $0, respectively	(6)			(12)			(63)		—	(81)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $0, $0, $0 and $0, respectively	1			—			—		—	1
Net current period other comprehensive income (loss)	(5)			(12)			(63)		—	(80)
Balance, September 30, 2026	$	30			$	17		$	(144)	$	7	$	(90)

11. Common Stock Repurchase Program

The Company repurchases shares of its common stock as part of capital allocation programs authorized by our Board of Directors. Repurchases during the nine months ended September 30, 2026 were made under the $3.0 billion Board of Directors authorization announced in December 2025.

In July 2026, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $350 million of our common stock. At the beginning of the repurchase period, we delivered $350 million cash and initially received 1.2 million shares based on a stock price of $226.33, exclusive of the applicable 1% excise tax. The ASR agreement was terminated in September 2026, at which time we received 0.4 million additional shares based on a final weighted average price of $217.10, exclusive of the applicable 1% excise tax.

During the three months ended September 30, 2026, we repurchased 1.0 million shares of our common stock in open market transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) for $222 million, inclusive of per-share commissions and taxes, for a weighted average price per share of $231.98. During the nine months ended September 30, 2026, we repurchased 5.5 million shares of our common stock in open market transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act for $1.2 billion, inclusive of per-share commissions and taxes, for a weighted average price per share of $228.61.

As of September 30, 2026, the Company has remaining authorization for $1.4 billion of future share repurchases. Any future share repurchases pursuant to this authorization of our Board of Directors will be made at the discretion of management and will depend on factors similar to those considered by the Board of Directors in making dividend declarations, including our leverage level, net earnings, financial condition and cash required for future business plans, growth and acquisitions.

12. 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, 2026		December 31, 2025
Quoted prices in active markets (Level 1):
Cash equivalents and money market funds	$	61			$	91
Equity securities	91			88
Significant other observable inputs (Level 2):
Available-for-sale securities (a)	631			528
Total assets measured at fair value	$	783			$	707

Significant other observable inputs (Level 2):
Interest rate derivatives	$	42			$	—
Total liabilities measured at fair value	$	42			$	—

________________________________________________________

(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, 2026 and December 31, 2025, the carrying value of our debt was $23.4 billion and $22.9 billion, respectively. The estimated fair value of our debt was approximately $21.7 billion and $22.5 billion as of September 30, 2026 and December 31, 2025, 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, 2026 and December 31, 2025. These amounts have not been revalued since those dates and current estimates of fair value could differ significantly from the amounts presented.

13. 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 direct the activities of these entities. Our aggregate investment balance in these entities was $551 million and $624 million as of September 30, 2026 and December 31, 2025, respectively. The debt balance related to our investments in low-income housing properties was $539 million and $616 million as of September 30, 2026 and December 31, 2025, 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 $131 million and $127 million as of September 30, 2026 and December 31, 2025, 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 $144 million and $140 million as of September 30, 2026 and December 31, 2025, respectively.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements and notes thereto included under Item 1 and our Consolidated Financial Statements and notes thereto and related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025.

This Quarterly Report on Form 10-Q contains certain forward-looking statements that are made subject to the safe harbor protections provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by the words, “will,” “may,” “should,” “continue,” “anticipate,” “believe,” “expect,” “plan,” “forecast,” “project,” “estimate,” “intend,” and words of a similar nature and include estimates or projections of financial and other data; comments on expectations relating to future periods; plans or objectives for the future; and statements of opinions, views or beliefs about current and future events, circumstances or performance. You should view these statements with caution. They are based on the facts and circumstances known to us 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. (“Stericycle”) (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 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 and other risks discussed in our filings with the SEC, including Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. We assume 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.

Overview

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. We own or operate the largest network of landfills throughout the U.S. and Canada. In order to make disposal more practical for larger urban markets, where the distance to landfills is typically farther, we manage transfer stations that consolidate, compact and transport waste efficiently and economically. Our solid waste business is operated and managed locally by our subsidiaries that focus on distinct geographic areas and provide collection, transfer, disposal, recycling and resource recovery services. Through our Renewable Energy segment, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas (“RNG”), which is a significant source of fuel that we allocate to our natural gas fleet. Our Healthcare Solutions segment provides regulated waste and compliance services and secure information destruction services in the U.S., Canada and Western Europe that protect people and brands, promote health and well-being and safeguard the environment. Additionally, through our Recycling Processing and Sales segment, we are a leading recycler in the U.S. and Canada, handling materials that include paper, cardboard, glass, plastic and metal.

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

Strategy

Our fundamental strategy has not changed; we remain dedicated to providing long-term value to our stockholders by successfully executing our core strategy of focused differentiation and continuous improvement. We have enabled a people-first, technology-led focus to drive our mission to maximize resource value, while minimizing environmental impact, and sustainability and environmental stewardship are embedded in all that we do. Our strategy leverages and sustains the strongest asset network in the industry to drive best-in-class customer experience and growth. Our strategic planning processes appropriately consider that the future of our business and the industry can be influenced by changes in economic conditions, the competitive landscape, the regulatory environment, asset and resource availability and technology. We believe that focused differentiation, which is driven by capitalizing on our unique and extensive network of assets, will deliver profitable growth and position us to leverage competitive advantages. Simultaneously, we believe that investing in automation to improve processes and drive operational efficiency combined with a focus on the cost to serve our customers will yield an attractive profit margin and enhanced service quality. We have furthered our strategy of focused differentiation and continuous improvement beyond our traditional waste operations through our sustainability growth strategy, which has positioned us to capitalize on the significant investments made in our Renewable Energy and Recycling Processing and Sales segments, while increasing automation and reducing labor dependency. In addition, our Healthcare Solutions segment provides a complementary business platform in medical waste, a sector with attractive near- and long-term growth dynamics, and in secure information destruction services to further our leading suite of comprehensive waste and environmental solutions. Furthermore, we continue to evaluate and plan to pursue emerging diversion technologies that may generate additional value.

Business Environment

The waste industry is a comparatively mature and stable industry. However, customers increasingly expect more of their waste materials to be recovered and those waste streams are becoming more complex. In addition, many state and local governments mandate diversion, recycling and waste reduction at the source and prohibit the disposal of certain types of waste at landfills. We monitor these developments to adapt our service offerings. As companies, individuals and communities look for ways to be more sustainable, we promote our comprehensive services that go beyond our core business of collecting and disposing of waste in order to meet their needs. This includes expanding traditional recycling services, increasing organics collection and processing, providing medical waste services and expanding our renewable energy projects to meet the evolving needs of our diverse customer base. As North America’s leading provider of comprehensive environmental solutions, we are taking big, bold steps to catalyze positive change – change that will impact our Company as well as the communities we serve. Consistent with our Company’s long-standing commitment to sustainability and environmental stewardship, we have published our 2026 Sustainability Report, providing details on our sustainability-related performance and outlining progress towards our 2030 sustainability goals. The 2026 Sustainability Report conveys the strong linkage between the Company’s sustainability goals and our growth strategy, inclusive of the expansion of the Company’s Recycling Processing and Sales and Renewable Energy segments. The information in this report can be found at sustainability.wm.com but it does not constitute a part of, and is not incorporated by reference into, this Quarterly Report on Form 10-Q.

We encounter intense competition from governmental, quasi-governmental and private service providers based on pricing, and to a much lesser extent, the nature of service offerings, particularly in the residential line of business. Our industry is directly affected by changes in general economic factors, including increases and decreases in consumer spending, business expansions and construction activity. These factors generally correlate to volumes of waste generated and impact our revenue. Negative economic conditions and other macroeconomic trends can and have caused customers to reduce their service needs. Such negative economic conditions, in addition to competitor actions, can impact our strategy to negotiate, renew, or expand service contracts and grow our business. We also encounter competition for acquisitions and growth opportunities. General economic factors and the market for consumer goods, in addition to regulatory developments, can also significantly impact commodity prices for the recyclable materials we sell. Significant components of our operating expenses vary directly as we experience changes in revenue due to volume and inflation. Volume changes can fluctuate significantly by line of business and can impact key financial metrics. We must dynamically manage our cost structure in response to volume changes and cost inflation.

We believe the Company’s industry-leading asset network and strategic focus on investing in our people and our digital platform will give the Company the necessary tools to address the evolving challenges impacting the Company and our industry. In line with our commitment to continuous improvement and a differentiated customer experience, we remain focused on our automation and optimization investments to enhance our operational efficiency and change the way we interact with our customers. Advancements made through these initiatives are intended to seamlessly and digitally connect all enterprise functions required to service customers and provide the best experience. We have made significant progress in executing this technology enablement strategy to automate and optimize certain elements of our service delivery model. The key benefits are reduced labor dependency on certain high-turnover jobs, particularly in customer experience, recycling and residential collection, while further elevating our customer self-service through digitalization and implementation of technologies to enhance the safety, reliability and efficiency within our collection operations.

We sometimes experience variability in earnings and margins from our commodity-driven businesses, specifically within our Recycling Processing and Sales and Renewable Energy segments. During the nine months ended September 30, 2026, market prices for recycled commodities declined when compared to the prior year period. Additionally, we experienced declines in commodity prices from the prior year period that had an unfavorable impact on the Renewable Energy segment. We continue to take proactive steps to adjust our business models to protect against the downside risk of changes in commodity prices.

Variability in economic conditions, including inflation, interest rates, employment trends and supply chain reliability, can create risk and uncertainty in our financial outlook. We take proactive steps to recover and mitigate inflationary cost pressures through our overall pricing efforts and by managing our costs through efficiency, labor productivity and investments in technology to automate certain aspects of our business. We remain committed to putting our people first to ensure that they are well positioned to execute our daily operations diligently and safely. We remain focused on delivering outstanding customer service, managing our variable costs with changing volumes and investing in technology that will enhance our customers’ experience and provide operating efficiencies intended to reduce our cost to serve.

Current Quarter Financial Results

During the third quarter of 2026, we continued to focus on our priorities to advance our strategy – growing the core business by focusing on customer lifetime value; delivering operational excellence and capitalizing on network advantages; capturing and enhancing returns from our investments in our Recycling Processing and Sales and Renewable Energy segments and driving accretive growth as we take our Healthcare Solutions segment from integration to scalable growth. We continue to invest in our people through paying a competitive market wage, investing in our digital platform and providing training for our team members. During the third quarter of 2026, we also allocated $957 million of available cash to our shareholders through dividends and common stock repurchases.

Key elements of our financial results for the third quarter of 2026 include:

•Revenues of $6,846 million, compared to $6,443 million in the prior year period, an increase of $403 million, or 6.3%. The increase is primarily due to (i) higher yield in our Collection and Disposal business; (ii) increases in our energy surcharge due to higher fuel prices; (iii) yield and volume growth in our Recycling Processing and Sales segment and (iv) volume growth in our Renewable Energy segment. These increases are partially offset by lower Collection and Disposal volumes and a reduction in RNG prices;

•Operating expenses of $4,093 million, or 59.8% of revenues, compared to $3,798 million, or 58.9% of revenues, in the prior year period. The $295 million increase is primarily due to (i) higher fuel prices; (ii) increased risk management costs; (iii) annual employee wage increases and higher employee medical costs and (iv) growth in our Renewable Energy segment. These increases were partially offset by (i) the Company’s ability to flex spending with volume changes and (ii) continued operating efficiency and cost control initiatives;

•Selling, general and administrative expenses of $655 million, or 9.6% of revenues, compared to $665 million, or 10.3% of revenues, in the prior year period. The $10 million decrease is primarily due to decreases in labor costs resulting from synergies achieved from our acquisitions, particularly Stericycle. These decreases were partially offset by higher bad debt expenses;

•Income from operations of $1,279 million, or 18.7% of revenues, compared to $989 million, or 15.3% of revenues, in the prior year period. The $290 million increase is primarily due to (i) $197 million of impairment charges incurred in the prior year; (ii) growth in our Collection and Disposal business driven by yield; (iii) contributions from increased volumes in our Recycling Processing and Sales and Renewable Energy segments and (iv) benefits from the realization of synergies in our Healthcare Solutions segment;

•Net income attributable to Waste Management, Inc. of $820 million, or $2.05 per diluted share, compared to $603 million, or $1.49 per diluted share, in the prior year period. The $217 million increase is primarily due to the increase in income from operations, discussed above, partially offset by higher income tax expense;

•Net cash provided by operating activities of $1,640 million compared to $1,592 million in the prior year period. The $48 million increase in net cash provided by operating activities is primarily due to higher earnings and favorable changes in working capital, net of effects from acquisitions and divestitures, partially offset by higher cash taxes;

•Free cash flow of $985 million compared to $821 million in the prior year period. The $164 million increase in free cash flow is primarily due to the increase in net cash provided by operating activities described above as well as a decrease in capital spending driven by (i) lower spend on collection vehicles and (ii) planned reductions in capital investments in our sustainability growth projects due to our transition from peak construction of this portfolio into a period of harvesting returns. Free cash flow is a non-GAAP measure of liquidity. Refer to Free Cash Flow below for our definition of free cash flow, additional information about our use of this measure and a reconciliation to net cash provided by operating activities, which is the most comparable GAAP measure.

Results of Operations

Operating Revenues

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


	Net Operating Revenues		Intercompany Operating Revenues(a)		Gross Operating Revenues
Three Months Ended September 30:
2026
Commercial	$	1,494			$	243		$	1,737
Industrial	843			257			1,100
Residential	926			19			945
Other collection	878			74			952
Total collection	4,141			593			4,734
Landfill	1,018			431			1,449
Transfer	420			306			726
Total Collection and Disposal	5,579			1,330			6,909
Recycling Processing and Sales	441			89			530
Renewable Energy	167			1			168
Healthcare Solutions	651			101			752
Corporate and Other	8			7			15
Total	$	6,846			$	1,528		$	8,374

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
Renewable Energy	115			1			116
Healthcare Solutions	628			110			738
Corporate and Other	7			7			14
Total	$	6,443			$	1,465		$	7,908


	Net Operating Revenues		Intercompany Operating Revenues(a)		Gross Operating Revenues
Nine Months Ended September 30:
2026
Commercial	$	4,408			$	708		$	5,116
Industrial	2,421			724			3,145
Residential	2,725			56			2,781
Other collection	2,521			220			2,741
Total collection	12,075			1,708			13,783
Landfill	2,886			1,242			4,128
Transfer	1,178			877			2,055
Total Collection and Disposal	16,139			3,827			19,966
Recycling Processing and Sales	1,212			264			1,476
Renewable Energy	483			3			486
Healthcare Solutions	1,903			312			2,215
Corporate and Other	20			23			43
Total	$	19,757			$	4,429		$	24,186

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
Renewable Energy	321			2			323
Healthcare Solutions	1,893			326			2,219
Corporate and Other	16			23			39
Total	$	18,891			$	4,231		$	23,122

___________________________________________________________

The following table provides details associated with the period-to-period change in revenues and average yield (dollars in millions):


	Period-to-Period Change for the Three Months Ended September 30, 2026 vs. 2025		Period-to-Period Change for the Nine Months Ended September 30, 2026 vs. 2025
	Amount		As a % of Related Business(a)		Amount		As a % of Total Company(b)		Amount		As a % of Related Business(a)		Amount		As a % of Total Company(b)
Collection and Disposal	$	171			3.4	%						$	533			3.6	%
Recycling Processing and Sales and Renewable Energy (c)	43			8.6							1			—
Energy surcharge and mandated fees	112			42.2							234			30.0
Total average yield					$	326			5.1	%						$	768		4.1	%
Volume (d)					53			0.8							43			0.2
Healthcare Solutions (e)					1			—							(42)			(0.2)
Internal revenue growth					380			5.9							769			4.1
Acquisitions					33			0.6							101			0.5
Divestitures					(5)			(0.1)							(14)			(0.1)
Foreign currency translation					(5)			(0.1)							10			0.1
Total					$	403			6.3	%						$	866		4.6	%

___________________________________________________________

(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.

(c)Includes combined impact of commodity price variability in both our Recycling Processing and Sales and 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, and exclude energy surcharges, attributable to our Healthcare Solutions segment.

The significant items affecting revenues during the three and nine months ended September 30, 2026, as compared to the prior year periods, are summarized below:

Average Yield

Collection and Disposal Average Yield — This measure reflects the effect on our revenues from the pricing activities of our collection, transfer and landfill operations, exclusive of volume changes. Revenue growth from Collection and Disposal average yield includes not only base rate changes and environmental and service fee fluctuations, but also (i) certain average price changes related to the overall mix of services, which are due to the types of services provided; (ii) changes in average price from new and lost business and (iii) price decreases to retain customers.

The details of our revenue growth from Collection and Disposal average yield are as follows (dollars in millions):


	Period-to-Period Change for the Three Months Ended September 30, 2026 vs. 2025		Period-to-Period Change for the Nine Months Ended September 30, 2026 vs. 2025
	Amount		As a % of Related Business		Amount		As a % of Related Business
Commercial	$	64			4.2	%		$	193		4.3	%
Industrial	30			3.1			89			3.2
Residential	46			5.4			150			5.9
Total collection	140			4.0			432			4.2
Landfill	21			2.2			67			2.5
Transfer	10			2.7			34			3.2
Total Collection and Disposal	$	171			3.4	%		$	533		3.6	%

Our overall pricing efforts are focused on keeping pace with the increasing costs and capital intensity of our business. We continue to see yield growth in our landfill business primarily driven by municipal solid waste, which achieved average yield of 4.2% and 5.3% for the three and nine months ended September 30, 2026, respectively.

Recycling Processing and Sales and Renewable Energy — Recycling Processing and Sales revenues attributable to yield increased $51 million and $21 million for the three and nine months ended September 30, 2026, respectively, as compared to the prior year periods. Average market prices for single-stream recycled commodities increased 20% and decreased 7% for the three and nine months ended September 30, 2026, respectively, as compared to the prior year periods. Higher processing fee revenue from our recycling facilities more than offset commodity declines, driving yield growth for the nine months ended September 30, 2026. Revenues attributable to yield in our Renewable Energy segment decreased $8 million and $20 million for the three and nine months ended September 30, 2026, respectively, as compared to the prior year periods, primarily due to lower RNG pricing, partially offset by higher electricity prices. While there may be short-term fluctuations in our commodity-driven businesses as prices change, we believe that our business models and processes appropriately mitigate the downside risk of changes in commodity prices.

Energy Surcharge and Mandated Fees — These fees increased $112 million and $234 million for the three and nine months ended September 30, 2026, respectively, as compared to the prior year periods. The increase in energy surcharge revenues was primarily due to an increase of approximately 50% and 40% in market prices for diesel fuel for the three and nine months ended September 30, 2026, respectively, as compared to the prior year periods.

Volume

Our revenues from volume (excluding volumes from acquisitions and divestitures, as well as Healthcare Solutions) increased $53 million, or 0.8%, and $43 million, or 0.2%, for the three and nine months ended September 30, 2026, respectively, as compared to the prior year periods. Volume increased in both our Recycling Processing and Sales and our Renewable Energy segments primarily due to contributions from recycling automation and growth projects and new renewable natural gas plants. These volume increases were largely offset by declines in our collection business primarily due to our intentional shedding of lower-margin residential business and lower commercial collection volumes. Additionally, during the nine months ended September 30, 2026, special waste volumes declined compared to the prior year period, which benefited from wildfire cleanup activities in the West Tier.

Healthcare Solutions

Revenues from our Healthcare Solutions segment were relatively unchanged for the three months ended September 30, 2026 and decreased $42 million, or 0.2%, for the nine months ended September 30, 2026, as compared to the prior year periods, as contributions from pricing activities were meaningfully offset by declines in volumes.

Acquisitions and Divestitures

Acquisitions and divestitures resulted in a net increase in revenues of $28 million, or 0.5%, and $87 million, or 0.4%, for the three and nine months ended September 30, 2026, respectively, as compared to the prior year periods primarily due to our investments in tuck-in collection and disposal businesses.

Operating Expenses

The following table summarizes the major components of our operating expenses for the three and nine months ended September 30 (in millions of dollars and as a percentage of revenues):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Labor and related benefits	$	1,173			17.1	%		$	1,139		17.7	%	$	3,438	17.4	%	$	3,342	17.7	%
Transfer and disposal costs	378			5.5			357			5.5		1,067		5.4	1,055		5.6
Maintenance and repairs	613			9.0			569			8.8		1,745		8.8	1,698		9.0
Subcontractor costs	690			10.1			657			10.2		1,996		10.1	1,888		10.0
Cost of goods sold	265			3.9			233			3.6		702		3.6	715		3.8
Fuel	173			2.5			132			2.1		486		2.5	392		2.1
Disposal and franchise fees and taxes	217			3.2			211			3.3		623		3.1	607		3.2
Landfill operating costs	118			1.7			103			1.6		338		1.7	298		1.6
Risk management	135			2.0			72			1.1		346		1.7	278		1.4
Other	331			4.8			325			5.0		1,001		5.1	940		5.0
	$	4,093			59.8	%		$	3,798		58.9	%	$	11,742	59.4	%	$	11,213	59.4	%

Our operating expenses for the three and nine months ended September 30, 2026 increased as compared to the prior year periods, primarily due to (i) higher fuel prices; (ii) increased risk management costs; (iii) annual employee wage increases and higher employee medical costs and (iv) growth in our Renewable Energy segment. These increases were partially offset by (i) the Company’s ability to flex spending with lower collection and special waste volumes and (ii) continued operating efficiency and cost control initiatives.

The significant items affecting operating expenses during the three and nine months ended September 30, 2026, as compared to the prior year periods, are summarized below:

Labor and Related Benefits — The increase in labor and related benefits costs was primarily due to annual employee wage increases and an increase in employee medical costs as compared with the prior year periods. These increases were partially offset by (i) lower annual incentive compensation; (ii) the Company’s ability to flex spending with volume changes; (iii) residential collection efficiency improvements and (iv) improved driver retention.

Transfer and Disposal Costs — The increase in transfer and disposal costs for the three and nine months ended September 30, 2026, as compared to the prior year periods, was primarily due to increased disposal fees at third-party sites and higher rates from our third-party haulers due to increases in fuel costs. This increase was partially offset by lower transfer and disposal volumes attributable to harsh winter weather during the first quarter of 2026 and intentional shedding of lower margin residential contracts.

Maintenance and Repairs — The increase in maintenance and repairs costs was primarily due to (i) annual wage increases and increased maintenance technician headcount as the result of an effort to reduce reliance on third-party services; (ii) increased costs for parts, supplies and third-party services driven by inflation and (iii) growth of our Renewable Energy segment. The increase was partially offset by reduced demand for third-party services driven by fleet and operational optimization.

Subcontractor Costs — The increase in subcontractor costs was primarily due to increases in market prices for diesel fuel as previously mentioned.

Cost of Goods Sold — The changes in cost of goods sold were primarily due to fluctuations in average market prices for single-stream recycling commodities discussed above. Additional pipeline transportation costs attributable to new RNG facilities brought online during 2025 and 2026 also increased costs for the three and nine months ended September 30, 2026.

Fuel — The increase in fuel costs was primarily due to the increases in average market prices for diesel fuel previously mentioned. This increase was partially offset by reduced fuel consumption due to declines in collection volumes.

Disposal and Franchise Fees and Taxes — The increase in disposal and franchise fees and taxes was primarily due to an increase in landfill host fees and other fees and taxes paid to municipalities on our disposal volumes and an increase in collection franchise fees in certain markets.

Landfill Operating Costs — The increase in landfill operating costs was primarily due to higher leachate treatment costs in our West and East Tiers.

Risk Management — The increase in risk management costs was primarily due to increased claims costs as compared to the prior year periods and an insurance recovery benefiting the third quarter of 2025 associated with a 2022 transfer station fire.

Other — The increase in other operating costs was primarily due to increased utility costs largely attributable to higher electricity prices and new RNG plants brought online during 2025 and 2026.

Selling, General and Administrative Expenses

The following table summarizes the major components of our selling, general and administrative expenses for the three and nine months ended September 30 (in millions of dollars and as a percentage of revenues):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Labor and related benefits	$	388			5.7	%		$	402		6.2	%	$	1,231	6.2	%	$	1,241	6.6	%
Professional fees	98			1.4			100			1.6		270		1.4	298		1.6
Provision for bad debts	27			0.4			18			0.3		96		0.5	61		0.3
Other	142			2.1			145			2.2		448		2.3	448		2.3
	$	655			9.6	%		$	665		10.3	%	$	2,045	10.4	%	$	2,048	10.8	%

Selling, general and administrative expenses decreased for the three months ended September 30, 2026, as compared to the prior year period, primarily due to decreases in labor costs resulting from synergies achieved from our acquisitions, particularly Stericycle, partially offset by higher bad debt expenses. Selling, general and administrative expenses decreased for the nine months ended September 30, 2026, as compared to the prior year period, primarily due to lower professional fees and continued synergies in labor offset by increases in bad debt expenses and technology costs.

The significant items affecting selling, general and administrative expenses during the three and nine months ended September 30, 2026, as compared to the prior year periods, are summarized below:

Labor and Related Benefits — The decrease in labor and related benefits costs was primarily due to a reduction in workforce as we achieved synergies from our acquisitions, particularly Stericycle, and lower annual incentive compensation costs. These decreases were partially offset by annual employee wage increases and, for the nine months ended September 30, 2026, higher long term incentive compensation.

Professional Fees — The decrease in professional fees was primarily due to higher consulting costs incurred in the prior year periods to support the integration of Stericycle.

Provision for Bad Debts — The increase in provision for bad debts in the three months ended September 30, 2026, as compared to the prior year period, was primarily due to a favorable adjustment related to our Healthcare Solutions segment that reduced the provision for bad debts in the third quarter of 2025. The increase for the nine months ended September 30, 2026, as compared to the prior year period, was primarily driven by increased write-offs of specific accounts within our Collection and Disposal business and an unfavorable adjustment related to specific accounts within our Healthcare Solutions segment in 2026.

Depreciation, Depletion, Amortization and Accretion Expenses

The following table summarizes the components of our depreciation, depletion, amortization and accretion expenses for the three and nine months ended September 30 (in millions of dollars and as a percentage of revenues):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Depreciation of tangible property and equipment	$	424			6.2	%		$	394		6.1	%	$	1,243	6.3	%	$	1,151	6.1	%
Depletion of landfill airspace	230			3.4			227			3.5		652		3.3	630		3.3
Amortization of intangible assets	99			1.4			108			1.7		292		1.5	312		1.7
Interest accretion on landfill and environmental remediation liabilities	39			0.6			35			0.6		117		0.6	106		0.5
	$	792			11.6	%		$	764		11.9	%	$	2,304	11.7	%	$	2,199	11.6	%

The increase in depreciation of tangible property and equipment for the three and nine months ended September 30, 2026, as compared to the prior year periods, was primarily due to investments in capital assets placed in service during 2025 and 2026, particularly within our sustainability businesses. The increase in depletion of landfill airspace for the three and nine months ended September 30, 2026, as compared to the prior year periods, was primarily due to changes in rates from revisions in landfill estimates within our East Tier, partially offset by volume declines in our West Tier. The decrease in amortization of intangible assets for the three and nine months ended September 30, 2026, as compared to the prior year periods, was due to a reduction in amortization associated with our Healthcare Solutions business and the conclusion of amortization related to a prior year acquisition within our East Tier. The increase in interest accretion on landfill and environmental remediation liabilities for the three and nine months ended September 30, 2026, as compared to the prior year periods, was primarily due to revisions in landfill cost estimates.

Restructuring

Restructuring charges for the three and nine months ended September 30, 2026 were not material. Restructuring charges for the three and nine months ended September 30, 2025 were primarily due to employee costs related to integration of our November 2024 acquisition of Stericycle.

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

Income from Operations

The following table summarizes income from operations for our reportable segments for the three and nine months ended September 30 (dollars in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		Period-to-Period Change		2026	2025		Period-to-Period Change
Collection and Disposal:
East Tier	$	771			$	740		$	31			4.2	%		$	2,278			$	2,130		$	148	6.9	%
West Tier	766			728			38		5.2			2,264			2,164			100			4.6
Other Ancillary	5			—			5		*		10			(20)			30			*
Collection and Disposal	1,542			1,468			74		5.0			4,552			4,274			278			6.5
Recycling Processing and Sales	36			(137)			173		126.3			91			(95)			186			195.8
Renewable Energy	37			21			16		76.2			132			78			54			69.2
Healthcare Solutions	20			(21)			41		195.2			8			(65)			73			112.3
Corporate and Other	(356)			(342)			(14)		4.1			(1,138)			(1,039)			(99)			9.5
Total	$	1,279			$	989		$	290			29.3	%		$	3,645			$	3,153		$	492	15.6	%
Percentage of revenues	18.7	%		15.3	%					18.4	%		16.7	%

___________________________________________________________

*Percentage change does not provide a meaningful comparison.

The significant items affecting income from operations for our segments during the three and nine months ended September 30, 2026, as compared to the prior year periods, are summarized below:

Collection and Disposal — Income from operations in our Collection and Disposal business increased primarily due to (i) revenue growth from price increases, which translates into increased yield or average unit price; (ii) actions to improve efficiency and the operating costs incurred to serve our customers and (iii) a $45 million impairment charge in the prior year period compared with an $18 million impairment charge in the current year period, both related to the decision to accelerate the closure of a landfill within our East Tier. These increases were partially offset by higher risk management costs. For the nine months ended September 30, 2026, the increases were further offset by declines in special waste volume in our West Tier, which was favorably impacted by wildfire clean-up activities in the prior year period, and lower volumes caused by harsh winter weather in early 2026.

Recycling Processing and Sales — Our Recycling Processing and Sales segment generated income from operations compared to a loss in the prior year for both the three and nine months ended September 30, 2026. The improvement for the three months ended September 30, 2026 was primarily due to (i) a $152 million impairment charge related to the decision to suspend the operations of a business incurred in the third quarter of 2025 and lower related expenses from the suspension of the business; (ii) increased volumes and reduced costs from the automation of our recycling facilities as well as investments in new facilities and (iii) improved commodity pricing compared to the prior year periods. For the nine months ended September 30, 2026, these increases were partially offset by declines in commodity prices as compared to the prior year period.

Renewable Energy — The increase in income from operations in our Renewable Energy segment was primarily due to higher volumes driven by the completion of projects that increase the beneficial use of landfill gas sold to third parties. This increase was partially offset by a decline in RINs pricing.

Healthcare Solutions — Our Healthcare Solutions segment generated income from operations compared to a loss in the prior year for both the three and nine months ended September 30, 2026. The improvement across both time periods is primarily due to non-recurring integration costs incurred during the prior year periods along with lower costs in the current year from the realization of synergies and contributions from energy surcharges. These increases were partially offset by lower volumes.

Corporate and Other — The loss from operations in Corporate and Other increased in the three months ended September 30, 2026 primarily due to higher risk management expenses, partially offset by lower employee annual incentive compensation. The loss from operations in Corporate and Other increased in the nine months ended September 30, 2026 primarily due to (i) higher technology costs to support our strategic initiatives; (ii) higher risk management expenses; (iii) annual wage increases and (iv) increased employee medical costs. These increases were partially offset by a decrease in consulting fees, due to expenses incurred in the prior year in connection with the Stericycle acquisition.

Interest Expense, Net

Our interest expense, net was $237 million and $695 million for the three and nine months ended September 30, 2026, respectively, compared to $225 million and $689 million for the three and nine months ended September 30, 2025, respectively. Interest expense, net increased due to lower capitalized interest resulting from the completion of the majority of our planned sustainability growth projects by the end of 2025. For the nine months ended September 30, 2026, this increase was partially offset by a decrease in our average debt balance as compared to the prior year period.

Income Tax Expense

Our income tax expense and effective income tax rate was $224 million, or 21.5%, and $630 million, or 21.3%, for the three and nine months ended September 30, 2026, respectively, compared to $172 million, or 22.2%, and $524 million, or 21.0%, for the three and nine months ended September 30, 2025, respectively. See Note 4 to the Condensed Consolidated Financial Statements for more information related to income taxes.

Tax Legislation — The Inflation Reduction Act of 2022 (“IRA”) contains several tax-related provisions, including with respect to (i) alternative fuel tax credits; (ii) tax incentives for investments in renewable energy production, carbon capture and other climate actions and (iii) the overall measurement of corporate income taxes. Given the complexity and uncertainty around the applicability of the legislation to our specific facts and circumstances, we continue to analyze the IRA provisions to identify and quantify potential opportunities and applicable benefits included in the legislation. We secured approximately $60 million of annual pre-tax benefit through the provisions of the IRA related to alternative fuel tax credits (recorded as a reduction in our operating expense) in 2024. The alternative fuel credit expired at the end of 2024 and will not provide any future benefit to the Company without further legislative action. With respect to the Section 48 investment tax credit, we expect our cumulative benefit to be between $400 million and $425 million, $309 million of which was recognized between 2023 and 2025 with the remainder anticipated to be realized in 2026 and 2027. Finally, in February 2026 the Internal Revenue Service issued proposed regulatory guidance clarifying qualification for the Section 45Z clean fuel production tax credit. We expect our cumulative benefit from this clean fuel production tax credit to be as much as $225 million through 2029. This expected benefit is dependent on a number of estimates and assumptions, which we continue to monitor and factor into our credit realization expectations.

Liquidity and Capital Resources

The Company consistently generates cash flow from operations that meets and exceeds our working capital needs, allows for payment of our dividends, investment in the business through capital expenditures and tuck-in acquisitions and funding of strategic sustainability growth investments. We continually monitor our actual and forecasted cash flows, our liquidity and our capital resources, enabling us to plan for our present needs and fund unbudgeted business requirements that may arise during the year. The Company believes that its investment grade credit ratings, diverse investor base, large value of unencumbered assets and modest leverage enable it to obtain adequate financing, and refinance upcoming maturities, as necessary to meet its ongoing capital, operating, strategic and other liquidity requirements. We also have the ability to manage liquidity during periods of significant financial market disruption through temporary modification of our capital expenditure and share repurchase plans.

Summary of Cash and Cash Equivalents, Restricted Funds and Debt Obligations

The following is a summary of our cash and cash equivalents, restricted funds and debt balances (in millions):


	September 30, 2026		December 31, 2025
Cash and cash equivalents	$	247			$	201
Restricted funds and other:
Insurance reserves	$	566			$	472
Final capping, closure, post-closure and environmental remediation funds	144			140
Other	1			10
Total restricted funds and other (a)	$	711			$	622
Debt:
Current portion	$	1,524			$	711
Long-term portion	21,846			22,196
Total debt	$	23,370			$	22,907

___________________________________________________________

(a)As of September 30, 2026 and December 31, 2025, $100 million and $109 million, respectively, of these account balances were included in other current assets in our Condensed Consolidated Balance Sheets.

Debt — As of September 30, 2026, we had approximately $4.4 billion of debt maturing within the next 12 months, including (i) $2.2 billion of tax-exempt bonds with term interest rate periods that expire within the next 12 months, which is prior to their scheduled maturities; (ii) $1.2 billion of short-term borrowings under our commercial paper program (net of related discount on issuance); (iii) $750 million of 4.95% senior notes that mature in July 2027 and (iv) $211 million of other debt with scheduled maturities within the next 12 months. As of September 30, 2026, we have classified $2.9 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. The remaining $1.5 billion of debt maturing in the next 12 months is classified as current obligations.

Guarantor Financial Information

WM Holdings, Inc. (“WM Holdings”) has fully and unconditionally guaranteed all of Waste Management, Inc.’s (“WMI’s”) senior indebtedness. WMI has fully and unconditionally guaranteed all of WM Holdings’ senior indebtedness. None of WMI’s other subsidiaries have guaranteed any of WMI’s or WM Holdings’ debt. In lieu of providing separate financial statements for the subsidiary issuer and guarantor (WMI and WM Holdings), we have presented the accompanying supplemental summarized combined balance sheet and income statement information for WMI and WM Holdings on a combined basis after elimination of intercompany transactions between WMI and WM Holdings and amounts related to investments in any subsidiary that is a non-guarantor (in millions):


	September 30, 2026		December 31, 2025
Balance Sheet Information:
Current assets	$	6			$	44
Noncurrent assets	12			13
Current liabilities	1,271			738
Noncurrent liabilities:
Advances due to affiliates	20,804			18,160
Other noncurrent liabilities	19,282			19,733


	Nine Months Ended September 30, 2026
Income Statement Information:
Revenue	$	—
Operating income	—
Net loss	(489)

Summary of Cash Flow Activity

The following is a summary of our cash flows for the nine months ended September 30 (in millions):


	2026		2025
Net cash provided by operating activities	$	4,867			$	4,345
Net cash used in investing activities	(2,059)			(2,699)
Net cash used in financing activities	(2,766)			(1,830)

Net Cash Provided by Operating Activities — Our operating cash flows increased by $522 million for the nine months ended September 30, 2026, as compared to the prior year period, primarily due to (i) higher earnings, particularly driven by our Collection and Disposal business; (ii) favorable changes in working capital, net of effects from acquisitions and divestitures and (iii) lower annual incentive compensation payments. These increases were partially offset by higher cash taxes.

Net Cash Used in Investing Activities — The most significant items included in our investing cash flows for the nine months ended September 30, 2026 and 2025 are summarized below:

•Capital Expenditures — We used $1,937 million and $2,339 million for capital expenditures during the nine months ended September 30, 2026 and 2025, respectively. The decrease in capital spending is primarily driven by (i) lower spend on collection vehicles and (ii) planned reductions in capital investments in our sustainability growth projects due to our transition from peak construction of this portfolio into a period of harvesting returns.

•Acquisitions — Our cash spending on acquisitions was $102 million and $403 million during the nine months ended September 30, 2026 and 2025, respectively, of which $89 million and $395 million, respectively, are considered cash used in investing activities. The remaining spend is cash used in financing activities related to the timing of contingent consideration paid. These acquisitions are related to our solid waste and recycling businesses.

•Divestitures — Proceeds from divestitures of businesses and other assets, net of cash divested, were $79 million and $108 million for the nine months ended September 30, 2026 and 2025, respectively. Proceeds in 2026 primarily related to a business divestiture in our West Tier. Proceeds in 2025 primarily related to the sale of our Healthcare Solutions segment’s Spain and Portugal subsidiaries.

•Other, Net — The change in other investing activities were primarily driven by changes in our investment portfolio associated with a wholly-owned insurance captive. During the nine months ended September 30, 2026 and 2025, we used $108 million and $75 million, respectively, of cash from restricted cash and cash equivalents to invest in available-for-sale securities.

Net Cash Used in Financing Activities — The most significant items affecting the comparison of our financing cash flows for the nine months ended September 30, 2026 and 2025 are summarized below:

•Debt Borrowings and Repayments — The following summarizes our cash borrowings and repayments of debt for the nine months ended September 30 (in millions):


	2026		2025
Borrowings:
Commercial paper, net of discount	$	18,051			$	14,704
Canadian senior notes	493			—
Tax-exempt bonds	100			252
	$	18,644			$	14,956
Repayments:
Commercial paper	$	(17,920)			$	(15,133)
Senior notes	(238)			(422)
Canadian senior notes	(357)			—
Tax-exempt bonds	—			(110)
Other debt	(153)			(107)
	$	(18,668)			$	(15,772)
Net cash borrowings (repayments)	$	(24)			$	(816)

Refer to No te 3 to the Condensed Consolidated Financial Statements for additional information related to our debt borrowings and repayments.

•Common Stock Repurchase Program — During the nine months ended September 30, 2026, we paid cash of $1,583 million for common stock repurchases. There were no share repurchases made in 2025. See Note 11 to the Condensed Consolidated Financial Statements for additional information about our share repurchase activity.

•Cash Dividends — We paid cash dividends of $1,141 million and $1,001 million during the nine months ended September 30, 2026 and 2025, respectively. The increase in dividend payments is primarily due to our quarterly per share dividend increasing from $0.825 in 2025 to $0.945 in 2026.

Free Cash Flow

We are presenting free cash flow, which is a non-GAAP measure of liquidity, in our disclosures because we use this measure in the evaluation and management of our business. We define 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. We believe it is indicative of our ability to pay our quarterly dividends, repurchase common stock, fund acquisitions and other investments and, in the absence of refinancings, to repay our debt obligations. Free cash flow is not intended to replace net cash provided by operating activities, which is the most comparable GAAP measure. We believe free cash flow gives investors useful insight into how we view our 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 we have committed to, such as declared dividend payments and debt service requirements.

Our calculation of free cash flow and reconciliation to net cash provided by operating activities for the three and nine months ended September 30, 2026 and 2025 is shown in the table below (in millions) and may not be calculated the same as similarly-titled measures presented by other companies:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Net cash provided by operating activities	$	1,640			$	1,592		$	4,867	$	4,345
Capital expenditures to support the business	(602)			(635)			(1,746)		(1,910)
Capital expenditures - sustainability growth investments (a)	(55)			(141)			(191)		(429)
Total capital expenditures	(657)			(776)			(1,937)		(2,339)
Proceeds from divestitures of businesses and other assets, net of cash divested	2			5			79		108
Free cash flow	$	985			$	821		$	3,009	$	2,114

___________________________________________________________

(a)These growth investments are intended to further our sustainability leadership position by increasing recycling volumes and growing renewable natural gas generation. We expect they will deliver circular solutions for our customers and drive environmental value to the communities we serve.

Critical Accounting Estimates and Assumptions

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, as described in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements.

Seasonal Trends

Inflation

Variability in economic conditions, including inflation, interest rates, employment trends and supply chain reliability, can create risk and uncertainty in our financial outlook. We take proactive steps to recover and mitigate inflationary cost pressures through our overall pricing efforts and by managing our costs through efficiency, labor productivity and investments in technology to automate certain aspects of our business. These efforts may not be successful for various reasons including the pace of inflation, operating cost inefficiencies, market responses and contractual limitations, such as the timing lag in our ability to recover increased costs under certain contracts that are tied to a price escalation index with a lookback provision.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Information about market risks as of September 30, 2026 does not materially differ from that discussed under Item 7A in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 4. Controls and Procedures.

Effectiveness of Disclosure Controls and Procedures

Our management, with the participation of our principal executive and financial officers, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) in ensuring that the information required to be disclosed in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, including ensuring that such information is accumulated and communicated to management (including the principal executive and financial officers) as appropriate to allow timely decisions regarding required disclosure. Based on such evaluation, our principal executive and financial officers have concluded that such disclosure controls and procedures were effective as of September 30, 2026 (the end of the period covered by this Quarterly Report on Form 10-Q) at a reasonable assurance level.

Changes in Internal Control over Financial Reporting

Management, together with our CEO and CFO, evaluated the changes in our internal control over financial reporting during the quarter ended September 30, 2026. We determined that there were no changes in our internal control over financial reporting during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.

Item 1. Legal Proceedings.

Information regarding our legal proceedings can be found under the Environmental Matters and Litigation sections of Note 6 to the Condensed Consolidated Financial Statements.

Item 1A. Risk Factors.

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The following table summarizes common stock repurchases made during the third quarter of 2026 (shares in millions):


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Maximum Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
July 1 — 31	1.9	(a)(b)		1.9	$	1.5 billion
August 1 — 31	0.1	$	226.36		0.1		$	1.4 billion
September 1 — 30	0.6	(a)(c)		0.6	$	1.4 billion	(d)
Total	2.6	$	224.00		2.6

________________________________________________________

(a)In July 2026, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $350 million of our common stock. At the beginning of the repurchase period, we delivered $350 million cash and initially received 1.2 million shares based on a stock price of $226.33, exclusive of the applicable 1% excise tax. The ASR agreement was terminated in September 2026, at which time we received 0.4 million additional shares based on a final weighted average price of $217.10, exclusive of the applicable 1% excise tax.

(b)In addition to shares received under the ASR agreement, we repurchased 0.7 million shares of our common stock in July 2026 for an average price of $236.93 per share.

(c)In addition to shares received under the ASR agreement, we repurchased 0.2 million shares of our common stock in September 2026 for an average price of $215.20 per share.

(d)As of September 30, 2026, the Company has authorization for $1.4 billion of future share repurchases. The amount of future share repurchases executed under our Board of Directors’ authorization is determined in management’s discretion, based on various factors, including our leverage level, net earnings, financial condition and cash required for future business plans, growth and acquisitions.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Information concerning mine safety and other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this quarterly report.

Item 5. Other Information.

Securities Trading Plans of Directors and Executive Officers

On September 5, 2026, John J. Morris, Jr., President, adopted a stock trading plan (the “Morris Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Morris Plan will commence on February 1, 2027, and will automatically terminate on the earlier of December 31, 2027 and the completion of all the contemplated transactions set forth therein. The Morris Plan provides for the potential sale of up to 67% of 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, 2026, upon our common stock reaching specified market prices. Mr. Morris received a target grant of 12,164 PSU awards with a performance period ended December 31, 2026; the number of shares to be paid out to Mr. Morris 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 Morris Plan will be determined in the first quarter of 2027 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.

On September 5, 2026, Michael J. Watson, Senior Vice President and Chief Customer Officer, adopted a stock trading plan (the “Watson Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Watson Plan will commence on January 4, 2027, and will automatically terminate on the earlier of December 31, 2027 and the completion of all the contemplated transactions set forth therein. The Watson Plan provides for (i) the potential cashless exercise of up to 8,321 stock options, pursuant to which shares of our common stock will be sold to cover the option exercise price, tax obligations, commission and fees, and the proceeds from the sale of the remaining shares after settlement will be delivered to Mr. Watson and (ii) the potential sale of all net after-tax shares of our common stock received from the payout of PSU equity compensation awards for the performance period ended December 31, 2026. Each of the contemplated transactions will occur upon our common stock reaching specified market prices. Mr. Watson received a target grant of 5,856 PSU awards with a performance period ended December 31, 2026; the number of shares to be paid out to Mr. Watson on account of these PSU awards can range from zero to 200% of the initial target grant. As a result, as described above in connection with the Morris Plan, the number of shares of common stock to potentially be sold pursuant to the Watson Plan will be determined in the first quarter of 2027.

On September 8, 2026, Charles Boettcher, Executive Vice President and Chief Legal Officer, adopted a stock trading plan (the “Boettcher Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Boettcher Plan will commence on December 8, 2026, and will automatically terminate on the earlier of December 31, 2027 and the completion of all the contemplated transactions set forth therein. The Boettcher Plan provides for (i) the potential sale of up to 20,000 shares of our common stock and (ii) the potential cashless exercise of three stock option awards totaling 39,654 stock options, pursuant to which shares of our common stock will be sold to cover the option exercise price, tax obligations, commissions and fees, and proceeds from the sale of the remaining shares after settlement will be delivered to Mr. Boettcher. Each of the contemplated transactions will occur upon our common stock reaching specified market prices.

Item 6. Exhibits.


Exhibit No.		Description





22.1*		Guarantor Subsidiary.

31.1*		Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934 James C. Fish, Jr., Chief Executive Officer.

31.2*		Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934 David L. Reed, Executive Vice President and Chief Financial Officer.

32.1**		Certification Pursuant to 18 U.S.C. §1350 of James C. Fish, Jr., Chief Executive Officer.

32.2**		Certification Pursuant to 18 U.S.C. §1350 of David L. Reed, Executive Vice President and Chief Financial Officer.

95*		Mine Safety Disclosures.

101.INS*		Inline XBRL Instance.

101.SCH*		Inline XBRL Taxonomy Extension Schema.

101.CAL*		Inline XBRL Taxonomy Extension Calculation.

101.LAB*		Inline XBRL Taxonomy Extension Labels.

101.PRE*		Inline XBRL Taxonomy Extension Presentation.

101.DEF*		Inline XBRL Taxonomy Extension Definition.

104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Filed herewith.

** Furnished herewith.

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, thereunto duly authorized.


	WASTE MANAGEMENT, INC.

	By:	/s/ DAVID L. REED
		David L. Reed
		Executive Vice President and Chief Financial Officer (Principal Financial Officer)

	WASTE MANAGEMENT, INC.

	By:	/s/ JOHN CARROLL
		John Carroll
		Vice President and Chief Accounting Officer (Principal Accounting Officer)
Date: October 28, 2026

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