Waste Management

Balance sheet is investment grade with manageable maturities and strong liquidity. As of September 30, 2025, total debt was about 23.36 billion dollars and cash and equivalents about 0.18 billion dollars. Management targets leverage near 3.1x by year‑end 2025 and 2.5x to 3.0x during 2026, supported by EBITDA growth and debt paydown.

The business is cash generative through cycles and has flexibility to moderate capex if needed. Key watch items: leverage elevated after Stericycle, modest cash on hand, and exposure to interest costs should refinancing periods coincide with higher-rate environments.