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    WM Announces Fourth Quarter and Full-Year 2024 Earnings

    1/29/25 7:04:00 PM ET
    $WM
    Environmental Services
    Utilities
    Get the next $WM alert in real time by email

    Solid Waste Business Growth Drives Company-Best Full-Year Operating EBITDA and Margin

    Four Renewable Natural Gas Facilities Commissioned in the Fourth Quarter; Overall Production Expected to More Than Double from 2024 to 2025

    Actively Integrating and Optimizing Stericycle for Growth and Now Expecting $250 Million in Synergies

    2025 Expected to Deliver a Step Change in the Company's Revenue and Earnings

    WM (NYSE:WM) today announced financial results for the fourth quarter and year ended Dec. 31, 2024.

     

     

    Three Months Ended

     

     

    Year Ended

     

     

    December 31, 2024

     

    December 31, 2023

     

     

    December 31, 2024

     

    December 31, 2023

     

     

    (in millions, except per share amounts)

     

     

    (in millions, except per share amounts)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    As

    Reported

     

    As

    Adjusted(a)

     

    As

    Reported

     

    As

    Adjusted(a)

     

     

    As

    Reported

     

    As

    Adjusted(a)

     

    As

    Reported

     

    As

    Adjusted(a)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue

     

    $5,893

     

    $5,893

     

    $5,217

     

    $5,217

     

     

    $22,063

     

    $22,063

     

    $20,426

     

    $20,426

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income from Operations

     

    $919

     

    $1,054

     

    $785

     

    $1,032

     

     

    $4,063

     

    $4,296

     

    $3,575

     

    $3,828

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating EBITDA(b)

     

    $1,571

     

    $1,706

     

    $1,311

     

    $1,558

     

     

    $6,330

     

    $6,563

     

    $5,646

     

    $5,899

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating EBITDA Margin

     

    26.7%

     

    28.9%

     

    25.1%

     

    29.9%

     

     

    28.7%

     

    29.7%

     

    27.6%

     

    28.9%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Income(c)

     

    $598

     

    $688

     

    $493

     

    $703

     

     

    $2,746

     

    $2,916

     

    $2,304

     

    $2,519

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Diluted EPS

     

    $1.48

     

    $1.70

     

    $1.22

     

    $1.74

     

     

    $6.81

     

    $7.23

     

    $5.66

     

    $6.19

                     

    "The WM team achieved another year of exceptional results by continuously improving our core business, expanding our sustainability platforms, and adding medical waste and secure information destruction solutions for our customers," said Jim Fish, WM's President and CEO. "We delivered over 11% growth in adjusted operating EBITDA for the year as we advanced cost optimization efforts across our operations and executed on disciplined pricing programs in the collection and disposal business.(a) The year also saw the advancement of our sustainability growth investments, expansion of our solid waste business through tuck-in acquisitions, and the acquisition of Stericycle, the largest provider of medical waste services in North America. The momentum across all of these areas is WM's foundation for success in 2025."

    Fish continued, "We expect to deliver a second consecutive year of double-digit growth in adjusted operating EBITDA in 2025. This year has started off strong and we are confident in our ability to maintain this trajectory as we continue to focus on strong operational performance and service delivery, strategic investments in growth, and delivering superior value to our shareholders."

    KEY HIGHLIGHTS FOR THE FOURTH QUARTER AND FULL-YEAR 2024

    • On Nov. 4, the Company completed the $7.2 billion acquisition of Stericycle, expanding its comprehensive environmental solutions into the growing healthcare market while advancing its recycling platform. The Company will report the medical waste and secure information destruction businesses together as WM Healthcare Solutions.

    ----------------------

    Operating EBITDA

    Fourth Quarter 2024

    ($ in millions)

     

    Full Year 2024

    ($ in millions)

     

    Total Company

    Breakout

    As Adjusted(a)

     

    Total Company

    Breakout

    As Adjusted(a)

     

    Amount

    Margin

    Amount

    Margin

     

    Amount

    Margin

    Amount

    Margin

    WM Legacy Business(f)

    $

    1,567

    28.5%

    $

    1,645

    30.0%

     

    $

    6,326

    29.2%

    $

    6,502

    30.0%

    WM Healthcare Solutions

     

    4

    1.0%

     

    61

    15.1%

     

     

    4

    1.0%

     

    61

    15.1%

    Total Company

    $

    1,571

    26.7%

    $

    1,706

    28.9%

     

    $

    6,330

    28.7%

    $

    6,563

    29.7%

    • Adjusted operating EBITDA for the WM Legacy Business grew more than 10% in 2024 and achieved 30% margin for the first time in the Company's history.(a) The Company's Collection and Disposal business led the way, driven by organic revenue growth from price, disciplined cost initiatives, and a continued focus on optimizing business mix.

    ----------------------

    Revenue

    Fourth Quarter 2024

    ($ in millions)

     

    Full Year 2024

    ($ in millions)

     

     

    Amount

    Growth

     

    Amount

    Growth

     

    WM Legacy Business(f)

    $

    5,490

    5.2%

     

    $

    21,660

    6.0%

     

    WM Healthcare Solutions

     

    403

    N/A

     

     

    403

    N/A

     

    Total Company

    $

    5,893

    13.0%

     

    $

    22,063

    8.0%

     
    • Revenue growth in 2024 was driven by core price of 6.7%.(d) An increase in completed acquisitions, including Stericycle, and higher market prices for recycled commodities also contributed to the outsized revenue growth in the year.(e)

    ----------------------

    Operating Expenses

    Fourth Quarter 2024

    ($ in millions)

     

    Full Year 2024

    ($ in millions)

     

    Total Company

    Breakout

    As Adjusted(a)

     

    Total Company

    Breakout

    As Adjusted(a)

     

    Amount

    Margin

    Amount

    Margin

     

    Amount

    Margin

    Amount

    Margin

    WM Legacy Business(f)

    $

    3,309

    60.3%

    $

    3,309

    60.3%

     

    $

    13,139

    60.7%

    $

    13,138

    60.7%

    WM Healthcare Solutions

     

    244

    60.5%

     

    244

    60.5%

     

     

    244

    60.5%

     

    244

    60.5%

    Total Company

    $

    3,553

    60.3%

    $

    3,553

    60.3%

     

    $

    13,383

    60.7%

    $

    13,382

    60.7%

    • The Company continues to prioritize operational excellence by improving frontline retention, leveraging technology and automation to optimize the cost structure, and shedding low-margin volumes in the residential collection business.

    ----------------------

    SG&A Expenses

    Fourth Quarter 2024

    ($ in millions)

     

    Full Year 2024

    ($ in millions)

     

    Total Company

    Breakout

    As Adjusted(a)

     

    Total Company

    Breakout

    As Adjusted(a)

     

    Amount

    Margin

    Amount

    Margin

     

    Amount

    Margin

    Amount

    Margin

    WM Legacy Business(f)

    $

    592

    10.8%

    $

    536

    9.8%

     

    $

    2,109

    9.7%

    $

    2,020

    9.3%

    WM Healthcare Solutions

     

    155

    38.5%

     

    98

    24.3%

     

     

    155

    38.5%

     

    98

    24.3%

    Total Company

    $

    747

    12.7%

    $

    634

    10.8%

     

    $

    2,264

    10.3%

    $

    2,118

    9.6%

    • Adjusted SG&A as a percentage of revenue for the WM Legacy Business was a company-best performance, demonstrating the continued focus on cost discipline and optimization.(a)

    ----------------------

    • During 2024, the Company continued to progress its investments in sustainability growth projects, completing five renewable natural gas facilities and 12 recycling automation and growth projects, bringing total renewable natural gas projects completed to seven out of 20 planned facilities and total recycling automation and new market projects completed to 25 out of 39 planned.(e)
    • The Company generated $5.39 billion of net cash provided by operating activities in 2024, an increase of 14.2% from the prior year. This strong operating cash flow growth resulted in free cash flow increasing 21.8% to $2.32 billion.(a)
    • In addition to the acquisition of Stericycle, the Company invested approximately $800 million in acquisitions in 2024, largely for solid waste businesses. These acquired businesses contributed about $150 million of revenue growth in 2024.

    2025 FINANCIAL OUTLOOK

    WM's 2025 outlook includes a significant step change in revenue and earnings driven by continued growth in the solid waste business, the addition of WM Healthcare Solutions, and increased contributions from sustainability growth investments.

     

    Projected Results

    (in millions)

     

    Projected Year-Over-Year Change

    at Midpoint

    Revenue

    $25,550 - $25,800

     

    Growth of 16.4%, including 5.7% organic growth and 10.7% acquisition growth

    Adjusted operating EBITDA(a)

    $7,450 - $7,650

     

    Growth of 15.0%

    Adjusted operating EBITDA margin(a)

    29.2% - 29.7%

     

    WM Legacy Business expected to achieve 30.7% and WM Healthcare Solutions expected to achieve 17.6%

    Capital to support the business

    $2,575 - $2,625

     

    Includes a $140 million increase from WM Legacy Business and a $180 million increase from WM Healthcare Solutions(f)

    Sustainability growth capital

    $600 - $650

     

    Reduction of $325 million

    Free cash flow(a)

    $2,675 - $2,775

     

    Growth of 17.6%

     

    2024 Adjusted Operating EBITDA(a)

    $6,563

    Growth at Midpoint

     

    Collection and Disposal

    500

    Recycling Processing and Sales

    90

    WM Renewable Energy

    60

    WM Healthcare Solutions

    400

    Corporate and Other

    (63)

    2025 Adjusted Operating EBITDA Midpoint(a)

    $7,550

    Collection and Disposal

    • Strong growth in the Collection and Disposal business is expected to be driven by disciplined pricing and continued cost optimization. Revenue growth outlook is based upon core price in 2025 of between 5.8% and 6.2%, yield of between 4.0% and 4.2%, and volumes between 0.25% and 0.75%.
    • Rollover from solid waste acquisitions is expected to contribute $150 million of revenue and $35 million of adjusted operating EBITDA.(a)

    Sustainability Businesses

    • Growth in the Company's sustainability businesses is expected to be driven by increased contributions from growth projects, partially offset by lower commodity prices.
    • The outlook includes a blended average single-stream recycled commodity price of approximately $85 per ton. The Company estimates that a $10 per ton change in the blended average single-stream commodity price impacts total Company operating EBITDA by approximately $25 million.(g)
    • About 50% of the Company's renewable natural gas expected to be sold in 2025 has already been contracted at a blended average price of $28.80 per MMBtu. The Company's current sensitivity to a $0.25 change in the value of Renewable Fuel Standard credits is approximately $15 million of operating EBITDA.(h)

    WM Healthcare Solutions

    • The WM Healthcare Solutions business is expected to grow about 9% before synergies in 2025 driven by organic revenue growth and operations initiatives, including fleet and asset network optimization.
    • The integration of the business is expected to generate up to $100 million from synergies in 2025.
    • The Company now expects to achieve synergies from the acquisition of $250 million, double its original estimate. The Company expects to achieve this run-rate in 2027.

    WM's strong balance sheet and cash flow growth outlook position the Company to continue its commitment to sound capital allocation. The Company's outlook includes $100 to $200 million of investment in solid waste acquisitions and estimated annual dividends paid to shareholders of $1.3 billion. The Board of Directors has indicated its intention to increase the annual dividend by $0.30 per share to $3.30 in 2025, though all future dividends must be declared by the Board. As previously announced, the Company has temporarily suspended share repurchases reflecting the Company's commitment to return to targeted leverage levels. By the end of 2025, the Company expects its leverage to be approximately 3.1 times.

    SUSTAINABILITY GROWTH OUTLOOK

    WM is progressing its sustainability growth portfolio and remains committed to investing in an industry-leading network of renewable natural gas projects and recycling assets. The renewable natural gas projects have a projected payback period of about three years and the recycling assets have a projected payback period of about six years. These anticipated returns reflect the Company's views that these investments create strong economic value, in addition to underlying environmental value. The Company is providing an updated outlook for the capital expenditures and total adjusted operating EBITDA contributions from the projects for the next three years.

    (in millions)

    2024

    2025

    2026

    2027

    Capital Expenditures

     

     

     

     

    Recycling Automation and Growth Projects

    $443

    $180 - $200

    $65 - $85

    -

    Renewable Natural Gas Growth Projects

    $507

    $420 - $450

    $55 - $85

    -

    Total Sustainability Growth Capital

    $950

    $600 - $650

    $120 - $170

    -

    Operating EBITDA

     

     

     

     

    Recycling Automation and Growth Projects

    $53

    $120 - $130

    $250 - $260

    $290 - $300

    Renewable Natural Gas Growth Projects

    $39

    $150 - $160

    $350 - $380

    $470 - $500

    Sustainability Growth Operating EBITDA(e)

    $92

    $270 - $290

    $600 - $640

    $760 - $800

     

    2025 projections are based on commodity price assumptions consistent with the Company's 2025 outlook for a single-stream recycled commodity price of $85 per ton and for a blended average renewable natural gas value of $29.50 per MMBtu. 2026 and 2027 projections are based on a single-stream recycled commodity price of $125 per ton and a blended average renewable natural gas value of $26 per MMBtu, which were the commodity prices used to substantiate our investment case and project earnings. Commodity price variability can impact actual results.

    WM is planning to host an investor day in New York City on June 24, 2025, to discuss the Company's long-term vision and growth strategies across the business. Additional information about the event will be provided in the coming months.

    Fish concluded, "Our outstanding performance in 2024 underscores our dedication to excellence, sustainability, and innovation. Through the hard work of our team, we've achieved significant growth and are set for continued success. In 2025, we are focused on advancing the growth of our solid waste and sustainability businesses while also optimizing and growing the WM Healthcare Solutions business, which further strengthens our capabilities as the largest environmental services provider in North America. With a solid foundation and a clear vision, we are confident WM is positioned to achieve our targets for the year."

    (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 and amortization; this measure may not be comparable to similarly titled measures reported by other companies.

    (c)

    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."

    (d)

    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.

    (e)

    The Company's blended average price received for single stream recycled commodities sold during the quarter was about $87 per ton compared to about $75 per ton in the prior year period, and $92 per ton for the full year compared to $62 per ton in the prior year period. The blended average price for renewable natural gas sold in 2024 was about $31 per MMBtu. The average price received for Renewable Fuel Standard credits was $3.02 during the quarter compared to $2.77 in the prior year period, and $3.05 for the full year compared to $2.45 in the prior year period. The average price received for natural gas was $2.30 per MMBtu during the quarter compared to $1.87 per MMBtu in the prior year period and $1.99 for the full year, compared to $2.07 in the prior year period. The average price received for electricity was about $65 per megawatt hour in the quarter compared to about $62 per megawatt hour in the prior year period and $63 per megawatt hour for the full year, compared to $64 in the prior year period.

    (f)

    Management defines WM Legacy Business as total Company GAAP results excluding the WM Healthcare Solutions segment and net of intercompany eliminations.

    (g)

    At the midpoint of the outlook, adjusted operating EBITDA contributions from renewable energy and recycling growth projects are expected to total approximately $280 million in the year, providing year-over-year growth of about $190 million.(a) The difference between sustainability growth contributions and segment growth in the year is related to the royalty that the WM Renewable Energy business allocates to the landfills as well as headwinds in the base renewable energy business, primarily from lower contributions from renewable electricity facilities and the Company's third-party renewable fuel program.

    (h)

    The Company expects to generate between 11 and 12 million MMBtu of renewable natural gas in 2025 and plans to sell between 10 and 11 million MMBtu in 2025. The Company projects that the renewable natural gas to be sold at market rates in 2025 will be sold at an average Renewable Fuel Standard credit price of $2.40 and an average natural gas price of $2.20 per MMBtu for an expected total value of $30.25 per MMBtu.

     

    The Company will host a conference call at 10 a.m. ET on Jan. 30, 2025, to discuss the fourth quarter and full-year 2024 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 (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. WM has the largest disposal network and collection fleet in North America, is the largest recycler of post-consumer materials 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 in North America. WM's fleet includes more than 12,000 natural gas trucks – the largest heavy-duty natural gas truck fleet in the industry in North America. WM Healthcare Solutions provides collection and disposal services of regulated medical waste, as well as 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 statements in the heading of this press release, all statements under the headings "2025 Financial Outlook" and "Sustainability Growth Outlook" and all statements regarding future revenue, earnings, performance and results of our business; achievement of targets, financial guidance or outlook; growth and optimization of our business; integration of the Stericycle business and related contributions, results and benefits, including amount and timing of synergies; amount and timing of sustainability investments, upgrades and project completions and related payback periods, returns, contributions, and benefits; future capital allocation, acquisition spending, dividends, share repurchases and leverage; drivers of performance, including pricing programs and volume; and assumptions regarding commodity prices, natural gas production, tax credits and renewable fuel programs. 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 and achieve the anticipated benefits therefrom, including synergies; legal, regulatory 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 acquisition; failure to maintain an effective system of internal control over financial reporting; existing or new environmental and other regulations, including developments related to emerging contaminants, gas emissions, renewable energy, 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; exposure to different regulatory, legal, financial and economic conditions in international jurisdictions; 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; pricing actions; impacts from international trade restrictions; competitive disposal alternatives, diversion of waste from landfills and declining waste volumes; changing conditions in the healthcare industry; weakness in general economic conditions and capital markets; instability of financial institutions; adoption of new tax legislation; fuel shortages; failure to develop and protect new technology; failure of technology to perform as expected; failure to prevent, detect and address cybersecurity incidents or comply with privacy regulations; inability to adapt and manage the benefits and risks of artificial intelligence; negative outcomes of litigation or governmental proceedings, including those acquired through transactions; 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.

    In addition, the Company's projected adjusted operating EBITDA and margin is anticipated to be adjusted to exclude the effects of other events or circumstances that are not representative or indicative of the Company's results of operations. Such excluded items are not currently determinable, but may be significant, such as asset impairments and one-time items, charges, gains or losses from divestitures or litigation, and other items. Due to the uncertainty of the likelihood, amount and timing of any such items, the Company does not have information available to provide a quantitative reconciliation of such projections to the comparable GAAP measure.

    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.

     
     

    WASTE MANAGEMENT, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In Millions, Except per Share Amounts)

    (Unaudited)

     

     

    Three Months Ended

     

    Year Ended

     

     

    December 31,

     

    December 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Operating revenues

     

    $

    5,893

     

     

    $

    5,217

     

     

    $

    22,063

     

     

    $

    20,426

     

    Costs and expenses:

     

     

     

     

     

     

     

     

     

     

     

     

    Operating

     

     

    3,553

     

     

     

    3,146

     

     

     

    13,383

     

     

     

    12,606

     

    Selling, general and administrative

     

     

    747

     

     

     

    513

     

     

     

    2,264

     

     

     

    1,926

     

    Depreciation, depletion and amortization

     

     

    652

     

     

     

    526

     

     

     

    2,267

     

     

     

    2,071

     

    Restructuring

     

     

    2

     

     

     

    1

     

     

     

    4

     

     

     

    5

     

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

     

     

    20

     

     

     

    246

     

     

     

    82

     

     

     

    243

     

     

     

     

    4,974

     

     

     

    4,432

     

     

     

    18,000

     

     

     

    16,851

     

    Income from operations

     

     

    919

     

     

     

    785

     

     

     

    4,063

     

     

     

    3,575

     

    Other income (expense):

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

     

    (201

    )

     

     

    (128

    )

     

     

    (598

    )

     

     

    (500

    )

    Loss on early extinguishment of debt, net

     

     

    (7

    )

     

     

    —

     

     

     

    (7

    )

     

     

    —

     

    Equity in net income (losses) of unconsolidated entities

     

     

    —

     

     

     

    (19

    )

     

     

    4

     

     

     

    (60

    )

    Other, net

     

     

    (11

    )

     

     

    6

     

     

     

    (4

    )

     

     

    6

     

     

     

     

    (219

    )

     

     

    (141

    )

     

     

    (605

    )

     

     

    (554

    )

    Income before income taxes

     

     

    700

     

     

     

    644

     

     

     

    3,458

     

     

     

    3,021

     

    Income tax expense

     

     

    102

     

     

     

    175

     

     

     

    713

     

     

     

    745

     

    Consolidated net income

     

     

    598

     

     

     

    469

     

     

     

    2,745

     

     

     

    2,276

     

    Less: Net income (loss) attributable to noncontrolling interests

     

     

    —

     

     

     

    (24

    )

     

     

    (1

    )

     

     

    (28

    )

    Net income attributable to Waste Management, Inc.

     

    $

    598

     

     

    $

    493

     

     

    $

    2,746

     

     

    $

    2,304

     

    Basic earnings per common share

     

    $

    1.49

     

     

    $

    1.23

     

     

    $

    6.84

     

     

    $

    5.69

     

    Diluted earnings per common share

     

    $

    1.48

     

     

    $

    1.22

     

     

    $

    6.81

     

     

    $

    5.66

     

    Weighted average basic common shares outstanding

     

     

    401.6

     

     

     

    402.0

     

     

     

    401.5

     

     

     

    404.9

     

    Weighted average diluted common shares outstanding

     

     

    403.6

     

     

     

    404.2

     

     

     

    403.4

     

     

     

    406.9

     

     
     

    WASTE MANAGEMENT, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In Millions)

    (Unaudited)

     

     

    Year Ended

     

     

    December 31,

     

     

    2024

     

    2023

    Cash flows from operating activities:

     

     

     

     

     

     

    Consolidated net income

     

    $

    2,745

     

     

    $

    2,276

     

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

     

     

     

     

     

     

    Depreciation, depletion and amortization

     

     

    2,267

     

     

     

    2,071

     

    Goodwill impairment

     

     

    —

     

     

     

    168

     

    Loss on early extinguishment of debt, net

     

     

    7

     

     

     

    —

     

    Other

     

     

    402

     

     

     

    455

     

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

     

     

    (31

    )

     

     

    (251

    )

    Net cash provided by operating activities

     

     

    5,390

     

     

     

    4,719

     

    Cash flows from investing activities:

     

     

     

     

     

     

    Acquisitions of businesses, net of cash acquired

     

     

    (7,488

    )

     

     

    (170

    )

    Capital expenditures

     

     

    (3,231

    )

     

     

    (2,895

    )

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

     

     

    158

     

     

     

    78

     

    Other, net

     

     

    (40

    )

     

     

    (104

    )

    Net cash used in investing activities

     

     

    (10,601

    )

     

     

    (3,091

    )

    Cash flows from financing activities:

     

     

     

     

     

     

    New borrowings

     

     

    24,578

     

     

     

    21,306

     

    Debt repayments

     

     

    (17,870

    )

     

     

    (20,394

    )

    Common stock repurchase program

     

     

    (262

    )

     

     

    (1,302

    )

    Cash dividends

     

     

    (1,210

    )

     

     

    (1,136

    )

    Exercise of common stock options

     

     

    53

     

     

     

    44

     

    Tax payments associated with equity-based compensation transactions

     

     

    (52

    )

     

     

    (31

    )

    Other, net

     

     

    (82

    )

     

     

    (11

    )

    Net cash provided by (used in) financing activities

     

     

    5,155

     

     

     

    (1,524

    )

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

     

     

    (9

    )

     

     

    3

     

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

     

     

    (65

    )

     

     

    107

     

    Cash, cash equivalents and restricted cash and cash equivalents at beginning of period

     

     

    552

     

     

     

    445

     

    Cash, cash equivalents and restricted cash and cash equivalents at end of period

     

    $

    487

     

     

    $

    552

     

     
     

    WASTE MANAGEMENT, INC.

    SUMMARY DATA SHEET

    (In Millions)

    (Unaudited)

    Operating Revenues by Line of Business

     

     

    Three Months Ended

     

     

    December 31,

     

    2024

     

    2023

     

     

    Gross

     

    Intercompany

     

    Net

     

    Gross

     

    Intercompany

     

    Net

     

     

    Operating

     

    Operating

     

    Operating

     

    Operating

     

    Operating

     

    Operating

     

     

    Revenues(a)

     

    Revenues(a)

     

    Revenues

     

    Revenues(a)

     

    Revenues(a)

     

    Revenues

    Commercial

     

    $

    1,578

     

    $

    (212

    )

     

    $

    1,366

     

    $

    1,501

     

    $

    (184

    )

     

    $

    1,317

    Industrial

     

     

    968

     

     

    (202

    )

     

     

    766

     

     

    947

     

     

    (190

    )

     

     

    757

    Residential

     

     

    896

     

     

    (22

    )

     

     

    874

     

     

    879

     

     

    (23

    )

     

     

    856

    Other collection

     

     

    840

     

     

    (68

    )

     

     

    772

     

     

    799

     

     

    (59

    )

     

     

    740

    Total collection

     

     

    4,282

     

     

    (504

    )

     

     

    3,778

     

     

    4,126

     

     

    (456

    )

     

     

    3,670

    Landfill(a)

     

     

    1,231

     

     

    (374

    )

     

     

    857

     

     

    1,161

     

     

    (361

    )

     

     

    800

    Transfer

     

     

    629

     

     

    (270

    )

     

     

    359

     

     

    574

     

     

    (257

    )

     

     

    317

    Total Collection and Disposal

     

    $

    6,142

     

    $

    (1,148

    )

     

    $

    4,994

     

    $

    5,861

     

    $

    (1,074

    )

     

    $

    4,787

    Recycling Processing and Sales

     

     

    476

     

     

    (78

    )

     

     

    398

     

     

    422

     

     

    (73

    )

     

     

    349

    WM Renewable Energy

     

     

    93

     

     

    —

     

     

     

    93

     

     

    75

     

     

    —

     

     

     

    75

    WM Healthcare Solutions

     

     

    413

     

     

    (10

    )

     

     

    403

     

     

    —

     

     

    —

     

     

     

    —

    Corporate and Other

     

     

    12

     

     

    (7

    )

     

     

    5

     

     

    12

     

     

    (6

    )

     

     

    6

    Total

     

    $

    7,136

     

    $

    (1,243

    )

     

    $

    5,893

     

    $

    6,370

     

    $

    (1,153

    )

     

    $

    5,217

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Year Ended

     

     

    December 31,

     

    2024

     

    2023

     

     

    Gross

     

    Intercompany

     

    Net

     

    Gross

     

    Intercompany

     

    Net

     

     

    Operating

     

    Operating

     

    Operating

     

    Operating

     

    Operating

     

    Operating

     

     

    Revenues

     

    Revenues

     

    Revenues

     

    Revenues

     

    Revenues

     

    Revenues

    Commercial

     

    $

    6,169

     

    $

    (798

    )

     

    $

    5,371

     

    $

    5,801

     

    $

    (692

    )

     

    $

    5,109

    Industrial

     

     

    3,883

     

     

    (794

    )

     

     

    3,089

     

     

    3,836

     

     

    (753

    )

     

     

    3,083

    Residential

     

     

    3,555

     

     

    (89

    )

     

     

    3,466

     

     

    3,474

     

     

    (96

    )

     

     

    3,378

    Other collection

     

     

    3,194

     

     

    (230

    )

     

     

    2,964

     

     

    3,006

     

     

    (220

    )

     

     

    2,786

    Total collection

     

     

    16,801

     

     

    (1,911

    )

     

     

    14,890

     

     

    16,117

     

     

    (1,761

    )

     

     

    14,356

    Landfill

     

     

    4,958

     

     

    (1,513

    )

     

     

    3,445

     

     

    4,731

     

     

    (1,479

    )

     

     

    3,252

    Transfer

     

     

    2,448

     

     

    (1,067

    )

     

     

    1,381

     

     

    2,293

     

     

    (1,036

    )

     

     

    1,257

    Total Collection and Disposal

     

    $

    24,207

     

    $

    (4,491

    )

     

    $

    19,716

     

    $

    23,141

     

    $

    (4,276

    )

     

    $

    18,865

    Recycling Processing and Sales

     

     

    1,890

     

     

    (287

    )

     

     

    1,603

     

     

    1,576

     

     

    (312

    )

     

     

    1,264

    WM Renewable Energy

     

     

    321

     

     

    (3

    )

     

     

    318

     

     

    276

     

     

    (3

    )

     

     

    273

    WM Healthcare Solutions

     

     

    413

     

     

    (10

    )

     

     

    403

     

     

    —

     

     

    —

     

     

     

    —

    Corporate and Other

     

     

    48

     

     

    (25

    )

     

     

    23

     

     

    46

     

     

    (22

    )

     

     

    24

    Total

     

    $

    26,879

     

    $

    (4,816

    )

     

    $

    22,063

     

    $

    25,039

     

    $

    (4,613

    )

     

    $

    20,426

    _________________

    (a)

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

     
     

    WASTE MANAGEMENT, INC.

    SUMMARY DATA SHEET

    (In Millions)

    (Unaudited)

    Internal Revenue Growth

     

     

    Period-to-Period Change for the

    Three Months Ended

    December 31, 2024 vs. 2023

     

     

    Period-to-Period Change for the

    Year Ended

    December 31, 2024 vs. 2023

     

     

     

     

     

    As a % of

     

     

     

     

    As a % of

     

     

     

     

    As a % of

     

     

     

     

    As a % of

     

     

     

     

     

    Related

     

     

     

     

    Total

     

     

     

     

    Related

     

     

     

     

    Total

     

     

    Amount

     

    Business(a)

     

    Amount

     

    Company(b)

     

    Amount

     

    Business(a)

     

    Amount

     

    Company(b)

    Collection and disposal

     

    $

    200

     

     

    4.4

    %

     

     

     

     

     

     

    $

    811

     

     

    4.5

    %

     

     

     

     

     

    Recycling Processing and Sales and WM Renewable Energy (c)

     

     

    33

     

     

    7.6

     

     

     

     

     

     

     

     

    271

     

     

    17.1

     

     

     

     

     

     

    Energy surcharges and mandated fees

     

     

    (42

    )

     

    (16.8

    )

     

     

     

     

     

     

     

    (97

    )

     

    (9.9

    )

     

     

     

     

     

    Total average yield (d)

     

     

     

     

     

     

    $

    191

     

     

    3.7

    %

     

     

     

     

     

     

    $

    985

     

     

    4.8

    %

    Volume (e)

     

     

     

     

     

     

     

    17

     

     

    0.3

     

     

     

     

     

     

     

     

    88

     

     

    0.4

     

    Internal revenue growth

     

     

     

     

     

     

     

    208

     

     

    4.0

     

     

     

     

     

     

     

     

    1,073

     

     

    5.2

     

    Acquisitions

     

     

     

     

     

     

     

    476

     

     

    9.2

     

     

     

     

     

     

     

     

    584

     

     

    2.9

     

    Divestitures

     

     

     

     

     

     

     

    (3

    )

     

    (0.1

    )

     

     

     

     

     

     

     

    (8

    )

     

    —

     

    Foreign currency translation

     

     

     

     

     

     

     

    (5

    )

     

    (0.1

    )

     

     

     

     

     

     

     

    (12

    )

     

    (0.1

    )

    Total

     

     

     

     

     

     

    $

    676

     

     

    13.0

    %

     

     

     

     

     

     

    $

    1,637

     

     

    8.0

    %

     

     

     

     

     

     

     

     

     

    Period-to-Period Change for the

    Three Months Ended

    December 31, 2024 vs. 2023

     

    Period-to-Period Change for the

    Year Ended

    December 31, 2024 vs. 2023

     

     

    As a % of Related Business(a)

     

    As a % of Related Business(a)

     

     

    Yield

    Volume(f)

     

    Yield

    Volume(f)

    Commercial

     

    5.9

    %

    0.3

    %

     

    6.2

    %

    0.8

    %

    Industrial

     

    4.7

     

    (4.0

    )

     

    5.0

     

    (4.1

    )

    Residential

     

    6.7

     

    (4.6

    )

     

    6.2

     

    (3.4

    )

    Total collection

     

    5.5

     

    (2.3

    )

     

    5.6

     

    (1.8

    )

    MSW

     

    2.8

     

    5.9

     

     

    3.1

     

    4.4

     

    Transfer

     

    4.1

     

    0.0

     

     

    4.5

     

    1.3

     

    Total collection and disposal

     

    4.4

    %

    (0.9

    )%

     

    4.5

    %

    (0.1

    )%

    _________________

    (a)

    Calculated by dividing the increase or decrease for the current year by the prior year's related business revenue adjusted to exclude the impacts of divestitures for the current year.

    (b)

    Calculated by dividing the increase or decrease for the current year by the prior year's total Company revenue adjusted to exclude the impacts of divestitures for the current year.

    (c)

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

    (d)

    The amounts reported herein represent the changes in our revenue attributable to average yield for the total Company.

    (e)

    Includes activities from our Corporate and Other businesses.

    (f)

    Workday adjusted volume impact.

     
     

    WASTE MANAGEMENT, INC.

    SUMMARY DATA SHEET

    (In Millions)

    (Unaudited)

    Free Cash Flow(a)

     

    Three Months Ended

     

    Year Ended

     

     

    December 31,

     

    December 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Net cash provided by operating activities

     

    $

    1,511

     

     

    $

    1,382

     

     

    $

    5,390

     

     

    $

    4,719

     

    Capital expenditures to support the business

     

     

    (736

    )

     

     

    (675

    )

     

     

    (2,281

    )

     

     

    (2,131

    )

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

     

     

    59

     

     

     

    10

     

     

     

    158

     

     

     

    78

     

    Free cash flow before sustainability growth investments

     

     

    834

     

     

     

    717

     

     

     

    3,267

     

     

     

    2,666

     

    Capital expenditures - sustainability growth investments

     

     

    (379

    )

     

     

    (367

    )

     

     

    (950

    )

     

     

    (764

    )

    Free cash flow

     

    $

    455

     

     

    $

    350

     

     

    $

    2,317

     

     

    $

    1,902

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Year Ended

     

     

    December 31,

     

    December 31,

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Supplemental Data

     

     

     

     

     

     

     

     

     

     

     

    Internalization of waste, based on disposal costs

     

     

    70.1

    %

     

    68.9

    %

     

    69.4

    %

     

    68.8

    %

     

     

     

     

     

     

    Landfill depletable tons (in millions)

     

     

    31.1

     

     

    30.1

     

     

    125.0

     

     

    122.8

     

     

     

     

     

     

     

    Acquisition Summary(b)

     

     

     

     

     

     

     

     

     

     

     

    Gross annualized revenue acquired

     

    $

    2,622

     

    $

    20

     

    $

    2,917

     

    $

    141

     

     

     

     

     

     

     

    Total consideration, net of cash acquired

     

     

    6,720

     

     

    44

     

     

    7,500

     

     

    182

     

     

     

     

     

     

     

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

     

     

    6,706

     

     

    31

     

     

    7,479

     

     

    165

     

     

     

     

     

     

     

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

     

     

    6,713

     

     

    34

     

     

    7,503

     

     

    173

     

     

    Landfill Depletion and Accretion Expenses:

     

     

    Three Months Ended

     

    Year Ended

     

     

    December 31,

     

    December 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Landfill depletion expense:

     

     

     

     

     

     

     

     

     

     

    Cost basis of landfill assets

     

    $

    159

     

    $

    145

     

    $

    633

     

    $

    598

    Asset retirement costs

     

     

    56

     

     

    46

     

     

    162

     

     

    147

    Total landfill depletion expense(c)

     

     

    215

     

     

    191

     

     

    795

     

     

    745

    Accretion expense

     

    34

     

    33

     

    133

     

    130

    Landfill depletion and accretion expense

     

    $

    249

     

    $

    224

     

    $

    928

     

    $

    875

    _________________

    (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

    (c)

    For both the fourth quarter of 2024 and the year ended December 31, 2024, the increase in landfill depletion expense was driven by changes in depletion rates from revisions in landfill estimates and volume increases, partially offset by the closure of a landfill in our East Tier.

     
     
     
     

     WASTE MANAGEMENT, INC. 

     

    RECONCILIATION OF CERTAIN NON-GAAP MEASURES

    (In Millions, Except Per Share Amounts)

    (Unaudited)
     

     

     

     

    Three Months Ended December 31, 2024

     

     

    Income from

     

    Pre-tax

     

    Tax

     

    Net

     

    Diluted Per

     

     

    Operations

     

    Income

     

    Expense

     

    Income(a)

     

    Share Amount

    As reported amounts

     

    $

     919

     

     

    $

     700

     

    $

     102

     

    $

     598

     

     

    $

     1.48

    Adjustments:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Stericycle transaction and integration costs

     

     

     113

     

     

     

     113

     

     

     22

     

     

     91

     

     

     

     

    Loss on early extinguishment of debt

     

     

     —

     

     

     

     7

     

     

     2

     

     

     5

     

     

     

     

    (Gain) loss from asset impairments and other, net(b)

     

     

     22

     

     

     

     22

     

     

     28

     

     

     (6

    )

     

     

     

     

     

     

     135

     

     

     

     142

     

     

     52

     

     

     90

     

     

     

     0.22

    As adjusted amounts

     

    $

     1,054

     

     

    $

     842

     

    $

     154

     

    $

     688

     

     

    $

     1.70

    Depreciation, depletion and amortization

     

     

     652

     

     

     

     

     

     

     

     

     

     

     

     

     

    As adjusted operating EBITDA

     

    $

     1,706

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted operating EBITDA margin

     

     

    28.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended December 31, 2023

     

     

    Income from

     

    Pre-tax

     

    Tax

     

    Net

     

    Diluted Per

     

     

    Operations

     

    Income

        

    Expense

        

    Income(a)

     

    Share Amount

    As reported amounts

     

    $

     785

     

     

    $

     644

     

    $

     175

     

    $

     493

     

     

    $

     1.22

    Adjustment:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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

     

     

     247

     

     

     

     247

     

     

     5

     

     

     210

     

     

     

     0.52

    As adjusted amounts

     

    $

     1,032

     

     

    $

     891

     

    $

     180

     

    $

     703

     

     

    $

     1.74

    Depreciation, depletion and amortization

     

     

     526

     

     

     

     

     

     

     

     

     

     

     

     

     

    As adjusted operating EBITDA

     

    $

     1,558

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted operating EBITDA margin

     

     

    29.9

    %

     

     

     

     

     

     

     

     

     

     

     

    _________________

    (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)

    Primarily relates to a charge of $13 million to adjust an indirect wholly-owned subsidiary's estimated potential share of the liability for a proposed environmental remediation plan at a closed site. The tax expense and net income amounts also include a benefit from the determination that a realized loss from a prior period is deductible for tax purposes.

    (c)

    Primarily relates to (i) a $168 million goodwill impairment charge related to a business engaged in accelerating film and plastic wrap recycling capabilities, which was partially offset by the recognition of $46 million of income related to the reversal of contingent consideration associated with our investment in such business, (ii) $107 million of impairment charges for certain investments in waste diversion technology businesses, and (iii) a $17 million charge to adjust an indirect wholly-owned subsidiary's estimated potential share of the liability for a proposed environmental remediation plan at a closed site.

     
     
     

    WASTE MANAGEMENT, INC. 

     

    RECONCILIATION OF CERTAIN NON-GAAP MEASURES

    (In Millions)

    (Unaudited)
     

     

     

     

    Three Months Ended December 31, 2024

     

     

     

     

     

    Recycling 

     

    WM 

     

     

     

     

    Total WM 

     

    WM 

     

     

      

     

     

    Collection 

     

    Processing 

     

    Renewable 

     

    Corporate

     

     

    Legacy 

     

    Healthcare 

     

     

     

     

    and Disposal(a)(b) 

     

    and Sales(a) 

     

    Energy(b) 

     

    and Other

     

     

    Business 

     

    Solutions 

     

    Total WM 

    Operating revenues, as reported

     

    $

     4,994

     

     

    $

     398

     

     

    $

     93

     

     

    $

     5

     

     

    $

     5,490

     

     

    $

     403

     

     

    $

     5,893

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income from operations, as reported

     

    $

     1,380

     

     

    $

     17

     

     

    $

     32

     

     

    $

     (441

    )

     

    $

     988

     

     

    $

     (69

    ) 

     

    $

     919

     

    Depreciation, depletion and amortization

     

     

    484

     

     

     

    38

     

     

     

    10

     

     

     

     47

     

     

     

    579

     

     

     

    73

     

     

     

    652

     

    Operating EBITDA, as reported

     

    $

     1,864

     

     

    $

     55

     

     

    $

     42

     

     

    $

     (394

    )

     

    $

     1,567

     

     

    $

     4

     

     

    $

     1,571

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjustments:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Stericycle transaction and integration costs

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

     56

     

     

     

    56

     

     

     

    57

     

     

     

    113

     

    (Gain) loss from asset impairments and other, net

     

     

    5

     

     

     

    3

     

     

     

    —

     

     

     

     14

     

     

     

    22

     

     

     

    —

     

     

     

    22

     

     

     

     

    5

     

     

     

    3

     

     

     

    —

     

     

     

     70

     

     

     

    78

     

     

     

    57

     

     

     

    135

     

    Adjusted operating EBITDA

     

    $

     1,869

     

     

    $

     58

     

     

    $

     42

     

     

    $

     (324

    )

     

    $

     1,645

     

     

    $

     61

     

     

    $

     1,706

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

      

     

     

      

    Operating EBITDA margin, as reported

     

     

     37.3

    %

     

     

     13.8

    %

     

     

     45.2

    %

     

     

    N/A

     

     

     

     28.5

    %

     

     

     1.0

    %

     

     

     26.7

    %

    Adjusted operating EBITDA margin

     

     

     37.4

    %

     

     

     14.6

    %

     

     

     45.2

    %

     

     

    N/A

     

     

     

     30.0

    %

     

     

     15.1

    %

     

     

     28.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended December 31, 2023 

     

     

      

     

     

      

     

     

     

     

     

    Recycling 

     

    WM 

     

     

     

     

     

      

     

      

     

     

     

     

    Collection 

     

    Processing 

     

    Renewable 

     

    Corporate

     

     

      

     

      

     

     

     

     

    and Disposal(a)(b) 

     

    and Sales(a) 

     

    Energy(b) 

     

    and Other

     

     

    Total WM 

     

     

      

     

     

      

    Operating revenues, as reported

     

    $

     4,787

     

     

    $

     349

     

     

    $

     75

     

     

    $

     6

     

     

    $

     5,217

     

     

     

      

     

     

      

     

     

     

      

     

     

     

     

     

      

     

     

     

     

     

     

     

     

      

     

     

      

    Income from operations, as reported

     

    $

     1,325

     

     

    $

     (99

    ) 

     

    $

     28

     

     

    $

     (469

    )

     

    $

     785

     

     

     

      

     

     

      

    Depreciation, depletion and amortization

     

     

    448

     

     

     

    30

     

     

     

    8

     

     

     

     40

     

     

     

    526

     

     

     

      

     

     

      

    Operating EBITDA, as reported

     

    $

     1,773

     

     

    $

     (69

    ) 

     

    $

     36

     

     

    $

     (429

    )

     

    $

     1,311

     

     

     

      

     

     

      

     

     

     

      

     

     

     

     

     

      

     

     

     

     

     

     

     

     

      

     

     

      

    Adjustment:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

      

     

     

      

    (Gain) loss from asset impairments and other, net

     

     

    —

     

     

     

    122

     

     

     

    —

     

     

     

     125

     

     

     

    247

     

     

     

      

     

     

      

    Adjusted operating EBITDA

     

    $

     1,773

     

     

    $

     53

     

     

    $

     36

     

     

    $

     (304

    )

     

    $

     1,558

     

     

     

      

     

     

      

     

     

     

     

     

     

     

     

     

      

     

     

     

     

     

     

     

     

      

     

     

      

    Operating EBITDA margin, as reported

     

     

     37.0

    %

     

     

     (19.8

    )%

     

     

     48.0

    %

     

     

    N/A

     

     

     

     25.1

    %

     

     

      

     

     

      

    Adjusted operating EBITDA margin

     

     

     37.0

    %

     

     

     15.2

    %

     

     

     48.0

    %

     

     

    N/A

     

     

     

     29.9

    %

     

     

      

     

     

      

    _________________

    (a)

    Certain fees related to the processing of recycled material we collect are included within our Collection and Disposal businesses. The total amount of such fees in income from operations for the three months ended December 31, 2024 and 2023 is $23 million and $19 million, respectively.

    (b)

    WM Renewable Energy pays a 15% intercompany royalty to our Collection and Disposal businesses for landfill gas. The total amount of royalties in income from operations for the three months ended December 31, 2024 and 2023 is $14 million and $11 million, respectively.

     
     
     
     

    WASTE MANAGEMENT, INC. 

     

    RECONCILIATION OF CERTAIN NON-GAAP MEASURES

    (In Millions, Except Per Share Amounts)

    (Unaudited)
     

     

     

     

    Year Ended December 31, 2024

     

     

    Income from

     

    Pre-tax

     

    Tax

     

    Net

     

    Diluted Per

     

     

    Operations

     

    Income

     

    Expense

     

    Income(a)

     

    Share Amount

    As reported amounts

     

    $

     4,063

     

     

    $

     3,458

     

    $

     713

     

    $

     2,746

     

    $

     6.81

    Adjustments:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Stericycle transaction and integration costs

     

     

     160

     

     

     

     160

     

     

     28

     

     

     132

     

     

     

    Loss on early extinguishment of debt

     

     

     —

     

     

     

     7

     

     

     2

     

     

     5

     

     

     

    Collective bargaining agreement costs

     

     

     1

     

     

     

     1

     

     

     —

     

     

     1

     

     

     

    (Gain) loss from asset impairments and other, net(b)

     

     

     72

     

     

     

     72

     

     

     40

     

     

     32

     

     

     

     

     

     

     233

     

     

     

     240

     

     

     70

     

     

     170

     

     

     0.42

    As adjusted amounts

     

    $

     4,296

     

     

    $

     3,698

     

    $

     783

     

    $

     2,916

     

    $

     7.23

    Depreciation, depletion and amortization

     

     

     2,267

     

     

     

     

     

     

     

     

     

     

     

     

     

    As adjusted operating EBITDA

     

    $

     6,563

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted operating EBITDA margin

     

     

    29.7

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Year Ended December 31, 2023

     

     

    Income from

     

    Pre-tax

     

    Tax

     

    Net

     

    Diluted Per

     

     

    Operations

     

    Income

        

    Expense

        

    Income(a)

     

    Share Amount

    As reported amounts

     

    $

     3,575

     

     

    $

     3,021

     

    $

     745

     

    $

     2,304

     

    $

     5.66

    Adjustments:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Collective bargaining agreement costs

     

     

     8

     

     

     

     8

     

     

     2

     

     

     6

     

     

     

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

     

     

     245

     

     

     

     245

     

     

     4

     

     

     209

     

     

     

     

     

     

     253

     

     

     

     253

     

     

     6

     

     

     215

     

     

     0.53

    As adjusted amounts

     

    $

     3,828

     

     

    $

     3,274

     

    $

     751

     

    $

     2,519

     

    $

     6.19

    Depreciation, depletion and amortization

     

     

     2,071

     

     

     

     

     

     

     

     

     

     

     

     

     

    As adjusted operating EBITDA

     

    $

     5,899

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted operating EBITDA margin

     

     

    28.9

    %

     

     

     

     

     

     

     

     

     

     

     

    _________________

    (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)

    Primarily includes a $54 million charge required to increase the estimated fair value of a liability associated with the expected disposition of an investment the Company holds in a waste diversion technology business and a $13 million charge to adjust an indirect wholly-owned subsidiary's estimated potential share of the liability for a proposed environmental remediation plan at a closed site.

    (c)

    Primarily relates to (i) a $168 million goodwill impairment charge related to a business engaged in accelerating film and plastic wrap recycling capabilities, which was partially offset by the recognition of $46 million of income related to the reversal of contingent consideration associated with our investment in such business, (ii) $107 million of impairment charges for certain investments in waste diversion technology businesses, and (iii) a $17 million charge to adjust an indirect wholly-owned subsidiary's estimated potential share of the liability for a proposed environmental remediation plan at a closed site.

       
       
       
       

    WASTE MANAGEMENT, INC.

       

    RECONCILIATION OF CERTAIN NON-GAAP MEASURES

    (In Millions)

    (Unaudited)

       

     

     

    Year Ended December 31, 2024 

     

     

     

     

     

    Recycling 

     

    WM 

     

     

     

    Total WM 

     

    WM 

     

     

     

     

    Collection  

     

    Processing 

     

    Renewable 

     

    Corporate

     

     Legacy 

     

    Healthcare 

     

     

     

     

    and Disposal(a)(b) 

     

    and Sales(a) 

     

    Energy(b) 

     

    and Other

     

     Business 

     

    Solutions 

     

    Total WM

    Operating revenues, as reported

     

    $

     19,716

     

     

    $

     1,603

     

     

    $

     318

     

     

    $

     23

     

     

    $

     21,660

     

     

    $

     403

     

     

    $

     22,063

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income from operations, as reported

     

    $

     5,444

     

     

    $

     86

     

     

    $

     99

     

     

    $

     (1,497

    )

     

    $

     4,132

     

     

    $

     (69

    ) 

     

    $

     4,063

     

    Depreciation, depletion and amortization

     

     

    1,900

     

     

     

    132

     

     

     

    36

     

     

     

    126

     

     

     

    2,194

     

     

     

    73

     

     

     

    2,267

     

    Operating EBITDA, as reported

     

    $

     7,344

     

     

    $

     218

     

     

    $

     135

     

     

    $

     (1,371

    )

     

    $

     6,326

     

     

    $

     4

     

     

    $

     6,330

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjustments:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Stericycle transaction and integration costs

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    103

     

     

     

    103

     

     

     

    57

     

     

     

    160

     

    Collective bargaining agreement costs

     

     

    1

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1

     

     

     

    —

     

     

     

    1

     

    (Gain) loss from asset impairments and other, net

     

     

    (12

    )

     

     

    3

     

     

     

    7

     

     

     

    74

     

     

     

    72

     

     

     

    —

     

     

     

    72

     

     

     

     

    (11

    )

     

     

    3

     

     

     

    7

     

     

     

    177

     

     

     

    176

     

     

     

    57

     

     

     

    233

     

    Adjusted operating EBITDA

     

    $

     7,333

     

     

    $

     221

     

     

    $

     142

     

     

    $

     (1,194

    )

     

    $

     6,502

     

     

    $

     61

     

     

    $

     6,563

     

     

     

     

     

     

     

     

     

     

      

     

     

     

     

     

     

     

     

     

     

     

     

    Operating EBITDA margin, as reported

     

     

     37.2

    %

     

     

     13.6

    %

     

     

     42.5

    %

     

     

    N/A

     

     

     

     29.2

    %

     

     

     1.0

    %

     

     

     28.7

    %

    Adjusted operating EBITDA margin

     

     

     37.2

    %

     

     

     13.8

    %

     

     

     44.7

    %

     

     

    N/A

     

     

     

     30.0

    %

     

     

     15.1

    %

     

     

     29.7

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Year Ended December 31, 2023 

     

     

      

     

     

      

     

     

     

     

     

    Recycling 

     

    WM 

     

     

     

     

     

      

     

      

     

      

     

     

    Collection  

     

    Processing 

     

    Renewable 

     

    Corporate

     

     

      

     

      

     

      

     

     

    and Disposal(a)(b) 

     

    and Sales(a) 

     

    Energy(b) 

     

    and Other

     

    Total WM

     

      

     

      

    Operating revenues, as reported

     

    $

     18,865

     

     

    $

     1,264

     

     

    $

     273

     

     

    $

     24

     

     

    $

     20,426

     

     

     

     

     

     

      

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income from operations, as reported

     

    $

     4,821

     

     

    $

     (44

    ) 

     

    $

     79

     

     

    $

     (1,281

    )

     

    $

     3,575

     

     

     

     

     

     

      

    Depreciation, depletion and amortization

     

     

    1,812

     

     

     

    110

     

     

     

    33

     

     

     

    116

     

     

     

    2,071

     

     

     

     

     

     

     

    Operating EBITDA, as reported

     

    $

     6,633

     

     

    $

     66

     

     

    $

     112

     

     

    $

     (1,165

    )

     

    $

     5,646

     

     

     

     

     

     

      

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjustments:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Collective bargaining agreement costs

     

     

    8

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    8

     

     

     

     

     

     

     

    (Gain) loss from asset impairments and other, net

     

     

    —

     

     

     

    122

     

     

     

    —

     

     

     

    123

     

     

     

    245

     

     

     

     

     

     

     

     

     

     

    8

     

     

     

    122

     

     

     

    —

     

     

     

    123

     

     

     

    253

     

     

     

     

     

     

     

    Adjusted operating EBITDA

     

    $

     6,641

     

     

    $

     188

     

     

    $

     112

     

     

    $

     (1,042

    )

     

    $

     5,899

     

     

     

     

     

     

      

     

     

     

     

     

     

     

     

     

      

     

     

     

     

     

     

     

     

     

     

     

      

    Operating EBITDA margin, as reported

     

     

     35.2

    %

     

     

     5.2

    %

     

     

     41.0

    %

     

     

    N/A

     

     

     

     27.6

    %

     

     

      

     

     

      

    Adjusted operating EBITDA margin

     

     

     35.2

    %

     

     

     14.9

    %

     

     

     41.0

    %

     

     

    N/A

     

     

     

     28.9

    %

     

     

      

     

     

      

    _________________

    (a)

    Certain fees related to the processing of recycled material we collect are included within our Collection and Disposal businesses. The total amount of such fees in income from operations for the year ended December 31, 2024 and 2023 is $100 million and $61 million, respectively.

    (b)

    WM Renewable Energy pays a 15% intercompany royalty to our Collection and Disposal businesses for landfill gas. The total amount of royalties in income from operations for the year ended December 31, 2024 and 2023 is $48 million and $41 million, respectively.

     
     
     
     

    WASTE MANAGEMENT, INC. 

     

    RECONCILIATION OF CERTAIN NON-GAAP MEASURES

    (In Millions)

    (Unaudited)
     

     

     

     

    Year Ended 

     

     

      

     

     

      

     

     

    December 31, 2024 

     

    December 31, 2023 

     

     

     

     

     

      

    Amount 

     

    Amount 

       

    Adjusted Operating Expenses and Adjusted Operating Expenses Margin

     

     

      

     

     

      

     

     

      

     

     

      

     

     

     

     

     

     

     

     

     

     

     

     

      

    Operating revenues, as reported

     

    $

     22,063

     

     

    $

     20,426

     

     

     

     

     

     

      

     

     

     

     

     

     

     

     

     

     

     

     

      

    Operating expenses, as reported

     

    $

     13,383

     

     

    $

     12,606

     

     

     

     

     

     

      

    As a % of revenues

     

     

    60.7

    %  

     

     

    61.7

    %

     

     

      

     

     

      

     

     

     

      

     

     

     

     

     

      

     

     

      

    Adjustments:

     

     

     

     

     

     

     

     

     

     

     

      

    Collective bargaining agreement costs

     

     

    (1

    )

     

     

    (7

    )

     

     

     

     

     

      

    Loss contingency reserve adjustment and other, net

     

     

    —

     

     

     

    3

     

     

     

     

     

     

      

    As adjusted operating expenses(a)

     

    $

     13,382

     

     

    $

     12,602

     

     

     

     

     

     

      

    As a % of revenues

     

     

    60.7

    %

     

     

    61.7

    %

     

     

      

     

     

      

     

     

     

      

     

     

      

     

     

      

     

     

      

     

     

    Three months ended 

     

    Three months ended 

     

     

    December 31, 2024 

     

    December 31, 2023 

     

     

    WM 

     

    WM 

     

     

      

     

     

      

     

     

    Legacy Business 

     

    Healthcare Solutions    

     

    Total WM    

        

    Total WM 

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

     

     

      

     

     

      

     

     

      

     

     

      

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating revenues, as reported

     

    $

     5,490

     

     

    $

     403

     

     

    $

     5,893

     

     

    $

     5,217

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    SG&A expenses, as reported

     

    $

     592

     

     

    $

     155

     

     

    $

     747

     

     

    $

     513

     

    As a % of revenues

     

     

    10.8

    %  

     

     

    38.5

    %  

     

     

    12.7

    %  

     

     

    9.8

    %

     

     

     

      

     

     

      

     

     

      

     

     

      

    Adjustment:

     

     

     

     

     

     

     

     

     

     

     

     

    Stericycle transaction and integration costs

     

     

    (56

    )

     

     

    (57

    )

     

     

    (113

    )

     

     

     

    As adjusted SG&A expenses

     

    $

     536

     

     

    $

     98

     

     

    $

     634

     

     

     

      

    As a % of revenues

     

     

    9.8

    %

     

     

    24.3

    %

     

     

    10.8

    %

     

     

      

     

     

     

     

     

     

     

     

     

      

     

     

      

     

     

    Year Ended 

     

    Year Ended 

     

     

    December 31, 2024 

     

    December 31, 2023 

     

     

    WM 

     

    WM 

     

     

      

     

     

      

     

     

    Legacy Business 

     

    Healthcare Solutions    

     

    Total WM    

        

    Total WM 

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

     

     

     

     

     

     

     

     

      

     

     

      

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating revenues, as reported

     

    $

     21,660

     

     

    $

     403

     

     

    $

     22,063

     

     

    $

     20,426

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    SG&A expenses, as reported

     

    $

     2,109

     

     

    $

     155

     

     

    $

     2,264

     

     

    $

     1,926

     

    As a % of revenues

     

     

    9.7

    %  

     

     

    38.5

    %  

     

     

    10.3

    %  

     

     

    9.4

    %

     

     

     

      

     

     

      

     

     

      

     

     

      

    Adjustments:

     

     

     

     

     

     

     

     

     

     

     

     

    Stericycle transaction and integration costs

     

     

    (89

    )

     

     

    (57

    )

     

     

    (146

    )

     

     

    —

     

    Collective bargaining agreement costs

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1

    )

    As adjusted SG&A expenses

     

    $

     2,020

     

     

    $

     98

     

     

    $

     2,118

     

     

    $

     1,925

     

    As a % of revenues

     

     

    9.3

    %

     

     

    24.3

    %

     

     

    9.6

    %

     

     

    9.4

    %

    _________________

    (a)

    Total WM and WM Legacy Business reconciliation is the same.

     
     
     

    WASTE MANAGEMENT, INC. 

     

    RECONCILIATION OF CERTAIN NON-GAAP MEASURES

    (In Millions)

    (Unaudited)
     

     

    2025 Projected Free Cash Flow Reconciliation(a)

     

    Scenario 1

     

    Scenario 2

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net cash provided by operating activities

     

    $

     5,750

     

     

    $

     5,900

     

     

     

     

     

     

     

    Capital expenditures to support the business

     

     

     (2,575

    )

     

     

     (2,625

    )

     

     

     

     

     

     

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

     

     

     100

     

     

     

     150

     

     

     

     

     

     

     

    Free cash flow before sustainability growth investments

     

    $

     3,275

     

     

    $

     3,425

     

     

     

     

     

     

     

    Capital expenditures - sustainability growth investments

     

     

     (600

    )

     

     

     (650

    )

     

     

     

     

     

     

    Free cash flow

     

    $

     2,675

     

     

    $

     2,775

     

     

     

     

     

     

     

    _________________

    (a)

    The reconciliation includes two scenarios that illustrate our projected free cash flow range for 2025. 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, our 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. 

     

    Additionally, there are differences in whether companies adjust for accretion expense in their calculation of EBITDA. Our Company does not adjust for landfill accretion expenses when calculating operating EBITDA, while other companies do adjust it for the calculation of their EBITDA measure. 

     

    The table below illustrates the impact that differing contract structures and treatment of accretion expense 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

     

     

    December 31, 2024

     

    December 31, 2023

     

     

    Amount

     

    Change in

    Adjusted

    Operating

    EBITDA Margin

     

    Amount

     

    Change in

    Adjusted

    Operating

    EBITDA Margin

     

     

     

     

     

     

     

     

     

     

     

    Recycling commodity rebates

     

    $

     236

     

    1.3

    %

     

    $

     171

     

    1.0

    %

    Accretion expense

     

    $

     34

     

    0.6

    %

     

    $

     33

     

    0.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Year Ended

     

     

    December 31, 2024

     

    December 31, 2023

     

     

    Amount

     

    Change in

    Adjusted

    Operating

    EBITDA Margin

     

    Amount

     

    Change in

    Adjusted

    Operating

    EBITDA Margin

     

     

     

     

     

     

     

     

     

     

     

    Recycling commodity rebates

     

    $

     879

     

    1.3

    %

     

    $

     604

     

    0.9

    %

    Accretion expense

     

    $

     133

     

    0.7

    %

     

    $

     130

     

    0.6

    %

     
     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250129715297/en/

    WM

    Website

    www.wm.com

    Analysts

    Ed Egl

    713.265.1656

    [email protected]

    Media

    Toni Werner

    [email protected]

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    • WM Announces Cash Dividend

      WM (NYSE:WM) today announced the declaration of a quarterly cash dividend of $0.825 per share payable Mar. 28, 2025, to stockholders of record on Mar. 14, 2025. ABOUT WM 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 rene

      2/17/25 7:31:00 PM ET
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    $WM
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    • WM Announces First Quarter 2025 Earnings

      Strong Operational Performance Combined with WM Healthcare Solutions Results Deliver Outsized Growth WM Adds Two Recycling Automation Projects in Key Markets During the Quarter WM (NYSE:WM) today announced financial results for the quarter ended March 31, 2025.   Three Months Ended   Three Months Ended   March 31, 2025 (in millions, except per share amounts)   March 31, 2024 (in millions, except per share amounts)     As Reported As Adjusted(a)   As Reported As Adjusted(a)             Revenue $6,018 $6,018   $5,159 $5,159             Income from Operations $1,013 $

      4/28/25 5:06:00 PM ET
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      Environmental Services
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    • WM Announces New, Modernized High-Tech Recycling and Renewable Gas Facilities across U.S.

      WM plans to invest approximately $3 billion in sustainability growth strategy 2022-2026 HOUSTON, April 2, 2025 /PRNewswire/ -- WM (NYSE:WM), North America's leading environmental solutions provider and largest recycler, today announced the company will celebrate the official grand openings for four recycling and renewable natural gas (RNG) projects across the U.S. The facilities are part of WM's plans to invest about $3 billion in its sustainability growth strategy from 2022-2026, expected to result in 39 new or upgraded recycling facilities and 20 new WM-owned RNG facilities.

      4/2/25 8:05:00 AM ET
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      Environmental Services
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    • Gabelli Funds to Host 11th Annual Waste & Sustainability Symposium Thursday, April 3, 2025

      GREENWICH, Conn., March 31, 2025 (GLOBE NEWSWIRE) -- Gabelli Funds, LLC, will host the 11th Annual Waste & Sustainability Symposium on Thursday, April 3, 2025 at the Harvard Club in New York City. This timely conference will feature presentations by senior management of leading companies, with an emphasis on industry dynamics, new technologies, and company fundamentals. Agenda: 7:50 AMOpening RemarksTony Bancroft – Gabelli FundsHanna Howard – Gabelli Funds   8:00Toppoint Holdings, Inc. (NYSE:TOPP)John Feliciano – CFO   8:30Republic Services, Inc. (NYSE:RSG)Brian DelGhiaccio – CFOAaron Evans – IR   9:00Ranpak Holdings Corp. (NYSE:PACK)Bill Drew – CFO   9:30Waste Connections, Inc. (NYSE:

      3/31/25 10:05:46 AM ET
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    $WM
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    • Seaport Research Partners initiated coverage on Waste Mgmt

      Seaport Research Partners initiated coverage of Waste Mgmt with a rating of Neutral

      5/7/25 8:38:51 AM ET
      $WM
      Environmental Services
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    • Waste Mgmt upgraded by HSBC Securities with a new price target

      HSBC Securities upgraded Waste Mgmt from Hold to Buy and set a new price target of $265.00

      4/25/25 8:28:59 AM ET
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      Environmental Services
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    • Waste Mgmt upgraded by Scotiabank with a new price target

      Scotiabank upgraded Waste Mgmt from Sector Perform to Sector Outperform and set a new price target of $250.00 from $225.00 previously

      1/27/25 7:53:56 AM ET
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    • EVP & Chief Operation Officer Morris John J exercised 30,636 shares at a strike of $147.26 and sold $5,551,859 worth of shares (23,795 units at $233.32), increasing direct ownership by 8% to 92,098 units (SEC Form 4)

      4 - WASTE MANAGEMENT INC (0000823768) (Issuer)

      5/5/25 3:36:44 PM ET
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    • Pres, Chief Executive Officer Fish James C Jr covered exercise/tax liability with 15,658 shares and exercised 19,805 shares at a strike of $150.12, increasing direct ownership by 2% to 220,087 units (SEC Form 4)

      4 - WASTE MANAGEMENT INC (0000823768) (Issuer)

      3/10/25 8:55:29 AM ET
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      Environmental Services
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    • EVP & Chief Operation Officer Morris John J sold $4,303,896 worth of shares (19,153 units at $224.71), decreasing direct ownership by 18% to 85,257 units (SEC Form 4)

      4 - WASTE MANAGEMENT INC (0000823768) (Issuer)

      3/10/25 8:55:28 AM ET
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    Large Ownership Changes

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    • SEC Form SC 13G/A filed by Waste Management Inc. (Amendment)

      SC 13G/A - WASTE MANAGEMENT INC (0000823768) (Subject)

      2/13/24 5:17:30 PM ET
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      Environmental Services
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    • SEC Form SC 13G/A filed by Waste Management Inc. (Amendment)

      SC 13G/A - WASTE MANAGEMENT INC (0000823768) (Subject)

      2/10/23 4:25:36 PM ET
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    • SEC Form SC 13G/A filed by Waste Management Inc. (Amendment)

      SC 13G/A - WASTE MANAGEMENT INC (0000823768) (Subject)

      2/9/23 11:37:19 AM ET
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    • SEC Form S-4 filed by Waste Management Inc.

      S-4 - WASTE MANAGEMENT INC (0000823768) (Filer)

      5/8/25 4:24:32 PM ET
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    • SEC Form 10-Q filed by Waste Management Inc.

      10-Q - WASTE MANAGEMENT INC (0000823768) (Filer)

      4/29/25 2:47:14 PM ET
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      Environmental Services
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    • Waste Management Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - WASTE MANAGEMENT INC (0000823768) (Filer)

      4/28/25 5:11:15 PM ET
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    • Former WM CEO David Steiner Joins AMP's Board of Directors

      AMP Robotics Corp. ("AMP"), a leading provider of artificial intelligence (AI)-powered diversion technologies for the waste and recycling industry, today announced that David Steiner has been elected to serve on its board of directors. Steiner is the former chief executive officer of WM (NYSE:WM), a role he held from 2004 until 2016. Steiner joined WM in 2000 and swiftly ascended the ranks to become general counsel and then chief financial officer before becoming CEO in 2004. As CEO, Steiner is credited with delivering strong financial results and repositioning the $85 billion public company as a leader in the recycling sector. "David brings a wealth of leadership experience and an impr

      1/28/25 1:30:00 PM ET
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    • AMP Appoints Tim Stuart as Chief Executive Officer

      Founder Matanya Horowitz to become chief technology officer AMP Robotics Corp. ("AMP"), a leading provider of artificial intelligence (AI)-powered sortation at scale for the waste and recycling industry, named Tim Stuart, former chief operating officer for Republic Services Inc. (NYSE:RSG), chief executive officer. Stuart replaces AMP Founder Matanya Horowitz, who transitioned into the role of chief technology officer. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241112474325/en/Tim Stuart, AMP CEO (Photo: Business Wire) "I founded AMP a decade ago with a vision to change how the world manages its waste, and I'm so proud of

      11/12/24 8:00:00 AM ET
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    • Chewy Set to Join S&P MidCap 400

      NEW YORK, Nov. 1, 2024 /PRNewswire/ -- Chewy Inc. (NYSE: CHWY) will replace Stericycle Inc. (NASD: SRCL) in the S&P MidCap 400 effective prior to the opening of trading on Wednesday, November 6. S&P 500 constituent Waste Management Inc. (NYSE:WM) is acquiring Stericycle in a deal expected to be completed soon, pending final closing conditions. Following is a summary of the changes that will take place prior to the open of trading on the effective date: Effective Date Index Name       Action Company Name Ticker GICS Sector November 6, 2024 S&P MidCap 400 Addition Chewy CHWY Consumer Discretionary November 6, 2024 S&P MidCap 400 Deletion Stericycle SRCL Industrial For more information about

      11/1/24 7:11:00 PM ET
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      Catalog/Specialty Distribution
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