What it does
The company states that it provides environmental solutions across waste collection, transfer, disposal, recycling and resource recovery. Its Collection and Disposal businesses collect waste and recyclable, construction and demolition, and organic materials, then move them to transfer, recycling or disposal sites. The filing also describes Renewable Energy projects that use landfill gas to produce renewable electricity, renewable natural gas, heat and steam. Its Healthcare Solutions segment provides regulated waste and compliance services (RWCS) and secure information destruction (SID) services. Recycling Processing and Sales collects, processes, markets and resells recyclable materials, and operates organics processing facilities.
Source: Waste Management, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company’s senior management evaluates financial performance through five reportable segments: Collection and Disposal—East Tier; Collection and Disposal—West Tier; Recycling Processing and Sales; Renewable Energy; and Healthcare Solutions. Collection arrangements generally generate fees under commercial and industrial service agreements, residential contracts or franchises, and household subscriptions. The filing states that landfill and transfer-station fees are based on factors including waste type, volume or weight, disposal distance and market conditions. Recycling revenue comes from processing fees, tip fees where applicable, and sales of recycled commodities. Renewable Energy revenue is primarily generated from methane, environmental credits, electricity, capacity and related attributes. Healthcare Solutions provides regulated-waste and SID services to business customers.
Source: Waste Management, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The company states that its solid waste services operate throughout the U.S. and Canada. East Tier primarily covers the Eastern U.S., Great Lakes region and substantially all of Canada, while West Tier primarily covers the Western, Southern and Central U.S., the upper Midwest, and British Columbia. Healthcare Solutions serves customers in the U.S., Canada and Western Europe; RWCS is provided in the U.S., Canada, Ireland and the U.K., while SID is offered in the U.S., Belgium, Canada, France, Germany, Ireland, Luxembourg, the Netherlands and the U.K. The filing says the largest customer represented less than 5% of 2025 annual revenues.
Source: Waste Management, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that the company encounters intense competition in all aspects of its operations. It principally competes with large national waste management companies, counties and municipalities with their own collection and disposal operations, and regional and local companies. The filing also lists specialized waste-management companies, alternative-disposal operators, businesses using waste streams for renewable energy or other by-products, and waste brokers relying on local haulers. Competition is described as based on pricing, service quality and breadth of offerings. The filing does not name individual competitors.
Source: Waste Management, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
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The filing states that failure to implement its business strategy could materially and adversely affect financial performance and growth.
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The company may not realize anticipated strategic benefits, revenue and earnings growth, or cost synergies from the Stericycle acquisition.
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Extensive regulations and regulatory changes can restrict or alter operations, increase costs or tax liabilities, reduce revenue, or require capital expenditures.
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Operational and safety risks include accidents, equipment failures, dangerous equipment, hazardous materials, fires and explosions.
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The company may be unable to obtain or maintain required permits, or expand permitted landfill capacity.
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Difficulty attracting, hiring, developing and retaining a high-quality workforce, or complying with employment regulations, could disrupt operations and increase costs.
Source: Waste Management, Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, the company had 60,500 full-time employees across the U.S., Canada, Western Europe and India. The filing states that approximately 9,200 employees were covered by collective bargaining agreements. Its operational network included 257 landfill sites and 342 transfer stations, excluding those acquired from Stericycle. The company also operated 113 recycling facilities, 49 organics recycling facilities, 103 landfill-gas beneficial-use projects, and Healthcare Solutions treatment and SID facilities as described in the filing. The company states that operating revenues and volumes typically increase seasonally during summer months, affecting second- and third-quarter results; severe weather can disrupt operations, while certain destructive events can increase waste volumes.
Source: Waste Management, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov