Waste Management, Inc. (WM) is a major waste management and environmental services company operating in North America. The company operates a vertically integrated business model that spans the entire waste lifecycle, including collection, transfer, recycling, resource recovery, and disposal. WM serves over 20 million residential, commercial, industrial, and municipal customers across the United States and Canada.
The company generates revenue primarily through its Collection and Disposal operations, which account for the vast majority of its business. Collection services involve picking up solid waste and recyclables, while disposal services are anchored by WM's ownership of an extensive network of active landfills and transfer stations. This asset-backed model allows WM to internalize waste streams and avoid third-party tipping fees, creating high barriers to entry and a strong competitive position.
Beyond traditional solid waste, WM operates a Recycling Processing and Sales segment that recovers materials such as paper, cardboard, plastics, and metals for resale. The company also captures methane gas from its landfills to produce renewable natural gas (RNG) and electricity. In late 2024, WM expanded its service offerings by acquiring Stericycle, creating a new Healthcare Solutions segment focused on regulated medical waste, pharmaceutical waste, and secure information destruction. WM's strategic focus on price-over-volume discipline and automated recycling technologies supports its position in the environmental services sector.
