美国废物管理 2025年季度报告

Form10-Q (Mark One) ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the Quarterly Period EndedSeptember 30, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period fromto Commission file number1-12154 Waste Management, Inc.(Exact name of registrant as specified in its charter) 800 Capitol StreetSuite 3000Houston,Texas77002(Address of principal executive offices) (713)512-6200(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☐Emerging growth company☐ Large accelerated filer☑Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☑ The number of shares of Common Stock, $0.01 par value, of the registrant outstanding at October 24, 2025 was402,867,051(excluding treasury shares of 227,415,410). WASTE MANAGEMENT,INC. CONDENSED CONSOLIDATED BALANCE SHEETS(In Millions, Except Share and Par Value Amounts) WASTE MANAGEMENT,INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In Millions, Except per Share Amounts)(Unaudited) Three Months EndedNine Months EndedSeptember30,September30,2025202420252024Operating revenues$6,443$5,609$18,891$16,170Costs and expenses:Operating3,8333,39911,3199,830Selling, general and administrative6655252,0481,517Depreciation, depletion and amortization7295582,0931,615Restructuring142392(Gain) loss from divestitures, asset impairments and unusualitems, net2136239625,4544,49015,73813,026Income from operations9891,1193,1533,144Other income (expense):Interest expense, net(225)(131)(689)(397)Equity in net income (loss) of unconsolidated entities41114Other, net76167(214)(124)(662)(386)Income before income taxes7759952,4912,758Income tax expense172235524611Consolidated net income6037601,9672,147Less: Net income (loss) attributable to noncontrolling interests——1(1)Net income attributable to Waste Management,Inc.$603$760$1,966$2,148Basic earnings per common share$1.50$1.89$4.88$5.35Diluted earnings per common share$1.49$1.88$4.87$5.33 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In Millions)(Unaudited) WASTE MANAGEMENT,INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In Millions)(Unaudited) WASTE MANAGEMENT,INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(In Millions, Except Shares in Thousands)(Unaudited) See Notes to Condensed Consolidated Financial Statements. WASTE MANAGEMENT,INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ─ (Continued)(In Millions, Except Shares in Thousands)(Unaudited) 1.Basis of Presentation Thefinancial statements presented in this report represent the consolidation of WasteManagement,Inc., a Delaware corporation; its wholly-owned and majority-owned subsidiaries; andcertain variable interest entities for which Waste Management,Inc. or its subsidiaries are the primarybeneficiaries as described in Note14. Waste Management,Inc. is a holding company and all operations areconducted by its subsidiaries. When the terms “the Company,” “we,” “us” or “our” are used in thisdocument, those terms refer to Waste Management,Inc., together with its consolidated subsidiaries andconsolidated variable interest entities. When we use the term “WMI,” we are referring only to WasteManagement,Inc., the parent holding company. We are North America’s leading provider of comprehensive environmental solutions, providingservices throughout the United States (“U.S.”) and Canada. We partner with our customers and thecommunities we serve to manage and reduce waste at each stage from collection to disposal, whilerecovering valuable resources