Segment and Related Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment and Related Information

Reportable Segments

Summarized financial information concerning our reportable segments for the three and six months ended June 30 is shown in the following table (in millions):


																				Depreciation,
		Net			Intercompany			Gross						Selling,			Other			Depletion,			Income			Capital
		Operating			Operating			Operating			Operating			General and			Net			Amortization			from			Expenditures
		Revenues			Revenues(a)			Revenues			Expenses			Administrative			Expenses(b)			and Accretion			Operations(c)			(d)
Three Months Ended June 30:
2026
Collection and Disposal:
East Tier		$	2,406		$	663		$	3,069		$	1,888		$	91		$	—		$	306		$	784		$	302
West Tier			2,291			582			2,873			1,769			91			—			252			761			293
Other Ancillary			782			58			840			800			28			—			7			5			16
Collection and Disposal(e)(f)(g)			5,479			1,303			6,782			4,457			210			—			565			1,550			611
Recycling Processing and Sales(e)			403			88			491			385			14			2			54			36			64
Renewable Energy(f)			157			—			157			81			5			—			24			47			61
Healthcare Solutions(g)(h)			638			104			742			506			126			3			105			2			28
Corporate and Other(f)			7			8			15			22			335			11			29			(382)			(41)
Total		$	6,684		$	1,503		$	8,187		$	5,451		$	690		$	16		$	777		$	1,253		$	723

Intercompany Elimination(a)									(1,503)			(1,496)			(7)			—			—			—
Net									6,684			3,955			683			16			777			1,253

																				Depreciation,
		Net			Intercompany			Gross						Selling,			Other			Depletion,			Income			Capital
		Operating			Operating			Operating			Operating			General and			Net			Amortization			from			Expenditures
		Revenues			Revenues(a)			Revenues			Expenses			Administrative			Expenses(b)			and Accretion			Operations(c)			(d)
2025
Collection and Disposal:
East Tier		$	2,292		$	630		$	2,922		$	1,815		$	88		$	8		$	290		$	721		$	360
West Tier			2,251			554			2,805			1,706			86			2			254			757			335
Other Ancillary			738			51			789			753			31			16			6			(17)			12
Collection and Disposal(e)(f)(g)			5,281			1,235			6,516			4,274			205			26			550			1,461			707
Recycling Processing and Sales(e)			381			101			482			398			14			1			45			24			70
Renewable Energy(f)			115			—			115			59			3			—			15			38			115
Healthcare Solutions(g)(h)			646			114			760			519			150			9			105			(23)			46
Corporate and Other(f)			7			8			15			4			331			—			29			(349)			(123)
Total		$	6,430		$	1,458		$	7,888		$	5,254		$	703		$	36		$	744		$	1,151		$	815

Intercompany Elimination(a)									(1,458)			(1,451)			(7)			—			—			—
Net									6,430			3,803			696			36			744			1,151


																				Depreciation,
		Net			Intercompany			Gross						Selling,			Other			Depletion,			Income			Capital
		Operating			Operating			Operating			Operating			General and			Net			Amortization			from			Expenditures
		Revenues			Revenues(a)			Revenues			Expenses			Administrative			Expenses(b)			and Accretion			Operations(c)			(d)
Six Months Ended June 30:
2026
Collection and Disposal:
East Tier		$	4,605		$	1,263		$	5,868		$	3,589		$	181		$	-		$	591		$	1,507		$	481
West Tier			4,441			1,119			5,560			3,418			187			(34)			491			1,498			529
Other Ancillary			1,514			115			1,629			1,553			57			-			14			5			33
Collection and Disposal(e)(f)(g)			10,560			2,497			13,057			8,560			425			(34)			1,096			3,010			1,043
Recycling Processing and Sales(e)			771			175			946			753			29			4			105			55			94
Renewable Energy(f)			316			2			318			164			11			-			48			95			104
Healthcare Solutions(g)(h)			1,252			211			1,463			1,006			248			12			209			(12)			55
Corporate and Other(f)			12			16			28			54			690			12			54			(782)			(35)
Total		$	12,911		$	2,901		$	15,812		$	10,537		$	1,403		$	(6)		$	1,512		$	2,366		$	1,261

Intercompany Elimination(a)									(2,901)			(2,888)			(13)			—			—			—
Net									12,911			7,649			1,390			(6)			1,512			2,366

																				Depreciation,
		Net			Intercompany			Gross						Selling,			Other			Depletion,			Income			Capital
		Operating			Operating			Operating			Operating			General and			Net			Amortization			from			Expenditures
		Revenues			Revenues(a)			Revenues			Expenses			Administrative			Expenses(b)			and Accretion			Operations(c)			(d)
2025
Collection and Disposal:
East Tier		$	4,432		$	1,188		$	5,620		$	3,488		$	176		$	8		$	558		$	1,390		$	557
West Tier			4,333			1,060			5,393			3,298			169			2			488			1,436			557
Other Ancillary			1,438			103			1,541			1,471			61			16			13			(20)			29
Collection and Disposal(e)(f)(g)			10,203			2,351			12,554			8,257			406			26			1,059			2,806			1,143
Recycling Processing and Sales(e)			765			182			947			786			29			6			84			42			108
Renewable Energy(f)			206			1			207			114			6			-			30			57			237
Healthcare Solutions(g)(h)			1,265			216			1,481			996			305			18			206			(44)			80
Corporate and Other(f)			9			16			25			16			649			1			56			(697)			(112)
Total		$	12,448		$	2,766		$	15,214		$	10,169		$	1,395		$	51		$	1,435		$	2,164		$	1,456

Intercompany Elimination(a)									(2,766)			(2,754)			(12)			—			—			—
Net									12,448			7,415			1,383			51			1,435			2,164

(a)	Includes each segment’s intercompany activity, including transactions within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.

(b)	Other net expenses include restructuring expenses, (gain) loss from divestitures, and asset impairments and unusual items, net.

(c)	For those items included in the determination of income from operations, the accounting policies of the segments are the same as those described in Note 1.

(d)

Includes non-cash items. Additionally, our Corporate and Other business recognizes construction work in progress for fleet purchases during the period. Capital expenditures are reported in our reportable segments at the time they are recorded within the segments’ property and equipment balances and, therefore, include timing differences for amounts accrued but not yet paid as well as amounts transferred from Corporate and Other for fleet placed in service.

(e)

Certain fees related to the processing of recyclable material we collect are included within our Collection and Disposal business. The amounts in income from operations for the three and six months ended June 30, 2026 are $22 million and $40 million, respectively. The amounts in income from operations for the three and six months ended June 30, 2025 are $20 million and $40 million, respectively.

(f)

Renewable Energy pays a 15% intercompany royalty to our Collection and Disposal business and Corporate and Other for landfill gas. The total amount of royalties in gross and intercompany operating revenues for the East Tier, West Tier, and Corporate and Other and in operating expenses for Renewable Energy for the three and six months ended June 30, 2026 are $24 million and $48 million, respectively. The total amount of royalties in gross and intercompany operating revenues for the East Tier, West Tier, and Corporate and Other and in operating expenses for Renewable Energy for the three and six months ended June 30, 2025 are $17 million and $31 million, respectively.

(g)

Our Collection and Disposal business records intercompany operating revenue for collection and disposal services provided to Healthcare Solutions. The total amount of intercompany operating revenues reflected in our Collection and Disposal business and in operating expenses for Healthcare Solutions for the three and six months ended June 30, 2026 are $16 million and $36 million, respectively, and for three and six months ended June 30, 2025 are $12 million and $20 million, respectively.

(h)

In the third quarter of 2025, as a result of continued integration efforts and to enhance transparency and accountability, the Company began reflecting intra-segment activity within the Healthcare Solutions segment. These charges were designed to measure profitability at more granular levels of the enterprise and to facilitate clearer financial accountability within operating units. Accordingly, adjustments to the three and six months ended June 30, 2025 were made to properly reflect intra-segment activity for each period. Intra-segment operating revenues and operating expenses within Healthcare Solutions for the three and six months ended June 30, 2026 are $101 million and $202 million, respectively. Intra-segment operating revenues and operating expenses within Healthcare Solutions for the three and six months ended June 30, 2025 are $113 million and $207 million, respectively.

Schedule of total assets for segments

Total assets by reportable segment are presented in the table below as follows (in millions):


		June 30,			December 31,
		2026			2025
Collection and Disposal:
East Tier		$	15,906		$	16,099
West Tier			12,608			12,245
Other Ancillary			818			801
Collection and Disposal			29,332			29,145
Recycling Processing and Sales			2,841			2,718
Renewable Energy			2,032			1,976
Healthcare Solutions			8,758			9,002
Corporate and Other			4,075			3,888
Elimination of intercompany investments and advances			(597)			(894)
Total assets, per Condensed Consolidated Balance Sheet		$	46,441		$	45,835

Summary of operating revenues mix

The mix of operating revenues from our major lines of business for the three and six months ended June 30 are as follows (in millions):


		Net			Intercompany			Gross
		Operating			Operating			Operating
		Revenues			Revenues(a)			Revenues
Three Months Ended June 30:
2026
Commercial		$	1,485		$	236		$	1,721
Industrial			820			245			1,065
Residential			911			19			930
Other collection			849			74			923
Total collection			4,065			574			4,639
Landfill			1,004			429			1,433
Transfer			410			300			710
Total Collection and Disposal			5,479			1,303			6,782
Recycling Processing and Sales			403			88			491
Renewable Energy			157			—			157
Healthcare Solutions (b)			638			104			742
Corporate and Other			7			8			15
Total		$	6,684		$	1,503		$	8,187

2025
Commercial		$	1,398		$	220		$	1,618
Industrial			790			223			1,013
Residential			872			22			894
Other collection			796			68			864
Total collection			3,856			533			4,389
Landfill			1,036			410			1,446
Transfer			389			292			681
Total Collection and Disposal			5,281			1,235			6,516
Recycling Processing and Sales			381			101			482
Renewable Energy			115			—			115
Healthcare Solutions (b)			646			114			760
Corporate and Other			7			8			15
Total		$	6,430		$	1,458		$	7,888


		Net			Intercompany			Gross
		Operating			Operating			Operating
		Revenues			Revenues (a)			Revenues
Six Months Ended June 30:
2026
Commercial		$	2,914		$	465		$	3,379
Industrial			1,578			467			2,045
Residential			1,799			37			1,836
Other collection			1,643			146			1,789
Total collection			7,934			1,115			9,049
Landfill			1,868			811			2,679
Transfer			758			571			1,329
Total Collection and Disposal			10,560			2,497			13,057
Recycling Processing and Sales			771			175			946
Renewable Energy			316			2			318
Healthcare Solutions (b)			1,252			211			1,463
Corporate and Other			12			16			28
Total		$	12,911		$	2,901		$	15,812

2025
Commercial		$	2,778		$	434		$	3,212
Industrial			1,531			422			1,953
Residential			1,744			44			1,788
Other collection			1,549			140			1,689
Total collection			7,602			1,040			8,642
Landfill			1,876			763			2,639
Transfer			725			548			1,273
Total Collection and Disposal			10,203			2,351			12,554
Recycling Processing and Sales			765			182			947
Renewable Energy			206			1			207
Healthcare Solutions (b)			1,265			216			1,481
Corporate and Other			9			16			25
Total		$	12,448		$	2,766		$	15,214

(a)	Includes each segment’s intercompany activity, including transactions within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.

(b)

In the third quarter of 2025, as a result of continued integration efforts and to enhance transparency and accountability, the Company began reflecting intra-segment activity within the Healthcare Solutions segment. These charges were designed to measure profitability at more granular levels of the enterprise and to facilitate clearer financial accountability within operating units. Accordingly, adjustments to the three and six months ended June 30, 2025 were made to properly reflect intra-segment activity for each period. Intra-segment operating revenues and operating expenses within Healthcare Solutions for the three and six months ended June 30, 2026 are $101 million and $202 million, respectively. Intra-segment operating revenues and operating expenses within Healthcare Solutions for the three and six months ended June 30, 2025 are $113 million and $207 million, respectively.