FINANCIAL MODEL

Waste Management, Inc.

WM · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	13,609	14,485	14,914	15,455	15,218	17,931	19,698	20,426	22,063	25,204
Cost of Goods Sold	8,486	9,021	9,249	9,496	9,341	11,111	12,294	12,606	13,383	15,012
Gross Profit
SG&A	1,410	1,468	1,453	1,631	1,728	1,864	1,938	1,926	2,264	2,722
R&D
EBITDA
D&A	1,301	1,376	1,477	1,574	1,671	1,999	2,038	2,071	2,267	2,863
EBIT (Operating Income)	2,296	2,636	2,789	2,706	2,434	2,965	3,365	3,575	4,063	4,308
Interest Expense	376	363	374	411	425	365	378	500	598	912
Pre-Tax Income	1,822	2,191	2,376	2,105	1,893	2,349	2,918	3,021	3,458	3,426
Tax Expense	642	242	453	434	397	532	678	745	713	717
Net Income	1,182	1,949	1,925	1,670	1,496	1,816	2,238	2,304	2,746	2,708
Diluted EPS	2.65	4.41	4.45	3.91	3.52	4.29	5.39	5.66	6.81	6.70
Diluted Shares (M)	446.5	441.9	432.2	427.5	425.1	422.9	415.0	406.9	403.4	404.2
Balance Sheet
Total Cash & Equivalents	32	22	61	3,561	553	118	351	458	414	201
Short-term Debt	0	739	432	218	551	708	414	334	1,359	711
Long-term Debt	9,310	8,752	9,594	13,280	13,259	12,697	14,570	15,895	22,541	22,196
Total Debt
Net Debt
Total Current Assets		2,694	2,645	6,209	3,540	3,069	3,551	3,804	4,774	4,910
Total Current Liabilities		3,262	3,108	3,144	3,553	4,082	4,394	4,226	6,258	5,524
Total Assets	20,859	21,829	22,650	27,743	29,345	29,097	31,367	32,823	44,567	45,835
Total Liabilities	15,562	15,787	16,374	20,673	21,891	21,971	24,503	25,927	36,313	35,844
Shareholders' Equity	5,297	6,019	6,275	7,068	7,452	7,124	6,849	6,903	8,252	9,990
Minority Interest		23	1	2	2	2	15	7	2	1
Intangibles & Goodwill		6,247	6,430	6,532	8,994	9,028	9,323	9,254	13,438	13,880
PP&E		11,559	11,942	12,893	14,148	14,419	15,719	16,968	19,340	20,378
Receivables		1,805	1,931	1,949	2,097	2,278	2,461	2,633	3,272	3,435
Payables		1,040	1,037	1,065	1,121	1,375	1,766	1,709	2,046	1,867
Inventory
Retained Earnings		8,588	9,797	10,592	11,159	12,004	13,167	14,334	15,858	17,232
Cash Flow
Cash from Operations	3,003	3,180	3,570	3,874	3,403	4,338	4,536	4,719	5,390	6,043
Capital Expenditures	1,339	1,509	1,694	1,818	1,632	1,904	2,587	2,895	3,231	3,227
Free Cash Flow
Stock-Based Compensation	90	101	89	86	94	108	84	93	118	169
Dividends Paid	726	750	802	876	927	970	1,077	1,136	1,210	1,334
Share Repurchases	725	750	1,004	248	402	1,350	1,500	1,302	262	0