Waste Management Inc (NYSE: WM) is a waste services company that collects, transfers, and disposes of solid waste while recovering recyclable materials and generating renewable energy from landfill gas. Revenue comes primarily from fees charged for collection, transfer, and disposal services across residential, commercial, and industrial customers in the United States and Canada, supplemented by recycling commodity sales, tipping fees, and the sale of renewable natural gas, electricity, RINs, and RECs from 103 landfill gas projects (as of December 31, 2025). The company is headquartered in Houston, Texas, incorporated in Delaware, and operates through two geographic Collection and Disposal segments, East Tier and West Tier, plus Recycling Processing and Sales and Renewable Energy segments. Following its acquisition of Stericycle, WM also provides regulated and medical waste collection, processing, and disposal. Operating expenses were $15,012 million in FY2025, or 59.6% of revenues, against $13,383 million, or 60.7% of revenues, in FY2024.

Revenue model

Fee-based collection, transfer, and disposal charges to residential, commercial, and industrial customers; recycling tipping fees and commodity sales; landfill gas monetization through sale of RNG, electricity, RINs under the Renewable Fuel Standard program, and RECs; regulated waste processing fees from the Stericycle healthcare waste business.

Products and services

Solid waste collection, transfer, and disposal; recycling processing and commodity sales; landfill gas-to-renewable energy (RNG, electricity, heat and steam); RINs and RECs sales; regulated and medical waste collection and processing (Healthcare Solutions, acquired via Stericycle); Sustainability and Environmental Solutions (SES) for large industrial customers; Strategic Business Solutions (WMSBS) for geographically dispersed customers.

Customers and end markets

Residential, commercial, and industrial waste generators across the U.S. and Canada; public utilities, municipal utilities, and power cooperatives purchasing landfill-generated electricity; natural gas suppliers purchasing RNG; industrial customers receiving pipeline-delivered landfill gas; regulated waste customers including hospitals, physician practices, and healthcare networks.

Value-chain role

Vertically integrated waste services operator handling collection, transfer, processing, disposal, and resource recovery. Operates its own landfills, transfer stations, recycling facilities, and landfill gas energy projects, positioning WM across the full waste management value chain from customer-site pickup through final disposal or resource conversion.

Geographic exposure

United States and Canada. East Tier covers the Eastern U.S., Great Lakes region, and substantially all of Canada. West Tier covers the Western, Southern, and Central U.S., including the upper Midwest, and British Columbia, Canada.

Source: SEC 10-K, filed 2026-02-09

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