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Here are 1-3 brief analogies to describe Waste Management:

• The PG&E for trash and recycling.
• The UPS for garbage.
• The Walmart of waste management.

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• Collection Services: Gathering solid waste and recyclable materials from residential, commercial, industrial, and municipal customers.
• Disposal Services: Operating and managing landfills and transfer stations for the safe and compliant disposal of collected waste.
• Recycling Services: Processing and marketing various recyclable materials to facilitate their reintroduction into manufacturing streams.
• Resource Recovery: Converting waste into renewable energy, such as electricity from waste-to-energy plants or renewable natural gas from landfills.

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• Commercial Businesses: This category encompasses a vast array of businesses such as offices, retail stores, restaurants, hotels, shopping centers, and healthcare facilities that require regular waste collection, recycling, and disposal services.
• Industrial Businesses: This segment serves manufacturing plants, energy facilities, chemical plants, construction sites, and other industrial operations, often handling more complex or specialized waste streams.
• Municipalities and Government Entities: Waste Management contracts with cities, counties, and other governmental bodies to provide comprehensive services such as residential waste collection, public area clean-up, and the management of landfills and transfer stations for public use.

While a significant portion of Waste Management's revenue comes from these B2B (business-to-business) and B2G (business-to-government) customers, the company also provides residential waste collection and recycling services to individual households, often through contracts with municipalities or directly to subscribers.

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• PACCAR Inc. (PCAR)
• Daimler Truck AG (DTRUY)
• Traton SE (TRATF)
• Caterpillar Inc. (CAT)
• Deere & Company (DE)

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James C. Fish, Jr., President and Chief Executive Officer

James C. Fish, Jr. joined Waste Management in 2001 and was appointed CEO in November 2016. Prior to becoming CEO, he held several key positions within the company, including President, Chief Financial Officer, Senior Vice President for the Eastern Group, and various other market area and financial planning roles. Before his tenure at Waste Management, Fish held finance and revenue management positions at Westex (a Yellow-Roadway subsidiary), Trans World Airlines, and America West Airlines. He began his professional career at KPMG Peat Marwick. Mr. Fish earned a Bachelor of Science in accounting from Arizona State University and an MBA in finance from the University of Chicago.

David L. Reed, Executive Vice President and Chief Financial Officer

David L. Reed was appointed Executive Vice President and Chief Financial Officer of Waste Management in August 2025, succeeding Devina Rankin. He is responsible for the company's accounting, finance, investor relations, treasury, and tax functions. Prior to this role, Reed served as an Executive Vice President at NXP Semiconductors and brings extensive experience in manufacturing operations and investment banking. He joined Waste Management eight years prior to his CFO appointment (as of 2025) and previously held roles including Vice President and Business Partner for WM's West Tier operations, and Vice President and Treasurer. His background also includes positions at LyondellBasell, Kimberly-Clark, Citigroup, and Wachovia.

John J. Morris, Jr., President and Chief Operating Officer

As President and Chief Operating Officer, John J. Morris, Jr. is responsible for all field operations at Waste Management, overseeing collections, disposal, recycling, and landfills. He has over 20 years of experience with the company, having held positions such as Market Area General Manager of New York City, Area Vice President of the Greater Mid-Atlantic Area, Chief Strategy Officer, and Senior Vice President, Field Operations. Before joining Waste Management, Morris co-founded and served as President of Security Check Atlanta, a check verification and payment processor, which experienced significant growth and was sold in 2008. He also held corporate finance positions for Bass Hotels and Resorts (now IHG). He began his professional career at KPMG. Morris is a graduate of Rutgers University.

Tara J. Hemmer, Senior Vice President and Chief Sustainability Officer

Tara J. Hemmer serves as Senior Vice President and Chief Sustainability Officer, a role in which she is responsible for growing Waste Management's sustainable service offerings, including recycling, renewable energy, and organics. She also oversees all environmental, social impact, and governance initiatives. Hemmer joined Waste Management in 1999 and has advanced through various leadership roles, including Senior Vice President, Field Operations for the southern part of North America; Vice President of Disposal Operations; and Area Vice President for the Greater Mid-Atlantic Area. Prior to Waste Management, she held positions at TAMS Consultants and ABB Environmental Services. She earned a Bachelor of Science in Civil and Environmental Engineering from Cornell University.

Charles (Chuck) Boettcher, Executive Vice President, Corporate Development & Chief Legal Officer

Charles (Chuck) Boettcher is the Executive Vice President, Corporate Development and Chief Legal Officer for Waste Management. In this capacity, he is responsible for all legal matters, corporate secretary duties, ethics and compliance programs, and government affairs.

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Key Risks to Waste Management (WM)

1. Regulatory and Environmental Compliance: Waste Management operates within a highly regulated industry, making it susceptible to stringent and evolving environmental laws and regulations. Changes in these regulations, particularly concerning emerging contaminants like PFAS and extended producer responsibility, can lead to increased operating costs, necessitate significant capital expenditures, and potentially restrict or alter operations.

2. Operational Cost Inflation and Labor Shortages: Waste Management faces persistent pressure from rising operational costs, primarily driven by inflation in labor and fuel expenses. The waste management industry experiences a notable labor shortage, especially for critical roles such as truck drivers and maintenance technicians, which can result in higher expenditures for salaries, overtime, and training new recruits, impacting operational efficiency and margins.

3. Commodity Price Risk in Recycling Business: Fluctuations in the market prices and demand for recyclable commodities present a significant risk to Waste Management's revenue and cash flows. For instance, a significant drop in the blended average price for single-stream recycled commodities has directly led to decreases in the company's full-year revenue guidance.

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The most significant clear emerging threat to Waste Management (WM) is the accelerating global shift towards a circular economy and zero-waste initiatives. This movement aims to drastically reduce the amount of waste generated through redesign, reuse, repair, and high-value recycling, fundamentally challenging WM's core business model which relies on the continuous generation and disposal of waste.

Evidence for this threat includes:

• Government Policies and Regulations: Numerous jurisdictions, such as the European Union with its Circular Economy Action Plan, and many national and local governments globally, are implementing policies, mandates, and incentives to minimize waste, increase recycling rates, and promote material reuse. These policies often include landfill bans for specific materials, mandatory composting, and ambitious waste reduction targets.
• Corporate Commitments and Extended Producer Responsibility (EPR): A growing number of major corporations are setting ambitious sustainability goals, including significant waste reduction targets and commitments to circularity in their supply chains. The expansion of EPR schemes shifts the financial and operational responsibility for end-of-life products from municipalities to manufacturers, incentivizing companies to design products for durability, reuse, and recycling, and potentially manage their own waste streams or through specialized partners that bypass traditional waste haulers and landfill operators.
• Technological Advancements in Waste Valorization: Innovations in advanced sorting technologies (e.g., AI and robotics in Material Recovery Facilities), chemical recycling methods, and other waste-to-value technologies are enabling higher-value recovery and reuse of materials that were previously destined for landfills or low-value recycling. This diverts valuable waste streams from traditional collection and disposal services, impacting WM's volume and revenue.

While Waste Management is actively investing in recycling and resource recovery, the overarching goal of the circular economy is to minimize the concept of "waste" itself, which presents a long-term existential challenge to a business built on managing it.

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Waste Management (WM) operates primarily in North America, offering a range of services that include solid waste collection and disposal, recycling, and broader environmental services. The addressable markets for these main products and services are substantial.

Solid Waste Management (Collection, Transfer, and Disposal)

The U.S. solid waste management market, which encompasses collection, transfer, and disposal services, was estimated at approximately USD 76.16 billion in 2024. This market is projected to grow to around USD 117.15 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 4.40% from 2025 to 2034. Collection services consistently represent the largest segment within this market.

Recycling Services

For recycling services, the North America Waste Recycling Services Market is a key addressable market. This market was estimated at USD 17.13 billion in 2025 and is expected to reach USD 20.19 billion by 2030, growing at a CAGR of 3.34% during this forecast period.

Environmental Services

WM also provides various environmental services, including specialized waste handling and consulting. The North America environmental consulting services market size is projected to reach approximately US$ 39.44 billion by 2031, growing from US$ 22.46 billion in 2023 at a CAGR of 7.3%. Within the United States, the environmental remediation market, a component of environmental services, generated revenues of approximately USD 20.6 billion in 2023 and is expected to reach about USD 31.51 billion by 2030.

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1. Disciplined Pricing Strategy: Waste Management consistently emphasizes its ability to implement disciplined pricing programs and core price increases across its collection and disposal services. This strategy is a primary lever for driving organic revenue growth and expanding margins, with core price remaining strong in recent quarters.
2. Growth in Collection and Disposal Volumes: The company anticipates continued growth in its collection and disposal volumes. This includes strength in landfill volumes and industrial collection, which contribute to overall revenue, even as the company strategically exits lower-margin residential contracts.
3. Integration and Expansion of WM Healthcare Solutions (Stericycle Acquisition): The acquisition of Stericycle, now integrated as WM Healthcare Solutions, is a significant driver. This expansion into medical waste and secure information destruction services is expected to generate substantial revenue and realize significant synergies in the coming years.
4. Sustainability Investments in Renewable Energy and Recycling Automation: Waste Management is actively investing in sustainability initiatives, particularly in renewable natural gas (RNG) facilities and recycling automation projects. These high-return investments are transitioning from a peak construction phase to a period where they will contribute increasingly to earnings and revenue growth.

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Share Repurchases

• Waste Management authorized a new $1.5 billion share repurchase program in October 2022.
• The company repurchased approximately $750 million of its common stock during 2022.
• As of December 31, 2022, approximately $1.15 billion remained available under the share repurchase authorization.

Outbound Investments

• Waste Management completed the acquisition of Advanced Disposal Services, Inc. in October 2020 for an approximate value of $4.6 billion.
• Waste Management acquired a controlling interest in the operations of Anderson Rubbish Disposal and its affiliates in November 2023.

Capital Expenditures

• Capital expenditures were $2.19 billion in 2022, $2.03 billion in 2021, and $1.64 billion in 2020.
• The company projected capital expenditures to be between $2.2 billion and $2.3 billion for 2023.
• Primary focus areas for capital expenditures include investments in collection fleet, transfer stations, recycling plants, landfill infrastructure, and renewable natural gas facilities.