Segment and Related Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment and Related Information

Reportable Segments

Summarized financial information concerning our reportable segments for the three months ended March 31 is shown in the following table (in millions):

	Net		Intercompany		Gross				Selling,		Other		Depreciation,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Depletion and		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(f)		Amortization		Operations(b)		(c)
2025
Collection and Disposal:
East Tier	$	2,140	$	558	$	2,698	$	1,696	$	90	$	—	$	251	$	661	$	197
West Tier		2,082		506		2,588		1,613		86		—		219		670		222
Other Ancillary		700		52		752		718		30		—		7		(3)		17
Collection and Disposal(d)(e)		4,922		1,116		6,038		4,027		206		—		477		1,328		436
Recycling Processing and Sales(d)		384		81		465		388		15		5		39		18		38
WM Renewable Energy(e)		91		1		92		55		3		—		15		19		122
WM Healthcare Solutions		619		8		627		386		156		9		101		(25)		34
Corporate and Other(e)		2		8		10		—		312		1		24		(327)		11
Total	$	6,018	$	1,214	$	7,232	$	4,856	$	692	$	15	$	656	$	1,013	$	641
Intercompany Elimination						(1,214)		(1,209)		(5)		—		—		—
Net						6,018		3,647		687		15		656		1,013
	Net		Intercompany		Gross				Selling,		Other		Depreciation,		Income		Capital
	Operating		Operating		Operating		Operating		General and		Net		Depletion and		from		Expenditures
	Revenues		Revenues(a)		Revenues		Expenses		Administrative		Expenses(f)		Amortization		Operations(b)		(c)
2024
Collection and Disposal:
East Tier	$	2,081	$	527	$	2,608	$	1,624	$	89	$	—	$	241	$	654	$	176
West Tier		1,993		487		2,480		1,558		91		—		204		627		201
Other Ancillary		642		44		686		656		29		(2)		5		(2)		12
Collection and Disposal(d)(e)		4,716		1,058		5,774		3,838		209		(2)		450		1,279		389
Recycling Processing and Sales(d)		368		68		436		374		14		—		29		19		87
WM Renewable Energy(e)		69		1		70		39		2		—		8		21		91
Corporate and Other(e)		6		5		11		16		271		—		27		(303)		(14)
Total	$	5,159	$	1,132	$	6,291	$	4,267	$	496	$	(2)	$	514	$	1,016	$	553
Intercompany Elimination						(1,132)		(1,127)		(5)		—		—		—
Net						5,159		3,140		491		(2)		514		1,016

(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) 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.

(c) 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.

(d) Certain fees related to the processing of recyclable material we collect are included within our Collection and Disposal businesses. The amounts in income from operations for the three months ended March 31, 2025 and 2024 are $20 million and $22 million, respectively.

(e) 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 three months ended March 31, 2025 and 2024 are $14 million and $10 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.

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

Total assets by reportable segment are presented in the table below as follows (in millions):

	March 31,		December 31,
	2025		2024
Collection and Disposal:
East Tier	$	15,242	$	15,328
West Tier		11,780		11,786
Other Ancillary		790		779
Collection and Disposal		27,812		27,893
Recycling Processing and Sales		2,761		2,686
WM Renewable Energy		1,674		1,544
WM Healthcare Solutions		9,260		9,406
Corporate and Other		3,848		3,785
Elimination of intercompany investments and advances		(869)		(747)
Total assets, per Condensed Consolidated Balance Sheet	$	44,486	$	44,567

Schedule of total assets for segments

	March 31,		December 31,
	2025		2024
Collection and Disposal:
East Tier	$	15,242	$	15,328
West Tier		11,780		11,786
Other Ancillary		790		779
Collection and Disposal		27,812		27,893
Recycling Processing and Sales		2,761		2,686
WM Renewable Energy		1,674		1,544
WM Healthcare Solutions		9,260		9,406
Corporate and Other		3,848		3,785
Elimination of intercompany investments and advances		(869)		(747)
Total assets, per Condensed Consolidated Balance Sheet	$	44,486	$	44,567

Summary of operating revenues mix

	March 31,		December 31,
	2025		2024
Collection and Disposal:
East Tier	$	15,242	$	15,328
West Tier		11,780		11,786
Other Ancillary		790		779
Collection and Disposal		27,812		27,893
Recycling Processing and Sales		2,761		2,686
WM Renewable Energy		1,674		1,544
WM Healthcare Solutions		9,260		9,406
Corporate and Other		3,848		3,785
Elimination of intercompany investments and advances		(869)		(747)
Total assets, per Condensed Consolidated Balance Sheet	$	44,486	$	44,567