WASTE MANAGEMENT Business Summary

Waste Management Inc. (WM) operates as North America’s premier provider of comprehensive environmental solutions, primarily generating revenue through a recession-resistant, subscription-based model for waste collection and disposal. The company’s operations are categorized into four primary business segments: Collection and Disposal, which accounts for approximately 82% of total revenue; Recycling Processing and Sales; Renewable Energy (RNG); and Healthcare Solutions, the latter of which was significantly expanded following the strategic acquisition of Stericycle. WM leverages an unreplicable network of 273 active landfill sites, 355 transfer stations, and 104 recycling plants to maintain its dominant market position. Its primary direct competitors include Republic Services (RSG), Waste Connections (WCN), and GFL Environmental. As of 2026, WM remains the industry leader by revenue and infrastructure scale, distinguishing itself through advanced automation in recycling and a robust renewable natural gas portfolio that converts landfill methane into transportation fuel for its own fleet. The company was originally founded in 1968 by Wayne Huizenga, Dean Buntrock, and Larry Beck, evolving from a single-truck operation into a Fortune 250 enterprise. Today, the leadership team is headed by President and CEO James C. Fish, Jr., a veteran executive with a background in finance from the University of Chicago and prior experience at KPMG and several major airlines. Key executives supporting Fish include John Morris (President and COO), Devina A. Rankin (EVP and CFO), and John Varkey, who serves as Senior Vice President and Chief Information Officer, overseeing the firm’s digital transformation and fleet automation. The Board of Directors is chaired by Thomas Weidemeyer and includes notable members such as Bruce Chinn, CEO of Chevron Phillips Chemical, and Kathleen Mazzarella, CEO of Graybar. Institutional backing remains strong, with major holdings from Vanguard Group, BlackRock, and the Bill & Melinda Gates Foundation Trust, reflecting the company’s status as a core defensive asset in the environmental services sector.