Form 8-K

8-K — WASTE MANAGEMENT INC

Accession: 0001104659-26-050425

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0000823768

SIC: 4953 (REFUSE SYSTEMS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2612889d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2612889d1_ex99-1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: tm2612889d1_8k.htm · Sequence: 1

false

0000823768

WASTE MANAGEMENT INC

0000823768

2026-04-28

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

SECURITIES AND

EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13

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

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

Waste

Management, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware

1-12154

73-1309529

(State

or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS

Employer

Identification No.)

800

Capitol Street, Suite

3000, Houston,

Texas

77002

(Address

of Principal Executive Offices)

(Zip

Code)

Registrant’s Telephone number, including

area code: (713) 512-6200

(Former Name or Former Address, if Changed Since

Last Report)

Check the appropriate box below if the Form 8-K

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

¨ Written

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

¨ Soliciting

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

¨ Pre-commencement

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

¨ Pre-commencement

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

Securities registered pursuant to Section 12(b) of

the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common

Stock, $0.01 par value

New

York Stock Exchange

Indicate

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

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

Emerging growth company

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

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

Item 2.02. Results of Operations and Financial Condition.

Waste Management, Inc. (the

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

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

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

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

location.

On the webcast, management

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

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

release.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Index

Exhibit

Number

Description

99.1

Press Release dated April 28, 2026

104

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

SIGNATURES

Pursuant to the requirements

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

duly authorized.

WASTE MANAGEMENT, INC.

Date: April 28, 2026

By:

/s/ Charles C. Boettcher

Charles C. Boettcher

Executive Vice President and Chief Legal Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2612889d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

WM Announces First Quarter 2026

Earnings

Strong Performance Drives Cash Flow from Operations

24% Higher to $1.5 Billion

The Company Reaffirms its Full-Year Financial Outlook

WM Completes Three Recycling Facilities Adding Key

Capacity in Growing Markets

Houston

— April 28, 2026

— WM (NYSE: WM) today announced financial results for the quarter ended March 31,

2026.

Three

Months Ended

Three

Months Ended

March

31, 2026

(in millions, except per share amounts)

March 31,

2025

(in millions, except per share amounts)

Reported

Adjusted(a)

Reported

Adjusted(a)

Revenue

$6,227

$6,018

Income

from Operations

$1,113

$1,118

$1,013

$1,059

Operating

EBITDA(b) (c)

$1,848

$1,853

$1,704

$1,750

Operating

EBITDA Margin

29.7%

29.8%

28.3%

29.1%

Net

Income(d)

$723

$731

$637

$673

Diluted

EPS

$1.79

$1.81

$1.58

$1.67

“Strong earnings and cash flow results in

the quarter achieved our expectations, reflecting the strength of the WM team and the resilience of our business model,” said Jim

Fish, WM’s CEO. “Disciplined pricing, cost optimization and contributions from sustainability growth projects led to first

quarter adjusted operating EBITDA growth of 5.9% and margin expansion of 70 basis points despite a challenging quarter of weather impacts.(a)

The momentum in our business, combined with our confidence in our ability to execute on our plan for the balance of the year, sets us

up to achieve the full-year financial outlook we provided last quarter.”

Fish continued, “Our start to 2026 strengthens

our conviction in the ability to harvest the benefits of our strategic investments in recycling, renewable energy, a medical waste platform,

technology, and our fleet, as free cash flow nearly doubled in the quarter compared to prior year.(a) We allocated the majority

of first quarter free cash flow to shareholders, returning nearly $730 million through dividends and share repurchases during the quarter.

Our balance sheet remains flexible, reflecting our financial discipline and positioning WM to capitalize on opportunities in any economic

environment.”

KEY

HIGHLIGHTS FOR the fIRST quarter OF 2026

· Adjusted

operating EBITDA grew 5.9%, with margin expanding 70 basis points.(a) Performance was led by the Collection and Disposal business,

driven by disciplined price execution, operating cost control, and continued optimization of business mix.

· Collection

and Disposal operating EBITDA grew by $154 million and margin expanded 190 basis points. On an adjusted basis, operating EBITDA grew

by $118 million and margin expanded 110 basis points. The improvement was driven by favorable price-to-cost spread as the Company invests

in making improvements in frontline retention and leverages technology and automation to reduce costs.(a)

· Together,

operating EBITDA in the Recycling and Renewable Energy businesses grew $51 million, or $49 million on an adjusted basis, driven by increased

renewable natural gas production from growth projects as well as higher recycling volumes and benefits from automation projects.(a)(e)

· Operating

EBITDA grew by 18.4%, or 11.6% on an adjusted basis, in the Healthcare Solutions business, driven by effective SG&A cost management

and synergy capture.(a)

· Revenue

grew 3.5%, driven by core price of 6.3% and collection and disposal yield of 3.9%. In addition to strong execution on pricing, revenue

growth was driven by increased volumes in the Recycling and Renewable Energy businesses from completed growth projects.(f)

· Collection

and disposal volume declined 1.5%, primarily due to the impacts of harsh winter weather, intentional shedding of lower-margin residential

business, and wildfire cleanup activities that benefitted the prior year period. These volume declines were partially offset by growth

in MSW volume.

· Operating

expenses were 59.3% of revenue, or 59.2% on an adjusted basis, which was an improvement of 70 basis points both on a reported and adjusted

basis from the prior year and reflects the Company’s commitment to using technology and automation to optimize its cost structure

and enhance operational efficiency.(a)(c)

· The

Company generated $1.5 billion of net cash provided by operating activities compared to $1.21 billion in the prior year period, primarily

driven by operating EBITDA growth and working capital improvements. Free cash flow was $920 million, compared to $475 million in the

prior year period.(a)

· The

Company returned $729 million to shareholders in the first quarter, including $385 million in cash dividends and $344 million of share

repurchases.

· During

the quarter, the Company’s leverage ratio returned to its target range of between 2.5 to 3.0 times total debt to EBITDA.(g)

· The

Company began operations at new recycling facilities in Ontario and Detroit and completed a recycling automation project in South Florida,

which is now its largest single stream facility. Together, the projects added nearly 300,000 tons of processing capacity.

(a) The information labeled as adjusted in this press release, as well as free

cash flow, are non-GAAP measures. Please see “Non-GAAP Financial Measures” below and the reconciliations in the accompanying

schedules for more information.

(b) Management defines operating EBITDA as GAAP income from operations before

depreciation, depletion, amortization and accretion; this measure may not be comparable to similarly titled measures reported by other

companies.

to depreciation, depletion, amortization, and accretion. Landfill accretion expense in the three months ended March, 31 2026 and

2025 was $39 million and $35 million, respectively. For comparability purposes, 2025 actuals have been updated to reflect that change.

(d) For purposes of this press release, all references to “Net income”

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

(e) The Company’s blended average price received for single stream recycled

commodities sold during the quarter was about $65 per ton compared to about $88 per ton in the prior year period. The average price received

for Renewable Fuel Standard credits was $2.32 during the quarter compared to $2.59 in the prior year period. The average price received

for natural gas was $5.59 per MMBtu during the quarter compared to $3.93 per MMBtu in the prior year. The average price received for electricity

was about $83 per megawatt hour in the quarter compared to about $74 per megawatt hour in the prior year period.

(f) Core price is a performance metric used by management to evaluate the effectiveness

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

presented by other companies.

Core price is based on certain historical assumptions, which may differ from actual results, to allow for comparability between reporting

periods and to reveal trends in results over time.

(g) Leverage ratio is calculated based on the defined terms for this financial

covenant in the Company’s revolving credit agreement, as amended. See Exhibits 10.8 and 10.9 to the Company’s Form 10-K filed

Feb. 9, 2026, and Exhibit 10.1 to the Company’s Form 8-K filed Mar. 25, 2026.

The Company will host a conference call at 10 a.m.

ET on April 29, 2026, to discuss the first quarter 2026 results. Information contained within this press release will be referenced and

should be considered in conjunction with the call.

Listeners

can access a live audio webcast of the conference call by visiting investors.wm.com

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

same location following the conclusion of the call.

Conference

call participants should register to obtain their dial in and passcode details.

This streamlined process improves security and eliminates wait times when joining the call.

about wm

(WM.com) is North

America's leading provider of comprehensive environmental solutions. Previously known as Waste Management and based in Houston,

Texas, WM is driven by commitments to put people first and achieve success with integrity. The company, through its subsidiaries, provides

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

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

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

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

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

natural gas truck fleet in the industry. WM also provides collection and disposal services of regulated medical waste

and secure information destruction services in the U.S., Canada and Western Europe. To learn more about WM and the

company's sustainability progress and solutions, visit Sustainability.WM.com.

Forward-Looking Statements

The Company, from time to time, provides estimates

or projections of financial and other data, comments on expectations relating to future periods and makes statements of opinion, view

or belief about current and future events, circumstances or performance. This press release contains a number of such forward-looking

statements, including all statements regarding future growth, earnings, value creation, performance and results of our business; targets,

financial guidance and outlook; ability to achieve the Company’s 2026 outlook; and technology and automation investments and results.

You should view these statements with caution. They are based on the facts and circumstances known to the Company as of the date the statements

are made. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different

from those set forth in such forward-looking statements, including but not limited to, failure to implement our optimization, automation,

growth, and cost savings initiatives and overall business strategy; failure to obtain the results anticipated from strategic initiatives,

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

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

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

the costs and timing of our ability to integrate and deliver all of the expected benefits of the Stericycle, Inc. acquisition; existing

or new environmental and other regulations, including developments related to emerging contaminants, gas emissions, renewable energy,

recyclables, extended producer responsibility and our natural gas fleet; significant

environmental, safety or other incidents resulting

in liabilities or brand damage; failure to obtain and maintain necessary permits due to land scarcity, public opposition or otherwise;

diminishing landfill capacity, resulting in increased costs and the need for disposal alternatives; failure to attract, hire and retain

key team members and a high quality workforce; increases in labor costs due to union organizing activities or changes in wage- and labor-related

regulations; disruption and costs resulting from severe weather and destructive climate events; failure to achieve our sustainability

goals or execute on our sustainability-related strategy and initiatives, including within planned timelines or anticipated budgets due

to disruptions, delays, cost increases or changes in environmental or tax regulations and incentives; focus on, and regulation of, environmental

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

related to our sustainability efforts; macroeconomic conditions, geopolitical conflict and large-scale market disruption resulting in

labor, supply chain and transportation constraints, inflationary cost pressures and fluctuations in commodity prices, fuel and other energy

costs; increased competition and pricing pressure; impacts from international trade restrictions and tariffs; competitive disposal alternatives,

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

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

in the healthcare industry; adoption of new tax legislation; fuel shortages; failure to develop and protect new technology; failure of

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

detect and address cybersecurity incidents or comply with privacy regulations; negative outcomes of litigation or governmental proceedings,

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

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

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

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

assumes no obligation to update any forward-looking statement, including financial estimates and forecasts, whether as a result of future

events, circumstances or developments or otherwise.

Non-GAAP Financial Measures

To supplement its financial information, the Company

has presented, and/or may discuss on the conference call, adjusted measures including adjusted earnings per diluted share, adjusted net

income, adjusted income from operations and margin, adjusted operating EBITDA and margin, adjusted operating expense and margin, and adjusted

SG&A expenses and margin. All adjusted measures and free cash flow are non-GAAP financial measures, as defined in Regulation G of

the Securities Exchange Act of 1934, as amended. The Company reports its financial results in compliance with GAAP but believes that also

discussing non-GAAP measures provides investors with (i) financial measures the Company uses in the management of its business and (ii)

additional, meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe

reflect its fundamental business performance and are not representative or indicative of its results of operations.

The Company discusses free cash flow and provides

a projection of free cash flow because the Company believes that it is indicative of its ability to pay its quarterly dividends, repurchase

common stock, fund acquisitions and other investments and, in the absence of refinancings, to repay its debt obligations. The Company

believes free cash flow gives investors useful insight into how the Company views its liquidity, but the use of free cash flow as a liquidity

measure has material limitations because it excludes certain expenditures that are required or that the Company has committed to, such

as declared dividend payments and debt service requirements. The Company defines free cash flow as net cash provided by operating activities,

less capital expenditures, plus proceeds from divestitures of businesses and other assets (net of cash divested); this definition may

not be comparable to similarly-titled measures reported by other companies.

The quantitative reconciliations of non-GAAP measures

to the most comparable GAAP measures are included in the accompanying schedules, with the exception of projected adjusted operating EBITDA

and margin. Non-GAAP measures should not be considered a substitute for financial measures presented in accordance with GAAP.

FOR MORE INFORMATION

Website

www.wm.com

Analysts

Ed Egl

713.265.1656

eegl@wm.com

Media

Toni Werner

media@wm.com

###

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except per Share Amounts)

(Unaudited)

Three Months Ended

March 31,

2026

2025

Operating revenues

$ 6,227

$ 6,018

Costs and expenses:

Operating(a)

3,694

3,612

Selling, general and administrative

707

687

Depreciation, depletion, amortization, and accretion(a)

735

691

Restructuring

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

(26 )

5,114

5,005

Income from operations

1,113

1,013

Other income (expense):

Interest expense, net

(225 )

(232 )

Other, net

(222 )

(225 )

Income before income taxes

891

788

Income tax expense

168

151

Consolidated net income

723

637

Less: Net income (loss) attributable to noncontrolling interests

—

Net income attributable to Waste Management, Inc.

$ 723

$ 637

Basic earnings per common share

$ 1.79

$ 1.58

Diluted earnings per common share

$ 1.79

$ 1.58

Weighted average basic common shares outstanding

403.2

402.3

Weighted average diluted common shares outstanding

404.4

403.9

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

amortization, and accretion. Landfill Accretion expense in the three months ended March, 31 2026 and 2025 was $39 million and $35 million,

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

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions)

(Unaudited)

March 31,

December 31,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

$ 158

$ 201

Receivables, net

3,964

4,055

Other

686

654

Total current assets

4,808

4,910

Property and equipment, net

20,335

20,378

Goodwill

13,873

13,880

Other intangible assets, net

3,664

3,767

Other

3,020

2,900

Total assets

$ 45,700

$ 45,835

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable, accrued liabilities and deferred revenues

$ 4,505

$ 4,813

Current portion of long-term debt

641

711

Total current liabilities

5,146

5,524

Long-term debt, less current portion

22,250

22,196

Other

8,282

8,124

Total liabilities

35,678

35,844

Equity:

Waste Management, Inc. stockholders’ equity

10,021

9,990

Noncontrolling interests

Total equity

10,022

9,991

Total liabilities and equity

$ 45,700

$ 45,835

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

(Unaudited)

Three Months Ended

March 31,

2026

2025

Cash flows from operating activities:

Consolidated net income

$ 723

$ 637

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

Depreciation, depletion, amortization and accretion

735

691

Other

166

122

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

(123 )

(242 )

Net cash provided by operating activities

1,501

1,208

Cash flows from investing activities:

Acquisitions of businesses, net of cash acquired

—

(3 )

Capital expenditures

(650 )

(831 )

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

Other, net

(150 )

(93 )

Net cash used in investing activities

(731 )

(829 )

Cash flows from financing activities:

New borrowings

6,048

4,993

Debt repayments

(6,125 )

(5,163 )

Common stock repurchase program

(344 )

—

Cash dividends

(385 )

(336 )

Exercise of common stock options

Tax payments associated with equity-based compensation transactions

(40 )

(45 )

Other, net

(1 )

(10 )

Net cash used in financing activities

(821 )

(536 )

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

(1 )

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

(52 )

(156 )

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

$ 245

$ 331

WASTE MANAGEMENT, INC.

SUMMARY DATA SHEET

(In Millions)

(Unaudited)

Operating Revenues by Line of Business

Three

Months Ended

March 31,

2026

2025

Gross

Intercompany

Net

Gross

Intercompany

Net

Operating

Revenues

Revenues(a)

Revenues

Revenues(a)

Revenues

Commercial

$ 1,658

$ (229 )

$ 1,429

$ 1,594

$ (214 )

$ 1,380

Industrial

980

(222 )

758

940

(199 )

741

Residential

906

(18 )

888

894

(22 )

872

Other

collection

866

(72 )

794

825

(72 )

753

Total

collection

4,410

(541 )

3,869

4,253

(507 )

3,746

Landfill

1,246

(382 )

864

1,193

(353 )

840

Transfer

619

(271 )

348

592

(256 )

336

Total

Collection and Disposal

$ 6,275

$ (1,194 )

$ 5,081

$ 6,038

$ (1,116 )

$ 4,922

Recycling

Processing and Sales

455

(87 )

368

465

(81 )

384

Renewable

Energy

161

(2 )

159

(1 )

Healthcare

Solutions(b)

721

(107 )

614

721

(102 )

619

Corporate

and Other

(8 )

Total

$ 7,625

$ (1,398 )

$ 6,227

$ 7,326

$ (1,308 )

$ 6,018

(a) Includes each segment’s intercompany activity, including transactions within a segment and between

segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.

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

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

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

units. Accordingly, adjustments to the three months ended March 31, 2025 activity were made to properly reflect intra-segment activity

for the period. Intra-segment operating revenues and operating expenses within Healthcare Solutions for the three months ended March 31,

2026 and 2025 are $101 million and $94 million, respectively.

WASTE MANAGEMENT, INC.

SUMMARY DATA SHEET

(In Millions)

(Unaudited)

Internal Revenue Growth

Period-to-Period Change for the

Three Months Ended

March 31, 2026 vs. 2025

As a % of

Total

Amount

Business(a)

Amount

Company(b)

Collection and Disposal

$ 182

3.9 %

Recycling Processing and Sales and Renewable Energy(c)

(35 )

(7.1 )

Energy surcharges and mandated fees

8.2

Total average yield

$ 167

2.7 %

Volume(d)

0.2

Healthcare Solutions(e)

(13 )

(0.2 )

Internal revenue growth

164

2.7

Acquisitions

0.6

Divestitures

(4 )

—

Foreign currency translation

0.2

Total

$ 209

3.5 %

Period-to-Period Change for the

Three Months Ended

March 31, 2026 vs. 2025

As a % of Related Business(a)

Yield

Volume

Commercial

4.7 %

(1.6 )%

Industrial

3.1

0.2

Residential

6.3

(5.0 )

Total collection

4.5

(2.0 )

MSW

6.9

2.7

Transfer

3.2

(2.9 )

Total collection and disposal

3.9 %

(1.5 )%

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

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

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

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

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

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

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

volume attributable to our Healthcare Solutions business.

WASTE MANAGEMENT, INC.

SUMMARY DATA SHEET

(In Millions)

(Unaudited)

Free Cash Flow(a)

Three Months Ended

March 31,

2026

2025

Net cash provided by operating activities

$ 1,501

$ 1,208

Capital expenditures to support the business

(589 )

(703 )

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

Free cash flow before sustainability growth investments

981

603

Capital expenditures - sustainability growth investments

(61 )

(128 )

Free cash flow

$ 920

$ 475

Three Months Ended

March 31,

2026

2025

Supplemental Data

Internalization of waste, based on disposal costs

71.7 %

70.7 %

Landfill depletable tons (in millions)

28.8

29.3

Acquisition Summary(b)

Gross annualized revenue acquired

$ —

$ 11

Total consideration, net of cash acquired

—

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

—

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

Landfill Amortization and Accretion Expenses:

Three Months Ended

March 31,

2026

2025

Landfill depletion expense:

Cost basis of landfill assets

$ 160

$ 150

Asset retirement costs

Total landfill depletion expense

192

183

Accretion expense

Landfill depletion and accretion expense

$ 231

$ 218

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

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

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

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

where noted.

WASTE MANAGEMENT, INC.

RECONCILIATION OF CERTAIN NON-GAAP MEASURES

(In Millions, Except Per Share Amounts)

(Unaudited)

Three Months Ended March 31, 2026

Income from

Pre-tax

Tax

Net

Diluted Per

Operations

Income

Expense

Income(a)

Share Amount

As reported amounts

$ 1,113

$ 891

$ 168

$ 723

$ 1.79

Adjustments:

Stericycle transaction and integration costs

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

(14 )

(7 )

(3 )

0.02

As adjusted amounts

$ 1,118

$ 896

$ 165 (b)

$ 731

$ 1.81

Depreciation, depletion, amortization, and accretion(d)

735

As adjusted operating EBITDA(d)

$ 1,853

Adjusted operating EBITDA margin

29.8 %

Three Months Ended March 31, 2025

Income from

Pre-tax

Tax

Net

Diluted Per

Operations

Income

Expense

Income(a)

Share Amount

As reported amounts

$ 1,013

$ 788

$ 151

$ 637

$ 1.58

Adjustments:

Stericycle transaction and integration costs

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

0.09

As adjusted amounts

$ 1,059

$ 834

$ 161 (b)

$ 673

$ 1.67

Depreciation, depletion, amortization, and accretion(d)

691

As adjusted operating EBITDA(d)

$ 1,750

Adjusted operating EBITDA margin

29.1 %

(a) For purposes of this press release table, all references to "Net Income" refer to the financial

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

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

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

items have been rounded in millions. The first quarter 2026 and 2025 adjusted effective tax rates were 18.4% and 19.2%, respectively.

contingency reserve adjustments and other restructuring costs.

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

amortization, and accretion. Landfill Accretion expense in the three months ended March, 31 2026 and 2025 was $39 million and $35 million,

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

(e) Primarily due to a legacy loss contingency reserve adjustment and other restructuring costs.

WASTE MANAGEMENT, INC.

RECONCILIATION OF CERTAIN NON-GAAP MEASURES

(In Millions)

(Unaudited)

Three Months Ended March 31, 2026

Recycling

Collection

Processing

Renewable

Healthcare

Corporate

Total

and Disposal(a)(b)

and Sales(a)

Energy(b)

Solutions

and Other

Adjusted Operating EBITDA and Adjusted Operating EBITDA Margin

Operating revenues, as reported

$ 5,081

$ 368

$ 159

$ 614

$ 5

$ 6,227

Income from Operations, as reported

$ 1,460

$ 19

$ 48

$ (14 )

$ (400 )

$ 1,113

Depreciation, depletion, amortization, and accretion(c)

531

104

735

Operating EBITDA, as reported(c)

$ 1,991

$ 70

$ 72

$ 90

$ (375 )

$ 1,848

Adjustments:

Stericycle transaction and integration costs

—

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

(34 )

—

(14 )

(34 )

—

Adjusted operating EBITDA(c)

$ 1,957

$ 72

$ 106

$ (354 )

$ 1,853

Operating EBITDA margin, as reported

39.2 %

19.0 %

45.3 %

14.7 %

N/A

29.7 %

Adjusted operating EBITDA margin

38.5 %

19.6 %

45.3 %

17.3 %

N/A

29.8 %

Three Months Ended March 31, 2025

Recycling

Collection

Processing

Renewable

Healthcare

Corporate

Total

and Disposal(a)(b)

and Sales(a)

Energy(b)

Solutions

and Other

Adjusted Operating EBITDA and Adjusted Operating EBITDA Margin

Operating revenues, as reported

$ 4,922

$ 384

$ 91

$ 619

$ 2

$ 6,018

Income from Operations, as reported

$ 1,328

$ 18

$ 19

$ (25 )

$ (327 )

$ 1,013

Depreciation, depletion, amortization, and accretion(c)

509

101

691

Operating EBITDA, as reported(c)

$ 1,837

$ 57

$ 34

$ 76

$ (300 )

$ 1,704

Adjustments:

Stericycle transaction and integration costs

—

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

—

Adjusted operating EBITDA(c)

$ 1,839

$ 61

$ 34

$ 95

$ (279 )

$ 1,750

Operating EBITDA margin, as reported

37.3 %

14.8 %

37.4 %

12.3 %

N/A

28.3 %

Adjusted operating EBITDA margin

37.4 %

15.9 %

37.4 %

15.3 %

N/A

29.1 %

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

and Disposal business. The total amount of such fees in income from operations for the three months ended March 31, 2026 and 2025

is $18 million and $20 million, respectively.

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

and Other for landfill gas. The total amount of royalties in income from operations for the three months ended March 31, 2026 and

2025 is $24 million and $14 million, respectively.

amortization, and accretion. Landfill Accretion expense in the three months ended March, 31 2026 and 2025 was $39 million and $35 million,

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

(d) Primarily due to a $34 million gain related to a business divestiture in our West Tier, offset by loss

contingency reserve adjustments and other restructuring costs.

(e) Primarily due to a legacy loss contingency reserve adjustment and other restructuring costs.

WASTE MANAGEMENT, INC.

RECONCILIATION OF CERTAIN NON-GAAP MEASURES

(In Millions, Except Per Share Amounts)

(Unaudited)

Three Months Ended

March 31, 2026

March 31, 2025

Adjusted Operating Expenses and Adjusted Operating Expenses Margin

Operating revenues, as reported

$ 6,227

$ 6,018

Operating expenses, as reported(a)

$ 3,694

$ 3,612

As a % of revenues

59.3 %

60.0 %

Adjustment:

Legacy loss contingency reserve

(10 )

(7 )

Operating expenses, as adjusted

$ 3,684

$ 3,605

As a % of revenues

59.2 %

59.9 %

Three Months Ended

March 31, 2026

March 31, 2025

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

Operating revenues, as reported

$ 6,227

$ 6,018

SG&A expenses, as reported

$ 707

$ 687

As a % of revenues

11.4 %

Adjustment:

Stericycle acquisition and integration costs

(17 )

(24 )

SG&A expenses, as adjusted

$ 690

$ 663

As a % of revenues

11.1 %

11.0 %

2026 Projected Free Cash Flow Reconciliation(b)

Scenario 1

Scenario 2

Net cash provided by operating activities

$ 6,300

$ 6,450

Capital expenditures to support the business

(2,450 )

(2,550 )

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

100

150

Free cash flow before sustainability growth investments

$ 3,950

$ 4,050

Capital expenditures - sustainability growth investments

(200 )

Free cash flow

$ 3,750

$ 3,850

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

amortization, and accretion. Landfill Accretion expense in the three months ended March, 31 2026 and 2025 was $39 million and $35 million,

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

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

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

necessarily indicative of actual results.

WASTE MANAGEMENT, INC.

SUPPLEMENTAL INFORMATION PROVIDED FOR ILLUSTRATIVE

PURPOSES ONLY

(In Millions)

(Unaudited)

Diversity in the structure

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

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

for netting of rebates against revenue.

The table below illustrates

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

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

Three Months Ended March 31,

2026

2025

Amount

Change in

Adjusted

Operating

EBITDA Margin

Amount

Change in

Adjusted

Operating

EBITDA Margin

Recycling commodity rebates

$ 162

0.8 %

$ 238

1.2 %

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