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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

(Mark One)

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-12154

Waste Management, Inc.

(Exact name of registrant as specified in its charter)


Delaware	73-1309529
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

800 Capitol Street Suite 3000
Houston, Texas	77002
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number, including area code:

(713) 512-6200

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, $0.01 par value	WM	New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined by Rule 405 of the Securities Act. Yes ☑ No ◻

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ◻ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ◻

Indicate by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☑		Accelerated filer ◻
Non-accelerated filer ◻		Smaller reporting company ☐
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 30, ~~2024~~2025 was approximately $8592.40 billion. The aggregate market value was computed by using the closing price of the common stock as of that date on the New York Stock Exchange (“NYSE”). (For purposes of calculating this amount only, all directors and executive officers of the registrant have been treated as affiliates.)

The number of shares of Common Stock, $0.01 par value, of the registrant outstanding as of February 145, ~~2025~~2026 was ~~402~~403,~~115~~335,~~439~~781 (excluding treasury shares of ~~228~~226,~~167~~946,~~022~~680).

DOCUMENTS INCORPORATED BY REFERENCE


Document		Incorporated as to
Proxy Statement for the2025 Annual Meeting of Stockholders		Part III
Proxy Statement for the2026 Annual Meeting of Stockholders		Part III

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TABLE OF CONTENTS


		Page
Cautionary Statement on Forward-Looking Statements		3
Risk Factors Summary		3
	PART I
Item 1.	Business	64
Item 1A.	Risk Factors	2523
Item 1B.	Unresolved Staff Comments	4338
Item 1C.	Cybersecurity	4338
Item 2.	Properties	4439
Item 3.	Legal Proceedings	4540
Item 4.	Mine Safety Disclosures	4540
	PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	4541
Item 6.	[Reserved]	4642
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4642
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	7569
Item 8.	Financial Statements and Supplementary Data	7871
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	~~144~~134
Item 9A.	Controls and Procedures	~~144~~134
Item 9B.	Other Information	~~145~~135
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~146~~136
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	~~146~~136
Item 11.	Executive Compensation	~~147~~136
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~147~~136
Item 13.	Certain Relationships and Related Transactions, and Director Independence	~~147~~136
Item 14.	Principal Accounting Fees and Services	~~147~~137
	PART IV
Item 15.	Exhibits	~~147~~137
Item 16.	Form 10-K Summary	~~150~~140

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Cautionary Statement About Forward-Looking Statements

This Annual Report on Form 10-K 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,” “target,” “plan,” “forecast,” “project,” “estimate,” “intend,” “commit,” “potential” and words of a similar nature and generally include statements regarding future results of operations, including revenues, earnings or cash flows; plans and objectives for the future, including share repurchases; projections, estimates or assumptions relating to our operational or financial performance, including anticipated impacts of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act; projections, estimates or assumptions relating to our capital expenditures; or our opinions, views or beliefs about the effects of current or future events, circumstances or performance.

You should view these statements with caution. These statements are not guarantees of future performance, circumstances or events. They are based on facts and circumstances known to us as of the date the statements are made, and you should not place undue reliance on any such forward-looking statements. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or anticipated results. These risks and uncertainties include, but are not limited to, those described in Part I, “Item 1A. Risk Factors” and elsewhere in this Annual Report and may also be described from time to time in our future reports filed with the U.S. Securities and Exchange Commission (“SEC”). We do not undertake any obligation to update forward-looking statements to reflect events, circumstances, changes in expectations or other developments after the date of those statements.

Risk Factors Summary

Our business is subject to numerous risks and uncertainties, including those described in Part I, “Item 1A. Risk Factors” of this Annual Report. These risks include the following:

Strategy and Operational Risks

● If we fail to implement our business strategy, our financial performance and our growth could be materially and adversely affected.

● We may not realize the strategic benefits and cost synergies anticipated from the Stericycle acquisition.

● Our operations must comply with extensive existing regulations, and changes in regulations, including with respect to emerging contaminants, such as PFAS (as defined below), and extended producer responsibility, can restrict or alter our operations, increase our operating costs, increase our tax liabilities, reduce revenues, or require us to make additional capital expenditures.

● Our business is subject to operational and safety risks, including the risk of injury to employees and others.

● We may be unable to obtain or maintain required permits for our operations or expand existing permitted capacity at our landfills, due to land scarcity, public opposition or otherwise, which can require us to identify disposal alternatives, resulting in decreased revenue and increased costs.

● If we are unable to attract, hire or retain key team members and a high-quality workforce, or if our succession planning does not develop an adequate pipeline of future leaders, it could disrupt our business, jeopardize our strategic priorities and result in increased costs, negatively impacting our results of operations.

● Increases in our labor costs as a result of labor unions organizing, changes in regulations related to labor unions or increases in employee minimum wages, could adversely affect our future results.

● The seasonal nature of our business, severe weather events resulting from climate change and event driven projects cause our results to fluctuate, and prior performance may not be indicative of our future results.

● Damage to our reputation and the value of our brand would negatively impact our business.

● We have made significant investments in an extensive natural gas truck fleet, which makes us partially dependent on the availability of natural gas and fueling infrastructure and vulnerable to natural gas prices, and requirements to transition away from our current vehicle fleet to electric powered vehicles could impair our investments and result in cost increases and significant additional capital investment.

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● We may not be able to achieve our sustainability-related goals, including reduction of our greenhouse gas emissions, or execute on our sustainability-related growth strategy and initiatives, within planned timelines or anticipated budget, which could damage our reputation and negatively impact the benefits anticipated from our investments.

● Focus on, and regulation of, sustainability performance and disclosure can result in increased costs, risk of noncompliance, damage to our reputation and related adverse effects.

External Economic and Industry Risks

● Market disruption, including labor shortages, external strikes, and supply chain constraints, and macroeconomic pressures, including inflation, have recently had, and may in the future have, an adverse impact on our business and results of operations.

● The environmental services industry is highly competitive, and if we cannot successfully compete in the marketplace, our business, financial condition and operating results may be materially adversely affected.

● Our revenues, earnings and cash flows fluctuate based on changes in commodity prices and demand and may fluctuate substantially without notice in the future.

● Increasing customer preference for alternatives to landfill disposal and bans on certain types of waste could reduce our landfill volumes and cause our revenues and operating results to decline.

● General economic conditions can directly and adversely affect revenues for our services and our income from operations margins.

● Reduction in volumes of medical waste, controlled substances wastes, and personal and confidential information, and changing conditions in the healthcare industry, could adversely affect our financial results.

● Weakness in the economy may expose us to credit risk of governmental entities and municipalities and other major customers, which could negatively impact our financial results.

● Changes to applicable tax laws and regulation or interpretation thereof or the imposition of new or increased taxes may increase our tax liabilities and could adversely affect our operating results and cash flows.

● Shortages in diesel fuel supply or increases in diesel fuel prices may increase our operating expenses.

● Large-scale disruption of social and commercial activity and financial markets may have a material adverse impact on our business, financial condition, results of operations and cash flows.

Technology and Information Security Risks

● Developments in technology could trigger a fundamental change in our industry, as waste streams are increasingly viewed as a resource, which may adversely impact volumes at our landfills and our profitability.

● If we are not able to develop new service offerings and protect intellectual property or if a competitor develops or obtains exclusive rights to a breakthrough technology, our financial results may suffer.

● We are dependent on technology, and if our technology fails, our business would be adversely affected.

● Inability to adapt to and manage the benefits and risks of artificial intelligence could expose us to liability or put us at a disadvantage.

● Significant cybersecurity incidents may negatively impact our business and our relationships with customers, vendors and employees and expose us to increased liability.

● Increasing regulatory focus on privacy and data protection issues and expanding laws could negatively impact our business, subject us to criticism and expose us to increased liability.

Legal, Regulatory and Compliance Risks

● Our operations are subject to environmental, health and safety laws and regulations, as well as contractual obligations that may result in significant liabilities.

● Our sustainability growth strategy includes significant planned and ongoing investments in our WM Renewable Energy segment; changes to federal and state renewable fuel policies could affect our financial performance, and such investments may not yield the results anticipated.

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● The impact of climate change, and the adoption of climate change legislation or regulations restricting emissions of greenhouse gases, could increase our costs to operate.

● Failure to maintain an effective system of internal control over financial reporting, due to technology issues, difficulties integrating Stericycle’s operations and systems, or otherwise, could adversely affect our ability to provide accurate and timely financial statements, which may harm our business and reputation.

● We could be subject to significant fines and penalties, and our reputation could be adversely affected, if we or third parties with whom we have a relationship fail to comply with U.S. or foreign laws or regulations.

● Currently pending or future litigation or governmental proceedings could result in material adverse consequences, including judgments or settlements.

Financial Risks

● Our capital requirements and our business strategy could increase our expenses, cause us to change our growth and development plans, or result in an inability to maintain our desired credit profile.

● Increases in the costs of obtaining adequate financial assurance, or the inadequacy of our insurance coverages, could negatively impact our liquidity and increase our liabilities.

● We may record material charges against our earnings due to impairments to our assets.

● We could face significant liabilities for withdrawal from multiemployer pension plans.

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PART I

Item 1. Business.

General

Waste Management, Inc. is a holding company and all operations are conducted by its subsidiaries. When the terms “the Company,” “we,” “us” or “our” are used in this document, those terms refer to Waste Management, Inc., together with its consolidated subsidiaries and consolidated variable interest entities. When we use the term “WMI,” we are referring only to Waste Management, Inc., the parent holding company.

WMI was incorporated in Oklahoma in 1987 under the name “USA Waste Services, Inc.” and was reincorporated as a Delaware company in 1995. In a 1998 merger, the Illinois-based waste services company formerly known as Waste Management, Inc. became a wholly-owned subsidiary of WMI and changed its name to Waste Management Holdings, Inc. (“WM Holdings”). At the same time, our parent holding company changed its name from USA Waste Services to Waste Management, Inc. Like WMI, WM Holdings is a holding company and all operations are conducted by subsidiaries.

Our principal executive offices are located at 800 Capitol Street, Suite 3000, Houston, Texas 77002. Our telephone number is (713) 512-6200. Our website address is www.wm.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K are all available, free of charge, on our website as soon as practicable after we file the reports with the SEC. Our stock is traded on the New York Stock Exchange under the symbol “WM.”

We are North America’s leading provider of comprehensive environmental solutions, providing services throughout the United States (“U.S.”) and Canada. We partner with our customers and the communities we serve to manage and reduce waste at each stage from collection to disposal, while recovering valuable resources and creating clean, renewable energy. Our solid waste business is operated and managed locally by our subsidiaries that focus on distinct geographic areas and provide collection, transfer, disposal, recycling and resource recovery services. Through our ~~subsidiaries, including our~~ Waste Management Renewable Energy (“WM Renewable Energy”) segment, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas (“RNG”), which is a significant source of fuel that we allocate to our natural gas fleet. ~~During~~Following our 2024 acquisition of Stericycle, Inc. (“Stericycle”), our Healthcare Solutions segment provides regulated waste and compliance services (“RWCS”) and secure information destruction (“SID”) services in the U.S., Canada and Western Europe that protect people and brands, promote health and well-being and safeguard the environment. Additionally, through our Recycling Processing and Sales segment, we are a leading recycler in the U.S. and Canada, handling materials that include paper, cardboard, glass, plastic and metal. During 2025, our largest customer represented less than 5% of annual revenues.

OnWe ~~November~~own 4,or ~~2024,~~operate we257 ~~completed~~landfill ~~our~~sites, ~~acquisition~~which ofis ~~all~~the ~~outstanding~~largest ~~shares~~network of ~~Stericycle,~~landfills ~~Inc.~~throughout ~~(“Stericycle”),~~ the ~~operations~~U.S. ofand ~~which~~Canada. ~~are~~In ~~presented~~order into ~~this~~make ~~report~~disposal asmore ~~our~~practical ~~new~~for WMlarger ~~Healthcare~~urban ~~Solutions~~markets, ~~segment.~~where ~~The~~the ~~acquisition~~distance ~~expands~~to ~~our~~landfills ~~offerings~~is intypically ~~the~~farther, ~~U.S.~~we ~~and~~manage ~~Canada~~342 ~~and~~transfer ~~adds~~stations, ~~operations~~excluding inthose ~~parts~~acquired offrom ~~Western~~Stericycle, ~~Europe.~~that ~~These~~consolidate, ~~businesses~~compact ~~provide~~and ~~Regulated~~transport ~~Waste~~waste efficiently and ~~Compliance~~economically. ~~Services~~We ~~(“RWCS”)~~also ~~and~~use ~~Secure~~waste ~~Information~~to ~~Destruction~~create ~~(“SID”)~~energy, ~~services~~recovering ~~that~~the ~~protect~~gas ~~people~~produced ~~and~~naturally ~~brands,~~as ~~promote~~waste ~~health~~decomposes ~~and~~in ~~well-being~~landfills and ~~safeguard~~using the ~~environment.~~gas ~~Stericycle~~in ~~operates~~generators ~~out~~to ofmake ~~approximately~~electricity. ~~361~~We ~~leased~~are ~~and~~a ~~owned~~leading ~~facilities~~recycler ~~worldwide~~in ~~with~~the 69U.S. ~~autoclaves~~and orCanada, ~~alternative~~handling ~~medical~~materials ~~waste~~that ~~treatment~~include ~~facilities~~cardboard, ~~18 medical waste incinerator facilities~~paper, ~~107 SID processing facilities~~glass, plastic and ~~167 transfer stations~~metal. ~~Included~~We ~~within~~provide ~~our~~cost-efficient, WMenvironmentally ~~Healthcare~~sound ~~Solutions~~recycling ~~segment~~programs ~~are~~for 35municipalities, ~~locations~~businesses ~~that~~and ~~are~~households ~~classified~~across asthe ~~held~~U.S. ~~for~~and ~~sale~~Canada as ofwell ~~December~~as ~~31,~~other ~~2024.~~services ~~The~~that ~~acquisition~~supplement isour ~~discussed~~solid ~~further~~waste ~~in Note 17 to the Consolidated Financial Statements~~business.

WeOur ~~own~~fundamental orstrategy ~~operate~~has ~~262~~not ~~landfill~~changed; ~~sites,~~we ~~which~~remain isdedicated ~~the~~to ~~largest~~providing ~~network~~long-term ofvalue ~~landfills~~to ~~throughout~~our ~~the~~stockholders ~~U.S.~~by ~~and~~successfully ~~Canada.~~executing Inour ~~order~~core tostrategy ~~make~~of ~~disposal~~focused ~~more~~differentiation ~~practical~~and ~~for~~continuous ~~larger~~improvement. ~~urban~~We ~~markets,~~have ~~where~~enabled ~~the~~a ~~distance~~people-first, totechnology-led ~~landfills~~focus isto ~~typically~~drive ~~farther,~~our wemission ~~manage~~to ~~339 transfer~~maximize ~~stations~~resource value, ~~excluding~~while ~~those~~minimizing ~~acquired~~environmental ~~from Stericycle~~impact, ~~that~~and ~~consolidate,~~sustainability ~~compact~~ and ~~transport~~environmental ~~waste~~stewardship ~~efficiently~~is ~~and~~embedded ~~economically.~~in Weall ~~also~~that ~~use~~we ~~waste~~do. toOur ~~create~~strategy ~~energy,~~leverages ~~recovering~~and sustains the ~~gas~~strongest ~~produced~~asset ~~naturally~~network asin ~~waste~~the ~~decomposes~~industry to drive best-in-class ~~landfills~~customer experience and ~~using~~growth. ~~the~~Our ~~gas~~strategic inplanning ~~generators~~processes toappropriately ~~make~~consider ~~electricity.~~that Wethe ~~are~~future aof ~~leading~~our ~~recycler~~business inand the ~~U.S.~~industry ~~and~~can ~~Canada,~~be ~~handling~~influenced ~~materials~~by ~~that~~changes ~~include~~in ~~cardboard~~economic conditions, ~~paper~~the competitive landscape, ~~glass~~the regulatory environment, ~~plastic~~asset and ~~metal~~resource availability and technology. We ~~provide~~believe ~~cost-efficient~~that focused differentiation, ~~environmentally~~which ~~sound~~is ~~recycling~~driven ~~programs~~by ~~for~~capitalizing ~~municipalities,~~on ~~businesses~~our unique and ~~households~~extensive ~~across~~network ~~the~~of ~~U.S.~~assets, will deliver profitable growth and ~~Canada~~position asus ~~well~~to asleverage ~~other~~competitive ~~services~~advantages. ~~that~~Simultaneously, ~~supplement~~we ~~our~~believe ~~solid~~that ~~waste~~investing ~~business.~~in

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 4

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impact, and sustainability and environmental stewardship is 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 are furthering our strategy of focused differentiation and continuous improvement beyond our traditional waste operations through our sustainability growth strategy that includes significant ~~planned~~ investments in our WM Renewable Energy and Recycling Processing and Sales segments, while increasing automation and reducing labor dependency. In addition, with our acquisition of Stericycle, we have advanced our growth strategy and built upon our sustainability initiatives. The acquisition 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 ~~are~~continue ~~also~~to ~~evaluating~~evaluate and ~~pursuing~~plan to pursue emerging diversion technologies that may generate additional value.

Our Company’s goals are targeted at putting our people first, positioning them to serve and care for our customers, the environment, the communities in which we work and our stockholders. Our brand promise is ALWAYS WORKING FOR A SUSTAINABLE TOMORROW^®. We live this promise through our service offerings and sustainable solutions, our investments in innovation, our people and our commitment to the future. Through our longtime focus on finding sustainable solutions, we continue to evolve beyond being a traditional environmental waste services company. Increasingly, our industry-leading focus on environmental sustainability aligns with demand from our customers who want more of their waste materials recovered. Waste streams are becoming more complex, and our aim is to address current needs, while anticipating the expanding and evolving needs of our customers. We believe we are uniquely equipped to meet the challenges of the changing waste industry and our customers’ waste management needs, both today and tomorrow as we work together to envision and create a more sustainable future.

We believe that execution of our strategy will deliver shareholder value and leadership in a dynamic industry and in any economic environment. In addition, we intend to continue to return value to our stockholders through dividend payments and ~~expect to resume~~ share repurchases ~~once the Company’s leverage returns to targeted levels, which is currently projected to be about 18 months after the November 2024 acquisition of Stericycle~~. In December ~~2024~~2025, we announced that our Board of Directors expects to increase the quarterly dividend from $0.75825 to $0.~~825~~945 per share for dividends declared in ~~2025~~2026, which is a 1014.5% increase from the quarterly dividends we declared in ~~2024~~2025. This is an indication of our ability to generate strong and consistent cash flows and marks the ~~22nd~~23rd consecutive year of dividend increases. All quarterly dividends will be declared at the discretion of our Board of Directors and depend on various factors, including our net earnings, financial condition, cash required for future business plans, growth and acquisitions and other factors the Board of Directors may deem relevant. Additionally, given the substantial progress already made on leverage reduction following the Stericycle acquisition, we resumed share repurchases in February 2026. Our Board of Directors approved up to $3.0 billion in future share repurchases, exclusive of fees, commissions and taxes. This new authorization supersedes and replaces the remaining authority under the prior Board of Directors’ authorization for share repurchases announced in December 2023. Under this new authorization, we currently expect to repurchase approximately $2.0 billion of shares during 2026, while continuing to prioritize a return to our targeted leverage level during the year. 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.

Operations

General

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

Our East Tier primarily consists of geographic areas located in the Eastern U.S., the Great Lakes region and substantially all of Canada. Our West Tier primarily includes geographic areas located in the Western, Southern and Central U.S., including the upper Midwest region, and British Columbia, Canada.

We also provide additional services not managed through our five reportable segments, which are presented as Corporate and Other. For further discussion refer to Note 19 of our Consolidated Financial Statements.

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Collection and Disposal

Services provided through our Collection and Disposal businesses are described below:

Collection. Our commitment to customers begins with a vast waste collection network. Collection involves picking up and transporting waste and recyclable, construction and demolition, and organic materials from where it was generated to a transfer station, recycling facility or disposal site. We generally provide collection services under one of two types of arrangements:

● For commercial and industrial collection services, typically we have three-year service agreements. The fees under the agreements are influenced by factors such as collection frequency, type of collection equipment we furnish, type and volume or weight of the waste collected, distance to the disposal facility, labor costs, fuel costs, truck types, cost of disposal and general market factors. As part of the service, we provide steel containers to most customers to store their solid waste between pick-up dates. Containers vary in size and type according to the needs of our customers and the restrictions of their communities. Many are designed to be lifted mechanically and either emptied into a truck’s compaction hopper or directly ~~into~~delivered to a disposal site. By using these containers, we can service most of our commercial and industrial customers with trucks operated by only one employee.

● For most residential collection services, we have a contract with, or a franchise granted by, a municipality, homeowners’ association or some other regional authority that gives us the exclusive right to service all or a portion of the homes in an area. These contracts or franchises are typically for periods of three to ten years and typically mirror ~~maximum~~ terms as allowed by statutes by state. We also provide services under individual monthly subscriptions directly to households. The fees for residential collection are either paid by the municipality or authority from their tax revenues or service charges, or are paid directly by the residents receiving the service. The Company is generally phasing out traditional manual systems and moving to further automate residential collection services. Benefits of automation include enhanced worker safety, containerization of waste, improved service delivery to the customer and an overall reduction in the cost to provide services.

Landfill. Landfills are the main depositories for solid waste in North America. As of December 31, ~~2024~~2025, we owned or operated ~~257~~253 solid waste landfills and ~~five~~four ~~secure~~ hazardous waste landfills, which represents the largest network of landfills throughout the U.S. and Canada. As of December 31, ~~2024~~2025, we owned or controlled the management of ~~239~~244 sites with remedial activities that are in closure or have received a certification of closure from the applicable regulatory agency. Solid waste landfills are constructed and operated on land with engineering safeguards that limit the possibility of water and air pollution and are operated under procedures prescribed by regulation. A landfill must meet federal, state and/or provincial and local regulations during its design, construction, operation and closure. The operation and closure activities of a solid waste landfill include excavation, construction of liners, continuous spreading and compacting of waste, covering of waste with earth or other acceptable material and constructing final capping of the landfill. These operations are carefully planned to maintain environmentally safe conditions and to maximize the use of the airspace.

All solid waste management companies must have access to a disposal facility, such as a solid waste landfill. The significant capital requirements of developing and operating a landfill serve as a barrier to landfill ownership and, thus, third-party haulers often dispose of waste at our landfills. It is usually preferable for our collection operations to use disposal facilities that we own or operate, a practice we refer to as internalization, rather than using third-party disposal facilities. Internalization generally allows us to realize higher consolidated margins and stronger operating cash flows. The fees charged at disposal facilities, which are referred to as tipping fees, are based on several factors, including our cost to construct, maintain and close the landfill, the distance to an alternative disposal facility, the type and weight or volume of solid waste deposited and competition.

Under environmental laws, the federal government (or states with delegated authority) must issue permits for all hazardous waste landfills. All of our hazardous waste landfills have obtained the required permits, although some can accept only certain types of hazardous waste. These landfills must also comply with specialized operating standards. Only hazardous waste in a stable, solid form, which meets regulatory requirements, can be deposited in our secure disposal cells. In some cases, hazardous waste can be treated before disposal. Generally, these treatments involve the separation or removal of solid materials from liquids and chemical treatments that transform waste into inert materials that are no longer hazardous. Our hazardous waste landfills are sited, constructed and operated in a manner designed to provide long-term

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removal of solid materials from liquids and chemical treatments that transform waste into inert materials that are no longer hazardous. Our hazardous waste landfills are sited, constructed and operated in a manner designed to provide long-term containment of waste. We also operate a hazardous waste facility at which we isolate treated hazardous waste in liquid form by injection into deep wells that have been drilled in certain acceptable geologic formations far below the base of fresh water to a point that is safely separated by other substantial geological confining layers.

Included within our Collection and Disposal businesses are landfills having (i) 2019 third-party power generating facilities converting our landfill gas to fuel electricity generators; (ii) 1617 third-party ~~renewable natural gas (“~~RNG”) facilities processing landfill gas to be sold to natural gas suppliers and (iii) ~~six~~nine third-party projects delivering our landfill gas by pipeline to industrial customers as a direct substitute for fossil fuels in industrial processes. In return for providing our landfill gas, we receive royalties from each facility, including the benefit of a 15% royalty from our WM Renewable Energy segment based on net operating revenue generated through the sale of RNG, renewable identification numbers (“RINs”), electricity and capacity, Renewable Energy Credits (“RECs”) and related environmental attributes from the 8486 landfill beneficial use renewable energy projects owned by WM Renewable Energy on our active landfills, which is eliminated in consolidation.

Transfer. As of December 31, ~~2024~~2025, we owned or operated ~~339~~342 transfer stations in the U.S. and Canada. We deposit waste at these stations, as do other waste haulers. The solid waste is then consolidated and compacted to reduce the volume and increase the density of the waste and transported by transfer trucks, rail or bybarge ~~rail~~ to disposal sites.

Access to transfer stations is critical to haulers who collect waste in areas not in close proximity to disposal facilities. Fees charged to third parties at transfer stations are usually based on the type and volume or weight of the waste deposited at the transfer station, the distance to the disposal site, market rates for disposal costs and other general market factors.

The utilization of our transfer stations by our own collection operations improves internalization by allowing us to retain fees that we would otherwise pay to third parties for the disposal of the waste we collect. It enables us to manage costs associated with waste disposal because (i) transfer trucks, railcars, rail containers or ~~rail~~barge containers have larger capacities than collection trucks, allowing us to deliver more waste to the disposal facility in each trip; (ii) waste is accumulated and compacted at transfer stations that are strategically located to increase the efficiency of our network of operations and (iii) we can retain the volume by managing the transfer of the waste to one of our own disposal sites.

The transfer stations that we operate but do not own generally are operated through lease agreements under which we lease property from third parties. There are some instances where transfer stations are operated under contract, generally for municipalities. In most cases, we own the permits and will be responsible for any regulatory requirements relating to the operation and closure of the transfer station.

Other. Other businesses providing collection and disposal services include the following:

Strategic Business Solutions (“WMSBS”) — Although many waste management services such as collection and disposal are local services, our WMSBS business works with customers whose locations span the U.S. and Canada. Our strategic accounts program provides these customers with streamlined service, enhanced reporting, measurement tools aimed at meeting sustainability objectives and centralized billing and management of accounts.

Sustainability and Environmental Solutions (“SES”) — Our SES business collaborates with our geographic areas and national accounts sales team to offer our customers end-to-end solutions that help businesses achieve their sustainability, recycling and waste diversion goals while meeting industry-specific compliance requirements and rising environmental demands. These solutions include (i) Sustainability Services, where our employees provide full-service waste management solutions and advisory services, working full-time onsite at our customers’ facilities or through remote-managed programs (this service is managed through our SES business but reflected principally in our collection line of business); (ii) remediation and construction services; (iii) management and marketing of fly ash, which is residue generated from the combustion of coal to generate electricity; and (iv) industrial waste services, which uses thermal and mechanical separation technologies to minimize waste volumes and recover commodities at the point of generation. The breadth of these service offerings, combined with our large and expanding network of technology-enabled infrastructure in recycling, organics and renewable energy give us the ability to help customers reduce the amount of waste they generate, identify recycling opportunities and determine efficient and environmentally friendly means for waste collection and disposal. Through these services, we aim to help customers increase circularity and accelerate their decarbonization goals.

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opportunities and determine efficient and environmentally friendly means for waste collection and disposal. Through these services, we aim to help customers increase circularity and accelerate their decarbonization goals.

Recycling Processing and Sales

Recycling involves the separation of reusable materials from the waste stream for processing and resale or other disposition. We are North America’s leading recycler of post-consumer materials. We not only collect materials from households and businesses across the U.S. and Canada, we also process and sell them to manufacturers to be recycled and sold generally within the North American market. Demand for recycled materials is generally growing. Several states have ~~recently~~ passed minimum-recycled-content mandates, and ~~many~~ companies are responding to requirements for recycled content from their own customers and to meet sustainability targets. We are helping expand the availability of recycled materials by investing in infrastructure, increasing access to recycling services and educating customers through our Recycle Right® program.

Our recycling operations provide communities and businesses with an alternative to traditional landfill disposal and support our strategic goals to extract more value from the materials we manage. We were the first major solid waste company to focus on residential single-stream recycling, which allows customers to mix clean bottles, cans, paper, cups, tubs and cardboard in one bin. Residential single-stream programs have greatly increased recycling volumes. Single-stream recycling is possible through the use of various mechanized screens and optical sorting technologies. In addition to advancing our single stream recycling programs for commercial applications, we continue to invest in recycling technologies and businesses designed to offer services and solutions to support and grow our current operations. We are investing in enhanced recycling facility technology at new and existing facilities to benefit labor productivity, support increased recycling capacity and allow for dynamic adjustments to respond to evolving end-market demands. In ~~2023~~2025 and 2024, we opened eight and three new recycling facilities, respectively, within the U.S. and Canada equipped with advanced recycling technology. We continue to invest in recycling facility automation and new markets across the U.S. and Canada. Our Recycling Processing and Sales segment includes the following:

Materials processing — Through our collection operations and third-party customer base, we collect recyclable materials from residential, commercial and industrial customers and direct these materials to one of our recycling facilities for processing. As of December 31, ~~2024~~2025, we operated ~~105~~113 recycling facilities, of which 4551 are single stream, where cardboard, paper, glass, metals, plastics, construction and demolition materials and other recycling commodities are recovered for resale or redirected for other purposes.

Recycling commodities — We market and resell recycling commodities globally. We manage the marketing of recycling commodities that are processed in our facilities by continuously analyzing market prices, logistics, market demands and product quality through our dedicated recycling service centers and account managers.

Recycling brokerage services — We also provide recycling brokerage services, which involve managing the marketing of recyclable materials for third parties. Our experience in managing recycling commodities for our own operations gives us the expertise needed to effectively manage volumes for third parties. Utilizing the resources and capabilities of our recycling service centers and account managers, we can assist customers in marketing and selling their recycling commodities with minimal capital requirements.

Organics processing and sales — We collect recyclable food and yard waste from commercial, residential, and industrial customers, and process these materials through a network of mulching, composting, CORe®, and anaerobic digestion facilities. As of December 31, ~~2024~~2025, we operated 49 organics recycling facilities and also partner with third-party processors. Our network of facilities utilizes, markets and sells products including mulch, compost, soil amendments, and renewable energy.

The recyclable materials processed in our recycling facilities are received from various sources, including third parties and our own operations. In recent years, we have been focused on reducing dependency on market prices for recycled commodities by recovering our processing costs first. In our materials processing business, we have been transitioning our customer base over time from the traditional rebate model, where we paid suppliers for the inbound material, to a fee-for-service model that ensures the cost of processing the recyclable materials is covered along with an acceptable margin. With our current fee-for-service model, the pricing for these recyclable materials can either be a charge or “tip fee” when commodity pricing does not cover our cost to process the recyclable materials or a “rebate” when commodity pricing is higher than our processing costs and we are able to share this benefit with the customers generating recyclable

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margin. With our current fee-for-service model, the pricing for these recyclable materials can either be a charge or “tip fee” when commodity pricing does not cover our cost to process the recyclable materials or a “rebate” when commodity pricing is higher than our processing costs and we are able to share this benefit with the customers generating recyclable materials. In some cases, our pricing is based on fixed contractual rates or on defined minimum per-ton rates. Generally, this pricing also considers the price we receive for sales of processed goods, market conditions and transportation costs. As a result, changes in commodity prices for recycled materials also significantly affect the pricing to our suppliers. Depending on the key terms of the arrangement, these “rebates” are recorded as either operating expenses or a reduction in operating revenues within our Consolidated Statements of Operations. If the key terms result in a charge to the customer, the associated “tip fees” would be recorded as operating revenues within our Consolidated Statements of Operations.

WM Renewable Energy

We develop, operate and promote projects for the beneficial use of landfill gas through our WM Renewable Energy segment. Landfill gas is produced naturally as waste decomposes in a landfill. The methane component of the landfill gas is a readily available, renewable energy source that can be gathered and used beneficially as an alternative to fossil fuel. The U.S. Environmental Protection Agency (“EPA”) endorses landfill gas as a renewable energy resource, in the same category as wind, solar and geothermal resources. As of December 31, ~~2024~~2025, we had ~~102~~103 landfill gas beneficial use projects producing commercial quantities of methane gas at owned or operated landfills. For 6562 of these projects, the processed gas is used to fuel electricity generators. The electricity is then sold to public utilities, municipal utilities or power cooperatives. For 2324 of these projects, the gas is used at the landfill or delivered by pipeline to industrial customers as a direct substitute for fossil fuels in industrial processes. For 1117 of these projects, the landfill gas is processed to pipeline quality RNG and then sold to natural gas suppliers. Additionally, three of these projects are on third-party landfills. The revenues from ~~these~~both WM owned and third-party owned facilities are primarily generated through (i) the sale of ~~RNG,~~captured and converted landfill methane gas; (ii) the sale of RINs, ~~electricity~~under ~~and~~the ~~capacity,~~Renewable ~~heat~~Fuel Standard (“RFS”) program implemented by the EPA; (iii) sale of Low Carbon Fuel credits designed to stimulate the use of low-carbon fuels and~~/or~~ ~~steam,~~(iv) ~~RECs~~the sale of energy (electricity and ~~related~~capacity) ~~environmental~~and ~~attributes~~associated RECs. WM Renewable Energy is charged a 15% royalty on net operating revenue from these facilities residing on our active and closed landfills from our Collection and Disposal and Corporate and Other businesses, which is eliminated in consolidation. Additionally, WM Renewable Energy operates and maintains ~~seven~~six third-party landfill beneficial gas use projects in return for service revenue. Our Collection and Disposal and Corporate and Other businesses benefit from these projects as well as 5254 additional third-party landfill beneficial gas use projects in the form of royalties.

WM Renewable Energy converts landfill gas into several sources of renewable energy, which include RNG, electricity ~~and capacity~~, heat and~~/or~~ steam. WM Renewable Energy also generates RINs under the ~~Renewable Fuel Standard (“~~RFS”) program, other credits under a variety of state programs associated with the use of RNG in our compressed natural gas fleet, and RECs associated with the production of electricity. Additionally, we generate and sell credits in Canadian and European markets through the Clean Fuels Regulations and the International Sustainability and Carbon Certification System, respectively. The RINs, RECs and other credits are sold to counterparties who are obligated under ~~the~~various regulatory programs and have a responsibility to procure RINs, RECs and other credits ~~proportionate~~in order to offset their fossil fuel production and imports. ~~RINs and RECs prices generally respond to regulations enacted by the EPA or other regulatory bodies, as well as fluctuations in supply and demand.~~

WM Healthcare Solutions

Our WM Healthcare Solutions segment, through our subsidiary Stericycle, is primarily a business-to-business company providing RWCS and SID services that protect people and brands, promote health and well-being and safeguard the environment. WM Healthcare Solutions serves customers in the U.S., Canada and Western Europe with solutions to safely manage materials that could otherwise spread disease, contaminate the environment, or compromise one’s identity. Services provided through our WM Healthcare Solutions segment includes the following:

Regulated Waste and Compliance Services

WM Healthcare Solutions includes compliance programs and collection, processing, and disposal of regulated and specialized waste, including medical, pharmaceutical and hazardous waste. RWCS are provided to customers in the U.S., Canada, Ireland and the United Kingdom (“U.K.”).

Regulated waste can be defined as any material subject to government-imposed guidelines for handling the material for transportation or disposal. Examples include medical waste, pathological waste, sharps and pharmaceutical waste.9

Collection and Transportation — The collection process for regulated waste streams begins at the customer location with waste segregation. To assure regulatory compliance, we educate our customers and will not accept material from

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~~customers~~Regulated ~~unless~~waste itcan ~~complies~~be ~~with~~defined ~~our~~as ~~waste~~any ~~acceptance~~material ~~protocols~~subject ~~and~~to isgovernment-imposed ~~properly~~guidelines ~~stored~~for orhandling ~~packaged~~the inmaterial ~~containers~~for ~~that~~transportation weor ~~have~~disposal. ~~either~~Examples ~~supplied~~include ormedical ~~approved~~waste, ~~and~~pathological iswaste, ~~appropriately~~sharps ~~labeled~~and pharmaceutical waste.

~~Our~~Collection ~~team~~and ~~members~~Transportation ~~then~~— ~~collect~~The ~~containers~~collection process for regulated waste streams begins at the customer location ~~via~~with ~~our~~waste ~~fleet of vehicles~~segregation. ~~The~~To ~~majority~~assure ofregulatory ~~collected~~compliance, ~~waste~~we iseducate ~~then~~our ~~transported~~customers ~~directly~~and towill ~~one~~not ofaccept ~~our~~material ~~processing~~from ~~facilities~~customers orunless toit ~~one~~complies ofwith our WMwaste ~~Healthcare~~acceptance ~~Solutions~~protocols ~~transfer~~and ~~stations~~is ~~where~~properly ~~waste~~stored isor ~~aggregated~~packaged ~~until~~in itcontainers isthat ~~transported~~we tohave aeither ~~processing~~supplied ~~facility~~or approved and is appropriately labeled.

Our team members then collect containers at the customer location via our fleet of vehicles. The majority of collected waste is then transported directly to one of our processing facilities or to one of our Healthcare Solutions transfer stations where waste is aggregated until it is transported to a processing facility.

Processing and Disposal of Regulated Waste — Upon arrival at a processing facility, containers or boxes of regulated waste undergo a quality control process to verify that they do not contain any unacceptable substances. Any container or box that is discovered to contain unacceptable waste goes through a corrective action process which could include redirecting the waste, returning the waste to the customer and/or notifying the appropriate regulatory authorities. From there, regulated waste is processed using one of several treatments or processing technologies, predominantly at one of our facilities:

● Autoclaving — Autoclaving is the primary method of regulated waste treatment. This process relies on steam at high temperature and pressure to kill pathogens and render materials non-infectious. As of December 31, 2025, we operated 42 autoclave facilities in the U.S. and Canada.

● Alternative Technologies — We use several different non-incineration alternatives to autoclaves, predominantly outside of the U.S. The processes used by these technologies are similar to autoclaving, as the regulated waste is heated to a specified temperature for a required time to kill the pathogens and render materials non-infectious. Depending on local requirements, the waste may be shredded before or after treatment to render it unrecognizable. As of December 31, 2025, we operated 9 alternative medical waste treatment facilities in the U.S., Ireland and the U.K.

● Incineration — While we strive to use alternative, non-incineration methods for treating medical waste, incineration remains a regulatory requirement and/or a best practice in certain geographies or for certain types of medical waste that need to be chemically destroyed. Incineration burns regulated waste at elevated temperatures and reduces it to ash. Incineration reduces the volume of waste, and it is the recommended treatment and disposal option for some types of regulated waste such as anatomical waste, residues from chemotherapy procedures and non-hazardous pharmaceutical waste. Air emissions from incinerators can contain certain byproducts that are subject to federal, state and in some cases, local regulation. In some circumstances, the ash byproduct of incineration may be regulated. As of December 31, 2025, we operated 17 medical waste incinerator facilities in the U.S., Canada and the U.K.

Upon completion of the treatment process, the resulting waste or incinerator ash is transported for disposal in a landfill owned by ~~unaffiliated~~the ~~third~~Company ~~parties~~ or bya ~~the~~third ~~Company~~party. Additionally, in several of our incineration facilities, primarily in the U.K., we use different types of waste-to-energy solutions as part of our processes.

Secure Information Destruction

WM Healthcare Solutions also provides for the collection of personal and confidential information for secure destruction and recycling of sorted office paper. SID services are provided to customers in the U.S., Belgium, Canada, France, Germany, Ireland, Luxembourg, the Netherlands and the U.K.

We leverage a combination of off-site and on-site document destruction methods for one-time and recurring paper shredding. As of December 31, 2025, we operated 99 secure information destruction facilities in the U.S., Canada and Western Europe. Our service offerings leverage cross-cut shredding technology to enhance the security level of destruction and can provide secure chain-of-custody and proof of service. Shredded paper is then sold as sorted office paper.

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Corporate and Other

We also provide additional services that are not managed through our operating segments, which are presented in this report as Corporate and Other as they do not meet the criteria to be aggregated with other operating segments and do not meet the quantitative criteria to be separately reported. This includes the activities of our corporate office, including costs associated with our long-term incentive program, expanded service offerings and solutions (such as our investments in businesses and technologies that are designed to offer services and solutions ancillary or supplementary to our current operations) as well as our closed sites.

12Included within our Corporate and Other businesses’ closed sites are (i) five third-party power generating facilities converting our landfill gas to fuel electricity generators; (ii) two third-party projects delivering our landfill gas by pipeline to industrial customers as a direct substitute for fossil fuels in industrial processes and (iii) two third-party RNG facilities processing landfill gas to be sold to natural gas suppliers in return for a royalty. Additionally, Corporate and Other benefits from a 15% royalty from our Renewable Energy segment based on net operating revenue generated through the sale of RNG, RINs, electricity and capacity, RECs and related environmental attributes from the 17 landfill beneficial use renewable energy projects owned by Renewable Energy on our closed sites, which is eliminated in consolidation.

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Included within our Corporate and Other businesses’ closed sites are (i) six third-party power generating facilities converting our landfill gas to fuel electricity generators; (ii) two third-party projects delivering our landfill gas by pipeline to industrial customers as a direct substitute for fossil fuels in industrial processes and (iii) two third-party RNG facilities processing landfill gas to be sold to natural gas suppliers in return for a royalty. Additionally, Corporate and Other benefits from a 15% royalty from our WM Renewable Energy segment based on net operating revenue generated through the sale of RNG, RINs, electricity and capacity, RECs and related environmental attributes from the 15 landfill beneficial use renewable energy projects owned by WM Renewable Energy on our closed sites, which is eliminated in consolidation.

We continue to invest in businesses and technologies that are designed to offer services and solutions ancillary or supplementary to our current operations. While most of these investments are in the form of minority equity stakes, they can also include joint ventures, joint development agreements or majority equity stakes. The solutions and services include (i) waste collection, processing and recycling; (ii) the development, operation and marketing of waste processing facilities and technologies; (iii) operation of RNG plants and (iv) the development and operation of organic recycling technologies. Furthermore, we continually scout, evaluate and run proof-of-concepts of innovative technologies within our core operations to improve safety, operational efficiencies and customer solutions.

Competition

We encounter intense competition from governmental, quasi-governmental and private sources in all aspects of our operations. We principally compete with large national waste management companies, counties and municipalities that maintain their own waste collection and disposal operations and regional and local companies of varying sizes and financial resources. The industry also includes companies that specialize in certain discrete areas of waste management, operators of alternative disposal facilities, companies that seek to use parts of the waste stream as feedstock for renewable energy and other by-products and waste brokers that rely upon haulers in local markets to address customer needs.

Operating costs, disposal costs and collection fees vary widely throughout the geographic areas in which we operate. The prices that we charge are determined locally, and typically vary by volume and weight, type of waste collected, treatment requirements, risk of handling or disposal, frequency of collections, distance to final disposal sites, the availability of airspace within the geographic region, labor costs and amount and type of equipment furnished to the customer. We face intense competition based on pricing and quality of service. We also compete for business based on breadth of service offerings. As companies, individuals and communities look for ways to be more sustainable, we are promoting our comprehensive services that go beyond our core business of collecting and disposing of waste in order to meet their needs.

Seasonal Trends

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. While weather-related and other event-driven special projects can boost revenues through additional work for a limited time, due to significant start-up costs and other factors, such revenue can generate earnings at comparatively lower margins.11

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Human Capital Resources

Employees

As of December 31, ~~2024~~2025, we had approximately 6160,~~700~~500 full-time employees across the U.S., Canada, Western Europe, and India. Approximately 5453,~~300~~600 employees were located within the U.S. and 76,~~400~~900 employees were located outside of the U.S. Approximately 8,400 employees were employed in administrative and sales positions with the remainder in operations. Approximately 9,~~900~~200 of our employees are covered by collective bargaining agreements. Additional information about our workforce can be found in our ~~2024~~2025 Sustainability Report at sustainability.wm.com~~, which was issued prior to our acquisition of Stericycle and does not incorporate any aspects of the acquired operations~~. Our ~~2024~~2025 Sustainability Report does not constitute a part of, and is not incorporated by reference into, this report or any other report we file with (or furnish to) the SEC, whether made before or after the date of this Annual Report on Form 10-K.

People First Commitment

Our People First commitment means knowing that the daily contributions of our team members are what enable us to play a vital role in the communities we serve. Our success depends upon effective leadership, the contributions of each employee and our ability to give them the tools they need to safely execute their roles as well as to develop and excel in their careers. As our industry and workforce evolve, we are focused on our imperatives of keeping our employees safe, being an inclusive employer at all levels of our Company, managing employee turnover, increasing retention, succession planning and development, and supporting employee experience, ongoing cultural integration and knowledge transfer. We regularly focus on these objectives when managing our business.

We strive to be a workplace of choice through competitive pay, comprehensive benefits for long-term financial and personal health and opportunities for growth across our ranks. "We Are WM" is our Employer Value Proposition, grounded in our People First commitment and shared through a framework that enables us to demonstrate that we are (i) investing in our teams by providing comprehensive benefits; (ii) committed to the growth of our team by providing state-of-the-art trainings and our education benefit, Your Tomorrow, as further discussed under Compensation and Benefits; (iii) performing essential and meaningful work and (iv) working for a sustainable tomorrow by leaving the world a better place than we found it. Being an employer of choice is critical to our efforts to attract and retain a high-quality workforce, while motivating us to sharpen our focus on our values that help us empower and develop good employees. By promoting from within and offering training and experiential opportunities, we help employees maximize their effectiveness and grow in their careers.

Safety as a Core Value

At the Company, safety is a core value, with no compromise. A large number of our employee population work as drivers, heavy equipment operators, technicians and sorters, which are essential jobs that carry inherent risks. For nearly 20 years, we have engaged employees on safety to continually improve our culture and performance. As part of those efforts, in 2023 we developed and implemented a new safety vision for WM, which seeks to ensure that our employees make health and safety the foundation of their work, guiding each step they take. Our safety commitment is to value every voice, protect our communities, and work to enable everyone to get home safe, every day. Employees learn safety best practices through new-hire training, onboarding programs and ongoing training. To build upon lessons learned in training, we conduct structured observations of frontline employees that cover all aspects of our collection and post-collection operations, including driving, loading, unloading, lifting and lowering and arriving prepared for work. In ~~2023~~2022, the Company announced a safety goal focused on reduction of our Total Recordable Incident Rate (“TRIR”) ~~by 3% annually~~, targeting ~~TRIR of~~ 2.0 annually by 2030., ~~TRIR~~and ~~measures~~continued ~~the~~focus ~~number~~on prevention of serious injuries. ~~occurring~~TRIR ~~per~~measures ~~100~~the ~~employees per year (~~number of OSHA recordable injuries occurring per 200,000 hours). Our TRIR as of December 31, ~~2024~~2025 was 3.2314, approximately a 3% improvement from 2024. While our overall results in ~~2024~~2025 did not demonstrate ~~targeted~~significant progress toward the 2030 goal, we ~~were~~continue able to determine that the number of incidents is meaningfully improving for our core operations, though these improvements have been offset by the impacts of acquisition activity as well as a significant reduction in work hours from an improvement in driver retention and operational efficiency. We often find that the discipline and culture of the Company benefit acquired businesses. Accordingly, while there can be short-term impacts from acquisitions on measures such as TRIR, we are confident that the time and resources dedicated to

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~~pursuing~~to ~~our~~focus efforts on priority districts and integrating safety ~~commitment~~culture ~~have~~and usreporting onthroughout ~~track~~operations, ~~for~~including ~~continued~~through ~~progress~~acquisition activity. We often find that the discipline and culture of the Company benefit acquired businesses. Accordingly, while acquisitions can impact metric performance related to our established goal, we are confident that our programs and processes will continue to reduce incident frequency and severity in our operations in the years ahead. The Company reduced overall TRIR (52.8%), OSHA recordable (25.21%), and Lost Time (2.4.9%) injuries in ~~2024~~2025 and remains focused on the prevention of serious injuries.

Cultivating Belonging

We embrace and cultivate respect, trust, open communications and diversity of thought and people. We are committed to fostering an environment where all team members feel welcomed, valued and seen. Our commitment to a culture of belonging is reflected in the diverse backgrounds of our Board of Directors and senior leadership team and in our overall workforce in the U.S., which is comprised of individuals of all ethnicities and genders. Additional information about our workforce can be found in our ~~2024~~2025 Sustainability Report at sustainability.wm.com. We are proud of what we have been able to achieve so far, and we will continue to strive to further embed a culture of belonging within the Company. To enable us to achieve a workplace where all feel welcomed and valued, we are committed to evaluating our policies, practices and procedures, recruitment and partnerships to ensure that our efforts are fair, sustainable and tied to our business strategy.

Learning and Development

We offer expansive learning and development solutions to meet the development needs of our people and support opportunities for growth and improvement. Our talent management strategy is designed to reach employees at all levels. Given the wide variety of employee roles and skill sets in our Company, our training and development programs are varied but generally fall into the following categories: (i) compliance, including Code of Conduct and cybersecurity training; (ii) safety; (iii) environmental excellence; (iv) professional development and leadership and (v) job-specific.

Compensation and Benefits

The objective of our compensation and benefit programs is to attract, engage, reward and incentivize valuable employees who will drive the successful execution of our strategy. We pay the full cost to provide employees with short- term disability benefits, long-term disability benefits, basic life insurance for the employee and their dependents, and employee and family assistance benefits. The costs for medical and dental coverage are shared with employees, with the Company paying for a majority of the premium expense. The Company offers other important benefits such as paid vacation and holidays, mental health services, legal services, flexible spending accounts, dependent care assistance, adoption assistance, employee discounts and student loan refinancing services. We also recognize the value of learning beyond the workplace. Our education benefit, Your Tomorrow, ~~pays~~makes a contribution toward benefits-eligible employees’ ~~and dependents’~~ tuition for a broad range of four-year college degree programs, as well as programs such as high-school equivalency and, ~~for employees,~~ other certificate programs and graduate degrees. We also provide plans to help employees save for their future for example, through our 401(k) retirement savings plan. Refer to Note 9 to the Consolidated Financial Statements for additional information on our employee benefit plans.

Financial Assurance and Insurance Obligations

Financial Assurance

Municipal and governmental waste service contracts generally require contracting parties to demonstrate financial responsibility for their obligations under the contract. Financial assurance is also a requirement for (i) obtaining or retaining disposal site or transfer station operating permits; (ii) supporting certain variable-rate tax-exempt debt and (iii) estimated final capping, closure, post-closure and environmental remedial obligations at many of our landfills. We establish financial assurance using surety bonds, letters of credit, insurance policies, trust and escrow agreements and financial guarantees. The type of assurance used is based on several factors, most importantly: the jurisdiction, contractual requirements, market factors and availability of credit capacity.

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Surety bonds and insurance policies are supported by either (i) a diverse group of third-party surety and insurance companies; (ii) an entity in which we have a noncontrolling financial interest or (iii) a wholly-owned insurance captive, the sole business of which is to issue surety bonds and/or insurance policies on our behalf. Letters of credit generally are supported by our long-term U.S. and Canadian revolving credit facility (“$3.5 billion revolving credit facility”) and other credit lines established for that purpose.

Insurance

We carry a broad range of insurance coverages, including health and welfare, general liability, automobile liability, workers’ compensation, real and personal property, directors’ and officers’ liability, pollution legal liability, cyber incident liability and other coverages we believe are customary to the industry. Our exposure to loss for insurance claims is generally limited to the per-incident deductible under the related insurance policy and any amounts that exceed our insured limits. We use a wholly-owned insurance captive to insure the deductibles for our general liability, automobile liability and workers’ compensation claims programs. We do not expect the impact of any known casualty, property, environmental or other contingency to have a material impact on our financial condition, results of operations or cash flows. Our estimated insurance liabilities as of December 31, ~~2024~~2025 are summarized in Note 10 to the Consolidated Financial Statements.

Regulation

Overview

Our business is subject to extensive and evolving laws and regulations pertaining to environmental protection, health, safety, land use, zoning, transportation, ethical business conduct, data privacy and security, and other related and similar subjects. These laws and regulations are administered by the EPA, Environment and Climate Change Canada (“ECCC”), and various other agencies at the federal, state, provincial, regional and local level in the U.S., Canada and other international jurisdictions in which we operate. Many of these agencies regularly examine our operations to monitor compliance with applicable laws and regulations and have the power to enforce compliance, obtain injunctions or impose civil or criminal penalties in cases of violations.

Our business primarily involves the collection, transport, handling, treatment, destruction, and other processing and management of solid waste, medical waste, controlled substances waste, hazardous waste, organics, and recyclables in an environmentally sound manner. A significant amount of our capital expenditures is related, either directly or indirectly, to compliance with applicable laws and regulations, including environmental protection measures. ~~With~~Our ~~the~~November 2024 acquisition of Stericycle, ~~we have~~ increased our exposure to international jurisdictions, primarily Western Europe, and we are subject to ~~additional~~ laws and regulations in the U.S. and internationally concerning transportation, management and disposal or destruction of medical waste streams, including regulations that govern the definition, generation, segregation, handling, packaging, transportation, treatment, storage and disposal or destruction of medical waste and controlled substances waste, along with extensive recordkeeping and documentation requirements. Additionally, ~~Stericycle’s~~our secure information destruction services are subject to ~~additional~~ laws and regulations regarding proper handling and protection of personal and confidential information.

There are costs associated with siting, design, permitting, construction, operating, monitoring, site maintenance, corrective actions, financial assurance and closure and post-closure obligations at our facilities. In connection with the acquisition, development or expansion of a waste management or disposal facility, recycling facility, compost facility, transfer station, processing facility, or landfill gas-to-energy facility, or the transport, handling, treatment and disposal or destruction of various waste streams, we must often spend considerable time, effort and money to obtain and maintain required permits and approvals. There are no assurances that we will be able to obtain or maintain permits or other required governmental approvals. Once obtained, permits are subject to renewal, modification, suspension or revocation by the issuing authority. Permit issuance or renewal may also be subject to public participation or other governmental reviews and may be subject to challenges and delays. Compliance with current regulations and future requirements could require us to make significant capital and operating expenditures. However, most of these expenditures are made in the normal course of business and do not place us at a competitive disadvantage.

The regulatory environment in which we operate is influenced by changes in governmental administrations and leadership. The priorities set forth under the prior U.S. presidential administration, for example, were generally in favor of increasing regulation, while the new administration is generally anticipated to reverse course on many regulatory policies. The new administration has called for substantial changes to areas of foreign trade policy and has generally appeared to 14

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beThe regulatory environment in ~~favor~~which ofwe ~~reducing~~operate ~~regulation,~~is ~~including~~influenced ~~environmental~~by ~~regulation~~changes in governmental administrations and leadership. WeThe docurrent ~~not~~administration ~~know~~has ~~what~~called ~~impact~~for, ~~the~~and ~~change~~undertaken, substantial changes to areas of foreign trade policy and is generally in Ufavor of reducing regulation, including environmental regulation.S. ~~presidential~~The ~~administration~~impact ~~will~~and ~~have~~timing onof ~~specific~~these shifts in regulatory ~~policies~~policy impacting our industry and our Company remain uncertain, ~~especially~~as ~~given~~many ~~the~~are ~~number~~subject ofto ~~rules~~ongoing ~~currently~~litigation and agency review. Further, state and municipal governments may impose additional regulatory duties in ~~litigation~~response to such shifts in federal policy, ~~nor~~which ~~can~~could welead ~~predict~~to ~~the~~a ~~timing~~patchwork of ~~any~~regulatory ~~such~~obligations ~~changes~~across the U.S. for our industry and our Company. Reduction of regulation may have a favorable impact on our operating costs, but the extensive environmental regulation applicable to our industry is also a barrier to rapid entry that benefits our Company. Moreover, the risk reduction provided by appropriate regulation is valuable to our customers and the communities we serve. Significant ~~new~~ restrictions and tariffs on foreign trade could have a negative impact on our recycling export business and our cross-border commerce, particularly with Canada, and could increase the cost of certain equipment and other materials used in our operations that we procure from outside the U.S., including our trucks and certain equipment used to implement our sustainability growth strategy. It is likely that some policies adopted by the ~~new~~ administration will benefit us and others will negatively affect us.

In 2024, the U.S. Supreme Court issued a number of decisions that will affect the future of federal regulation, including Loper Bright Enterprises v. Raimondo. The Loper decision overturned the Chevron doctrine, which had held that a court must give deference to a regulatory agency’s reasonable interpretation of an ambiguous statute the agency implements. The full impact of that decision is not yet known, but at a minimum, our operations could face increased regulatory uncertainty in connection with legal challenges to agency actions and rulemakings impacting our industry.

Federal Regulation

Certain key U.S. federal statutes affecting our business are summarized below:

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The Resource Conservation and Recovery Act of 1976 (“RCRA”), as amended, regulates handling, transporting and disposing of hazardous and non-hazardous waste and delegates authority to states to develop programs to ensure the safe disposal of solid waste. Landfills are regulated under Subtitle D of RCRA, which sets forth minimum federal performance and design criteria for solid waste landfills, and Subtitle C of RCRA, which establishes a federal program to manage hazardous wastes from cradle to grave. These regulations are typically implemented by the states, although states can impose requirements that are more stringent than the federal standards. We incur costs in complying with these standards in the ordinary course of our operations.

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The Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”), as amended, which is also known as Superfund, provides for federal authority to respond directly to releases or threatened releases of hazardous substances into the environment that have created actual or potential environmental hazards. CERCLA’s primary means for addressing such releases is to impose strict liability for cleanup of disposal sites upon current and former site owners and operators, generators of the hazardous substances at the site and transporters who selected the disposal site and transported substances thereto. Liability under CERCLA is not dependent on the intentional release of hazardous substances; it can be based upon the release or threatened release of hazardous substances, even resulting from lawful, unintentional and attentive action, as the term is defined by CERCLA and other applicable statutes and regulations. The EPA may issue orders requiring responsible parties to perform response actions at sites, or the EPA may seek recovery of funds expended or to be expended in the future at sites. Liability may include contribution for cleanup costs incurred by a defendant in a CERCLA civil action or by an entity that has previously resolved its liability to federal or state regulators in an administrative or judicially-approved settlement. Liability under CERCLA could also include obligations to a potentially responsible party (“PRP”) that voluntarily expends site clean-up costs. Further, liability for damage to publicly-owned natural resources may also be imposed. We are subject to potential liability under CERCLA as an owner or operator of facilities at which hazardous substances have been disposed and as a generator or transporter of hazardous substances disposed of at other locations.

● The Federal Water Pollution Control Act of 1972, as amended, known as the Clean Water Act, regulates the discharge of pollutants into streams, rivers, groundwater, or other surface waters from a variety of sources, including solid and hazardous waste disposal sites. If our operations discharge any pollutants into federally protected surface waters, the Clean Water Act requires us to apply for and obtain discharge permits, conduct sampling and monitoring, and, under certain circumstances, reduce the quantity of pollutants in those discharges. The EPA also requires landfills and other waste-handling facilities to obtain storm water discharge permits, and if a landfill or other facility discharges wastewater through a sewage system to a publicly-owned treatment works, the facility must comply with discharge limits imposed by the treatment works. Further, before the development or expansion of a landfill can alter or affect certain “wetlands,” a permit may have to be obtained providing for

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if a landfill or other facility discharges wastewater through a sewage system to a publicly-owned treatment works, the facility must comply with discharge limits imposed by the treatment works. Further, before the development or expansion of a landfill can alter or affect certain “wetlands,” a permit may have to be obtained providing for mitigation or replacement wetlands. The Clean Water Act provides for civil, criminal and administrative penalties for violations of its provisions.

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The Clean Air Act of 1970, as amended, provides for federal, state and local regulation of the emission of air pollutants. Many of our operations, including many municipal solid waste (“MSW”) landfills and landfill gas-to-energy facilities, are subject to regulations implemented under the Clean Air Act, including new source performance standards, emission guidelines and national emission standards for hazardous air pollutants. These regulations impose performance standards to minimize air emissions from regulated MSW landfills, subject those landfills to certain operating permit requirements under Title V of the Clean Air Act and, in many instances, require installation of landfill gas collection and control systems to control emissions or to treat and utilize landfill gas on- or off-site. Our vehicle fleet also must adhere to regulations implemented under the Clean Air Act, which authorizes the EPA to mandate controls on air pollution from mobile sources.

●

The Occupational Safety and Health Act of 1970, as amended, establishes certain employer responsibilities, including maintenance of a workplace free of recognized hazards likely to cause death or serious injury, compliance with standards promulgated by the Occupational Safety and Health Administration, and various reporting and record keeping obligations as well as disclosure and procedural requirements. Various standards for notices of hazards, personal protective equipment, safety in excavation and demolition work, exposure to bloodborne pathogens, and the handling of asbestos, may apply to our operations.

●

The Department of Transportation and the Occupational Safety and Health Administration, along with other federal agencies, have jurisdiction over certain aspects of hazardous materials and hazardous waste, including safety, movement and disposal. Certain waste (including medical waste) is subject to roadside inspections that have a cumulative effect on our compliance history and require us to remain in good standing so as not to jeopardize certain permits. Various state and local agencies with jurisdiction over disposal of hazardous and medical waste may seek to regulate movement of such materials in areas not otherwise preempted by federal law.

●

Our service offerings for the collection, treatment, disposal and destruction of controlled substances waste and medical waste, from both the healthcare industry and individual consumers, are subject to numerous laws and regulations issued by various regulatory agencies, including the U.S. Drug Enforcement Administration (“DEA”). These regulations typically require our facilities to obtain licenses or registrations, and meet certain other requirements in order to collect, transport, treat and dispose of controlled substances. These regulations include significant requirements for security, recordkeeping and reporting. Registrations and licenses must be kept current, or periodically renewed, and facilities may be subject to inspection or enforcement.

Our operations are primarily in the U.S.; however, Canada and other countries in which we operate have various environmental, safety, health, transportation and materials handling laws and regulations that we must comply with in the ordinary course of our business.

State, Provincial, Regional and Local Regulations

There are also various state, provincial, regional and local regulations, in the U.S. and internationally, that affect our operations and may require a specific operating plan. Many jurisdictions in which we operate have their own laws and regulations governing solid waste disposal, including for hazardous wastes, medical wastes and controlled substances wastes; water and air pollution; and, in most cases, releases and cleanup of hazardous substances and liabilities for such matters. Many governmental organizations have also adopted regulations governing the design, operation, maintenance and closure of landfills, transfer stations, incineration facilities and processing facilities, and laws governing where recyclable materials can be sold.

Our landfill operations are affected by the increasing preference for alternatives to landfill disposal. Many state and local governments mandate recycling and waste reduction at the source and prohibit the disposal of certain types of materials at landfills, such as recyclable materials (cardboard, bottles and cans), yard waste, food waste and electronics. The number of governments with recycling and diversion requirements and disposal bans continues to grow, while the logistics and economics of recycling or processing many of these items remain challenging. In addition, regulations

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The number of governments with recycling and diversion requirements and disposal bans continues to grow, while the logistics and economics of recycling or processing many of these items remain challenging. In addition, regulations requiring the diversion of organic wastes away from landfills could have the effect of decreasing the amount of landfill gas produced over time in our landfills, negatively impacting our WM Renewable Energy segment.

Various states have enacted, or are considering enacting, laws that restrict or discourage the disposal of solid waste generated outside the state. While laws that overtly discriminate against out-of-state waste have been found to be unconstitutional, some laws that are less overtly discriminatory have been upheld in court. From time to time, the U.S. Congress has considered legislation authorizing states to adopt regulations, restrictions, or taxes on the importation of out-of-state or out-of-jurisdiction waste. Additionally, several state and local governments have enacted “flow control” regulations, which attempt to require that all waste generated within the state or local jurisdiction be deposited at specific sites, which has been upheld by the U.S. Supreme Court for waste directed to facilities owned by the local government. The U.S. Congress’ adoption of legislation allowing restrictions on interstate transportation of out-of-state or out-of-jurisdiction waste or certain types of flow control, or courts’ interpretations of interstate waste and flow control legislation, could adversely affect our solid waste, hazardous waste, medical waste and controlled substances management services.

Many governmental organizations have enacted “fitness” laws that allow the agencies that have jurisdiction over waste services contracts or permits to deny or revoke these contracts or permits based on the applicant’s or permit holder’s compliance history. Some governmental organizations also consider the compliance history of the parent, subsidiaries or affiliated companies, in addition to the applicant or permit holder. These laws authorize the agencies to make determinations of an applicant’s or permit holder’s fitness to be awarded a contract to operate, and to deny or revoke a contract or permit because of unfitness, unless there is a showing that the applicant or permit holder has been rehabilitated through the adoption of various operating policies and procedures put in place to assure future compliance with applicable laws and regulations. While fitness laws can present potential increased costs and barriers to entry into market areas, these laws have not, and are not expected to have a material adverse impact on our business as a whole.

The EPA does not regulate medical waste at the federal level, with some limited exceptions, resulting in a lack of uniformity of applicable laws and regulations. States have adopted their own regulations related to the handling, treatment and storage of medical waste, with many states following requirements similar to the Medical Waste Tracking Act of 1988, a U.S. federal law concerning disposal of biological material that expired in 1991. Other states have placed medical waste regulations within solid waste regulations. Further, while the Canadian Council of Ministers of the Environment has promulgated the Guidelines for the Management of Biomedical Waste in Canada, these are not enforceable unless adopted by provincial legislation or municipal by-laws, and local by-laws may be more stringent than such guidelines.

Recent Developments and Focus Areas in Policy and Regulation

Climate and Sustainability

~~Jurisdictions~~Certain jurisdictions are ~~increasingly~~ taking action to reduce greenhouse gas (“GHG”) emissions through a broad range of climate policies. Landfills are one of the focal points for advancing climate-related goals, and we are actively working with policymakers to promote recognition of the significant reductions in GHG emissions that our industry already has achieved and the work being done to further measure and reduce emissions, the challenges associated with quantifying landfill emissions precisely, and the role of our sector in providing an essential, and highly regulated, public service.

We are closely monitoring the evolving capabilities of ground, aerial and satellite-based methane detection and monitoring systems and conducting our own research at several landfills to assess accuracy and reliability of various methane measurement technologies for applicability to our operations. We also continue to expand our work with various private and government entities employing such technologies at our sites, and we are actively engaged with the EPA, the ECCC, state agencies, nongovernmental organizations and environmental stakeholders on the implications of the changing landscape for the waste industry and potential future regulation. Continued dialogue, engagement and collaboration with these regulatory agencies will be important, as ~~both~~ the EPA, ~~and~~ the ECCC and several states, including California and Colorado, are evaluating landfill emissions standards that may require the application of various emerging methane measurement technologies and plan to develop methods and standards for such measurement technologies. The EPA has indicated that methane emissions from landfills will remain a focus of its expanded National Enforcement and Compliance Initiatives through 2027 and has announced its intent to propose updated performance standards for new and existing landfills. While we cannot predict ~~what regulations will result~~

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what regulations will result from these initiatives, these developments could result in increased compliance costs and adversely affect our operations. Specifically, these various regulatory actions could result in changes to how we have historically reported GHG emissions and may result in increases in such emissions reported for our operations. For example, in August 2024, the EPA released revised emission factors for the reporting of methane emissions from landfills that would, amongst other matters, result in increased reported emissions from flares and other equipment and processes. Industry groups have filed legal challenges to the EPA’s updated emission factors, and the EPA granted the industry’s petition for reconsideration. In September 2025, the EPA announced a proposed rule to significantly revise the Greenhouse Gas Reporting Program. The proposal would eliminate reporting requirements for numerous source categories, including landfills. This uncertainty regarding the status of the federal reporting program could result in increased state-level GHG reporting requirements.

In light of ~~regulatory~~customer ~~and business developments related to concerns about climate change~~demand, we have identified strategic business opportunities to provide our public and private sector customers with sustainability-related solutions intended to ~~help~~have the potential to reduce GHG emissions across their ~~carbon~~respective ~~footprint~~businesses. We assess customer demand for and opportunities to develop waste services with potential to avoid lifecycle emissions, such as waste reduction, increased recycling, composting and conversion of landfill gas and discarded materials into renewable energy. Demand and willingness to pay premium prices for recycled materials or enhanced sustainability solutions can fluctuate based on economic conditions, consumer preferences and trends. We use ~~carbon~~estimated lifecycle ~~assessment~~emissions ~~tools~~assessments in evaluating potential new services and in establishing the value proposition that makes us attractive as an environmental service provider. We are active in support of public policies that encourage development and use of lower carbon energy and waste services that can lower lifecycle carbon footprints. We understand the importance of broad stakeholder engagement in these endeavors and actively seek opportunities for public policy discussion on how materials management practices can be more sustainable. In addition, we work with stakeholders at the federal, state, and provincial level in support of legislation that encourages production and use of renewable, lower-carbon fuels and electricity.

The nature, scope, and complexity of matters that our Company must assess, quantify and disclose are expanding due to current, proposed, and recently enacted governmental reporting requirements pertaining to sustainability and climate-related risks and other topics. Such topics include water usage, waste production, labor, human capital, ~~environmental justice,~~ cybersecurity, privacy and risk oversight. For example, in September 2024, the California Governor signed into law amendments to the 2023 California Climate Corporate Data Accountability Act and the Climate-Related Financial Risk Act, which among other things, requires the disclosure of Scope 1, 2, and 3 GHG emissions and other climate-related financial risks consistent with the framework established by the Task Force on Climate-Related Financial Disclosures. We potentially will be required to begin making disclosures of our Scope 1 and 2 GHG emissions in compliance with certain of these requirements in 2026, and Scope 3 GHG emissions disclosures will be required beginning in 2027. Additional U.S. states are in various stages of considering adoption of similar ~~GHG~~climate-related disclosure requirements. InWhile ~~March 2024,~~ the SEC ~~also~~voluntarily ~~adopted~~stayed ~~final~~implementation ~~rules~~of ~~that~~its ~~would require registrants to include certain~~ climate- related ~~disclosures~~disclosure inrules ~~their registration statements and periodic reports including~~indefinitely, ~~but not limited to, information about our governance~~ and ~~management~~voted ~~of climate-related risks and metrics pertaining~~ to ~~emissions~~end ~~data~~its ~~and~~defense ~~climate-related targets and goals. The SEC voluntarily stayed implementation~~ of ~~these~~those rules ~~indefinitely,~~in ~~pending~~March ~~judicial review of ongoing legal challenges. Furthermore~~2025, ~~beginning as early as 2026, we may be subject to certain reporting requirements in~~ the ~~European Union under the Corporate Sustainability Reporting Directive (“CSRD”), which requires in~~state-~~scope~~level ~~companies to disclose extensive sustainability information, including risks~~ and ~~opportunities arising from environmental and social matters, and the impact of their business on people and the environment. These and~~ other similar laws and regulations could result in increased compliance costs and affect the results of our operations and financial position. Such ~~similar~~ laws and regulations could also increase our litigation risks or may increase risks related to our reputation or goodwill, as we cannot predict how disclosures under these laws may be perceived or interpreted by our customers and stakeholders. Methodology and timelines for mandatory reporting requirements may be inconsistent with requirements enacted by other governmental entities, including with respect to measuring emissions and requiring a determination of “materiality” that may differ from traditional disclosure requirements under U.S. federal securities laws. Such inconsistency could further increase costs and divert management time and attention.

Our industry faces challenges to implement these rapidly developing disclosure requirements, as well as the risk of enforcement actions by governmental and regulatory agencies for noncompliance. Significant expenditures and commitment of time by management, employees and consultants is involved in developing, implementing and overseeing policies, practices, additional disclosures and internal controls related to environmental and sustainability risk and performance. Public statements with respect to sustainability matters are ~~becoming increasingly~~ subject to heightened scrutiny ~~from public and governmental authorities~~ related to the risk of potential “greenwashing,” i.e., allegations of misleading information or false claims overstating potential sustainability benefits. Wemade ~~are~~by ~~aware~~governmental ~~that~~authorities, non-governmental organizations and other private actors have filed lawsuits against companies under various securities and consumer protection laws alleging that certain sustainability-related statements, goals or standards were misleading, false or otherwise deceptive.

20Consistent with our Company’s long-standing commitment to sustainability and environmental stewardship, we have published our 2025 Sustainability Report, providing details on our sustainability-related performance and outlining

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Consistent with our Company’s long-standing commitment to sustainability and environmental stewardship, we have published our 2024 Sustainability Report, providing details on our sustainability-related performance and outlining progress towards our 2030 sustainability goals. The annual Sustainability Report conveys the strong linkage between the Company’s sustainability goals and our growth strategy, inclusive of the ~~planned and ongoing~~ expansion of the Company’s Recycling Processing and Sales and WM 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 Annual Report on Form 10-K. The Company also participates in a number of voluntary reporting programs and frameworks that provide further transparency on our commitment to sustainability.

PFAS

Federal and state governments have increased their focus on efforts to safeguard communities from the potentially harmful effects associated with per- and polyfluoroalkyl substances (“PFAS”). PFAS are a large group of chemicals that have been used in industrial and consumer products since the 1940s, including in products as diverse as carpets, paints and stains, water-resistant clothing and fabrics, nonstick cookware, food packaging, and firefighting chemicals. Possible human health effects of exposure to certain PFAS compounds may include low infant birth weights, immune system impacts, or cancer.

There are a number of risks related to PFAS that could impact our business, and the EPA has prioritized PFAS-related issues in recent years. For example, in 2021, the EPA released its PFAS Strategic Roadmap, providing a high-level overview of activities that the agency intends to take to safeguard public health, protect the environment and hold polluters accountable. These actions include establishing drinking water standards, evaluating landfill discharges of PFAS in leachate, finalizing new risk assessments and test procedures and updating guidance on PFAS disposal and destruction options. In April 2024, the EPA finalized the designation of two PFAS compounds (perfluorooctanoic acid (PFOA) and perfluorooctanesulfonic acid (PFOS)) as hazardous substances under CERCLA. We are actively working with both Congress and the EPA to provide landfills and other essential public services with relief from CERCLA liability and instead hold accountable manufacturers and heavy users of these compounds. Without such relief, we may face increased exposure to remediation and litigation costs associated with properties that the EPA may designate as CERCLA sites due to the presence of PFAS. Additionally, ~~in April 2024,~~ the EPA ~~announced~~is ~~the~~pursuing ~~final National Primary Drinking Water Regulation for six PFAS compounds and established~~ legally enforceable maximum contaminant levels, as well as non-enforceable maximum contaminant level goals, for ~~these~~ PFAS compounds in drinking water. We expect that there could be continued efforts to regulate or impose liability with respect to PFAS at the federal level. At the state level, an increasing number of jurisdictions have enacted new drinking water, surface water and/or groundwater limits for various PFAS compounds, which has led to a patchwork of PFAS standards across the U.S. Compliance with new and future state and federal PFAS standards is anticipated to result in additional expense to the Company, but such standards are also anticipated to present potential business opportunities in the area of PFAS management, treatment and disposal.

Recycling; Foreign Import and Export Regulations and Material Restrictions

Regulations affecting, and in some cases restricting, the international flow of certain recyclables have led to a reduction in export activity for such recyclables, as well as higher quality requirements, and higher processing costs. We do not ship plastics collected on our residential recycling routes and processed at our single stream recycling facilities to locations outside of North America, except in very limited circumstances when no other commercially viable domestic markets are available; however, current and developing international regulations may limit our ability to export other commodities, including certain plastics. Additionally, the ~~new~~current U.S. presidential administration has called for, and undertaken, substantial changes to foreign trade policy. Significant ~~new~~ restrictions and tariffs on foreign trade ~~could~~ have a negative impact on our recycling export business, including decreasing paper mills’ demand for recycled corrugated cardboard used in packaging, which can constrict availability of counterparties and ~~could~~negatively impact commodity prices, and increase the cost of certain equipment and other materials used in our operations that we procure from outside the U.S., including certain equipment used to implement our sustainability growth strategy.

Prices and demand for recyclables fluctuate. We have discussed our sustainability growth strategy that includes ~~planned~~significant ~~and ongoing~~ investments in our recycling business to increase automation and reduce labor dependency. Such investments are also targeted at addressing increases in regulatory- and customer-driven quality requirements for commodities. These investments increase our exposure to commodity price fluctuations. We mitigate some of the effects of price fluctuation through the contract terms pursuant to which we sell commodities, such as floor pricing. Additionally, regulation, tariffs, international trade policies or other initiatives, including extended producer responsibility regulations, minimum recycled

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~~future regulation, tariffs, international trade policies or other initiatives, including extended producer responsibility regulations, minimum recycled~~ content laws, container deposit laws, or regulations addressing climate change or GHG emissions, may impact supply and demand of material, or increase operating costs, which could impact the profitability of our recycling operations.

With a heightened awareness of the global problems caused by plastic waste in the environment, and actual or perceived risks for human health, many governments have passed ordinances banning certain types of plastics from sale or use. The most common materials banned include plastic bags and straws, polystyrene plastic and some types of single use packaging. These bans have resulted in increased pressure by manufacturers for our recycling facilities to accept a broader array of materials in curbside recycling and composting programs to alleviate public pressures to ban the sale of those materials. However, with no or limited viable end markets for many of these materials, we and other recyclers are working to educate and remind customers of the need for end market demand and economic viability to support the inclusion of certain materials in recycling programs. We are also making investments in end markets to support the collection and processing of some of these materials. With increased focus on responsible management of plastics, our procurement team has taken a proactive approach to help ensure environmental sustainability goals are prioritized in managing the products we buy.

Extended Producer Responsibility

Regulations establishing extended producer responsibility (“EPR”) are being considered or implemented in many places around the world, including in certain states in the U.S. and provinces and territories in Canada. EPR regulations are designed to place either partial or total responsibility on producers of consumer-packaged goods and other products to fund the post-use life cycle of the products and packaging they create. Along with the funding responsibility, producers may be required to undertake additional responsibilities, such as taking over management of local recycling programs by taking back their products from end users or managing the collection operations and recycling processing and marketing infrastructure. During periods of economic difficulty, governmental entities have increased their interest in implementing EPR regulations to reduce municipal spending on recycling programs. There is no federal law establishing EPR in the U.S. or Canada; however, governments could take, and in some cases have taken, steps to implement EPR regulations for packaging, including traditional recyclables such as cardboard, bottles and cans. If wide-ranging EPR regulations ~~were adopted,~~ or other recycling-related regulations like container deposit laws ~~were~~are widely adopted, they could significantly impact the waste, recycling and other streams we manage, including with respect to quality and volume, ~~and~~ how we operate our business, including contract terms and pricing, and the profitability of our recycling facilities. At the same time, concerns regarding price and affordability have led some jurisdictions to scale back previously enacted EPR requirements, creating uncertainty for long-term planning. Lawsuits have been filed in certain jurisdictions, contesting the constitutionality of certain programs, and the U.S. Department of Justice has indicated that state EPR laws may be among those subject to constitutional review. Deregulatory rulings or changes in program requirements in jurisdictions where we have adapted to meet customer demand may impact our operations, financial condition or result of operations.

EPR implementation also involves new operational requirements and information-sharing obligations that affect how recycling programs are managed. Compliance with EPR laws often requires us to provide detailed operational data to state agencies, producer responsibility organizations and their consultants in connection with needs assessments and tracking of material recyclability. This includes sharing information that is typically considered competitively sensitive. Where feasible, we enter into non-disclosure agreements to safeguard such information.

Tax Legislation

~~The~~On ~~Inflation~~July ~~Reduction~~4, ~~Act of 2022 (“IRA”) contains several tax-related provisions~~2025, ~~including~~President ~~with~~Trump ~~respect~~signed tothe ~~(i) alternative~~One ~~fuel~~Big ~~tax~~Beautiful ~~credits;~~Bill ~~(ii) tax~~Act ~~incentives for investments in renewable energy production, carbon capture, and other climate actions and~~ (~~iii~~“OBBBA”) ~~the~~ ~~overall~~into ~~measurement of corporate income taxes~~law. ~~Given~~We ~~the~~have ~~complexity~~evaluated ~~and uncertainty around~~ the ~~applicability~~business oftax ~~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., ~~The~~none ~~provisions~~ of ~~the~~which ~~IRA~~had ~~related to alternative fuel tax credits secured approximately $60 million of annual pre-tax benefit (recorded as~~ a ~~reduction~~material inimpact on our ~~operating~~effective ~~expense) from~~ tax ~~credits in 2023 and 2024~~rate. ~~The alternative fuel credit expired at the end of 2024 and will not provide any future benefit to the Company absent further legislative action. With respect to the investment tax credit~~However, we ~~expect~~had ~~the cumulative benefit to be between $300 million and $400 million,~~ a ~~large~~beneficial ~~portion~~impact ~~of which is anticipated~~ to becash ~~realized~~taxes inrelated 2024 through 2026. The expected benefit from the investment tax credit for 2025 and 2026 is dependent on a number of estimates and assumptions, including the timing of project completion. Finally, we expect that the production tax credit incentives for investments in renewable energy and carbon capture, as expanded by the IRA, will likely result in an incremental benefit to ~~the~~bonus ~~Company, although at this time, the anticipated amount of such benefit has not been quantified due, in part, to the lack of regulatory guidance~~depreciation.

The OBBBA also reaffirmed and extended various tax-related provisions included in the Inflation Reduction Act of 2022 (the “IRA”) of relevance to the company, including with respect to tax incentives for investments in renewable energy production, carbon capture and other climate actions. Given the complexity and uncertainty around the administration’s implementation of certain tax credits, we continue to analyze this area to identify and quantify potential opportunities and applicable benefits included in the legislation. We believe that the production tax credit incentives for investments in renewable energy and carbon capture, as reaffirmed and expanded by the OBBBA, may result in an incremental benefit to the Company, although at this time, the anticipated amount of such benefit has not been quantified due, in part, to the lack of regulatory guidance.

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Investment in Natural Gas Vehicles and Infrastructure

We operate a large fleet of natural gas vehicles, and we plan to continue to invest in these assets for our collection fleet. Natural gas fueling infrastructure is not yet broadly available in the U.S. and Canada; as a result, we have constructed and operate natural gas fueling stations, some of which also serve the public or pre-approved third parties. There is increasing pressure to reduce the use of fossil fuel in the heavy-duty truck industry, and some regulatory bodies are pursuing requirements for using alternative engine technology, such as electric powered vehicles, rather than natural gas or diesel vehicles. This is resulting in regulatory actions to advance the adoption of zero-emission vehicles and a shift away from tax incentives and grants for natural gas trucks and RNG infrastructure. For example, in April 2024, the EPA established new GHG emissions standards applicable to heavy-duty vehicles that rely on increased deployment of electric vehicles to meet declining emissions targets; however, the current administration has signaled its intent to withdraw these regulations. California also has been active in pursuing policies promoting vehicle electrification, despite U.S. Congressional and presidential administration efforts to push back on the state’s electrification agenda. The full impact of these standards and regulations is uncertain, as several of the specific regulations are the subject of legal challenge and could impact our long-term vehicle fleet strategies.

22Current options for heavy-duty electric powered vehicles lack sufficient range, recharging infrastructure and efficiency and proven experience for our operations, but we are proactively engaging in pilots of electric powered heavy-duty vehicles and anticipate that we could redirect future planned capital investments in our fleet toward these assets when the vehicles prove economically and operationally viable. We also are actively working with policymakers to help them understand the challenges involving the electrification of heavy-duty collection vehicles. If regulation requires widespread adoption of electric powered vehicles before the technology improves, we may suffer operational inefficiencies and incur higher operating costs. Regulation mandating an accelerated transition to electric powered vehicles would increase our cost to acquire vehicles needed to service our customers, and capital investment required to establish sufficient charging infrastructure could be significant. Additionally, the investments we have made in an industry-leading natural gas fleet and infrastructure could be impaired. Tax incentives and grants that advance the adoption of zero-emissions vehicles and lead to a shift away from natural gas trucks and RNG infrastructure would likely also negatively impact our investments in RNG production facilities.

Renewable Energy

In recent years, we have discussed our sustainability growth strategy that includes significant planned and ongoing investments in our Renewable Energy segment. We have invested, and continue to invest, in facilities to capture methane produced from the Company’s landfills and process it into RNG and electricity. RNG produced from our landfills constitutes a significant source of fuel allocated to our natural gas collection vehicles. The primary drivers of renewable fuel development at our landfills are tax policies, such as federal tax credits for investments in RNG production under the IRA and OBBBA, and federal and state incentive programs, such as the federal RFS program, California Low Carbon Fuel Standard and similar state programs that promote the production and use of renewable transportation fuels. At the federal level, oil refiners and importers are required through the RFS program to blend specified volumes of various categories of renewable transportation fuels with gasoline or buy credits, referred to as RINs, from renewable fuel producers. Many of our facilities are EPA-registered producers of transportation fuel making compressed and liquefied RNG from landfill biogas, which qualifies as a cellulosic biofuel under the RFS program. The Company has invested, and continues to invest, in facilities that capture and process landfill gas into RNG so that we can participate in the RFS program, and the Company has grown and stated its intention to continue to grow its asset base to increase its RNG production.

RINs prices generally respond to regulations enacted by the EPA, as well as fluctuations in supply and demand. The value of the RINs is set through a market established by the RFS program, which market has historically been volatile. Prior to 2022, the EPA had promulgated rules on an annual basis establishing refiners’ obligations to purchase RNG and other cellulosic biofuels under the RFS program, which introduced a level of uncertainty into the renewable fuels and RINs market. However, in 2023, the EPA issued a rule establishing biofuel blending volumes under the RFS program for compliance years 2023 through 2025. The rule reflected the outsized role of biogas under the program, delivered on many reforms that benefit the solid waste sector, and recognized the continued growth of the market for RNG in vehicle applications. The current U.S. presidential administration, meanwhile, revisited and retroactively lowered the 2024 blending volumes, has proposed to revisit and lower the 2025 standards, has proposed low volumes for compliance years

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2026 and ~~operate~~2027 ~~natural~~and ~~gas~~departed ~~fueling~~from ~~stations,~~the ~~some~~previous ofadministration ~~which~~in ~~also~~granting ~~serve~~small ~~the~~refinery ~~public~~exemptions orfrom ~~pre-approved~~RFS ~~third~~program ~~parties~~requirements. ~~There~~We isdo ~~increasing~~not ~~pressure~~yet toknow ~~reduce~~how ~~the~~these ~~use~~changes ofmay ~~fossil~~impact ~~fuel in~~ the ~~heavy-duty~~demand ~~truck industry, and some regulatory bodies are pursuing requirements~~ for ~~using~~renewable ~~alternative~~fuels ~~engine~~and ~~technology,~~the ~~such~~value asof ~~electric powered vehicles, rather than natural gas or diesel vehicles~~RINs. ~~This~~In isan ~~resulting~~effort ~~in regulatory actions~~ to ~~advance~~mitigate ~~the~~against ~~adoption~~such ofrisk ~~zero-emission vehicles~~ and astabilize ~~shift~~our ~~away~~RNG ~~from~~portfolio, ~~tax~~we ~~incentives~~are ~~and~~pursuing ~~grants~~long-term ~~for natural gas trucks and~~ RNG ~~infrastructure.~~sales ~~For~~transactions ~~example,~~ in ~~April 2024,~~ the ~~EPA~~voluntary ~~established~~market. ~~new~~We ~~GHG~~continue ~~emissions standards applicable~~ to ~~heavy-duty~~advocate ~~vehicles~~for policies that ~~rely~~could onreduce ~~increased~~the ~~deployment~~potential offor ~~electric~~volatility ~~vehicles~~in tothe ~~meet~~RINs ~~declining~~market ~~emissions~~and ~~targets.~~ensure ~~California~~long-term isstability ~~also~~for atrenewable ~~various~~transportation ~~stages~~fuels, ofas ~~regulation~~changes ~~that would require heavy-duty vehicle fleets to phase-~~in ~~zero-emissions~~the ~~vehicles.~~RINs ~~The~~market ~~extent~~or tothe ~~which~~structure ~~states~~of ~~adopt~~the ~~standards~~RFS ~~similar~~program tocan ~~California’s~~and ~~into~~has ~~their~~impacted ~~own regulatory frameworks could accelerate~~ the ~~industry-wide~~financial ~~adoption~~performance of ~~electric~~our ~~powered vehicles~~facilities. ~~The~~We ~~full~~are ~~impact~~closely ofworking ~~these~~with ~~standards~~state policymakers and ~~regulations~~non-governmental isstakeholders ~~uncertain,~~to asunderstand ~~several of~~ the ~~specific~~role ~~regulations~~of ~~are~~RNG ~~the~~as ~~subject~~a ofrenewable ~~legal~~energy ~~challenge,~~resource and ~~could~~in ~~impact~~delivering ~~our~~GHG ~~long-term vehicle fleet strategies~~reductions.

~~Current~~The ~~options~~Company’s ~~for~~sustainability ~~heavy-duty~~growth ~~electric~~strategy ~~powered~~also ~~vehicles~~is ~~lack~~informed ~~sufficient~~by ~~range,~~the ~~recharging~~increased ~~infrastructure~~adoption ~~and~~of ~~efficiency~~state and ~~proven~~Canadian ~~experience~~clean ~~for~~fuel ~~our~~standard ~~operations~~programs, ~~but~~utility wepolicies, ~~are~~and ~~proactively~~voluntary ~~engaging~~market indemand ~~pilots~~for ofRNG ~~electric~~in ~~powered~~transportation ~~heavy-duty~~and ~~vehicles~~industrial ~~and~~applications. ~~anticipate~~Clean ~~that~~fuel westandard ~~could~~programs, ~~redirect~~originally ~~future~~developed ~~planned~~in ~~capital~~California ~~investments~~and subsequently adopted in ~~our~~Oregon, ~~fleet~~Washington, ~~toward~~and ~~these~~New ~~assets~~Mexico, ~~when~~establish ~~the~~annual ~~vehicles~~carbon ~~prove~~intensity ~~economically~~benchmarks ~~and~~for ~~operationally~~transportation ~~viable.~~fuels Wethat ~~also~~decrease ~~are~~over ~~actively~~time. ~~working~~A ~~with~~similar ~~policymakers~~program tohas ~~help~~been ~~them~~adopted ~~understand~~in Canada under the ~~challenges~~Clean ~~involving~~Fuel ~~the~~Regulations. ~~electrification~~These ofprograms ~~heavy-duty~~operate ~~collection~~similar ~~vehicles.~~to Ifthe ~~regulation~~RFS ~~requires~~program ~~widespread~~in ~~adoption~~that ofcertain ~~electric~~regulated ~~powered~~parties ~~vehicles~~purchase ~~before~~credits ~~the~~from ~~technology~~fuel ~~improves~~producers, weincluding ~~may~~RNG ~~suffer~~producers, ~~operational~~to ~~inefficiencies~~meet ~~and~~their ~~incur~~carbon ~~higher~~intensity ~~operating costs~~obligations. ~~Regulation~~Like ~~mandating~~RINs, anclean ~~accelerated~~fuel ~~transition~~standard toprogram ~~electric~~credit ~~powered~~values ~~vehicles~~can ~~would~~fluctuate ~~increase~~with ~~our~~policy ~~cost~~and tomarket ~~acquire~~dynamics. ~~vehicles~~As ~~needed~~such, we are advocating for existing programs to ~~service~~adopt ~~our~~measures ~~customers,~~to promote stability in credit pricing and ~~capital~~for ~~investment~~other ~~required~~states to ~~establish~~adopt ~~sufficient~~similar ~~charging~~programs ~~infrastructure~~that ~~could~~incentivize bethe ~~significant~~growth in RNG. ~~Additionally,~~We also are working closely with stakeholders to encourage the ~~investments~~voluntary wemarket ~~have~~for ~~made~~RNG indemand, anincluding ~~industry-leading~~utility ~~natural~~RNG ~~gas~~procurement ~~fleet~~programs, and ~~infrastructure~~sustainability ~~could~~protocols, beas ~~impaired.~~companies ~~Tax~~and ~~incentives~~other ~~and~~customers ~~grants~~increasingly ~~that~~look ~~advance~~to ~~the~~reduce ~~adoption~~their ofGHG ~~zero-~~emissions ~~vehicles~~profiles. ~~and~~However, ~~lead~~these tostate aand ~~shift~~voluntary ~~away~~programs ~~from~~may ~~natural~~be ~~gas~~altered, ~~trucks~~paused, ~~and~~or ~~RNG~~otherwise ~~infrastructure~~revoked ~~would~~by ~~likely~~the ~~also~~applicable ~~negatively~~governmental ~~impact~~authorities ~~our~~or ~~investments~~as inresult ~~landfill~~of ~~gas-to-energy~~legal ~~facilities~~challenges.

WMCommunity ~~Renewable~~Engagement ~~Energy~~– Environmental Justice

InCertain ~~recent~~governmental ~~years,~~bodies weare ~~have~~in ~~discussed~~various ~~our~~stages ~~sustainability~~of ~~growth~~adopting ~~strategy~~or ~~that~~considering ~~includes~~the ~~significant~~adoption ~~planned~~of ~~and~~requirements ~~ongoing~~for ~~investments~~environmental injustice ~~our~~reviews ~~WM Renewable~~as ~~Energy~~part ~~segment.~~of Wecertain ~~have~~permitting ~~invested,~~decisions. ~~and~~These ~~continue~~policies togenerally ~~invest,~~require inpermitting ~~facilities~~agencies to ~~capture~~give ~~methane~~heightened ~~produced~~attention ~~from~~to ~~the~~a ~~Company~~project’s ~~landfills~~potential ~~and~~to ~~process~~disproportionately itimpact ~~into~~low-income ~~RNG~~ and ~~electricity.~~minority ~~RNG~~communities ~~produced~~and ~~from our landfills constitutes a significant source of fuel allocated~~ to ~~our~~proactively ~~natural~~plan ~~gas~~for ~~collection~~community ~~vehicles~~engagement. ~~The~~Environmental ~~primary~~justice ~~drivers~~and ofcommunity ~~renewable~~consultation ~~fuel~~considerations ~~development at our landfills~~ are ~~tax~~also ~~policies,~~being ~~such~~increasingly asadopted ~~the~~beyond ~~federal~~permitting ~~tax~~actions; ~~credits~~ for ~~RNG production and renewable electricity generation under the IRA~~example, ~~and~~in ~~federal~~rulemaking and ~~state~~enforcement ~~incentive~~priorities. ~~programs,~~Our ~~such~~Company assupports ~~the~~policies ~~federal~~seeking ~~Renewable~~to ~~Fuel~~advance ~~Standard~~high ~~(“RFS”)~~standards ~~program,~~of ~~California~~environmental ~~Low~~performance ~~Carbon Fuel Standard~~ and ~~similar state programs that promote~~ the ~~production~~fair ~~and~~treatment ~~use~~ of ~~renewable~~people ~~transportation~~of ~~fuels.~~all Atraces, ~~the~~cultures, ~~federal~~and ~~level~~incomes, ~~oil refiners~~ and ~~importers~~we ~~are~~continue ~~required through the RFS program~~ to ~~blend~~proactively ~~specified~~engage ~~volumes of various categories of renewable transportation fuels~~ with ~~gasoline~~local ~~or buy credits, referred to as Renewable Identification Numbers (“RINs”), from renewable fuel producers~~communities. ~~Many~~We ~~of our facilities~~ are ~~EPA-registered~~actively ~~producers~~monitoring ofregulatory ~~transportation~~developments ~~fuel~~in ~~making~~this ~~compressed and liquefied RNG from landfill biogas~~area, ~~which~~particularly ~~qualifies~~with asrespect ~~a cellulosic biofuel under the RFS program. The Company has invested, and continues~~ to ~~invest~~permitting, inas ~~facilities~~additional ~~that~~conditions ~~capture~~imposed ~~and~~on ~~process~~permitting ~~landfill~~decisions ~~gas~~could ~~into~~increase ~~RNG so that we can participate in~~ the ~~RFS~~time ~~program,~~ and ~~the~~cost ~~Company~~involved ~~has~~to ~~grown~~pursue and ~~stated~~maintain ~~its~~necessary ~~intention to continue to grow its asset base to increase its RNG production~~authorizations.

RINs prices generally respond to regulations enacted by the EPA, as well as fluctuations in supply and demand. The value of the RINs is set through a market established by the RFS program, which market has historically been very volatile. Prior to 2022, the EPA had promulgated rules on an annual basis establishing refiners’ obligations to purchase RNG and other cellulosic biofuels under the RFS program, which introduced a level of uncertainty into the renewable fuels and RINs market. However, in 2023, the EPA issued a rule establishing biofuel blending volumes under the RFS program for compliance years 2023 through 2025. The rule reflected the outsized role of biogas under the program, delivered on many reforms that benefit the solid waste sector, and recognized the continued growth of the market for RNG in vehicle applications. However, we cannot be certain that these changes, or the outcome of pending litigation challenging various aspects of the rule, will ultimately reduce volatility in the RINs market or that future rulemakings will be similarly favorable to our business. The new U.S. presidential administration could seek to reduce existing renewable fuel targets in a new rulemaking or otherwise set reduced targets for renewable fuels under the RFS program in future rulemakings. Moreover, consistent with its prior approach, the new administration may also increase the frequency with which it grants

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small refinery exemptions from RFS program requirements. While we cannot predict what actions the new administration may take with respect to the RFS program, any changes to existing or future renewable fuel targets or more frequent approval of requests for small refinery exemptions could have a significant negative impact on demand for renewable fuels and the value of RINs. In an effort to mitigate against such risk and stabilize our RNG portfolio, we are pursuing long-term RNG sales transactions in the voluntary market. We continue to advocate for policies that could reduce the potential for volatility in the RINs market and ensure long-term stability for renewable transportation fuels, as changes in the RINs market or the structure of the RFS program can and has impacted the financial performance of our facilities. We are closely working with state policymakers and non-governmental stakeholders to understand the role of RNG as a renewable energy resource and in delivering GHG reductions.

The Company’s sustainability growth strategy also is informed by the increased adoption of state and Canadian clean fuel standard programs, utility policies, and voluntary market demand for RNG in transportation and industrial applications. Clean fuel standard programs, originally developed in California and subsequently adopted in Oregon, Washington, and New Mexico, establish annual carbon intensity benchmarks for transportation fuels that decrease over time. These programs operate similar to the RFS program in that certain regulated parties purchase credits from fuel producers, including RNG producers, to meet their carbon intensity obligations. Like RINs, clean fuel standard program credit values can fluctuate with policy and market dynamics. As such, we are advocating for existing programs to adopt measures to promote stability in credit pricing and for other states to adopt similar programs that incentivize the growth in RNG. We also are working closely with stakeholders to encourage the voluntary market for RNG demand, including utility RNG procurement programs, and sustainability protocols, as companies and other customers increasingly look to reduce their GHG emissions profiles. However, these state and voluntary programs may be altered, paused, or otherwise revoked by the applicable governmental authorities or as result of legal challenges.

Environmental Justice

Governments are increasingly adopting requirements for environmental justice reviews as part of certain permitting decisions. These policies generally require permitting agencies to give heightened attention to the potential for projects to disproportionately impact low-income and minority communities. To that end, regulatory agencies have developed a number of screening tools, such as the EPA’s EJScreen, to aid and support relevant regulatory bodies in implementing various programs, such as permitting. Environmental justice considerations are also being increasingly adopted beyond permitting actions; for example, in rulemaking and enforcement priorities. In August 2023, the EPA announced that it would integrate environmental justice into each of its National Enforcement and Compliance Initiatives, and, in November 2023, the agency published a draft update to its Technical Guidance for Assessing Environmental Justice in Regulatory Analysis, which aims to provide agency analysts with the approaches and methods to use in evaluating environmental justice concerns in regulatory actions. Our Company supports policies seeking to advance high standards of environmental performance and the fair treatment of people of all races, cultures, and incomes, and we continue to proactively engage with local communities. We are actively monitoring recent regulatory developments in this area, particularly with respect to permitting, as additional conditions imposed on permitting decisions could increase the time and cost involved to pursue and maintain necessary authorizations.

Privacy and Information Security Regulation

Various U.S. and international laws and regulations related to data privacy, the protection of confidential information and secure information destruction services apply to our business. Applicable laws require businesses to provide notice under certain circumstances to individuals ~~whose~~and/or regulators where personal information has been disclosed in a data breach. Regulatory enforcement action concerning privacy and security is generally increasing, including significant fines imposed by regulators. Secure handling and disposal of waste that may contain sensitive information may be subject to heightened privacy requirements, and in the event of a breach, could result in regulatory penalties or wider enforcement action, reputational harm, and financial liabilities.

2422

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Item 1A. Risk Factors.

Our business, financial condition and results of operations are subject to numerous risks and uncertainties, some of which are not presently known or not currently believed to be material. You should carefully consider the following risk factors in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” inand Item 78. ~~and our “~~Financial Statements and Supplementary Data~~” in Item 8~~. In addition to the following risks, there may be additional risks and uncertainties that adversely affect our business, performance, or financial condition in the future that are not presently known or are not currently believed to be material.

Strategy and Operational Risks

If we fail to implement our business strategy, our financial performance and our growth could be materially and adversely affected.

Our future financial performance and success are dependent in large part upon our ability to implement our business strategy successfully. Implementation of our strategy will require effective management of our operational, financial and human resources and will place significant demands on those resources. See Item 1. Business for more information on our business strategy. There are risks involved in pursuing our strategy, including the following:

●

Our employees, customers or investors may not embrace and support our strategy.

● WeA ~~may~~key ~~not~~element beof ~~able~~our strategy is yield management through focus on price leadership, which has presented challenges to ~~hire~~keep orexisting ~~retain~~business ~~the~~and ~~personnel~~win ~~necessary~~new business at reasonable returns. Our unwillingness to ~~manage~~pursue lower margin volumes may negatively affect our ~~strategy~~cash ~~effectively~~flows or results of operations.

● A key element of our strategy is yield management through focus on price leadership, which has presented challenges to keep existing business and win new business at reasonable returns. The loss of volumes as a result of price increases and our unwillingness to pursue lower margin volumes may negatively affect our cash flows or results of operations. Additionally, we have in the past and may in the future face purported class action lawsuits related to our customer service agreements, prices, surcharges and other mandated fees.

●

We may be unsuccessful in implementing our technology-led automation and optimization strategy and other improvements to operational efficiency and such efforts may not yield the intended result.

● We may not be able to maintain cost savings achieved, including through our automation and optimization or acquisition integration efforts, due to inflationary cost pressures or otherwise.

● ~~Strategic~~Execution ~~decisions~~of ~~with~~our ~~respect~~growth tostrategy, ~~our~~including ~~asset~~acquisitions ~~portfolio~~and ~~may~~expansion ~~result~~of operations, has caused, and may in ~~impairments~~the future cause, us to incur substantial additional indebtedness, which may divert capital away from our ~~assets~~traditional business operations and other financial plans.

● ~~Execution~~Expansion of our ~~strategy, including growth through acquisitions, such as our recent Stericycle acquisition, and our planned and ongoing expansion of our~~ Recycling Processing and Sales and WM Renewable Energy segments, ~~has caused, and~~ may inintroduce ~~the future, cause us to incur substantial~~ additional ~~indebtedness,~~compliance ~~which may divert capital away from our traditional business operations~~ and ~~other~~regulatory ~~financial~~risks ~~plans,~~ and ~~may introduce~~ additional ~~risks and~~ volatility to our financial performance.

●

Our ability to make strategic acquisitions depends on our ability to identify desirable acquisition targets, negotiate advantageous transactions despite competition for such opportunities, fund such acquisitions on favorable terms, obtain regulatory approvals and realize the benefits we expect from those transactions.

● Acquisitions, investments and/or new service offerings or lines of business may not increase our earnings to the extent or in the timeframe anticipated, or at all, due to complexities or difficulties operating in new markets or providing new service offerings or lines of business, failure of technologies to perform as expected, failure to ~~operate~~achieve targeted revenue growth or market expansion, inability to manage costs within budget, integration issues, or regulatory issues and compliance costs, among others, and we may experience issues successfully integrating acquisitions into our internal controls, operations, and/or accounting systems.

● Integration of acquisitions and/or new services offerings or lines of business, such as our ~~expansion~~Healthcare ~~into~~Solutions ~~medical waste~~segment, ~~controlled substances waste~~ and ~~secure information destruction services, and~~ additional expansion ~~into markets~~ outside of North America, ~~has~~results ~~and would result~~ in our business being subject to new ~~laws and regulatory regimes~~regulations, ~~resulting in~~ greater exposure to risk of inadvertent noncompliance and additional compliance costs.

●

Liabilities associated with acquisitions, including ones that may exist only because of past operations of an acquired business, may prove to be more difficult or costly to address than anticipated, and businesses or assets we acquire may have undisclosed liabilities, despite our efforts to minimize exposure to such risks through due diligence and other measures.

25In addition to the risks set forth above, implementation of our business strategy could be affected by other factors beyond our control, such as increased competition, legal developments, government regulation, global geopolitical instability, general economic conditions, increased operating costs and changes in industry trends. Implementation of our strategy may not improve our operating results to the extent we anticipate, or at all.

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● Supply chain, regulatory or permitting disruptions or delays could detrimentally impact the execution timeline for our planned and ongoing expansions of our Recycling Processing and Sales and WM Renewable Energy businesses.

● We continue to seek to divest underperforming and non-strategic assets and operations if we cannot improve their profitability. We may not be able to successfully divest underperforming and non-strategic assets and operations, which could result in asset impairments or the continued operation of low-margin businesses.

In addition to the risks set forth above, implementation of our business strategy could be affected by other factors beyond our control, such as increased competition, legal developments, government regulation, global geopolitical instability, general economic conditions, including slower growth or recession, increased operating costs or expenses, inflation, subcontractor costs and availability and changes in industry trends. We may decide to alter or discontinue certain aspects of our business strategy at any time. Even if we are able to implement some or all of the initiatives of our business strategy successfully, our operating results may not improve to the extent we anticipate, or at all.

We may not realize the strategic benefits and cost synergies anticipated from the Stericycle acquisition.

The benefits we expect to receive from the acquisition of Stericycle depend on the performance of the Stericycle business and its ability to achieve financial and operational targets and strategic goals. The acquired Stericycle business, which is now presented as our new WM Healthcare Solutions segment, is subject to numerous risks and uncertainties that could cause performance to be materially different than we anticipate; such factors include, but are not limited to, decreases in the volume of medical waste and controlled substances wastes or personal and confidential information collected from customers; disruptions resulting from deployment of systems, including with respect to the implementation of Stericycle’s enterprise resource planning system and billing and collection delays that Stericycle has experienced following the launch of such system upgrade; changing market conditions in the healthcare industry; competition and demand for services for the medical waste, controlled substances waste and secure information destruction industries; commodity price volatility; changes in regulation of the collection, transportation, treatment and disposal or destruction of medical waste and controlled substances waste or the proper handling and protection of personal and confidential information; the level of government enforcement of regulations governing medical waste and controlled substances waste collection and treatment or the proper handling and protection of personal and confidential information; and the outcome of pending, future or settled litigation or investigations. Should the Stericycle business be unsuccessful in achieving financial and operational targets and implementing the WM Healthcare Solutions business strategy, it could negatively impact our realization of benefits from the acquisition, as well as our stock price and our future business and financial results.

The benefits that are expected to result from our acquisition of Stericycle also depend, in part, on our ability to realize anticipated cost synergies. Our success in realizing these benefits and cost synergies, and the timing of this realization, depends on the successful integration of the Stericycle business. There is a significant degree of difficulty and management attention inherent in the process of integrating an acquisition of this size. The process of integrating operations could cause business interruption and distraction. Some members of our management may be required to devote considerable time to this integration process, which will decrease the time they will have to manage our Company, service existing customers, attract new customers and develop new products or strategies. If management is not able to effectively manage the integration process, including retention of key Stericycle personnel, or if any significant business activities are interrupted as a result of the integration process, our business, financial condition and results of operations could suffer. The acquisition of Stericycle may not result in realization of the benefits and cost synergies that we currently expect, and we cannot guarantee that these benefits and cost synergies will be achieved within anticipated time frames or at all. Additionally, we may incur substantial expenses in connection with the integration of the Stericycle business, which may exceed expectations and offset certain benefits.

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We may not realize the strategic benefits, revenue and earnings growth, or cost synergies anticipated from the Stericycle acquisition.

The acquired Stericycle business, which is now presented as our Healthcare Solutions segment, is subject to numerous risks and uncertainties such as decreases in the volume of medical waste and controlled substances wastes or personal and confidential information collected from customers; disruptions resulting from deployment of operational or technological systems, including with respect to Healthcare Solution’s enterprise resource planning (“ERP”) system and related billing and collection issues and delays; customer loss resulting from frustration due to billing or service issues; delayed revenue growth from planned pricing increases due to factors including customer retention, stabilization of customer data engagement systems and processes, and more prolonged development of market and customer-specific insights than initially planned; changing market conditions in the healthcare industry; competition and demand for services for the medical waste, controlled substances waste and secure information destruction industries; commodity price volatility; changes in regulation of the collection, transportation, treatment and disposal or destruction of medical waste and controlled substances waste or the proper handling and protection of personal and confidential information; the level of government enforcement of regulations governing medical waste and controlled substances waste collection and treatment or the proper handling and protection of personal and confidential information; and the outcome of pending, future or settled litigation or investigations. If we are unsuccessful in achieving financial and operational targets and implementing the Healthcare Solutions business strategy, it could negatively impact our realization of benefits from the acquisition, as well as our stock price and our future business and financial results.

Our operations must comply with extensive existing regulations, and changes in regulations, including with respect to emerging contaminants and extended producer responsibility, can restrict or alter our operations, increase our operating costs, increase our tax liabilities, reduce revenues, or require us to make additional capital expenditures.

Stringent government regulations at the federal, state, provincial and local level in the U.S. and Canada, as well as other international jurisdictions where we operate, have a substantial impact on our operations, and compliance with such regulations is costly. See Item 1. Business – Regulation for additional information. Many complex laws, rules, orders and interpretations govern environmental protection, health, safety, land use, zoning, transportation, ethical business conduct, data privacy and security, and other related and similar subjects. Among other things, governmental regulations and enforcement actions restrict our operations at times and may adversely affect our financial condition, results of operations and cash flows by imposing limitations or other conditions on constructing or expanding facilities; collection and disposal pricing and volume; transportation of out-of-state waste and management and processing of certain waste streams.

26Regulations affecting the siting, design and closure of landfills require us, at times, to undertake investigatory or remedial activities, curtail operations or close landfills temporarily or permanently. We have significant financial obligations relating to final capping, closure, post-closure and environmental remediation at our existing landfills and we establish accruals for these estimated costs. Expenditures could be accelerated or materially exceed our accruals due to earlier than expected closure of landfills; the types of waste collected and manner in which it is transported and disposed of, including actions taken in the past by companies we have acquired or third-party landfill operators; environmental regulatory changes; new information about waste types previously collected, or other emerging contaminants. Similar issues can also result in a significant increase in operating costs; for example, developments in recent years related to management of per- and polyfluoroalkyl substances (“PFAS”) have increased our landfill operating costs. See Item 1. Business – Regulation – Recent Developments and Focus Areas in Policy and Regulation – PFAS for additional information. We may face increased exposure to testing, remediation and litigation costs as a result of new and emerging PFAS regulations and requirements.

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~~data~~affordability ~~privacy~~have ~~and~~led ~~security~~some jurisdictions to scale back previously enacted EPR requirements, and ~~other~~certain ~~related~~programs have faced lawsuits and ~~similar~~potential ~~subjects~~constitutional review, creating uncertainty for long-term planning. ~~Among~~For ~~other~~additional ~~things~~information, ~~governmental~~See ~~regulations~~Item 1. Business – Regulation – Recent Developments and ~~enforcement~~Focus ~~actions~~Areas ~~restrict~~in ~~our~~Policy ~~operations~~and atRegulation ~~times~~– Extended Producer Responsibility. A significant reduction in the waste, recycling and ~~may~~other ~~adversely~~streams ~~affect~~we manage, including with respect to quality and volume, could have a material adverse effect on our financial condition, results of operations and cash flows. byConversely, ~~imposing~~changes ~~conditions~~in ~~such~~program ~~as:~~requirements or deregulatory rulings in jurisdictions where we have adapted to meet customer demand could affect our operations, financial condition or results of operations.

●We ~~limitations~~are onalso ~~siting~~subject to additional laws and ~~constructing~~regulations ~~new~~in ~~waste~~the U.S. and internationally concerning transportation, management and disposal or destruction of medical waste streams, including regulations that govern the definition, generation, segregation, handling, packaging, transportation, treatment, storage and disposal or destruction of medical waste and controlled substances waste, ~~transfer~~along with extensive recordkeeping and documentation requirements. Our secure information destruction services are subject to additional laws and regulations regarding proper handling and protection of personal and confidential information. Relaxation of enforcement, ~~recycling~~government shutdowns, or ~~processing~~other ~~facilities~~changes in governmental regulation of medical waste and controlled substances waste and personal and confidential information could increase the number of competitors we face or onreduce ~~expanding~~or ~~existing~~delay ~~facilities;~~the need for these services.

●The ~~limitations~~current U.S. presidential administration has implemented substantial changes to foreign trade policy and is generally in favor of reducing regulation, ~~regulations~~including orenvironmental ~~levies~~regulation. onThe ~~collection~~impact and ~~disposal~~timing ~~prices~~of these shifts in regulatory policy impacting our industry and our Company remain uncertain, ~~rates~~as many are subject to ongoing litigation and ~~volumes;~~agency review. Reduction of regulation may have a favorable impact on our operating costs, but the extensive environmental regulation applicable to our industry is also a barrier to rapid entry that benefits our Company. It is likely that some policies adopted by this administration will benefit us and others will negatively affect us.

●It ~~limitations~~is our policy to comply with all applicable anti-bribery laws, ~~bans~~such as the U.S. Foreign Corrupt Practices Act (“FCPA”), ~~taxes~~and orwith ~~charges~~applicable onlocal laws of the ~~disposal~~foreign countries in which we operate, ~~destruction~~and orwe ~~transportation~~monitor ofour ~~out-of-state~~local ~~waste~~partners’ compliance with such laws as well. Our reputation may be adversely affected if we were reported to be associated with corrupt practices or ~~certain~~if ~~categories~~we or our local partners failed to comply with such laws. Additionally, violations of ~~waste;~~such laws could subject us to significant fines and penalties.

● mandates regarding the management of solid waste, organics, medical waste, controlled substances waste and other materials, including requirements to recycle, divert, destroy, or otherwise process certain waste, recycling and other streams; or

● limitations or restrictions on the recycling, processing or transformation of waste, recycling and other streams.

Regulations affecting the siting, design and closure of landfills require us, at times, to undertake investigatory or remedial activities, curtail operations or close landfills temporarily or permanently. We have significant financial obligations relating to final capping, closure, post-closure and environmental remediation at our existing landfills and we establish accruals for these estimated costs. Expenditures could be accelerated or materially exceed our accruals due to earlier than expected closure of landfills; the types of waste collected and manner in which it is transported and disposed of, including actions taken in the past by companies we have acquired or third-party landfill operators; environmental regulatory changes; new information about waste types previously collected, or other emerging contaminants. Similar issues can also result in a significant increase in operating costs; for example, developments in recent years related to management of per-and polyfluoroalkyl substances (“PFAS”) have increased our landfill operating costs. Federal and state governments have increased their focus on efforts to safeguard communities from the potentially harmful effects associated with PFAS. See Item 1. Business – Regulation – Recent Developments and Focus Areas in Policy and Regulation – PFAS for additional information. We may face increased exposure to testing, remediation and litigation costs as a result of new and emerging PFAS regulations and requirements.

Following our acquisition of Stericycle, we are subject to additional laws and regulations in the U.S. and internationally concerning transportation, management and disposal or destruction of medical waste streams, including regulations that govern the definition, generation, segregation, handling, packaging, transportation, treatment, storage and disposal or destruction of medical waste and controlled substances waste, along with extensive recordkeeping and documentation requirements. Additionally, Stericycle’s secure information destruction services are subject to additional laws and regulations regarding proper handling and protection of personal and confidential information. Relaxation of enforcement, government shutdowns, or other changes in governmental regulation of medical waste and controlled substances waste and personal and confidential information could increase the number of competitors we face or reduce or delay the need for these services.

Stericycle is, and has been, involved in government investigations, enforcement proceedings, private lawsuits and other disputes alleging noncompliance with applicable regulations, including alleged noncompliance with the Controlled Substances Act and other statutes involving its now-divested Domestic Environmental Solutions business of collecting, transporting, and destroying controlled substances from retail customers. With the acquisition of Stericycle, these matters may result in adverse consequences, including permit revocations or denials and civil, criminal and administrative penalties.

The new U.S. presidential administration has called for substantial changes to areas of foreign trade policy and has generally appeared to be in favor of reducing regulation, including environmental regulation. We do not know what impact the change in U.S. presidential administration will have on specific regulatory policies impacting our industry and our Company, especially given the number of rules currently in litigation, nor can we predict the timing of any such changes.

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Reduction of regulation may have a favorable impact on our operating costs, but the extensive environmental regulation applicable to our industry is also a barrier to rapid entry that benefits our Company. Significant new restrictions and tariffs on foreign trade could have a negative impact on our recycling export business and our cross-border commerce, particularly with Canada, and could increase the cost of certain equipment and other materials used in our operations that we procure from outside the U.S., including our trucks and certain equipment used to implement our sustainability growth strategy. It is likely that some policies adopted by the new administration will benefit us and others will negatively affect us.

If we encounter regulatory compliance issues in the course of operating our business, we may experience adverse publicity, which may intensify if such noncompliance results in legal liability. Any legal liability or adverse publicity from such noncompliance may harm our reputation and result in difficulties in attracting new customers, or retaining existing customers, which would negatively impact our results of operations and financial condition.

Our business is subject to operational and safety risks, including the risk of injury to employees and others.

Providing environmental and waste management services, including constructing and operating landfills, transfer stations, processing facilities, recycling facilities and other disposal or destruction facilities, and landfill gas-to-energy facilities, involves risks such as truck accidents, equipment defects, malfunctions and failures, and improper use of dangerous equipment. Additionally, we closely monitor and manage landfills to minimize the risk of waste mass instability, releases of hazardous materials, and odors that are sometimes triggered by weather or natural disasters. There are also risks presented by the potential for subsurface heat reactions causing elevated landfill temperatures and increased production of leachate, landfill gas and odors, and we have proactively incurred increased costs to manage leachate in response to this risk. We build and operate natural gas fueling stations, some of which also serve the public or third parties. Operation of fueling stations and landfill gas collection and control systems, as well as operation of heavy machinery and management of flammable materials at our recycling facilities and transfer stations, involves additional risks of fire and explosion. The ~~Stericycle~~Healthcare Solutions business requires handling of medical waste and controlled substances waste and operates incineration facilities. Incidents such as truck accidents, damaged or leaking containers, improper storage of medical waste and controlled substances waste, placement of prohibited materials into the waste stream, or malfunctioning plant or incineration equipment could result in exposure to contaminated or infectious waste or other hazardous materials.

Any of these risks could potentially result in injury, illness or death of employees and others. These risks could also result in a need to shut down or reduce operation of facilities, increased operating costs and exposure to liability for pollution, public nuisance, and other environmental damage, and property damage or destruction. ~~While~~If we ~~seek to minimize our exposure to such risks through comprehensive training, compliance and response and recovery programs, as well as vehicle and equipment maintenance programs, if we~~ were to incur substantial liabilities in excess of any applicable insurance, our business, results of operations and financial condition could be adversely affected. Any such incidents could also tarnish our reputation and reduce the value of our brand. Additionally, ~~a major operational failure, even if suffered by a competitor, may bring enhanced scrutiny and regulation of our industry, with a corresponding increase in operating expense.~~

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a major operational failure, even if suffered by a competitor, may bring enhanced scrutiny and regulation of our industry, with a corresponding increase in operating expense.

We may be unable to obtain or maintain required permits for our operations or expand existing permitted capacity at our landfills, due to land scarcity, public opposition or otherwise, which can require us to identify disposal alternatives, resulting in decreased revenue and increased costs.

Our ability to meet our financial and operating objectives depends in part on our ability to obtain and maintain the permits, authorizations, approvals, certificates, and other governmental permissions necessary to operate landfill sites, recycling facilities, compost facilities, processing facilities, landfill gas-to-energy facilities, incineration facilities and transfer stations in the various jurisdictions in which we operate. Changes in applicable laws and regulations could require us to obtain new permits or to change the way in which we operate our business. Even where permits are obtained, they may contain conditions or restrictions that limit our ability to operate efficiently. Permits to build, operate and expand solid waste management facilities, including landfills and transfer stations, have become more difficult and expensive to obtain and maintain. Permits often take years to obtain as a result of numerous hearings and compliance requirements with regard to zoning, environmental and other regulations. These permits are also often subject to resistance from citizen or other groups and other political pressures. Local communities and citizen groups, adjacent landowners or governmental agencies may oppose the issuance of a permit or approval we may need, allege violations of the permits under which we currently operate or laws or regulations to which we are subjected, or seek to impose liability on us for alleged environmental damage. Such actions could also impact our ability to do business by causing reputational harm. Our ability to receive permits is also impacted by land scarcity, particularly in densely populated areas. Diminishing disposal capacity, typically in proximity to major metropolitan areas, sometimes requires us to transport waste by rail or find alternative disposal solutions in affected areas, increasing our operating costs. Certain governmental bodies are in various stages of adopting or considering the adoption of requirements for environmental justice reviews as part of certain permitting decisions. These policies generally require permitting agencies to give heightened attention to a project’s potential to disproportionately impact low-income and minority communities and to proactively plan for community engagement. Responding to permit challenges has, at times, increased our costs and extended the time associated with establishing new facilities and expanding existing facilities. Our failure to obtain the required permits and necessary capacity expansion to operate our business, including our landfills, could have a material adverse impact on our financial condition, results of operations and cash flows.

28If we are unable to attract, hire, develop and retain key team members and a high-quality workforce, and comply with applicable employment regulations, it could result in business and strategic disruption and increased costs, negatively impacting our results of operations.

Our operations require us to attract, hire, develop and retain a high-quality workforce; this includes key individuals in leadership and specialty roles, as well as a very large number of skilled drivers, technicians and other front-line and back-office team members necessary to provide our environmental services. We experience significant competition to hire and retain certain front-line positions, such as commercial truck drivers. Additionally, the market for employees that serve on our digital team and support our investments in our technology-led automation and optimization strategy is highly competitive. We also compete to attract skilled business leaders, and our own key team members are sought after by our competitors and other companies. Labor shortages, as we have experienced in the past, could result in increased costs due to wage adjustments, overtime hours, training costs and inability to service customers. As an employer of over 60,000 individuals throughout the U.S. and Canada, as well as Western Europe and India, we are subject to numerous employment related regulations, including federal and state wage and hour laws and rapidly changing laws related to employment eligibility. If we are not able to attract, hire, develop and retain a high-quality workforce with the necessary skills and expertise, if we experience significant employee turnover, or if we fail to comply with applicable employment regulations, it can result in business and strategic disruption, increased costs, and loss of institutional knowledge, which could negatively impact our results of operations.

Increases in our labor costs as a result of unions organizing, Multiemployer Pension Plan withdrawals, changes in regulations related to labor unions or increases in minimum wages, could adversely affect our future results.

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tothe ~~receive~~introduction ~~permits~~of isnew ~~also~~technology ~~impacted~~and byother ~~land scarcity~~initiatives, ~~particularly~~which can result in ~~densely~~increased ~~populated~~operating ~~areas.~~expenses ~~Diminishing~~and ~~disposal~~lower ~~capacity,~~net ~~typically~~income. inIf ~~proximity~~we toare ~~major~~unable ~~metropolitan~~to ~~areas,~~negotiate ~~sometimes~~acceptable ~~requires~~collective usbargaining toagreements, ~~transport~~our ~~waste~~operating byexpenses ~~rail~~could orincrease ~~find~~significantly ~~alternative~~as ~~disposal~~a ~~solutions~~result inof ~~affected~~work ~~areas~~stoppages, ~~increasing~~including ~~our operating costs~~strikes. ~~Governments~~We are ~~increasingly~~a ~~adopting~~participating ~~requirements~~employer ~~for~~in ~~environmental~~a ~~justice~~number ~~reviews as part~~ of ~~certain~~trustee-managed ~~permitting~~multiemployer ~~decisions.~~defined ~~These~~benefit ~~policies~~pension ~~generally~~plans ~~require~~(“Multiemployer ~~permitting~~Pension ~~agencies~~Plans”) tofor ~~give~~employees ~~heightened~~who ~~attention~~are tocovered ~~the~~by ~~potential~~collective ~~for~~bargaining ~~projects~~agreements. toIn ~~disproportionately~~the ~~impact~~event ~~low-income~~of ~~and~~our ~~minority~~withdrawal ~~communities.~~from ~~Responding~~a toMultiemployer ~~permit~~Pension ~~challenges has~~Plan, atwe ~~times,~~may ~~increased~~incur ~~our~~significant ~~costs~~expenses ~~and extended the time~~ associated with ~~establishing~~our ~~new~~obligations ~~facilities~~for ~~and~~unfunded ~~expanding~~vested ~~existing~~benefits ~~facilities.~~at ~~Our~~the ~~failure~~time toof ~~obtain~~ the ~~required~~withdrawal ~~permits~~that ~~and necessary capacity expansion to operate our business, including our landfills,~~ could have a material adverse ~~impact~~effect on ~~our financial condition,~~ results of operations ~~and~~or cash flows.

IfAdditionally, wea ~~are~~large ~~unable~~portion toof ~~attract~~our workforce are hourly personnel, ~~hire~~and ormany ~~retain~~of ~~key~~these ~~team~~individuals, ~~members~~particularly ~~and~~in aour ~~high-quality~~recycling ~~workforce~~business, orare ifpaid ~~our~~at ~~succession~~rates ~~planning~~related ~~does~~to ~~not~~federal ~~develop~~and anstate ~~adequate~~minimum ~~pipeline~~wages. ofIncreases ~~future~~in ~~leaders~~minimum wage rates, itor ~~could~~the ~~disrupt~~enactment ~~our~~of ~~business~~new wage-related legislation, ~~jeopardize~~may significantly increase our ~~strategic~~labor ~~priorities~~costs. ~~and~~Any ~~result~~of inthese ~~increased~~matters ~~costs,~~could ~~negatively~~adversely ~~impacting~~affect our financial condition, results of operations and cash flows.

Our operations require us to attract, hire, develop and retain a high-quality workforce to provide a superior customer experience. This includes key individuals in leadership and specialty roles, as well as a very large number of drivers, technicians and other front-line and back-office team members necessary to provide our environmental services. We experience significant competition to hire and retain individuals for certain front-line positions, such as commercial truck drivers, from within and outside our industry. (Also see Item 1A. Risk Factors — Market disruption, including labor shortages, external strikes, and supply chain constraints, and macroeconomic pressures, including inflation, have recently had, and may in the future have, an adverse impact on our business and results of operations.) Additionally, the market for employees that serve on our digital team is highly competitive. As we have accelerated our investments in our technology-led automation and optimization strategy, it is increasingly important that we are able to attract and retain employees with the skills and expertise necessary to implement and manage these projects. We also compete to attract skilled business leaders, and our own key team members are sought after by our competitors and other companies. We make significant investments, and engage in internal succession planning, to provide us with a robust pipeline of future leaders. If we are not able to attract, hire, develop and retain a high-quality workforce with the necessary skills and expertise, as well as key leaders, or if we experience significant employee turnover, it can result in business and strategic disruption, increased costs, and loss of institutional knowledge, which could negatively impact our results of operations.

Increases in our labor costs as a result of labor unions organizing, changes in regulations related to labor unions or increases in employee minimum wages, could adversely affect our future results.

Labor unions continually attempt to organize our employees, and these efforts will likely continue in the future. Certain groups of our employees are currently represented by unions, and we have negotiated collective bargaining agreements with these unions. Additional groups of employees may seek union representation in the future, and, if successful, would enhance organized labor’s leverage to obtain higher than expected wage and benefits costs and resist the introduction of new technology and other initiatives, which can result in increased operating expenses and lower net income. If we are unable to negotiate acceptable collective bargaining agreements, our operating expenses could increase significantly as a result of work stoppages, including strikes. Additionally, a large portion of our workforce are hourly personnel, and many of these individuals, particularly in our recycling business, are paid at rates related to federal and state minimum wages. Increases in minimum wage rates, or the enactment of new wage-related legislation, may significantly increase our labor costs. Any of these matters could adversely affect our financial condition, results of operations and cash flows.

The seasonal nature of our business, severe weather events resulting from climate change and event driven projects cause our results to fluctuate, and prior performance may not be indicative of our future results.

Our financial and operating results may fluctuate for many reasons. 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. ~~While~~Margins on weather-related and other event-driven projects ~~can~~may ~~boost~~not ~~revenues~~be ~~through~~consistent ~~additional~~with our ordinary course business. For these and other reasons, operating results in any period may not be indicative of operating results for any other period. Our stock price may be negatively impacted by interim variations in our results.

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work for a limited time, due to significant start-up costs and other factors, such revenue can generate earnings at comparatively lower margins. For these and other reasons, operating results in any period may not be indicative of operating results for any other period. Our stock price may be negatively impacted by interim variations in our results.

Damage to our reputation and the value of our brand would negatively impact our business.

We believe we have developed a reputation for high-quality service, reliability and social and environmental responsibility, and we believe our brand symbolizes these attributes. The WM brand name, trademarks and logos and our reputation are powerful sales and marketing tools, and we devote significant resources to promoting and protecting them. Adverse publicity, whether or not justified, relating to activities by our operations, employees or agents, or challenges to our assertions of social and environmental responsibility, could tarnish our reputation and reduce the value of our brand. (Also see Item 1A. Risk Factors — Focus on, and regulation of, sustainability performance and disclosure can result in increased costs, risk of noncompliance, damage to our reputation and related adverse effects).

We have made significant investments in an extensive natural gas truck fleet, which makes us partially dependent on the availability of natural gas and fueling infrastructure and vulnerable to natural gas prices, and requirements to transition away from our current vehicle fleet to electric powered vehicles could impair our investments and result in cost increases and significant additional capital investment.

We operate a large fleet of natural gas vehicles, and we plan to continue to invest in these assets for our collection fleet. However, natural gas fueling infrastructure is not yet broadly available in the U.S. and Canada; as a result, we have constructed and operate natural gas fueling stations, some of which also serve the public or pre-approved third parties. It will remain necessary for us to invest capital in fueling infrastructure to power our natural gas fleet. Fluctuations in the price and supply of natural gas or diesel fuel could substantially increase our operating expenses; a reduction in the existing cost differential between natural gas and diesel fuel could materially reduce the benefits we anticipate from our investment in natural gas vehicles.

There is increasing pressure to reduce the use of fossil fuel in the heavy-duty truck industry, and some regulatory bodies are pursuing requirements for using alternative engine technology, such as electric powered vehicles, rather than natural gas or diesel vehicles. This is resulting in regulatory actions to advance the adoption of zero-emission vehicles and a shift away from tax incentives and grants for natural gas trucks and RNG infrastructure. See Item 1. Business – Regulation – Investment in Natural Gas Vehicles and Infrastructure for additional information. Regulation mandating an accelerated transition ~~away from natural gas trucks and our remaining diesel vehicles, including the recently acquired Stericycle fleet,~~ to electric powered vehicles would increase our cost to acquire vehicles needed to service our customers, and capital investment required to establish sufficient charging infrastructure could be significant. Additionally, the investments we have made in an industry-leading natural gas fleet and infrastructure could be impaired. Tax incentives and grants that advance the adoption of zero-emissions vehicles and lead to a shift away from natural gas trucks and RNG infrastructure would likely also negatively impact our investments in landfill gas-to-energy facilities.

We may not be able to achieve our sustainability-related goals, including reduction of our greenhouse gas ("GHG") emissions, or ~~execute~~achieve onthe results and benefits anticipated from our sustainability-related ~~growth~~investments ~~strategy~~ and initiatives, within planned timelines or anticipated budget~~, which could damage our reputation and negatively impact the benefits anticipated from our investments~~.

~~Consistent~~We ~~with our Company’s long-standing commitment to sustainability and environmental stewardship, we~~ have set goals to reduce our GHG emissions and announced other sustainability-related goals and initiatives. We may not be able to meet such goals or implement such initiatives in the manner or on timelines contemplated due to challenges including, but not limited to, unforeseen costs or delays, changes in how GHG emissions are calculated or otherwise reported, supply chain disruptions, regulatory impacts, integration of acquired assets or businesses, technology limitations or technical difficulties associated with achieving such goals. Changes to our business or asset base that were not contemplated when we set our sustainability-related goals, including the acquisition and integration of Stericycle’s business, assets and operations, could adversely impact our progress towards these goals and require us to adjust them. These changes could negatively impact public perception of our Company and stakeholders may view these changes unfavorably. Also, despite voluntarily announcing such sustainability goals, we may receive pressure from investors or other groups to adopt more aggressive sustainability-related goals that may not be technically, operationally, or financially feasible.

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Inchallenges ~~addition~~including, ~~our~~but ~~sustainability-related~~not ~~growth~~limited ~~strategy~~to, ~~includes~~unforeseen ~~significant~~costs ~~planned~~or ~~and~~delays, ~~ongoing~~changes ~~investments~~ in ~~our~~how ~~Recycling~~GHG ~~Processing~~emissions ~~and~~are ~~Sales~~calculated ~~and~~or WMotherwise ~~Renewable~~reported, ~~Energy~~supply ~~segments.~~chain ~~Our ability to successfully execute this strategy may be impacted by the numerous risks and uncertainties associated with our business and the environmental services industry~~disruptions, ~~including~~regulatory ~~financial and operating performance~~impacts, ~~availability~~integration of ~~technology~~acquired ~~and~~assets ~~financing,~~or ~~changes in regulation~~businesses, ~~commodity~~technology ~~price~~limitations ~~fluctuation~~or ~~and~~technical ~~general~~difficulties ~~economic~~associated ~~conditions.~~with ~~(Also~~achieving ~~see~~such ~~Item 1A~~goals. ~~Risk~~Changes ~~Factors~~to —our ~~Our~~business ~~revenues,~~or ~~earnings~~asset ~~and~~base ~~cash~~that ~~flows~~were ~~fluctuate~~not ~~based~~contemplated onwhen ~~changes~~we inset ~~commodity~~our ~~prices~~sustainability-related ~~and~~goals ~~demand~~could ~~and~~adversely ~~may~~impact ~~fluctuate~~our ~~substantially~~progress ~~without~~towards ~~notice~~these ingoals ~~the future~~ and —require ~~Our~~us ~~sustainability~~to ~~growth~~adjust ~~strategy~~them. ~~includes~~These ~~significant planned and ongoing investments in our WM Renewable Energy segment;~~ changes tocould ~~federal~~negatively ~~and~~impact ~~state~~public ~~renewable~~perception ~~fuel~~of ~~policies could affect~~ our ~~financial~~Company ~~performance,~~ and ~~such~~stakeholders ~~investments~~ may ~~not~~view ~~yield~~these ~~the~~changes ~~results anticipated~~unfavorably.) ~~Favorable~~Also, ~~expectations~~despite ~~regarding~~voluntarily ~~potential~~announcing ~~investment~~such ~~tax~~sustainability ~~credits~~goals, orwe ~~other~~may ~~benefits~~receive ~~stemming~~pressure from ~~the~~investors ~~Inflation Reduction Act of 2022 (“IRA”) may not materialize~~ or ~~could~~other ~~fail~~groups to ~~meet~~adopt ~~expectations.~~more ~~See~~aggressive ~~Item~~sustainability-related 1.goals ~~Business~~that –may ~~Regulation~~not –be ~~Recent~~technically, ~~Developments~~operationally, ~~and~~or ~~Focus~~financially ~~Areas in Policy and Regulation – Tax Legislation for additional information~~feasible.

~~Some~~In oraddition, ~~all~~we ofhave ~~the~~made ~~expected~~significant ~~benefits~~investments ofin our ~~sustainability-related~~Recycling ~~investments~~Processing and ~~initiatives~~Sales ~~may~~and ~~not~~Renewable ~~occur~~Energy ~~within~~segments. Timing and achievement of the results and benefits anticipated ~~time~~from ~~periods~~these orinvestments may ~~cost~~be ~~more~~impacted toby ~~achieve~~the ~~than~~numerous ~~anticipated.~~risks Anand uncertainties including financial and operating performance; availability of technology and financing; compliance with regulations; inability to develop, obtain, or scale necessary equipment,; technology and innovations,; ~~and~~ challenges arising from the availability or cost of materials and infrastructure; ordifficulty obtaining regulatory approvals or ~~permitting~~permits; ~~requirements~~commodity ~~associated~~price ~~with~~fluctuation ~~our~~and ~~sustainability~~general ~~investments~~economic ~~and~~conditions. ~~initiatives~~(Also see Item 1A. Risk Factors — Our revenues, ~~could~~earnings ~~impede~~and ~~our~~cash ~~ability~~flows tofluctuate ~~execute~~based on ~~our~~changes ~~plans~~in ~~and~~commodity ~~achieve~~prices ~~our~~and ~~goals~~demand orand ~~realize~~may ~~our~~fluctuate ~~expected~~substantially ~~financial~~without ~~performance~~notice ~~from~~in ~~these~~the ~~investments.~~future ~~Actions~~and we— ~~take~~Changes to ~~achieve~~federal ~~these~~and ~~goals~~state ~~and~~renewable ~~implement~~fuel policies could affect the financial performance of our ~~sustainability~~Renewable ~~growth~~Energy ~~strategy~~segment). ~~and~~Favorable ~~initiatives,~~expectations ~~including~~regarding ~~development~~potential ~~and~~investment ~~implementation~~tax ofcredits ~~enhanced~~or ~~technology~~other benefits stemming from the IRA and ~~reporting~~the ~~systems,~~OBBBA ~~will~~may ~~require~~not ~~increased~~materialize ~~capital~~or ~~expenditures~~could ~~and~~fail ~~management~~to ~~focus,~~meet ~~which~~expectations. ~~may~~See ~~divert~~Item ~~investment~~1. Business – Regulation – Recent Developments and ~~management~~Focus ~~focus~~Areas ~~away~~in ~~from~~Policy ~~other~~and ~~aspects~~Regulation of– ~~our~~Tax ~~business~~Legislation ~~operations.~~for additional information.

We have also forecasted or projected certain operational and financial information with respect to our sustainability investments and initiatives, and many of these statements are based on expectations and assumptions that are necessarily uncertain and are subject to risks and uncertainties that could cause actual results to be materially different from our forecasts and projections. For example, the amount of gas produced over time at landfills can vary depending on many factors, including weather and the composition of the inbound waste stream. ~~While~~Gas ~~we have sophisticated systems to predict gas~~ curves, ~~they~~ are inherently uncertain, and if we have less gas than predicted at a site where we have invested in RNG infrastructure, it may take longer to achieve our return on investment. Relatedly, the quality of the gathered gas is subject to the composition of the waste deposited at our landfills, and the prevalence of certain chemical compounds may adversely affect the usability of such gas and require further investment in the treatment and management of such compounds. Regulations requiring diversion of organic ~~wastes~~waste away from landfills could have the effect of decreasing the amount of landfill gas produced over time in our landfills.

Focus on, and regulation of, sustainability performance and disclosure can result in increased costs, risk of noncompliance, damage to our reputation and related adverse effects.

Our industry faces challenges to implement these rapidly developing disclosure requirements, as well as the risk of enforcement actions by governmental and regulatory agencies for noncompliance. Significant expenditures and commitment of time by management, employees and consultants is involved in developing, implementing and overseeing policies, practices, additional disclosures and internal controls related to environmental and sustainability risk and performance. Public statements with respect to sustainability matters are ~~becoming increasingly~~ subject to heightened scrutiny ~~from public and governmental authorities~~ related to the risk of potential “greenwashing,” i.e., allegations of misleading information or false claims overstating potential sustainability benefits. Wemade ~~are~~by ~~aware~~governmental ~~that~~authorities, non-governmental organizations and other private actors. ~~have~~An ~~filed~~inability ~~lawsuits~~to ~~against~~implement ~~companies~~such ~~under~~policies, ~~various~~practices, ~~securities~~and internal controls and ~~consumer~~maintain ~~protection~~compliance with laws and regulations, or a perception among stakeholders that our sustainability disclosures and goals are insufficient or our goals are unattainable, could harm our reputation and competitive position and negatively impact our stock price and business performance.

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~~alleging~~External ~~that certain sustainability-related statements, goals or standards were misleading, false or otherwise deceptive. An inability to implement such policies, practices,~~ and ~~internal~~Industry controls and maintain compliance with laws and regulations, or a perception among stakeholders that our sustainability disclosures and goals are insufficient or our goals are unattainable, could harm our reputation and competitive position and negatively impact our stock price and business performance.Risks

External Economic and Industry Risks

Market disruption, including labor shortages, external strikes, ~~and~~ supply chain constraints and major external events, and macroeconomic pressures, including inflation, have recently had, and may in the future have, an adverse impact on our business and results of operations.

Market disruption resulting from labor shortages, external labor disputes and strikes, ~~(such as the recent port strike) and~~ supply chain and transportation constraints, ~~and~~major ~~macroeconomic~~external ~~pressures~~events, including ~~inflation~~pandemic conditions, and ~~rising~~macroeconomic ~~interest~~pressures ~~rates,~~ have recently had, and may in the future have, an adverse impact on our results and can create risk and uncertainty in financial outlook. Inflation can and has increased costs for the goods and services we purchase, particularly for labor, repair and maintenance, and subcontractor costs. ~~Supply chain activity has largely normalized, but disruption can reduce availability of certain assets used in our business.~~ Aspects of our business rely on third-party transportation providers, and such services have become more limited and expensive. We may also experience margin pressures from commodity-driven business impacts. The October 2024 port strike negatively impacted recycling commodity prices, and the risk of another port strike, or global economic slowdown, could impact future prices. The constrained labor market has resulted in increased costs for wage adjustments, overtime hours and training new hires. If we are not able to overcome limitations on labor availability, it could materially impact our ability to service our customers and our financial results. Significant ~~new~~ restrictions and tariffs on foreign trade ~~could~~ have a negative impact on our recycling export business and our cross-border commerce, particularly with Canada, ~~and~~decrease ~~could~~paper mills’ demand for recycled corrugated cardboard used in packaging and increase the cost of certain equipment and other materials used in our operations that we procure from outside the U.S., including our trucks and certain equipment used to implement our sustainability growth strategy. Geopolitical conflicts and the resulting international responses may also exacerbate market disruption, leading to volatility in commodity prices, impacts on the availability and cost of energy, increased cyberattacks, and vendor and supplier disruptions across the global supply chain. ~~The~~Major ~~extent~~external ~~and~~events, ~~duration~~like ofpandemics ~~the~~or ~~impact~~widespread ofsocial ~~these~~restrictions, ~~labor~~could ~~market,~~also ~~supply~~have ~~chain~~an adverse impact on our volumes, ~~transportation~~costs and ~~commodity-price~~operations. The extent and duration of the impact of these challenges are subject to numerous external factors beyond our control. If such impacts are prolonged and substantial, they could have a material negative effect on our results of operations.

Accelerated and pronounced economic pressures, such as rising interest rates and inflationary cost pressures, have ~~impacted~~in the past and ~~continue~~may toin the future impact our cost structure and capital expenditures. Significant components of our operating expenses vary directly as we experience changes in revenue due to volume and inflation, and we may not be able to dynamically manage our cost structure in response to such changes. A significant portion of our revenue is tied to a price escalation index with a lookback provision, resulting in a timing lag in our ability to recover increased costs under those contracts during periods of rapid inflation. Separately, for many of our customers we provide services under multi-year contracts that can restrict our ability to increase prices and the timing of such increases. Our overall strategic pricing efforts are focused on recovering as much of the inflationary cost increases we experience in our business as possible by increasing our average unit rate, but such efforts may not be successful for various reasons including the pace of inflation, operating cost inefficiencies, contractual limitations, and market responses. The inability to adequately increase prices to offset increased costs and inflationary pressures, or otherwise mitigate the impact of these conditions on our business, will increase our costs of doing business and reduce our margins.

The environmental services industry is highly competitive, and if we cannot successfully compete in the marketplace, our business, financial condition and operating results may be materially adversely affected.

We encounter intense competition from governmental, quasi-governmental and private sources in all aspects of our operations and when expanding to new lines of business or new markets. We principally compete with large national waste management companies, counties and municipalities that maintain their own waste collection and disposal or recycling operations and regional and local companies of varying sizes and financial resources. The industry also includes companies that specialize in certain discrete areas of waste management, operators of alternative disposal facilities, companies that seek to use parts of the waste stream as feedstock for renewable energy and other by-products, and waste brokers that rely upon haulers in local markets to address customer needs. In recent years, the industry has seen some additional consolidation, though the industry remains intensely competitive. Counties and municipalities may have financial competitive advantages because tax revenues are available to them and tax-exempt financing is more readily available to them. Also, such governmental units may attempt to impose flow control or other restrictions that would give them a competitive advantage. In addition, some of our competitors may have lower financial expectations, allowing them to reduce their prices to expand sales volume or to win competitively-bid contracts, including large national accounts and exclusive franchise arrangements with municipalities. When this happens, we may lose customers and be unable to execute our pricing strategy, resulting in a negative impact to our revenue growth from yield on base business.

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them. Also, such governmental units may attempt to impose flow control or other restrictions that would give them a competitive advantage. In addition, some of our competitors may have lower financial expectations, allowing them to reduce their prices to expand sales volume or to win competitively-bid contracts, including large national accounts and exclusive franchise arrangements with municipalities. When this happens, we may lose customers and be unable to execute our pricing strategy, resulting in a negative impact to our revenue growth from yield on base business.

Our revenues, earnings and cash flows fluctuate based on changes in commodity prices and demand and may fluctuate substantially without notice in the future.

Prices and demand for recyclables fluctuate and are particularly susceptible to volatility based on macroeconomic conditions and regulations. The fluctuations in the market prices or demand for these commodities can affect our operating income and cash flows ~~positively~~negatively, as we experienced in ~~2024~~2025, or ~~negatively~~positively, as we experienced in ~~2023~~2024. The ~~increase~~decline in market prices in ~~2024~~2025 for recyclable commodities resulted in a year-over-year ~~increase~~decrease in revenue of $~~245~~166 million, and ~~the decline in market prices in 2023 for recyclable commodities resulted in a year-over-year decrease in revenue of $308 million.~~

Regulations affecting, and in some cases restricting, the international flow of certain recyclables have led to a reduction in export activity for such recyclables, as well as higher quality requirements and higher processing costs. Additionally, the new U.S. presidential administration has called for substantial changes to foreign trade policy. Significant new restrictions and tariffs on foreign trade could negatively impact commodity prices and our recycling export business. We are making significant planned and ongoing investments in our recycling business to increase automation and reduce labor dependency and address increases in regulatory- and customer-driven quality requirements for commodities. These investments increase our exposure to commodity price fluctuations. Future regulation, tariffs, international trade policies or other initiatives, including regulations addressing climate change or GHG emissions, may impact supply and demand of material, or increase operating costs, which could impact the profitability of our recycling operations. If we do not effectively manage changes in demand and commodity prices for recyclable materials, or if we do not successfully execute our sustainability growth strategy, our investments in recycling infrastructure and technology may not yield the results anticipated.29

Fluctuation in energy-related prices also affects our business, including recycling of plastics manufactured from petroleum products. Our sustainability growth strategy includes increased investment in landfill gas-to-energy facilities and expansion of our WM Renewable Energy segment, which generates and sells credits referred to as Renewable Identification Numbers (“RINs”). RINs prices generally respond to regulations enacted by the EPA, as well as fluctuations in supply and demand, and have historically been very volatile. Additionally, significant variations in the price of biogas, electricity and other energy-related products that are marketed and sold by our landfill gas recovery operations can result in a corresponding impact to our revenue from yield from such operations. Expansion of our WM Renewable Energy segment may introduce additional risks and volatility to our financial performance.

Increasing customer preference for alternatives to landfill disposal and bans on certain types of waste could reduce our landfill volumes and cause our revenues and operating results to decline.

Our customers are increasingly diverting waste to alternatives to landfill disposal, such as recycling and composting, while also working to reduce the amount of waste they generate. In addition, many state and local governments mandate diversion, recycling and waste reduction at the source and prohibit the disposal of certain types of materials at landfills, such as recyclables (cardboard, bottles and cans), yard waste, food waste and electronics. Where organic waste is not banned from disposal in landfills, some large customers such as grocery stores and restaurants are choosing to divert their organic waste from landfills. Zero-waste goals (sending no waste to the landfill) have been set by many large North American and global companies and government agencies. This increased focus on minimizing climate impacts may require the Company to invest in higher-cost technologies for more efficient waste collection and processing. Although such mandates and initiatives help to protect our environment, these developments reduce the volume of waste going to our landfills, which may affect the prices that we can charge for landfill disposal. Our landfills currently provide our highest income from operations margins. Reducing landfilled organic waste also reduces the amount of landfill gas produced from our landfills, adversely impacting our landfill gas-to-energy facilities. If we are not successful in expanding our service offerings, growing lines of businesses to service waste streams that do not go to landfills, and providing alternative services for customers that wish to reduce waste entirely, then our revenues and operating results may decline. Additionally, despite the development of new service offerings and lines of business, it is possible that our revenues and our income from operations margins could be negatively affected due to disposal alternatives.

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the increase in market prices in 2024 for recyclable commodities resulted in a year-over-year increase in revenue of $245 million.

Regulations affecting, and in some cases restricting, the international flow of certain recyclables have led, and could in the future lead, to a reduction in export activity for such recyclables, as well as higher quality requirements and higher processing costs. We have made significant investments in our recycling business to increase automation and reduce labor dependency and address increases in regulatory- and customer-driven quality requirements for commodities. These investments increase our exposure to commodity price fluctuations. Future regulation, tariffs, international trade policies or other initiatives, including regulations addressing climate change or GHG emissions, may impact supply and demand of material and availability of counterparties, or increase operating costs, which could impact the profitability of our recycling operations. If we do not effectively manage changes in demand and commodity prices for recyclable materials, or if we do not successfully execute our sustainability growth strategy, our investments in recycling infrastructure and technology may not yield the results anticipated.

Fluctuation in energy-related prices also affects our business, including recycling of plastics manufactured from petroleum products. Our Renewable Energy segment generates and sells credits referred to as RINs. RINs prices generally respond to regulations enacted by the EPA, as well as fluctuations in supply and demand, and have historically been very volatile. Additionally, significant variations in the price of biogas, electricity and other energy-related products that are marketed and sold by our landfill gas recovery operations can result in a corresponding impact to our revenue from yield from such operations. Recent expansion of our Renewable Energy segment may introduce additional risks and volatility to our financial performance.

Increasing customer preference for alternatives to landfill disposal and bans on certain types of waste could reduce our landfill volumes and cause our revenues and operating results to decline.

Our customers are increasingly diverting waste to alternatives to landfill disposal, such as recycling and composting, while also working to reduce the amount of waste they generate. In addition, many state and local governments mandate diversion, recycling and waste reduction at the source and prohibit the disposal of certain types of materials at landfills, such as recyclables (cardboard, bottles and cans), yard waste, food waste and electronics. Where organic waste is not banned from disposal in landfills, some large customers such as grocery stores and restaurants are choosing to divert their organic waste from landfills. Zero-waste goals (sending no waste to the landfill) have been set by many large North American and global companies and government agencies. This increased focus on minimizing climate impacts may require the Company to invest in higher-cost technologies. These developments reduce the volume of waste going to our landfills, which may affect the prices that we can charge for landfill disposal. Our landfills currently provide our highest income from operations margins. Reducing landfilled organic waste also reduces the amount of landfill gas produced from our landfills, adversely impacting our landfill gas-to-energy facilities. If we are not successful in expanding our service offerings, growing lines of businesses to service waste streams that do not go to landfills, and providing alternative services for customers that wish to reduce waste entirely, then our revenues and operating results may decline. Additionally, despite the development of new service offerings and lines of business, it is possible that our revenues and our income from operations margins could be negatively affected due to disposal alternatives.

With a heightened awareness of the global problems caused by plastic waste in the environment, and actual or perceived risks for human health, many governments have passed ordinances banning certain types of plastics from sale or use. The most common materials banned include plastic bags and straws, polystyrene plastic and some types of single use packaging. These bans have increased pressure by manufacturers on our recycling facilities to accept a broader array of materials in curbside recycling and composting programs to alleviate public pressures to ban the sale of those materials. However, there are currently no or limited viable end markets for recycling many of these materials, and inclusion of such materials in our recycling stream increases contamination and operating costs that can negatively affect the results of our recycling operations.

General economic conditions and consumer trends can directly and adversely affect revenues for our services, ~~and~~ our income from operations margins and our overall financial results.

Our business is directly affected by changes in ~~national~~consumer trends and ~~general~~ economic factors that are outside of our control, including consumer preferences and priorities, consumer confidence, inflation, interest rates and access to capital markets. A weak economy generally results in decreased consumer spending and decreases in volumes of waste generated, which negatively impacts the ability to grow through new business or service upgrades, and may result in customer turnover and reduction in customers’ waste service needs. Consumer uncertainty and the loss of consumer confidence may also reduce the number and variety of services requested by customers. Additionally, a weak market for consumer goods can significantly decrease demand by paper mills for recycled corrugated cardboard used in packaging, which could negatively impact commodity prices and our operating income and cash flows.

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the number and variety of services requested by customers. Additionally, a weak market for consumer goods, or reduction in international trade due to tariffs or other factors, can significantly decrease demand by paper mills for recycled corrugated cardboard used in packaging, which can constrict availability of counterparties and negatively impact commodity prices and our operating income and cash flows. While sustainability remains a priority for many customers, we have observed a shift in prioritization by some companies with respect to sustainability objectives, including a decreased willingness to pay premium prices for recycled materials or enhanced sustainability solutions, which impacts demand for, and viability of, some of our offerings.

A decrease in waste volumes generated results in an increase in competitive pricing pressure; such economic conditions may also interfere with our ability to implement our pricing strategy. Many of our contracts have price adjustment provisions that are tied to an index such as the Consumer Price Index. Our costs may increase more than the increase, if any, in the Consumer Price Index, partially due to our relatively high fixed-cost structure. We may not be able to dynamically manage our cost structure in response to shifting volume levels and vendor costs, and our cost structure may not correlate with the Consumer Price Index or the waste industry. An economic recession or other economic weakness is likely to negatively impact our revenues and margins.

~~Reduction~~We inprovide ~~volumes~~service to a number of ~~medical~~governmental ~~waste~~entities, ~~controlled~~municipalities, ~~substances~~and ~~wastes~~large national accounts. During periods of economic weakness, governmental entities and ~~personal~~municipalities can suffer significant financial difficulties, due in part to reduced tax revenue and/or ~~confidential~~high-cost ~~information~~structures. During these periods, such entities, and ~~changing~~our ~~conditions~~non-governmental customers, could be unable to pay amounts owed to us or renew contracts with us at previous or increased rates. In addition, the financial difficulties of municipalities could reduce investor demand for municipal bonds and cause a correlating increase in interest rates. As of December 31, 2025, we had $1.8 billion of tax-exempt bonds with term interest rate periods that expire within the ~~healthcare~~next ~~industry~~12 months, ~~could~~which ~~adversely~~is prior to their scheduled maturities. If market dynamics resulted in repricing of our tax-exempt bonds at significantly higher interest rates, we would incur increased interest expenses that may negatively affect our ~~financial~~operating results and cash flows.

~~Following~~Reduction ~~our~~in ~~acquisition~~volumes of ~~Stericycle, we provide compliance-based services that rely on the generation of~~ medical waste, controlled substances ~~waste~~wastes, and personal and confidential information ~~by our customers. The volume of such material may be impacted by macroeconomic trends associated with manufacturing and industrial markets~~, ~~healthcare market dynamics,~~ and ~~trends~~changing ~~associated~~conditions ~~with an increase~~ in ~~work-from-home~~the ~~arrangements~~healthcare ~~and~~industry ~~electronic and digital record keeping. Long-term trends resulting from these factors~~ could ~~reduce~~adversely ~~the~~affect ~~demand~~our ~~for~~financial ~~these services~~results.

Through our Healthcare Solutions segment, we provide compliance-based services that rely on the generation of medical waste, controlled substances waste and personal and confidential information by our customers. The volume of such material may be impacted by macroeconomic trends associated with manufacturing and industrial markets, healthcare market dynamics, and trends associated with an increase in work-from-home arrangements and electronic and digital record keeping. Long-term trends resulting from these factors could reduce the demand for these services.

In addition, in the U.S. and elsewhere, the healthcare industry is evolving to meet competing demands for increased healthcare coverage of a growing and aging population and economic pressures to reduce healthcare costs. As a result of these dynamics, hospital networks are consolidating physician practices into their networks, independent practices are consolidating, and healthcare providers are focused on cutting costs within their businesses. These changes and consolidation of the customer base increase the competitive nature of the healthcare waste industry and exert downward pricing pressure, which could adversely affect our financial results.

Weakness in the economy may expose us to credit risk of governmental entities and municipalities and other major customers, which could negatively impact our financial results.

We provide service to a number of governmental entities, municipalities, and large national accounts. During periods of economic weakness, governmental entities and municipalities can suffer significant financial difficulties, due in part to reduced tax revenue and/or high-cost structures. During these periods, such entities, and our non-governmental customers, could be unable to pay amounts owed to us or renew contracts with us at previous or increased rates.

Purchasers of our recycling commodities can be particularly vulnerable to financial difficulties in times of commodity price volatility. The inability of our customers to pay us in a timely manner or to pay increased rates, particularly large national accounts, could negatively affect our operating results.

In addition, the financial difficulties of municipalities could result in a decline in investors’ demand for municipal bonds and a correlating increase in interest rates. As of December 31, 2024, we had $1.4 billion of tax-exempt bonds with

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term interest rate periods that expire within the next 12 months, which is prior to their scheduled maturities. If market dynamics resulted in repricing of our tax-exempt bonds at significantly higher interest rates, we would incur increased interest expenses that may negatively affect our operating results and cash flows.

Changes to applicable tax laws and regulation or interpretation thereof or the imposition of new or increased taxes may increase our tax liabilities and could adversely affect our operating results and cash flows.

We are subject to various complex and evolving U.S. federal, state, local and non-U.S. tax laws. Existing tax laws, policies, statutes, rules, regulations or ordinances, including those related to any non-U.S. tax jurisdictions in which we operate, could be interpreted, changed, modified or applied adversely to us, in each case, possibly with retroactive effect. Any significant variance in our interpretation of current tax laws or a successful challenge of one or more of our tax positions by the U.S. Internal Revenue Service or other tax authorities could increase our future tax liabilities and adversely affect our operating results and cash flows.

Shortages in diesel fuel supply or increases in diesel fuel prices will increase our operating expenses.

The price and supply of diesel fuel can fluctuate significantly based on international, political and economic circumstances, as well as other factors outside our control, such as actions by oil and gas producers, regional production patterns, weather conditions and environmental concerns. We need diesel fuel to run a notable portion of our collection and transfer trucks and our equipment used in our landfill operations. ~~We also recently acquired Stericycle’s fleet, including a substantial number of diesel vehicles.~~ Fuel supply shortages and price increases could substantially increase our operating expenses. Regardless of any offsetting surcharge programs, increased operating costs ~~due to higher diesel fuel prices will decrease our income from operations margins.~~

~~Large-scale disruption of social and commercial activity and financial markets may have a material adverse impact on our business, financial condition, results of operations and cash flows.~~31

Major external events, including pandemic conditions that result in large-scale disruption of social and commercial activity, such as business closures and social restrictions, could adversely impact our volumes, costs and operational execution. While pandemic conditions can increase demand for medical waste and controlled substances waste collection, treatment and disposal or destruction, protective actions such as travel restrictions, quarantines, or facility closures may interfere with our ability to provide services. If such conditions were to be severe, resulting in a broad-based economic slow-down, it may have a material adverse impact on our financial condition, results of operations and cash flows and hinder our ability to grow our business and execute our business strategy.

Technology and Information Security Risks

Developments in technology could trigger a fundamental change in our industry, as waste streams are increasingly viewed as a resource, which may adversely impact volumes at our landfills and our profitability.

Our industry has recognized the value of the traditional waste stream as a potential resource. Research and development activities are ongoing to provide disposal alternatives that maximize the value of waste, including using waste as a source for renewable energy and other valuable by-products. We and many other companies are investing in and/or developing these new technologies. It is possible that such investments and technological advancements may reduce the cost of waste disposal or the value of landfill gas recovery to a level below our costs and may reduce the demand for landfill space. As a result, our revenues and margins could be adversely affected due to advancements in disposal alternatives.

If we are not able to develop new service offerings and protect intellectual property or if a competitor develops or obtains exclusive rights to a breakthrough technology, our financial results may suffer.

Our existing and proposed service offerings to customers require that we invest in, develop, license, and protect new technologies. Our Company is increasingly focusing on new technologies that automate and innovate our operations, improve the customer experience, provide alternatives to traditional disposal and maximize the resource value of waste. We are continuing our multi-year commitment to strategic investments in technology that prioritize the reduction of labor dependency for certain high-turnover jobs, further digitalize our customer self-service and implement technologies to further enhance the safety, reliability and efficiency of our operations. Research, development and implementation of enhanced technology often requires significant spending that may divert capital investment away from our traditional business operations. We may experience difficulties or delays in the research, development, production and/or marketing of new products and services or implementation of technologies in which we have invested or acquired, which may

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~~negatively~~due impact our operating results and prevent us from recouping or realizing a return on these investments and acquisitions. Further, protecting our intellectual property rights and combating unlicensed copying and use of intellectual property is difficult, and an inability to ~~obtain~~higher ordiesel ~~protect~~fuel ~~new~~prices technologies could impact our services to customers and the development of new revenue sources. We rely on a combination of patents and trade secrets to protect our intellectual property, as well as confidentiality and non-disclosure agreements with employees, contractors, and other third parties. We cannot guarantee that these measures will ~~fully~~decrease prevent unauthorized access or use. Furthermore, there is no assurance that current or future applications will result in issued patents or, if issued, will provide adequate protection against competitors. If a competitor develops or obtains exclusive rights to a “breakthrough technology” that provides a revolutionary change in our ~~industry,~~income orfrom ifoperations ~~we have inferior intellectual property to our competitors, our financial results may suffer~~margins.

WeTechnology, ~~are~~Intellectual ~~dependent~~Property ~~on technology,~~ and ifInformation ~~our~~Security ~~technology fails, our business would be adversely affected.~~Risks

~~Our~~If ~~Company,~~we ~~our customers, and the economy in general~~ are ~~increasingly~~not ~~dependent~~able ~~on continuous information technology systems and digital tools~~ to ~~conduct~~develop ~~operations.~~new ~~This~~service ~~dependence~~offerings ~~spans nearly all areas of our business, from overseeing~~ and ~~controlling~~protect ~~critical~~intellectual ~~infrastructure to processing and securing proprietary and sensitive information. The information technology systems and networks that we~~property, our customers, suppliers, and other third parties rely on can be vulnerable to disruptions from cyberattacks, power failures, telecommunications outages, major events like natural disasters, acts of war or ~~terrorism,~~if ~~employee~~a ~~errors,~~competitor ~~and~~develops ~~other unexpected~~ or ~~uncontrollable~~obtains ~~occurrences.~~exclusive ~~Should~~rights ~~these systems be compromised or cease~~ to ~~function~~a ~~effectively,~~breakthrough ~~we may face substantial costs to repair or replace them~~technology, ~~as well as potential liability, loss of crucial data, reputational harm, and interruptions to~~ our ~~services~~financial orresults ~~operations~~may suffer.

~~Challenges~~Our existing and proposed service offerings to customers require that we invest in, ~~implementing~~develop, license, and protect new ~~systems~~technologies. ~~can~~Our ~~also~~Company ~~affect~~is continuing our ~~ability~~multi-year commitment to ~~realize~~strategic ~~projected~~investments ~~cost~~in ~~savings~~technology orthat ~~other~~automate ~~benefits.~~and ~~Significant~~innovate ~~system~~our ~~failures~~operations, ~~could~~improve ~~impede~~the ~~our~~customer ~~ability~~experience, provide alternatives to ~~timely~~traditional ~~collect~~disposal and ~~report~~maximize ~~financial~~the ~~results~~resource invalue ~~accordance~~of ~~with~~waste. ~~applicable~~Research, ~~laws~~development and ~~regulations.~~implementation ~~Our~~of ~~post-acquisition~~enhanced ~~efforts~~technology tooften ~~integrate~~requires ~~Stericycle’s~~significant ~~technology~~spending ~~and~~that ~~systems~~may divert capital investment away from our traditional business operations. We may ~~result~~experience difficulties or delays in ~~substantial~~the ~~costs~~research, development, production and/or ~~uncertainties.~~marketing ~~Systems~~of ~~that~~new ~~increase~~products ~~our~~and ~~utilization~~services or implementation of technologies in which we have invested or acquired, which may negatively impact our operating results and ~~dependency~~prevent us from recouping or realizing a return on these investments and acquisitions. Further, ~~third-party~~protecting ~~cloud~~our ~~computing~~intellectual ~~services~~property rights and combating unlicensed copying and use of intellectual property is difficult and expensive, and ~~digital~~an ~~platforms~~inability to ~~accommodate~~obtain ~~work-from-home~~or ~~arrangements~~protect new technologies could impact our services to customers and the development of new revenue sources. We rely on a combination of patents and trade secrets to protect our intellectual property, ~~also~~as ~~increase~~well ~~various~~as ~~technology~~confidentiality ~~risks~~and non-disclosure agreements with employees, ~~including~~contractors, ~~potential~~and ~~exposure~~other tothird ~~cyber~~parties. ~~incidents~~We cannot guarantee that these measures will fully prevent unauthorized access or use. Furthermore, ~~loss~~there ofis ~~data~~no assurance that current or future applications will result in issued patents or, ~~fraud~~if issued, ~~internal~~will ~~control~~provide ~~challenges~~adequate ~~and~~protection against competitors or other ~~disruptions~~third asparties. If a ~~consequence~~competitor ofor ~~more~~other ~~employees~~third ~~accessing~~party ~~Company~~develops ~~systems~~or ~~and~~obtains ~~information~~exclusive ~~remotely~~rights to a “breakthrough technology” that provides a revolutionary change in ~~the~~our ~~course~~industry, ofor ~~their~~if ~~ordinary~~we ~~work~~have inferior intellectual property to our competitors, our financial results may suffer.

We are increasingly dependent on technology, and if our technology fails, our business would be adversely affected.

Our Company, our customers, and the economy in general are increasingly dependent on continuous information technology systems and digital tools to conduct operations. This dependence spans nearly all areas of our business, from overseeing and controlling critical infrastructure to processing and securing proprietary and sensitive information. The information technology systems and networks that we, our customers, suppliers, and other third parties rely on can be vulnerable to disruptions from cyberattacks, power failures, telecommunications outages, major events like natural disasters, acts of war or terrorism, employee errors, and other unexpected or uncontrollable occurrences. Systems that increase our utilization of, and dependency on, third-party cloud computing services and digital platforms also increase various technology risks, including potential exposure to cyber incidents, loss of data, fraud, internal control challenges and other disruptions. Challenges in implementing new systems can affect our ability to comply with laws and regulations and realize projected cost savings or other benefits. Should our systems be compromised or cease to function effectively, we may face substantial costs to repair or replace them, as well as potential liability, loss of crucial data, reputational harm and interruptions to our services or operations.

Inability to adapt to and manage the benefits and risks of artificial intelligence could expose us to liability or put us at a disadvantage.

Artificial intelligence could disrupt certain aspects of our business and change use of technology in ways that are not yet known. Artificial intelligence technologies are subject to a variety of laws and compliance risk, including intellectual property, ~~privacy,~~ data protection and privacy, cybersecurity, consumer protection, competition, and equal opportunity laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws. ~~Such laws and regulations may present a variety of compliance risks.~~ The use of artificial intelligence may also result in litigation, ethical concerns, and other legal and business risks. If we are not able to adapt and effectively incorporate potential advantages of artificial intelligence in our business, it may negatively impact our ability to compete. If we are not able to effectively govern the use and manage the risks of artificial intelligence, we may suffer harm to our results of operations and reputation.

~~Significant cybersecurity incidents may negatively impact our business and our relationships with customers, vendors and employees and expose us to increased liability.~~

Substantially all aspects of our business operations rely on digital technology. We use computers, mobile devices, social networking and other online platforms to connect with our employees, customers, vendors, as well as other individuals and third parties. These uses give rise to cybersecurity risks, including security breach, ransomware, espionage, system disruption, theft and/or inadvertent, accidental, unlawful, unauthorized access, loss, alteration, destruction and/or disclosure or release of information. Our business necessitates the processing, collection, use, storage and transmission of numerous classes of sensitive and/or confidential information and intellectual property, including individuals’ personal information, private and sensitive employment-related personal information, and financial and strategic information about the Company and other businesses. In addition to our own safeguarding efforts, we also rely on third parties to process, collect and store sensitive data, including a Payment Card Industry compliant third-party to protect our customers’ credit card information. We are regularly the target of attempted cyber intrusions, have experienced cyber intrusions, and we anticipate continuing to be subject to such attempts as cyber intrusions become increasingly sophisticated and more difficult to predict and protect against. Geopolitical conflicts and developments and technological advancements also 32

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~~increase~~Significant ~~the~~cybersecurity ~~risk and likelihood of cyber~~ incidents. Asmay ~~such,~~negatively weimpact ~~must~~our ~~commit~~business ~~substantial resources to continuously monitor~~ and ~~further develop~~ our ~~networks~~relationships ~~and~~with ~~infrastructure to prevent~~customers, ~~detect,~~vendors and ~~address~~employees ~~the risk of unauthorized access, misuse, computer viruses~~ and ~~other~~expose ~~events.~~us ~~These protections and other systems designed~~ to ~~mitigate~~increased ~~cybersecurity risks may not fully defend against an attack or future cybersecurity incident, which can be unpredictable in nature~~liability.

~~Additionally~~Substantially all aspects of our business operations rely on digital technology. We use computers, wemobile ~~cannot~~devices, ~~assure~~social ~~that~~networking ~~any~~and ~~security~~other ~~measures~~online ~~that~~platforms to connect with our employees, customers, vendors, as well as other individuals and third~~-party~~ ~~service~~parties. ~~providers~~These ~~have~~uses ~~implemented~~give ~~will~~rise beto ~~effective~~cybersecurity ~~against~~risks, ~~current~~including security breach, ransomware, espionage, system disruption, theft and/or ~~future~~inadvertent, ~~security~~accidental, ~~threats~~unlawful, unauthorized access, loss, alteration, destruction and/or disclosure or release of information. WeOur ~~also~~business ~~cannot~~necessitates ~~guarantee~~the ~~that~~processing, ~~our~~collection, ~~systems~~use, storage and ~~networks~~transmission orof ~~those~~numerous classes of ~~our~~sensitive ~~third~~and/or confidential information and intellectual property, including individuals’ personal information, private and sensitive employment-~~party~~related ~~service~~personal ~~providers~~data, orand financial and strategic information about the ~~equipment~~Company and ~~related~~other ~~third-party~~businesses. ~~software~~In ~~that~~addition to our own safeguarding efforts, we ~~use~~also rely on third parties to ~~operate~~process, collect and store sensitive data, including a Payment Card Industry compliant third-party to protect our ~~network~~customers’ ~~have~~credit ~~not~~card ~~been~~information. ~~breached~~We orare ~~otherwise~~regularly ~~compromised~~the target of attempted cyber intrusions, orhave ~~that~~experienced ~~they~~cyber intrusions, and ~~any~~anticipate ~~software~~continuing into ~~our~~be orsubject ~~their~~to ~~supply~~such ~~chains~~attempts doas ~~not~~cyber ~~contain~~intrusions ~~bugs,~~become ~~vulnerabilities~~increasingly sophisticated and more difficult to predict and protect against. Technological advancements, orincluding ~~compromised~~the ~~code~~progression ~~that~~of ~~could~~the ~~result~~capabilities inof aartificial ~~breach~~intelligence, also increase the risk, likelihood and precision of cyber incidents. As such, orwe ~~disruption~~must commit substantial resources to, ~~our~~continuously ~~systems~~monitor and further enhance our networks orand ~~the~~infrastructure ~~systems~~to prevent, detect, and ~~networks~~address the risk of unauthorized access, misuse, computer malware and other events. These protections and other systems designed to mitigate cybersecurity risks may not fully defend against an attack or future cybersecurity incident, which can be unpredictable in nature. Data security measures that our third-party ~~parties~~service providers have implemented may not be effective against all current or future security threats. We also cannot guarantee that ~~support~~the systems, networks, equipment or software used by us ~~and~~or our ~~services~~third-party service providers have not been breached or otherwise compromised.

Although we believe that the probability of occurrence of a significant cybersecurity incident is less than likely, if such an incident were to occur, the impact on the Company could be substantial. The magnitude of future cyber intrusions that result in a theft, destruction, loss, misappropriation, or release of sensitive and/or confidential information (belonging to us or third parties) or intellectual property, or material interference with our information technology systems or the technology systems of third parties on which we rely cannot be predicted, such incidents could result in material business disruption, direct financial loss, remediation costs, ~~negative~~reputational ~~publicity~~harm, brand damage, alleged violation of privacy laws, loss of customers, potential regulatory investigations and enforcement or private litigation liability and competitive disadvantage. To mitigate these risks, we maintain a cybersecurity insurance policy; however, due to policy terms, limits and exclusions, such insurance may not apply in all cases, and it may not be adequate to cover all liabilities incurred. Regulatory enforcement action concerning privacy infringement and security incidents is generally increasing, including significant fines recently imposed by U.K. and European regulators. ~~With~~Our ~~the~~Healthcare ~~acquisition~~Solutions ofoperations ~~Stericycle,~~in weWestern Europe may be subject us to short notification deadlines in international jurisdictions in the event of a significant cybersecurity incident that impacts us globally; it may not be possible for us to comply with such notification deadlines due to the time required to conduct investigations and assess the impact of such incident. Failure to comply with applicable laws and regulatory deadlines could attract enforcement action, penalties, litigation, investigations, proceedings, reputational harm and brand damage.

AsThe ~~the~~ Company ~~pursues its strategy to grow through acquisitions, including the acquisition of Stericycle, and to pursue new initiatives that improve our operations and cost structure, the Company~~ is also expanding and improving its information technologies, resulting in a larger technological presence, utilization of cloud computing services, and corresponding exposure to cybersecurity risk. Certain new technologies, such as the use of autonomous vehicles, remote-controlled equipment, virtual reality, automation and artificial intelligence, present new and significant cybersecurity safety risks that must be analyzed and addressed before implementation. If we fail to assess and identify cybersecurity risks associated with acquisitions and new initiatives, we may become increasingly vulnerable to such risks.

Increased state, federal and international laws and regulations related to cybersecurity protections and disclosures will require additional resources for compliance, and any inability, or perceived inability, to adequately address new requirements could subject us to regulatory enforcement, private litigation, public criticism, disrupt our operations, cause us to lose customers, result in additional costs and legal liability, damage our reputation, and otherwise harm our business.

Increasing regulatory focus on privacy and data protection issues and expanding laws could negatively impact our business, subject us to criticism and expose us to increased liability.

The legislative and regulatory framework for security, privacy and data protection issues worldwide is rapidly evolving and ~~becoming increasingly demanding and~~ is likely to remain uncertain for the foreseeable future. We collect, use, share, retain, delete and otherwise process certain personal ~~information~~data and other sensitive information in connection with our operations and ~~while providing services, including secure information destruction. We~~ are subject to aincreasingly ~~variety~~demanding of U.S. and international laws and regulations related to data protection and privacy and the protection of confidential information,. ~~and~~These welaws ~~anticipate~~and ~~that~~regulations ~~regulation~~are ininconsistent ~~this~~across ~~area~~jurisdictions ~~will~~and ~~continue~~are subject to ~~expand~~evolving interpretations. ~~Applicable~~Government ~~laws~~officials, ~~and~~regulators, ~~regulations~~customers, ~~require~~privacy ~~disclosure~~advocates and ~~create~~class ~~other~~action ~~obligations~~attorneys ~~for~~are ~~businesses~~increasingly ~~that~~scrutinizing ~~collect~~how ~~personal~~companies ~~information~~collect, ~~and~~process, ~~provide~~use, ~~individual~~store, ~~rights~~share, ~~relating~~transmit toand destroy personal ~~information~~data. The

These laws and regulations are inconsistent across jurisdictions and are subject to evolving interpretations. Government officials, regulators, customers, privacy advocates and class action attorneys are increasingly scrutinizing how companies collect, process, use, store, share, transmit and destroy personal data. The continued emphasis on personal privacy and information security may result in customers requesting that we implement additional safeguards or controls. We must continually monitor the development and adoption of, and commit substantial time and resources to comply with, 33

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continued emphasis on personal privacy and information security may result in customers requesting that we implement additional safeguards or controls. One recent focus area involves the use of phone, text and email information for sales, marketing and other business purposes. We must continually monitor the development and adoption of, and commit substantial time and resources to comply with, new and emerging laws and regulations and/ or expanded or novel interpretations of existing laws. Additionally, customers and regulators may seek to hold us responsible for the actions of third parties we work with, such as sub-processors, vendors, or developers.

~~Any~~Increased ~~inability~~state, orfederal ~~perceived~~and ~~inability,~~international tolaws ~~adequately address privacy~~ and ~~data~~regulations ~~protection~~related ~~concerns,~~to ~~even~~cybersecurity ifprotections ~~unfounded,~~and ordisclosures towill ~~comply~~require ~~with~~additional ~~laws,~~resources ~~regulations,~~for ~~policies~~compliance, ~~industry~~and ~~standards,~~any ~~contractual obligations~~inability, or ~~other~~perceived ~~legal obligations~~inability, ~~including~~to ~~through~~adequately ~~acquired~~address ~~companies~~new orrequirements ~~third parties,~~ could subject us to regulatory enforcement, private litigation, public criticism, ~~business~~disrupt ~~disruption~~our operations, ~~loss~~cause ofus to lose customers, result in additional costs and legal liability, ~~reputational~~ damage our reputation, and ~~other~~otherwise harm our business.

Any inability, or perceived inability, to adequately address privacy and data protection concerns, even if unfounded, or to comply with laws, regulations, policies, industry standards, contractual obligations, or other legal obligations, including through acquired companies or third parties, could subject us to regulatory enforcement, private litigation, public criticism, business disruption, loss of customers, additional costs and legal liability, reputational damage and other harm.

Legal, Regulatory and Compliance Risks

Our operations are subject to environmental, health and safety laws and regulations, as well as contractual obligations that may result in significant liabilities.

There is risk of incurring significant environmental liabilities in the use, treatment, storage, transfer, processing and disposal or destruction of waste materials. Under applicable environmental laws and regulations, we could be liable if it is alleged that our operations cause environmental damage to our properties or to the property of other landowners, particularly as a result of the contamination of air, drinking water or soil. Under current law, we could also be held liable for damage caused by conditions that existed before we acquired the assets or operations involved and for conditions resulting from waste types or compounds previously considered non-hazardous but later determined to present possible threat to public health or the environment. The risks of successor liability and emerging contaminants are of particular concern as we execute our growth strategy, partially through acquisitions, because we may be unsuccessful in identifying and assessing potential liabilities during our due diligence investigations. Further, the counterparties in such transactions may be unable to perform their indemnification obligations owed to us. Any substantial liability for environmental damage could have a material adverse effect on our financial condition, results of operations and cash flows.

In the ordinary course of our business, we have in the past, we are currently, and we may in the future, become involved in legal and administrative proceedings relating to land use and environmental laws and regulations. These include proceedings in which governmental entities, private groups or individuals seek to impose liability on us for alleged environmental damage, or violation of statutes, failure to meet contractual remediation conditions or desire to revoke or deny permits required for our operations. We generally seek to work with the authorities or other persons involved in these proceedings to resolve any issues raised. If we are not successful, the adverse outcome of one or more of these proceedings could result in, among other things, material increases in our costs or liabilities as well as material charges for asset impairments.

~~Further,~~Changes ~~we often enter into agreements with landowners imposing obligations on us~~ to ~~meet~~federal ~~certain regulatory or contractual conditions upon site closure or upon termination of the agreements. Compliance with these agreements inherently involves subjective determinations~~ and ~~may~~state ~~result~~renewable infuel ~~disputes,~~policies ~~including~~could ~~litigation.~~affect ~~Costs to remediate or restore~~ the ~~condition~~financial performance of ~~closed~~our ~~sites~~Renewable ~~may~~Energy ~~be significant~~segment.

~~Our~~The ~~sustainability~~primary ~~growth~~drivers ~~strategy~~of ~~includes~~value ~~significant~~for ~~planned~~renewable ~~and~~fuel ~~ongoing~~produced at our landfills are tax policies, such as the federal tax credits for investments in ~~our~~RNG WMproduction ~~Renewable~~under ~~Energy~~the ~~segment;~~IRA ~~changes~~and toOBBBA, and federal and state incentive programs, such as the federal RFS program, the California Low Carbon Fuel Standard and similar state programs that promote the production and use of renewable ~~fuel~~transportation ~~policies~~fuels, ~~could~~which ~~affect~~are ~~our~~all ~~financial~~subject ~~performance~~to change. At the federal level, oil refiners and ~~such~~importers are required through the RFS program to blend specified volumes of renewable transportation fuels with gasoline or buy RINs from renewable fuel producers. The Company has made significant investments ~~may~~in ~~not~~facilities ~~yield~~that capture and process landfill gas into RNG so that we can participate in the ~~results~~RFS ~~anticipated~~program. RINs prices generally respond to regulations enacted by the EPA, as well as fluctuations in supply and demand. The value of the RINs is set through a market established by the RFS program, which market has historically been volatile. While the previous rules under the RFS program reflected the outsized role of biogas under the program and delivered reforms benefiting the solid waste sector, the current administration has retroactively lowered 2024 blending volumes, proposed reductions for 2025, set low targets for 2026–2027 and begun to grant small refinery exemptions from RFS program requirements. See Item 1. Business – Regulation –

The primary drivers of renewable fuel development at our landfills are tax policies, such as the federal tax credits for RNG production and renewable electricity generation under the IRA, and federal and state incentive programs, such as the federal Renewable Fuel Standard (“RFS”) program, the California Low Carbon Fuel Standard and similar state programs that promote the production and use of renewable transportation fuels. At the federal level, oil refiners and importers are required through the RFS program to blend specified volumes of renewable transportation fuels with gasoline or buy RINs, from renewable fuel producers. The Company has invested, and continues to invest, in facilities that capture and process landfill gas into RNG so that we can participate in the RFS program, and the Company has grown and stated its intention to continue to grow its asset base to increase its RNG production. 34

RINs prices generally respond to regulations enacted by the EPA, as well as fluctuations in supply and demand. The value of the RINs is set through a market established by the RFS program, which market has historically been very volatile. The new U.S. presidential administration could seek to reduce existing renewable fuel targets in a new rulemaking or otherwise set reduced targets for renewable fuels under the RFS program in future rulemakings. Moreover, consistent with its prior approach, the new administration may also increase the frequency with which it grants small refinery exemptions from RFS program requirements. While we cannot predict what actions the new administration may take with respect to the RFS program, any changes to existing or future renewable fuel targets or more frequent approval of requests for small

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~~refinery exemptions could have a significant negative impact on demand for renewable fuels and the value of RINs. See Item 1. Business – Regulation –~~ Recent Developments and Focus Areas in Policy and Regulation – WM Renewable Energy for additional information. Changes and volatility in the RINs market, or changes in the structure of the RFS program or other clean fuel standard programs, can and has impacted the financial performance of our facilities. ~~Such~~Further changes could impact ~~or alter our projected~~ future ~~investments,~~growth ~~and such~~ investments ~~may~~in ~~not~~our ~~yield~~Renewable ~~the~~Energy ~~results anticipated~~segment.

The impact of climate change, and the adoption of climate change legislation or regulations restricting emissions of GHGs, could increase our costs to operate.

We continue to assess the physical risks, such as sea-level rise, catastrophic storms and other extreme weather conditions and long-term shifts in climate patterns, and transition risks, such as regulatory, market, policy, and technology changes, to our operations from the effects of climate change. These risks are expected to be unpredictable and widespread. Damage to our facilities or disruption of service caused by more frequent or more severe storms associated with climate extremes could negatively impact operating results. We have also identified risk to our assets and our employees associated with drought or water scarcity, flooding, extreme heat and rain events, and fire conditions associated with climate change. For example, wildfires influenced by climate change can damage landfill infrastructure such as gas collection systems, and extreme rain events and flooding in low-lying areas enhanced by sea level rise can result in greater maintenance expenses at our facilities, service disruption, erosion of the protective vegetative caps on our landfills and increased volumes of leachate to manage. We have incurred and will incur costs to develop and implement protocols to address these conditions, but these protocols may not be effective in offsetting these risks. Additionally, the actions of others in response to climate change effects, such as rolling power blackouts, can result in service disruptions and increase our costs to operate.

~~Although~~Landfill weoperations ~~have~~emit ~~made investments to mitigate risk associated with severe storm events~~methane, ~~damage~~identified toas ~~our~~a ~~facilities or disruption of service caused by more frequent or more severe storms associated with climate extremes could negatively impact operating results~~GHG. WeExisting ~~have~~technology ~~also~~presents ~~identified~~challenges ~~risk~~ to ~~our~~quantify ~~assets~~landfill ~~and~~emissions ~~our~~precisely. ~~employees~~Ongoing ~~associated~~review ~~with~~by ~~drought~~government oragencies ~~water~~of ~~scarcity,~~emerging ~~flooding,~~methane ~~extreme~~measurement ~~heat~~technologies and ~~rain~~related ~~events,~~regulatory ~~and~~developments ~~fire~~could ~~conditions~~result ~~associated~~in ~~with~~changes ~~climate~~to ~~change.~~how ~~For~~we ~~example,~~have ~~wildfires~~historically ~~influenced~~reported byGHG ~~climate~~emissions ~~change can damage landfill infrastructure such as gas collection systems,~~ and ~~extreme~~may ~~rain~~result ~~events and flooding~~ in ~~low-lying~~increases ~~areas enhanced by sea level rise can result~~ in ~~greater~~such ~~maintenance~~emissions ~~expenses~~reported atfor our ~~facilities, service disruption, erosion of the protective vegetative caps on our landfills and increased volumes of leachate to manage~~operations. ~~Those~~Such ~~areas~~regulatory ofdevelopments ~~the~~could ~~country~~also ~~most~~result ~~prone to these occurrences have protocols~~ in ~~place,~~increased orcompliance ~~are~~costs ~~developing protocols to address these conditions, including employee safety, driver training,~~ and ~~equipment~~adversely ~~and~~affect ~~facility~~our ~~protection protocols~~operations. WeSee ~~have~~Item ~~incurred~~1. ~~and~~Business ~~will~~– ~~incur~~Regulation ~~costs~~– toRecent ~~develop~~Developments and ~~implement~~Focus ~~these~~Areas ~~protocols, and these protocols may not be effective~~ in ~~offsetting~~Policy ~~these~~and ~~risks.~~Regulation ~~Additionally,~~– ~~the~~Climate ~~actions of others in response to climate change effects, such as rolling power blackouts, can result in service disruptions~~ and ~~increase~~Sustainability ~~our~~for ~~costs~~additional ~~to operate~~information.

~~Our~~Meanwhile, ~~landfill~~a ~~operations~~number ~~emit~~of ~~methane~~legislative and regulatory efforts at the state, ~~identified~~provincial, asregional aand ~~GHG.~~federal ~~Existing~~levels ~~technology~~and ~~presents~~internationally ~~challenges~~aim to ~~our~~cap ~~ability~~and/or curtail the emission of GHGs to ~~quantify~~ameliorate ~~landfill~~the ~~emissions~~effect ~~precisely.~~of ~~Ongoing~~climate ~~review~~change, byand ~~government~~otherwise ~~agencies~~to ofpromote ~~emerging~~adaptation ~~methane~~to ~~measurement~~climate ~~technologies~~change, support the transition to a low-carbon economy, and require disclosure of climate-related ~~regulatory~~matters. ~~developments~~We ~~could~~continue ~~result~~to inmonitor ~~changes~~these efforts and the potential impacts to ~~how~~our operations. Should comprehensive federal climate change legislation be enacted, we ~~have~~expect ~~historically~~it ~~reported~~could ~~GHG~~impose ~~emissions~~operational and ~~may~~compliance ~~result~~costs inthat ~~increases~~might innot ~~such~~be ~~emissions~~offset ~~reported~~by ~~for~~the revenue increases associated with our ~~operations~~lower-carbon service options. ~~Such~~Climate ~~regulatory~~change ~~developments~~laws and regulations could also result in increased ~~compliance~~operational costs ~~and~~or ~~adversely~~disruption ~~affect~~to the business of our customers, potentially impacting our operations and financial condition. ~~Specifically~~We could experience damage to our reputation and brand, ~~see~~including ~~Item~~as 1.a ~~Business~~result –of ~~Regulation~~a –failure ~~Recent~~or ~~Developments~~perceived failure to respond responsibly and ~~Focus~~effectively ~~Areas~~to changes in ~~Policy~~legal and ~~Regulation~~regulatory –measures ~~Climate~~adopted ~~and~~to ~~Sustainability~~address ~~for~~climate ~~additional information~~change.

Meanwhile, a number of legislative and regulatory efforts at the state, provincial, regional and federal levels and internationally aim to cap and/or curtail the emission of GHGs to ameliorate the effect of climate change, and otherwise to promote adaptation to climate change, support the transition to a low-carbon economy, and require disclosure of climate-related matters. We continue to monitor these efforts and the potential impacts to our operations. Should comprehensive federal climate change legislation be enacted, we expect it could impose operational and compliance costs that might not be offset by the revenue increases associated with our lower-carbon service options, the materiality of which we cannot predict. Climate change laws and regulations could also result in increased operational costs or disruption to the business of our customers, potentially impacting our operations and financial condition. We could experience damage to our reputation and brand, including as a result of a failure or perceived failure to respond responsibly and effectively to changes in legal and regulatory measures adopted to address climate change.

Failure to maintain an effective system of internal control over financial reporting, due to technology issues, difficulties integrating Stericycle’s operations and systems, or otherwise, could adversely affect our ability to provide accurate and timely financial statements, which may harm our business and reputation.

It is critical that we maintain an effective system of internal control over financial reporting. AsEstablishing, ~~described~~testing ~~further~~and inmaintaining ~~Item~~an ~~9A.~~effective ~~Controls~~system of internal control over financial reporting requires significant resources and ~~Procedures,~~time incommitments ~~accordance~~on ~~with~~the ~~SEC~~part ~~staff~~of ~~guidance~~our management and our finance staff, and the time and expenditures needed may exceed our expectations. If we ~~have~~encounter ~~excluded~~issues with technology systems, including issues related to Stericycle’s ~~from~~ERP ~~the~~system ~~assessment~~or ofdifficulties ~~the~~integrating ~~effectiveness~~Stericycle’s ofoperations and systems into our system of internal control over financial reporting, asand ofif ~~December~~we ~~31,~~are ~~2024~~unable ~~contained~~to correct any issues encountered in ~~this~~a ~~Annual~~timely ~~Report~~manner, onour ~~Form~~ability ~~10-K;~~to ~~however~~record, ~~this~~process, ~~exclusion~~summarize, and report financial data may ~~not~~be ~~extend~~adversely ~~beyond~~affected, ~~one~~which ~~year~~may ~~from~~impact the ~~November~~accuracy, 4quality and completeness of our financial statements. Such failure could materially and adversely impact our business and subject us to potential investigations, ~~2024~~liability, ~~closing~~and ~~date~~penalties. WeAdditionally, if we are unable to conclude that our internal control over financial reporting is effective in ~~the~~any ~~process~~future ofperiod ~~integrating~~(or ~~Stericycle’s~~if ~~operations~~our ~~and~~auditors ~~systems~~are unable to ~~ensure~~express an opinion on the effectiveness of ~~the~~our internal ~~control~~controls ~~over~~or ~~financial~~conclude ~~reporting~~that ~~for~~our ~~this~~internal ~~acquired~~controls ~~business.~~are ineffective), we could lose investor confidence and suffer an adverse effect on our stock price.

Establishing, testing and maintaining an effective system of internal control over financial reporting requires significant resources and time commitments on the part of our management and our finance staff, and the time and 35

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expenditures needed may exceed our expectations. If we encounter issues with technology systems or difficulties integrating Stericycle’s operations and systems into our system of internal control over financial reporting, and if we are unable to correct any issues encountered in a timely manner, our ability to record, process, summarize, and report financial data may be adversely affected, which may impact the accuracy, quality and completeness of our financial statements. Such failure could materially and adversely impact our business and subject us to potential investigations, liability, and penalties. Additionally, if we are unable to conclude that our internal control over financial reporting is effective in any future period (or if our auditors are unable to express an opinion on the effectiveness of our internal controls or conclude that our internal controls are ineffective), we could lose investor confidence and suffer an adverse effect on our stock price.

We could be subject to significant fines and penalties, and our reputation could be adversely affected, if we or third parties with whom we have a relationship fail to comply with U.S. or foreign laws or regulations.

It is our policy to comply with all applicable anti-bribery laws, such as the U.S. Foreign Corrupt Practices Act (“FCPA”), and with applicable local laws of the foreign countries in which we operate, and we monitor our local partners’ compliance with such laws as well. Our reputation may be adversely affected if we were reported to be associated with corrupt practices or if we or our local partners failed to comply with such laws. Additionally, violations of such laws could subject us to significant fines and penalties.

Under previously reported settlements with governmental authorities relating to Stericycle’s compliance with the FCPA and other anti-corruption laws with respect to now-divested operations in Latin America, Stericycle engaged an independent compliance monitor for two years and is required to undertake compliance with self-reporting obligations for an additional year through November 2025. Other matters may arise in the future involving alleged violations of the FCPA, other anti-corruption and anti-bribery laws, or laws prohibiting doing business with sanctioned parties. These could subject us to enforcement actions, fines, penalties, further oversight by an independent compliance monitor and/or self-reporting obligations, litigation, or orders of suspension or debarment, which could adversely affect our business, financial condition and results of operations.

Currently pending or future litigation or governmental proceedings could result in material adverse consequences, including judgments or settlements.

As a large company with extensive operations, we are subject to various proceedings, lawsuits, disputes and claims arising in the ordinary course of our business, including governmental proceedings. Actions that have been filed against us, and that may be filed against us in the future, include personal injury, property damage, commercial, customer, and employment-related claims, including purported state and national class action lawsuits related to:

●

alleged environmental contamination, including releases of hazardous materials and odors;

●

sales and marketing practices, customer service agreements, prices and fees; and

●

federal and state wage and hour and other laws.

The timing of the final resolutions to these types of matters is often uncertain. Additionally, the possible outcomes or resolutions to these matters could include adverse judgments or settlements, either of which could require substantial payments, adversely affecting our liquidity.

At the time of our acquisition of Stericycle, isit was, and ~~has~~had been, involved in certain government investigations, enforcement proceedings, ~~private~~ lawsuits and other disputes alleging noncompliance with applicable regulations, including alleged noncompliance with the Controlled Substances Act and other statutes involving its now-divested Domestic Environmental Solutions business, ofwhich ~~collecting~~collected, ~~transporting,~~transported and ~~destroying~~destroyed controlled substances from retail customers. ~~With~~Resolution ~~the acquisition~~ of ~~Stericycle,~~ these matters may result in adverse consequences, including permit revocations or denials and civil, criminal and administrative penalties.

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Financial Risks

Our capital requirements and our business strategy could increase our expenses, cause us to change our growth and development plans, or result in an inability to maintain our desired credit profile.

If economic conditions or other risks and uncertainties cause a significant reduction in our cash flows from operations, we may reduce or suspend capital expenditures, growth and acquisition activity, implementation of our business strategy, dividend declarations or share repurchases. We may choose to incur indebtedness to pay for these activities, although our access to capital markets is not assured, and we may not be able to incur indebtedness at a cost that is consistent with current borrowing rates. We also may need to incur indebtedness to refinance scheduled debt maturities, and it is possible that the cost of financing could increase significantly, thereby increasing our expenses and decreasing our net income. Macroeconomic pressures, including inflation and rising interest rates, and market disruption are continuing. The U.S. government’s future actions regarding its debt ceiling and any possibility that the U.S. could default on its debt obligations could cause further interest rate increases, disrupt access to capital markets and trigger recessionary conditions. Further, our ability to execute our financial strategy, manage interest rate exposure and incur indebtedness is somewhat dependent upon our ability to maintain investment grade credit ratings on our senior debt. The credit rating process is contingent upon our credit profile and several other factors, many of which are beyond our control, including methodologies established and interpreted by third-party rating agencies. An important factor in our credit ratings is our leverage. ~~We have communicated the Company’s expectation that our leverage will return to targeted levels about 18 months after the November 2024 acquisition of Stericycle.~~ If we do not achieve our projected reduction in leverage following our acquisition of Stericycle, it could negatively impact our credit ratings. If we were unable to maintain our investment grade credit ratings in the future, our interest expense would increase and our ability to obtain financing on favorable terms could be adversely affected. We have $2.79 billion of debt as of December 31, ~~2024~~2025 that is exposed to changes in market interest rates within the next 12 months, associated with our commercial paper borrowings and tax-exempt bonds. If interest rates increase, our interest expense would also increase, lowering our net income and decreasing our cash flow.

We may use our $3.5 billion long-term U.S. and Canadian revolving credit facility (“$3.5 billion revolving credit facility”) to meet our cash needs, to the extent available, until maturity in May 2029. As of December 31, ~~2024~~2025, we had no outstanding borrowings under this facility. We had $1.21 billion of outstanding borrowings (net of related discount on issuance) under our commercial paper program and $~~224~~227 million of letters of credit issued, both supported by this facility, leaving unused and available credit capacity of $2.1 2 billion as of December 31, ~~2024~~2025. In the event of a default under our $3.5 billion revolving credit facility we could be required to immediately repay all outstanding borrowings and make cash deposits as collateral for all obligations the facility supports, which we may not be able to do. Additionally, any such default could cause a default under many of our other credit agreements and debt instruments. Without waivers from lenders party to those agreements, any such default would have a material adverse effect on our ability to operate.

Increases in the costs of obtaining adequate financial assurance, or the inadequacy of our insurance coverages, could negatively impact our liquidity and increase our liabilities.

The amount of insurance we are required to maintain for environmental liability is governed by statutory requirements. We also carry a broad range of other insurance coverages that are customary for a company our size. To the extent our obligations for claims are more than we estimated, our insurance coverage is inadequate to cover our obligations, or our insurers are unable to meet their obligations, the requirement that we pay such obligations could have a material adverse effect on our financial results.

In addition, to fulfill our financial assurance obligations with respect to variable-rate tax-exempt debt, and final capping, closure, post-closure and environmental remediation obligations, we generally obtain letters of credit or surety bonds, rely on insurance, including captive insurance, fund trust and escrow accounts or rely upon WMI financial guarantees. Our financial position, which can be negatively affected by asset impairments, our credit profile and general economic factors, may increase the cost of our current financial assurance instruments, and changes in regulations may impose stricter requirements on the types of financial assurance that will be accepted. In the event we are unable to obtain sufficient surety bonding, letters of credit or third-party insurance coverage at reasonable cost, or one or more states cease to view captive insurance as adequate coverage, we would need to rely on other forms of financial assurance. It is possible that we could be required to deposit cash to collateralize certain obligations, which could negatively impact our liquidity.36

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We also carry a broad range of other insurance coverages that are customary for a company our size. To the extent our obligations for claims are more than we estimated, our insurance coverage is inadequate to cover our obligations, or our insurers are unable to meet their obligations, the requirement that we pay such obligations could have a material adverse effect on our financial results.

We may record material charges against our earnings due to impairments to our assets.

Events that have in the past and may in the future lead to an impairment include, but are not limited to, shutting down aor ~~facility~~divesting an underperforming or non-strategic asset or operation, abandoning a development project, project cost overruns or the denial of an expansion permit. Additionally, declining waste volumes and development of, and customer preference for, alternatives to traditional waste disposal could warrant asset impairments. If we determine an asset or expansion project is impaired, we will charge against earnings any unamortized capitalized expenditures and advances relating to such asset or project reduced by any portion of the capitalized costs that we estimate will be recoverable, through sale or otherwise. We also carry a significant amount of goodwill on our Consolidated Balance Sheets, which is required to be assessed for impairment annually, and more frequently in the case of certain triggering events. We have in the past and may in the future be required to incur charges against earnings if such impairment tests indicate that the fair value of a reporting unit is below its carrying amount. Any such charges could have a material adverse effect on our results of operations.

We could face significant liabilities for withdrawal from Multiemployer Pension Plans.

We are a participating employer in a number of trustee-managed multiemployer defined benefit pension plans (“Multiemployer Pension Plans”) for employees who are covered by collective bargaining agreements. In the event of our withdrawal from a Multiemployer Pension Plan, we may incur expenses associated with our obligations for unfunded vested benefits at the time of the withdrawal. Depending on various factors, including potential legislative changes, future withdrawals could have a material adverse effect on results of operations or cash flows for a particular reporting period, and our ongoing costs of participation in Multiemployer Pension Plans may increase. See Notes 9 and 10 to the Consolidated Financial Statements for more information related to our participation in Multiemployer Pension Plans.

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Item 1B. Unresolved Staff Comments.

None.

Item 1C. Cybersecurity.

Strategy, Governance and Risk Management

Our Technology Risk Program is designed to proactively identify, monitor, and mitigate technology-related risks across our digital operations and assess cybersecurity risks related to third-party vendors and suppliers. Our Cybersecurity Program and our Technology Risk Program are led by our Chief Information Security Officer (“CISO”), a Certified Information Systems Security Professional with two decades of cybersecurity leadership. The CISO and his team are responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture and processes. The Technology Risk Oversight Committee chaired by our CISO, with members representing leadership throughout our Company, provides oversight and guidance to technology risks, including cybersecurity~~. Our Company’s Cybersecurity Program is designed to align with the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework and leading industry practices~~, and our ~~Cybersecurity~~policies ~~Program is integrated into our Company’s Enterprise Risk Management framework. Internal~~ and ~~external~~procedures ~~experts~~related ~~regularly evaluate our Cybersecurity Program, and the results of those reviews are reported~~ to ~~senior management and~~ our ~~Company’s Board of Directors. Our Incident Response Committee~~development, ~~which~~deployment ~~is comprised of leaders in the areas of information security, digital, legal, finance, privacy, compliance~~ and ~~ethics,~~monitoring corporate security and communications, is responsible for leading our Company’s response to cyber incidents. Our Cybersecurity Incident Response Plan outlines the processes by which management is informed about and monitors detection and mediation of ~~cyber~~artificial ~~incidents. We actively engage with key vendors, industry participants, and~~ intelligence ~~and law enforcement communities as part of our continuing efforts to evaluate and enhance the effectiveness of our information security policies and procedures~~. We have a Data Protection Office that works closely with, and assists, our enterprise Privacy Program, overseen by the Chief Privacy Officer, along with advisory support from appointed Data Protection Officers in Europe and Quebec.

~~While~~Our weCompany’s ~~have~~Cybersecurity ~~experienced~~Program ~~cybersecurity~~is ~~threats~~designed ~~and~~to ~~breaches~~align ~~targeting~~with ~~our~~the ~~information~~National ~~technology~~Institute ~~systems~~of ~~and~~Standards ~~networks~~ and ~~those~~Technology of(“NIST”) ~~our~~Cybersecurity ~~third-party~~Framework ~~providers,~~and ~~including~~leading ~~within~~industry ~~the last three years~~practices, ~~these~~and ~~incidents~~our ~~have~~Cybersecurity ~~not~~Program ~~had~~is aintegrated ~~material~~into ~~impact on~~ our Company,’s ~~including~~Enterprise ~~our~~Risk ~~business~~Management ~~strategy,~~framework. ~~results~~Internal ofand ~~operations~~external orexperts ~~financial~~regularly ~~condition.~~evaluate ~~Risks~~our ~~from~~Cybersecurity ~~cybersecurity threats~~Program, ~~including~~and ~~previous cybersecurity incidents encountered by~~ the ~~Company~~results ~~and~~of ~~known~~those ~~incidents~~reviews ~~encountered~~are byreported ~~third~~to ~~parties~~senior ~~with~~management aand ~~connection~~our ~~to the~~ Company,’s ~~are~~Board ~~also~~of ~~not~~Directors. ~~currently~~Our ~~viewed~~Incident asResponse ~~reasonably likely to materially impact our Company~~Committee, ~~including~~which ~~our~~is ~~business~~comprised ~~strategy, results~~ of ~~operations~~leaders orin ~~financial condition. We are regularly~~ the ~~target~~areas of ~~attempted~~information ~~cyber~~security, ~~intrusions~~digital, ~~have~~legal, ~~experienced~~finance, ~~cyber intrusions~~privacy, ~~and~~compliance ~~we anticipate continuing to be subject to such attempts as cyber intrusions become increasingly sophisticated~~ and ~~more~~ethics, ~~difficult~~corporate tosecurity ~~predict~~ and ~~protect~~communications, ~~against.~~is ~~Geopolitical~~responsible ~~conflicts~~for ~~and~~leading ~~developments~~our ~~and~~Company’s ~~technological~~response ~~advancements~~to ~~also increase the risk and likelihood of~~ cyber incidents. AsOur ~~such,~~Cybersecurity weIncident ~~must~~Response ~~commit~~Plan ~~substantial~~outlines ~~resources~~the toprocesses ~~continuously~~by ~~monitor~~which ~~and~~management ~~further~~is ~~develop~~informed ~~our~~about ~~networks~~ and ~~infrastructure~~monitors todetection ~~prevent, detect,~~ and ~~address~~mediation ~~the risk~~ of ~~unauthorized~~cyber ~~access, misuse, computer viruses and other events~~incidents. ~~Although~~We weactively ~~have~~engage ~~implemented~~with ~~and~~key ~~maintain~~vendors, ~~commercially~~industry ~~reasonable~~participants, ~~security measures~~ and ~~safeguards,~~intelligence ~~including to protect against~~ and ~~identify~~law ~~potential~~enforcement ~~threats,~~communities ~~these~~as ~~protections~~part ~~and~~of ~~other~~our ~~systems~~continuing ~~designed~~efforts to ~~mitigate~~evaluate ~~cybersecurity~~and ~~risks~~enhance ~~may~~the ~~not~~effectiveness ~~fully~~of ~~defend~~our ~~against~~information ansecurity ~~attack~~policies orand ~~future cybersecurity incident, which can be unpredictable in nature~~procedures. ~~Although~~We wehave ~~believe that the probability of occurrence of~~ a ~~significant~~Data ~~cybersecurity~~Protection ~~incident~~Office isthat ~~less~~works ~~than~~closely ~~likely~~with, ifand ~~such~~assists, anour ~~incident~~enterprise ~~were~~Privacy ~~to occur~~Program, ~~the~~overseen ~~impact~~by on the ~~Company~~Chief ~~could~~Privacy beOfficer, ~~substantial.~~along ~~See~~with ~~Item 1A. Risk~~advisory ~~Factors — Significant~~support ~~cybersecurity~~from ~~incidents~~appointed ~~negatively~~Data ~~impact~~Protection ~~our~~Officers ~~business~~in ~~and~~Europe ~~our relationships with customers, vendors~~ and ~~employees and expose us to increased liability for additional discussion~~Quebec.

~~Board~~While ~~Oversight~~we have experienced cybersecurity threats and breaches targeting our information and operations technology systems and networks and those of our third-party providers, including within the last three years, these incidents have not had a material impact on our Company, including our business strategy, results of operations or financial condition. Risks from cybersecurity threats, including previous cybersecurity incidents encountered by the Company and known incidents encountered by third parties with a connection to the Company, are also not currently viewed as reasonably likely to materially impact our Company, including our business strategy, results of operations or financial condition. We are regularly the target of attempted cyber intrusions, have experienced cyber intrusions, and we anticipate continuing to be subject to such attempts as cyber intrusions become increasingly sophisticated and more difficult to predict and protect against. Geopolitical conflicts and developments and technological advancements, including the progression of the capabilities of artificial intelligence, also increase the risk, likelihood and precision of cyber incidents.

~~Management~~As ~~has~~such, ~~primary~~we ~~responsibility~~must ~~for~~commit ~~risk~~substantial ~~management~~resources ~~within~~to continuously monitor and further develop our ~~Company.~~networks ~~The~~and ~~Company’s~~infrastructure ~~Board~~to ofprevent, ~~Directors~~detect, ~~with~~and address the ~~support~~risk of ~~its~~unauthorized ~~committees~~access, ~~oversees~~misuse, ~~risk~~computer ~~management~~malware toand ~~ensure~~other ~~that~~events. ~~the~~Although ~~processes~~we ~~designed,~~have implemented and ~~maintained~~maintain bycommercially ~~our~~reasonable ~~executives~~security ~~are~~measures, ~~functioning~~safeguards, aspolicies ~~intended~~and procedures, including to protect against and ~~adapted~~identify ~~when~~potential ~~necessary~~threats, tothese ~~respond~~protections and other systems designed to ~~changes~~mitigate incybersecurity ~~our~~risks ~~Company’s~~may ~~strategy~~not asfully ~~well~~defend asagainst ~~emerging~~an ~~risks~~attack or future cybersecurity incident, which can be unpredictable in nature. ~~The~~Although ~~Audit~~we ~~Committee~~believe ofthat the ~~Company’s~~probability ~~Board~~of occurrence of ~~Directors~~a ~~has~~significant ~~responsibility~~cybersecurity ~~for~~incident ~~oversight~~is ofless ~~information~~than ~~and~~likely, ~~cybersecurity~~if ~~risks~~such ~~and~~an ~~assessment~~incident ofwere ~~cyber~~to ~~threats~~occur, ~~and~~the ~~defenses~~impact on the Company could be substantial. ~~The~~See ~~Audit~~Item 1A. Risk ~~Committee~~Factors — Significant ~~receives~~cybersecurity ~~reports~~incidents onmay ~~these~~negatively ~~matters~~impact ~~from~~our business and our ~~most~~relationships ~~senior~~with ~~executives~~customers, invendors ~~the~~and ~~digital~~employees ~~organization,~~and ~~including~~expose us to increased liability for additional discussion.

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~~our Chief Information Officer and CISO, and the Company’s executive officers, at least twice a year. Topics historically covered in such reports, and for which our~~ Board exercises oversight, include third-party evaluation of our technology infrastructure and information security against the NIST cybersecurity framework; management of emerging cyber threats such as merger and acquisition activity and the adoption and governance of artificial intelligence; risk mitigation through the Company’s enterprise-wide cybersecurity training, including our Board of Directors, conducted at least annually; regular simulated phishing tests and third-party penetration testing; review of the Company’s cyber incident insurance coverage and external cyber incident resources; review of the Company’s Cybersecurity Incident Response Plan; review of readouts from cyber incident table top exercises; and consideration of applicable laws and regulations, including those related to privacy. The Company’s Cybersecurity Incident Response Plan includes a section on Board escalation that specifies the process for notification of the Chair of the Audit Committee and the Chair of the Board of the Directors upon certain triggering events, and that group then determines the appropriate form and frequency of communication with the full Audit Committee or Board of Directors, depending on the unique characteristics of the incident.Oversight

Management has primary responsibility for risk management within our Company. The Company’s Board of Directors, with the support of its committees, oversees risk management to ensure that the processes designed, implemented and maintained by our executives are functioning as intended and adapted when necessary to respond to changes in our Company’s strategy as well as emerging risks. The Audit Committee of the Company’s Board of Directors has responsibility for oversight of information and cybersecurity risks and assessment of cyber threats and defenses. The Audit Committee receives reports on these matters from our most senior executives in the digital organization, including our Chief Information Officer and CISO, and the Company’s executive officers, at least twice a year. Topics historically covered in such reports, and for which our Board exercises oversight, include third-party evaluation of our technology infrastructure and information security against the NIST cybersecurity framework; management of emerging cyber threats such as merger and acquisition activity; use and governance of artificial intelligence, including oversight of our artificial intelligence policies and procedures; risk mitigation through the Company’s enterprise-wide cybersecurity training, including our Board of Directors, conducted at least annually; regular simulated phishing tests and third-party penetration testing; review of the Company’s cyber incident insurance coverage and external cyber incident resources; review of the Company’s Cybersecurity Incident Response Plan; review of readouts from cyber incident table top exercises and consideration of applicable laws and regulations, including those related to privacy. The Company’s Cybersecurity Incident Response Plan includes a section on Board escalation that specifies the process for notification of the Chair of the Audit Committee and the Chair of the Board of the Directors upon certain triggering events, and that group then determines the appropriate form and frequency of communication with the full Audit Committee or Board of Directors, depending on the unique characteristics of the incident.

Item 2. Properties.

Our principal executive offices are in Houston, Texas where we lease approximately 285,000 square feet under a lease expiring in 2035. We also have administrative offices in Arizona, Connecticut, Illinois, India and parts of Western Europe. We own or lease real property in most locations where we have operations or administrative functions. We have operations (i) in all 50 states; (ii) in the District of Columbia; (iii) parts of Canada and (iv) parts of Western Europe.

Our principal property and equipment consist of land (primarily landfills and other disposal facilities, transfer stations and bases for collection operations), buildings, vehicles and equipment. We believe that our operating properties, vehicles and equipment are adequately maintained and sufficient for our current operations. However, we expect to continue to make investments in additional property and equipment for expansion, for the replacement of aging assets and investment in assets that support our strategy of continuous improvement through efficiency and innovation. In addition, we continue to make progress on our ~~planned~~ investments to expand our Recycling Processing and Sales and WM Renewable Energy segments. ~~As of December 31, 2024, we had 102 landfill gas beneficial use projects producing commercial quantities of methane gas at owned or operated landfills.~~ For 65 of these projects, the processed gas is used to fuel electricity generators. The electricity is then sold to public utilities, municipal utilities or power cooperatives. For 23 of these projects, the gas is used at the landfill or delivered by pipeline to industrial customers as a direct substitute for fossil fuels in industrial processes. For 11 of these projects, the landfill gas is processed to pipeline quality RNG and then sold to natural gas suppliers. Additionally, three of these projects are on third-party landfills. For more information, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included within this report.

The following table summarizes our various operations as of December 31:


	~~2024(a)~~2025	~~2023~~2024(c)
Landfills owned or operated	262	263
Landfills owned or operated (a)	257	262
Transfer stations (a)(b)	506	332
Transfer stations (b)	482	506
Recycling facilities	105	102
Recycling and organics facilities	162	154
Autoclave or alternative medical waste treatment facilities (b)	69	—
Autoclave or alternative medical waste treatment facilities	51	69
Medical waste incinerator facilities (b)	18	—
Medical waste incinerator facilities	17	18
Secure information destruction processing facilities (b)	107	—
Secure information destruction processing facilities	99	107

~~(a) Includes 167 transfer stations in 2024 that are related to our WM Healthcare Solutions segment.~~39

(b) Includes 35 Spain and Portugal locations consisting of 19 transfer stations, 12 autoclave or alternative medical waste treatment facilities, 1 medical waste incinerator facility and 3 secure information destruction processing facilities which were classified as assets held for sale as of December 31, 2024. See Note 17 to the Consolidated Financial Statements for further discussion.

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(a)

Includes 103 landfill gas beneficial use projects producing commercial quantities of methane gas in 2025 and 2024.

(b)

Includes 140 and 167 transfer stations in 2025 and 2024, respectively, that are related to our Healthcare Solutions segment.

(c)

Includes 35 Spain and Portugal locations consisting of 19 transfer stations, 12 autoclave or alternative medical waste treatment facilities, one medical waste incinerator facility and three secure information destruction processing facilities which were sold on January 2, 2025.

Item 3. Legal Proceedings.

Information regarding our legal proceedings can be found under the Environmental Matters and Litigation sections of Note 10 to the Consolidated Financial Statements included within this report.

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 annual report.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “WM.” The number of holders of record of our common stock on February 145, ~~2025~~2026 was 76,~~046~~682.

The graph below shows the relative investment performance of Waste Management, Inc. common stock, the S&P 500 Index and the Dow Jones Waste & Disposal Services Index for the last five years, assuming reinvestment of dividends at date of payment into the common stock. The graph is presented pursuant to SEC rules and is not meant to be an indication of our future performance.


	12/31/1920		12/31/2021		12/31/2122		12/31/2223		12/31/2324		12/31/2425
Waste Management, Inc.	$	100	$	~~105~~144	$	~~152~~137	$	~~145~~160	$	~~168~~182	$	~~192~~202
S&P 500 Index	$	100	$	~~118~~129	$	~~152~~105	$	~~125~~133	$	~~158~~166	$	~~197~~196
Dow Jones Waste & Disposal Services Index	$	100	$	~~107~~140	$	~~149~~132	$	~~141~~156	$	~~166~~186	$	~~198~~196

45The Company repurchases shares of its common stock as part of capital allocation programs authorized by our Board of Directors. Share repurchases are a part of our long-term strategy and incorporated into our overall capital allocation plan to enhance our Company’s performance, in conjunction with our other uses of capital, and to return value to stockholders in a tax-efficient manner. There were no common stock repurchases during 2025. We announced in December 2025 that our Board of Directors has authorized up to $3.0 billion in future share repurchases, exclusive of fees, commissions and taxes. This new authorization supersedes and replaces remaining authority under the prior Board of Directors’ authorization for share repurchases announced in December 2023. 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.

Additionally, in December 2025, we announced that our Board of Directors expects to increase the quarterly dividend from $0.825 to $0.945 per share for dividends declared in 2026. However, all future dividend declarations are at the discretion of the Board of Directors and depend on various factors, including our leverage level, net earnings, financial condition, cash required for future business plans, growth and acquisitions and other factors the Board of Directors may deem relevant.

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The Company repurchases shares of its common stock as part of capital allocation programs authorized by our Board of Directors. Share repurchases are a part of our long-term strategy and incorporated into our overall capital allocation plan to enhance our Company’s performance, in conjunction with our other uses of capital, and to return value to stockholders in a tax-efficient manner. During 2024, we allocated an aggregate of $262 million to repurchase our common stock under accelerated share repurchase (“ASR”) agreements and open market transactions. As of December 31, 2024, we had received 1.5 million shares with a weighted average price per share of $196.95, exclusive of per-share commissions. As a result of the Stericycle acquisition, the Company has temporarily suspended share repurchases. We expect to resume share repurchases once the Company’s leverage returns to targeted levels, which is currently projected to be about 18 months after the November 2024 acquisition of Stericycle. See Note 13 to the Consolidated Financial Statements for additional information.

There were no common stock repurchases during the fourth quarter of 2024.

Item 6. [Reserved]

None.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This section includes a discussion of our results of operations for the ~~three~~ ~~years~~year ended December 31, ~~2024~~2025. This discussion may contain forward-looking statements. See “Cautionary Statement about Forward-Looking Statements” in Part I of this Annual Report on Form 10-K for more information. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or anticipated results. These risks and uncertainties include, but are not limited to, those described in Part I, “Item 1A. Risk Factors” and elsewhere in this report and may also be described from time to time in our future reports filed with the U.S. Securities and Exchange Commission (“SEC”). The following discussion should be read considering those disclosures and together with the Consolidated Financial Statements and the notes thereto.

For further discussion regarding our results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023, refer to Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Overview

We are North America’s leading provider of comprehensive environmental solutions, primarily 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 ~~subsidiaries, including our~~ Waste Management Renewable Energy (“WM Renewable Energy”) segment, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas (“RNG”), which is a significant source of fuel that we allocate to our natural gas fleet. Following our 2024 acquisition of Stericycle, Inc. (“Stericycle”), our Healthcare Solutions segment provides regulated waste and compliance services (“RWCS”) and secure information destruction (“SID”) services in the U.S., Canada and Western Europe that protect people and brands, promote health and well-being and safeguard the environment. Additionally, through our Recycling Processing and Sales segment, we are a leading recycler in the U.S. and Canada, handling materials that include paper, cardboard, glass, plastic and metal.

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

Stericycle Acquisition

On November 4, 2024, we completed our acquisition of all outstanding shares of Stericycle for $62.00 per share in cash, pursuant to an Agreement and Plan of Merger dated June 3, 2024. Total enterprise value of the acquisition was $7.2 billion (net of cash acquired) when including the assumption of $0.5 billion of debt and the repayment of approximately $0.8 billion of net debt. The acquisition ~~expands~~expanded our offerings in the U.S., Canada and parts of Western Europe. The post-closing operating results of Stericycle have been included in our Consolidated Financial Statements, aswithin aour ~~new reportable segment referred to as WM~~ Healthcare Solutions segment.

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For the year ended December 31, ~~2024~~2025, we incurred ~~approximately~~acquisition and integration related costs of $~~160~~120 million, comprised of $89 million of selling, general and administrative costs and $31 million of restructuring costs. For the year ended December 31, 2024, we incurred acquisition and integration related costs of $160 million, which ~~are~~were primarily classified as ~~“Selling~~selling, general and administrative expenses.” Refer to Note 19 for more information on the performance of our WM Healthcare Solutions segment.

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

Collection and Disposal

Our Collection and Disposal businesses provide integrated environmental services, including collection, transfer, ~~disposal~~ and ~~resource recovery services~~disposal. We evaluate our Collection and Disposal businesses primarily through two geographic segments, East Tier and West Tier. Our East Tier primarily consists of geographic areas located in the Eastern U.S., the Great Lakes region and substantially all of Canada. Our West Tier primarily includes geographic areas located in the Western, Southern and Central U.S., including the upper Midwest region, and British Columbia, Canada. Additionally, we provide Other Ancillary services that are not managed through the Tier segments but that support our collection and disposal operations. Other Ancillary includes specialized services performed for customers that have differentiated needs. These specialized services are targeted at large industrial customers managed through our Sustainability and Environmental Solutions (“SES”) business or geographically dispersed customers managed through our Strategic Business Solutions (“WMSBS”) business. Also included within Other Ancillary are the results of non-operating entities that provide financial assurance and self-insurance support for our business, net of intercompany activity.

Our Collection and Disposal businesses’ operating revenues are primarily generated from fees charged for our collection, transfer, ~~disposal~~ and ~~resource recovery services~~disposal. Revenues from our collection operations are influenced by factors such as collection frequency, type of collection equipment furnished, type and volume or weight of the waste collected, distance to the disposal facility or recycling facility and our disposal costs. Revenues from our landfill operations consist of tipping fees, which are generally based on the type and weight or volume of waste ~~being~~deposited, ~~disposed~~considering our cost of loading, transporting and disposing of the solid waste at ~~our~~a disposal ~~facilities~~site. Fees charged at transfer stations are generally based on the weight or volume of waste deposited, considering our cost of loading, transporting and disposing of the solid waste at a disposal site. The fees we charge for our services generally include applicable fees, such as our energy surcharge, which are intended to pass through to customers for direct and indirect costs incurred.

Recycling Processing and Sales

Our Recycling Processing and Sales segment includes the processing and sales of materials collected from residential, commercial and industrial customers. The materials are delivered to and processed at one of our many recycling facilities. Through our brokerage business, we also manage the marketing of recycling commodities that are processed in our facilities and by third parties by maintaining comprehensive service centers that continuously analyze market prices, logistics, market demands and product quality.

Recycling Processing and Sales revenues generally consist of tipping fees and the sale of recycling commodities to and/or on behalf of third parties. Our Recycling Processing and Sales segment excludes the collection of recycled materials from our residential, commercial, and industrial customers which is included within our Collection and Disposal businesses.

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~~from~~Renewable ~~our residential, commercial, and industrial customers which is included within our Collection and Disposal businesses.~~Energy

WMOur Renewable Energy segment develops, operates and promotes projects for the beneficial use of landfill gas. Landfill gas is produced naturally as waste decomposes in a landfill. The methane component of the landfill gas is a readily available, renewable energy source that can be gathered and used beneficially as an alternative to fossil fuel. Renewable Energy converts landfill gas into several sources of renewable energy which include RNG, electricity and capacity, heat and/or steam. Renewable Energy also generates (i) RINs under the Renewable Fuel Standard (“RFS”) program; (ii) other credits under a variety of state programs associated with the use of RNG in our compressed natural gas fleet and (iii) RECs associated with the production of electricity. The RINs, RECs, and other credits are sold to counterparties who are obligated under the regulatory programs and have a responsibility to procure RINs, RECs, and other credits proportionate to their fossil fuel production and imports. RINs and RECs prices generally fluctuate in response to regulations enacted by the Environmental Protection Agency (“EPA”) or other regulatory bodies, as well as changes in supply and demand.

~~Our~~As WMof ~~Renewable~~December 31, 2025, ~~Energy~~we ~~segment~~had ~~develops,~~103 ~~operates~~landfill ~~and~~gas ~~promotes~~beneficial use projects ~~for~~producing ~~the~~commercial ~~beneficial~~quantities ~~use~~ of ~~landfill~~methane gas at owned or operated landfills. ~~Landfill~~For ~~gas~~62 isof ~~produced~~these ~~naturally~~projects, asthe ~~waste~~processed ~~decomposes~~gas inis aused ~~landfill~~to fuel electricity generators. The ~~methane~~electricity ~~component~~is ofthen ~~the~~sold ~~landfill~~to ~~gas~~public isutilities, amunicipal ~~readily~~utilities ~~available,~~or ~~renewable~~power ~~energy~~cooperatives. ~~source~~For ~~that~~24 ~~can~~of bethese ~~gathered~~projects, ~~and~~the gas is used ~~beneficially~~at asthe anlandfill ~~alternative~~or delivered by pipeline to industrial customers as a direct substitute for fossil ~~fuel~~fuels in industrial processes. ~~WM Renewable~~For ~~Energy~~17 ~~converts~~of these projects, the landfill gas ~~into~~is ~~several~~processed ~~sources~~to ofpipeline ~~renewable~~quality ~~energy~~RNG toand bethen sold ~~which~~to ~~include~~natural ~~RNG~~gas suppliers. Additionally, ~~electricity~~three ~~and~~projects ~~capacity,~~are ~~heat~~on ~~and/or~~third-party ~~steam~~landfills. WMThe ~~Renewable~~revenues ~~Energy~~from ~~also~~these ~~generates~~facilities ~~and~~are ~~sells~~primarily generated through (i) ~~RINs~~ ~~under~~ the ~~Renewable~~sale ~~Fuel~~of ~~Standard~~captured ~~(“RFS”)~~and ~~program~~converted landfill methane gas; (ii) ~~other~~ ~~credits~~the ~~under~~sale aof ~~variety~~RINs ofunder ~~state~~the ~~programs~~RFS ~~associated~~program ~~with~~implemented by the ~~use~~EPA; (iii) sale of ~~RNG~~Low inCarbon ~~our~~Fuel ~~compressed~~credits ~~natural~~designed ~~gas~~to ~~fleet~~stimulate the use of low-carbon fuels and (~~iii~~iv) ~~RECs~~ ~~associated with~~ the ~~production~~sale of energy (electricity. ~~The~~and ~~RINs,~~capacity) and associated RECs,. ~~and~~Renewable ~~other~~Energy ~~credits~~is ~~are~~charged ~~sold~~a to15% ~~counterparties~~royalty ~~who~~on ~~are~~net ~~obligated~~operating ~~under~~revenue ~~the~~from ~~regulatory~~these ~~programs~~facilities ~~and~~residing ~~have~~on aour ~~responsibility~~active toand ~~procure~~closed ~~RINs,~~landfills ~~RECs,~~from our Collection and ~~other~~Disposal ~~credits~~and ~~proportionate~~Corporate toand ~~their~~Other ~~fossil~~businesses, ~~fuel~~which ~~production~~is ~~and~~eliminated ~~imports~~in consolidation. ~~RINs~~Additionally, Renewable Energy operates and ~~RECs~~maintains ~~prices~~six ~~generally~~third-party ~~fluctuate~~landfill beneficial gas use projects in ~~response~~return tofor ~~regulations~~service ~~enacted~~revenue. byOur ~~the~~Collection ~~Environmental~~and ~~Protection~~Disposal ~~Agency~~and ~~(“EPA”)~~Corporate orand ~~other~~Other ~~regulatory~~businesses ~~bodies,~~benefit from these projects as well as ~~changes~~54 additional third-party landfill beneficial gas use projects in ~~supply~~the ~~and~~form ~~demand.~~of royalties.

AsHealthcare ofSolutions December 31, 2024, we had 102 landfill gas beneficial use projects producing commercial quantities of methane gas at owned or operated landfills. For 65 of these projects, the processed gas is used to fuel electricity generators. The electricity is then sold to public utilities, municipal utilities or power cooperatives. For 23 of these projects, the gas is used at the landfill or delivered by pipeline to industrial customers as a direct substitute for fossil fuels in industrial processes. For 11 of these projects, the landfill gas is processed to pipeline quality RNG and then sold to natural gas suppliers. Additionally, three of these projects are on third-party landfills. The revenues from these facilities are primarily generated through the sale of RNG, RINs, electricity and capacity, heat and/or steam, RECs and related environmental attributes. WM Renewable Energy is charged a 15% royalty on net operating revenue from these facilities residing on our active and closed landfills from our Collection and Disposal and Corporate and Other businesses, which is eliminated in consolidation. Additionally, WM Renewable Energy operates and maintains seven third-party landfill beneficial gas use projects in return for service revenue. Our Collection and Disposal and Corporate and Other businesses benefit from these projects as well as 52 additional third-party landfill beneficial gas use projects in the form of royalties.

WMOur Healthcare Solutions segment includes (i) RWCS which provide compliance programs and collection, processing, and disposal of regulated and specialized waste, including medical, pharmaceutical and hazardous waste and (ii) SID services, which provide for the collection of personal and confidential information for secure destruction and recycling of sorted office paper. While the Healthcare Solutions businesses manage large volumes of waste and other materials, the average volume per customer site is relatively small.

Our WMcustomers ~~Healthcare~~typically ~~Solutions~~enter ~~segment~~into ~~includes~~a ~~(i)~~contract ~~Regulated~~for ~~Waste~~the ~~and~~provision ~~Compliance~~of ~~Services~~services ~~(“RWCS”)~~on ~~which~~a ~~provide~~scheduled ~~compliance~~basis, ~~programs~~including ~~and collection~~weekly, ~~processing,~~monthly ~~and~~or ~~disposal~~on ofan ~~regulated~~as-needed ~~and~~basis ~~specialized~~over ~~waste,~~the ~~including~~contract ~~medical,~~term. ~~pharmaceutical~~Under ~~and~~the ~~hazardous~~contract ~~waste~~terms, ~~and~~the ~~(ii)~~Healthcare ~~Secure~~Solutions ~~Information~~businesses ~~Destruction~~receive ~~(“SID”)~~fees ~~services,~~based ~~which~~on ~~provide~~a ~~for~~monthly, ~~the~~quarterly ~~collection~~or ofannual ~~personal~~rate and/or ~~confidential~~fees ~~information~~based ~~for~~on ~~secure~~contractual ~~destruction~~rates depending upon measures including the type and ~~recycling~~volume ofor ~~sorted~~weight ~~office~~of ~~paper~~waste. ~~RWCS~~Operating revenues are ~~provided~~invoiced tobased ~~customers~~on inthe terms of the ~~U.S.,~~underlying ~~Canada,~~contract ~~Ireland~~either ~~and~~on ~~the~~a ~~United~~regular ~~Kingdom~~basis, ~~(“U.K.”).~~or ~~SID~~as services are ~~provided~~performed toand ~~customers~~are ingenerally ~~the~~due ~~U.S.,~~within ~~Belgium,~~a ~~Canada,~~short ~~France,~~period ~~Germany,~~of ~~Ireland,~~time ~~Luxembourg,~~after ~~the~~invoicing ~~Netherlands~~based upon normal terms and conditions for our business type and the Ugeography of the services performed.K.

~~Our~~As WMof ~~Healthcare~~December ~~Solutions customers are primarily in the following industries: enterprise healthcare (i.e.~~31, ~~hospitals~~2025, ~~health~~our systems, and national and corporate healthcare), practices and care providers (i.e., physician offices, surgery centers, veterinary clinics, nursing and long-term care facilities, dental clinics, clinics and urgent care, dialysis centers, and home health organizations), and pharmacy labs and research centers. Our WM Healthcare Solutions ~~businesses~~segment ~~also~~operates ~~provide~~out ~~services~~of toapproximately ~~airports~~307 ~~and~~leased ~~seaports, education institutions, funeral homes~~ and ~~crematories,~~owned ~~government~~facilities ~~and~~worldwide ~~military,~~with ~~banks~~51 ~~and~~autoclaves ~~professional~~or ~~services, and~~ other ~~businesses.~~alternative ~~While~~medical ~~the~~waste WMtreatment ~~Healthcare~~facilities, ~~Solutions~~17 ~~businesses~~medical ~~manage large volumes of~~ waste ~~and~~incinerator ~~other materials~~facilities, ~~the~~99 ~~average~~SID ~~volume~~processing ~~per~~facilities ~~customer~~and ~~site~~140 istransfer ~~relatively small~~stations.

Our customers typically enter into a contract for the provision of services on a scheduled basis, including weekly, monthly or on an as-needed basis over the contract term. Under the contract terms, the WM Healthcare Solutions businesses receive fees based on a monthly, quarterly or annual rate and/or fees based on contractual rates depending upon measures including the volume, weight, and type of waste. Operating revenues are invoiced based on the terms of the underlying contract either on a regular basis, or as services are performed and are generally due within a short period of time after invoicing based upon normal terms and conditions for our business type and the geography of the services performed.

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As of December 31, 2024, our WM Healthcare Solutions businesses include a global fleet of approximately 6,100 routed trucks, tractors, collection vans and small duty vehicles. Our WM Healthcare Solutions segment operates out of approximately 361 leased and owned facilities worldwide with 69 autoclaves or other alternative medical waste treatment facilities, 18 medical waste incinerator facilities, 107 SID processing facilities and 167 transfer stations. Included within our WM Healthcare Solutions segment are 35 locations that are classified as held for sale as of December 31, 2024.

Corporate and Other

We also provide additional services that are not managed through our operating segments, which are presented in this report as Corporate and Other. This includes the activities of our corporate office, including costs associated with our long-term incentive program, expanded service offerings and solutions (such as our investments in businesses and technologies that are designed to offer services and solutions ancillary or supplementary to our current operations) as well as our closed sites. Also included within our Corporate and Other businesses closed sites are (i) ~~six~~five third-party power generating facilities converting our landfill gas to fuel electricity generators; (ii) two third-party projects delivering our landfill gas by pipeline to industrial customers as a direct substitute for fossil fuels in industrial processes and (iii) two third-party RNG facilities processing landfill gas to be sold to natural gas suppliers in return for a royalty. Additionally, Corporate and Other benefits from a 15% royalty from our WM Renewable Energy segment based on net operating revenue generated through the sale of RNG, RINs, electricity and capacity, RECs and related environmental attributes from the 15 landfill beneficial use renewable energy projects owned by WM Renewable Energy on our closed sites, which is eliminated in consolidation.

~~Included in the fees we charge for our services is our energy surcharge and other charges that are intended to pass through costs to customers.~~44

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generating facilities converting our landfill gas to fuel electricity generators; (ii) two third-party projects delivering our landfill gas by pipeline to industrial customers as a direct substitute for fossil fuels in industrial processes and (iii) two third-party RNG facilities processing landfill gas to be sold to natural gas suppliers in return for a royalty. Additionally, Corporate and Other benefits from a 15% royalty from our Renewable Energy segment based on net operating revenue generated through the sale of RNG, RINs, electricity and capacity, RECs and related environmental attributes from the 17 landfill beneficial use renewable energy projects owned by Renewable Energy on our closed sites, which is eliminated in consolidation.

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 ~~2024~~2025 Sustainability Report, providing details on our sustainability-related performance and outlining progress towards our 2030 sustainability goals. The Sustainability Report conveys the strong linkage between the Company’s sustainability goals and our growth strategy, inclusive of the ~~planned and ongoing~~ expansion of the Company’s Recycling Processing and Sales and WM 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 Annual Report on Form 10-K. For further discussion see Item 1. Business – Regulation – Recent Developments and Focus Areas in Policy and Regulation.

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 volume changes in higher margin businesses can impact key financial metrics. We must dynamically manage our cost structure in response to volume changes and cost inflation.

49We 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 margin pressures and variability in earnings and margins from our commodity-driven businesses, specifically within our Recycling Processing and Sales and Renewable Energy segments. During 2025, we

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~~can~~experienced ~~fluctuate~~decreases ~~significantly~~in market prices for recycled commodities when compared to prior year caused by ~~line~~a number of ~~business~~factors, ~~and~~including ~~volume~~the ~~changes~~closure of domestic paper mills, a decrease in ~~higher~~demand ~~margin~~for ~~businesses~~recycled ~~can~~content by certain consumer goods producers, focused reduction in cardboard packaging and overall market conditions. While the combined impacts of commodity price fluctuations from the prior year had a modestly favorable impact ~~key~~on ~~financial~~the ~~metrics~~Renewable Energy segment, we may experience more significant impacts from fluctuations in the prices of RINs and natural gas in the future. We ~~must~~continue ~~dynamically~~to ~~manage~~take ~~our~~proactive ~~cost~~steps ~~structure~~to inadjust ~~response~~our business models to ~~volume~~protect against the down-side risk of changes ~~and~~in ~~cost~~commodity ~~inflation~~prices.

WeVariability ~~believe~~in ~~the~~economic ~~Company’s~~conditions, ~~industry-leading~~including ~~asset~~inflation, ~~network~~interest ~~and~~rates, ~~strategic~~employment ~~focus~~trends ~~on investing in our people~~ and ~~our~~supply ~~digital~~chain ~~platform~~reliability, ~~will~~can ~~give~~create ~~the~~risk ~~Company~~and ~~the~~uncertainty ~~necessary~~in ~~tools~~financial ~~to address the evolving challenges impacting the Company and our industry~~outlook. InWe ~~line~~take ~~with~~proactive ~~our~~steps ~~commitment~~ to ~~continuous~~recover ~~improvement~~ and amitigate ~~differentiated~~inflationary ~~customer~~cost ~~experience,~~pressures wethrough ~~remain focused on~~ our ~~automation~~overall ~~and~~pricing ~~optimization~~efforts ~~investments to enhance our operational efficiency~~ and ~~change~~by ~~the~~managing ~~way we interact with~~ our ~~customers.~~costs ~~Advancements made~~ through ~~these~~efficiency, ~~initiatives~~labor ~~are~~productivity ~~intended to seamlessly~~ and ~~digitally~~investments ~~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~~aspects of our ~~service delivery model~~business. ~~The~~We ~~key~~remain ~~benefits~~committed ~~are~~to ~~reduced~~putting ~~labor~~our ~~dependency~~people onfirst ~~certain~~to ~~high-turnover~~ensure ~~jobs,~~that ~~particularly~~they inare ~~customer~~well ~~experience,~~positioned ~~recycling~~to ~~and~~execute ~~residential collection, while further elevating~~ our ~~customer~~daily ~~self-service~~operations ~~through~~diligently ~~digitalization~~ and ~~implementation~~safely. ofWe ~~technologies~~remain tofocused ~~enhance~~on ~~the~~delivering ~~safety,~~outstanding ~~reliability~~customer ~~and~~service, ~~efficiency~~managing ~~within~~ our ~~collection~~variable ~~operations.~~costs ~~Additionally,~~with inchanging ~~2022,~~volumes weand ~~implemented~~investing ain ~~new~~technology ~~general~~that ~~ledger~~will ~~accounting~~enhance ~~system,~~our ~~complementary~~customers’ ~~finance~~experience ~~enterprise resource planning system~~ and aprovide ~~human~~operating ~~capital~~efficiencies ~~management~~intended ~~system, which will continue~~ to ~~drive~~reduce ~~operational and service excellence by empowering~~ our ~~people~~cost ~~through~~to ~~a modern, simplified and connected employee experience~~serve.

WeFinancial sometimes experience margin pressures and variability in earnings and margins from our commodity-driven businesses, specifically within our Recycling Processing and Sales and WM Renewable Energy segments. While recycling commodity prices have recovered in 2024 from the low levels experienced in 2023, commodity prices are still below levels seen at the beginning of 2022. The impacts of commodity price fluctuations are not currently material to our WM Renewable Energy segment; however, as we continue to make investments to grow that segment, we may experience more significant impacts from fluctuations in the prices of electricity, natural gas, RINs and RECs. We continue to take proactive steps to adjust our business models to protect against the down-side risk of changes in commodity prices. Results

~~Variability~~During in2025, ~~economic~~we ~~conditions,~~continued ~~including~~to ~~inflation,~~focus ~~interest~~on ~~rates,~~our ~~employment~~priorities ~~trends~~to ~~and~~advance ~~supply~~our ~~chain~~strategy ~~reliability,~~– ~~can~~enhancing ~~create~~employee ~~risk~~engagement, ~~and~~permanently ~~uncertainty~~reducing inour ~~financial~~cost ~~outlook.~~to Weserve ~~take~~our ~~proactive~~customers ~~steps~~through tothe ~~recover~~use of technology and ~~mitigate~~automation, ~~inflationary~~investing ~~cost~~in ~~pressures~~growth through our ~~overall~~Recycling ~~pricing~~Processing ~~efforts~~and Sales and byRenewable ~~managing~~Energy segments and integrating the Stericycle business. We continue to invest in our ~~costs~~people through ~~efficiency,~~paying ~~labor~~a ~~productivity,~~competitive ~~and~~market ~~investments~~wage, investing in ~~technology~~our todigital ~~automate~~platform ~~certain~~and ~~aspects~~providing oftraining for our ~~business~~team members. We remain committed to ~~putting~~ our ~~people~~investment ~~first~~in torecycling ~~ensure~~automation, ~~that~~which ~~they~~reduces ~~are~~costs ~~well~~and ~~positioned~~increases tothroughput, ~~execute~~positioning ~~our~~us ~~daily~~to ~~operations~~overcome ~~diligently~~commodity price headwinds and ~~safely~~deliver a differentiated service. WeAs ~~remain~~part ~~focused~~of onthe ~~delivering~~ongoing ~~outstanding~~integration ~~customer~~of ~~service~~Stericycle, ~~managing~~which constitutes our ~~variable~~Healthcare ~~costs~~Solutions ~~with~~segment, ~~changing~~we ~~volumes~~achieved ~~and~~synergies ~~investing~~by inreducing ~~technology~~costs ~~that~~of ~~will~~duplicative ~~enhance~~business ~~our~~processes, ~~customers’~~established ~~experience~~a ~~and~~performance ~~provide~~management ~~operating~~approach ~~efficiencies~~aimed ~~intended~~at accountability and continued to ~~reduce~~improve ~~our~~customer ~~cost~~engagement, billing and collection processes to ~~serve~~deliver cash flow.

~~Current~~Key ~~Year~~elements ~~Financial~~of ~~Results~~our 2025 financial results include:

~~During~~● ~~2024,~~Revenues weof ~~continued to focus on our priorities to advance our strategy—enhancing employee engagement~~$25,204 ~~reducing~~million ~~our~~for ~~cost~~2025 tocompared ~~serve~~with ~~through the use of technology and automation~~$22,063 ~~and~~million ~~investing~~ in ~~growth~~2024, ~~through~~an ~~acquisitions~~increase ~~and~~of ~~our Recycling Processing and Sales and WM Renewable Energy segments. We invested approximately~~ $83,141 ~~billion~~million, ~~with~~or $714.~~5 billion funded in cash and $0~~2%.5 ~~billion~~The asincrease ~~the~~was ~~assumption~~primarily ofdue ~~debt,~~to on(i) ~~acquisitions~~our inrecent ~~2024~~acquisitions, ~~including~~particularly ~~having completed our acquisition of~~ Stericycle; in(ii) ~~early~~higher ~~November.~~yield ~~We remain diligent~~ in ~~offering competitive and differentiated services that meet the needs of~~ our ~~customers,~~Collection and weDisposal ~~are~~businesses ~~focused on driving operating efficiencies~~ and ~~reducing~~(iii) ~~discretionary~~higher ~~spend.~~volumes Weprimarily ~~continue to invest~~ in our ~~people through paying a competitive market wage~~landfill, ~~investing~~renewable inenergy ~~our digital platform~~ and ~~providing~~recycling ~~training for our team members~~businesses. WeThe ~~also~~increase ~~continue~~was topartially ~~make~~offset ~~investments~~by inlower ~~automation~~residential ~~and~~collection ~~optimization~~volumes ~~to enhance our operational efficiency~~ and ~~improve~~a ~~labor~~reduction ~~productivity for all lines of business. This strategic focus, combined with strong operational execution, resulted~~ in ~~increased~~single-stream ~~revenue, income from operations~~ and ~~income~~brokerage ~~from~~recycled ~~operations~~commodity margin in 2024 when compared to the prior year. During 2024, the Company allocated $3,231 million of available cash to capital expenditures. We also allocated $1,472 million of available cash to our shareholders during 2024 through dividends and common stock repurchases.prices;

50● Operating expenses of $15,012 million in 2025, or 59.6% of revenues, compared with $13,383 million, or 60.7% of revenues, in 2024. The $1,629 million increase in operating expense compared to prior year related primarily to (i) our recent acquisitions, particularly Stericycle; (ii) incremental costs attributable to RNG facilities brought on line during 2025; (iii) increased landfill volumes and (iv) a decrease in the gains on sale of non-strategic assets. These increases were offset by (i) lower residential volumes; (ii) decreased costs of goods sold due to lower recycling commodity prices and (iii) continued efficiency and cost control in our Collection and Disposal business. Despite the increase in operating expenses, we significantly reduced our operating expenses as a percentage of revenue when compared to prior year through efficiency gains, improved employee turnover, momentum in truck deliveries, the benefit of customer price increases and higher margin special waste volumes;

●

Selling, general and administrative expenses of $2,722 million in 2025, or 10.8% of revenues, compared with $2,264 million, or 10.3% of revenues, in 2024. The $458 million increase was primarily due to our recent acquisitions, particularly Stericycle, including consulting and technology costs incurred to support Stericycle’s integration;

●

Income from operations of $4,308 million, or 17.1% of revenues, in 2025 compared with $4,063 million, or 18.4% of revenues, in 2024. The $245 million increase in the current year earnings was primarily due to (i) growth in our Collection and Disposal businesses; (ii) non-recurring transaction costs incurred in the prior year in connection with our Stericycle acquisition and (iii) higher volumes in our Renewable Energy business due to the completion of projects that increase the beneficial use of landfill gas sold to third parties. This growth was

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~~Key~~partially ~~elements~~offset ofby an impairment charge in our ~~2024~~Recycling ~~financial~~Processing ~~results~~and ~~include:~~Sales business and higher depreciation and amortization costs and integration related expenses arising from our Stericycle acquisition;

● ~~Revenues~~Net ofincome ~~$22,063~~attributable ~~million~~to ~~for~~Waste ~~2024~~Management, ~~compared~~Inc. ~~with~~was $202,~~426~~708 million, inor ~~2023,~~$6.70 anper ~~increase~~diluted ofshare, compared with $12,~~637~~746 million, or 8$6.~~0%.~~81 ~~The~~per ~~increase~~diluted isshare, ~~primarily attributable to (i) higher yield~~ in ~~our~~2024. ~~Collection~~The ~~and~~$38 ~~Disposal~~million ~~businesses;~~decrease ~~(ii)~~is ~~acquisitions,~~primarily ~~net~~due ofto ~~divestitures;~~an ~~(iii)~~increase ~~increases~~ in ~~commodity~~interest ~~prices~~expense inrelated ~~our~~to ~~Recycling~~the ~~and~~additional ~~Sales~~debt ~~and~~incurred WMto ~~Renewable~~finance ~~Energy~~our ~~segments~~Stericycle ~~and (iv) increased volumes~~acquisition. ~~These~~This ~~increases~~decline ~~were~~was partially offset by athe ~~decrease~~increase in ~~revenue~~income from ~~our energy surcharge program as a result of a decline in the price of fuel~~operations, ~~particularly~~discussed ~~diesel~~above;

● ~~Operating~~Net ~~expenses~~cash ofprovided by operating activities was $136,~~383~~043 million in ~~2024~~2025, ~~or 60.7% of revenues,~~ compared with $125,~~606~~390 million, orin 612024.7% ofThe ~~revenues,~~$653 inmillion ~~2023.~~increase Asin anet ~~percentage~~cash ofprovided ~~revenue,~~by operating ~~expenses~~activities ~~improved~~was ~~significantly~~primarily ~~compared~~due to ~~the~~(i) ~~prior~~higher ~~year~~earnings ~~as revenue growth from price, efficiency gains, improved employee retention and momentum~~ in ~~truck~~our ~~deliveries~~Collection ~~offset the impacts of inflationary increases in wages~~ and ~~other~~Disposal ~~expenses. The increase in total operating expenses from prior year related primarily to (i) acquisitions~~businesses; (ii) ~~inflationary~~contributions ~~pressure~~from onour ~~wages~~recent acquisitions and ~~expenses;~~ (iii) ~~higher~~lower ~~recycling~~cash ~~customer~~tax ~~rebates~~payments. ~~resulting~~This ~~from an approximate 50%~~ increase inwas ~~single-stream~~partially ~~recycling~~offset ~~commodity~~by ~~prices;~~ (ivi) ~~volume~~higher ~~growth~~cash ~~within~~interest ~~our~~payments ~~WMSBS~~primarily ~~business~~due ~~which~~to ~~relies~~additional ~~more~~debt ~~extensively~~incurred onto ~~subcontracted~~fund ~~hauling and services than~~ our ~~Collection~~acquisition ~~and~~of ~~Disposal businesses~~Stericycle; (vii) ~~increases~~unfavorable changes in ~~landfill~~working ~~operating costs~~capital, ~~particularly~~net ~~for~~of ~~higher~~effects ~~leachate~~from ~~costs~~acquisitions ~~due~~and todivestitures ~~wet weather~~ and (viiii) higher ~~risk~~annual ~~management~~incentive ~~spend,~~compensation due in part, to increases in certain large loss claims reserves. These increases were partially offset by lower diesel fuel prices and an increase in gains on the sale of non-strategic assets in 2024 as compared with the prior yearpayments;

● ~~Selling,~~Free ~~general~~cash ~~and~~flow ~~administrative~~was ~~expenses of~~ $2,~~264~~937 million in ~~2024~~2025, ~~or 10.3% of revenues,~~ compared with $12,~~926~~317 million, ~~or 9.4% of revenues,~~ in ~~2023~~2024. The $~~338~~620 million increase in free cash flow was primarily due to ~~(i)~~the ~~costs~~increases ~~incurred~~ in ~~connection~~operating ~~with~~cash ~~the~~described ~~acquisition~~above and ~~integration~~planned ofreductions ~~Stericycle~~in capital investment in our sustainability growth projects as we move from peak construction of ~~which~~this portfolio into a ~~significant~~period ~~portion~~where ~~were~~we ~~transaction~~will ~~and~~harvest ~~integration~~strong ~~costs~~returns ~~that~~on ~~are~~these ~~not~~businesses. ~~expected~~These toincreases ~~recur;~~were ~~(ii)~~partially offset by increased ~~labor~~capital ~~costs~~expenditures ~~from~~to ~~higher~~support ~~annual~~the ~~and~~business ~~long-term~~as ~~incentive~~well ~~compensation~~as ~~costs~~within ~~and~~our ~~annual~~Healthcare ~~wage~~Solutions ~~increases~~segment and ~~(iii)~~lower ~~increased~~proceeds ~~professional~~from ~~fees~~the tosale ~~support~~of certain non-strategic ~~initiatives~~assets. ~~Partially~~Free ~~offsetting~~cash ~~these~~flow ~~increases~~is ~~was~~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 ~~decline~~reconciliation into ~~litigation~~net ~~costs;~~cash provided by operating activities, which is the most comparable GAAP measure.

● Income from operations of $4,063 million, or 18.4% of revenues, in 2024 compared with $3,575 million, or 17.5% of revenues, in 2023. The increase in the current year earnings was primarily driven by (i) revenue growth and improved performance within our Collection and Disposal businesses; (ii) impairments incurred in 2023 and (iii) higher RIN quantities generated and sold at higher market values in the current year;47

● Net income attributable to Waste Management, Inc. was $2,746 million, or $6.81 per diluted share, compared with $2,304 million, or $5.66 per diluted share, in 2023. The $442 million increase is due to an increase in income from operations discussed above, as well as lower income tax expense driven by benefits generated from our low-income housing investments and federal tax credits realized from our RNG investments. These increases were partially offset by higher interest expense;

● Net cash provided by operating activities was $5,390 million in 2024, compared with $4,719 million in 2023. The $671 million increase in net cash provided by operating activities was primarily driven by (i) higher earnings in our Collection and Disposal businesses; (ii) favorable changes in working capital, net of effects of acquisitions and divestitures and (iii) lower annual incentive compensation payments. This increase was partially offset by higher cash interest payments and income tax payments; and

● Free cash flow was $2,317 million in 2024, compared with $1,902 million in 2023. The $415 million increase in free cash flow was primarily due to the increases in operating cash described above and increase in proceeds from the divestiture of non-strategic assets and businesses. These increases were partially offset by an increase in capital spending, which was driven by our planned and ongoing investments in our Recycling Processing and Sales and WM Renewable Energy segments and higher capital asset purchases in the current year to support our Collection and Disposal businesses. 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.

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Results of Operations

Operating Revenues

The mix of operating revenues for the years ended December 31 are as follows (in millions):



	Net		Intercompany		Gross
	Operating		Operating		Operating
	Revenues		Revenues(a)~~(b)~~		Revenues~~(b)~~
Year Ended December 31:
2024
2025
Commercial	$	5,630	$	890	$	6,520
Industrial		3,106		883		3,989
Residential		3,510		87		3,597
Other collection		3,175		288		3,463
Total collection		15,421		2,148		17,569
Landfill		3,781		1,566		5,347
Transfer		1,502		1,127		2,629
Total Collection and Disposal		20,704		4,841		25,545
Recycling Processing and Sales		1,492		374		1,866
Renewable Energy		478		3		481
Healthcare Solutions(b)		2,508		443		2,951
Corporate and Other		22		30		52
Total	$	25,204	$	5,691	$	30,895

2024
Commercial	$	5,371	$	798	$	6,169
Industrial		3,089		794		3,883
Residential		3,466		89		3,555
Other collection		2,964		230		3,194
Total collection		14,890		1,911		16,801
Landfill		3,445		1,513		4,958
Transfer		1,381		1,067		2,448
Total Collection and Disposal		19,716		4,491		24,207
Recycling Processing and Sales		1,603		287		1,890
WM Renewable Energy		318		3		321
Renewable Energy		318		3		321
WM Healthcare Solutions		403		10		413
Healthcare Solutions(b)		403		68		471
Corporate and Other		23		25		48
Total	$	22,063	$	4,~~816~~874	$	26,~~879~~937

2023
Commercial	$	5,109	$	692	$	5,801
Industrial		3,083		753		3,836
Residential		3,378		96		3,474
Other collection		2,786		220		3,006
Total collection		14,356		1,761		16,117
Landfill		3,252		1,479		4,731
Transfer		1,257		1,036		2,293
Total Collection and Disposal		18,865		4,276		23,141
Recycling Processing and Sales		1,264		312		1,576
WM Renewable Energy		273		3		276
Corporate and Other		24		22		46
Total	$	20,426	$	4,613	$	25,039

2022
Commercial	$	4,860	$	590	$	5,450
Industrial		3,025		656		3,681
Residential		3,264		75		3,339
Other collection		2,466		217		2,683
Total collection		13,615		1,538		15,153
Landfill		3,062		1,454		4,516
Transfer		1,166		977		2,143
Total Collection and Disposal		17,843		3,969		21,812
Recycling Processing and Sales		1,516		244		1,760
WM Renewable Energy		312		3		315
Corporate and Other		27		22		49
Total	$	19,698	$	4,238	$	23,936

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

(b)

In the third quarter of 2025, as a result of continued integration efforts and to enhance transparency and accountability, the Company began reflecting intra-segment activity within our Healthcare Solutions segment. These charges were designed to measure profitability at more granular levels of the enterprise and to facilitate clearer financial accountability within operating units. Accordingly, adjustments to the years ended December 31, 2025 and 2024 activity were made to properly reflect intra-segment activity for both periods. Intra-segment operating revenues within Healthcare Solutions for the years ended December 31, 2025 and 2024 are $425 million and $58 million, respectively.

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(a) Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.

(b) In the fourth quarter of 2024, the Company adjusted gross and intercompany operating revenues to reflect the 15% royalty paid by WM Renewable Energy to Collection and Disposal and Corporate and Other businesses for the purchase of landfill gas. There was no change to net operating revenues. Prior periods were recast to conform to current year presentation.

The following table provides details associated with the period-to-period change in revenues and average yield for the year ended December 31 (dollars in millions):


	~~2024~~2025 vs. ~~2023~~2024									~~2023 vs. 2022~~
			As a % of				As a % of				~~As a % of~~				~~As a % of~~
			Related				Total				~~Related~~				~~Total~~
	Amount		Business(a)		Amount		Company(b)		~~Amount~~		~~Business(a)~~		~~Amount~~		~~Company(b)~~
Collection and disposal	$	~~811~~719	43.58	%					$	~~911~~	~~5.4~~	%
Recycling Processing and Sales and WM Renewable Energy (c)		271	17.1							(381)	(20.2)
Recycling Processing and Sales and Renewable Energy (c)		(155)	(7.9)
Energy surcharge and mandated fees		~~(97)~~44	(94.9)							~~(104)~~	~~(9.7)~~
Total average yield (d)					$	~~985~~608	42.8	%					$	~~426~~	~~2.1~~	%
Volume (e)						88206	0.49							~~150~~	~~0.8~~
Internal revenue growth						1,073	5.2							576	2.9
Healthcare Solutions (f)						6	—
Acquisitions						584	2.9							186	0.9
Internal revenue growth						820	3.7
Divestitures						(8)	—							(5)	—
Acquisitions						2,365	10.7
Foreign currency translation						(12)	(0.1)							(29)	(0.1)
Divestitures						(31)	(0.1)
Total					$	1,637	8.0	%					$	728	3.7	%
Foreign currency translation						(13)	(0.1)
Total					$	3,141	14.2	%

(a) Calculated by dividing the increase or decrease for the current year by the prior year’s related business ~~revenue~~revenues adjusted to exclude the impacts of divestitures for the current year.

(b) Calculated by dividing the increase or decrease for the current year by the prior year’s total Company ~~revenue~~revenues adjusted to exclude the impacts of divestitures for the current year.

(c) Includes combined impact of commodity price variability in both our Recycling Processing and Sales and WM Renewable Energy segments, as well as changes in certain recycling fees charged by our collection and disposal operations.

(d) The amounts reported herein represent the ~~changes~~change in our ~~revenue~~revenues attributable to average yield for the total Company.

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

(f)	The amounts reported herein represent the change in our revenues attributable to our Healthcare Solutions business in the period following the anniversary of the acquisition.

The following provides further details about our period-to-period change in revenues:

Average Yield

Collection and Disposal Average Yield — This measure reflects the effect on our ~~revenue~~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.

5349

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The details of our revenue growth from Collection and Disposal average yield for the year ended December 31 are as follows (dollars in millions):

~~2024~~2025 vs. ~~2023~~2024

~~2023 vs. 2022~~

As a % of

~~As a % of~~

~~Related~~

Amount

Business

~~Amount~~

~~Business~~

Commercial

~~327~~290

65.21

~~321~~

~~6.5~~

Industrial

~~176~~99

52.08

~~240~~

~~7.2~~

Residential

~~200~~181

65.24

~~191~~

~~6.1~~

Total collection

~~703~~570

54.63

~~752~~

~~6.3~~

Landfill

5484

12.86

~~2.7~~

Transfer

5465

4.59

~~7.5~~

Total Collection and Disposal

~~811~~719

43.58

~~911~~

~~5.4~~

Our overall pricing efforts are focused on keeping pace with the increasing costs and capital intensity of our business. We ~~are~~continue ~~continuing~~ to ~~see~~focus on yield growth in our landfill business. ~~with~~This ~~our~~growth was primarily driven by municipal solid waste, ~~experiencing~~which ~~average~~achieved yield of 36.15% in ~~2024~~2025.

Recycling Processing and Sales and WM Renewable Energy — Recycling Processing and Sales revenues attributable to yield ~~increased $245 million in 2024 and~~ decreased $~~308~~166 million in ~~2023,~~2025 ~~respectively,~~ as compared ~~with~~to ~~the~~ prior year ~~periods~~. Average market prices for single-stream recycled commodities ~~increased~~declined approximately 5020% in ~~2024~~2025 ~~and decreased 40% in 2023~~ as compared ~~with~~to the prior year ~~period~~. ~~During~~Revenues ~~2023,~~attributable ~~the~~to ~~revenue~~yield ~~decline from lower commodity pricing that started~~ in ~~2022 was partially offset by higher pricing in~~ our ~~recycling brokerage business as well as our continued focus on a fee-based pricing model. Additionally, revenue in our WM~~ Renewable Energy segment increased $2611 million in ~~2024~~2025 ~~and decreased $73 million in 2023~~ as compared ~~with~~to ~~the~~ prior year ~~periods,~~ primarily driven by ~~fluctuations~~increases in ~~energy~~natural ~~prices~~gas and ~~the~~electricity ~~value~~pricing ~~and~~partially ~~quantity~~offset ofby declines in RINs pricing. 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 ~~decreased~~increased $9744 million ~~and $104 million in 2024 and 2023, respectively,~~ as compared to ~~the~~ prior year ~~periods~~. ~~Beginning~~Mandated infees ~~the~~increased ~~second~~$33 ~~quarter~~million ofwhile ~~2023,~~fluctuations ~~our energy surcharge was revised to incorporate market prices for both diesel and CNG. The decrease~~ in energy ~~surcharge~~surcharges ~~revenues~~drove isan ~~primarily~~increase ~~due to a decline in market prices for diesel fuel~~ of ~~approximately~~$11 ~~10%~~million ~~in 2024 and 15% in 2023~~ as compared to ~~the~~ prior year ~~periods~~. The mandated fees are primarily related to fees and taxes assessed by various state, county and municipal government agencies at our landfills and transfer stations., ~~These~~particularly ~~amounts~~in ~~have~~our ~~not~~West ~~significantly~~Tier ~~impacted~~as ~~the~~a ~~change~~result inof ~~revenue~~wildfire ~~for the periods presented~~activity.

Volume

Our revenues from volume (excluding volumes from acquisitions and divestitures) increased $88206 million, or 0.49%, ~~and $150 million, or 0.8%,~~ in ~~2024~~2025 ~~and 2023, respectively,~~ as compared ~~with~~to ~~the~~ prior year ~~periods~~. ~~Although~~Volume ~~our~~growth ~~2024~~during ~~volume~~2025 ~~growth~~was ~~has~~led ~~moderated~~by ~~when~~our ~~compared~~landfill ~~to 2023~~business, with notable increases in special waste and municipal solid waste ~~tons~~volumes atin ~~our~~the ~~landfills~~West ~~continue~~Tier, toparticularly bedriven aby ~~significant~~wildfire ~~driver~~clean-up ~~of our growth~~efforts. ~~Additionally,~~Contributions infrom ~~2024~~growth weprojects ~~saw~~also androve ~~increase~~gains in ~~volumes in~~ our ~~WMSBS~~Renewable ~~business~~Energy ~~due~~and toRecycling ~~our~~Processing ~~continued~~and ~~focus~~Sales onsegments, aand ~~differentiated~~volumes ~~service~~in ~~model for national accounts customers and~~ our ~~recycling~~Strategic ~~activity,~~Business ~~renewable~~Solutions ~~energy~~business ~~projects~~continued ~~and~~to ~~commercial~~see ~~collection~~growth ~~business~~due ~~contributed~~ to our ~~overall~~differentiated ~~volume~~service ~~growth~~model. These ~~increases~~gains were partially offset by adeclines ~~decrease~~ in ~~industrial collection volumes and the intentional shedding of low-margin~~ residential collection ~~business. Furthermore, our construction and demolition landfill~~ volumes ~~for the year ended December 31~~, ~~2024,~~reflecting ~~declined as compared to prior year due to clean-up efforts in~~ our ~~East~~strategic ~~Tier~~exit from ~~Hurricane~~lower-margin ~~Ian in 2023~~contracts.

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Acquisitions and Divestitures

Acquisitions and divestitures resulted in a net increase in revenues of $~~576 million, or~~ 2~~.9%~~,334 ~~and $181~~ million, or 010.96%, in ~~2024~~2025 ~~and 2023, respectively,~~ as compared to ~~the~~ prior year ~~periods~~. The ~~2024~~ increase was primarily due to our acquisition of Stericycle in November 2024. The remaining ~~increases~~increase ~~were~~was primarily related to our ongoing investment in tuck-in acquisitions of ~~solid~~collection ~~waste~~and disposal businesses.

Operating Expenses

Our operating expenses are comprised of (i) labor and related benefits costs (excluding labor costs associated with maintenance and repairs discussed below), which include salaries and wages, bonuses, related payroll taxes, insurance and benefits costs and the costs associated with contract labor; (ii) transfer and disposal costs, which include tipping fees paid to third-party disposal facilities and transfer stations; (iii) maintenance and repairs costs relating to equipment, vehicles and facilities and related labor costs; (iv) subcontractor costs, which include the costs of independent haulers who transport waste collected by us to disposal facilities and are affected by variables such as volumes, distance and fuel prices; (v) costs of goods sold, which includes the cost to purchase recycling materials for our Recycling Processing and Sales segment, including certain rebates paid to suppliers; (vi) fuel costs, net of tax credits for alternative fuel, which represent the costs of fuel to operate our truck fleet and landfill operating equipment; (vii) disposal and franchise fees and taxes, which include landfill taxes, municipal franchise fees, host community fees, contingent landfill lease payments and royalties; (viii) landfill operating costs, which include interest accretion on landfill liabilities, interest accretion on and discount rate adjustments to environmental remediation liabilities, leachate and methane collection and treatment, landfill remediation costs and other landfill site costs; (ix) risk management costs, which include general liability, automobile liability and workers’ compensation claims programs costs and (x) other operating costs, which include gains and losses on sale of assets, telecommunications, equipment and facility lease expenses, property taxes, utilities and supplies. Variations in volumes year-over-year, as discussed above in Operating Revenues, in addition to cost inflation, affect the comparability of the components of our operating expenses.

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and facilities and related labor costs; (iv) subcontractor costs, which include the costs of independent haulers who transport waste collected by us to disposal facilities and are affected by variables such as volumes, distance and fuel prices; (v) cost of goods sold, which includes the cost to purchase recycling materials for our Recycling Processing and Sales segment, including certain rebates paid to suppliers; (vi) fuel costs, net of tax credits for alternative fuel, which represent the costs of fuel to operate our truck fleet and landfill operating equipment; (vii) disposal and franchise fees and taxes, which include landfill taxes, municipal franchise fees, host community fees, contingent landfill lease payments and royalties; (viii) landfill operating costs, which include interest accretion on landfill liabilities, interest accretion on and discount rate adjustments to environmental remediation liabilities, leachate and methane collection and treatment, landfill remediation costs and other landfill site costs; (ix) risk management costs, which include general liability, automobile liability and workers’ compensation claims programs costs and (x) other operating costs, which include gains and losses on sale of assets, telecommunications, equipment and facility lease expenses, property taxes, utilities and supplies. Variations in volumes year-over-year, as discussed above in Operating Revenues, in addition to cost inflation, affect the comparability of the components of our operating expenses.

The following table summarizes the major components of our operating expenses for the year ended December 31 (dollars in millions and as a percentage of revenues):

~~2024~~2025

~~2023~~2024

~~2022~~

Labor and related benefits

34,~~845~~476

17.48

3,~~669~~845

1817.04

~~3,452~~

~~17.5~~

Transfer and disposal costs

1,~~331~~399

65.05

1,~~273~~331

6.20

~~1,215~~

~~6.2~~

Maintenance and repairs

2,~~079~~227

98.48

12,~~978~~079

9.74

~~1,835~~

~~9.3~~

Subcontractor costs

2,~~240~~514

10.20

2,~~185~~240

10.72

~~2,006~~

~~10.2~~

Cost of goods sold

~~1,048~~924

43.76

~~769~~1,048

34.87

~~973~~

~~4.9~~

Fuel

~~437~~521

2.01

~~501~~437

2.40

~~592~~

~~3.0~~

Disposal and franchise fees and taxes

~~744~~803

3.42

~~736~~744

3.64

~~720~~

~~3.7~~

Landfill operating costs

~~524~~549

2.42

~~453~~524

2.24

~~421~~

~~2.1~~

Risk management

~~351~~373

1.65

~~320~~351

1.6

~~348~~

~~1.8~~

Other

~~784~~1,226

34.69

~~722~~784

3.56

~~732~~

~~3.7~~

1315,~~383~~012

6059.76

1213,~~606~~383

6160.7

~~12,294~~

~~62.4~~

AsDuring a2025, ~~percentage~~efficiency ~~of revenue~~gains, ~~operating expenses~~ improved ~~significantly~~employee ~~compared~~turnover, tomomentum ~~the~~in ~~prior~~truck ~~year~~deliveries, asthe ~~revenue~~benefit ~~growth~~of ~~from~~customer price, ~~efficiency~~increases ~~gains,~~and ~~improved~~higher ~~employee~~margin ~~retention~~special ~~and~~waste ~~momentum~~volumes, inpositioned ~~truck~~us ~~deliveries~~to ~~offset~~significantly ~~the~~reduce ~~impacts~~our ofoperating ~~inflationary~~expenses ~~increases~~as ina ~~wages~~percentage ~~and~~of ~~other~~operating ~~expenses~~revenue. The increase in total operating expenses ~~from~~as compared to prior year related primarily to (i) ~~acquisitions;~~our ~~(ii)~~recent ~~inflationary~~acquisitions, ~~pressure~~particularly ~~on wages and expenses~~Stericycle; (~~iii~~ii) ~~higher~~incremental ~~recycling~~costs ~~customer~~attributable ~~rebates~~to ~~resulting~~RNG ~~from~~facilities anbrought ~~approximate~~on ~~50%~~line ~~increase~~during ~~in single-stream recycling commodity prices~~2025; (iviii) ~~volume~~increased ~~growth~~landfill ~~within~~volumes ~~our~~and ~~WMSBS~~(iv) ~~business~~a ~~which~~decrease ~~relies~~in ~~more~~gains ~~extensively~~ on ~~subcontracted~~the ~~hauling~~sale ~~and~~of ~~services~~non-strategic ~~than~~assets ~~our~~in ~~Collection~~2025. ~~and~~These ~~Disposal businesses; (v)~~ increases inwere ~~landfill~~partially ~~operating~~offset ~~costs~~by ~~due~~(i) tolower ~~wet~~residential ~~weather~~volumes; ~~and~~ (viii) ~~higher~~decreased ~~risk~~cost ~~management~~of ~~spend,~~goods ~~due~~sold inattributable ~~part,~~ to ~~increases in certain large loss claims reserves. These increases were partially offset by~~ lower ~~diesel~~recycling ~~fuel~~commodity prices and an(iii) ~~increase~~continued inoperating ~~gains~~efficiency onand ~~the~~cost ~~sale~~control ofinitiatives ~~non-strategic assets~~ in ~~2024~~our asCollection ~~compared~~and ~~with~~Disposal ~~the prior year~~businesses.

Our operating expenses increased in 2023, as compared with 2022, primarily due to (i) inflationary cost pressures,

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particularly for maintenance and repairs and subcontractor costs and (ii) labor cost pressure from frontline employee market wage adjustments. These increases were offset, in part, by commodity-driven business impacts, particularly from lower recycling rebates reflected in costs of goods sold and lower fuel prices. Our focus on operating efficiency and efforts to control our costs, along with revenue growth, enabled us to improve operating costs as a percent of revenues in 2023 as compared with 2022.

Significant items affecting the comparison of operating expenses between reported periods include:

Labor and Related Benefits — ~~Our~~The ~~investments~~increase in ~~technology that focus on driving route optimization, improving driver retention, and creating efficiencies have positively impacted our~~ labor and related benefits costs. ~~The~~was ~~increase~~driven inby ~~costs~~the inaddition ~~2024,~~of employees as ~~compared~~a ~~with~~result ~~2023,~~of ~~was primarily driven by (i) increased headcount from~~ our recent acquisitions and ~~(ii)~~ annual employee wage increases ~~and higher annual incentive compensation~~. These increases were offset, in part, by ~~the~~(i) ~~benefit~~lower ofannual ~~productivity~~incentive ~~and~~compensation ~~operational efficiency gains. The increase in labor~~ and ~~related benefits costs in 2023, as compared with 2022, was primarily driven by (i)~~ employee ~~market~~benefit ~~wage adjustments~~expenses; (ii) ~~increased~~collection ~~headcount~~efficiency ~~primarily~~improvements; ~~from acquisitions and~~ (iii) ~~increases~~lower inresidential ~~health~~volumes ~~and~~attributable ~~welfare~~to ~~costs~~intentional ~~and~~shedding inof ~~medical~~lower ~~care~~margin ~~activity.~~contracts ~~These~~and ~~increases~~(iv) ~~were~~improved ~~offset,~~driver ~~in part, by lower annual incentive compensation~~retention.

Transfer and Disposal Costs — The increase in transfer and disposal costs ~~in 2024, as compared with 2023,~~ was primarily due to ~~(i)~~ our recent acquisitions and inflationary cost ~~increases~~pressures, which includes increased disposal fees at third-party sites and higher rates from our third-party haulers ~~and (ii) incremental third-party transfer and disposal costs as a result of our recent acquisitions~~. These ~~cost~~ increases were offset, in part, by ~~decreases~~lower ~~in industrial and~~ residential ~~collection~~ volumes. ~~The~~attributable ~~increase in transfer and disposal costs in 2023, as compared with 2022, was primarily due~~ to ~~inflationary~~intentional ~~cost~~shedding ~~increases,~~of ~~which~~lower ~~includes~~margin ~~increased disposal fees at third-party sites and higher rates from our third-party haulers, offset, in part, by a decrease in collection volumes~~contracts.

Maintenance and Repairs — The increase in maintenance and repairs costs ~~in 2024, as compared with 2023,~~ was primarily ~~driven~~due byto (i) ~~inflationary~~additional ~~and~~costs ~~acquisition~~incurred ~~related~~as ~~cost increases for parts, supplies and third-party services, and (ii) annual wage increases and higher technician headcount. These cost increases were offset, in~~ part, byof anour ~~improvement~~recent inacquisitions; ~~new truck deliveries, which require less maintenance than older trucks,~~ (ii) ~~fleet~~inflation ~~rationalization efforts that removed older trucks and reduced our fleet count and (iii) improvements~~ in ~~operational efficiencies. The increase in maintenance and repairs costs in 2023, as compared with 2022, was primarily driven by (i) continued inflationary cost increases for~~ parts, supplies and third-party services,; ~~although the impact of such inflationary cost increases moderated throughout the year and~~ (iiiii) ~~labor~~annual ~~cost~~wage ~~increases for our technicians, including additional headcount.~~

Subcontractor Costs — The increase in subcontractor costs in 2024, as compared with 2023, was primarily due to (i) an increase in volumes in our WMSBS business, which relies more extensively on subcontracted hauling and services than our Collection and Disposal businesses (ii) continued inflationary cost increases related to labor costs from third-party haulers and (iii) our recent acquisitions. These increases were offset, in part, by the impact of lower fuel prices on third-party subcontracted hauling and services. The increase in subcontractor costs in 2023, as compared with 2022, was primarily due to (i) an increase in volumes in our WMSBS and SES businesses, which rely more extensively on subcontracted hauling and services than other parts of our Collection and Disposal businesses and (ii) continued inflationary cost increases, particularly labor and other costs from third-party haulers. 51

Cost of Goods Sold — The increase in cost of goods sold in 2024, as compared with 2023, was primarily driven by an approximate 50% increase in single-stream recycling commodity prices. The decrease in cost of goods sold in 2023, as compared with 2022, was primarily driven by a 40% decrease in average single-stream recycling commodity prices.

Fuel — The decrease in fuel costs was primarily due to a decrease of approximately 10% in average market prices for diesel fuel in 2024 and 15% in 2023.

Disposal and Franchise Fees and Taxes — The increase in disposal and franchise fees and taxes in 2024, as compared with 2023, was primarily driven by an increase in landfill volumes and an overall rate increase in fees and taxes paid to municipalities on our disposal volumes. The increase in disposal and franchise fees and taxes in 2023, as compared with 2022, was primarily driven by an overall rate increase in fees and taxes paid to municipalities on our disposal volumes.

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~~Landfill~~increases ~~Operating~~and ~~Costs — The increase in landfill operating costs in 2024, as compared with 2023, was primarily due to~~ (iiv) higher ~~leachate~~technician ~~collection~~headcount. ~~and~~These ~~treatment~~increases ~~and~~were ~~site~~offset, ~~maintenance~~in ~~costs~~part, ~~which~~by ~~can~~an ~~largely~~increase ~~be attributed to particularly wet weather~~ in ~~certain~~new ~~markets~~truck ~~throughout~~deliveries, ~~2024~~which ~~and~~lowered ~~(ii)~~the ~~increased~~average ~~methane~~fleet ~~collection~~age and ~~treatment~~reduced ~~costs.~~demand ~~Our~~for ~~landfill operating costs increased in 2023~~parts, assupplies ~~compared with 2022, primarily due to (i) higher expenses for interest accretion on landfill~~ and ~~environmental~~third-party ~~remediation liabilities and (ii) an increase in remediation expense due to changes in measurement of certain environmental remediation obligations~~services.

Subcontractor Costs — The increase in subcontractor costs was primarily due to additional costs incurred as a part of our recent acquisitions and inflationary cost pressures, particularly labor costs from third-party haulers.

Cost of Goods Sold — The decrease in cost of goods sold was primarily due to a nearly 20% decrease in average market prices for single-stream recycling commodities. This decrease was partially offset by additional pipeline transportation costs attributable to new RNG facilities brought on line during 2025.

Fuel — The increase in fuel costs was primarily due to our recent acquisitions and the expiration of the federal alternative fuel tax credit on December 31, 2024. This increase was partially offset by a decrease of approximately 3% in average market prices for diesel fuel and reduced diesel consumption due to declines in residential 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 volumes and an overall rate increase in fees and taxes paid to municipalities on our disposal volumes.

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

Risk Management — The increase in risk management incosts ~~2024, as compared with 2023,~~ was primarily due to ~~(i)~~additional ~~adjustments~~claims toand ~~our~~premiums ~~reserves~~attributable ~~for~~to ~~certain~~our ~~large~~recent ~~loss~~acquisitions ~~claims;~~and ~~(ii)~~ higher ~~auto~~insurance ~~and~~recoveries ~~workers~~for ~~compensation~~property claims ~~costs and (iii) increases~~ in ~~premiums~~the ~~for~~prior ~~property~~year ~~coverage.~~as ~~These~~compared ~~increases~~to ~~were~~2025 offset, in part, by ~~current~~improved ~~year insurance recoveries for property~~ claims ~~associated with a fire and natural disasters~~experience. ~~Risk management costs decreased in 2023, as compared with 2022, primarily due to lower levels of large loss claims.~~

Other — ~~Other~~The ~~operating~~increase ~~costs increased~~ in ~~2024,~~other asoperating ~~compared~~costs ~~with~~was ~~2023,~~ primarily due to (i) additional expenses attributable to our recent acquisitions; (ii) ~~higher supply chain rebates in 2023 and (iii) a prior year favorable litigation settlement, which reduced our expenses in that period. These increases were offset, in part, by~~ gains on the ~~sales~~sale of ~~non-strategic~~real ~~assets~~estate in 2024. ~~Other operating costs decreased in 2023~~and, ~~as compared with 2022, primarily due~~ to ~~(i) supply chain rebates in 2023 and (ii)~~ a ~~favorable~~much ~~litigation~~lesser ~~settlement~~extent, ~~which were offset, in part, by~~ (iiii) ~~inflationary~~increased ~~cost pressures, although the impact of such continued inflationary cost increases moderated throughout the year; (ii) higher~~ utility costs atand ~~our~~property ~~facilities;~~taxes ~~(iii)~~largely anattributable ~~increase~~to innew ~~business~~RNG ~~travel~~plants ~~and~~brought ~~(iv)~~on ~~higher~~line ~~equipment~~during ~~rental costs~~2025.

Selling, General and Administrative Expenses

Our selling, general and administrative expenses consist of (i) labor and related benefits costs, which include salaries, bonuses, related insurance and benefits, contract labor, payroll taxes and equity-based compensation; (ii) professional fees, which include fees for consulting, legal, audit and tax services; (iii) provision for bad debts, which includes allowances for uncollectible customer accounts and collection fees and (iv) other selling, general and administrative expenses, which include, among other costs, facility-related expenses, voice and data telecommunication, advertising, bank charges, computer costs, travel and entertainment, rentals, postage and printing. In addition, the financial impacts of litigation reserves generally are included in our “Other” selling, general and administrative expenses.

The following table summarizes the major components of our selling, general and administrative expenses for the year ended December 31 (dollars in millions and as a percentage of revenues):


	~~2024~~2025				~~2023~~2024				~~2022~~
Labor and related benefits	$	1,~~400~~655	6.45	%	$	1,~~205~~400	56.94	%	$	~~1,195~~	~~6.1~~	%
Professional fees		~~358~~398	1.6			~~228~~358	1.16			~~268~~	~~1.4~~
Provision for bad debts		5193	0.24			5651	0.32			50	~~0.2~~
Other		~~455~~576	2.13			~~437~~455	2.1			~~425~~	~~2.1~~
	$	2,~~264~~722	10.38	%	$	12,~~926~~264	910.43	%	$	~~1,938~~	~~9.8~~	%

Selling, general and administrative expenses inincreased ~~2024,~~from asprior ~~compared~~year ~~with~~primarily ~~2023, have increased~~ due to ~~(i)~~our ~~severance~~recent ~~and consulting costs incurred in connection with the acquisition and integration of Stericycle~~acquisitions, ofparticularly which a significant portion are transaction and integration costs that are not expected to recur; (ii) increased labor costs from higher annual and long-term incentive compensation and annual wage increases and (iii) increased professional fees to support strategic initiativesStericycle. ~~Partially offsetting these increases was a decline in litigation costs.~~

Selling, general and administrative expenses in 2023, as compared with 2022, decreased primarily due to (i) reduced professional fees in connection with investments in our digital platform, as certain digital projects have moved from higher cost development activities to implementation activities, and (ii) lower annual incentive compensation costs. These decreases were partially offset by annual wage increases and increased litigation costs. 52

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Significant items affecting the comparison of our selling, general and administrative expenses between reported periods include:

Labor and Related Benefits — The increase in labor and related benefits costs ~~in 2024, as compared with 2023,~~ was primarily ~~related~~due to (i) ~~costs incurred in connection with~~ our ~~acquisition~~recent ~~of Stericycle, including severance costs and additional headcount~~acquisitions; (ii) higher ~~annual and~~ long-term incentive compensation costs and (iii) annual employee wage increases. ~~The~~These ~~increase in labor and related benefits costs in 2023, as compared with 2022, was primarily related to (i) annual wage~~ increases ~~for~~were ~~our employees; (ii) market adjustments for deferred compensation plans related to investment performance and (iii) higher long-term incentive compensation costs,~~ partially offset by lower annual incentive compensation ~~costs~~ and ~~lower~~employee ~~contract~~benefit ~~labor expenses~~expense.

Professional Fees — The increase in professional fees ~~in 2024, as compared with 2023,~~ was primarily ~~attributable~~due to ~~legal,~~our ~~consulting~~acquisition and ~~accounting~~integration ~~costs incurred to support strategic initiatives, including our acquisition~~ of Stericycle. ~~The decrease in professional fees in 2023, as compared with 2022, was primarily attributable to reduced expenses in connection with investments in our digital platform.~~

~~Other~~ Provision for Bad Debts — The increase in ~~other~~the ~~expenses~~provision infor ~~2024,~~bad asdebts ~~compared with 2023,~~ was primarily ~~related~~attributable to ~~(i)~~our ~~risk~~Healthcare ~~management~~Solutions ~~costs~~segment, ~~incurred~~driven inby ~~connection~~data ~~with the acquisition~~ and ~~integration~~system ofchallenges, ~~Stericycle~~ and ~~(ii)~~an ~~increased~~overall ~~spend~~increase ~~across~~in ~~multiple~~revenue ~~cost categories including technology~~ and ~~travel. These cost increases were partially offset by a decline in litigation costs. The~~ increase in ~~other~~customer ~~expenses~~account in 2023, as compared with 2022, was primarily related to (i) increased litigation costs; (ii) increased bank charges and (iii) higher advertising spend, which were partially offset by lower travel expenses and lower telecommunication costswrite-offs.

Other — The increase in other expenses was primarily due to increased spend across multiple cost categories, including technology, risk management and advertising, largely driven by the acquisition and integration of Stericycle.

Depreciation, Depletion and Amortization Expenses

The following table summarizes the components of our depreciation, depletion and amortization expenses for the year ended December 31 (dollars in millions and as a percentage of revenues):


	~~2024~~2025				~~2023~~2024				~~2022~~
Depreciation of tangible property and equipment	$	1,~~292~~544	56.91	%	$	1,~~197~~292	5.9	%	$	~~1,155~~	~~5.9~~	%
Depletion of landfill airspace		~~795~~898	3.6			~~745~~795	3.6			~~754~~	~~3.8~~
Amortization of intangible assets		~~180~~421	01.87			~~129~~180	0.68			~~129~~	~~0.6~~
	$	2,~~267~~863	1011.34	%	$	2,~~071~~267	10.13	%	$	~~2,038~~	~~10.3~~	%

The increase in depreciation of tangible property and equipment inwas ~~2024,~~primarily asdue ~~compared~~to ~~with~~our ~~2023,~~recent ~~was~~acquisitions ~~driven~~and ~~by (i)~~ increased investments in capital assets such as ~~trucks~~equipment, ~~and~~primarily ~~containers~~within ~~and~~our ~~(ii)~~sustainability ~~the~~businesses, ~~acquisition~~and ~~of Stericycle~~trucks. The increase in depletion of landfill airspace infrom ~~2024,~~prior asyear ~~compared~~was primarily due to ~~with~~increased ~~2023~~volumes at our landfills, ~~was~~particularly ~~driven~~in byour West Tier, and changes in amortization rates from revisions in landfill estimates. ~~and~~The ~~volume~~increase ~~increases,~~in ~~partially~~amortization ~~offset~~of byintangible ~~the~~assets ~~closure~~from ofprior ayear ~~landfill~~was inprimarily ~~our~~due ~~East~~to ~~Tier.~~the ~~The~~incremental ~~increase in~~ amortization of ~~intangibles~~customer ~~was~~relationships ~~driven~~and byother ~~the~~intangibles ~~amortization~~acquired as part of ~~acquired~~the ~~intangible~~Stericycle ~~assets~~acquisition.

The increase in depreciation of tangible property and equipment in 2023, as compared with 2022, was mainly influenced by strategic investments in our digital platform and investments in capital assets to service our customers, such as machinery and containers. The decrease in depletion of landfill airspace in 2023, as compared with 2022, was primarily driven by reductions in volume partially offset by the reopening of a previously closed site in our East Tier. Restructuring

58Restructuring charges for the year ended December 31, 2025 were primarily due to employee costs related to integration of our acquisition of Stericycle as well as employee retention and severance costs incurred to support automation at our recycling facilities and in certain back-office functions.

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

The following table summarizes the major components of (gain) loss from divestitures, asset impairments and unusual items, net for the year ended December 31 (in millions):


	~~2024~~2025		~~2023~~2024		~~2022~~
Gain from divestitures, net	$	~~(26)~~—	$	—(26)	$	~~(5)~~
Asset impairments		90232		~~275~~90		50
Other, net		1816		~~(32)~~18		17
	$	82248	$	~~243~~82	$	62

During the year ended December 31, ~~2024~~2025, we recognized $82248 million of net charges primarily consisting of (i) a $54160 million impairment charge ~~required~~related to ~~increase~~ the ~~estimated~~decision ~~fair~~to ~~value~~temporarily ofsuspend ~~a liability associated with~~ the ~~expected~~operations ~~disposition~~ of ~~an investment the Company holds in~~ a ~~waste diversion technology~~ business; ~~(ii)~~engaged ~~a $14 million loss associated with the divestiture of a minority investment~~ in a medical waste company within Corporate and Other, in connection with our acquisition of Stericycle and (iii) a $13 million charge pertaining to reserves for loss contingencies in our Corporate and Other segment to adjust an indirect wholly-owned subsidiary’s estimated potential share of the liability for a proposed environmental remediation plan at a closed site, as discussed in Note 10 to the Consolidated Financial Statements for further information.

During the year ended December 31, 2023, we recognized $243 million of net charges primarily consisting of (i) a $168 million goodwill impairment charge within our Recycling Processing and Sales segment related to a business engaged in accelerating film and plastic wrap recycling capabilities, with $22 million attributable to noncontrolling interests. This charge was partially offset by the recognition of $46 million of income related to the reversal of a liability for contingent consideration associated with our investment in such business; (ii) $107 million of impairment charges within Corporate and Other for certain investments in waste diversion technology businesses and (iii) a $17 million charge within Corporate and Other to adjust an indirect wholly owned subsidiary’s estimated potential share of the liability for a proposed environmental remediation plan at a closed site. Refer to Notes 5 and 10 to the Consolidated Financial Statements for further information. 53

During the year ended December 31, 2022, we recognized $62 million of net charges consisting of (i) $50 million of asset impairment charges primarily related to management’s decision to close two landfills within our East Tier and (ii) a $17 million charge pertaining to reserves for loss contingencies within Corporate and Other to adjust an indirect wholly owned subsidiary’s estimated potential share of the liability for a proposed environmental remediation plan at a closed site, as discussed in Note 10 to the Consolidated Financial Statements. These losses were partially offset by a $5 million gain from the divestiture of a collection and disposal operation in our West Tier.

See Note 2 to the Consolidated Financial Statements for additional information related to the accounting policy and analysis involved in identifying and calculating impairments. See Note 19 to the Consolidated Financial Statements for additional information related to the impact of impairments on the results of operations of our reportable segments.

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accelerating plastic film and wrap recycling capabilities within our Recycling Processing and Sales segment resulting from significant deterioration of market pricing and demand for post-consumer plastics; (ii) a $45 million impairment charge related to the decision to accelerate the closure of a landfill within our East Tier; (iii) 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 businesses and (iv) $11 million negotiated payment for early termination of a contract in our Renewable Energy segment.

During the year ended December 31, 2024, we recognized $82 million of net charges primarily consisting of (i) a $54 million charge required to increase the estimated fair value of a liability associated with the expected disposition of an investment the Company holds in a waste diversion technology business; (ii) a $14 million loss associated with the divestiture of a minority investment in a medical waste company within Corporate and Other, in connection with our acquisition of Stericycle and (iii) a $13 million charge pertaining to reserves for loss contingencies in our Corporate and Other segment to adjust an indirect wholly-owned subsidiary’s estimated potential share of the liability for a proposed environmental remediation plan at a closed site.

Income from Operations

The following table summarizes income from operations for the year ended December 31 (dollars in millions):


				~~Period-to-~~				Period-to-				~~Period-to-~~
				~~Period~~				Period				~~Period~~
	~~2024~~2025			~~Change~~	2024			Change	~~2023~~			~~Change~~				~~2022~~
Collection and Disposal:
East Tier	$	2,~~760~~904		$	~~314~~2,760		~~12.8~~$	%144	$5.2	~~2,446~~%		$	~~268~~	~~12.3~~	%	$	~~2,178~~
West Tier		2,~~693~~889			~~310~~2,693		~~13.0~~	196	7.3	~~2,383~~			~~201~~	~~9.2~~			~~2,182~~
Other Ancillary		(916)			(19)		*	(7)	*	~~(8)~~			~~(8)~~	*			—
Collection and Disposal		5,~~444~~777			~~623~~5,444		~~12.9~~	333	6.1	~~4,821~~			~~461~~	~~10.6~~			~~4,360~~
Recycling Processing and Sales		86(80)			~~130~~86		*	(166)	*	~~(44)~~			~~(172)~~	*			~~128~~
WM Renewable Energy		99			20		25.3			79			(53)	(40.2)			132
Renewable Energy		135			99			36	36.4
WM Healthcare Solutions		(69)			(69)		*			—			—	*			—
Healthcare Solutions		(88)			(69)			(19)	27.5
Corporate and Other		(1,~~497~~436)			(~~216~~1,497)		~~16.9~~	61	(4.1)	~~(1,281)~~			~~(26)~~	~~2.1~~			~~(1,255)~~
Total	$	4,~~063~~308		$	~~488~~4,063		~~13.7~~$	%245	$6.0	~~3,575~~%		$	~~210~~	~~6.2~~	%	$	~~3,365~~
Percentage of revenues		1817.41	%		18.4	%				~~17.5~~	%						~~17.1~~	%

* Percentage change does not provide a meaningful comparison.

~~Collection~~Significant ~~and Disposal — The most significant~~ items affecting the ~~results~~comparison of income from operations offor our ~~Collection~~segments ~~and~~between ~~Disposal businesses during~~ the ~~three~~reported ~~years~~periods ~~ended December 31, 2024 are summarized below~~include:

● Collection and Disposal — Income from operations in our Collection and Disposal businesses increased ~~in 2024, as compared with 2023,~~ primarily due to (i) ~~our~~revenue ~~focus~~growth onfrom ~~pricing~~price ~~our~~increases, ~~services~~which totranslate ~~keep~~into ~~pace~~increased ~~with~~yield ~~inflationary~~or ~~cost~~average ~~pressures,~~unit ~~alongside~~price; ~~intentional~~(ii) ~~efforts~~actions to improve the efficiency and operating costs incurred to serve our customers; and (iiiii) ~~contributions~~elevated ~~from higher landfill volumes generated from~~ special waste ~~and~~volume ~~municipal~~in ~~solid~~our ~~waste~~West ~~and~~Tier, ~~(iii)~~which ~~gains~~was onfavorably ~~the~~impacted ~~sales~~by ofthe ~~non~~wildfire clean-~~strategic~~up ~~assets~~activities. These increases were partially offset by ~~(i)~~higher adepreciation ~~decline~~and indepletion ~~contributions~~costs, ~~from~~as ~~lower~~discussed ~~industrial volumes; (ii) an increase~~ in ~~landfill~~Depreciation, ~~operating~~Depletion ~~costs~~ and ~~(iii)~~Amortization ~~increased~~Expenses ~~depreciation~~above, ~~expenses~~as ~~with~~well ~~relation~~as toa ~~our~~decrease ~~fleet,~~on ~~machinery~~the ~~and~~gains ~~equipment~~on asthe ~~well~~sale asof ~~higher~~non-strategic ~~depletion~~assets ~~costs~~when atcompared ~~our~~to ~~landfills~~prior year.

● Recycling Processing and Sales — Income from operations in our ~~Collection~~Recycling Processing and ~~Disposal~~Sales ~~businesses~~segment ~~increased~~decreased inprimarily ~~2023,~~due asto ~~compared~~a ~~with~~$160 ~~2022,~~million ~~primarily~~impairment ~~due~~charge related to ~~revenue~~the ~~growth~~decision into ~~our~~temporarily ~~collection~~suspend ~~and~~the ~~disposal~~ operations ~~driven~~of bya ~~both~~business ~~yield~~engaged ~~and~~in ~~volume.~~accelerating ~~This~~plastic ~~increase~~film ~~was~~and ~~partially~~wrap ~~offset~~recycling bycapabilities ~~(i)~~due ~~inflationary~~to ~~cost~~significant ~~pressures,~~deterioration ~~particularly~~of ~~for~~market ~~maintenance~~pricing and ~~repairs~~demand ~~and~~for ~~subcontractor~~post-consumer ~~costs~~plastics and ~~(ii)~~declining ~~labor~~commodity ~~cost~~prices ~~pressure from frontline employee market wage adjustments.~~compared

Recycling Processing and Sales — Income from operations in our Recycling Processing and Sales segment increased in 2024, as compared with 2023, primarily due to (i) net charges of $122 million recognized in 2023 related to a goodwill impairment and reversal of contingent consideration, as discussed below and (ii) benefits from the automation of our recycling facilities as well as investments in new facilities and cost management. These improvements were partially offset by the impact of higher costs incurred from the temporary shutdown of facilities for technology upgrades.54

Income from operations in our Recycling Processing and Sales segment decreased in 2023, as compared with 2022, primarily due to (i) a $168 million goodwill impairment charge, with $22 million attributable to noncontrolling interests, which was partially offset by the recognition of $46 million of income related to the reversal of contingent consideration as discussed above in (Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net; (ii) a decline in recycling commodity prices; (iii) lower revenue resulting from the temporary shutdown of facilities for technology upgrades combined with increased costs associated with the transportation and third-party tip fees for processing recyclables and (iv) startup costs linked to the establishment of a new processing facility.

WM Renewable Energy — Income from operations in our WM Renewable Energy segment increased in 2024, as compared with 2023, primarily due to (i) higher RIN quantities generated and sold at higher market values in the current year and (ii) increased beneficial use of landfill gas sold to third parties due to the completion of additional projects. Income from operations in our WM Renewable Energy segment decreased in 2023, as compared with 2022, primarily due to (i) lower energy prices and the value of RINs and (ii) increased operating and selling, general and administrative costs

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~~associated~~to ~~with~~prior ~~the~~year. ~~construction~~This ofdecrease ~~new~~was ~~projects~~partially tooffset ~~increase~~by increased volumes, which can be attributed to the ~~beneficial~~improved ~~use~~throughput of ~~landfill~~our ~~gas.~~facilities, ~~These~~the ~~decreases~~addition ~~were~~of ~~partially~~new ~~offset~~market byfacilities anand ~~increase~~improved inoperating ~~volume~~costs offrom ~~RFS~~the ~~credits,~~automation ~~electricity~~of ~~and~~our ~~natural~~recycling ~~gas~~facilities.

● Renewable Energy — Income from operations in our Renewable Energy segment increased primarily due to higher volumes resulting from the completion of projects that increase the beneficial use of landfill gas sold to third parties and higher electricity pricing.

WM● Healthcare Solutions — ~~Our~~The WMpositive ~~Healthcare~~earnings ~~Solutions~~contributions ~~segment~~from ~~generated~~the aHealthcare ~~loss~~Solutions ofbusiness ~~$69~~were ~~million~~more inthan ~~2024,~~offset ~~which~~by ~~was~~depreciation ~~largely~~and ~~attributable~~amortization toexpenses ~~acquisition~~ and integration related expenses., ~~There~~driving isa noloss ~~2023~~in orboth ~~2022 activity as Stericycle was acquired on November 4, 2024~~periods.

● Corporate and Other — ~~The~~Income ~~costs~~from ~~incurred~~operations byin our Corporate and Other segment increased ~~in 2024, as compared with 2023,~~ primarily due to (i) ~~increased~~non-recurring ~~professional and~~ transaction ~~fees~~costs toincurred ~~support~~in ~~strategic~~the ~~initiatives,~~prior ~~including~~year ~~our~~in ~~acquisition~~connection ofwith our Stericycle acquisition; (ii) ~~higher~~lower annual ~~and long-term~~ incentive compensation, ~~costs~~ and (iii) ana ~~increase~~decline in risk management ~~costs~~expenses. ~~due~~The toincrease anwas ~~increase~~partially inoffset ~~our~~by ~~large~~(i) ~~loss~~annual ~~reserves~~employee aswage ~~well~~increases; as(ii) higher ~~auto~~long ~~and~~term ~~workers~~incentive compensation ~~claims.~~and ~~This~~(iii) ~~increase~~increases ~~was~~in ~~partially~~consulting ~~offset~~fees driven by ~~the~~integration ~~impact~~and ofbusiness ~~non-cash~~optimization ~~impairment~~activities ~~charges~~related ~~for~~to ~~certain~~the ~~investments~~acquisition ~~incurred~~of ~~in 2023, as discussed below~~Stericycle.

Income from operations in Corporate and Other decreased in 2023, as compared with 2022, primarily due to impairment charges of (i) $107 million for certain investments in waste diversion technology businesses and (ii) $17 million to adjust an indirect wholly-owned subsidiary’s estimated potential share of the liability for a proposed environmental remediation plan at a closed site.

Interest Expense, Net

Our interest expense, net was $~~598~~912 million, ~~$500 million~~ and $~~378~~598 million in ~~2024,~~2025 ~~2023~~ and ~~2022~~2024, respectively. The increase in interest expense, net ~~for~~was ~~2024 is~~ primarily related to an increase in our average debt balances toand ~~fund our acquisition of Stericycle. The increase in interest expense, net for 2023 is primarily related to an increase in our weighted average~~ borrowing ~~rate of approximately 80 basis points due to increased~~ rates onresulting ~~floating-rate~~from debt ~~and~~incurred ~~higher fixed rates on refinancing as well as an increase in average debt balances~~ to fund ~~growth.~~our ~~Partially~~acquisition ~~offsetting these increases were benefits from higher capitalized interest and increases in interest income as a result~~ of ~~higher cash and cash equivalent balances as well as higher investment rates~~Stericycle. See Note 6 to the Consolidated Financial Statements for more information related to our debt balances.

Loss on Early Extinguishment of Debt, Net

In October 2024, we drew $5.2 billion of borrowings under the Term Credit Agreement that were applied to funding our acquisition of Stericycle. In November 2024, we repaid all outstanding borrowings with net proceeds from our November 2024 issuance of $5.2 billion of senior notes and contemporaneously terminated the Term Credit Agreement, resulting in a $7 million loss on early extinguishment of debt.

Equity in Net Income (Losses) of Unconsolidated Entities

We recognized equity method investment income of $4 million in 2024 and losses of $60 million and $67 million in 2023 and 2022, respectively. These financial statement impacts are largely related to our noncontrolling interests in entities established to invest in and manage low-income housing properties. In 2024, we adopted Accounting Standards Update (“ASU”) 2023-02, and, as a result, beginning in 2024, the amortization of these investments is recognized as a component of income tax expense. Refer to Notes 2 and 8 to the Consolidated Financial Statements for further discussion. We generate tax benefits, including tax credits, from the losses incurred from these investments. The losses are more than offset by the tax benefits generated by these investments as further discussed in Notes 8 and 18 to the Consolidated Financial Statements.

Income Tax Expense

We recorded income tax expense of $~~713~~717 million, ~~$745 million~~ and $~~678~~713 million in ~~2024,~~2025 ~~2023~~ and ~~2022~~2024, respectively, resulting in effective income tax rates of 20.69%, ~~24.7%~~ and 2320.26% for the years ended December 31, ~~2024,~~2025 ~~2023~~ and ~~2022~~2024, respectively. The comparability of our income tax expense for the reported periods has been primarily affected by the following:

61● Renewable Natural Gas — Through our Renewable Energy segment, we have invested in building landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and RNG. We expect our new RNG facilities to qualify for federal tax credits and to realize those credits through 2027 under Section 48 of the Internal Revenue Code. We completed construction of seven RNG facilities in 2025 and five RNG facilities in 2024, resulting in a reduction to our income tax expense of $184 million and $137 million, respectively (additional information related to these tax credits is included below under the Tax Legislation section);

●

Low-Income Housing — During the years ended December 31, 2025 and 2024, we recognized income tax expense of $96 million and $78 million, respectively, related to amortization under ASU 2023-02, and a reduction in our income tax expense of $137 million and $104 million, respectively, primarily due to federal tax credits realized from these investments. See Notes 2, 8, and 18 to the Consolidated Financial Statements for additional information related to these unconsolidated variable interest entities;

●

Tax Implications of Impairments — During the year ended December 31, 2024, we recognized additional income tax expense of $14 million due to non-cash impairment charges that were not deductible for tax purposes in the year of impairment. See Note 11 to the Consolidated Financial Statements for more information related to our impairment charges; and

●

Tax Legislation — On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (the “OBBBA”) into law. We have evaluated the business tax provisions in the legislation, none of which had a material impact on our effective tax rate. However, we had a beneficial impact to cash taxes related to bonus depreciation.

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,

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●and ~~Renewable~~other ~~Natural~~climate ~~Gas~~actions —and ~~Through~~(iii) ~~our~~the ~~subsidiaries,~~overall ~~including~~measurement of corporate income taxes. Given the complexity and uncertainty around the applicability of the legislation to our WMspecific ~~Renewable~~facts ~~Energy~~and ~~segment~~circumstances, we ~~have~~continue ~~invested~~to inanalyze ~~building~~the ~~landfill~~IRA ~~gas-~~provisions to~~-energy~~ ~~facilities~~identify inand ~~the~~quantify ~~U.S.~~potential opportunities and ~~Canada~~applicable ~~that~~benefits ~~produce~~included ~~renewable~~in ~~electricity~~the ~~and RNG~~legislation. WeThe ~~expect~~provisions ~~our~~of ~~new~~the ~~RNG~~IRA ~~facilities~~related to ~~qualify~~alternative ~~for~~fuel ~~federal~~ tax credits ~~and~~secured toapproximately ~~realize~~$60 ~~those~~million ~~credits~~of ~~through~~annual ~~2027~~pre-tax ~~under~~benefit ~~Sections~~(recorded 48as ~~and~~a ~~45Z~~reduction ofin ~~the~~our ~~Internal~~operating ~~Revenue~~expense) ~~Code~~from tax credits in 2024. WeThe ~~completed~~alternative ~~construction~~fuel ofcredit ~~five~~expired ~~RNG~~at ~~facilities~~the inend of 2024 and ~~one~~will ~~RNG~~not ~~facility~~provide inany ~~2023,~~future ~~resulting~~benefit into athe ~~reduction~~Company without further legislative action. With respect to ~~our~~the ~~income~~investment tax ~~expense~~credit, ofwe expect the cumulative benefit to be between $~~137~~400 million and $8425 million, ~~respectively,~~the ~~for~~remainder of which we expect to recognize through 2027. The expected benefit from the investment tax ~~credits~~credit ~~under~~is ~~Section~~dependent 48on ~~(additional~~a ~~information~~number ~~related~~of toestimates ~~these~~and assumptions, including the timing of project completion. Finally, we believe that the production tax ~~credits~~credit isincentives ~~included~~for ~~below~~investments ~~under~~in renewable energy and carbon capture, as expanded by the ~~Tax~~IRA, ~~Legislation~~may ~~section);~~result in an incremental benefit to the Company, although at this time, the anticipated amount of such benefit has not been quantified due, in part, to the lack of regulatory guidance.

● Low-Income Housing — As a result of adopting ASU 2023-02, we amortize our investments in these entities using the proportional amortization method. Under the proportional amortization method, the equity investment is amortized in proportion to the income tax credits and other income tax benefits received. The amortization expense and the income tax credits are required to be presented on a net basis in income tax expense on the Consolidated Statements of Operations. Prior to fiscal year 2024, we accounted for our investments in these entities using the equity method of accounting, recognizing our share of each entity’s results of operations and other reductions in the value of our investments in equity in net income (losses) of unconsolidated entities, within our Consolidated Statements of Operations. We recognized additional income tax expense of $78 million in 2024, related to amortization under ASU 2023-02. We recognized net losses of $66 million and $65 million in 2023 and 2022, respectively, and a reduction in our income tax expense of $104 million, $108 million and $99 million in 2024, 2023, and 2022, respectively, primarily due to federal tax credits realized from these investments as well as the tax benefits from the pre-tax losses realized. See Notes 2, 8, and 18 to the Consolidated Financial Statements for additional information related to these unconsolidated variable interest entities;

● Tax Implications of Impairments — During the years ended December 31, 2024 and 2023, we recognized additional income tax expense of $14 million and $50 million, respectively, due to non-cash impairment charges that were not deductible for tax purposes in the year of impairment. The non-cash impairment charge recognized during 2022 was deductible for tax purposes. See Note 11 to the Consolidated Financial Statements for more information related to our impairment charges; and

● 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. The provisions of the IRA related to alternative fuel tax credits secure approximately $60 million of annual pre-tax benefit (recorded as a reduction in our operating expense) from tax credits in 2023 and 2024. The alternative fuel credit expired at the end of 2024 and will not provide any future benefit to the Company absent further legislative action. With respect to the investment tax credit, we expect the cumulative benefit to be between $300 million and $400 million, a large portion of which is anticipated to be realized in 2024 through 2026. The expected benefit from the investment tax credit for 2025 and 2026 is dependent on a number of estimates and assumptions, including the timing of project completion. Finally, we expect that the production tax credit incentives for investments in renewable energy and carbon capture, as expanded by the IRA, will likely result in an incremental benefit to the Company, although at this time, the anticipated amount of such benefit has not been quantified due, in part, to the lack of regulatory guidance.

See Note 8 to the Consolidated Financial Statements for more information related to income taxes.

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Landfill and Environmental Remediation Discussion and Analysis

We owned or operated ~~257~~253 solid waste landfills and ~~five~~four ~~secure~~ hazardous waste landfills as of December 31, ~~2024~~2025 and ~~258~~257 solid waste landfills and five ~~secure~~ hazardous waste landfills as of December 31, ~~2023~~2024. For these landfills, the following table reflects changes in capacity, as measured in tons of waste, for the year ended December 31 and remaining airspace, measured in cubic yards of waste, as of December 31 (in millions):

~~2024~~2025

~~2023~~2024

Remaining

Permitted

Expansion

Total

Permitted

Expansion

Total

Capacity

Balance as of beginning of year (in tons)

5,~~211~~174

~~161~~165

5,~~372~~339

5,~~165~~211

~~190~~161

5,~~355~~372

Acquisitions, divestitures, newly permitted landfills and closures

—3

8—

—

—8

Changes in expansions pursued (a)

—

5840

—

~~138~~58

Expansion permits granted (b)

6466

(6466)

—

~~168~~64

(~~168~~64)

—

Depletable tons received

(~~125~~129)

—

(~~125~~129)

(~~123~~125)

—

(~~123~~125)

Changes in engineering estimates and other (c)

24(12)

26(11)

124

226

Balance as of end of year (in tons) (d)

5,~~174~~102

~~165~~140

5,~~339~~242

5,~~211~~174

~~161~~165

5,~~372~~339

Balance as of end of year (in cubic yards) (d)

54,~~049~~982

~~165~~144

5,~~214~~126

5,~~079~~049

~~180~~165

5,~~259~~214

(a)

Amounts reflected here relate to the combined impacts of (i) new expansions pursued; (ii) increases or decreases in the airspace being pursued for ongoing expansion efforts; (iii) adjustments for differences between the airspace being pursued and airspace granted and (iv) decreases due to decisions to no longer pursue expansion permits, if any.

(b) We received expansion permits at 1113 of our landfills during ~~2024~~2025 and 1311 of our landfills during ~~2023~~2024, demonstrating our continued success in working with municipalities and regulatory agencies to expand the disposal airspace of our existing landfills.

(c)

Changes in engineering estimates can result in changes to the estimated available remaining airspace of a landfill or changes in the utilization of such landfill airspace, affecting the number of tons that can be placed in the future. Estimates of the amount of waste that can be placed in the future are reviewed annually by our engineers and are based on a number of factors, including standard engineering techniques and site-specific factors such as current and projected mix of waste type; initial and projected waste density; estimated number of years of life remaining; depth of underlying waste; anticipated access to moisture through precipitation or recirculation of landfill leachate and operating practices. We continually focus on improving the utilization of airspace through efforts that may include recirculating landfill leachate where allowed by permit; optimizing the placement of daily cover materials and increasing initial compaction through improved landfill equipment, operations and training.

(d)	See Note 2 to the Consolidated Financial Statements for discussion of converting remaining cubic yards of airspace to tons of capacity.

~~The depletable tons received at our landfills for the year ended December 31 are shown below (tons in thousands):~~56


	2024			2023
	# of	Depletable	Tons per	# of	Depletable	Tons per
	Sites	Tons	Day	Sites	Tons	Day
Solid waste landfills (a)	257	124,271	456	258	122,141	450
Hazardous waste landfills	5	626	2	5	658	2
	262	124,897	458	263	122,799	452
Solid waste landfills closed, divested or lease or other contractual agreement expired during related year	—	113		—	—
		125,010			122,799

(a) As of December 31, 2024 and 2023, we had 15 and 17 landfills, respectively, which were not accepting waste.

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AsThe ofdepletable ~~December~~tons ~~31,~~received ~~2024,~~at weour ~~owned~~landfills orfor ~~managed~~the ~~239~~year ~~sites~~ended ~~that~~December ~~are~~31 ~~either in closure or post-closure, have received a certification post-closure, or~~ are ~~regulated~~shown ~~under~~below a(tons ~~remedial~~in ~~action plan.~~thousands):

Based on remaining permitted airspace as of December 31, 2024 and projected annual disposal volume, the weighted average remaining landfill life for all of our owned or operated landfills is approximately 38 years. Many of our landfills have the potential for expanded airspace beyond what is currently permitted. We monitor the availability of permitted airspace at each of our landfills and evaluate whether to pursue an expansion at a given landfill based on estimated future disposal volume, disposal prices, construction and operating costs, remaining airspace and likelihood of obtaining an expansion permit. We are seeking expansion permits at 18 of our landfills that meet the expansion criteria outlined in the Critical Accounting Estimates and Assumptions — Landfills section below. Although no assurances can be made that all future expansions will be permitted or permitted as designed, the weighted average remaining landfill life for all owned or operated landfills is approximately 39 years when considering remaining permitted airspace, expansion airspace and projected annual disposal volume.


	2025						2024
	# of		Depletable		Tons per		# of		Depletable		Tons per
	Sites		Tons		Day		Sites		Tons		Day
Solid waste landfills (a)	253		127,698		470		257		124,271		456
Hazardous waste landfills	4		687		3		5		626		2
	257		128,385		473		262		124,897		458
Solid waste landfills closed, divested, held for sale, or lease or other contractual agreement expired during related year	8		434				2		113
			128,819						125,010

~~The~~(a) ~~number~~As of ~~landfills~~December ~~owned~~31, or2025 ~~operated~~and ~~as of December 31,~~ 2024, ~~segregated~~we byhad ~~their~~16 ~~estimated operating lives based on remaining permitted~~ and ~~expansion~~15 ~~airspace~~landfills, ~~and~~respectively, ~~projected~~which ~~annual~~were ~~disposal~~not ~~volume,~~accepting ~~was as follows:~~waste.


	# of Landfills
0 to 5 years	28
6 to 10 years	22
11 to 20 years	53
21 to 40 years	62
41+ years	97
Total	262	(a)

As of December 31, 2025, we owned or managed 244 sites that are either in closure or post-closure, have received a certification post-closure, or are regulated under a remedial action plan.

~~(a)~~Based Ofon ~~the~~remaining ~~262~~permitted ~~landfills~~airspace as of December 31, 2025 ~~221~~and ~~are~~projected ~~owned~~annual disposal volume, 29the ~~are~~weighted ~~operated~~average ~~under~~remaining ~~lease~~landfill ~~agreements~~life ~~and~~for 12all ~~are~~of our owned or operated ~~under~~landfills ~~other~~is ~~contractual~~approximately ~~agreements~~38 years. ~~For~~Many of our landfills have the potential for expanded airspace beyond what is currently permitted. We monitor the availability of permitted airspace at each of our landfills ~~not~~and ~~owned~~evaluate whether to pursue an expansion at a given landfill based on estimated future disposal volume, wedisposal prices, construction and operating costs, remaining airspace and likelihood of obtaining an expansion permit. We are ~~usually~~seeking ~~responsible~~expansion permits at 15 of our landfills that meet the expansion criteria outlined in the Critical Accounting Estimates and Assumptions — Landfills section below. Although no assurances can be made that all future expansions will be permitted or permitted as designed, the weighted average remaining landfill life for ~~final~~all ~~capping~~owned or operated landfills is approximately 39 years when considering remaining permitted airspace, ~~closure~~expansion airspace and ~~post-closure~~projected ~~obligations~~annual disposal volume.

The number of landfills owned or operated as of December 31, 2025, segregated by their estimated operating lives based on remaining permitted and expansion airspace and projected annual disposal volume, was as follows:


		# of Landfills
0 to 5 years		24
6 to 10 years		23
11 to 20 years		55
21 to 40 years		61
41+ years		94
Total		257	(a)

(a)	Of the 257 landfills, 219 are owned, 26 are operated under lease agreements and 12 are operated under other contractual agreements. For the landfills not owned, we are usually responsible for final capping, closure and post-closure obligations.

Landfill Assets — We capitalize various costs that we incur to prepare a landfill to accept waste. These costs generally include expenditures for land (including the landfill footprint and required landfill buffer property), permitting, excavation, liner material and installation, landfill leachate collection systems, landfill gas collection systems, environmental monitoring equipment for groundwater and landfill gas, directly related engineering, capitalized interest, and on-site road construction and other capital infrastructure costs. The cost basis of our landfill assets also includes estimates of future costs associated with landfill final capping, closure and post-closure activities, which are discussed further below.

~~The changes to the cost basis of our landfill assets and accumulated landfill airspace depletion for the year ended December 31, 2024 are reflected in the table below (in millions):~~57


			Accumulated			Net Book
	Cost Basis of		Landfill Airspace			Value of
	Landfill Assets		Depletion		Landfill Assets
December 31, 2023	$	19,473	$	(11,643)	$	7,830
Capital additions		832		—		832
Asset retirement obligations incurred and capitalized		91		—		91
Depletion of landfill airspace		—		(795)		(795)
Foreign currency translation		(100)		47		(53)
Asset retirements and other adjustments		(23)		132		109
December 31, 2024	$	20,273	$	(12,259)	$	8,014

As of December 31, 2024, we estimate that we will spend approximately $845 million in 2025, and approximately $1.8 billion in 2026 and 2027 combined, for the construction and development of our landfill assets. The specific timing

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ofThe ~~landfill~~changes ~~capital~~to ~~spending~~the iscost ~~dependent~~basis onof ~~future~~our ~~events~~landfill assets and ~~spending~~accumulated ~~estimates~~landfill ~~are~~airspace ~~subject~~depletion tofor ~~change~~the year ~~due~~ended toDecember 31, ~~fluctuations~~2025 inare ~~landfill~~reflected ~~waste volumes, changes~~ in ~~environmental~~the ~~requirements~~table ~~and~~below ~~other~~(in ~~factors impacting landfill operations.~~millions):


					Accumulated				Net Book
		Cost Basis of			Landfill Airspace				Value of
		Landfill Assets			Depletion			Landfill Assets
December 31, 2024		$	20,273		$	(12,259)		$	8,014
Capital additions			832			—			832
Asset retirement obligations incurred and capitalized			86			—			86
Depletion of landfill airspace			—			(898)			(898)
Foreign currency translation			57			(26)			31
Asset retirements and other adjustments			(72)			239			167
December 31, 2025		$	21,176		$	(12,944)		$	8,232

As of December 31, 2025, we estimate that we will spend approximately $874 million in 2026, and approximately $1.8 billion in 2027 and 2028 combined, for the construction and development of our landfill assets. The specific timing of landfill capital spending is dependent on future events and spending estimates are subject to change due to fluctuations in landfill waste volumes, changes in environmental requirements and other factors impacting landfill operations.

Landfill and Environmental Remediation Liabilities — As we accept waste at our landfills, we incur significant asset retirement obligations, which include liabilities associated with landfill final capping, closure and post-closure activities. These liabilities are accounted for in accordance with authoritative guidance on accounting for asset retirement obligations and are discussed in Note 2 to the Consolidated Financial Statements. We also have liabilities for the remediation of properties that have incurred environmental damage, which generally was caused by operations or for damage caused by conditions that existed before we acquired operations or a site. We recognize environmental remediation liabilities when we determine that the liability is probable and the cost for the likely remedy can be reasonably estimated.

The changes to landfill and environmental remediation liabilities for the year ended December 31, ~~2024~~2025 are reflected in the table below (in millions):


			Environmental
	Landfill		Remediation
December 31, 2023	$	2,853	$	209
Obligations incurred and capitalized		91		—
Obligations settled		(136)		(23)
Interest accretion		133		—
Revisions in estimates and interest rate assumptions		121		36
Acquisitions, divestitures and other adjustments		(5)		—
December 31, 2024	$	3,057	$	222
Obligations incurred and capitalized		86		—
Obligations settled		(181)		(29)
Interest accretion		142		—
Revisions in estimates		217		38
Acquisitions, divestitures and other adjustments		(16)		—
December 31, 2025	$	3,305	$	231

Landfill Operating Costs — The following table summarizes our landfill operating costs for the year ended December 31 (in millions):


	~~2024~~2025		~~2023~~2024		~~2022~~
Interest accretion on landfill and environmental remediation liabilities	$	~~133~~142	$	~~130~~133	$	~~112~~
Leachate and methane collection and treatment		~~230~~235		~~196~~230		~~193~~
Landfill remediation costs and discount rate adjustments to environmental remediation liabilities and recovery assets		1824		718		~~(2)~~
Other landfill site costs		~~143~~148		~~120~~143		~~118~~
Total landfill operating costs	$	~~524~~549	$	~~453~~524	$	~~421~~

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Depletion of Landfill Airspace — Depletion of landfill airspace, which is included as a component of depreciation, depletion and amortization expenses, includes the following:

●

the depletion of landfill capital costs, including (i) costs that have been incurred and capitalized and (ii) estimated future costs for landfill development and construction required to develop our landfills to their remaining permitted and expansion airspace; and

●

the depletion of asset retirement costs arising from landfill final capping, closure and post-closure obligations, including (i) costs that have been incurred and capitalized and (ii) projected asset retirement costs.

Depletion expense is recorded on a units-of-consumption basis, applying cost as a rate per ton. The rate per ton is calculated by dividing each component of the depletable basis of a landfill (net of accumulated depletion) by the number of tons needed to fill the corresponding asset’s remaining permitted and expansion airspace. Landfill capital costs and closure and post-closure asset retirement costs are generally incurred to support the operation of the landfill over its entire operating life and are, therefore, depleted on a per-ton basis using a landfill’s total permitted and expansion airspace. Final capping asset retirement costs are related to a specific final capping event and are, therefore, depleted on a per-ton basis using each discrete final capping event’s estimated permitted and expansion airspace. Accordingly, each landfill has multiple per-ton depletion rates.

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The following table presents our landfill airspace depletion expense on a per-ton basis for the year ended December 31:


	~~2024~~2025		~~2023~~2024		~~2022~~
Depletion of landfill airspace (in millions)	$	~~795~~898	$	~~745~~795	$	~~754~~
Tons received, net of redirected waste (in millions)		~~125~~129		~~123~~125		~~125~~
Average landfill airspace depletion expense per ton	$	6.3696	$	6.0736	$	~~6.05~~

Different per-ton depletion rates are applied at each of our ~~262~~257 landfills, and per-ton depletion rates vary significantly from one landfill to another due to (i) inconsistencies that often exist in construction costs and provincial, state and local regulatory requirements for landfill development and landfill final capping, closure and post-closure activities and (ii) differences in the cost basis of landfills that we develop versus those that we acquire. Accordingly, our landfill airspace depletion expense measured on a per-ton basis can fluctuate due to changes in the mix of volumes we receive across the Company each year.

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Liquidity and Capital Resources

The Company consistently generates annual 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 Contractual Obligations

The following table summarizes our significant contractual obligations as of December 31, ~~2024~~2025 (other than recorded obligations related to liabilities associated with environmental remediation costs and non-cancelable operating lease obligations, which are discussed further in Notes 3 and 7 to the Consolidated Financial Statements, respectively) and the anticipated effect of these obligations on our liquidity in future years (in millions):


	~~2025~~2026		~~2026~~2027		~~2027~~2028		~~2028~~2029		~~2029~~2030		Thereafter		Total
Recorded Obligations:
Final capping, closure and post-closure liabilities (a)	$	~~177~~186	$	~~223~~237	$	~~265~~224	$	~~197~~193	$	~~166~~313	$	34,~~762~~200	$	45,~~790~~353
Debt payments (b)		21,~~613~~802		~~747~~1,997		21,~~022~~968		12,~~969~~106		21,~~048~~672		1413,~~680~~518		2423,~~079~~063
Unrecorded Obligations:
Interest on debt (c)		~~928~~942		~~888~~838		~~838~~783		~~736~~712		~~647~~629		54,~~168~~233		98,~~205~~137
Estimated unconditional purchase obligations (d)		~~274~~269		~~270~~234		~~142~~130		9678		6863		~~556~~594		1,~~406~~368
Anticipated liquidity impact as of December 31, 2024	$	3,992	$	2,128	$	3,267	$	2,998	$	2,929	$	24,166	$	39,480
Anticipated liquidity impact as of December 31, 2025	$	3,199	$	3,306	$	3,105	$	3,089	$	2,677	$	22,545	$	37,921

(a) Includes liabilities for final capping, closure and post-closure costs recorded in our Consolidated Balance Sheet as of December 31, ~~2024~~2025, without the impact of discounting and inflation. Our recorded liabilities for final capping, closure and post-closure costs will increase as we continue to place additional tons within the permitted airspace at our landfills.

(b)	These amounts represent the scheduled principal payments based on their contractual maturities related to our long-term debt and financing leases, excluding interest. Refer to Note 6 to the Consolidated Financial Statements for additional information regarding our debt obligations.

(c) Interest on our fixed-rate debt was calculated based on contractual rates and interest on our variable-rate debt was calculated based on interest rates as of December 31, ~~2024~~2025. As of December 31, ~~2024~~2025, we had $~~251~~233 million of accrued interest related to our debt obligations.

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(d)

Our obligations represent purchase commitments from which we expect to realize an economic benefit in future periods. We have also made certain guarantees that we do not expect to materially affect our current or future financial position, results of operations or liquidity. See Note 10 to the Consolidated Financial Statements for discussion of the nature and terms of our unconditional purchase obligations and guarantees.

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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 as of December 31 (in millions):


	~~2024~~2025		~~2023~~2024
Cash and cash equivalents	$	~~414~~201	$	~~458~~414
Restricted funds:
Insurance reserves	$	~~385~~472	$	~~376~~385
Final capping, closure, post-closure and environmental remediation funds		~~128~~140		~~119~~128
Other		—10		17—
Total restricted funds (a)	$	~~513~~622	$	~~512~~513
Debt:
Current portion	$	~~1,359~~711	$	~~334~~1,359
Long-term portion		22,~~541~~196		1522,~~895~~541
Total debt	$	2322,~~900~~907	$	1623,~~229~~900

(a) As of December 31, ~~2024~~2025 and ~~2023~~2024, $~~100~~109 million and $90100 million, respectively, of these account balances was included in other current assets in our Consolidated Balance Sheets.

Debt — We use long-term borrowings in addition to the cash we generate from operations as part of our overall financial strategy to support and grow our business. We primarily use senior notes and tax-exempt bonds to borrow on a long-term basis, but we also use other instruments and facilities, when appropriate. The components of our borrowings as of December 31, ~~2024~~2025 are described in Note 6 to the Consolidated Financial Statements.

As of December 31, ~~2024~~2025, we had approximately $43.07 billion of debt maturing within the next 12 months, including (i) $1.48 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) $1.21 billion of short-term borrowings under our commercial paper program (net of related discount on issuance); (iii) $~~422~~223 million of 37.~~125~~1% senior notes that mature in ~~March~~August ~~2025~~2026; (iv) $~~500~~364 million of 02.~~750~~6% Canadian senior notes that mature in ~~November~~September ~~2025~~2026 and (v) $~~438~~200 million of other debt with scheduled maturities within the next 12 months~~, including $298 million of tax-exempt bonds~~. As of December 31, ~~2024~~2025, we have classified $23.60 billion of debt maturing in the next 12 months as long -term because we have the intent and ability to refinance these borrowings on a long-term basis as supported by the forecasted available capacity under our $3.5 billion long-term U.S. and Canadian revolving credit facility (“$3.5 billion revolving credit facility”). The remaining $~~1.4~~711 ~~billion~~million of debt maturing in the next 12 months is classified as current obligations.

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Senior Notes — In July 2024, WMI issued $750 million of 4.950% senior notes due July 2027 and $750 million of 4.950% notes due July 2031, the net proceeds of which were $1.49 billion. The net proceeds were used primarily to reduce outstanding borrowings under our commercial paper program. We also repaid $156 million of WMI’s 3.500% senior notes upon maturity in May 2024.

In August 2024, WMI entered into a delayed draw Term Credit Agreement in a principal amount of up to $7.2 billion (the “Term Credit Agreement”). In October 2024, we drew $5.2 billion of borrowings under the Term Credit Agreement that were applied to funding our acquisition of Stericycle. In November 2024, we repaid all outstanding borrowings and contemporaneously terminated the Term Credit Agreement, resulting in a $7 million loss on early extinguishment of debt. See Note 6 to the Consolidated Financial Statements for further discussion.

In November 2024, we issued senior notes, the net proceeds of which were approximately $5.2 billion, consisting of (i) $1.0 billion of 4.500% senior notes due March 2028; (ii) $700 million of 4.650% senior notes due March 2030; (iii) $750 million of 4.800% senior notes due March 2032; (iv) $1.5 billion of 4.950% senior notes due March 2035; and (v) $1.25 billion of 5.350% senior notes due October 2054. We used the net proceeds to repay all outstanding borrowing under the Term Credit Agreement.

Stericycle Exchange Offer and Consent Solicitation — On November 8, 2024, we completed our private offer to eligible holders to exchange $500 million of outstanding 3.875% senior notes issued by Stericycle (the “Stericycle Notes”) for new notes issued by us (the “WM Notes”) and cash. The WM Notes have the same interest rate, interest payment dates, and maturity date as the exchanged Stericycle Notes but differ in certain respects from the Stericycle Notes, including with respect to the redemption provisions. Approximately $485 million in aggregate principal amount of the Stericycle Notes, or 97%, were tendered and accepted, and new WM Notes were issued. The portion of Stericycle Notes not exchanged, approximately $15 million, remains an outstanding obligation of Stericycle, our wholly-owned subsidiary. The debt exchange is accounted for as a modification of debt, as the financial terms of the WM Notes do not differ from the Stericycle Notes, and there is no substantial difference between the present value of cash flows under each respective set of notes. In connection with the exchange offer, we solicited and obtained sufficient consents to amend the Stericycle Notes and related indenture to eliminate substantially all the restrictive covenants, restrictive provisions and events of default, other than payment-related, guarantee-related and bankruptcy-related events of default, and such amendments took effect with respect to the remaining Stericycle Notes on November 8, 2024.

We have credit lines in place to support our liquidity and financial assurance needs. The following table summarizes our outstanding letters of credit, categorized by type of facility as of December 31 (in millions):


	~~2024~~2025		~~2023~~2024
Revolving credit facility (a)	$	~~224~~227	$	~~180~~224
Other letter of credit lines (b)		~~862~~920		~~834~~862
	$	1,~~086~~147	$	1,~~014~~086

(a) As of December 31, ~~2024~~2025 and ~~2023~~2024, we had an unused and available credit capacity of $2.12 billion and $2.51 billion, respectively.

(b) As of December 31, ~~2024~~2025, these other letter of credit lines are uncommitted with terms extending through December ~~2028~~2029.

Guarantor Financial Information

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):

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	December 31,2024
Balance Sheet Information:
Current assets	$	15
Noncurrent assets		14
Current liabilities		1,367
Noncurrent liabilities:
Advances due to affiliates		15,328
Other noncurrent liabilities		20,140

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):


	~~Year~~December ~~Ended~~31,2025
	December 31, 2024
Balance Sheet Information:
Income Statement Information:
Current assets	$	44
Revenue	$	—
Noncurrent assets		13
Operating income		(547)
Current liabilities		738
Net loss		(405)
Noncurrent liabilities:
Advances due to affiliates		18,160
Other noncurrent liabilities		19,733


		Year Ended
		December 31, 2025
Income Statement Information:
Revenue		$	—
Operating income			—
Net loss			(674)

Summary of Cash Flow Activity

The following is a summary of our cash flows for the year ended December 31 (in millions):


	~~2024~~2025		~~2023~~2024		~~2022~~
Net cash provided by operating activities	$	56,~~390~~043	$	45,~~719~~390	$	~~4,536~~
Net cash used in investing activities	$	(103,~~601~~566)	$	(310,~~091~~601)	$	~~(3,063)~~
Net cash provided by (used in) financing activities	$	5(2,~~155~~673)	$	(15,~~524)~~155	$	~~(1,216)~~

Net Cash Provided by Operating Activities — Our operating cash flows increased in$653 ~~2024,~~million asin 2025 compared ~~with~~to ~~2023~~2024, ~~by $671 million~~ primarily ~~driven~~due byto (i) higher earnings in our Collection and Disposal businesses; (ii) ~~favorable~~contributions from our recent acquisitions and (iii) lower cash tax payments. This increase was partially offset by (i) higher cash interest payments primarily due to additional debt incurred to fund our acquisition of Stericycle; (ii) higher annual incentive compensation payments and (iii) unfavorable changes in working capital, net of effects offrom acquisitions and divestitures. ~~and~~We ~~(iii)~~continue ~~lower~~to ~~annual~~execute ~~incentive~~well ~~compensation~~in ~~payments.~~optimizing ~~This~~working ~~increase~~capital, ~~was~~particularly ~~partially~~in ~~offset~~the byreduction ~~higher~~of ~~cash~~days ~~interest~~sales outstanding for our Healthcare Solutions business and ~~income~~alignment ~~tax~~of ~~payments~~our days-to-pay measure with contract terms, though overall working capital changes have been pressured by the Stericycle acquisition.

Our operating cash flows increased in 2023, as compared with 2022, by $183 million primarily driven by higher earnings attributable to our Collection and Disposal businesses and lower income tax payments as a result of a deposit of approximately $103 million that was made to the IRS in 2022 related to a disputed tax matter discussed within Note 8 to the Consolidated Financial Statements. These increases were partially offset by (i) unfavorable changes in working capital, net of effects of acquisitions and divestitures; (ii) higher interest payments and (iii) higher incentive compensation payments.

Net Cash Used in Investing Activities — The most significant items affecting the comparison of our investing cash flows for the periods presented are summarized below:

● Acquisitions — Our spending on acquisitions was $~~7,503~~404 million, ~~$173 million~~ and $~~377~~7,503 million in ~~2024,~~2025 ~~2023~~ and ~~2022~~2024, respectively, of which $~~7,488~~395 million, ~~$170 million~~ and $~~377~~7,488 million, respectively, are considered cash used in investing activities. The remaining spend is cash used in financing activity related to the timing of contingent consideration paid. Excluding our acquisition of Stericycle in 2024, substantially all of the remaining acquisitions are related to our solid waste and recycling businesses.

● Capital Expenditures — We used $3,~~231~~227 million, ~~$2,895 million~~ and $23,~~587~~231 million for capital expenditures in ~~2024,~~2025 ~~2023~~ and ~~2022~~2024, respectively. The ~~increase~~decrease in capital spending in 2025 compared to 2024 is primarily ~~driven~~due byto ~~(i) our~~ planned ~~and~~reductions ~~ongoing~~in ~~investments~~capital investment in our ~~Recycling~~sustainability ~~Processing~~growth ~~and~~projects ~~Sales~~as ~~and~~we WMmove ~~Renewable~~from ~~Energy~~peak ~~segments;~~construction ~~(ii)~~of anthis ~~increase~~portfolio ininto ~~truck~~a ~~spending~~period inwhere ~~the~~we ~~current~~will ~~year~~harvest ~~due~~strong toreturns ~~supply~~on ~~chain~~these ~~constraints~~businesses. onThe ~~truck~~decrease ~~deliveries~~ in ~~the prior year and (iii)~~ capital ~~expenditures~~spending ~~within~~was ~~our~~mostly WMoffset ~~Healthcare~~by ~~Solutions~~increased ~~segment~~capital expenditures to support the business. ~~The increase in 2023 is primarily driven by our planned~~ and ~~ongoing~~incremental ~~investments~~spend inwithin our ~~Recycling~~Healthcare ~~Processing~~Solutions ~~and~~segment ~~Sales~~driven ~~and~~by WMthe ~~Renewable~~timing ~~Energy~~of ~~segments,~~the asacquisition ~~well as inflationary increases~~ in ~~many~~late ~~fixed asset categories required to support ongoing operations and investments in the Company’s landfills to reduce greenhouse gas emissions~~2024.

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~~The~~● ~~Company~~Divestitures ~~continues~~— toProceeds ~~maintain~~from adivestitures ~~disciplined~~of ~~focus~~businesses onand ~~capital~~other ~~management~~assets, tonet ~~prioritize~~of ~~investments~~cash ~~for expansion~~divested, ~~the~~were ~~replacement~~$121 ofmillion ~~aging assets~~ and ~~assets~~$158 ~~that~~million ~~support~~in ~~our~~2025 ~~strategy of differentiation~~ and ~~continuous~~2024, ~~improvement~~respectively. ~~through~~Proceeds ~~efficiency~~in ~~and~~2025 ~~innovation.~~primarily ~~The~~related ~~Company expects~~ to ~~invest~~the ~~$3.0~~sale ~~billion~~of inour ~~growth~~Healthcare ~~investments~~Solutions ~~across~~segment’s ~~the~~Spain ~~recycling~~ and ~~renewable~~Portugal ~~energy~~subsidiaries. ~~platforms~~The ~~from~~remaining ~~2022~~2025 toand ~~2026,~~2024 ~~which~~proceeds ~~includes~~were from the ~~$1.7~~sale ~~billion~~of ~~already~~certain ~~invested~~non-strategic ~~in 2023 and 2024~~assets.

● ~~Divestitures~~Other, Net — ~~Proceeds~~Our ~~from~~spending ~~divestitures~~within ofother, ~~businesses~~net was $65 million and ~~other~~$40 ~~assets,~~million ~~net~~in of2025 ~~cash~~and ~~divested~~2024, ~~were~~respectively. ~~$158~~During ~~million~~2025 and 2024, we used $7856 million and $274 million, respectively, of cash from restricted cash and cash equivalents to invest in available-for-sale securities. During 2024, ~~2023~~we ~~and~~used ~~2022,~~$33 ~~primarily~~million asto ~~the~~make ~~result~~initial ofcash ~~the~~payments ~~sale~~associated ofwith ~~certain~~a ~~non~~low-~~strategic~~income ~~assets~~housing investment.

● Other, Net — Our spending within other, net was $40 million, $104 million and $126 million in 2024, 2023 and 2022, respectively. During 2024, 2023 and 2022, we used $4 million, $61 million and $23 million, respectively, of cash from restricted cash and cash equivalents to invest in available-for-sale securities. During 2024, 2023 and 2022, we used $33 million, $20 million and $28 million, respectively, to make initial cash payments associated with low-income housing investments. In 2022, we also used $67 million to fund secured convertible promissory notes associated with an acquisition.

Net Cash Provided by (Used in) Financing Activities — The most significant items affecting the comparison of our financing cash flows for the periods presented are summarized below:

●

Debt Borrowings (Repayments) — The following summarizes our cash borrowings and repayments of debt for the year ended December 31 (in millions):


	~~2024~~2025		~~2023~~2024		~~2022~~
Borrowings:
Commercial paper program	$	1220,~~678~~162	$	1712,~~799~~678	$	~~6,596~~
Term loan (a)		~~5,200~~—		—5,200		~~1,000~~
Senior notes		~~6,650~~—		36,~~207~~650		~~992~~
Tax-exempt bonds		50252		~~300~~50		~~100~~
	$	2420,~~578~~414	$	2124,~~306~~578	$	~~8,688~~
Repayments:
Commercial paper program	$	(1220,~~319~~374)	$	(1812,~~709~~319)	$	~~(6,664)~~
Term loan (a)		~~(5,200)~~—		(15,~~000~~200)		—
Senior notes		(~~156~~922)		(~~500~~156)		~~(500)~~
Tax-exempt bonds		(60298)		(6560)		~~(71)~~
Other debt		(~~135~~153)		(~~120~~135)		~~(93)~~
	$	(1721,~~870~~747)	$	(2017,~~394~~870)	$	~~(7,328)~~
Net cash borrowings (repayments)	$	6(1,~~708~~333)	$	~~912~~6,708	$	~~1,360~~

(a) In October 2024, we drew $5.2 billion of borrowings under ~~the~~a ~~Term~~term ~~Credit~~credit ~~Agreement~~agreement that were applied to funding our acquisition of Stericycle. In November 2024, we repaid all outstanding borrowings and contemporaneously terminated the ~~Term~~term ~~Credit~~credit ~~Agreement~~agreement.

Refer to Note 6 to the Consolidated Financial Statements for additional information related to our debt borrowings and repayments.

● Common Stock Repurchase Program — For the periods presented, all share repurchases have been made in accordance with financial plans approved by our Board of Directors. WeNo ~~allocated~~share ~~$262 million, $1,302 million and $1,500 million of available cash to common stock~~ repurchases ~~during~~were ~~2024,~~made ~~2023,~~in ~~and 2022, respectively~~2025. InDuring 2024, we ~~announced~~allocated ~~our~~$262 ~~temporary~~million ~~suspension~~ of ~~share~~available ~~repurchase~~cash ~~activity as a result of the acquisition of Stericycle. We expect~~ to ~~resume~~common ~~share~~stock ~~repurchase once the Company’s leverage returns to targeted levels, which is currently projected to be about 18 months after the November 2024 acquisition of Stericycle~~repurchases. See Note 13 to the Consolidated Financial Statements for additional information about our share repurchase activity.

70We announced in December 2025 that our Board of Directors has authorized up to $3.0 billion in future share repurchases, exclusive of fees, commissions and taxes. This new authorization supersedes and replaces remaining authority under the prior Board of Directors’ authorization for share repurchases announced in December 2023. 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.

●

Cash Dividends — For the periods presented, all dividends have been declared by our Board of Directors. Cash dividends declared and paid were $1.3 billion in 2025, or $3.30 per common share and $1.2 billion in 2024, or $3.00 per common share.

In December 2025, we announced that our Board of Directors expects to increase the quarterly dividend from $0.825 to $0.945 per share for dividends declared in 2026. However, all future dividend declarations are at the

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●discretion ~~Cash~~of ~~Dividends — For~~ the ~~periods presented, all dividends have been declared by our~~ Board of Directors. ~~Cash dividends declared~~ and ~~paid~~depend ~~were~~on $1various factors,~~210~~ ~~million~~including inour ~~2024~~leverage level, ornet ~~$3.00~~earnings, ~~per~~financial ~~common share~~condition, ~~$1,136~~cash ~~million~~required infor ~~2023,~~future orbusiness ~~$2.80~~plans, ~~per~~growth ~~common~~and ~~share,~~acquisitions and ~~$1,077~~other ~~million~~factors inthe ~~2022,~~Board orof ~~$2.60~~Directors ~~per~~may ~~common~~deem ~~share~~relevant.

In● ~~December 2024,~~Exercise weof ~~announced~~Common ~~that~~Stock ~~our~~Options ~~Board~~— ofThe ~~Directors~~exercise ~~expects~~of tocommon ~~increase~~stock ~~the~~options ~~quarterly~~generated ~~dividend~~financing ~~from~~cash ~~$0.75~~inflows toof $~~0.825 per~~61 ~~share~~million ~~for~~and ~~dividends~~$53 ~~declared~~million infrom ~~2025. However, all future dividend declarations are at~~ the ~~discretion~~exercise of ~~the~~676,000 ~~Board of Directors~~ and ~~depend on various factors~~693,000 ~~including~~of ~~our~~employee ~~net~~stock ~~earnings,~~options ~~financial~~during ~~condition,~~2025 ~~cash~~and ~~required for future business plans~~2024, ~~growth and acquisitions and other factors the Board of Directors may deem relevant~~respectively.

● ~~Exercise~~Other, ofNet ~~Common Stock Options~~ — ~~The~~During ~~exercise~~2024, ofwe ~~common~~acquired ~~stock~~the ~~options~~remaining ~~generated~~minority ~~financing~~interests ~~cash~~in ~~inflows~~a ofbusiness ~~$53~~engaged ~~million,~~in ~~$44~~accelerating ~~million~~film and ~~$44~~plastic ~~million~~wrap ~~from~~recycling ~~the~~capabilities ~~exercise~~for of$41 ~~693,000, 597,000 and 675,000 of employee stock options during 2024, 2023 and 2022, respectively~~million.

● Other, Net — In 2022, we acquired a controlling interest in a business engaged in accelerating film and plastic wrap recycling capabilities, and in the fourth quarter of 2024, we acquired the remaining minority interests in this business for $41 million.

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 is shown in the table below for the year ended December 31 (in millions), and may not be calculated the same as similarly-titled measures presented by other companies:


	~~2024~~2025		~~2023~~2024		~~2022~~
Net cash provided by operating activities	$	56,~~390~~043	$	45,~~719~~390	$	~~4,536~~
Capital expenditures to support the business		(2,~~281~~594)		(2,~~131~~281)		~~(2,026)~~
Capital expenditures - sustainability growth investments (a)		(~~950~~633)		(~~764~~950)		~~(561)~~
Total capital expenditures		(3,~~231~~227)		(23,~~895~~231)		~~(2,587)~~
Proceeds from divestitures of businesses and other assets, net of cash divested		~~158~~121		78158		27
Free cash flow	$	2,~~317~~937	$	12,~~902~~317	$	~~1,976~~

(a) These growth investments are intended to further our sustainability leadership position by increasing recycling volumes and growing ~~renewable~~RNG ~~natural gas~~ generation and 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. Each of these items is discussed in additional detail below and in Note 2 to the Consolidated Financial Statements. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements.

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acquired in business combinations. Each of these items is discussed in additional detail below and in Note 2 to the Consolidated Financial Statements. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements.

Landfills

Accounting for landfills requires that significant estimates and assumptions be made regarding (i) the cost to construct and develop each landfill asset; (ii) the estimated fair value of final capping, closure and post-closure asset retirement obligations, which must consider both the expected cost and timing of these activities and (iii) the determination of each landfill’s remaining permitted and expansion airspace.

Landfill Costs — We estimate the total cost to develop each of our landfill sites to its remaining permitted and expansion airspace. This estimate includes such costs as landfill liner material and installation, excavation for airspace, landfill leachate collection systems, landfill gas collection systems, environmental monitoring equipment for groundwater and landfill gas, directly related engineering, capitalized interest, on-site road construction and other capital infrastructure costs. Additionally, landfill development includes all land purchases for the landfill footprint and landfill buffer property. The projection of these landfill costs is dependent, in part, on future events. The remaining depletable basis of each landfill includes costs to develop a site to its remaining permitted and expansion airspace and includes amounts previously expended and capitalized, net of accumulated airspace depletion, and projections of future purchase and development costs.

Final Capping Costs — We estimate the cost for each final capping event based on the area to be capped and the capping materials and activities required. The estimates also consider when these costs are anticipated to be paid and factor in inflation and discount rates. Our engineering personnel allocate landfill final capping costs to specific final capping events and the capping costs are depleted as waste is disposed of at the landfill. We review these costs annually, or more often if significant facts change. Changes in estimates, such as timing or cost of construction, for final capping events immediately impact the required liability and the corresponding asset. When the change in estimate relates to a fully consumed landfill, the adjustment to the asset must be depleted immediately through expense. When the change in estimate relates to a final capping event at a landfill with remaining airspace, the adjustment to the asset is recognized in income prospectively as a component of landfill airspace depletion.

Closure and Post-Closure Costs — We base our estimates for closure and post-closure costs on our interpretations of permit and regulatory requirements for closure and post-closure monitoring and maintenance. The estimates for landfill closure and post-closure costs also consider when the costs are anticipated to be paid and factor in inflation and discount rates. The possibility of changing legal and regulatory requirements and the forward-looking nature of these types of costs make any estimation or assumption less certain. Changes in estimates for closure and post-closure events immediately impact the required liability and the corresponding asset. When the change in estimate relates to a fully consumed landfill, the adjustment to the asset must be depleted immediately through expense. When the change in estimate relates to a landfill with remaining airspace, the adjustment to the asset is recognized in income prospectively as a component of landfill airspace depletion.

Remaining Permitted Airspace — Our engineers, in consultation with third-party engineering consultants and surveyors, are responsible for determining remaining permitted airspace at our landfills. The remaining permitted airspace is determined by an annual survey, which is used to compare the existing landfill topography to the expected final landfill topography.

Expansion Airspace — We also include currently unpermitted expansion airspace in our estimate of remaining permitted and expansion airspace in certain circumstances. First, for unpermitted airspace to be initially included in our estimate of remaining permitted and expansion airspace, we must believe that obtaining the expansion permit is likely. Second, we must generally expect the initial expansion permit application to be submitted within one year and the final expansion permit to be received within five years, in addition to meeting the following criteria:

●

Personnel are actively working on the expansion of an existing landfill, including efforts to obtain land use and local, state or provincial approvals;

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●

We have a legal right to use or obtain land to be included in the expansion plan;

●

There are no significant known technical, legal, community, business, or political restrictions or similar issues that could negatively affect the success of such expansion; and

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●

Financial analysis has been completed based on conceptual design, and the results demonstrate that the expansion meets Company criteria for investment.

These criteria are evaluated by our field-based engineers, accountants, managers and others to identify potential obstacles to obtaining the permits. Once the unpermitted airspace is included, our policy provides that airspace may continue to be included in remaining permitted and expansion airspace even if certain of these criteria are no longer met as long as we continue to believe we will ultimately obtain the permit, based on the facts and circumstances of a specific landfill. In these circumstances, continued inclusion must be approved through a landfill-specific review process that includes approval by our Chief Financial Officer on a quarterly basis.

When we include the expansion airspace in our calculations of remaining permitted and expansion airspace, we also include the projected costs for development, as well as the projected asset retirement costs related to final capping, closure and post-closure of the expansion in the depletable basis of the landfill.

Once the remaining permitted and expansion airspace is determined in cubic yards, an airspace utilization factor (“AUF”) is established to calculate the remaining permitted and expansion capacity in tons. The AUF is established using the measured density obtained from previous annual surveys and is then adjusted to account for future settlement. The amount of settlement that is forecasted will consider several site-specific factors including current and projected mix of waste type, initial and projected waste density, estimated number of years of life remaining, depth of underlying waste, anticipated access to moisture through precipitation or recirculation of landfill leachate and operating practices. In addition, the initial selection of the AUF is subject to a subsequent multi-level review by our engineering group and the AUF used is reviewed on a periodic basis and revised as necessary. Our historical experience generally indicates that the impact of settlement at a landfill is greater later in the life of the landfill when the waste placed at the landfill approaches its highest point under the permit requirements.

After determining the costs and remaining permitted and expansion capacity at each of our landfills, we determine the per ton rates that will be expensed as waste is received and deposited at the landfill by dividing the costs by the corresponding number of tons. We calculate per ton depletion rates for each landfill for assets associated with each final capping event, for assets related to closure and post-closure activities and for all other costs capitalized or to be capitalized in the future. These rates per ton are updated annually, or more often, as significant facts change.

It is possible that actual results, including the amount of costs incurred, the timing of final capping, closure and post-closure activities, our airspace utilization or the success of our expansion efforts could ultimately turn out to be significantly different from our estimates and assumptions. To the extent that such estimates, or related assumptions, prove to be significantly different than actual results, lower earnings may be experienced due to higher depletion rates or higher expenses; or higher earnings may result if the opposite occurs. Most significantly, if it is determined that expansion capacity should no longer be considered in calculating the recoverability of a landfill asset, we may be required to recognize an asset impairment or incur significantly higher depletion expense. If at any time management makes the decision to abandon the expansion effort, the capitalized costs related to the expansion effort are expensed immediately.

Environmental Remediation Liabilities

A significant portion of our operating costs and capital expenditures could be characterized as costs of environmental protection. The nature of our operations, particularly with respect to the construction, operation and maintenance of our landfills subjects us to an array of laws and regulations relating to the protection of the environment. Under current laws and regulations, we may have liabilities for environmental damage caused by our operations, or for damage caused by conditions that existed before we acquired a site. In addition to remediation activity required by state or local authorities, such liabilities include potentially responsible party (“PRP”) investigations. The costs associated with these liabilities can include settlements, certain legal and consultant fees, as well as incremental internal and external costs directly associated with site investigation and clean up.

73Where it is probable that a liability has been incurred, we estimate costs required to remediate sites based on site-specific facts and circumstances. We routinely review and evaluate sites that require remediation and determine our estimated cost for the likely remedy based on a number of estimates and assumptions. Next, we review the same type of

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Where it is probable that a liability has been incurred, we estimate costs required to remediate sites based on site-specific facts and circumstances. We routinely review and evaluate sites that require remediation and determine our estimated cost for the likely remedy based on a number of estimates and assumptions. Next, we review the same type of information with respect to other named and unnamed PRPs. Estimates of the costs for the likely remedy are then either developed using our internal resources or by third-party environmental engineers or other service providers. Internally developed estimates are based on:

●

Management’s judgment and experience in remediating our own and unrelated parties’ sites;

●

Information available from regulatory agencies as to costs of remediation;

●

The number, financial resources and relative degree of responsibility of other PRPs who may be liable for remediation of a specific site; and

●

The typical allocation of costs among PRPs, unless the actual allocation has been determined.

Refer to Note 10 to the Consolidated Financial Statements for additional information on our environmental liabilities.

Fair Value of Nonfinancial Assets and Liabilities

Significant estimates are made in determining the fair value of long-lived tangible and intangible assets (i.e., property and equipment, intangible assets and goodwill) during the impairment evaluation process. In addition, the majority of assets acquired and liabilities assumed in a business combination are required to be recognized at fair value under the relevant accounting guidance.

Fair value is computed using several factors, including projected future operating results, economic projections, anticipated future cash flows, comparable marketplace data and the cost of capital. There are inherent uncertainties related to these factors and to our judgment in applying them in our analysis. However, we believe our methodology for estimating the fair value of our reporting units is reasonable.

Property and Equipment, Including Landfills and Definite-Lived Intangible Assets — We monitor the carrying value of our long-lived assets for potential impairment on an ongoing basis and test the recoverability of such assets generally using significant unobservable (“Level 3”) inputs whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. These events or changes in circumstances, including management decisions pertaining to such assets, are referred to as impairment indicators. If an impairment indicator occurs, we perform a test of recoverability by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. If cash flows cannot be separately and independently identified for a single asset, we will determine whether an impairment has occurred for the group of assets for which we can identify the projected cash flows. If the carrying values are in excess of undiscounted expected future cash flows, we measure any impairment by comparing the fair value of the asset or asset group to its carrying value and the difference is recorded in the period that the impairment indicator occurs. Fair value is generally determined by considering (i) internally developed discounted projected cash flow analysis of the asset or asset group; (ii) third-party valuations and/or (iii) information available regarding the current market for similar assets. Estimating future cash flows requires significant judgment and projections may vary from the cash flows eventually realized, which could impact our ability to accurately assess whether an asset has been impaired.

The assessment of impairment indicators and the recoverability of our capitalized costs associated with landfills and related expansion projects require significant judgment due to the unique nature of the waste industry, the highly regulated permitting process and the sensitive estimates involved. During the review of a landfill expansion application, a regulator may initially deny the expansion application although the expansion permit is ultimately granted. In addition, management may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace, or a landfill may be required to cease accepting waste, prior to receipt of the expansion permit. However, such events occur in the ordinary course of business in the waste industry and do not necessarily result in impairment of our landfill assets because, after consideration of all facts, such events may not affect our belief that we will ultimately obtain the expansion permit. As a result, our tests of recoverability, which generally make use of a probability-weighted cash flow estimation approach, may indicate that no impairment loss should be recorded.

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Indefinite-Lived Intangible Assets, Including Goodwill — At least annually using a measurement date of October 1, and more frequently if warranted, we assess the indefinite-lived intangible assets including the goodwill of our reporting units for impairment using Level 3 inputs.

We ~~first~~may perform either a qualitative ~~assessment~~or toquantitative ~~determine~~assessment; however, if ita ~~was~~qualitative ~~more~~assessment ~~likely~~is ~~than~~performed ~~not~~and we determine that the fair value of a reporting unit is ~~less~~more likely than ~~its~~not ~~carrying~~to ~~value.~~be Ifless ~~the~~than ~~assessment~~its ~~indicates~~carrying amount, a ~~possible~~quantitative ~~impairment,~~assessment weis ~~complete~~performed. aThe quantitative ~~review,~~assessment ~~comparing~~compares the estimated fair value of a reporting unit to its carrying amount, including goodwill. An impairment charge is recognized if the ~~asset~~reporting unit’s estimated fair value was less than its carrying amount. Fair value is typically estimated using an income approach using Level 3 inputs. However, when appropriate, we may also use a market approach. The income approach is based on the long-term projected future cash flows of the reporting units. We discount the estimated cash flows to present value using a weighted average cost of capital that considers factors such as market assumptions, the timing of the cash flows and the risks inherent in those cash flows. We believe that this approach is appropriate because it provides a fair value estimate based upon the reporting units’ expected long-term performance considering the economic and market conditions that generally affect our business. The market approach estimates fair value by measuring the aggregate market value of publicly-traded companies with similar characteristics to our business as a multiple of their reported earnings. We then apply that multiple to the reporting units’ earnings to estimate their fair values. We believe that this approach may also be appropriate in certain circumstances because it provides a fair value estimate using valuation inputs from entities with operations and economic characteristics comparable to our reporting units.

~~Acquisitions —~~Reporting Inunits ~~accordance~~within ~~with~~our ~~the~~Healthcare ~~purchase~~Solutions ~~method~~segment ofare ~~accounting,~~more ~~the~~sensitive ~~purchase~~than ~~price~~others ~~paid for an acquisition is allocated~~ to ~~the~~changes ~~assets~~in ~~and liabilities acquired based upon their~~ estimated fair values, asspecifically ofchanges ~~the~~driven ~~acquisition~~by ~~date~~revenue growth, ~~with~~cost ~~the~~and ~~excess~~discount ofrate ~~the~~assumptions, ~~purchase~~as ~~price~~compared ~~over~~to ~~the~~our ~~net~~other ~~assets~~reporting ~~acquired~~units ~~recorded~~due asto ~~goodwill.~~the ~~When~~fact wethat ~~are in~~ the ~~process~~Stericycle ofbusiness ~~valuing~~comprising ~~all~~these ofreporting ~~the~~units ~~assets~~was ~~and~~recently ~~liabilities~~ acquired. inAs ~~an acquisition~~such, ~~there~~the ~~can~~reporting beunits ~~subsequent~~within ~~adjustments to~~ our ~~estimates~~Healthcare ofSolutions ~~fair~~segment ~~value~~have ~~and~~a ~~resulting~~greater ~~preliminary~~risk ~~purchase price allocation. Generally, the valuation~~ of ~~our~~impairment ~~acquired~~should ~~asset~~their ~~and~~operations ~~liabilities~~or ~~rely~~market onconditions ~~complex~~experience ~~estimates~~a ~~and~~significant ~~assumptions~~downturn.

Acquisitions — In accordance with the acquisition method of accounting, the purchase price paid for an acquisition is allocated to the assets and liabilities acquired based upon their estimated fair values as of the acquisition date, with the excess of the purchase price over the net assets acquired recorded as goodwill. When we are in the process of valuing all of the assets and liabilities acquired in an acquisition, there can be subsequent adjustments to our estimates of fair value and resulting preliminary purchase price allocation. Generally, the valuation of our acquired assets and liabilities rely on complex estimates and assumptions.

Acquisition-date fair value estimates are revised as necessary if, and when, additional information regarding these contingencies becomes available to further define and quantify assets acquired and liabilities assumed. Subsequent to finalization of purchase accounting, these revisions are accounted for as adjustments to income from operations. All acquisition-related transaction costs are expensed as incurred. See Note 17 to the Consolidated Financial Statements for additional information related to our acquisitions.

See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — (Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net. See Note 11 to the Consolidated Financial Statements for additional information related to Asset Impairments and Unusual Items.

Inflation

Variability in economic conditions, including inflation, interest rates, employment trends, and supply chain reliability, can create risk and uncertainty in 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.

Refer to Item 1A. Risk Factors for further discussion.

~~Item 7A. Quantitative and Qualitative Disclosures about Market Risk.~~ 68

In the normal course of business, we are exposed to market risks, including changes in interest rates, certain commodity prices and currency rates. From time to time, we use derivatives to manage some portion of these risks. As of December 31, 2024, our outstanding derivatives were immaterial.

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~~Interest Rate Exposure~~Item ~~— Our exposure to market risk for changes in interest rates relates primarily to our financing activities~~7A. AsQuantitative ~~of December 31, 2024, we had $24.1 billion of long-term debt, excluding the impacts of accounting for debt issuance costs, discounts~~ and ~~fair~~Qualitative ~~value~~Disclosures ~~adjustments~~about ~~attributable~~Market ~~to terminated interest rate derivatives~~Risk. We have $2.7 billion of debt that is exposed to changes in market interest rates within the next 12 months comprised primarily of (i) $1.3 billion of short-term borrowings under our commercial paper program and (ii) $1.4 billion of tax-exempt bonds with term interest rate periods that expire within the next 12 months. We currently estimate that a 100-basis point increase in the interest rates of our outstanding variable-rate debt obligations would increase our 2024 interest expense by $19 million.

Interest Rate Exposure — Our exposure to market risk for changes in interest rates relates primarily to our financing activities. As of December 31, 2025 and 2024, we had $22.9 billion and $24.1 billion, respectively, of long-term debt, excluding the impacts of accounting for debt issuance costs, discounts and fair value adjustments attributable to terminated interest rate derivatives. As of December 31, 2025, we have $2.9 billion of debt that is exposed to changes in market interest rates within the next 12 months, compared to $2.7 million as of December 31, 2024, comprised primarily of (i) $1.1 billion of short-term borrowings under our commercial paper program and (ii) $1.8 billion of tax-exempt bonds with term interest rate periods that expire within the next 12 months. We currently estimate that a 100-basis point increase in the interest rates of our outstanding variable-rate debt obligations would increase our 2025 interest expense by $35 million.

Our remaining outstanding debt obligations have fixed interest rates through either the scheduled maturity of the debt or, for certain of our fixed-rate tax-exempt bonds, through the end of a term interest rate period that exceeds 12 months. The fair value of our fixed-rate debt obligations can increase or decrease significantly if market interest rates change.

We performed a sensitivity analysis to determine how market rate changes might affect the fair value of our market risk-sensitive debt instruments. This analysis is inherently limited because it reflects a singular, hypothetical set of assumptions. Actual market movements may vary significantly from our assumptions. An instantaneous, 100-basis point increase in interest rates across all maturities attributable to these instruments would have decreased the fair value of our debt by approximately $10.38 billion as of December 31, ~~2024~~2025.

We are also exposed to interest rate market risk from our cash and cash equivalent balances, as well as assets held in restricted trust fund accounts. These assets are generally invested in high-quality, liquid instruments including money market funds that invest in U.S. government obligations with original maturities of three months or less. We believe that our exposure to changes in fair value of these assets due to interest rate fluctuations is insignificant as the fair value generally approximates our cost basis. We also invest a portion of our restricted trust fund account balances in available-for-sale securities, including U.S. Treasury securities, U.S. agency securities, municipal securities, mortgage- and asset-backed securities, which generally mature over the next ten years, as well as equity securities.

Commodity Price Exposure — In the normal course of our business, we are subject to operating agreements that expose us to market risks arising from changes in the prices for commodities such as diesel fuel, natural gas, electricity (and related renewable energy credits) and recycled materials, including old corrugated cardboard and plastics. We work to manage these risks through operational strategies that focus on capturing our costs in the prices we charge our customers for the services provided. Accordingly, as the market prices for these commodities increase or decrease, our revenues, operating costs and margins may also increase or decrease. Recycling revenues attributable to yield ~~increased~~decreased $~~245~~ 166 million and ~~decreased~~increased $~~308~~ 245 million in ~~2024~~2025 and ~~2023~~2024, respectively, as compared ~~with~~to ~~the~~ prior year periods. ~~While~~During ~~recycling~~2025, ~~commodity~~we experienced decreases in market prices ~~have~~for ~~recovered~~recycled incommodities ~~2024~~when ~~from~~compared to prior year caused by a number of factors, including the ~~low~~closure ~~levels~~of ~~experienced~~domestic inpaper ~~2023~~mills, ~~commodity~~a ~~values~~decrease ~~are~~in ~~still~~demand ~~below~~for ~~prices~~recycled ~~seen~~content atby ~~the~~certain ~~beginning~~consumer ofgoods ~~2022~~producers, focused reduction in cardboard packaging and overall market conditions. Average market prices for single-stream recycled commodities were updown 5020% and ~~down~~up 4050% in ~~2024~~2025 and ~~2023~~2024, respectively, as compared to ~~the~~ prior year periods. Variability in commodity prices can also impact the margins of our business as certain components of our revenue are structured as a pass through of costs, including recycling brokerage and fuel surcharges.

In recent years, we have discussed our sustainability growth strategy that includes significant planned and ongoing investments in our WM Renewable Energy segment. We have invested, and continue to invest, in facilities to capture methane produced from the Company’s landfills and process it into RNG and electricity. RNG produced from our landfills constitutes a significant source of fuel allocated to our natural gas collection vehicles. The primary drivers of renewable fuel development at our landfills are tax policies, such as ~~the~~ federal tax credits for ~~RNG~~investments ~~production~~in ~~and~~RNG ~~renewable electricity generation~~ under the IRA and OBBBA, and federal and state incentive programs, such as the federal ~~Renewable Fuel Standard (“~~RFS”) program, California’s Low Carbon Fuel Standard and similar state programs that promote the production and use of renewable transportation fuels. At the federal level, oil refiners and importers are required through the RFS program to blend specified volumes of various categories of renewable transportation fuels with gasoline or buy credits, referred to as Renewable Identification Numbers (“RINs”), from renewable fuel producers. Many of our facilities are EPA-registered producers of transportation fuel making compressed and liquefied RNG from landfill biogas, which qualifies as a cellulosic biofuel under the RFS program. The Company has invested, and continues to invest, in facilities that capture and process landfill gas into RNG so that we can participate in the RFS program, and the Company has grown and stated its intention to continue to grow its asset base to increase its RNG production.

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~~RINs~~Standard ~~prices~~and ~~generally~~similar ~~respond~~state toprograms ~~regulations~~that ~~enacted~~promote by the ~~EPA,~~production ~~as well as fluctuations in supply~~ and ~~demand.~~use ~~The value~~ of ~~the~~renewable ~~RINs~~transportation isfuels. ~~set~~At ~~through a market established by~~ the ~~RFS~~federal ~~program~~level, ~~which~~oil ~~market has historically been very volatile. Prior to 2022, the EPA had promulgated rules on an annual basis establishing~~ refiners’ ~~obligations to purchase RNG~~ and ~~other~~importers ~~cellulosic~~are ~~biofuels~~required ~~under~~through the RFS program, ~~which~~to ~~introduced~~blend aspecified ~~level~~volumes of ~~uncertainty~~various ~~into~~categories ~~the~~of renewable transportation fuels ~~and~~with ~~RINs~~gasoline ~~market.~~or ~~However,~~buy ~~in 2023~~credits, ~~the~~referred ~~EPA~~to ~~issued~~as aRINs, ~~highly~~from ~~anticipated~~renewable ~~rule~~fuel ~~establishing biofuel blending volumes under the RFS program for compliance years 2023 through 2025~~producers. ~~The~~Many ~~rule reflected the outsized role~~ of ~~biogas~~our ~~under~~facilities ~~the~~are ~~program,~~EPA-registered ~~delivered~~producers onof ~~many~~transportation ~~reforms~~fuel ~~that~~making ~~benefit~~compressed ~~the solid waste sector,~~ and ~~recognized~~liquefied ~~the continued growth of the market for~~ RNG infrom ~~vehicle~~landfill ~~applications. However~~biogas, wewhich ~~cannot~~qualifies beas certain that these changes, or the outcome of pending litigation challenging various aspects of the rule, will ultimately reduce volatility in the RINs market or that future rulemakings will be similarly favorable to our business. The new U.S. presidential administration could seek to reduce existing renewable fuel targets in a ~~new~~cellulosic ~~rulemaking~~biofuel ~~or otherwise set reduced targets for renewable fuels~~ under the RFS program ~~in future rulemakings~~. ~~Moreover,~~The ~~consistent~~Company ~~with~~has ~~its prior approach~~invested, ~~the~~and ~~new~~continues administration may also increase the frequency with which it grants small refinery exemptions from RFS program requirements. While we cannot predict what actions the new administration may take with respect to ~~the RFS program~~invest, ~~any~~in ~~changes~~facilities tothat ~~existing~~capture ~~or future renewable fuel targets or more frequent approval of requests for small refinery exemptions could have a significant negative impact on demand for renewable fuels~~ and ~~the~~process ~~value~~landfill ofgas ~~RINs.~~into ~~In an effort to mitigate against such risk and stabilize our~~ RNG ~~portfolio,~~so ~~we are pursuing long-term sales transactions in the voluntary market. We continue to advocate for policies~~ that ~~could~~we ~~reduce~~can ~~the~~participate ~~potential for volatility~~ in the ~~RINs market and ensure long-term stability for renewable transportation fuels, as changes in the RINs market or the structure of the~~ RFS program, ~~can~~ and ~~has impacted~~ the ~~financial~~Company ~~performance~~has ofgrown ~~our facilities. Such changes could impact or alter our projected future investments,~~ and ~~such~~stated ~~investments~~its ~~may~~intention ~~not~~to ~~yield~~continue ~~the results anticipated. Revenue in our WM Renewable Energy segment attributable~~ to ~~yield~~grow ~~increased~~its ~~$26 million~~asset ~~and~~base ~~decreased $73 million in 2024 and 2023, respectively, as compared~~ to ~~the~~increase ~~prior~~its ~~year~~RNG ~~periods, primarily driven by the fluctuations in energy and RIN market prices~~production.

~~The~~RINs ~~Company’s~~prices ~~sustainability~~generally ~~growth~~respond ~~strategy~~to ~~also~~regulations isenacted ~~informed~~ by the ~~increased~~EPA, ~~adoption~~as ofwell ~~state~~as fluctuations in supply and ~~Canadian~~demand. ~~clean~~The ~~fuel~~value ~~standard~~of ~~programs,~~the ~~utility~~RINs ~~policies,~~is ~~and~~set ~~voluntary~~through a market ~~demand~~established ~~for~~by ~~RNG~~the inRFS ~~transportation~~program, ~~and~~which ~~industrial~~market ~~applications.~~has ~~Clean~~historically ~~fuel~~been ~~standard~~volatile. ~~programs~~Prior to 2022, ~~originally~~the ~~developed~~EPA inhad ~~California~~promulgated ~~and~~rules ~~subsequently~~on ~~adopted~~an inannual ~~Oregon,~~basis ~~Washington,~~establishing refiners’ obligations to purchase RNG and ~~New~~other ~~Mexico~~cellulosic biofuels under the RFS program, ~~establish~~which ~~annual~~introduced ~~carbon~~a ~~intensity~~level ~~benchmarks~~of ~~for~~uncertainty ~~transportation~~into ~~fuels~~the ~~that~~renewable ~~decrease~~fuels ~~over~~and ~~time~~RINs market. ~~These~~However, ~~programs~~in ~~operate~~2023, ~~similar~~the toEPA issued a highly anticipated rule establishing biofuel blending volumes under the RFS program infor ~~that~~compliance ~~certain~~years ~~regulated~~2023 ~~parties~~through ~~purchase~~2025. ~~credits~~The ~~from~~rule ~~fuel~~reflected ~~producers,~~the ~~including~~outsized ~~RNG~~role ~~producers~~of biogas under the program, todelivered ~~meet~~on ~~their~~many ~~carbon~~reforms ~~intensity~~that ~~obligations.~~benefit ~~Like~~the ~~RINs~~solid waste sector, ~~clean~~and ~~fuel~~recognized ~~standard~~the ~~program~~continued ~~credit~~growth ~~values~~of ~~can~~the ~~fluctuate~~market ~~with~~for ~~policy~~RNG ~~and~~in ~~market~~vehicle ~~dynamics~~applications. AsThe ~~such~~current U.S. presidential administration, wemeanwhile, ~~are~~revisited ~~advocating~~and ~~for~~retroactively ~~existing~~lowered ~~programs~~the to2024 ~~adopt~~blending ~~measures~~volumes, has proposed to ~~promote~~revisit ~~stability~~and inlower ~~credit~~the ~~pricing~~2025 ~~and~~standards, has proposed low volumes for ~~other~~compliance ~~states~~years to2026 ~~adopt~~and ~~similar~~2027 ~~programs~~and ~~that~~departed ~~incentivize~~from the ~~growth~~previous administration in ~~RNG~~granting small refinery exemptions from RFS program requirements. We ~~also~~do ~~are~~not ~~working~~yet ~~closely~~know ~~with~~how ~~stakeholders~~these changes may impact the demand for renewable fuels and the value of RINs. In an effort to ~~encourage~~mitigate against such risk and stabilize our RNG portfolio, we are pursuing long-term sales transactions in the voluntary market. We continue to advocate for ~~RNG~~policies ~~demand,~~that ~~including~~could ~~utility~~reduce ~~RNG~~the ~~procurement~~potential ~~programs,~~for volatility in the RINs market and ~~sustainability~~ensure ~~protocols~~long-term stability for renewable transportation fuels, as ~~companies~~changes ~~and~~in ~~other~~the ~~customers~~RINs ~~increasingly~~market ~~look~~or tothe ~~reduce~~structure ~~their~~of ~~GHG~~the ~~emissions~~RFS ~~profiles~~program can and has impacted the financial performance of our facilities. ~~However,~~Such ~~these~~changes ~~state~~could impact or alter our projected future investments, and ~~voluntary~~such ~~programs~~investments may benot ~~altered~~yield the results anticipated. Revenue in our Renewable Energy segment attributable to yield increased $11 million and $26 million in 2025 and 2024, ~~paused~~respectively, oras ~~otherwise~~compared ~~revoked~~to byprior ~~the~~year ~~applicable~~periods, ~~governmental~~primarily ~~authorities~~driven orby asthe ~~result~~fluctuations ofin ~~legal~~energy ~~challenges~~and RIN market prices.

The Company’s sustainability growth strategy also is informed by the increased adoption of state and Canadian clean fuel standard programs, utility policies, and voluntary market demand for RNG in transportation and industrial applications. Clean fuel standard programs, originally developed in California and subsequently adopted in Oregon, Washington, and New Mexico, establish annual carbon intensity benchmarks for transportation fuels that decrease over time. A similar program has been adopted in Canada under the Clean Fuel Regulations. These programs operate similar to the RFS program in that certain regulated parties purchase credits from fuel producers, including RNG producers, to meet their carbon intensity obligations. Like RINs, clean fuel standard program credit values can fluctuate with policy and market dynamics. As such, we are advocating for existing programs to adopt measures to promote stability in credit pricing and for other states to adopt similar programs that incentivize the growth in RNG. We also are working closely with stakeholders to encourage the voluntary market for RNG demand, including utility RNG procurement programs, and sustainability protocols, as companies and other customers increasingly look to reduce their GHG emissions profiles. However, these state and voluntary programs may be altered, paused, or otherwise revoked by the applicable governmental authorities or as result of legal challenges.

Currency Rate Exposure — Our operations are primarily in the U.S. but we also have significant operations in Canada and certain countries in Europe. Additionally, we have certain support functions in India. Where significant, we have quantified and described the impact of foreign currency translation on components of income, including operating revenues and operating expenses. However, the impact of foreign currency has not materially affected our results of operations.

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Item 8. Financial Statements and Supplementary Data.

INDEX TO

CONSOLIDATED FINANCIAL STATEMENTS

		Page
Reports of Independent Registered Public Accounting Firm (PCAOB ID 42)		7972
Consolidated Balance Sheets as of December 31, 2024 and 2023		84
Consolidated Balance Sheets as of December 31, 2025 and 2024		77
Consolidated Statements of Operations for the Years Ended December 31, 2024, 2023 and 2022		85
Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023		78
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022		85
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023		78
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022		86
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023		79
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2024, 2023 and 2022		87
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2025, 2024 and 2023		80
Notes to Consolidated Financial Statements		8881

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of Waste Management, Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Waste Management, Inc.’s internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Waste Management, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, ~~2024~~2025, based on the COSO criteria.

AsWe ~~indicated~~also inhave ~~the accompanying Management’s Report on Internal Control Over Financial Reporting~~audited, ~~management’s~~in ~~assessment~~accordance ofwith ~~and conclusion on~~ the ~~effectiveness~~standards of ~~internal~~the ~~control~~Public ~~over~~Company ~~financial~~Accounting ~~reporting~~Oversight ~~did~~Board ~~not~~(United ~~include~~States) ~~the internal controls of Stericycle~~(PCAOB), ~~Inc., which is included in~~ the ~~2024~~2025 consolidated financial statements of the Company ~~and constituted approximately 13.0% of total assets~~, ~~excluding goodwill, as of December 31, 2024~~ and ~~approximately~~our ~~1.8%~~report ofdated ~~consolidated operating revenues~~February 9, 2026 ~~for~~expressed ~~the year then ended. Our audit of internal control over financial reporting of the Company also did not include~~ an ~~evaluation~~unqualified ofopinion ~~the internal control over financial reporting of Stericycle, Inc~~thereon.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the 2024 consolidated financial statements of the Company, and our report dated February 19, 2025 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.


	/s/ ERNST & YOUNG LLP
Houston, TexasFebruary 19, 2025
Houston, TexasFebruary 9, 2026

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of Waste Management, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Waste Management, Inc. (the Company) as of December 31, ~~2024~~2025 and ~~2023~~2024, the related consolidated statements of operations, comprehensive income, cash flows and changes in equity for each of the three years in the period ended December 31, ~~2024~~2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2024~~2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 199, ~~2025~~2026 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

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	Landfill Depletion Expense
Description of the Matter	At December 31, ~~2024~~2025, the Company’s landfill assets, net of accumulated depletion, totaled $8.02 billion and the associated depletion expense for ~~2024~~2025 was $~~795~~898 million. As discussed in Note 2 of the consolidated financial statements, the Company updates the estimates used to calculate individual landfill depletion rates at least annually, or more often if significant facts change. Landfill depletion rates are used in the computation of landfill depletion expense.Auditing landfill depletion rates and related depletion expense is complex due to the highly judgmental nature of assumptions used in estimating the rates. Significant assumptions used in the calculation of the rates include: estimated future development costs associated with the construction and retirement of the landfill, estimated remaining permitted and expansion airspace, and airspace utilization factors.
How We Addressed the Matter in Our Audit	We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s controls over determining landfill depletion rates and calculating depletion expense. Our audit procedures included, among others, testing controls over: the Company’s process for evaluating and updating the significant assumptions used in the development of the landfill depletion rates, management’s review of those significant assumptions, and the mathematical accuracy of the calculation and recording of depletion expense. To test the landfill ~~asset~~ depletion rates, our audit procedures included, among others, assessing methodologies used by the Company and testing the significant assumptions discussed above, inclusive of the underlying data used by the Company in its development of these assumptions. We compared the significant assumptions used by management to historical trends and, when available, to ~~comparable~~comparably ~~size~~sized landfills accepting a similar type of waste. Regarding expansion airspace, we evaluated the Company’s criteria for inclusion of unpermitted expansions in remaining airspace and the application of that criteria to relevant facts. In addition, we considered the professional qualifications and objectivity of management’s internal engineers responsible for developing the assumptions. We involved EY engineering specialists to assist with the evaluation of the Company’s landfill future development cost and airspace assumptions. We also tested the completeness and accuracy of the historical data utilized in the development of the landfill depletion rates.

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	Landfill – Final Capping, Closure and Post-Closure Costs
Description of the Matter	At December 31, ~~2024~~2025, the ~~carrying value of the~~ Company’s landfill asset retirement obligations related to final capping, closure and post-closure costs totaled $3.13 billion. As discussed in Note 2 of the consolidated financial statements, the Company updates the estimates used to measure the asset retirement obligations annually, or more often if significant facts change.Auditing the landfill asset retirement obligation is complex due to the highly judgmental nature of the assumptions used in the measurement process. Significant assumptions include: estimated future costs associated with the capping, closure and post -closure activities at each ~~specific~~ landfill, airspace consumed to date in relation to total estimated permitted and expansion airspace and the projected remaining landfill life.

How We Addressed the Matter in Our Audit	We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s controls over the calculation of landfill asset retirement obligations. Our audit procedures included, among others, testing the Company’s controls over the landfill asset retirement obligation estimation process and management’s review of the significant assumptions used in the estimation of the liability, including the amount and timing of retirement costs.To test the landfill asset retirement obligation ~~valuation~~, we performed audit procedures that included, among others, assessing methodologies used by the Company, testing the completeness of activities included in the estimate (e.g., gas monitoring and extraction), and testing the significant assumptions discussed above, inclusive of the underlying data used by the Company in its development of these assumptions. We compared the significant assumptions used by management to historical trends and, when available, to ~~comparable~~comparably ~~size~~sized landfills accepting the same type of waste. In addition, we considered the professional qualifications and objectivity of management’s internal engineers responsible for developing the assumptions. We involved EY engineering specialists to assist us ~~with~~in ~~these~~evaluating ~~procedures. Specifically, we utilized~~ the ~~EY engineering specialists to evaluate the~~ reasons for significant changes in assumptions from the historical trend, and todetermining ~~determine~~ whether the change from the historical trend was appropriate and identified timely. We also tested the completeness and accuracy of the historical data utilized in preparing the estimate.
	Goodwill Impairment Assessment - Healthcare Solutions Segment
	Acquisition of Stericycle, Inc. – Valuation of Customer Relationships
Description of the Matter	At December 31, 2025, the Company’s goodwill related to the Healthcare Solutions segment totaled $3.8 billion. As discussed in Note 2 and Note 5 of the consolidated financial statements, goodwill is tested for impairment at least annually on October 1 at the reporting unit level, or more frequently if impairment indicators arise. The assessment of goodwill for impairment requires a comparison of the fair value of the reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit is less than its carrying amount, an impairment loss would be recognized. Auditing the Company’s annual goodwill impairment test for one Healthcare Solutions reporting unit was complex due to the significant estimation uncertainty in determining the fair value of the reporting unit. The significant estimation uncertainty was primarily due to the sensitivity of the fair value to underlying assumptions used in the income approach, including EBITDA margin and discount rate. These significant assumptions could be impacted by future economic and market conditions.
Description of the Matter	As described in Note 17 to the consolidated financial statements, during the year ended December 31, 2024, the Company completed the acquisition of Stericycle, Inc. (“Stericycle”) for purchase consideration of approximately $6.9 billion, of which $2.3 billion was allocated to customer relationships. The transaction was accounted for as a business combination.Auditing the Company's accounting for its acquisition of Stericycle was complex due to the significant estimation uncertainty in determining the fair value of certain customer relationships included within Other intangible assets. The Company valued the customer relationships using an income approach; specifically, the multi-period excess earnings model. The significant estimation uncertainty was primarily due to the sensitivity of the fair value to underlying assumptions, including projected revenue, attrition rate, EBITDA margin, and discount rate. These significant assumptions are forward-looking and could be affected by future economic and market conditions.
How We Addressed the Matter in Our Audit	We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s controls over the goodwill impairment process. We tested management’s review controls over the significant assumptions described above.

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How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s controls over the purchase price allocation process. We tested management’s review controls over the significant assumptions described above along with the completeness and accuracy of the data used in the fair value estimates.To test the estimated fair value of the ~~customer~~Healthcare ~~relationships~~Solutions reporting unit, our audit procedures included, among others, evaluating the Company's selection of the valuation methodology, evaluating the significant assumptions described above used to develop the prospective financial information and testing the completeness and accuracy of the underlying data supporting the significant assumptions. We involved our valuation specialists to assist with evaluating the methodology and significant assumptions used by ~~the~~ management to determine the fair value ~~estimates~~estimate. We compared the significant assumptions ~~to current industry, market and economic trends, the assumptions~~ used by the Company to ~~value~~relevant ~~similar~~industry ~~assets in other acquisitions~~reports, ~~as well as~~ historical operating results ~~of the Company's business~~ and other guideline companies within the same industry. We also performed a sensitivity ~~analysis~~analyses of the significant assumptions to evaluate the ~~change~~changes in the ~~estimated~~ fair value of the ~~customer~~reporting ~~relationships~~unit ~~resulting~~that would result from changes in the assumptions.


	/s/ ERNST & YOUNG LLP

We have served as the Company’s auditor since 2002.

Houston, TexasFebruary 19, 2025
Houston, TexasFebruary 9, 2026

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WASTE MANAGEMENT, INC.

CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share and Par Value Amounts)


	December 31,
	~~2024~~2025		~~2023~~2024
ASSETS
Current assets:
Cash and cash equivalents	$	~~414~~201	$	~~458~~414
Accounts receivable, net of allowance for doubtful accounts of $165 and $30, respectively		3,272		2,633
Accounts receivable, net of allowance for doubtful accounts of $87 and $165, respectively		3,435		3,272
Other receivables, net of allowance for doubtful accounts of $4 and $4, respectively		415		237
Other receivables, net of allowance for doubtful accounts of $3 and $4, respectively		620		415
Parts and supplies		~~206~~225		~~173~~206
Other current assets		~~467~~429		~~303~~467
Total current assets		4,~~774~~910		34,~~804~~774
Property and equipment, net of accumulated depreciation and depletion of $23,777 and $22,826, respectively		19,340		16,968
Property and equipment, net of accumulated depreciation and depletion of $25,096 and $23,777, respectively		20,378		19,340
Goodwill		13,~~438~~880		913,~~254~~438
Other intangible assets, net		43,~~188~~767		~~759~~4,188
Restricted funds		~~413~~513		~~422~~413
Investments in unconsolidated entities		~~846~~779		~~606~~846
Other long-term assets		1,~~568~~608		1,~~010~~568
Total assets	$	4445,~~567~~835	$	3244,~~823~~567
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	21,~~046~~867	$	12,~~709~~046
Accrued liabilities		2,~~180~~211		12,~~605~~180
Deferred revenues		~~673~~735		~~578~~673
Current portion of long-term debt		~~1,359~~711		~~334~~1,359
Total current liabilities		65,~~258~~524		46,~~226~~258
Long-term debt, less current portion		22,~~541~~196		1522,~~895~~541
Deferred income taxes		23,~~815~~160		12,~~826~~815
Landfill and environmental remediation liabilities		3,~~048~~278		23,~~888~~048
Other long-term liabilities		1,~~651~~686		1,~~092~~651
Total liabilities		3635,~~313~~844		2536,~~927~~313
Commitments and contingencies (Note 10)
Equity:
Waste Management, Inc. stockholders’ equity:
Common stock, $0.01 par value; 1,500,000,000 shares authorized; 630,282,461 shares issued		6		6
Additional paid-in capital		5,~~496~~676		5,~~351~~496
Retained earnings		1517,~~858~~232		1415,~~334~~858
Accumulated other comprehensive income (loss)		(~~115~~10)		(37115)
Treasury stock at cost 228,788,284 and 228,827,218 shares, respectively		(12,993)		(12,751)
Treasury stock at cost 227,340,757 and 228,788,284 shares, respectively		(12,914)		(12,993)
Total Waste Management, Inc. stockholders’ equity		89,~~252~~990		68,~~903~~252
Noncontrolling interests		21		~~(7)~~2
Total equity		89,~~254~~991		68,~~896~~254
Total liabilities and equity	$	4445,~~567~~835	$	3244,~~823~~567

See Notes to Consolidated Financial Statements.

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WASTE MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except per Share Amounts)


	Year Ended December 31,
	~~2024~~2025		~~2023~~2024		~~2022~~2023
Operating revenues	$	2225,~~063~~204	$	2022,~~426~~063	$	1920,~~698~~426
Costs and expenses:
Operating		1315,~~383~~012		1213,~~606~~383		12,~~294~~606
Selling, general and administrative		2,~~264~~722		12,~~926~~264		1,~~938~~926
Depreciation, depletion and amortization		2,~~267~~863		2,~~071~~267		2,~~038~~071
Restructuring		451		54		15
(Gain) loss from divestitures, asset impairments and unusual items, net		82248		~~243~~82		62243
		1820,~~000~~896		1618,~~851~~000		16,~~333~~851
Income from operations		4,~~063~~308		34,~~575~~063		3,~~365~~575
Other income (expense):
Interest expense, net		(~~598~~912)		(~~500~~598)		(~~378~~500)
Loss on early extinguishment of debt, net		(7)		—		—
Equity in net income (loss) of unconsolidated entities		10		4		(60)
Equity in net income (losses) of unconsolidated entities		4		(60)		(67)
Other, net		20		(11)		6
Other, net		(4)		6		(2)
		(882)		(605)		(554)
		(605)		(554)		(447)
Income before income taxes		3,426		3,458		3,021
Income before income taxes		3,458		3,021		2,918
Income tax expense		717		713		745
Income tax expense		713		745		678
Consolidated net income		2,709		2,745		2,276
Consolidated net income		2,745		2,276		2,240
Less: Net income (loss) attributable to noncontrolling interests		1		(1)		(28)
Less: Net income (loss) attributable to noncontrolling interests		(1)		(28)		2
Net income attributable to Waste Management, Inc.	$	2,708	$	2,746	$	2,304
Net income attributable to Waste Management, Inc.	$	2,746	$	2,304	$	2,238
Basic earnings per common share	$	6.72	$	6.84	$	5.69
Basic earnings per common share	$	6.84	$	5.69	$	5.42
Diluted earnings per common share	$	6.70	$	6.81	$	5.66
Diluted earnings per common share	$	6.81	$	5.66	$	5.39

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions)


	Year Ended December 31,
	~~2024~~2025		~~2023~~2024		~~2022~~2023
Consolidated net income	$	2,~~745~~709	$	2,~~276~~745	$	2,~~240~~276
Other comprehensive income (loss), net of tax:
Derivative instruments, net		27(9)		1427		314
Available-for-sale securities, net		714		~~(11)~~7		(2411)
Foreign currency translation adjustments		~~(111)~~98		26(111)		~~(65)~~26
Post-retirement benefit obligations, net		~~(1)~~2		3(1)		—3
Other comprehensive income (loss), net of tax		~~(78)~~105		32(78)		~~(86)~~32
Comprehensive income		2,~~667~~814		2,~~308~~667		2,~~154~~308
Less: Comprehensive income (loss) attributable to noncontrolling interests		(1)		(281)		2(28)
Comprehensive income attributable to Waste Management, Inc.	$	2,~~668~~813	$	2,~~336~~668	$	2,~~152~~336

See Notes to Consolidated Financial Statements.

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WASTE MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)


	Year Ended December 31,
	~~2024~~2025		~~2023~~2024		~~2022~~2023
Cash flows from operating activities:
Consolidated net income	$	2,~~745~~709	$	2,~~276~~745	$	2,~~240~~276
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation, depletion and amortization		2,~~267~~863		2,~~071~~267		2,~~038~~071
Deferred income tax expense (benefit)		~~124~~363		83124		4983
Interest accretion on landfill and environmental remediation liabilities		~~133~~142		~~130~~133		~~112~~130
Provision for bad debts		5193		5651		5056
Equity-based compensation expense		~~118~~169		93118		8493
Net gain on disposal of assets		(~~102~~21)		(42102)		(2142)
Goodwill impairment		—		168		—
(Gain) loss from divestitures, asset impairments and other, net		248		82		243
(Gain) loss from divestitures, asset impairments (other than goodwill) and other, net		82		75		62
Equity in net (income) loss of unconsolidated entities, net of dividends		(10)		(4)		60
Equity in net (income) losses of unconsolidated entities, net of dividends		(4)		60		67
Loss on early extinguishment of debt, net		7		—		—
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables		(~~313~~511)		(~~161~~313)		(~~329~~161)
Other current assets		33(49)		~~(2)~~40		(352)
Other assets		~~181~~225		61181		4261
Accounts payable and accrued liabilities		~~281~~41		90281		~~393~~90
Deferred revenues and other liabilities		(~~213~~219)		(~~239~~213)		(~~216~~239)
Net cash provided by operating activities		56,~~390~~043		45,~~719~~390		4,~~536~~719
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired		(~~7,488~~395)		(~~170~~7,488)		(~~377~~170)
Capital expenditures		(3,~~231~~227)		(23,~~895~~231)		(2,~~587~~895)
Proceeds from divestitures of businesses and other assets, net of cash divested		~~158~~121		78158		2778
Other, net		(4065)		(~~104~~40)		(~~126~~104)
Net cash used in investing activities		(103,~~601~~566)		(310,~~091~~601)		(3,~~063~~091)
Cash flows from financing activities:
New borrowings		2420,~~578~~414		2124,~~306~~578		821,~~688~~306
Debt repayments		(1721,~~870~~747)		(2017,~~394~~870)		(720,~~328~~394)
Common stock repurchase program		~~(262)~~—		(~~1,302~~262)		(1,~~500~~302)
Cash dividends		(1,~~210~~334)		(1,~~136~~210)		(1,~~077~~136)
Exercise of common stock options		5361		4453		44
Tax payments associated with equity-based compensation transactions		(5251)		(3152)		(3931)
Other, net		(8216)		(1182)		(411)
Net cash provided by (used in) financing activities		5(2,~~155~~673)		(15,~~524)~~155		(1,~~216~~524)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents		~~(9)~~6		3(9)		~~(6)~~3
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents		(65190)		~~107~~(65)		~~251~~107
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period		~~552~~487		~~445~~552		~~194~~445
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$	~~487~~297	$	~~552~~487	$	~~445~~552

Reconciliation of cash, cash equivalents and restricted cash and cash equivalents at end of period:
Cash and cash equivalents	$	~~414~~201	$	~~458~~414	$	~~351~~458
Restricted cash and cash equivalents included in other current assets		826		108		2510
Restricted cash and cash equivalents included in restricted funds		6570		8465		6984
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$	~~487~~297	$	~~552~~487	$	~~445~~552

See Notes to Consolidated Financial Statements.

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WASTE MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In Millions, Except Shares in Thousands)


			Waste Management, Inc. Stockholders’ Equity
										Accumulated
						Additional				Other
			Common Stock			Paid-In		Retained		Comprehensive		Treasury Stock			Noncontrolling
	Total		Shares	Amounts		Capital		Earnings		(Loss) Income		Shares	Amounts		Interests
Balance, December 31, 2021	$	7,126	630,282	$	6	$	5,169	$	12,004	$	17	(214,159)	$	(10,072)	$	2
Consolidated net income		2,240	—		—		—		2,238		—	—		—		2
Other comprehensive income (loss), net of tax		(86)	—		—		—		—		(86)	—		—		—
Cash dividends declared of $2.60 per common share		(1,077)	—		—		—		(1,077)		—	—		—		—
Equity-based compensation transactions, net		150	—		—		75		2		—	1,555		73		—
Common stock repurchase program		(1,500)	—		—		70		—		—	(9,796)		(1,570)		—
Acquisitions and other, net		11	—		—		—		—		—	4		—		11
Balance, December 31, 2022	$	6,864	630,282	$	6	$	5,314	$	13,167	$	(69)	(222,396)	$	(11,569)	$	15
Consolidated net income		2,276	—		—		—		2,304		—	—		—		(28)
Other comprehensive income (loss), net of tax		32	—		—		—		—		32	—		—		—
Cash dividends declared of $2.80 per common share		(1,136)	—		—		—		(1,136)		—	—		—		—
Equity-based compensation transactions, net		169	—		—		97		(1)		—	1,406		73		—
Common stock repurchase program		(1,315)	—		—		(60)		—		—	(7,840)		(1,255)		—
Other, net		6	—		—		—		—		—	3		—		6
Balance, December 31, 2023	$	6,896	630,282	$	6	$	5,351	$	14,334	$	(37)	(228,827)	$	(12,751)	$	(7)
Adoption of new accounting standard		(12)	—		—		—		(12)		—	—		—		—
Consolidated net income		2,745	—		—		—		2,746		—	—		—		(1)
Other comprehensive income (loss), net of tax		(78)	—		—		—		—		(78)	—		—		—
Cash dividends declared of $3.00 per common share		(1,210)	—		—		—		(1,210)		—	—		—		—
Equity-based compensation transactions, net		187	—		—		104		—		—	1,530		83		—
Common stock repurchase program		(265)	—		—		60		—		—	(1,494)		(325)		—
Other, net		(9)	—		—		(19)		—		—	3		—		10
Balance, December 31, 2024	$	8,254	630,282	$	6	$	5,496	$	15,858	$	(115)	(228,788)	$	(12,993)	$	2
Consolidated net income		2,709	—		—		—		2,708		—	—		—		1
Other comprehensive income (loss), net of tax		105	—		—		—		—		105	—		—		—
Cash dividends declared of $3.30 per common share		(1,334)	—		—		—		(1,334)		—	—		—		—
Equity-based compensation transactions, net		259	—		—		180		—		—	1,445		79		—
Other, net		(2)	—		—		—		—		—	2		—		(2)
Balance, December 31, 2025	$	9,991	630,282	$	6	$	5,676	$	17,232	$	(10)	(227,341)	$	(12,914)	$	1

See Notes to Consolidated Financial Statements.

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WASTE MANAGEMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023

1. Basis of Presentation

The financial statements presented in this report represent the consolidation of Waste Management, Inc., a Delaware corporation; its wholly-owned and majority-owned subsidiaries; and certain variable interest entities for which Waste Management, Inc. or its subsidiaries are the primary beneficiaries as described in Note 18. Waste Management, Inc. is a holding company and all operations are conducted by its subsidiaries. When the terms “the Company,” “we,” “us” or “our” are used in this document, those terms refer to Waste Management, Inc., together with its consolidated subsidiaries and consolidated variable interest entities. When we use the term “WMI,” we are referring only to Waste Management, Inc., the parent holding company.

We are North America’s leading provider of comprehensive environmental solutions, providing services throughout the United States (“U.S.”) and Canada. We partner with our customers and the communities we serve to manage and reduce waste at each stage from collection to disposal, while recovering valuable resources and creating clean, renewable energy. Our solid waste business is operated and managed locally by our subsidiaries that focus on distinct geographic areas and provide collection, transfer, disposal, recycling and resource recovery services. Through our ~~subsidiaries, including our~~ Waste Management Renewable Energy (“WM Renewable Energy”) segment, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas (“RNG”), which is a significant source of fuel that we allocate to our natural gas fleet. Following our 2024 acquisition of Stericycle, Inc. (“Stericycle”), our Healthcare Solutions segment provides regulated waste and compliance services (“RWCS”) and secure information destruction (“SID”) services in the U.S., Canada and Western Europe that protect people and brands, promote health and well-being and safeguard the environment. Additionally, through our Recycling Processing and Sales segment, we are a leading recycler in the U.S. and Canada, handling materials that include paper, cardboard, glass, plastic and metal.

OnOur ~~November~~senior 4,management ~~2024~~evaluates, weoversees ~~completed~~and ~~our~~manages ~~acquisition~~the financial performance of ~~all~~our ~~outstanding~~business ~~shares~~through offive ~~Stericycle~~reportable segments, ~~Inc.~~referred to as (i) Collection and Disposal - East Tier (“~~Stericycle~~East Tier”),; ~~the~~(ii) Collection ~~operations~~and ofDisposal - West ~~which~~Tier ~~are~~(“West ~~presented~~Tier”); in(iii) Recycling ~~this~~Processing ~~report~~and asSales; ~~our~~(iv) Renewable ~~new~~Energy WMand (v) Healthcare Solutions ~~segment~~. ~~The~~Our ~~acquisition~~East ~~expands~~and ~~our~~West ~~offerings~~Tiers, inalong ~~the~~with ~~U.S.~~certain ~~and~~ancillary ~~Canada~~services ~~and~~(“Other ~~adds~~Ancillary”) ~~operations~~that inare ~~parts~~not ofmanaged ~~Western~~through ~~Europe.~~our ~~These~~Tier ~~businesses~~segments ~~provide~~but ~~Regulated~~that ~~Waste~~support our collection and ~~Compliance~~disposal ~~Services~~operations, (form our “~~RWCS”)~~Collection and ~~Secure~~Disposal” ~~Information~~businesses. ~~Destruction~~We ~~(“SID”)~~also provide additional services ~~that~~not ~~protect~~managed ~~people~~through ~~and~~our ~~brands,~~five ~~promote~~reportable ~~health~~segments, ~~and~~which ~~well-being~~are ~~and~~presented ~~safeguard~~as ~~the~~Corporate ~~environment~~and Other. Refer to Note 1719 for further discussion.

Our senior management evaluates, oversees and manages the financial performance of our business through five reportable segments, referred to as (i) Collection and Disposal - East Tier (“East Tier”); (ii) Collection and Disposal - West Tier (“West Tier”); (iii) Recycling Processing and Sales; (iv) WM Renewable Energy and (v) WM Healthcare Solutions. Our East and West Tiers along with certain ancillary services (“Other Ancillary”) that are not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” businesses. We also provide additional services not managed through our five reportable segments, which are presented as Corporate and Other. Refer to Note 19 for further discussion.

Reclassifications

When necessary, reclassifications have been made to our prior period financial information to conform to the current year presentation and are not material to our consolidated financial statements.

2. Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying Consolidated Financial Statements include the accounts of WMI, its wholly-owned and majority-owned subsidiaries and certain variable interest entities for which we have determined that we are the primary beneficiary. In the opinion of management, these Consolidated Financial Statements include all adjustments, which, unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows, and changes in equity for the periods presented. All material intercompany balances and transactions have been eliminated. Investments in unconsolidated entities are accounted for under the appropriate method of accounting.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

balances and transactions have been eliminated. Investments in unconsolidated entities are accounted for under the appropriate method of 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. Each of these items is discussed in additional detail below. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements.

Cash and Cash Equivalents

Cash in excess of current operating requirements is invested in short-term interest-bearing instruments with maturities of three months or less at the date of purchase and is stated at cost, which approximates market value.

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments held within restricted funds, and accounts ~~receivable~~and other receivables. We make efforts to control our exposure to credit risk associated with these instruments by (i) placing our assets and other financial interests with a diverse group of credit-worthy financial institutions; (ii) holding high-quality financial instruments while limiting investments in any one instrument and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures, although generally we do not have collateral requirements for credit extensions. We also control our exposure associated with trade receivables by discontinuing service, to the extent allowable, to non-paying customers. However, our overall credit risk associated with trade receivables is limited due to the large number and diversity of customers we serve. As of December 31, ~~2024~~2025 and ~~2023~~2024, no single customer represented greater than 5% of total accounts receivable.

Accounts and Other Receivables

Our receivables, which are recorded when billed, when services are performed or when cash is advanced, are claims against third parties that will generally be settled in cash. The carrying value of our receivables, net of the allowance for doubtful accounts, represents the estimated net realizable value. We estimate our allowance for doubtful accounts based on historical collection trends; type of customer, such as municipal or commercial; the age of outstanding receivables ~~and existing~~ as well as existing and expected economic conditions. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due receivable balances are written off when our collection efforts have been unsuccessful. Also, we recognize interest income on long-term interest-bearing notes receivable as the interest accrues under the terms of the notes. We no longer accrue interest once the notes are deemed uncollectible.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table reflects the activity in our allowance for doubtful accounts of trade receivables for the year ended December 31 (in millions):


	~~2024~~2025		~~2023~~2024
Balance as of January 1	$	30165	$	2630
Additions charged to expense		6585		5365
Accounts written-off, net of recoveries		(55171)		(5855)
Acquisitions, divestitures and other, net		~~125~~8		9125
Balance as of December 31	$	~~165~~87	$	30165

To determine the allowance for doubtful accounts for trade receivables, we rely upon, among other factors, historical payment and loss trends, the age of outstanding receivables, ~~and existing~~ as well as existing and expected economic conditions,. ~~and~~We we believe that ~~all~~trade ofreceivables across our ~~trade~~Collection ~~receivables~~and Disposal, Recycling Processing and Sales, and Renewable Energy segments share similar risk characteristics. We monitor our credit exposure on an ongoing basis and assess whether ~~assets~~trade inreceivables ~~the pool~~ continue to display similar risk characteristics. Our acquisition of Stericycle introduced a new mix of customers which we believe generally share similar risk characteristics with our existing trade receivables; however, Stericycle has and continues to encounter certain billing and collection delays. The Company determined that a portion of the acquired Stericycle receivables have experienced more-than-insignificant deterioration in credit quality since origination, as of the acquisition date. As a result, a gross allowance for doubtful accounts of trade receivables was recognized in the amount of $130 million as of the acquisition date of November 4, 2024. Based on aging analysis as of December 31, 2024 and 2023, approximately 85% and 90%, respectively, of our trade receivables were outstanding less than 60 days.

ToGenerally, ~~determine~~ the ~~allowance~~risk ~~for~~characteristics ~~doubtful~~of ~~accounts~~Healthcare ~~for~~Solutions ~~other~~customers ~~receivables,~~are assimilar ~~well~~to ascustomers ~~loans~~of ~~and~~our other ~~instruments~~business segments, wethough ~~rely~~complexities ~~primarily~~within onthe ~~credit~~customer ~~ratings~~engagement systems and ~~associated~~processes ~~default~~of ~~rates~~the ~~based~~acquired onbusiness ~~the~~have ~~maturity~~caused ofbilling ~~the~~and ~~instrument~~collection delays. ~~Other~~As ~~receivables,~~of as<

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