Waste Management Inc

Company facts

Industry

Refuse Systems

Headquarters

Houston, Texas

Most recent report

10-Q, filed Oct 28, 2026

Incorporated

Delaware

Filings on record

1,001+ filings

On EDGAR

CIK 823768

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 3 of 13 sections worth reading, with 4 positive, 12 notable, and 2 negative flags.

• Financial Statements (Item 1)

  Financial statements with notes: debt maturity wall, tax dispute, segment results, and buyback details.
  Notable

  • Entered $750M notional interest rate swaps; no swaps outstanding at Dec 2025.
  • Investment tax credits from RNG reduced tax expense by $84M in nine months 2026.
  • Clean fuel production tax credits reduced tax expense by $60M in nine months 2026.
  • San Jacinto River Superfund liability $100M; EPA issued cleanup order April 2026.
  • Delaware environmental order against subsidiary; appeal pending.
  Negative

  • $4.4B of debt matures within 12 months; $2.9B classified long-term based on revolver capacity.
  • $89M IRS deposit from 2017 tax dispute remains at risk; partial $14M refund received in Q2 2026.

• Management's Discussion (Item 2)

  Full MD&A with segment results, cash flows, debt maturity wall, and tax credit details.
  Positive

  • Revenue up 6.3% to $6,846M in Q3 2026, driven by yield and energy surcharges.
  • Operating margin expanded to 18.7% in Q3 2026 from 15.3%, helped by $197M prior-year impairment.
  • Free cash flow rose to $985M in Q3 2026 from $821M, as capital spending fell $119M.
  • Dividend raised to $0.945/quarter in 2026 from $0.825, and $1,583M in buybacks in nine months.
  Notable

  • RNG prices fell, reducing Renewable Energy yield by $8M in Q3 2026 and $20M year-to-date.
  • Alternative fuel tax credit expired end of 2024; no future benefit without legislative action.
  • Expected cumulative Section 48 tax credit benefit of $400M-$425M; $309M recognized through 2025.
  • Expected Section 45Z clean fuel credit benefit up to $225M through 2029, dependent on estimates.
  • Capital spending fell to $1,937M in nine months 2026 from $2,339M, as sustainability projects wind down.

• Unregistered Sales and Repurchases (Item 2)

  Details an ASR agreement and monthly buyback pace with specific prices and remaining authorization.
  Notable

  • Entered a $350 million ASR in July 2026, receiving 1.2M initial shares then 0.4M more at final price of $217.10.
  • Remaining buyback authorization of $1.4 billion as of September 30, 2026.

What changed: Sep 2026 vs. Jun 2026

About 7% of WM's Sep 2026 10-Q is new information. 20 paragraphs were added, 153 changed, and 34 removed. Below are the most important lines SECSift identified.

• Item 2 78
• Item 1 57
• Item 5 3
• Item 6 2
• Item 4 2
• Item 3 1