Waste Management

These increases were partially offset by higher cash interest, which is due to the debt funding of the Stericycle acquisition.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

These increases in free cash flow were partially offset by higher capital expenditures to support the business, which includes the addition of WM Healthcare Solutions.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

(a) · The Company’s leverage ratio continues to improve sequentially, driven by increased operating EBITDA and debt repayments.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

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.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

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.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

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.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

htm EXHIBIT 99.1 Exhibit 99.1 WM Announces Third Quarter 2025 Earnings WM Delivers Double-Digit Growth in Cash Flow from Operations Led by Disciplined Growth, Strong Cost Optimization, and Expansion of its Sustainability Businesses WM Advances its Sustainability Investments with Completion of Two New Renewable Natural Gas Facilities and Two Recycling Projects Houston — October 27 , 2025 — WM (NYSE: WM) today announced financial results for the quarter ended September 30, 2025.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

“Our Collection and Disposal business delivered record-setting margin this quarter, underscoring the strength of our industry-leading asset network, strategic investments in technology, and disciplined pricing programs.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

Strong results across all aspects of our business reinforce our confidence in achieving our full-year earnings and free cash flow guidance, as well as our long-term financial objectives and strategic priorities.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

(a) The Company’s Collection and Disposal business led the way with an operating EBITDA margin of 37.5%, or 38.4% on an adjusted basis, driven by continuous improvements in technology, strategic asset network utilization, and focus on disciplined price-cost spread.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

This growth was partially offset by a decline in residential collection volumes due to the strategic exit of lower-margin contracts.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

We also achieved adjusted operating EBITDA growth in both our Recycling Processing and Sales and Renewable Energy segments despite commodity price headwinds, underscoring the value of our sustainability investments.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

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.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

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.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

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 projection to the comparable GAAP measure.

SEC original ↗Waste Management — Earnings release (8-K exhibit)EX-99Oct 27, 2025

In preparing our financial statements, the most difficult, subjective and complex estimates and the assumptions that present the greatest amount of uncertainty relate to our accounting for landfills, environmental remediation liabilities, long-lived asset impairments, intangible asset impairments and the fair value of assets and liabilities acquired in business combinations.

SEC original ↗Waste Management — 10-Q Quarterly report10-QOct 28, 2026

From time to time, we are also named as defendants in personal injury and property damage lawsuits, including purported class actions, on the basis of having owned, operated or transported waste to a disposal facility that is alleged to have contaminated the environment or, in certain cases, on the basis of having conducted environmental remediation activities at sites.

SEC original ↗Waste Management — 10-Q Quarterly report10-QOct 28, 2026