---
title: "Waste Management: Business Model"
description: "Waste Management revenue by product line and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/waste-management/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Waste Management: Business Model & Revenue Engine

## Direct Answer

Waste Management reports revenue across 9 product and service lines in its fiscal 2025 Form 10-K. Commercial is the largest, with $6.5 billion of revenue (26% of the total), followed by Landfill at $3.8 billion (15%). 95% of revenue came from the United States.

## How Does Waste Management Make Money?

No single line supplies a majority of revenue: the largest, Commercial, is 26%, which spreads Waste Management's exposure across several demand drivers. Between fiscal 2024 and 2025, Healthcare Solutions grew fastest (+526.5%) and Service Other slowest (-54.2%), so the revenue mix tilts toward Healthcare Solutions while that gap lasts.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Commercial | $6.5 billion | $6.2 billion | 25.9% | 5.7% |
| Landfill | $3.8 billion | $3.4 billion | 15.0% | 9.8% |
| Residential | $3.5 billion | $3.5 billion | 13.9% | 1.3% |
| Other Collection | $3.2 billion | $3.0 billion | 12.6% | 7.1% |
| Healthcare Solutions | $3.0 billion | $471 million | 11.7% | 526.5% |
| Transfer | $2.6 billion | $2.4 billion | 10.4% | 7.4% |
| Recycling Processing and Sales | $1.9 billion | $1.6 billion | 7.4% | 16.4% |
| Renewable Energy | $481 million | $321 million | 1.9% | 49.8% |
| Service Other | $22 million | $48 million | 0.1% | -54.2% |

![Bar chart of Waste Management revenue by product line for fiscal 2025: Commercial 25.9%, Landfill 15.0%, Residential 13.9%, Other Collection 12.6%, Healthcare Solutions 11.7%, Transfer 10.4%, Recycling Processing and Sales 7.4%, Renewable Energy 1.9%.](https://www.getswoopr.com/images/charts/waste-management-business-model-segment-mix.webp)
*Waste Management revenue by product line as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Where Does Waste Management's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $23.9 billion | $21.1 billion | 94.9% | 13.3% |
| Canada | $967 million | $852 million | 3.8% | 13.5% |
| Western Europe and Other Countries | $326 million | $104 million | 1.3% | 213.5% |

## What the Segment Figures Do Not Show

The rows above add up to 99% of Waste Management's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Waste Management reported in the segment note and revenue disclosures of its Form 10-K filed February 9, 2026 (accession 0001104659-26-012049), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Waste Management's main products and services?

In its fiscal 2025 Form 10-K, Waste Management reports revenue for Commercial, Landfill, Residential, Other Collection, Healthcare Solutions, Transfer, Recycling Processing and Sales, Renewable Energy and Service Other.

### Which part of Waste Management brings in the most revenue?

Commercial, with $6.5 billion of revenue in fiscal 2025, or 26% of the total.

### How much of Waste Management's revenue comes from outside the United States?

5% in fiscal 2025, by the geographic breakdown Waste Management reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: WASTE MANAGEMENT INC Form 10-K filed February 9, 2026](https://www.sec.gov/Archives/edgar/data/823768/000110465926012049/wm-20251231x10k.htm)
- [SEC EDGAR: WASTE MANAGEMENT INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=823768&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Waste Management company dossier](https://www.getswoopr.com/stocks/companies/waste-management/)
- [Waste Management financial metrics](https://www.getswoopr.com/stocks/companies/waste-management/metrics/)
- [Waste Management financial risk indicators](https://www.getswoopr.com/stocks/companies/waste-management/risks/)
- [Waste Management peer comparison](https://www.getswoopr.com/stocks/companies/waste-management/competitors/)
- [Waste Management business model and revenue mix](https://www.getswoopr.com/stocks/companies/waste-management/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).