Waste Management Inc. (NYSE:WM)

Total operating revenues from major lines of business exhibited a consistent upward trajectory over the five-year period, growing from US$ 14,485 million in 2017 to US$ 17,931 million in 2021. While a marginal contraction was observed in 2020, the period ended with a significant acceleration in revenue growth during the 2021 fiscal year.

Collection Revenue Trends

Collection serves as the primary revenue driver, contributing the largest share of total operating revenues. Total collection revenue grew from US$ 9,264 million in 2017 to US$ 11,675 million in 2021. Within this segment, Commercial revenues showed the highest volatility, experiencing a dip in 2020 before surging to US$ 4,760 million in 2021. Residential revenues demonstrated the most stable growth pattern, increasing every consecutive year. Industrial revenues followed a similar pattern to Commercial, with a slight decline in 2020 followed by a strong recovery in 2021.

Disposal and Transfer Operations

Landfill revenues grew from US$ 3,370 million in 2017 to US$ 4,153 million in 2021, despite a temporary decline in 2020. Transfer revenues exhibited steady, uninterrupted growth, rising from US$ 1,591 million to US$ 2,072 million over the analyzed period.

Recycling Volatility

The recycling segment displayed significant fluctuations. Revenues declined steadily from US$ 1,432 million in 2017 to a low of US$ 1,040 million in 2019. However, a sharp reversal occurred thereafter, with revenues climbing to US$ 1,681 million by the end of 2021, representing the highest value in the observed period.

Other and Intercompany Adjustments

Other revenues maintained a steady climb from US$ 1,713 million to US$ 2,112 million. Intercompany eliminations increased in magnitude from -US$ 2,885 million to -US$ 3,762 million, scaling proportionally with the growth of the major business lines.