Waste Management, Inc. · NYSE:WM
Waste Management — WM — Investor Presentation (June 2026)
38 slides from Waste Management's investor presentation, Jun 17, 2026
Slide 1: Investor Presentation
Investor Presentation June 17, 2026
Slide 2: Cautionary Statement
Cautionary Statement This presentation contains a number of forward-looking statements, including but not due to disruptions, delays, cost increases or changes in environmental or tax regulations limited to all statements regarding future performance, operational results and financial and incentives
Slide 3: Company Overview
Company Overview
Slide 4: Investment Highlights
Investment Highlights Stable, growing, and Strong track record Innovative culture Predictable cash flow recurring revenue of improving margins and cutting-edge generation, supporting streams, driven by the through disciplined technologies to balanced capital most comprehensive pricing, business mix
Slide 5: WM Snapshot
WM Snapshot1 (NYSE: WM) Houston, TX 1968 $88B Collection & Disposal Headquarters Founded Market Cap2 Collecting waste and recyclables where they are generated and transporting to our large $25.2B $7.6B 60.5K network of landfills, transfer stations, and 2025 Adjusted recycling facilities for responsi
Slide 6: Highly Defensive Business with Stable, Recurring Revenue
Highly Defensive Business with Stable, Recurring Revenue Diversified Customer Base Resilient Business Model and Diverse Protects Our Business from Customer Base Across Business Lines Sector-Specific Downturns 2025 COLLECTION CUSTOMER MIX1 Recession Resilient Recurring Revenue (BY REVENUE) Provide cu
Slide 7: Well Positioned Asset Network with Unmatched Size and Scale
Well Positioned Asset Network with Vertically-Integrated Asset Network Unmatched Size and Scale COLLECTION 19K 580 Average Daily Routes Hauling Sites PROCESSING AND DISPOSAL 482 253 4 Transfer Active Hazardous Stations Solid Waste Waste Landfills Landfills 51 17 99 Puerto Rico Autoclaves or Medical
Slide 8: Significant Opportunity for Growth in Large, Resilient Industry
Significant Opportunity for Growth in Large, Resilient Industry ~$130B U.S. and Canada Waste and Recycling Industry Total Addressable Market1 WM | $25.2B Republic Services | $16.6B Waste Connections | $9.5B GFL Environmental | $4.7B Continued Leadership Position Clean Harbors | $6.0B + Room for Futu
Slide 9: Comprehensive Customer Solutions and Vertical Integration Differentiate Our Value Proposition
Comprehensive Customer Solutions and Vertical Integration Differentiate Our Value Proposition Collection Post-Collection Extending the Value Chain Unmatched Breadth of Collection Industry’s Leading Post-Collection Turning Landfill Gas into Renewable Services Network Energy at Scale Collect and manag
Slide 10: Integrated Business Model is a Competitive Differentiator
Integrated Business Model is a Competitive Differentiator Shared Advantages Across All of Our Integrated Businesses Overlapping Customer Base Collection & Disposal Growing Best-in-Class Network Commitment to Operational Excellence Sustainability Healthcare Materials Management and Solutions Logistic
Slide 11: Organic Growth Powered by Price Discipline and Targeted Volume Expansion
Collection & Disposal Organic Growth Powered by Price Discipline and Targeted Volume Expansion Combined with Cost Optimization Winning with Customers While Lowering Our Cost to Serve Disciplined Price Growth + Targeted Volume Expansion + Effective Cost Management Enhance Customer Lifetime Value Capt
Slide 12: Accelerating Profitable Growth by Combining Premier Position in Medical Waste with WM's Capabilities
Healthcare Solutions Accelerating Profitable Growth by Combining Premier Position in Medical Waste with WM’s Capabilities Capturing Significant Value 2025 Revenue By Solution Beyond Synergies Regulated Waste & Compliance Market-Leading Network & Customer Base Services (RWCS) and Other 34% Size & s
Slide 13: Sustainability Businesses Turn Waste into Value by Recycling and Renewable Energy
Sustainability Sustainability Businesses Turn Waste into Value by Recycling Materials and Generating Renewable Energy from Landfill Gas Recycling Renewable Energy Largest Recycler in North America Decades of Renewable Energy Expertise Processed more than 6.5 million tons of recyclables at 113 Lo
Slide 14: Seasoned Management Team Fostering People-First Culture
Seasoned Management Team Fostering People-First Culture Jim Fish John Morris Tara Hemmer David Reed Chuck Boettcher Chief Executive Officer President EVP & Chief EVP & Chief EVP & Chief Operating Officer Financial Officer Legal Officer Joined WM: 2001 1994 1999 2017 2016 Kim Stith Mike Watson Marcel
Slide 15: Living Our Commitments and Core Values
Living Our Commitments and Core Values DRIVEN BY OUR GUIDED BY OUR Commitments Core Values 1 Our People First 1 Diversity & Inclusion 3 Safety The proud, caring and resilient members of the We embrace and cultivate We make health and safety WM team are the foundation for our success. respect, trust,
Slide 16: Durable Set of Advantages Extending Leading Position
Durable Set of Advantages Extending Leading Position
Slide 17: Leveraging Differentiated Core Competencies and Extending Our Advantage through Technology
Leveraging Differentiated Core Competencies Across the Organization and Extending Our Advantage through Technology Logistics Materials Network Expertise Management Optimization Deepening our Leading asset network Driving value capabilities with route and vast internal from our extensive science and
Slide 18: Extending Our World-Class Logistics Capabilities
Logistics Expertise Extending Our World-Class Logistics Capabilities Industry-Leading Size and Scale1… …Strengthened by Digital Innovation Route Optimization 22K 19K Dynamic routing to improve driver efficiency Collections Drivers Average Daily Routes Safety Technology Performance monitoring and pre
Slide 19: Innovating Our Approach to Materials Management
Materials Management Innovating Our Approach to Materials Management Expansive Asset Network and Capabilities1 … …Optimized through Technology and Automation Automated Facilities 6 482 Automating recycling facilities to reduce labor Landfills Currently costs and enhance material quality Served Via R
Slide 20: Capitalizing on Our Industry-Leading Network
Network Optimization Capitalizing on Our Industry-Leading Network Trends Impacting Capitalizing On Our Expansive Post-Collection Assets: Asset Network by: Why We Win: Leveraging data to inform our market view, Limited land availability Advantaged network allowing us to pinpoint capacity hindering gr
Slide 21: Financial Strength and Compounding Results
Financial Strength and Compounding Results
Slide 22: Financial Strength and Track Record of Execution Generates Robust Shareholder Returns
Financial Strength and Track Record of Execution Generates Robust Shareholder Returns Return on Invested Capital1 Total Shareholder Return3 12.0% +399% 10.1% WM +298% 8.1% XLI (Industrial Select 7.2% Sector SPDR Fund) 2025 2025 +193% Peer 2 DJIA Cost of Capital ROIC January 2016 June 2026 Returns Si
Slide 23: Proven Track Record of Delivering Strong Financial Performance
Proven Track Record of Delivering Strong Financial Performance Revenue ($M) Adjusted Operating EBITDA ($M) Free Cash Flow1 ($M) ~11% CAGR and Margin (%)1,2 (before sustainability growth investments) ~13% CAGR ~16% CAGR $25,204 $8,000 $7,582 37% $3,570 $22,063 $3,267 36% $7, 500 $6,563 35% $20,426 $7
Slide 24: Strong and Flexible Balance Sheet
Strong and Flexible Balance Sheet Committed to Strong Credit Ratings… Debt Maturity Schedule ($M) Weighted Average Maturity | ~9.3 Years2 Moody’s A3 $1,849 $1,805 $1,901 $1,495 $522 $587 S&P A- 2026 2027 2028 2029 2030 Avg. Annual Maturity Beyond Fitch A- Leverage Ratio3 2030 Stericycle Acquisition
Slide 25: Ongoing Dedication to Responsible Capital Stewardship
Ongoing Dedication to Responsible Capital Stewardship Balanced Capital Allocation Strategy Focused on Shareholder Value 3-Year History Go-Forward (2023 – 2025) Priorities Sustainable 8.6% Target Dividend Growth compound annual 40 – 50% dividend growth rate payout of FCF Organic Growth 10.3% $2.3B Lo
Slide 26: Dividend Growth and Opportunistic Share Repurchases
Continuing to Drive Additional Shareholder Value through Dividend Growth and Opportunistic Share Repurchases Dividend Per Share 1 Share Buyback History ($M) $3.78 $3.30 $2,0002 $3.00 $2.80 $2.60 $1,570 $2.30 $2.18 $1,302 $2.05 $1,280 $1.86 $1.64 $1.70 $1,008 Advanced Stericycle $725 $750 Disposal Ac
Slide 27: Disciplined, Strategic Approach to Accelerating Value Creation through M&A
Disciplined, Strategic Approach to Accelerating Value Creation through M&A Strategic Criteria Financial Criteria Extension of asset network in Accretive operating EBITDA and key markets – internalization cash flow in first full year opportunities and adding density Cultural fit – safety and Premium
Slide 28: Investment Highlights
Investment Highlights Stable, growing, and Strong track record Innovative culture Predictable cash flow recurring revenue of improving margins and cutting-edge generation, supporting streams, driven by the through disciplined technologies to balanced capital most comprehensive pricing, business mix
Slide 29: Appendix
Appendix
Slide 30: Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures This presentation contains non-GAAP financial measures, including adjusted operating EBTIDA, free cash flow, return on invested capital and leverage ratio. WM believes that these non-GAAP measures are helpful to investors to assess the performance, result
Slide 31: Financial Highlights
Appendix Financial Highlights CASH FLOW ($M) 2025 2024 2023 Net cash provided by operations $6,043 $5,390 $4,719 Capital expenditures to support the business $2,594 $2,281 $2,131 Free cash flow1 before sustainability growth investments $3,570 $3,267 $2,666 Capital expenditures - sustainability growt
Slide 32: Reconciliation of Non-GAAP Measures: Adjusted Operating EBITDA
Appendix Reconciliation of Non-GAAP Measures ADJUSTED OPERATING EBITDA ($M, except margins) 2025 2024 2023 Income from operations (as reported) $4,308 $4,063 $3,575 Depreciation, depletion, and amortization $2,863 $2,267 $2,071 Acquisition-related costs $137 $160 - (Gain)/loss from asset impairments
Slide 33: Reconciliation of Non-GAAP Measures: Adjusted Operating Expense
Appendix Reconciliation of Non-GAAP Measures ADJUSTED OPERATING EXPENSE ($M) 2025 2024 Operating expense (as reported) $15,012 $13,383 Adjustments Acquisition-related costs ($9) Legacy loss contingency reserve ($7) - Collective bargaining agreement costs ($1) Adjusted operating expense $14,996 $13,3
Slide 34: Reconciliation of Non-GAAP Measures: Return on Invested Capital
Appendix Reconciliation of Non-GAAP Measures RETURN ON INVESTED CAPITAL ($M, except margins) 2025 Adjusted income from operations1 $4,719 Less: Adjusted provision for income tax1 ($805) Net Operating Profit After-Tax $3,914 Debt $23,532 Noncontrolling interests $1 Stockholders’ equity $9,340 Less: C
Slide 35: Reconciliation of Non-GAAP Measures: Adjusted Income from Operations
Appendix Reconciliation of Non-GAAP Measures ADJUSTED INCOME FROM OPERATIONS ($M) 2025 2024 2023 Income from operations (as reported) $4,308 $4,063 $3,575 Adjustments Acquisition-related costs $137 $160 - (Gain)/loss from asset impairments and other, net $274 $72 $245 Collective bargaining agreement
Slide 36: Reconciliation of Non-GAAP Measures: Adjusted Provision for Income Tax
Appendix Reconciliation of Non-GAAP Measures ADJUSTED PROVISION FOR INCOME TAX ($M) 2025 2024 2023 Provision for income taxes (as reported) $717 $713 $745 Tax-Related Adjustments Acquisition-related costs $31 $28 - (Gain)/loss from asset impairments and other, net $57 $40 $4 Loss on early extinguish
Slide 37: Reconciliation of Non-GAAP Measures: Free Cash Flow
Appendix Reconciliation of Non-GAAP Measures FREE CASH FLOW ($M) 2025 2024 2023 Net cash provided by operations $6,043 $5,390 $4,719 Capital expenditures to support the business $2,594 $2,281 $2,131 Proceeds from divestitures of businesses (net of cash divested) and other sale of assets $121 $158 $7
Slide 38: Reconciliation of Non-GAAP Measures: Leverage Ratio
Appendix Reconciliation of Non-GAAP Measures LEVERAGE RATIO: TOTAL DEBT / EBITDA ($M) 2025 2024 2023 Long-term debt $22,907 $23,900 $16,229 Adjustments for debt issuance costs, discounts and other $156 $179 $122 Guarantees of indebtedness of others - - $1 Numerator - Total Debt1 $23,063 $24,079 $16,