WMWaste Management
Waste Management, Inc. is a holding company and all operations are conducted by its subsidiaries. 10-K, Item 1
- Employees
- 60,500
- Headquarters
- Houston, TX
- Next results
- around Jan 27, 2027
5 paragraphs in Risk Factors of the 10-K filed Feb 9, 2026 with nothing like them in the 10-K filed Feb 19, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 81 Industrials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Expansion of our Recycling Processing and Sales and Renewable Energy segments may introduce additional compliance and regulatory risks and additional volatility to our financial performance.
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a major operational failure, even if suffered by a competitor, may bring enhanced scrutiny and regulation of our industry, with a corresponding increase in operating expense.
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We have set goals to reduce our GHG emissions and announced other sustainability-related goals and initiatives. We may not be able to meet such goals or implement such initiatives in the manner or on timelines contemplated due to
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due to higher diesel fuel prices will decrease our income from operations margins.
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The amount of insurance we are required to maintain for environmental liability is governed by statutory requirements.
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New in the latest 10-Q
34 paragraphs in the 10-Q filed Oct 28, 2026 with nothing like them in the 10-Q filed Jul 29, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
Delaware 73-1309529 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.)
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Financial statements and notes
Waste Management, Inc. Stockholders’ Equity Common Stock Additional Retained Accumulated Treasury Stock Noncontrolling
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Waste Management, Inc. Stockholders’ Equity Common Stock Additional Retained Accumulated Treasury Stock Noncontrolling
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Improvements to Measurement of Credit Losses for Accounts Receivable and Contract Assets
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Liabilities for landfill and environmental remediation costs are presented in the table below (in millions):
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September 30, 2026 December 31, 2025 Landfill Environmental Total Landfill Environmental Total
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The changes to landfill and environmental remediation liabilities for the nine months ended September 30, 2026 are reflected in the table below (in millions):
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Remediation December 31, 2025 $ 3,305 $ 231 Obligations incurred and capitalized 69 — Obligations settled (114) (25) Interest accretion 117 — Revisions in estimates (8) 14 Acquisitions, divestitures and other adjustments (3) — September 30, 2026 $ 3,366 $ 220
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At several of our landfills, we provide financial assurance by depositing cash into restricted trust funds for purposes of settling final capping, closure, post-closure and environmental remediation obligations. Generally, these trust funds are established to comply with statutory requirements and operating agreements. See Note 13 for additional information related to these trusts.
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Senior Notes - We repaid $ 223 million of 7.10 % senior notes upon maturity in August 2026.
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Tax-Exempt Bonds - We issued $ 100 million of tax-exempt bonds in the three months ended September 30, 2026. The proceeds from the issuance of these bonds were deposited directly into a restricted trust fund to be used for the specific purpose for which the money was raised, which is generally to finance expenditures for solid waste disposal and recycling facility construction and development.
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Interest Rate Swaps - We use interest rate swaps to manage our exposure to changes in the fair value of certain of our fixed-rate senior notes attributable to changes in benchmark interest rates. During the nine months ended September 30, 2026, we entered into interest rate swaps with an aggregate notional amount of $750 million, under which we receive fixed interest rates and pay floating interest rates based on SOFR plus a spread, maturing on dates ranging from September 2034 through October 2038. We had no interest rate swaps outstanding as of December 31, 2025. These swaps are designated as fair value hedges and as such, changes in the fair value of the swaps are offset by changes in the carrying value of the hedged senior notes attributable to the hedged risk. As of September 30, 2026, the fair value of the swaps was a liability of $42 million, reflected within Other long-term liabilities on the Company's Condensed Consolidated Balance Sheets, with a corresponding $42 million reduction to the carrying amount of the hedged senior notes.
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We evaluate our effective income tax rate at each interim period and adjust it as facts and circumstances warrant.
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Operating Operating Operating Expenses General and Net Depletion, from Expenditures
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Revenues Revenues(a) Revenues Administrative Expenses(b) Amortization Operations(c) (d)
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Operating Operating Operating Expenses General and Net Depletion, from Expenditures
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Revenues Revenues(a) Revenues Administrative Expenses(b) Amortization Operations(c) (d)
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(b)Other net expenses include restructuring expenses, (gain) loss from divestitures, and asset impairments and unusual items, net.
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(c)For those items included in the determination of income from operations, the accounting policies of the segments are the same as those described in Note 1.
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(d)Includes non-cash items. Additionally, our Corporate and Other business recognizes construction work in progress for fleet purchases during the period. Capital expenditures are reported in our reportable segments at the time they are recorded within the segments’ property and equipment balances and, therefore, include timing differences for amounts accrued but not yet paid as well as amounts transferred from Corporate and Other for fleet placed in service.
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(e)Certain fees related to the processing of recyclable material we collect are included within our Collection and Disposal business. The amounts in income from operations for the three and nine months ended September 30, 2026 are $ 21 million and $ 61 million, respectively. The amounts in income from operations for the three and nine months ended September 30, 2025 are $ 19 million and $ 59 million, respectively.
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(f)Renewable Energy pays a 15 % intercompany royalty to our Collection and Disposal business and Corporate and Other for landfill gas. The total amount of royalties in gross and intercompany operating revenues for the East Tier, West Tier, and Corporate and Other and in operating expenses for Renewable Energy for the three and nine months ended September 30, 2026 are $ 25 million and $ 73 million, respectively. The total amount of royalties in gross and intercompany operating revenues for the East Tier, West Tier, and Corporate and Other and in operating expenses for Renewable Energy for the three and nine months ended September 30, 2025 are $ 17 million and $ 48 million, respectively.
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(g)Our Collection and Disposal business records intercompany operating revenue for collection and disposal services provided to Healthcare Solutions. The total amount of intercompany operating revenues reflected in our Collection and Disposal business and in operating expenses for Healthcare Solutions for the three and nine months ended September 30, 2026 are $ 19 million and $ 55 million, respectively, and for three and nine months ended September 30, 2025 are $ 16 million and $ 36 million, respectively.
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Total assets by reportable segment are presented in the table below as follows (in millions):
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During the nine months ended September 30, 2026, we completed solid waste acquisitions for total consideration of $ 239 million, which included issuance of shares of our common stock valued at $ 144 million from treasury stock, $ 89 million in net cash paid and $ 6 million of other consideration, specifically purchase price holdbacks. In addition, we paid $ 13 million of holdbacks related to prior year acquisitions.
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Total consideration for our 2026 acquisitions was primarily allocated to $ 28 million of property and equipment, $ 76 million of other intangible assets, primarily customer relationships, and $ 140 million of goodwill. The goodwill was primarily a result of expected synergies from combining the acquired businesses with our existing operations and substantially all was not tax deductible. We remain in the measurement period for our 2026 acquisitions, and adjustments to our preliminary purchase price allocation may occur.
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In July 2026, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $ 350 million of our common stock. At the beginning of the repurchase period, we delivered $ 350 million cash and initially received 1.2 million shares based on a stock price of $ 226.33, exclusive of the applicable 1% excise tax. The ASR agreement was terminated in September 2026, at which time we received 0.4 million additional shares based on a final weighted average price of $ 217.10, exclusive of the applicable 1% excise tax.
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September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────────────────────────────────── Quoted prices in active markets (Level 1): Cash equivalents and money market funds $61 $ 91 Equity securities 91 88 Significant other observable inputs (Level 2): Available-for-sale securities (a) 631 528 Total assets measured at fair value $783 $ 707 Significant other observable inputs (Level 2): Interest rate derivatives $42 $ — Total liabilities measured at fair value $42 $ —
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Period-to-Period Change for the Period-to-Period Change for the Three Months Ended Nine Months Ended September 30, 2026 vs. 2025 September 30, 2026 vs. 2025 Amount As a % of As a % of
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2026 2025 Cash and cash equivalents $247 $201 Restricted funds and other: Insurance reserves $566 $472 Final capping, closure, post-closure and environmental remediation funds 144 140 Other 1 10 Total restricted funds and other (a) $711 $622 Debt: Current portion $1,524 $711 Long-term portion 21,846 22,196 Total debt $23,370 $22,907
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2026 2025 Balance Sheet Information: Current assets $ 6 $ 44 Noncurrent assets 12 13 Current liabilities 1,271 738 Noncurrent liabilities: Advances due to affiliates 20,804 18,160 Other noncurrent liabilities 19,282 19,733
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Share sales and buybacks
(a) In July 2026, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $350 million of our common stock. At the beginning of the repurchase period, we delivered $350 million cash and initially received 1.2 million shares based on a stock price of $226.33, exclusive of the applicable 1% excise tax. The ASR agreement was terminated in September 2026, at which time we received 0.4 million additional shares based on a final weighted average price of $217.10, exclusive of the applicable 1% excise tax.
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(b) In addition to shares received under the ASR agreement, we repurchased 0.7 million shares of our common stock in July 2026 for an average price of $236.93 per share.
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(c) In addition to shares received under the ASR agreement, we repurchased 0.2 million shares of our common stock in September 2026 for an average price of $215.20 per share.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 28, 2026 against Item 1A of the 10-K filed Feb 9, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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There have been no material changes to the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
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