
	Net		Intercompany		Gross				Selling,		Other		Depreciation,		Income		Capital
	Operating		Operating		Operating		Operating		General, and		Net		Depletion and		from		Expenditures
	Revenues		Revenues(b)		Revenues		Expenses		Administrative		Expenses(g)		Amortization		Operations(c)		(d)
Year Ended December 31:
2024
Collection and Disposal:
East Tier	$	8,703	$	2,252	$	10,955	$	6,801	$	372	$	4	$	1,018	$	2,760	$	1,119
West Tier		8,285		2,052		10,337		6,430		373		(15)		856		2,693		1,071
Other Ancillary		2,728		187		2,915		2,782		117		(1)		26		(9)		52
Collection and Disposal^(e)(f)		19,716		4,491		24,207		16,013		862		(12)		1,900		5,444		2,242
Recycling Processing and Sales^(e)		1,603		287		1,890		1,610		59		3		132		86		524
WM Renewable Energy^(f)		318		3		321		166		13		7		36		99		514
WM Healthcare Solutions		403		10		413		252		157		—		73		(69)		43
Corporate and Other^(f)		23		25		48		137		1,194		88		126		(1,497)		5
Total	$	22,063	$	4,816	$	26,879	$	18,178	$	2,285	$	86	$	2,267	$	4,063	$	3,328

Intercompany Elimination						(4,816)		(4,795)		(21)		—		—		—
Net						22,063		13,383		2,264		86		2,267		4,063


	Net		Intercompany		Gross				Selling,		Other		Depreciation,		Income		Capital
	Operating		Operating		Operating		Operating		General, and		Net		Depletion and		from		Expenditures
	Revenues		Revenues(b)		Revenues		Expenses		Administrative		Expenses(g)		Amortization		Operations(c)		(d)
Year Ended December 31:
2023
Collection and Disposal:
East Tier	$	8,412	$	2,121	$	10,533	$	6,747	$	358	$	(4)	$	986	$	2,446	$	926
West Tier		7,935		1,962		9,897		6,352		364		(2)		800		2,383		899
Other Ancillary		2,518		193		2,711		2,575		112		6		26		(8)		28
Collection and Disposal^(e)(f)		18,865		4,276		23,141		15,674		834		—		1,812		4,821		1,853
Recycling Processing and Sales^(a)(e)		1,264		312		1,576		1,332		56		122		110		(44)		450
WM Renewable Energy^(f)		273		3		276		151		13		—		33		79		420
Corporate and Other^(f)		24		22		46		47		1,038		126		116		(1,281)		115
Total	$	20,426	$	4,613	$	25,039	$	17,204	$	1,941	$	248	$	2,071	$	3,575	$	2,838

Intercompany Elimination						(4,613)		(4,598)		(15)		—		—		—
Net						20,426		12,606		1,926		248		2,071		3,575


	Net		Intercompany		Gross				Selling,		Other		Depreciation,		Income		Capital
	Operating		Operating		Operating		Operating		General, and		Net		Depletion and		from		Expenditures
	Revenues		Revenues(b)		Revenues		Expenses		Administrative		Expenses(g)		Amortization		Operations(c)		(d)
Year Ended December 31:
2022
Collection and Disposal:
East Tier	$	8,011	$	1,909	$	9,920	$	6,378	$	341	$	46	$	977	$	2,178	$	948
West Tier		7,614		1,865		9,479		6,143		348		(8)		814		2,182		774
Other Ancillary		2,218		195		2,413		2,278		104		6		25		—		40
Collection and Disposal^(e)(f)		17,843		3,969		21,812		14,799		793		44		1,816		4,360		1,762
Recycling Processing and Sales^(e)		1,516		244		1,760		1,481		59		—		92		128		453
WM Renewable Energy^(f)		312		3		315		144		6		—		33		132		290
Corporate and Other^(f)		27		22		49		90		1,098		19		97		(1,255)		304
Total	$	19,698	$	4,238	$	23,936	$	16,514	$	1,956	$	63	$	2,038	$	3,365	$	2,809

Intercompany Elimination						(4,238)		(4,220)		(18)		—		—		—
Net						19,698		12,294		1,938		63		2,038		3,365

(a)

For the year ended December 31, 2023 included within income from operations for our Recycling Processing and Sales segment is 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 a liability for contingent consideration associated with our investment in such business.

(b)	Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.

(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 2.

(d)	Includes non-cash items. 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.

(e)	Certain fees related to the processing of recycled material we collect are included within our Collection and Disposal businesses. The amounts in income from operations for the years ended December 31, 2024, 2023 and 2022 are $100 million, $61 million and $77 million, respectively.

(f)

WM Renewable Energy pays a 15% intercompany royalty to our Collection and Disposal and Corporate and Other businesses 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 WM Renewable Energy for the years ended December 31, 2024, 2023 and 2022 are $48 million, $41 million and $47 million, respectively. Prior to the fourth

quarter of 2024, amounts related to intercompany royalty payments were adjusted through income from operations. Prior periods have been recast to conform to current year presentation.

(g)	Other net expenses include restructuring expenses, (gain) loss from divestitures, and asset impairments and unusual items, net.

Summary of operating revenues mix


	Net		Intercompany		Gross
	Operating		Operating		Operating
	Revenues		Revenues(a)(b)		Revenues(b)
Years Ended December 31:
2024
Commercial	$	5,371	$	798	$	6,169
Industrial		3,089		794		3,883
Residential		3,466		89		3,555
Other collection		2,964		230		3,194
Total collection		14,890		1,911		16,801
Landfill		3,445		1,513		4,958
Transfer		1,381		1,067		2,448
Total Collection and Disposal		19,716		4,491		24,207
Recycling Processing and Sales		1,603		287		1,890
WM Renewable Energy		318		3		321
WM Healthcare Solutions		403		10		413
Corporate and Other		23		25		48
Total	$	22,063	$	4,816	$	26,879

2023
Commercial	$	5,109	$	692	$	5,801
Industrial		3,083		753		3,836
Residential		3,378		96		3,474
Other collection		2,786		220		3,006
Total collection		14,356		1,761		16,117
Landfill		3,252		1,479		4,731
Transfer		1,257		1,036		2,293
Total Collection and Disposal		18,865		4,276		23,141
Recycling Processing and Sales		1,264		312		1,576
WM Renewable Energy		273		3		276
Corporate and Other		24		22		46
Total	$	20,426	$	4,613	$	25,039

2022
Commercial	$	4,860	$	590	$	5,450
Industrial		3,025		656		3,681
Residential		3,264		75		3,339
Other collection		2,466		217		2,683
Total collection		13,615		1,538		15,153
Landfill		3,062		1,454		4,516
Transfer		1,166		977		2,143
Total Collection and Disposal		17,843		3,969		21,812
Recycling Processing and Sales		1,516		244		1,760
WM Renewable Energy		312		3		315
Corporate and Other		27		22		49
Total	$	19,698	$	4,238	$	23,936

(a)

Intercompany operating revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.

(b)

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.

Summary of property by geographic area


	2024		2023
U.S.	$	17,995	$	15,903
Canada		1,222		1,060
Western Europe and other (a) (b)		123		5
Total	$	19,340	$	16,968

(a)

2024 primarily relates to the impact of operations from the U.K., Ireland, Belgium, France, Germany, Luxembourg, and the Netherlands as a result of the Stericycle acquisition.

(b)

2023 primarily relates to an acquired smaller recycling-related operations in the Netherlands.