0001628280-26-067830 | 10-Q | XBRL Viewer

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities:
Consolidated net income	$ 2,329	$ 1,967
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	2,304	2,199
Deferred income tax expense (benefit)	196	241
Provision for bad debts	96	61
Equity-based compensation expense	139	135
Net gain on disposal of assets	(8)	(14)
(Gain) loss from divestitures, asset impairments and other, net	2	239
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Receivables	(389)	(453)
Other current assets	(7)	(75)
Other assets	203	165
Accounts payable and accrued liabilities	194	35
Deferred revenues and other liabilities	(192)	(155)
Net cash provided by operating activities	4,867	4,345
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(89)	(395)
Capital expenditures	(1,937)	(2,339)
Proceeds from divestitures of businesses and other assets, net of cash divested	79	108
Other, net	(112)	(73)
Net cash used in investing activities	(2,059)	(2,699)
Cash flows from financing activities:
New borrowings	18,644	14,956
Debt repayments	(18,668)	(15,772)
Common stock repurchase program	(1,583)	0
Cash dividends	(1,141)	(1,001)
Exercise of common stock options	41	54
Tax payments associated with equity-based compensation transactions	(40)	(50)
Other, net	(19)	(17)
Net cash used in financing activities	(2,766)	(1,830)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	(7)	5
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	35	(179)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	297	487
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 332	$ 308

Basis of Presentation (Details) $ in Millions	9 Months Ended
Basis of Presentation (Details) $ in Millions	Sep. 30, 2026 USD ($) segment	Dec. 31, 2025 USD ($)
Capitalized Costs
Number of reportable segments \| segment	5
Deferred contract costs	$ 246	$ 237
Deferred sales incentives	$ 193	$ 177
Minimum
Capitalized Costs
Deferred revenue recognition period	1 month
Contract amortization period	5 years
Maximum
Capitalized Costs
Deferred revenue recognition period	3 months
Contract amortization period	16 years

Common Stock Repurchase Program	9 Months Ended
Common Stock Repurchase Program	Sep. 30, 2026
Equity [Abstract]
Common Stock Repurchase Program	Common Stock Repurchase Program The Company repurchases shares of its common stock as part of capital allocation programs authorized by our Board of Directors. Repurchases during the nine months ended September 30, 2026 were made under the $3.0 billion Board of Directors authorization announced in December 2025. In July 2026, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $350 million of our common stock. At the beginning of the repurchase period, we delivered $350 million cash and initially received 1.2 million shares based on a stock price of $226.33, exclusive of the applicable 1% excise tax. The ASR agreement was terminated in September 2026, at which time we received 0.4 million additional shares based on a final weighted average price of $217.10, exclusive of the applicable 1% excise tax. During the three months ended September 30, 2026, we repurchased 1.0 million shares of our common stock in open market transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) for $222 million, inclusive of per-share commissions and taxes, for a weighted average price per share of $231.98. During the nine months ended September 30, 2026, we repurchased 5.5 million shares of our common stock in open market transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act for $1.2 billion, inclusive of per-share commissions and taxes, for a weighted average price per share of $228.61. As of September 30, 2026, the Company has remaining authorization for $1.4 billion of future share repurchases. Any future share repurchases pursuant to this authorization of our Board of Directors will be made at the discretion of management and will depend on factors similar to those considered by the Board of Directors in making dividend declarations, including our leverage level, net earnings, financial condition and cash required for future business plans, growth and acquisitions.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 85	$ 87
Allowance for other receivables	3	3
Accumulated depreciation and depletion	$ 25,838	$ 25,096
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	630,282,461	630,282,461
Treasury stock (in shares)	232,564,661	227,340,757

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

Debt and Derivatives - Schedule of Debt (Details) $ in Millions, $ in Millions	Sep. 30, 2026 USD ($)	Sep. 30, 2026 CAD ($)	Jul. 31, 2026 CAD ($)	Jun. 30, 2026	Dec. 31, 2025 USD ($)
Debt
Weighted average interest rate, finance leases	4.91%	4.91%			4.83%
Financing leases and other, maturing through 2075 (weighted average interest rate of 4.91% as of September 30, 2026 and 4.83% as of December 31, 2025)	$ 1,630				$ 1,284
Debt issuance costs, discounts and other	(147)				(156)
Long-term debt and finance leases	23,370				22,907
Current portion of long-term debt	1,524				711
Long-term debt, less current portion	$ 21,846				$ 22,196
$3.5 Billion Revolving Credit Facility \| Commercial Paper
Debt
Weighted average interest rate	4.01%	4.01%			4.05%
Long-term debt	$ 1,250				$ 1,090
Senior Notes Due 2054 \| Senior Notes
Debt
Weighted average interest rate	4.23%	4.23%			4.28%
Long-term debt	$ 17,218				$ 17,498
Senior Notes Due 2054 \| Minimum \| Senior Notes
Debt
Interest rate (as a percent)	1.15%	1.15%
Senior Notes Due 2054 \| Maximum \| Senior Notes
Debt
Interest rate (as a percent)	7.75%	7.75%
Canadian Senior Notes Due 2026 \| Senior Notes
Debt
Interest rate (as a percent)			2.60%
Long-term debt	$ 0		$ 500		364
Canadian Senior Notes Due 2033 \| Senior Notes
Debt
Interest rate (as a percent)	3.944%	3.944%		3.944%
Long-term debt	$ 492	$ 700			$ 0
Tax Exempt Bonds Due 2055 \| Bonds
Debt
Weighted average interest rate	3.25%	3.25%			3.41%
Long-term debt	$ 2,927				$ 2,827
Tax Exempt Bonds Due 2055 \| Minimum \| Bonds
Debt
Interest rate (as a percent)	0.95%	0.95%
Tax Exempt Bonds Due 2055 \| Maximum \| Bonds
Debt
Interest rate (as a percent)	4.60%	4.60%

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2026

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

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


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

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests
Balance, December 31, 2025 at Dec. 31, 2024	$ 8,254	$ 6	$ 5,496	$ 15,858	$ (115)	$ (12,993)	$ 2
Beginning balance, common shares (in shares) at Dec. 31, 2024		630,282,000
Beginning balance, treasury shares (in shares) at Dec. 31, 2024						(228,788,000)
Equity roll forward
Consolidated net income	1,967			1,966			1
Other comprehensive income (loss), net of tax	84				84
Cash dividends declared	(1,001)			(1,001)
Equity-based compensation transactions, net	218		144			$ 74
Equity-based compensation transactions, net (in shares)						1,365,000
Other, net	(2)						(2)
Other, net, (in shares)						2,000
Balance, September 30, 2026 at Sep. 30, 2025	$ 9,520	$ 6	5,640	16,823	(31)	$ (12,919)	1
Ending balance, common shares (in shares) at Sep. 30, 2025	402,900,000	630,282,000
Ending balance, treasury shares (in shares) at Sep. 30, 2025						(227,421,000)
Balance, December 31, 2025 at Jun. 30, 2025	$ 9,202	$ 6	5,566	16,553	9	$ (12,933)	1
Beginning balance, common shares (in shares) at Jun. 30, 2025		630,282,000
Beginning balance, treasury shares (in shares) at Jun. 30, 2025						(227,680,000)
Equity roll forward
Consolidated net income	603			603
Other comprehensive income (loss), net of tax	(40)				(40)
Cash dividends declared	(332)			(332)
Equity-based compensation transactions, net	87		74	(1)		$ 14
Equity-based compensation transactions, net (in shares)						258,000
Other, net, (in shares)						1,000
Balance, September 30, 2026 at Sep. 30, 2025	$ 9,520	$ 6	5,640	16,823	(31)	$ (12,919)	1
Ending balance, common shares (in shares) at Sep. 30, 2025	402,900,000	630,282,000
Ending balance, treasury shares (in shares) at Sep. 30, 2025						(227,421,000)
Balance, December 31, 2025 at Dec. 31, 2025	$ 9,991	$ 6	5,676	17,232	(10)	$ (12,914)	1
Beginning balance, common shares (in shares) at Dec. 31, 2025		630,282,000
Beginning balance, treasury shares (in shares) at Dec. 31, 2025	(227,340,757)					(227,341,000)
Equity roll forward
Consolidated net income	$ 2,329			2,328			1
Other comprehensive income (loss), net of tax	(80)				(80)
Cash dividends declared	(1,141)			(1,141)
Equity-based compensation transactions, net	226		156			$ 70
Equity-based compensation transactions, net (in shares)						1,207,000
Common stock repurchase program	(1,600)					$ (1,600)
Common stock repurchase program, (in shares)						(7,065,000)
Acquisitions			107			$ 37
Acquisitions (in shares)						632,000
Other, net	(1)						(1)
Other, net, (in shares)						2,000
Balance, September 30, 2026 at Sep. 30, 2026	$ 9,868	$ 6	5,939	18,419	(90)	$ (14,407)	1
Ending balance, common shares (in shares) at Sep. 30, 2026	397,700,000	630,282,000
Ending balance, treasury shares (in shares) at Sep. 30, 2026	(232,564,661)					(232,565,000)
Balance, December 31, 2025 at Jun. 30, 2026	$ 9,926	$ 6	5,864	17,977	(71)	$ (13,851)	1
Beginning balance, common shares (in shares) at Jun. 30, 2026		630,282,000
Beginning balance, treasury shares (in shares) at Jun. 30, 2026						(230,315,000)
Equity roll forward
Consolidated net income	820			820
Other comprehensive income (loss), net of tax	(19)				(19)
Cash dividends declared	(377)			(377)
Equity-based compensation transactions, net	93		75	(1)		$ 19
Equity-based compensation transactions, net (in shares)						317,000
Common stock repurchase program	(575)					$ (575)
Common stock repurchase program, (in shares)						(2,568,000)
Other, net	0
Other, net, (in shares)						1,000
Balance, September 30, 2026 at Sep. 30, 2026	$ 9,868	$ 6	$ 5,939	$ 18,419	$ (90)	$ (14,407)	$ 1
Ending balance, common shares (in shares) at Sep. 30, 2026	397,700,000	630,282,000
Ending balance, treasury shares (in shares) at Sep. 30, 2026	(232,564,661)					(232,565,000)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.945	$ 0.825	$ 2.835	$ 2.475

Common Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended
	Sep. 30, 2026	Jul. 31, 2026	Sep. 30, 2026	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Capital Stock, Dividends and Common Stock Repurchase Program
Authorized share repurchases	$ 1,400		$ 1,400	$ 1,400		$ 3,000
Cash paid for common stock repurchases			$ 575	1,600
Cash paid for repurchase of common stock				$ 1,583	$ 0
Accelerated Share Repurchase Agreement
Capital Stock, Dividends and Common Stock Repurchase Program
Authorized share repurchases		$ 350
Cash paid for common stock repurchases		$ 350
Shares repurchased (in shares)	0.4	1.2
Stock price (in dollars per share)	$ 217.10	$ 226.33
10b5-1 Plan
Capital Stock, Dividends and Common Stock Repurchase Program
Shares repurchased (in shares)			1.0	5.5
Stock price (in dollars per share)			$ 231.98	$ 228.61
Cash paid for repurchase of common stock			$ 222	$ 1,200

- Definition

Number of shares that have been repurchased during the period and are being held in treasury.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

Landfill and Environmental Remediation Liabilities - Schedule of Changes to Landfill and Environmental Remediation Liabilities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($)
Landfill
Beginning balance	$ 3,305
Obligations incurred and capitalized	69
Obligations settled	(114)
Interest accretion	117
Revisions in estimates	(8)
Acquisitions, divestitures and other adjustments	(3)
Ending balance	3,366
Environmental Remediation
Beginning balance	231
Obligations settled	(25)
Revisions in estimates	14
Ending balance	$ 220

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 13. 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 Renewable Energy segment, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas (“RNG”), which is a significant source of fuel that we allocate to our natural gas fleet. Our Healthcare Solutions segment provides regulated waste and compliance services and secure information destruction services in the U.S., Canada and Western Europe that protect people and brands, promote health and well-being and safeguard the environment. Additionally, through our Recycling Processing and Sales segment, we are a leading recycler in the U.S. and Canada, handling materials that include paper, cardboard, glass, plastic and metal. Our senior management evaluates, oversees and manages the financial performance of our business through five reportable segments, referred to as (i) Collection and Disposal - East Tier (“East Tier”); (ii) Collection and Disposal - West Tier (“West Tier”); (iii) Recycling Processing and Sales; (iv) Renewable Energy and (v) Healthcare Solutions. Our East and West Tiers, along with certain ancillary services (“Other Ancillary”) that are not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” business. We also provide additional services not managed through our five reportable segments, which are presented as Corporate and Other. Refer to Note 7 for further discussion. The Condensed Consolidated Financial Statements as of September 30, 2026 for the three and nine months ended September 30, 2026 and 2025 are unaudited. In the opinion of management, these financial statements include all adjustments, which, unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows and changes in equity for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The financial statements presented herein should be read in conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. In preparing our financial statements, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with precision from available data or simply cannot be calculated. In some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our financial statements, the most difficult, subjective and complex estimates and the assumptions that present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived asset impairments, intangible asset impairments and the fair value of assets and liabilities acquired in business combinations. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements.
Revenue Recognition	We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected; tons are received at our landfills, transfer stations or processing facilities; or recycling and other commodities, such as RNG, electricity and capacity, Renewable Identification Numbers (“RINs”) and Renewable Energy Credits (“RECs”), are sold. Compliance services revenues are recognized over the contractual service period. We also bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts and equipment rentals. These advanced billings are included in deferred revenues and recognized as revenue in the period service is provided. Substantially all our deferred revenues during the reported periods are realized as revenues within one to three months, when the related services are performed.
Contract Acquisition Costs	Our incremental direct costs of obtaining a contract, which consist primarily of sales incentives, are generally deferred and amortized to selling, general and administrative expense over the estimated life of the relevant customer relationship, ranging from five to 16 years. Contract acquisition costs that are paid to the customer are deferred and amortized as a reduction in revenue over the contract life. Our contract acquisition costs are classified as current or noncurrent based on the timing of when we expect to recognize amortization and are included in other assets in our Condensed Consolidated Balance Sheets.
Leases	Amounts for our operating lease right-of-use assets are recorded in other long-term assets and the current and long-term portion of our operating lease liabilities are reflected in accrued liabilities and other long-term liabilities, respectively, in our Condensed Consolidated Balance Sheets. Amounts for our financing leases are recorded in property and equipment, net of accumulated depreciation and depletion, and current or long-term debt in our Condensed Consolidated Balance Sheets, as appropriate.
Concentrations of Credit Risk	Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments held within restricted funds, and accounts and other receivables. We make efforts to control our exposure to credit risk associated with these instruments by (i) placing our assets and other financial interests with a diverse group of credit-worthy financial institutions; (ii) holding high-quality financial instruments while limiting investments in any one instrument and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures, although generally we do not have collateral requirements for credit extensions. We also control our exposure associated with trade receivables by discontinuing service, to the extent allowable, to non-paying customers. However, our overall credit risk associated with trade receivables is limited due to the large number and diversity of customers we serve.
Reclassifications	When necessary, reclassifications have been made to our prior period financial information to conform with the current year presentation, including the reclassification of interest accretion on landfill and environmental remediation liabilities from operating expenses to depreciation, depletion, amortization and accretion in our Condensed Consolidated Statements of Operations. These reclassifications are not material to our Condensed Consolidated Financial Statements.
Adoption of New Accounting Standards in 2026	Improvements to Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Account Receivable and Contract Assets” (“ASU 2025-05”), which simplifies the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification 606, Revenue from Contracts with Customers. The amendments permit entities to elect a practical expedient to assume the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast for purposes of estimating expected credit losses. The Company adopted ASU 2025-05 on a prospective basis and elected the practical expedient during the quarter ended March 31, 2026. The adoption of the amended guidance did not have a material impact on our Condensed Consolidated Financial Statements.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Statement [Abstract]
Operating revenues	$ 6,846	$ 6,443	$ 19,757	$ 18,891
Costs and expenses:
Operating	4,093	3,798	11,742	11,213
Selling, general and administrative	655	665	2,045	2,048
Depreciation, depletion, amortization and accretion	792	764	2,304	2,199
Restructuring	9	14	19	39
(Gain) loss from divestitures, asset impairments and unusual items, net	18	213	2	239
Total costs and expenses	5,567	5,454	16,112	15,738
Income from operations	1,279	989	3,645	3,153
Other income (expense):
Interest expense, net	(237)	(225)	(695)	(689)
Other, net	2	11	9	27
Total other income (expense)	(235)	(214)	(686)	(662)
Income before income taxes	1,044	775	2,959	2,491
Income tax expense	224	172	630	524
Consolidated net income	820	603	2,329	1,967
Less: Net income (loss) attributable to noncontrolling interests	0	0	1	1
Net income attributable to Waste Management, Inc.	$ 820	$ 603	$ 2,328	$ 1,966
Basic earnings per common share (in dollars per share)	$ 2.06	$ 1.50	$ 5.80	$ 4.88
Diluted earnings per common share (in dollars per share)	$ 2.05	$ 1.49	$ 5.79	$ 4.87

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2026

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)


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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2026	Sep. 30, 2025
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents at end of period:
Cash and cash equivalents	$ 247	$ 175
Restricted cash and cash equivalents included in other current assets	11	60
Restricted cash and cash equivalents included in restricted funds	74	73
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 332	$ 308

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The financial statements presented in this report represent the consolidation of Waste Management, Inc., a Delaware corporation; its wholly-owned and majority-owned subsidiaries; and certain variable interest entities for which Waste Management, Inc. or its subsidiaries are the primary beneficiaries as described in Note 13. 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 Renewable Energy segment, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas (“RNG”), which is a significant source of fuel that we allocate to our natural gas fleet. Our Healthcare Solutions segment provides regulated waste and compliance services and secure information destruction services in the U.S., Canada and Western Europe that protect people and brands, promote health and well-being and safeguard the environment. Additionally, through our Recycling Processing and Sales segment, we are a leading recycler in the U.S. and Canada, handling materials that include paper, cardboard, glass, plastic and metal. Our senior management evaluates, oversees and manages the financial performance of our business through five reportable segments, referred to as (i) Collection and Disposal - East Tier (“East Tier”); (ii) Collection and Disposal - West Tier (“West Tier”); (iii) Recycling Processing and Sales; (iv) Renewable Energy and (v) Healthcare Solutions. Our East and West Tiers, along with certain ancillary services (“Other Ancillary”) that are not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” business. We also provide additional services not managed through our five reportable segments, which are presented as Corporate and Other. Refer to Note 7 for further discussion. The Condensed Consolidated Financial Statements as of September 30, 2026 for the three and nine months ended September 30, 2026 and 2025 are unaudited. In the opinion of management, these financial statements include all adjustments, which, unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows and changes in equity for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The financial statements presented herein should be read in conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. In preparing our financial statements, we make numerous estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with precision from available data or simply cannot be calculated. In some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our financial statements, the most difficult, subjective and complex estimates and the assumptions that present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived asset impairments, intangible asset impairments and the fair value of assets and liabilities acquired in business combinations. Actual results could differ materially from the estimates and assumptions that we use in the preparation of our financial statements. Revenue Recognition We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is collected; tons are received at our landfills, transfer stations or processing facilities; or recycling and other commodities, such as RNG, electricity and capacity, Renewable Identification Numbers (“RINs”) and Renewable Energy Credits (“RECs”), are sold. Compliance services revenues are recognized over the contractual service period. We also bill for certain services prior to performance. Such services include, among others, certain commercial and residential contracts and equipment rentals. These advanced billings are included in deferred revenues and recognized as revenue in the period service is provided. Substantially all our deferred revenues during the reported periods are realized as revenues within one to three months, when the related services are performed. Contract Acquisition Costs Our incremental direct costs of obtaining a contract, which consist primarily of sales incentives, are generally deferred and amortized to selling, general and administrative expense over the estimated life of the relevant customer relationship, ranging from five to 16 years. Contract acquisition costs that are paid to the customer are deferred and amortized as a reduction in revenue over the contract life. Our contract acquisition costs are classified as current or noncurrent based on the timing of when we expect to recognize amortization and are included in other assets in our Condensed Consolidated Balance Sheets. As of September 30, 2026 and December 31, 2025, we had $246 million and $237 million, respectively, of deferred contract costs, of which $193 million and $177 million, respectively, were related to deferred sales incentives. Leases Amounts for our operating lease right-of-use assets are recorded in other long-term assets and the current and long-term portion of our operating lease liabilities are reflected in accrued liabilities and other long-term liabilities, respectively, in our Condensed Consolidated Balance Sheets. Amounts for our financing leases are recorded in property and equipment, net of accumulated depreciation and depletion, and current or long-term debt in our Condensed Consolidated Balance Sheets, as appropriate. Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments held within restricted funds, and accounts and other receivables. We make efforts to control our exposure to credit risk associated with these instruments by (i) placing our assets and other financial interests with a diverse group of credit-worthy financial institutions; (ii) holding high-quality financial instruments while limiting investments in any one instrument and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures, although generally we do not have collateral requirements for credit extensions. We also control our exposure associated with trade receivables by discontinuing service, to the extent allowable, to non-paying customers. However, our overall credit risk associated with trade receivables is limited due to the large number and diversity of customers we serve. Reclassifications When necessary, reclassifications have been made to our prior period financial information to conform with the current year presentation, including the reclassification of interest accretion on landfill and environmental remediation liabilities from operating expenses to depreciation, depletion, amortization and accretion in our Condensed Consolidated Statements of Operations. These reclassifications are not material to our Condensed Consolidated Financial Statements. Adoption of New Accounting Standards in 2026 Improvements to Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Account Receivable and Contract Assets” (“ASU 2025-05”), which simplifies the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification 606, Revenue from Contracts with Customers. The amendments permit entities to elect a practical expedient to assume the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast for purposes of estimating expected credit losses. The Company adopted ASU 2025-05 on a prospective basis and elected the practical expedient during the quarter ended March 31, 2026. The adoption of the amended guidance did not have a material impact on our Condensed Consolidated Financial Statements.

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Fair Value
Total assets measured at fair value	$ 783	$ 707
Total liabilities measured at fair value	$ 42	0
Investment maturity	10 years
Quoted Prices in Active Markets (Level 1)
Fair Value
Cash equivalents and money market funds	$ 61	91
Equity securities	91	88
Significant Other Observable Inputs (Level 2)
Fair Value
Available-for-sale securities	631	528
Interest rate derivatives	$ 42	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
John J. Morris, Jr. [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 5, 2026, John J. Morris, Jr., President, adopted a stock trading plan (the “Morris Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Morris Plan will commence on February 1, 2027, and will automatically terminate on the earlier of December 31, 2027 and the completion of all the contemplated transactions set forth therein. The Morris Plan provides for the potential sale of up to 67% of net after-tax shares of our common stock received from the payout of performance share unit (“PSU”) equity compensation awards, for the performance period ended December 31, 2026, upon our common stock reaching specified market prices. Mr. Morris received a target grant of 12,164 PSU awards with a performance period ended December 31, 2026; the number of shares to be paid out to Mr. Morris on account of these PSU awards can range from zero to 200% of the initial target grant. As a result, the number of shares of common stock to potentially be sold pursuant to the Morris Plan will be determined in the first quarter of 2027 based on certification by the Management Development and Compensation Committee of the Board of Directors of the Company’s achievement relative to applicable performance measures for the underlying PSU awards.
Name	John J. Morris, Jr.
Title	President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 5, 2026
Expiration Date	December 31, 2027
Arrangement Duration	482 days
Michael J. Watson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 5, 2026, Michael J. Watson, Senior Vice President and Chief Customer Officer, adopted a stock trading plan (the “Watson Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Watson Plan will commence on January 4, 2027, and will automatically terminate on the earlier of December 31, 2027 and the completion of all the contemplated transactions set forth therein. The Watson Plan provides for (i) the potential cashless exercise of up to 8,321 stock options, pursuant to which shares of our common stock will be sold to cover the option exercise price, tax obligations, commission and fees, and the proceeds from the sale of the remaining shares after settlement will be delivered to Mr. Watson and (ii) the potential sale of all net after-tax shares of our common stock received from the payout of PSU equity compensation awards for the performance period ended December 31, 2026. Each of the contemplated transactions will occur upon our common stock reaching specified market prices. Mr. Watson received a target grant of 5,856 PSU awards with a performance period ended December 31, 2026; the number of shares to be paid out to Mr. Watson on account of these PSU awards can range from zero to 200% of the initial target grant. As a result, as described above in connection with the Morris Plan, the number of shares of common stock to potentially be sold pursuant to the Watson Plan will be determined in the first quarter of 2027.
Name	Michael J. Watson
Title	Senior Vice President and Chief Customer Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 5, 2026
Expiration Date	December 31, 2027
Arrangement Duration	482 days
Aggregate Available	8,321
Charles Boettcher [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 8, 2026, Charles Boettcher, Executive Vice President and Chief Legal Officer, adopted a stock trading plan (the “Boettcher Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Boettcher Plan will commence on December 8, 2026, and will automatically terminate on the earlier of December 31, 2027 and the completion of all the contemplated transactions set forth therein. The Boettcher Plan provides for (i) the potential sale of up to 20,000 shares of our common stock and (ii) the potential cashless exercise of three stock option awards totaling 39,654 stock options, pursuant to which shares of our common stock will be sold to cover the option exercise price, tax obligations, commissions and fees, and proceeds from the sale of the remaining shares after settlement will be delivered to Mr. Boettcher. Each of the contemplated transactions will occur upon our common stock reaching specified market prices.
Name	Charles Boettcher
Title	Executive Vice President and Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 8, 2026
Expiration Date	December 31, 2027
Arrangement Duration	479 days
Charles Boettcher Trading Arrangement, Common Stock [Member] \| Charles Boettcher [Member]
Trading Arrangements, by Individual
Aggregate Available	20,000
Charles Boettcher Trading Arrangement, Stock Options [Member] \| Charles Boettcher [Member]
Trading Arrangements, by Individual
Aggregate Available	39,654

(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026
Other Ancillary
Asset Impairments and Unusual Items
Goodwill impairment charge			$ 16
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Asset Impairments and Unusual Items
Gain from divestitures			$ 34
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Recycling Processing and Sales
Asset Impairments and Unusual Items
Asset impairments		$ 152
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| East Tier
Asset Impairments and Unusual Items
Asset impairments	$ 18	45
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Renewable Energy
Asset Impairments and Unusual Items
Negotiated payment for early termination		$ 11

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Taxes
Effective income tax rate	21.50%	22.20%	21.30%	21.00%
Renewable Natural Gas
Income Taxes
Tax credits and adjustments	$ 31	$ 49	$ 84	$ 138
Tax credits from production and sales activity	16		60
Renewable Natural Gas \| Tax Year 2026
Income Taxes
Tax credits from production and sales activity			33
Renewable Natural Gas \| Tax Year 2025
Income Taxes
Tax credits from production and sales activity			27
Low Income Housing Investments
Income Taxes
Investment proportional amortization tax impact	27	26	75	71
Income tax benefit from low-income housing investments	37	37	102	99
Variable interest entities interest expense	$ 7	$ 8	$ 22	$ 25

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 247	$ 201
Accounts receivable, net of allowance for doubtful accounts of $85 and $87, respectively	3,662	3,435
Other receivables, net of allowance for doubtful accounts of $3 and $3, respectively	697	620
Parts and supplies	239	225
Other current assets	405	429
Total current assets	5,250	4,910
Property and equipment, net of accumulated depreciation and depletion of $25,838 and $25,096, respectively	20,849	20,378
Goodwill	14,002	13,880
Other intangible assets, net	3,544	3,767
Restricted funds	611	513
Investments in unconsolidated entities	711	779
Other long-term assets	1,552	1,608
Total assets	46,519	45,835
Current liabilities:
Accounts payable	2,014	1,867
Accrued liabilities	2,071	2,211
Deferred revenues	777	735
Current portion of long-term debt	1,524	711
Total current liabilities	6,386	5,524
Long-term debt, less current portion	21,846	22,196
Deferred income taxes	3,356	3,160
Landfill and environmental remediation liabilities	3,371	3,278
Other long-term liabilities	1,692	1,686
Total liabilities	36,651	35,844
Commitments and contingencies (Note 6)
Waste Management, Inc. stockholders’ equity:
Common stock, $0.01 par value; 1,500,000,000 shares authorized; 630,282,461 shares issued	6	6
Additional paid-in capital	5,939	5,676
Retained earnings	18,419	17,232
Accumulated other comprehensive income (loss)	(90)	(10)
Treasury stock at cost, 232,564,661 and 227,340,757 shares, respectively	(14,407)	(12,914)
Total Waste Management, Inc. stockholders’ equity	9,867	9,990
Noncontrolling interests	1	1
Total equity	9,868	9,991
Total liabilities and equity	$ 46,519	$ 45,835

Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Variable Interest Entity
Assets	$ 46,519	$ 45,835
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Assets	144	140
Low Income Housing Investments \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Aggregate investment balance	551	624
Carrying value of debt	539	616
Trust For Final Capping, Closure, Post-closure Or Environmental Remediation Obligations \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Aggregate investment balance	$ 131	$ 127

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

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

+ References + Details

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
AOCI roll forward
Balance, December 31, 2025	$ 9,926	$ 9,202	$ 9,991	$ 8,254
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(1), $(4), $0 and $0, respectively			(81)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $0, $0, $0 and $0, respectively			1
Other comprehensive income (loss), net of tax	(19)	(40)	(80)	84
Balance, September 30, 2026	9,868	9,520	9,868	9,520
Total
AOCI roll forward
Balance, December 31, 2025	(71)	9	(10)	(115)
Other comprehensive income (loss), net of tax	(19)	(40)	(80)	84
Balance, September 30, 2026	(90)	$ (31)	(90)	$ (31)
Derivative Instruments
AOCI roll forward
Balance, December 31, 2025			35
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(1), $(4), $0 and $0, respectively			(6)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $0, $0, $0 and $0, respectively			1
Other comprehensive income (loss), net of tax			(5)
Balance, September 30, 2026	30		30
Available- for-Sale Securities
AOCI roll forward
Balance, December 31, 2025			29
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(1), $(4), $0 and $0, respectively			(12)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $0, $0, $0 and $0, respectively			0
Other comprehensive income (loss), net of tax			(12)
Balance, September 30, 2026	17		17
Foreign Currency Translation Adjustments
AOCI roll forward
Balance, December 31, 2025			(81)
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(1), $(4), $0 and $0, respectively			(63)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $0, $0, $0 and $0, respectively			0
Other comprehensive income (loss), net of tax			(63)
Balance, September 30, 2026	(144)		(144)
Post Retirement Benefit Obligations
AOCI roll forward
Balance, December 31, 2025			7
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(1), $(4), $0 and $0, respectively			0
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax (expense) benefit of $0, $0, $0 and $0, respectively			0
Other comprehensive income (loss), net of tax			0
Balance, September 30, 2026	$ 7		$ 7

Segment and Related Information

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment and Related Information

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

Summarized financial information concerning our reportable segments for the three and nine months ended September 30 is shown in the following table (in millions):


	Net Operating Revenues		Intercompany Operating Revenues(a)		Gross Operating Revenues		Operating Expenses		Selling, General and Administrative		Other Net Expenses(b)		Depreciation, Depletion, Amortization and Accretion		Income from Operations(c)		Capital Expenditures (d)
Three Months Ended September 30:
2026
Collection and Disposal:
East Tier	$	2,417	$	674	$	3,091	$	1,905	$	92	$	18	$	305	$	771	$	265
West Tier	2,354		599		2,953		1,826		100		—		261		766		270
Other Ancillary	808		57		865		824		29		—		7		5		12
Collection and Disposal(e)(f)(g)	5,579		1,330		6,909		4,555		221		18		573		1,542		547
Recycling Processing and Sales(e)	441		89		530		425		14		—		55		36		44
Renewable Energy(f)	167		1		168		97		6		—		28		37		43
Healthcare Solutions(g)	651		101		752		507		109		9		107		20		25
Corporate and Other(f)	8		7		15		30		312		—		29		(356)		1
Total	$	6,846	$	1,528	$	8,374	$	5,614	$	662	$	27	$	792	$	1,279	$	660

Intercompany Elimination(a)					(1,528)		(1,521)		(7)		—		—		—
Net					$	6,846	$	4,093	$	655	$	27	$	792	$	1,279

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

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


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

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

													Depreciation,
	Net		Intercompany		Gross				Selling,		Other		Depletion,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Amortization		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(b)		and Accretion		Operations(c)		(d)
2025
Collection and Disposal:
East Tier	$	6,768	$	1,826	$	8,594	$	5,284	$	264	$	54	$	862	$	2,130	$	905
West Tier	6,561		1,620		8,181		5,021		257		2		737		2,164		828
Other Ancillary	2,195		154		2,349		2,244		89		16		20		(20)		41
Collection and Disposal(e)(f)(g)	15,524		3,600		19,124		12,549		610		72		1,619		4,274		1,774
Recycling Processing and Sales(e)	1,137		280		1,417		1,175		45		161		131		(95)		167
Renewable Energy(f)	321		2		323		177		11		11		46		78		351
Healthcare Solutions(g)	1,893		326		2,219		1,507		434		27		316		(65)		122
Corporate and Other(f)	16		23		39		19		965		7		87		(1,039)		(111)
Total	$	18,891	$	4,231	$	23,122	$	15,427	$	2,065	$	278	$	2,199	$	3,153	$	2,303

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

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.Other net expenses include restructuring expenses, (gain) loss from divestitures, and asset impairments and unusual items, net.For those items included in the determination of income from operations, the accounting policies of the segments are the same as those described in Note 1.Includes non-cash items. Additionally, our Corporate and Other business recognizes construction work in progress for fleet purchases during the period. Capital expenditures are reported in our reportable segments at the time they are recorded within the segments’ property and equipment balances and, therefore, include timing differences for amounts accrued but not yet paid as well as amounts transferred from Corporate and Other for fleet placed in service.Certain fees related to the processing of recyclable material we collect are included within our Collection and Disposal business. The amounts in income from operations for the three and nine months ended September 30, 2026 are $21 million and $61 million, respectively. The amounts in income from operations for the three and nine months ended September 30, 2025 are $19 million and $59 million, respectively.Renewable Energy pays a 15% intercompany royalty to our Collection and Disposal business and Corporate and Other for landfill gas. The total amount of royalties in gross and intercompany operating revenues for the East Tier, West Tier, and Corporate and Other and in operating expenses for Renewable Energy for the three and nine months ended September 30, 2026 are $25 million and $73 million, respectively. The total amount of royalties in gross and intercompany operating revenues for the East Tier, West Tier, and Corporate and Other and in operating expenses for Renewable Energy for the three and nine months ended September 30, 2025 are $17 million and $48 million, respectively.Our Collection and Disposal business records intercompany operating revenue for collection and disposal services provided to Healthcare Solutions. The total amount of intercompany operating revenues reflected in our Collection and Disposal business and in operating expenses for Healthcare Solutions for the three and nine months ended September 30, 2026 are $19 million and $55 million, respectively, and for three and nine months ended September 30, 2025 are $16 million and $36 million, respectively.

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


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

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


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

2025
Commercial	$	1,419	$	223	$	1,642
Industrial	808		234		1,042
Residential	884		22		906
Other collection	819		69		888
Total collection	3,930		548		4,478
Landfill	995		407		1,402
Transfer	396		294		690
Total Collection and Disposal	5,321		1,249		6,570
Recycling Processing and Sales	372		98		470
Renewable Energy	115		1		116
Healthcare Solutions	628		110		738
Corporate and Other	7		7		14
Total	$	6,443	$	1,465	$	7,908


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

2025
Commercial	$	4,197	$	657	$	4,854
Industrial	2,339		656		2,995
Residential	2,628		66		2,694
Other collection	2,368		209		2,577
Total collection	11,532		1,588		13,120
Landfill	2,871		1,170		4,041
Transfer	1,121		842		1,963
Total Collection and Disposal	15,524		3,600		19,124
Recycling Processing and Sales	1,137		280		1,417
Renewable Energy	321		2		323
Healthcare Solutions	1,893		326		2,219
Corporate and Other	16		23		39
Total	$	18,891	$	4,231	$	23,122

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

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

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

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 42
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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+ Details

Accumulated Other Comprehensive Income (Loss) - Parenthetical (Details) $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($)
Derivative Instruments
Accumulated Other Comprehensive (Loss) Income
Other comprehensive income (loss) before reclassifications, tax	$ (1)
Amounts reclassified from accumulated other comprehensive (income) loss, tax	0
Available- for-Sale Securities
Accumulated Other Comprehensive (Loss) Income
Other comprehensive income (loss) before reclassifications, tax	(4)
Amounts reclassified from accumulated other comprehensive (income) loss, tax	0
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive (Loss) Income
Other comprehensive income (loss) before reclassifications, tax	0
Amounts reclassified from accumulated other comprehensive (income) loss, tax	0
Post Retirement Benefit Obligations
Accumulated Other Comprehensive (Loss) Income
Other comprehensive income (loss) before reclassifications, tax	0
Amounts reclassified from accumulated other comprehensive (income) loss, tax	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

+ Details

Acquisitions and Divestitures (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Business Acquisition
Goodwill	$ 14,002		$ 13,880
Proceeds from divestitures of businesses and other assets, net of cash divested	79	$ 108
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition
Proceeds from divestitures of businesses and other assets, net of cash divested	79	$ 108
Gain from divestitures	34
Business Combination, Series of Individually Immaterial Business Combinations
Business Acquisition
Total consideration	239
Stock issued for acquisitions, value	144
Payments made for acquisitions	89
Other consideration	6
Contingent liability payments	13
Property and equipment	28
Other intangible assets	76
Goodwill	$ 140

Landfill and Environmental Remediation Liabilities

9 Months Ended

Sep. 30, 2026

Environmental Remediation Obligations [Abstract]

Landfill and Environmental Remediation Liabilities

Liabilities for landfill and environmental remediation costs are presented in the table below (in millions):


	September 30, 2026						December 31, 2025
	Landfill		Environmental Remediation		Total		Landfill		Environmental Remediation		Total
Current (in accrued liabilities)	$	171	$	44	$	215	$	186	$	72	$	258
Long-term	3,195		176		3,371		3,119		159		3,278
	$	3,366	$	220	$	3,586	$	3,305	$	231	$	3,536

The changes to landfill and environmental remediation liabilities for the nine months ended September 30, 2026 are reflected in the table below (in millions):


	Landfill		Environmental Remediation
December 31, 2025	$	3,305	$	231
Obligations incurred and capitalized	69		—
Obligations settled	(114)		(25)
Interest accretion	117		—
Revisions in estimates	(8)		14
Acquisitions, divestitures and other adjustments	(3)		—
September 30, 2026	$	3,366	$	220

At several of our landfills, we provide financial assurance by depositing cash into restricted trust funds for purposes of settling final capping, closure, post-closure and environmental remediation obligations. Generally, these trust funds are established to comply with statutory requirements and operating agreements. See Note 13 for additional information related to these trusts.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement of Comprehensive Income [Abstract]
Consolidated net income	$ 820	$ 603	$ 2,329	$ 1,967
Other comprehensive income (loss), net of tax:
Derivative instruments, net	(2)	(6)	(5)	(7)
Available-for-sale securities, net	(12)	5	(12)	13
Foreign currency translation adjustments	(5)	(39)	(63)	78
Post-retirement benefit obligations, net	0	0	0	0
Other comprehensive income (loss), net of tax	(19)	(40)	(80)	84
Comprehensive income	801	563	2,249	2,051
Less: Comprehensive income (loss) attributable to noncontrolling interests	0	0	1	1
Comprehensive income attributable to Waste Management, Inc.	$ 801	$ 563	$ 2,248	$ 2,050

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured on Recurring Basis

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


	September 30, 2026		December 31, 2025
Quoted prices in active markets (Level 1):
Cash equivalents and money market funds	$	61	$	91
Equity securities	91		88
Significant other observable inputs (Level 2):
Available-for-sale securities (a)	631		528
Total assets measured at fair value	$	783	$	707

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

________________________________________________________

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

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2026
Variable Interest Entity, Measure of Activity [Abstract]
Variable Interest Entities	Variable Interest Entities The following is a description of our financial interests in unconsolidated and consolidated variable interest entities that we consider significant: Low-Income Housing Properties We do not consolidate our investments in entities established to manage low-income housing properties because we are not the primary beneficiary of these entities as we do not have the power to direct the activities of these entities. Our aggregate investment balance in these entities was $551 million and $624 million as of September 30, 2026 and December 31, 2025, respectively. The debt balance related to our investments in low-income housing properties was $539 million and $616 million as of September 30, 2026 and December 31, 2025, respectively. Additional information related to these investments is discussed in Note 4. Trust Funds for Final Capping, Closure, Post-Closure or Environmental Remediation Obligations Unconsolidated Variable Interest Entities — Trust funds that are established for both the benefit of the Company and the host community in which we operate are not consolidated because we are not the primary beneficiary of these entities as (i) we do not have the power to direct the significant activities of the trusts or (ii) power over the trusts’ significant activities is shared. Our interests in these trusts are accounted for as investments in unconsolidated entities and receivables. These amounts are recorded in other receivables, investments in unconsolidated entities and other long-term assets in our Condensed Consolidated Balance Sheets, as appropriate. We also reflect our share of the unrealized gains and losses on available-for-sale securities held by these trusts as a component of our accumulated other comprehensive income (loss). Our investments and receivables related to these trusts had an aggregate carrying value of $131 million and $127 million as of September 30, 2026 and December 31, 2025, respectively. Consolidated Variable Interest Entities — Trust funds for which we are the sole beneficiary are consolidated because we are the primary beneficiary. These trust funds are recorded in restricted funds in our Condensed Consolidated Balance Sheets. Unrealized gains and losses on available-for-sale securities held by these trusts are recorded as a component of accumulated other comprehensive income (loss). These trusts had a fair value of $144 million and $140 million as of September 30, 2026 and December 31, 2025, respectively.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate was 21.5% and 21.3% for the three and nine months ended September 30, 2026, respectively, compared to 22.2% and 21.0% for the three and nine months ended September 30, 2025, respectively. The decrease in our effective income tax rate when comparing the three months ended September 30, 2026 and 2025 was primarily driven by favorable adjustments to accruals and related deferred taxes, partially offset by a decrease in investment tax credits. The increase in our effective income tax rate when comparing the nine months ended September 30, 2026 and 2025 was primarily driven by a decrease in investment tax credits, partially offset by favorable adjustments to accruals and related deferred taxes and the recognition of clean fuel production tax credits at our RNG facilities. We evaluate our effective income tax rate at each interim period and adjust it as facts and circumstances warrant. Investments Qualifying for Federal Tax Credits Renewable Natural Gas — Through our 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. Our RNG facilities in the U.S. qualify for investment tax credits and clean fuel production tax credits, pursuant to Sections 48 and 45Z of the Internal Revenue Code, which we expect to realize through 2027 and 2029, respectively. During the three and nine months ended September 30, 2026, we recognized a reduction in our income tax expense of $31 million and $84 million, respectively, due to investment tax credits from our RNG investments compared to $49 million and $138 million, respectively, for the comparable prior year periods. During the three and nine months ended September 30, 2026, we recognized a reduction in our income tax expense of $16 million and $60 million, respectively, related to clean fuel production tax credits from our RNG production and sales activity, with $33 million attributable to production and sales during the nine months ended September 30, 2026 and $27 million attributable to 2025 operations. The timing of the recognition of these production tax credits resulted from the issuance of proposed Treasury regulations during the first quarter of 2026 that clarified the qualification of our RNG sales for the credit. Low-Income Housing — We have significant financial interests in entities established to invest in and manage low-income housing properties. We support the operations of these entities in exchange for a pro-rata share of the tax credits they generate. The low-income housing investments qualify for federal tax credits that we expect to realize through 2038 pursuant to Sections 42 and 45D of the Internal Revenue Code. During the three and nine months ended September 30, 2026, we recognized income tax expense of $27 million and $75 million, respectively, related to amortization under ASU 2023-02, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”) and a reduction in our income tax expense of $37 million and $102 million, respectively, primarily due to federal tax credits realized from these investments. In addition, during the three and nine months ended September 30, 2026, we recognized interest expense of $7 million and $22 million, respectively, associated with our investments in low-income housing properties. During the three and nine months ended September 30, 2025, we recognized income tax expense of $26 million and $71 million, respectively, related to amortization under ASU 2023-02 and a reduction in our income tax expense of $37 million and $99 million, respectively, primarily due to federal tax credits realized from these investments. In addition, during the three and nine months ended September 30, 2025, we recognized interest expense of $8 million and $25 million, respectively, associated with our investments in low-income housing properties. See Note 13 for additional information related to these unconsolidated variable interest entities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment and Related Information - Total Assets by Reportable Segments (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Segment Reporting
Total assets	$ 46,519	$ 45,835
Operating Segments \| Collection and Disposal
Segment Reporting
Total assets	29,878	29,145
Operating Segments \| East Tier
Segment Reporting
Total assets	16,326	16,099
Operating Segments \| West Tier
Segment Reporting
Total assets	12,697	12,245
Operating Segments \| Other Ancillary
Segment Reporting
Total assets	855	801
Operating Segments \| Recycling Processing and Sales
Segment Reporting
Total assets	2,836	2,718
Operating Segments \| Renewable Energy
Segment Reporting
Total assets	2,054	1,976
Operating Segments \| Healthcare Solutions
Segment Reporting
Total assets	8,636	9,002
Operating Segments \| Corporate and Other
Segment Reporting
Total assets	3,878	3,888
Intercompany Elimination
Segment Reporting
Total assets	$ (763)	$ (894)

Segment and Related Information (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Summary of Reportable Segments

Summarized financial information concerning our reportable segments for the three and nine months ended September 30 is shown in the following table (in millions):


	Net Operating Revenues		Intercompany Operating Revenues(a)		Gross Operating Revenues		Operating Expenses		Selling, General and Administrative		Other Net Expenses(b)		Depreciation, Depletion, Amortization and Accretion		Income from Operations(c)		Capital Expenditures (d)
Three Months Ended September 30:
2026
Collection and Disposal:
East Tier	$	2,417	$	674	$	3,091	$	1,905	$	92	$	18	$	305	$	771	$	265
West Tier	2,354		599		2,953		1,826		100		—		261		766		270
Other Ancillary	808		57		865		824		29		—		7		5		12
Collection and Disposal(e)(f)(g)	5,579		1,330		6,909		4,555		221		18		573		1,542		547
Recycling Processing and Sales(e)	441		89		530		425		14		—		55		36		44
Renewable Energy(f)	167		1		168		97		6		—		28		37		43
Healthcare Solutions(g)	651		101		752		507		109		9		107		20		25
Corporate and Other(f)	8		7		15		30		312		—		29		(356)		1
Total	$	6,846	$	1,528	$	8,374	$	5,614	$	662	$	27	$	792	$	1,279	$	660

Intercompany Elimination(a)					(1,528)		(1,521)		(7)		—		—		—
Net					$	6,846	$	4,093	$	655	$	27	$	792	$	1,279

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

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


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

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

													Depreciation,
	Net		Intercompany		Gross				Selling,		Other		Depletion,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Amortization		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(b)		and Accretion		Operations(c)		(d)
2025
Collection and Disposal:
East Tier	$	6,768	$	1,826	$	8,594	$	5,284	$	264	$	54	$	862	$	2,130	$	905
West Tier	6,561		1,620		8,181		5,021		257		2		737		2,164		828
Other Ancillary	2,195		154		2,349		2,244		89		16		20		(20)		41
Collection and Disposal(e)(f)(g)	15,524		3,600		19,124		12,549		610		72		1,619		4,274		1,774
Recycling Processing and Sales(e)	1,137		280		1,417		1,175		45		161		131		(95)		167
Renewable Energy(f)	321		2		323		177		11		11		46		78		351
Healthcare Solutions(g)	1,893		326		2,219		1,507		434		27		316		(65)		122
Corporate and Other(f)	16		23		39		19		965		7		87		(1,039)		(111)
Total	$	18,891	$	4,231	$	23,122	$	15,427	$	2,065	$	278	$	2,199	$	3,153	$	2,303

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

Schedule of Total Assets by Reportable Segments

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


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

Summary of Operating Revenues

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


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

2025
Commercial	$	1,419	$	223	$	1,642
Industrial	808		234		1,042
Residential	884		22		906
Other collection	819		69		888
Total collection	3,930		548		4,478
Landfill	995		407		1,402
Transfer	396		294		690
Total Collection and Disposal	5,321		1,249		6,570
Recycling Processing and Sales	372		98		470
Renewable Energy	115		1		116
Healthcare Solutions	628		110		738
Corporate and Other	7		7		14
Total	$	6,443	$	1,465	$	7,908


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

2025
Commercial	$	4,197	$	657	$	4,854
Industrial	2,339		656		2,995
Residential	2,628		66		2,694
Other collection	2,368		209		2,577
Total collection	11,532		1,588		13,120
Landfill	2,871		1,170		4,041
Transfer	1,121		842		1,963
Total Collection and Disposal	15,524		3,600		19,124
Recycling Processing and Sales	1,137		280		1,417
Renewable Energy	321		2		323
Healthcare Solutions	1,893		326		2,219
Corporate and Other	16		23		39
Total	$	18,891	$	4,231	$	23,122

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 26B
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Financial Instruments — We have obtained letters of credit, surety bonds and insurance policies and have established trust funds and issued financial guarantees to support tax-exempt bonds, contracts, performance of landfill final capping, closure and post-closure requirements, environmental remediation and other obligations. Letters of credit generally are supported by our $3.5 billion revolving credit facility and other credit lines established for that purpose. These facilities are discussed further in Not e 3. Surety bonds and insurance policies are supported by (i) a diverse group of third-party surety and insurance companies; (ii) an entity in which we have a noncontrolling financial interest or (iii) a wholly-owned insurance captive, the sole business of which is to issue surety bonds and/or insurance policies on our behalf. Management does not expect that any claims against or draws on these instruments would have a material adverse effect on our financial condition, results of operations or cash flows. We have not experienced any unmanageable difficulty in obtaining the required financial assurance instruments for our current operations. In an ongoing effort to mitigate risks of future cost increases and reductions in available capacity, we continue to evaluate various options to access cost-effective sources of financial assurance. Insurance — We carry insurance coverage for protection of our assets and operations from certain risks including general liability, automobile liability, workers’ compensation, real and personal property, directors’ and officers’ liability, pollution legal liability, cyber incident liability and other coverages we believe are customary to the industry. Our exposure to loss for insurance claims is generally limited to the per-incident deductible under the related insurance policy and any amounts that exceed our insured limits. Our exposure could increase if our insurers are unable to meet their commitments on a timely basis. We have retained a significant portion of the risks related to our health and welfare, general liability, automobile liability and workers’ compensation claims programs. “General liability” refers to the self-insured portion of specific third-party claims made against us that may be covered under our commercial general liability insurance policy. For our self-insured portions, the exposure for unpaid claims and associated expenses, including incurred but not reported losses, is based on an actuarial valuation or internal estimates. The accruals for these liabilities could be revised if future occurrences or loss development significantly differ from such valuations and estimates. We use a wholly-owned insurance captive to insure the deductibles for our general liability, automobile liability and workers’ compensation claims programs. We do not expect the impact of any known casualty, property, environmental or other contingency to have a material impact on our financial condition, results of operations or cash flows. Guarantees — In the ordinary course of our business, WMI and WM Holdings enter into guarantee agreements associated with their subsidiaries’ operations. Additionally, WMI and WM Holdings have each guaranteed all of the senior debt of the other entity. No additional liabilities have been recorded for these intercompany guarantees because all of the underlying obligations are reflected in our Condensed Consolidated Balance Sheets. As of September 30, 2026, we have guaranteed the obligations and certain performance requirements of third parties in connection with both consolidated and unconsolidated entities, including guarantees to cover the difference, if any, between the sale value and the guaranteed market or contractually-determined value of certain homeowner’s properties that are adjacent to or near 18 of our landfills. We have also agreed to indemnify certain third-party purchasers against liabilities associated with divested operations prior to such sale. We do not believe that the remaining contingent obligations will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Environmental Matters — A significant portion of our operating costs and capital expenditures could be characterized as costs of environmental protection. The nature of our operations, particularly with respect to the construction, operation and maintenance of our landfills, subjects us to an array of laws and regulations relating to the protection of the environment. Under current laws and regulations, we may have liabilities for environmental damage caused by our operations, or for damage caused by conditions that existed before we acquired a site. In addition to remediation activity required by state or local authorities, such liabilities include potentially responsible party (“PRP”) investigations. The costs associated with these liabilities can include settlements, certain legal and consultant fees, as well as incremental internal and external costs directly associated with site investigation and clean-up. Estimating our degree of responsibility for remediation is inherently difficult. We recognize and accrue for an estimated remediation liability when we determine that such liability is both probable and reasonably estimable. Determining the method and ultimate cost of remediation requires that a number of assumptions be made. There can sometimes be a range of reasonable estimates of the costs associated with the likely site remediation alternatives identified in the environmental impact investigation. In these cases, we use the amount within the range that is our best estimate. If no amount within a range appears to be a better estimate than any other, we use the amount that is the low end of such range. If we used the high ends of such ranges (where estimable), our aggregate potential liability would be approximately $18 million higher than the $220 million recorded in the Condensed Consolidated Balance Sheet as of September 30, 2026. Our ultimate responsibility may differ materially from current estimates. It is possible that technological, regulatory or enforcement developments, the results of environmental studies, the inability to identify other PRPs, the inability of other PRPs to contribute to the settlements of such liabilities, or other factors could require us to record additional liabilities. Our ongoing review of our remediation liabilities, in light of relevant internal and external facts and circumstances, could result in revisions to our accruals that could cause upward or downward adjustments to our balance sheet and income from operations. These adjustments could be material in any given period. As of September 30, 2026, we had been notified by the government that we are a PRP in connection with 75 locations listed on the Environmental Protection Agency’s (“EPA’s”) Superfund National Priorities List, or NPL. Of the 75 sites at which claims have been made against us, 14 are sites we own. Each of the NPL sites we own was initially developed by others as a landfill disposal facility. At each of these facilities, we are working in conjunction with the government to characterize or remediate identified site problems, and we have either agreed with other legally liable parties on an arrangement for sharing the costs of remediation or are working toward a cost-sharing agreement. We generally expect to receive any amounts due from other participating parties at or near the time that we make the remedial expenditures. The other 61 NPL sites, which we do not own, are at various procedural stages under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, known as CERCLA or Superfund. The majority of proceedings involving NPL sites that we do not own are based on allegations that certain of our subsidiaries (or their predecessors) transported hazardous substances to the sites, often prior to our acquisition of these subsidiaries. CERCLA generally provides for liability for those parties owning, operating, transporting to or disposing at the sites. Proceedings arising under Superfund typically involve numerous waste generators and other waste transportation and disposal companies and seek to allocate or recover costs associated with site investigation and remediation, which costs could be substantial and could have a material adverse effect on our consolidated financial statements. At some of the sites at which we have been identified as a PRP, our liability is well defined as a consequence of a governmental decision and an agreement among liable parties as to the share each will pay for implementing that remedy. At other sites, where no remedy has been selected or the liable parties have been unable to agree on an appropriate allocation, our future costs are uncertain. In 2018, both of McGinnes Industrial Maintenance Corporation (“MIMC”), a subsidiary of Waste Management of Texas, Inc., and International Paper Company (“IPC”) entered into an Administrative Order on Consent with the EPA as PRPs to develop a remedial design for the San Jacinto River Waste Pits Superfund Site in Harris County, Texas. We recorded a liability for MIMC’s estimated potential share of the EPA’s proposed remedy and related costs. Although allocation of responsibility among the PRPs for the proposed remedy has not been formally established, MIMC and IPC have entered into an agreement to fund those costs equally. In November 2024, MIMC and IPC publicly issued a proposed revised full remedial design that was approved by the EPA in September 2025. The EPA issued a Unilateral Administrative Order for the site cleanup in April 2026. The issuance of this order was anticipated, and MIMC and IPC have communicated to the EPA their intention to comply and engaged a remedial contractor to perform the proposed remedy. As of September 30, 2026 and December 31, 2025, the recorded liability was approximately $100 million. MIMC’s ultimate liability could be materially different from current estimates, including potential increases resulting from MIMC’s continued engagement with the EPA as construction proceeds. Item 103 of the SEC’s Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings, or such proceedings are known to be contemplated, unless we reasonably believe that the matter will result in no monetary sanctions, or in monetary sanctions, exclusive of interest and costs, below a stated threshold. In accordance with this SEC regulation, the Company uses a threshold of $1 million for purposes of determining whether disclosure of any such environmental proceedings is required. The following matter is disclosed in accordance with that requirement. We do not currently believe that the eventual outcome of this matter will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. On April 26, 2026, the Delaware Department of Natural Resources and Environmental Control issued an order against Delaware Recyclable Products, Inc., an indirect, wholly-owned subsidiary of WMI, alleging certain environmental violations related to landfill cover and erosion control, stormwater management, the management of prohibited waste, and other permitting and operational matters. The order seeks compliance with a modified permit, certain remedial actions and the payment of an administrative penalty. Our appeal of this order is pending. From time to time, we are also named as defendants in personal injury and property damage lawsuits, including purported class actions, on the basis of having owned, operated or transported waste to a disposal facility that is alleged to have contaminated the environment or, in certain cases, on the basis of having conducted environmental remediation activities at sites. Some of the lawsuits may seek to have us pay the costs of monitoring of allegedly affected sites and health care examinations of allegedly affected persons for a substantial period of time even where no actual damage is proven. While we believe we have meritorious defenses to these lawsuits, the ultimate resolution is often substantially uncertain due to the difficulty of determining the cause, extent and impact of alleged contamination (which may have occurred over a long period of time), the potential for successive groups of complainants to emerge, the diversity of the individual plaintiffs’ circumstances, and the potential contribution or indemnification obligations of co-defendants or other third parties, among other factors. Additionally, we often enter into agreements with landowners imposing obligations on us to meet certain regulatory or contractual conditions upon site closure or upon termination of the agreements. Compliance with these agreements inherently involves subjective determinations and may result in disputes, including litigation. Litigation — We are subject to various proceedings, lawsuits, disputes and claims arising in the ordinary course of our business. Many of these actions raise complex factual and legal issues and are subject to uncertainties. Actions that have been filed against us, and that may be filed against us in the future, include personal injury, property damage, commercial, customer, and employment-related claims, including purported state and national class action lawsuits related to: alleged environmental contamination, including releases of hazardous material and odors; sales and marketing practices, customer service agreements and prices and fees; and federal and state wage and hour and other laws. The plaintiffs in some actions seek unspecified damages or injunctive relief, or both. These actions are in various procedural stages, and some are covered, in part, by insurance. We currently do not believe that the eventual outcome of any such actions will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. WMI’s charter and bylaws provide that WMI shall indemnify against all liabilities and expenses, and upon request shall advance expenses to any person, who is subject to a pending or threatened proceeding because such person is or was a director or officer of the Company. Such indemnification is required to the maximum extent permitted under Delaware law. Accordingly, the director or officer must execute an undertaking to reimburse the Company for any fees advanced if it is later determined that the director or officer was not permitted to have such fees advanced under Delaware law. Additionally, the Company has direct contractual obligations to provide indemnification to each of the members of WMI’s Board of Directors and each of WMI’s executive officers. The Company may incur substantial expenses in connection with the fulfillment of its advancement of costs and indemnification obligations in connection with actions or proceedings that may be brought against its former or current officers, directors and employees. Multiemployer Defined Benefit Pension Plans — About 15% of our workforce is covered by collective bargaining agreements with various local unions across the U.S. and Canada, and certain parts of Europe. As a result of some of these agreements, certain of our subsidiaries are participating employers in a number of trustee-managed multiemployer defined benefit pension plans (“Multiemployer Pension Plans”) for the covered employees. In connection with our ongoing renegotiation of various collective bargaining agreements, we may discuss and negotiate for the complete or partial withdrawal from one or more of these Multiemployer Pension Plans. A complete or partial withdrawal from a Multiemployer Pension Plan may also occur if employees covered by a collective bargaining agreement vote to decertify a union from continuing to represent them. Any other circumstance resulting in a decline in Company contributions to a Multiemployer Pension Plan through a reduction in the labor force, whether through attrition over time or through a business event (such as the discontinuation or nonrenewal of a customer contract, the decertification of a union, or relocation, reduction or discontinuance of certain operations) may also trigger a complete or partial withdrawal from one or more of these pension plans. We do not believe that any future liability relating to our past or current participation in, or withdrawals from, the Multiemployer Pension Plans to which we contribute will have a material adverse effect on our business, financial condition or liquidity. However, liability for future withdrawals could have a material adverse effect on our results of operations or cash flows for a particular reporting period, depending on the number of employees withdrawn and the financial condition of the Multiemployer Pension Plan(s) at the time of such withdrawal(s). Tax Matters — We maintain a liability for uncertain tax positions, the balance of which management believes is adequate. Results of audit assessments by taxing authorities are not currently expected to have a material adverse effect on our financial condition, results of operations or cash flows. We participate in the IRS’s Compliance Assurance Process, which means we work with the IRS throughout the year towards resolving any material issues prior to the filing of our annual tax return. Any unresolved issues as of the tax return filing date are subject to routine examination procedures. In the fourth quarter of 2022, the Company received a notice of tax due for the 2017 tax year related to a remaining disagreement with the IRS, and in response to that notice, the Company placed a deposit of approximately $103 million with the IRS. The Company filed a claim for refund of the entire deposit in the fourth quarter of 2024 and received a partial refund of approximately $14 million plus interest from the IRS in the second quarter of 2026. We expect to litigate any denial of the claim for refund of the remaining deposit. As of September 30, 2026 and December 31, 2025, the IRS deposit of $89 million and $103 million, respectively, was classified as a component of other long-term assets in the Company’s Condensed Consolidated Balance Sheets.

Fair Value Measurements - Narrative (Details) - USD ($) $ in Billions	Sep. 30, 2026	Dec. 31, 2025
Carrying Value
Fair Value
Debt	$ 23.4	$ 22.9
Fair Value
Fair Value
Debt	$ 21.7	$ 22.5

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
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-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share

Basic and diluted earnings per share for the three and nine months ended September 30 were computed using the following common share data (shares in millions):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Number of common shares outstanding at end of period	397.7	402.9	397.7	402.9
Effect of using weighted average common shares outstanding	1.2	0.1	3.5	(0.3)
Weighted average basic common shares outstanding	398.9	403.0	401.2	402.6
Dilutive effect of equity-based compensation awards and other contingently issuable shares	0.9	1.3	1.0	1.4
Weighted average diluted common shares outstanding	399.8	404.3	402.2	404.0
Potentially issuable shares	3.8	4.3	3.8	4.3
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1.2	1.1	1.2	1.3

Refer to the Condensed Consolidated Statements of Operations for net income attributable to Waste Management, Inc.

Segment and Related Information - Summary of Financial Information by Reportable Segment (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) segment	Sep. 30, 2025 USD ($)
Segment Reporting
Number of reportable segments \| segment			5
Gross Operating Revenues	$ 6,846	$ 6,443	$ 19,757	$ 18,891
Operating Expenses	4,093	3,798	11,742	11,213
Selling, General and Administrative	655	665	2,045	2,048
Other Net Expenses	27	227	21	278
Depreciation, Depletion, Amortization and Accretion	792	764	2,304	2,199
Income from operations	1,279	989	3,645	3,153
Capital Expenditures	$ 660	847	$ 1,921	2,303
Net operating revenue royalty (as a percent)	15.00%		15.00%
Collection and Disposal
Segment Reporting
Gross Operating Revenues	$ 5,579	5,321	$ 16,139	15,524
Income from operations	1,542	1,468	4,552	4,274
Capital Expenditures	547	631	1,590	1,774
East Tier
Segment Reporting
Gross Operating Revenues	2,417	2,336	7,022	6,768
Income from operations	771	740	2,278	2,130
Capital Expenditures	265	348	746	905
West Tier
Segment Reporting
Gross Operating Revenues	2,354	2,228	6,795	6,561
Income from operations	766	728	2,264	2,164
Capital Expenditures	270	271	799	828
Other Ancillary
Segment Reporting
Gross Operating Revenues	808	757	2,322	2,195
Income from operations	5	0	10	(20)
Capital Expenditures	12	12	45	41
Recycling Processing and Sales
Segment Reporting
Gross Operating Revenues	441	372	1,212	1,137
Income from operations	36	(137)	91	(95)
Capital Expenditures	44	59	138	167
Renewable Energy
Segment Reporting
Gross Operating Revenues	167	115	483	321
Income from operations	37	21	132	78
Capital Expenditures	43	114	147	351
Healthcare Solutions
Segment Reporting
Gross Operating Revenues	651	628	1,903	1,893
Income from operations	20	(21)	8	(65)
Capital Expenditures	25	42	80	122
Corporate and Other
Segment Reporting
Gross Operating Revenues	8	7	20	16
Income from operations	(356)	(342)	(1,138)	(1,039)
Capital Expenditures	1	1	(34)	(111)
East Tier, West Tier and Corporate and Other
Segment Reporting
Royalty amount	25	17	73	48
Intercompany Elimination
Segment Reporting
Gross Operating Revenues	1,528	1,465	4,429	4,231
Operating Expenses	1,521	1,460	4,409	4,214
Selling, General and Administrative	(7)	(5)	(20)	(17)
Intercompany Elimination \| Collection and Disposal
Segment Reporting
Gross Operating Revenues	1,330	1,249	3,827	3,600
Intercompany operating revenue from collection and disposal services	19	16	55	36
Intercompany Elimination \| Collection and Disposal \| Recyclable Material Fee Income
Segment Reporting
Gross Operating Revenues	21	19	61	59
Intercompany Elimination \| East Tier
Segment Reporting
Gross Operating Revenues	674	638	1,937	1,826
Intercompany Elimination \| West Tier
Segment Reporting
Gross Operating Revenues	599	560	1,718	1,620
Intercompany Elimination \| Other Ancillary
Segment Reporting
Gross Operating Revenues	57	51	172	154
Intercompany Elimination \| Recycling Processing and Sales
Segment Reporting
Gross Operating Revenues	89	98	264	280
Intercompany Elimination \| Renewable Energy
Segment Reporting
Gross Operating Revenues	1	1	3	2
Intercompany Elimination \| Healthcare Solutions
Segment Reporting
Gross Operating Revenues	101	110	312	326
Intercompany operating expenses from collection and disposal services	19	16	55	36
Intercompany Elimination \| Corporate and Other
Segment Reporting
Gross Operating Revenues	7	7	23	23
Operating Segments
Segment Reporting
Gross Operating Revenues	8,374	7,908	24,186	23,122
Operating Expenses	5,614	5,258	16,151	15,427
Selling, General and Administrative	662	670	2,065	2,065
Other Net Expenses	27	227	21	278
Depreciation, Depletion, Amortization and Accretion	792	764	2,304	2,199
Operating Segments \| Collection and Disposal
Segment Reporting
Gross Operating Revenues	6,909	6,570	19,966	19,124
Operating Expenses	4,555	4,292	13,115	12,549
Selling, General and Administrative	221	204	646	610
Other Net Expenses	18	46	(16)	72
Depreciation, Depletion, Amortization and Accretion	573	560	1,669	1,619
Operating Segments \| East Tier
Segment Reporting
Gross Operating Revenues	3,091	2,974	8,959	8,594
Operating Expenses	1,905	1,796	5,494	5,284
Selling, General and Administrative	92	88	273	264
Other Net Expenses	18	46	18	54
Depreciation, Depletion, Amortization and Accretion	305	304	896	862
Operating Segments \| West Tier
Segment Reporting
Gross Operating Revenues	2,953	2,788	8,513	8,181
Operating Expenses	1,826	1,723	5,244	5,021
Selling, General and Administrative	100	88	287	257
Other Net Expenses	0	0	(34)	2
Depreciation, Depletion, Amortization and Accretion	261	249	752	737
Operating Segments \| Other Ancillary
Segment Reporting
Gross Operating Revenues	865	808	2,494	2,349
Operating Expenses	824	773	2,377	2,244
Selling, General and Administrative	29	28	86	89
Other Net Expenses	0	0	0	16
Depreciation, Depletion, Amortization and Accretion	7	7	21	20
Operating Segments \| Recycling Processing and Sales
Segment Reporting
Gross Operating Revenues	530	470	1,476	1,417
Operating Expenses	425	389	1,178	1,175
Selling, General and Administrative	14	16	43	45
Other Net Expenses	0	155	4	161
Depreciation, Depletion, Amortization and Accretion	55	47	160	131
Operating Segments \| Renewable Energy
Segment Reporting
Gross Operating Revenues	168	116	486	323
Operating Expenses	97	63	261	177
Selling, General and Administrative	6	5	17	11
Other Net Expenses	0	11	0	11
Depreciation, Depletion, Amortization and Accretion	28	16	76	46
Operating Segments \| Healthcare Solutions
Segment Reporting
Gross Operating Revenues	752	738	2,215	2,219
Operating Expenses	507	511	1,513	1,507
Selling, General and Administrative	109	129	357	434
Other Net Expenses	9	9	21	27
Depreciation, Depletion, Amortization and Accretion	107	110	316	316
Operating Segments \| Corporate and Other
Segment Reporting
Gross Operating Revenues	15	14	43	39
Operating Expenses	30	3	84	19
Selling, General and Administrative	312	316	1,002	965
Other Net Expenses	0	6	12	7
Depreciation, Depletion, Amortization and Accretion	$ 29	$ 31	$ 83	$ 87

Landfill and Environmental Remediation Liabilities (Tables)

9 Months Ended

Sep. 30, 2026

Environmental Remediation Obligations [Abstract]

Liabilities for Landfill and Environmental Remediation Costs

Liabilities for landfill and environmental remediation costs are presented in the table below (in millions):


	September 30, 2026						December 31, 2025
	Landfill		Environmental Remediation		Total		Landfill		Environmental Remediation		Total
Current (in accrued liabilities)	$	171	$	44	$	215	$	186	$	72	$	258
Long-term	3,195		176		3,371		3,119		159		3,278
	$	3,366	$	220	$	3,586	$	3,305	$	231	$	3,536

Changes to Landfill and Environmental Remediation Liabilities

The changes to landfill and environmental remediation liabilities for the nine months ended September 30, 2026 are reflected in the table below (in millions):


	Landfill		Environmental Remediation
December 31, 2025	$	3,305	$	231
Obligations incurred and capitalized	69		—
Obligations settled	(114)		(25)
Interest accretion	117		—
Revisions in estimates	(8)		14
Acquisitions, divestitures and other adjustments	(3)		—
September 30, 2026	$	3,366	$	220

Debt and Derivatives

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Debt and Derivatives

The following table summarizes the major components of debt at principal amounts as of each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of September 30, 2026:


	September 30, 2026		December 31, 2025
Commercial paper program (weighted average interest rate of 4.01% as of September 30, 2026 and 4.05% as of December 31, 2025)	$	1,250	$	1,090
Senior notes, maturing through 2054, interest rates ranging from 1.15% to 7.75% (weighted average interest rate of 4.23% as of September 30, 2026 and 4.28% as of December 31, 2025)	17,218		17,498
Canadian senior notes, C$500 million, redeemed July 2026, interest rate of 2.60%	—		364
Canadian senior notes, C$700 million, maturing July 2033, interest rate of 3.944%	492		—
Tax-exempt bonds, maturing through 2055, fixed and variable interest rates ranging from 0.95% to 4.60% (weighted average interest rate of 3.25% as of September 30, 2026 and 3.41% as of December 31, 2025)	2,927		2,827
Financing leases and other, maturing through 2075 (weighted average interest rate of 4.91% as of September 30, 2026 and 4.83% as of December 31, 2025)	1,630		1,284
Debt issuance costs, discounts and other	(147)		(156)
	23,370		22,907
Current portion of long-term debt	1,524		711
Long-term debt, less current portion	$	21,846	$	22,196

Debt Classification

As of September 30, 2026, we had approximately $4.4 billion of debt maturing within the next 12 months, including (i) $2.2 billion of tax-exempt bonds with term interest rate periods that expire within the next 12 months, which is prior to their scheduled maturities; (ii) $1.2 billion of short-term borrowings under our commercial paper program (net of related discount on issuance); (iii) $750 million of 4.95% senior notes that mature in July 2027 and (iv) $211 million of other debt with scheduled maturities within the next 12 months. As of September 30, 2026, we have classified $2.9 billion of debt maturing in the next 12 months as long-term because we have the intent and ability to refinance these borrowings on a long-term basis as supported by the forecasted available capacity under our $3.5 billion long-term U.S. and Canadian revolving credit facility (“$3.5 billion revolving credit facility”), as discussed below. The remaining $1.5 billion of debt maturing in the next 12 months is classified as current obligations.

Access to and Utilization of Credit Facilities and Commercial Paper Program

$3.5 Billion Revolving Credit Facility — Our $3.5 billion revolving credit facility, maturing May 2029, provides us with credit capacity to be used for cash borrowings, to support letters of credit and to support our commercial paper program. The interest rates we pay on outstanding U.S. or Canadian loans are based on a secured overnight financing rate administered by the Federal Reserve Bank of New York (“SOFR”) or the Canadian Overnight Repo Rate Average (“CORRA”) administered by the Bank of Canada, respectively, plus a spread depending on our senior public debt rating assigned by Moody’s Investors Service, Inc. and Standard and Poor’s Global Ratings. The spread above SOFR or CORRA can range from 0.585% to 1.025% per annum, plus applicable credit adjustments. We also pay certain other fees set forth in the $3.5 billion revolving credit facility agreement, including a facility fee based on the aggregate commitment, regardless of usage. As of September 30, 2026, we had no outstanding borrowings under this facility. We had $1.2 billion of outstanding borrowings (net of related discount on issuance) under our commercial paper program and $229 million of letters of credit issued, both supported by the facility, leaving unused and available credit capacity of $2.0 billion as of September 30, 2026. WM Holdings, Inc. (“WM Holdings”), a wholly-owned subsidiary of WMI, guarantees all the obligations under the $3.5 billion revolving credit facility.

Commercial Paper Program — We have a commercial paper program that enables us to borrow funds for up to 397 days at competitive interest rates. The rates we pay for outstanding borrowings are based on the term of the notes. The commercial paper program is fully supported by our $3.5 billion revolving credit facility. As of September 30, 2026, we had $1.2 billion of outstanding borrowings (net of related discount on issuance) under our commercial paper program.

Other Letter of Credit Lines — As of September 30, 2026, we had utilized $944 million of other uncommitted letter of credit lines, with terms maturing through December 2029.

Debt Borrowings and Repayments

Commercial Paper Program — During the nine months ended September 30, 2026, we made cash repayments of $17.9 billion, which were offset by $18.1 billion of cash borrowings (net of related discount on issuance) used for general corporate purposes.

Senior Notes — We repaid $223 million of 7.10% senior notes upon maturity in August 2026.

Canadian Senior Notes — In June 2026, Waste Management of Canada Corporation, an indirect wholly-owned subsidiary of WM, issued C$700 million, or $493 million, of 3.944% senior notes due July 15, 2033, all of which are fully and unconditionally guaranteed on a senior unsecured basis by WM and WM Holdings. The net proceeds from the debt issuance were C$696 million, or $490 million, which were used to redeem the previously outstanding C$500 million 2.60% Canadian senior notes that would have matured in September 2026 and for general corporate purposes.

Tax-Exempt Bonds — We issued $100 million of tax-exempt bonds in the three months ended September 30, 2026. The proceeds from the issuance of these bonds were deposited directly into a restricted trust fund to be used for the specific purpose for which the money was raised, which is generally to finance expenditures for solid waste disposal and recycling facility construction and development.

Financing Leases and Other — The increase in our financing leases and other debt obligations for the nine months ended September 30, 2026 is due to $499 million of new, non-cash, finance lease and financing activity, partially offset by $153 million of cash repayments of debt at maturity.

Derivatives

Interest Rate Swaps — We use interest rate swaps to manage our exposure to changes in the fair value of certain of our fixed-rate senior notes attributable to changes in benchmark interest rates. During the nine months ended September 30, 2026, we entered into interest rate swaps with an aggregate notional amount of $750 million, under which we receive fixed interest rates and pay floating interest rates based on SOFR plus a spread, maturing on dates ranging from September 2034 through October 2038. We had no interest rate swaps outstanding as of December 31, 2025. These swaps are designated as fair value hedges and as such, changes in the fair value of the swaps are offset by changes in the carrying value of the hedged senior notes attributable to the hedged risk. As of September 30, 2026, the fair value of the swaps was a liability of $42 million, reflected within Other long-term liabilities on the Company's Condensed Consolidated Balance Sheets, with a corresponding $42 million reduction to the carrying amount of the hedged senior notes.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Debt and Derivatives (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt


	September 30, 2026		December 31, 2025
Commercial paper program (weighted average interest rate of 4.01% as of September 30, 2026 and 4.05% as of December 31, 2025)	$	1,250	$	1,090
Senior notes, maturing through 2054, interest rates ranging from 1.15% to 7.75% (weighted average interest rate of 4.23% as of September 30, 2026 and 4.28% as of December 31, 2025)	17,218		17,498
Canadian senior notes, C$500 million, redeemed July 2026, interest rate of 2.60%	—		364
Canadian senior notes, C$700 million, maturing July 2033, interest rate of 3.944%	492		—
Tax-exempt bonds, maturing through 2055, fixed and variable interest rates ranging from 0.95% to 4.60% (weighted average interest rate of 3.25% as of September 30, 2026 and 3.41% as of December 31, 2025)	2,927		2,827
Financing leases and other, maturing through 2075 (weighted average interest rate of 4.91% as of September 30, 2026 and 4.83% as of December 31, 2025)	1,630		1,284
Debt issuance costs, discounts and other	(147)		(156)
	23,370		22,907
Current portion of long-term debt	1,524		711
Long-term debt, less current portion	$	21,846	$	22,196

Landfill and Environmental Remediation Liabilities - Liabilities for Landfill and Environmental Remediation Costs (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Landfill
Total	$ 3,366	$ 3,305
Environmental Remediation
Total	220	231
Current (in accrued liabilities)	215	258
Landfill and environmental remediation liabilities	3,371	3,278
Total	3,586	3,536
Environmental Remediation
Environmental Remediation
Current (in accrued liabilities)	44	72
Long-term	176	159
Total	220	231
Landfill
Landfill
Current (in accrued liabilities)	171	186
Long-term	3,195	3,119
Total	$ 3,366	$ 3,305

Segment and Related Information - Schedule of Operating Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment revenue
Operating revenues	$ 6,846	$ 6,443	$ 19,757	$ 18,891
Collection and Disposal
Segment revenue
Operating revenues	5,579	5,321	16,139	15,524
Recycling Processing and Sales
Segment revenue
Operating revenues	441	372	1,212	1,137
Renewable Energy
Segment revenue
Operating revenues	167	115	483	321
Healthcare Solutions
Segment revenue
Operating revenues	651	628	1,903	1,893
Corporate and Other
Segment revenue
Operating revenues	8	7	20	16
Total collection \| Collection and Disposal
Segment revenue
Operating revenues	4,141	3,930	12,075	11,532
Commercial \| Collection and Disposal
Segment revenue
Operating revenues	1,494	1,419	4,408	4,197
Industrial \| Collection and Disposal
Segment revenue
Operating revenues	843	808	2,421	2,339
Residential \| Collection and Disposal
Segment revenue
Operating revenues	926	884	2,725	2,628
Other collection \| Collection and Disposal
Segment revenue
Operating revenues	878	819	2,521	2,368
Landfill \| Collection and Disposal
Segment revenue
Operating revenues	1,018	995	2,886	2,871
Transfer \| Collection and Disposal
Segment revenue
Operating revenues	420	396	1,178	1,121
Intercompany Elimination
Segment revenue
Operating revenues	1,528	1,465	4,429	4,231
Intercompany Elimination \| Collection and Disposal
Segment revenue
Operating revenues	1,330	1,249	3,827	3,600
Intercompany Elimination \| Recycling Processing and Sales
Segment revenue
Operating revenues	89	98	264	280
Intercompany Elimination \| Renewable Energy
Segment revenue
Operating revenues	1	1	3	2
Intercompany Elimination \| Healthcare Solutions
Segment revenue
Operating revenues	101	110	312	326
Intercompany Elimination \| Corporate and Other
Segment revenue
Operating revenues	7	7	23	23
Intercompany Elimination \| Total collection \| Collection and Disposal
Segment revenue
Operating revenues	593	548	1,708	1,588
Intercompany Elimination \| Commercial \| Collection and Disposal
Segment revenue
Operating revenues	243	223	708	657
Intercompany Elimination \| Industrial \| Collection and Disposal
Segment revenue
Operating revenues	257	234	724	656
Intercompany Elimination \| Residential \| Collection and Disposal
Segment revenue
Operating revenues	19	22	56	66
Intercompany Elimination \| Other collection \| Collection and Disposal
Segment revenue
Operating revenues	74	69	220	209
Intercompany Elimination \| Landfill \| Collection and Disposal
Segment revenue
Operating revenues	431	407	1,242	1,170
Intercompany Elimination \| Transfer \| Collection and Disposal
Segment revenue
Operating revenues	306	294	877	842
Operating Segments
Segment revenue
Operating revenues	8,374	7,908	24,186	23,122
Operating Segments \| Collection and Disposal
Segment revenue
Operating revenues	6,909	6,570	19,966	19,124
Operating Segments \| Recycling Processing and Sales
Segment revenue
Operating revenues	530	470	1,476	1,417
Operating Segments \| Renewable Energy
Segment revenue
Operating revenues	168	116	486	323
Operating Segments \| Healthcare Solutions
Segment revenue
Operating revenues	752	738	2,215	2,219
Operating Segments \| Corporate and Other
Segment revenue
Operating revenues	15	14	43	39
Operating Segments \| Total collection \| Collection and Disposal
Segment revenue
Operating revenues	4,734	4,478	13,783	13,120
Operating Segments \| Commercial \| Collection and Disposal
Segment revenue
Operating revenues	1,737	1,642	5,116	4,854
Operating Segments \| Industrial \| Collection and Disposal
Segment revenue
Operating revenues	1,100	1,042	3,145	2,995
Operating Segments \| Residential \| Collection and Disposal
Segment revenue
Operating revenues	945	906	2,781	2,694
Operating Segments \| Other collection \| Collection and Disposal
Segment revenue
Operating revenues	952	888	2,741	2,577
Operating Segments \| Landfill \| Collection and Disposal
Segment revenue
Operating revenues	1,449	1,402	4,128	4,041
Operating Segments \| Transfer \| Collection and Disposal
Segment revenue
Operating revenues	$ 726	$ 690	$ 2,055	$ 1,963

(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net	9 Months Ended
	Sep. 30, 2026
Unusual or Infrequent Items, or Both [Abstract]
(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net	(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net (Gain) loss from divestitures, asset impairments and unusual items, net for the three months ended September 30, 2026 primarily relates to an $18 million impairment charge related to the decision to accelerate the closure of a landfill within our East Tier. The nine months ended September 30, 2026 also includes a $34 million gain on a business divestiture in our West Tier, partially offset by immaterial charges related to legal and remediation liabilities. (Gain) loss from divestitures, asset impairments and unusual items, net for the three months ended September 30, 2025 includes (i) a $152 million impairment charge related to the decision to suspend the operations of a business engaged in plastic film and wrap recycling within our Recycling Processing and Sales segment resulting from significant deterioration of market pricing and demand for post-consumer plastics; (ii) a $45 million impairment charge related to the decision to accelerate the closure of a landfill within our East Tier and (iii) an $11 million negotiated payment for early termination of a contract in our Renewable Energy segment. The nine months ended September 30, 2025 also includes a $16 million goodwill impairment charge related to a business engaged in oil recovery and sludge processing services reflected in Other Ancillary within our Collection and Disposal business.

Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
Earnings Per Share (Details) - shares shares in Millions	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share [Abstract]
Number of common shares outstanding at end of period (in shares)	397.7	402.9	397.7	402.9
Effect of using weighted average common shares outstanding (in shares)	1.2	0.1	3.5
Effect of using weighted average common shares outstanding (in shares)				(0.3)
Weighted average basic common shares outstanding (in shares)	398.9	403.0	401.2	402.6
Dilutive effect of equity-based compensation awards and other contingently issuable shares (in shares)	0.9	1.3	1.0	1.4
Weighted average diluted common shares outstanding (in shares)	399.8	404.3	402.2	404.0
Potentially issuable shares (in shares)	3.8	4.3	3.8	4.3
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding (in shares)	1.2	1.1	1.2	1.3

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-44

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-52

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-53

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-54

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

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

+ Details

Debt and Derivatives - Narrative (Details) $ in Millions, $ in Millions	1 Months Ended			3 Months Ended	9 Months Ended
	Aug. 31, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 CAD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Jul. 31, 2026 CAD ($)	Jun. 30, 2026 CAD ($)	Dec. 31, 2025 USD ($)
Debt
Debt maturing within the next 12 months				$ 4,400	$ 4,400
Debt classified as long-term due to intent and ability to refinance on long-term basis				2,900	2,900
Current portion of long-term debt				1,524	1,524				$ 711
Proceeds from issuance of debt		$ 490	$ 696
Tax-exempt bonds issued					18,644	$ 14,956
Debt repayments					18,668	$ 15,772
Interest Rate Swap
Debt
Interest rate swaps				750	750				$ 0
Other Debt Obligations
Debt
Debt maturing within the next 12 months				211	211
Certain Fixed-Rate Senior Notes
Debt
Reduction to the carrying amount of hedged senior notes					42
Tax Exempt Bonds Due 2055 \| Bonds
Debt
Debt maturing within the next 12 months				2,200	$ 2,200
Tax-exempt bonds issued				$ 100
Tax Exempt Bonds Due 2055 \| Minimum \| Bonds
Debt
Interest rate (as a percent)				0.95%	0.95%
Tax Exempt Bonds Due 2055 \| Maximum \| Bonds
Debt
Interest rate (as a percent)				4.60%	4.60%
Commercial Paper Program \| Commercial Paper
Debt
Debt maturing within the next 12 months				$ 1,200	$ 1,200
Senior Notes Due 2027 \| Senior Notes
Debt
Debt maturing within the next 12 months				$ 750	$ 750
Interest rate (as a percent)				4.95%	4.95%
$3.5 Billion Revolving Credit Facility \| Commercial Paper
Debt
Debt term					397 days
Commercial paper repayments					$ 17,900
Commercial paper borrowings					18,100
$3.5 Billion Revolving Credit Facility \| Commercial Paper \| Revolving Credit Facility
Debt
Outstanding borrowings under credit facility				$ 1,200	1,200
$3.5 Billion Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt
Maximum capacity				3,500	3,500
Outstanding borrowings under credit facility				0	0
Unused and available credit capacity				2,000	2,000
Letters of credit outstanding				229	$ 229
$3.5 Billion Revolving Credit Facility \| Minimum \| Line of Credit \| Revolving Credit Facility
Debt
Spread rate (as a percent)					0.585%
$3.5 Billion Revolving Credit Facility \| Maximum \| Line of Credit \| Revolving Credit Facility
Debt
Spread rate (as a percent)					1.025%
Other Letter Of Credit Lines
Debt
Letters of credit outstanding				$ 944	$ 944
Senior Notes Due 2026 \| Senior Notes
Debt
Interest rate (as a percent)	7.10%
Debt instrument, amount repaid	$ 223
Canadian Senior Notes Due 2033 \| Senior Notes
Debt
Interest rate (as a percent)		3.944%		3.944%	3.944%			3.944%
Debt instrument, face amount		$ 493						$ 700
Canadian Senior Notes Due 2026 \| Senior Notes
Debt
Interest rate (as a percent)							2.60%
Debt instrument, amount repurchased							$ 500
Financing leases and other
Debt
Non-cash financing lease incurred					$ 499
Debt repayments					$ 153

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2026	Oct. 23, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity File Number	1-12154
Entity Registrant Name	Waste Management, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1309529
Entity Address, Address Line One	800 Capitol Street
Entity Address, Address Line Two	Suite 3000
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	512-6200
Title of 12(b) Security	Common Stock
Trading Symbol	WM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		397,634,916
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000823768
Amendment Flag	false

Commitments and Contingencies (Details) $ in Millions	3 Months Ended		9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2026 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2026 USD ($) landfill site	Dec. 31, 2025 USD ($)
Commitments and Contingencies
Landfills near properties guaranteeing market value \| landfill			18
Aggregate increase potential liability			$ 18
Environmental remediation liabilities			$ 220	$ 231
Sites EPA notified we are a PRP \| site			75
Owned sites EPA notified we are a PRP \| site			14
Non-owned sites EPA notified we are a PRP \| site			61
Workforce covered by collective bargaining (as a percent)			15.00%
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsNoncurrent
Commitments and Contingencies
Amount of IRS deposit net of reserves			$ 89	103
Tax Year 2017
Commitments and Contingencies
Income tax deposit paid		$ 103
Amount of refund received	$ 14
San Jacinto Waste Pits
Commitments and Contingencies
Environmental remediation liabilities			100	$ 100
$3.5 Billion Revolving Credit Facility \| Revolving Credit Facility \| Line of Credit
Commitments and Contingencies
Credit Facility, aggregate capacity			$ 3,500

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Computing Basic and Diluted Earnings Per Share

Basic and diluted earnings per share for the three and nine months ended September 30 were computed using the following common share data (shares in millions):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Number of common shares outstanding at end of period	397.7	402.9	397.7	402.9
Effect of using weighted average common shares outstanding	1.2	0.1	3.5	(0.3)
Weighted average basic common shares outstanding	398.9	403.0	401.2	402.6
Dilutive effect of equity-based compensation awards and other contingently issuable shares	0.9	1.3	1.0	1.4
Weighted average diluted common shares outstanding	399.8	404.3	402.2	404.0
Potentially issuable shares	3.8	4.3	3.8	4.3
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding	1.2	1.1	1.2	1.3

Acquisitions and Divestitures	9 Months Ended
Acquisitions and Divestitures	Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions During the nine months ended September 30, 2026, we completed solid waste acquisitions for total consideration of $239 million, which included issuance of shares of our common stock valued at $144 million from treasury stock, $89 million in net cash paid and $6 million of other consideration, specifically purchase price holdbacks. In addition, we paid $13 million of holdbacks related to prior year acquisitions. Total consideration for our 2026 acquisitions was primarily allocated to $28 million of property and equipment, $76 million of other intangible assets, primarily customer relationships, and $140 million of goodwill. The goodwill was primarily a result of expected synergies from combining the acquired businesses with our existing operations and substantially all was not tax deductible. We remain in the measurement period for our 2026 acquisitions, and adjustments to our preliminary purchase price allocation may occur. Divestitures Proceeds from divestitures of businesses and other assets, net of cash divested, were $79 million and $108 million for the nine months ended September 30, 2026 and 2025, respectively. Proceeds in 2026 primarily related to a business divestiture in our West Tier, which resulted in a gain of $34 million recognized in (gain) loss from divestitures, asset impairments and unusual items, net in our Condensed Consolidated Statements of Operations.

Fair Value Measurements

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets and Liabilities Accounted for at Fair Value

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


	September 30, 2026		December 31, 2025
Quoted prices in active markets (Level 1):
Cash equivalents and money market funds	$	61	$	91
Equity securities	91		88
Significant other observable inputs (Level 2):
Available-for-sale securities (a)	631		528
Total assets measured at fair value	$	783	$	707

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

________________________________________________________

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

Fair Value of Debt

As of September 30, 2026 and December 31, 2025, the carrying value of our debt was $23.4 billion and $22.9 billion, respectively. The estimated fair value of our debt was approximately $21.7 billion and $22.5 billion as of September 30, 2026 and December 31, 2025, respectively.

Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, our estimates are not necessarily indicative of the amounts that we, or holders of the instruments, could realize in a current market exchange. The use of different assumptions or estimation methodologies could have a material effect on the estimated fair values. The fair value estimates are based on Level 2 inputs of the fair value hierarchy available as of September 30, 2026 and December 31, 2025. These amounts have not been revalued since those dates and current estimates of fair value could differ significantly from the amounts presented.

- Definition

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

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+ Details