Waste Management

The model is dominated by recurring collection and disposal revenue with high retention and long‑lived assets. Recycling and RNG add some commodity sensitivity, but those businesses are becoming more automated and contracted.

Through nine months of 2025, WM generated 4.35 billion dollars of cash from operations and 2.11 billion dollars of free cash flow, and reaffirmed full‑year free cash flow of 2.8 to 2.9 billion dollars.

Management further indicated 2026 free cash flow could approach 3.8 billion dollars as growth capex normalizes and sustainability projects and Stericycle synergies mature. This underpins visibility on cash generation, though healthcare integration and commodity prices add variance at the margin.