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FOR IMMEDIATE RELEASE WM Announces Third Quarter Earnings Strong Revenue Growth Leads to Double Digit Growth in Income from Operations , Net Cash Provided by Operating Activities , and Diluted EPS HOUSTON - October 26 , 2021 - Waste Management , Inc. ( NYSE : WM ) today announced financial results for the quarter ended September 30 , 2021 . Three Months Ended September 30 , 2021 ( in millions , except per share amounts ) As Adjusted ( a ) Three Months Ended September 30 , 2020 ( in millions , except per share amounts ) FOR MORE INFORMATION Waste Management Website www.wm.com Analysts Ed Egl 713.265.1656 eegl@wm.com Media As Reported As Reported As Adjusted ( a ) Revenue $ 4,665 $ 4,665 $ 3,861 $ 3,861 Income from Operations $ 806 $ 792 $ 680 $ 721 Toni Werner Operating EBITDA ( b ) $ 1,323 $ 1,309 $ 1,099 $ 1,140 corp_comm@wm.com Operating EBITDA Margin 28.4 % 28.1 % 28.5 % 29.5 % Net Income ( c ) $ 538 $ 530 $ 390 $ 465 Diluted EPS $ 1.28 $ 1.26 $ 0.92 $ 1.09 " Strong organic growth and continued progress on the integration of the Advanced Disposal business powered our robust revenue growth in the third quarter and led to a more than 14 % increase in adjusted operating EBITDA and a more than 15 % increase in net cash provided by operating activities , " said Jim Fish , WM's President and Chief Executive Officer . ( a ) " Our solid results put us on track to meet our full - year financial targets despite accelerating cost inflation . " Fish continued , “ Like many other companies , we are seeing constraints on labor availability . At WM , we continue to demonstrate our commitment to putting our people first and being an employer of choice . During the quarter , we continued to invest in our people through frontline market wage adjustments and training for new team members . We remain focused on improving operational efficiency and executing on our disciplined pricing programs to drive margin growth in the face of these additional labor costs and other inflationary cost pressures . " KEY HIGHLIGHTS FOR THE THIRD QUARTER OF 2021 Revenue In the third quarter of 2021 , revenue increased $ 260 million in the Company's collection and disposal business , excluding the impact of acquisitions and divestitures , compared to the third quarter of 2020. The increase was driven by $ 137 million in volume increases and $ 123 million of growth from yield .