WASTE MANAGEMENT INC PP&E Disclosure
Property and equipment as of December 31 consisted of the following (in millions):
| 2025 | | 2024 | |||
Land | $ | 879 | $ | 873 | ||
Landfills |
| 21,176 |
| 20,273 | ||
Vehicles |
| 7,352 |
| 7,065 | ||
Machinery and equipment (a) |
| 6,250 |
| 5,757 | ||
Containers |
| 3,482 |
| 3,369 | ||
Buildings and improvements |
| 5,709 |
| 5,210 | ||
Furniture, fixtures and office equipment | 626 | 570 | ||||
| 45,474 |
| 43,117 | |||
Less: Accumulated depreciation of tangible property and equipment |
| (12,152) |
| (11,518) | ||
Less: Accumulated depletion of landfill airspace |
| (12,944) | (12,259) | |||
Property and equipment, net (b) | $ | 20,378 | $ | 19,340 | ||
| (a) | As of December 31, 2025 and 2024, includes (i) $1.7 billion related to recycling facilities; (ii) $1.2 billion and $834 million, respectively, related to RNG facilities and (iii) $340 million and $419 million, respectively, related to autoclaves, incinerators, and other equipment of Healthcare Solutions. |
| (b) | Includes approximately $2.7 billion and $3.4 billion of construction in progress as of December 31, 2025 and 2024, respectively. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 9, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 13, 2024 | |
| 2022 | Feb 7, 2023 | |
| 2021 | Feb 15, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Feb 18, 2016 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.