# Waste Management (WM) — Recent Events ## Filings that contain financial statements Waste Management furnishes quarterly results as Exhibit 99.1 to Form 8-K earnings releases. The third-quarter release carries condensed statements of operations, balance sheets and cash flows. - Form 8-K filed 2026-10-27, accession 0001104659-26-119188: third quarter 2026 (three and nine months ended September 30, 2026). Condensed consolidated statements of operations, balance sheets (September 30, 2026 and December 31, 2025) and nine-month statements of cash flows, with non-GAAP reconciliations. - Form 8-K filed 2026-07-28, accession 0001104659-26-087575: second quarter 2026 (three and six months ended June 30, 2026), same set of statements. - Form 8-K filed 2026-04-28, accession 0001104659-26-050425: first quarter 2026. - Form 8-K filed 2026-01-28, accession 0001104659-26-007476: fourth quarter and full year 2025. ## Earnings and guidance - **2026-10-27, Q3 2026 results (0001104659-26-119188).** Revenue $6,846 million versus $6,443 million a year earlier (up 6.3%). Income from operations $1,279 million ($1,329 million adjusted); diluted EPS $2.05 ($2.15 adjusted) versus $1.49 ($1.98 adjusted). Adjusted operating EBITDA $2,121 million, a 31.0% margin versus 31.1%. Nine-month net cash from operations was $4.87 billion (up 12.0%) and free cash flow $3.01 billion versus $2.11 billion. The company affirmed 2026 guidance: revenue at the high end of $26.275 to $26.475 billion, adjusted operating EBITDA within $8.15 to $8.25 billion, and free cash flow at the high end of $3.75 to $3.85 billion. - **2026-07-28, Q2 2026 results (0001104659-26-087575).** Revenue $6,684 million, diluted EPS $1.95 ($2.02 adjusted). The company lowered its 2026 revenue outlook by about 0.6% to $26.275 to $26.475 billion, citing lower volume expectations partly offset by higher energy surcharges, while keeping adjusted operating EBITDA at $8.15 to $8.25 billion and free cash flow at $3.75 to $3.85 billion. The adjusted operating EBITDA margin outlook rose to 31.0% to 31.2%. - **2026-04-28, Q1 2026 results (0001104659-26-050425).** The company reaffirmed its full-year outlook. It returned $729 million to shareholders in the quarter ($385 million dividends, $344 million repurchases). - **2026-01-28, Q4 and full-year 2025 results (0001104659-26-007476).** Initial 2026 outlook included $100 to $200 million of solid waste acquisitions, about $2 billion of share repurchases, and a Board-indicated annual dividend increase of $0.48 per share to $3.78 for 2026. ## Capital actions - Share repurchases: $580 million in Q3 2026 and $1.58 billion in the first nine months; the company continues to expect about $2 billion for 2026 (0001104659-26-119188). Q3 shareholder returns were $957 million including $377 million of dividends. - Credit facility: on 2026-03-20 the company entered Amendment No. 2 to its Seventh Amended and Restated Revolving Credit Agreement. It changes the EBIT and EBITDA definitions so equity-based compensation and interest accretion can be added back as non-cash items in the leverage covenant calculation (Form 8-K filed 2026-03-25, accession 0001104659-26-034537). - Debt issuance reported outside the 8-Ks: the Form 10-Q for the quarter ended September 30, 2026 (accession 0001628280-26-067830) states that in June 2026 Waste Management of Canada Corporation issued C$700 million ($493 million) of 3.944% senior notes due July 15, 2033, using the proceeds to redeem C$500 million of 2.60% Canadian senior notes. No 8-K covers this issuance. ## M&A No acquisition or divestiture was announced by 8-K in this period. The Q3 release reports tuck-in acquisition activity: $239 million of total consideration for acquisitions in the first nine months of 2026 (0001104659-26-119188). The Q3 2026 10-Q (0001628280-26-067830, Note 8) says that consideration included $144 million of common stock issued from treasury and $89 million of net cash paid, plus $6 million of other consideration (purchase price holdbacks). The same note reports a completed divestiture: proceeds from divestitures of businesses and other assets, net of cash divested, were $79 million in the nine months ended September 30, 2026, primarily from a business divestiture in the West Tier, which produced a $34 million gain (Notes 8 and 9). The 10-Q does not name the business. Stericycle integration (the Healthcare Solutions segment) continues, with $30 million of acquisition and integration costs adjusted out in Q3. ## Management and board - **2026-08-26 (Form 8-K, 0001104659-26-101077):** Chief Executive Officer James C. Fish, Jr. will retire and leave the Board effective January 4, 2027, with an advisory role expected until mid-February 2027. The Board appointed President John J. Morris, Jr. to succeed him as President and CEO and to join the Board on that date. - **2026-05-13 (0001104659-26-059860):** Tara J. Hemmer promoted to Executive Vice President and Chief Operating Officer; Mr. Morris resigned as COO. Rafael E. Carrasco, head of Healthcare Solutions, gave notice of retirement effective July 17, 2026. - **2025-08-22 (0001104659-25-081894):** CFO Devina A. Rankin resigned effective November 1, 2025 (or the day after the Q3 2025 10-Q filing, if later); David L. Reed succeeded her. A related 2026-03-13 filing (0001104659-26-027703) disclosed a $1 million transition success bonus to Ms. Rankin. - **2026-05-14 (0001104659-26-060755):** At the May 12, 2026 annual meeting all nine director nominees were elected and the other proposals (items 2 to 4) were approved. ## Other - Annual and routine compensation grants (2026-03-06, 0001104659-26-024739; 2025-08-27, 0001104659-25-084026) and a 2025-11-20 retirement plan blackout notice (0001104659-25-114641) carried no material news.