Waste Management Inc.

This report does not constitute a rating action. Overview Key strengths Key risks Largest solid waste services company in North America, with good geographic and customer diversity. Relatively high absolute adjusted debt, including sizable asset retirement and environmental obligations. Fairly predictable demand due to the essential nature of its services, which leads to recession resilient earnings. Exposure to cyclical demand in some segments, such as roll-off hauls and commodities recycling. Solid profitability supported by a variable-cost structure, the contractual nature of its services, and its ownership of a considerable number of landfills. It reported solid 16.7% revenue growth in the first quarter from the same period last year, driven by the acquisition of Stericycle Inc. and advancements in its sustainable

...We expect Waste Management Inc. to continue growth throughout 2025 with acquisitions and rising special waste volumes. It reported solid 16.7% revenue growth in the first quarter from the same period last year, driven by the acquisition of Stericycle Inc. and advancements in its sustainable business, and an S&P Global Ratings-adjusted EBITDA increase of over 10%. The Stericycle acquisition and smaller tuck-in collection and disposal acquisitions drove the major portion of the revenue growth. These business volumes were flat as volume growth in landfill...

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