This report does not constitute a rating action. Waste Management Inc's (WM) organic growth will be bolstered by a mix of pricing power, sustainability investments, and healthcare solutions expansion. The company delivered resilient operating performance in the first nine months of 2026, with revenue rising 4.6% year on year, on mid-single-digit core price increase, and collection and disposal yield of 3.6%, which effectively offset volume declines in residential (-3.5%) and commercial (-1.4%). For the full-year 2026, S&P Global Ratings expects organic revenue growth of around 4.5%, stemming from strong pricing power in core solid waste and healthcare business, offsetting volume headwinds from weak construction spending, intentional residential customer shedding, and the exit of certain commercial accounts. In 2027, we project
