v3.26.3
Segment and Related Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment and Related Information Segment and Related Information
Our senior management evaluates, oversees and manages the financial performance of our business through five reportable segments, referred to as (i) East Tier; (ii) West Tier; (iii) Recycling Processing and Sales; (iv) Renewable Energy and (v) Healthcare Solutions. Our East and West Tiers along with Other Ancillary services that are not managed through our Tier segments, but that support our collection and disposal operations, form our “Collection and Disposal” business. We also provide additional services not managed through our five reportable segments, which are presented as Corporate and Other.
Summarized financial information concerning our reportable segments for the three and nine months ended September 30 is shown in the following table (in millions):
Net
Operating
Revenues		Intercompany
Operating
Revenues(a)		Gross
Operating
Revenues		Operating
Expenses		Selling,
General and
Administrative		Other
Net
Expenses(b)		Depreciation,
Depletion,
Amortization
and Accretion		Income
from
Operations(c)		Capital
Expenditures
(d)
Three Months Ended September 30:
2026
Collection and Disposal:
East Tier$2,417 $674 $3,091 $1,905 $92 $18 $305 $771 $265 
West Tier2,354 599 2,953 1,826 100 — 261 766 270 
Other Ancillary 808 57 865 824 29 — 7 5 12 
Collection and Disposal(e)(f)(g)5,579 1,330 6,909 4,555 221 18 573 1,542 547 
Recycling Processing and Sales(e) 441 89 530 425 14 — 55 36 44 
Renewable Energy(f)167 1 168 97 6 — 28 37 43 
Healthcare Solutions(g)651 101 752 507 109 9 107 20 25 
Corporate and Other(f)8 7 15 30 312 — 29 (356)1 
Total$6,846 $1,528 $8,374 $5,614 $662 $27 $792 $1,279 $660 
Intercompany Elimination(a)(1,528)(1,521)(7)— — — 
Net$6,846 $4,093 $655 $27 $792 $1,279 
Depreciation,
NetIntercompanyGrossSelling, OtherDepletion, IncomeCapital
OperatingOperatingOperatingOperatingGeneral andNetAmortizationfromExpenditures
RevenuesRevenues(a)RevenuesExpensesAdministrativeExpenses(b)and Accretion Operations(c)(d)
2025
Collection and Disposal:
East Tier$2,336 $638 $2,974 $1,796 $88 $46 $304 $740 $348 
West Tier2,228 560 2,788 1,723 88 — 249 728 271 
Other Ancillary 757 51 808 773 28 — 7 — 12 
Collection and Disposal(e)(f)(g)5,321 1,249 6,570 4,292 204 46 560 1,468 631 
Recycling Processing and Sales(e) 372 98 470 389 16 155 47 (137)59 
Renewable Energy(f)115 1 116 63 5 11 16 21 114 
Healthcare Solutions(g)628 110 738 511 129 9 110 (21)42 
Corporate and Other(f)7 7 14 3 316 6 31 (342)1 
Total$6,443 $1,465 $7,908 $5,258 $670 $227 $764 $989 $847 
Intercompany Elimination(a)(1,465)(1,460)(5)— — — 
Net$6,443 $3,798 $665 $227 $764 $989 
Net
Operating
Revenues		Intercompany
Operating
Revenues(a)		Gross
Operating
Revenues		Operating
Expenses		Selling,
General and
Administrative		Other
Net
Expenses(b)		Depreciation,
Depletion,
Amortization
and Accretion		Income
from
Operations(c)		Capital
Expenditures
(d)
Nine Months Ended September 30:
2026
Collection and Disposal:
East Tier$7,022 $1,937 $8,959 $5,494 $273 $18 $896 $2,278 $746 
West Tier6,795 1,718 8,513 5,244 287 (34)752 2,264 799 
Other Ancillary 2,322 172 2,494 2,377 86 — 21 10 45 
Collection and Disposal(e)(f)(g)16,139 3,827 19,966 13,115 646 (16)1,669 4,552 1,590 
Recycling Processing and Sales(e) 1,212 264 1,476 1,178 43 4 160 91 138 
Renewable Energy(f)483 3 486 261 17 — 76 132 147 
Healthcare Solutions(g)1,903 312 2,215 1,513 357 21 316 8 80 
Corporate and Other(f)20 23 43 84 1,002 12 83 (1,138)(34)
Total$19,757 $4,429 $24,186 $16,151 $2,065 $21 $2,304 $3,645 $1,921 
Intercompany Elimination(a)(4,429)(4,409)(20)— — — 
Net$19,757 $11,742 $2,045 $21 $2,304 $3,645 
Depreciation,
NetIntercompanyGrossSelling, OtherDepletion, IncomeCapital
OperatingOperatingOperatingOperatingGeneral andNetAmortizationfromExpenditures
RevenuesRevenues(a)RevenuesExpensesAdministrativeExpenses(b)and Accretion Operations(c)(d)
2025
Collection and Disposal:
East Tier$6,768 $1,826 $8,594 $5,284 $264 $54 $862 $2,130 $905 
West Tier6,561 1,620 8,181 5,021 257 2 737 2,164 828 
Other Ancillary 2,195 154 2,349 2,244 89 16 20 (20)41 
Collection and Disposal(e)(f)(g)15,524 3,600 19,124 12,549 610 72 1,619 4,274 1,774 
Recycling Processing and Sales(e) 1,137 280 1,417 1,175 45 161 131 (95)167 
Renewable Energy(f)321 2 323 177 11 11 46 78 351 
Healthcare Solutions(g)1,893 326 2,219 1,507 434 27 316 (65)122 
Corporate and Other(f)16 23 39 19 965 7 87 (1,039)(111)
Total$18,891 $4,231 $23,122 $15,427 $2,065 $278 $2,199 $3,153 $2,303 
Intercompany Elimination(a)(4,231)(4,214)(17)— — — 
Net$18,891 $11,213 $2,048 $278 $2,199 $3,153 
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.Other net expenses include restructuring expenses, (gain) loss from divestitures, and asset impairments and unusual items, net.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.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.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 nine months ended September 30, 2026 are $21 million and $61 million, respectively. The amounts in income from operations for the three and nine months ended September 30, 2025 are $19 million and $59 million, respectively.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 nine months ended September 30, 2026 are $25 million and $73 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 nine months ended September 30, 2025 are $17 million and $48 million, respectively.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 nine months ended September 30, 2026 are $19 million and $55 million, respectively, and for three and nine months ended September 30, 2025 are $16 million and $36 million, respectively.
Total assets by reportable segment are presented in the table below as follows (in millions):
September 30, 2026December 31, 2025
Collection and Disposal:
East Tier$16,326 $16,099 
West Tier12,697 12,245 
Other Ancillary855 801 
Collection and Disposal 29,878 29,145 
Recycling Processing and Sales2,836 2,718 
Renewable Energy2,054 1,976 
Healthcare Solutions8,636 9,002 
Corporate and Other3,878 3,888 
Elimination of intercompany investments and advances(763)(894)
Total assets$46,519 $45,835 
The mix of operating revenues from our major lines of business for the three and nine months ended September 30 are as follows (in millions):
Net
Operating
Revenues		Intercompany
Operating
Revenues(a)		Gross
Operating
Revenues
Three Months Ended September 30:
2026
Commercial$1,494 $243 $1,737 
Industrial843 257 1,100 
Residential926 19 945 
Other collection878 74 952 
Total collection4,141 593 4,734 
Landfill 1,018 431 1,449 
Transfer420 306 726 
Total Collection and Disposal5,579 1,330 6,909 
Recycling Processing and Sales441 89 530 
Renewable Energy167 1 168 
Healthcare Solutions651 101 752 
Corporate and Other8 7 15 
Total$6,846 $1,528 $8,374 
2025
Commercial$1,419 $223 $1,642 
Industrial808 234 1,042 
Residential884 22 906 
Other collection819 69 888 
Total collection3,930 548 4,478 
Landfill 995 407 1,402 
Transfer396 294 690 
Total Collection and Disposal5,321 1,249 6,570 
Recycling Processing and Sales372 98 470 
Renewable Energy115 1 116 
Healthcare Solutions628 110 738 
Corporate and Other7 7 14 
Total$6,443 $1,465 $7,908 
Net
Operating
Revenues		Intercompany
Operating
Revenues(a)		Gross
Operating
Revenues
Nine Months Ended September 30:
2026
Commercial$4,408 $708 $5,116 
Industrial2,421 724 3,145 
Residential2,725 56 2,781 
Other collection2,521 220 2,741 
Total collection12,075 1,708 13,783 
Landfill 2,886 1,242 4,128 
Transfer1,178 877 2,055 
Total Collection and Disposal16,139 3,827 19,966 
Recycling Processing and Sales1,212 264 1,476 
Renewable Energy483 3 486 
Healthcare Solutions1,903 312 2,215 
Corporate and Other20 23 43 
Total$19,757 $4,429 $24,186 
2025
Commercial$4,197 $657 $4,854 
Industrial2,339 656 2,995 
Residential2,628 66 2,694 
Other collection2,368 209 2,577 
Total collection11,532 1,588 13,120 
Landfill 2,871 1,170 4,041 
Transfer1,121 842 1,963 
Total Collection and Disposal15,524 3,600 19,124 
Recycling Processing and Sales1,137 280 1,417 
Renewable Energy321 2 323 
Healthcare Solutions1,893 326 2,219 
Corporate and Other16 23 39 
Total$18,891 $4,231 $23,122 
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.
Our financial and operating results may fluctuate for many reasons, including period-to-period changes in the relative contribution of revenue by each line of business, changes in commodity prices and general economic conditions. Our operating revenues and volumes typically experience seasonal increases in the summer months that are reflected in second and third quarter revenues and results of operations.
Service or operational disruptions caused by severe storms, extended periods of inclement weather or climate events can significantly affect the operating results of the geographic areas affected. Extreme weather events may also lead to supply chain disruption and delayed project development, or disruption of our customers’ businesses, reducing the amount of waste generated by their operations.
Conversely, certain destructive weather and climate conditions, such as wildfires in the Western U.S. and hurricanes that most often impact our operations in the Southern and Eastern U.S. during the second half of the year, can increase our revenues in the geographic areas affected as a result of the waste volumes generated by these events.