WM

EX-99.1

2 tm2612889d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

WM Announces First Quarter 2026 Earnings

Strong Performance Drives Cash Flow from Operations 24% Higher to $1.5 Billion

The Company Reaffirms its Full-Year Financial Outlook

WM Completes Three Recycling Facilities Adding Key Capacity in Growing Markets

Houston — April 28, 2026 — WM (NYSE: WM) today announced financial results for the quarter ended March 31, 2026.

Three Months Ended

Three Months Ended

March 31, 2026 (in millions, except per share amounts)

March 31, 2025

(in millions, except per share amounts)

As Reported As Adjusted(a)

As Reported As Adjusted(a)

Revenue $6,227 $6,227

$6,018 $6,018

Income from Operations $1,113 $1,118

$1,013 $1,059

Operating EBITDA(b) (c) $1,848 $1,853

$1,704 $1,750

Operating EBITDA Margin 29.7% 29.8%

28.3% 29.1%

Net Income(d) $723 $731

$637 $673

Diluted EPS $1.79 $1.81

$1.58 $1.67

“Strong earnings and cash flow results in the quarter achieved our expectations, reflecting the strength of the WM team and the resilience of our business model,” said Jim Fish, WM’s CEO. “Disciplined pricing, cost optimization and contributions from sustainability growth projects led to first quarter adjusted operating EBITDA growth of 5.9% and margin expansion of 70 basis points despite a challenging quarter of weather impacts.(a) The momentum in our business, combined with our confidence in our ability to execute on our plan for the balance of the year, sets us up to achieve the full-year financial outlook we provided last quarter.”

Fish continued, “Our start to 2026 strengthens our conviction in the ability to harvest the benefits of our strategic investments in recycling, renewable energy, a medical waste platform, technology, and our fleet, as free cash flow nearly doubled in the quarter compared to prior year.(a) We allocated the majority of first quarter free cash flow to shareholders, returning nearly $730 million through dividends and share repurchases during the quarter. Our balance sheet remains flexible, reflecting our financial discipline and positioning WM to capitalize on opportunities in any economic environment.”

KEY HIGHLIGHTS FOR the fIRST quarter OF 2026

·Adjusted operating EBITDA grew 5.9%, with margin expanding 70 basis points.(a) Performance was led by the Collection and Disposal business, driven by disciplined price execution, operating cost control, and continued optimization of business mix.

·Collection and Disposal operating EBITDA grew by $154 million and margin expanded 190 basis points. On an adjusted basis, operating EBITDA grew by $118 million and margin expanded 110 basis points. The improvement was driven by favorable price-to-cost spread as the Company invests in making improvements in frontline retention and leverages technology and automation to reduce costs.(a)

·Together, operating EBITDA in the Recycling and Renewable Energy businesses grew $51 million, or $49 million on an adjusted basis, driven by increased renewable natural gas production from growth projects as well as higher recycling volumes and benefits from automation projects.(a)(e)

·Operating EBITDA grew by 18.4%, or 11.6% on an adjusted basis, in the Healthcare Solutions business, driven by effective SG&A cost management and synergy capture.(a)

·Revenue grew 3.5%, driven by core price of 6.3% and collection and disposal yield of 3.9%. In addition to strong execution on pricing, revenue growth was driven by increased volumes in the Recycling and Renewable Energy businesses from completed growth projects.(f)

·Collection and disposal volume declined 1.5%, primarily due to the impacts of harsh winter weather, intentional shedding of lower-margin residential business, and wildfire cleanup activities that benefitted the prior year period. These volume declines were partially offset by growth in MSW volume.

·Operating expenses were 59.3% of revenue, or 59.2% on an adjusted basis, which was an improvement of 70 basis points both on a reported and adjusted basis from the prior year and reflects the Company’s commitment to using technology and automation to optimize its cost structure and enhance operational efficiency.(a)(c)

·The Company generated $1.5 billion of net cash provided by operating activities compared to $1.21 billion in the prior year period, primarily driven by operating EBITDA growth and working capital improvements. Free cash flow was $920 million, compared to $475 million in the prior year period.(a)

·The Company returned $729 million to shareholders in the first quarter, including $385 million in cash dividends and $344 million of share repurchases.

·During the quarter, the Company’s leverage ratio returned to its target range of between 2.5 to 3.0 times total debt to EBITDA.(g)

·The Company began operations at new recycling facilities in Ontario and Detroit and completed a recycling automation project in South Florida, which is now its largest single stream facility. Together, the projects ad

false 0000823768

WASTE MANAGEMENT INC

0000823768

2026-01-28 2026-01-28

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

SECURITIES AND

EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 28, 2026

Waste Management, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware

1-12154

73-1309529

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS

Employer

Identification No.)

800 Capitol Street, Suite 3000, Houston, Texas

77002

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone number, including area code: (713) 512-6200

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.01 par value WM New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

Waste Management, Inc. (the “Company”) issued a press release today announcing its financial results for the fourth quarter and full year ended December 31, 2025, a copy of which is furnished as Exhibit 99.1 to this Form 8-K. The Company is conducting an audio webcast to discuss these results beginning at 10:00 a.m. Eastern Time on January 29, 2026. Listeners can access the live audio webcast 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.

On the webcast, management of the Company is expected to discuss certain non-GAAP financial measures. The Company has provided information regarding its use of non-GAAP measures and reconciliations of such measures to their most comparable GAAP measures in the notes and tables that accompany the press release.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Index

Exhibit

Number

Description

99.1

Press Release dated January 28, 2026

104

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

WASTE MANAGEMENT, INC.

Date: January 28, 2026 By: /s/ Charles C. Boettcher

Charles C. Boettcher

Executive Vice President and Chief Legal Officer

false 0000823768

WASTE MANAGEMENT INC

0000823768

2025-10-27 2025-10-27

iso4217:USD

xbrli:shares

iso4217:USD

xbrli:shares

SECURITIES AND

EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 27, 2025

Waste Management, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware

1-12154

73-1309529

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS

Employer

Identification No.)

800 Capitol Street, Suite 3000, Houston, Texas

77002

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone number, including area code: (713) 512-6200

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.01 par value WM New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02.Results of Operations and Financial Condition.

Waste Management, Inc. (the “Company”) issued a press release today announcing its financial results for the third quarter of 2025, a copy of which is furnished as Exhibit 99.1 to this Form 8-K. The Company is conducting an audio webcast to discuss these results beginning at 10:00 a.m. Eastern Time on October 28, 2025. Listeners can access the live audio webcast 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.

On the webcast, management of the Company is expected to discuss certain non-GAAP financial measures. The Company has provided information regarding its use of non-GAAP measures and reconciliations of such measures to their most comparable GAAP measures in the notes and tables that accompany the press release.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits

Exhibit Index

Exhibit

Number

Description

99.1

Press Release dated October 27, 2025

104

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

WASTE MANAGEMENT, INC.

Date: October 27, 2025 By: /s/ Charles C. Boettcher

Charles C. Boettcher

Executive Vice President and Chief Legal Officer

3