# EDGAR Filing Document

**Accession Number:** 0000823768
**File Stem:** 0001104659-25-112545
**Filing Date:** 2025-11
**Character Count:** 16095
**Document Hash:** 4f0b30fec813c725873e4b0798f763fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-112545.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001104659-25-112545

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WASTE MANAGEMENT INC
- **CENTRAL INDEX KEY:** 0000823768
- **STANDARD INDUSTRIAL CLASSIFICATION:** REFUSE SYSTEMS [4953]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 731309529
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-39928
- **FILM NUMBER:** 251486438

**BUSINESS ADDRESS:**
- **STREET 1:** 800 CAPITOL STREET, STE 3000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 7135126200

**MAIL ADDRESS:**
- **STREET 1:** 800 CAPITOL STREET, STE 3000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USA WASTE SERVICES INC
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GATES FOUNDATION TRUST
- **CENTRAL INDEX KEY:** 0001166559

**ORGANIZATION NAME:**
- **EIN:** 911663695
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 2365 CARILLON POINT
- **CITY:** KIRKLAND
- **STATE:** WA
- **ZIP:** 98033
- **BUSINESS PHONE:** 4258897900

**MAIL ADDRESS:**
- **STREET 1:** 2365 CARILLON POINT
- **CITY:** KIRKLAND
- **STATE:** WA
- **ZIP:** 98033

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BILL & MELINDA GATES FOUNDATION TRUST
- **DATE OF NAME CHANGE:** 20061113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GATES BILL & MELINDA FOUNDATION
- **DATE OF NAME CHANGE:** 20020205

## Exhibit 99.1

**Exhibit 1**

**JOINT FILING AGREEMENT**

We, the signatories of the statement to which this Joint Filing Agreement is attached, hereby agree that such statement is filed, and any amendments thereto filed by any or all of us, will be filed, on behalf of each of us.

---

| | | | |
|:---|:---|:---|:---|
| Date: November 14, 2025 | GATES FOUNDATION TRUST | GATES FOUNDATION TRUST | GATES FOUNDATION TRUST |
|  | By: | \* | \* |
|  |  | Name: | Alan Heuberger <sup>(1)</sup> |
|  |  | Title: | Attorney-in-fact for the Trustee,<br> William H. Gates III |
|  | WILLIAM H. GATES III | WILLIAM H. GATES III | WILLIAM H. GATES III |
|  | By: | \* | \* |
|  |  | Name: | Alan Heuberger <sup>(1)</sup> |
|  |  | Title: | Attorney-in-fact |

---

---

| | |
|:---|:---|
| \* By: | /s/ Alan Heuberger |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alan Heuberger |

---

<sup>(1)</sup> Duly authorized under Special Power of Attorney appointing Alan Heuberger attorney-in-fact, dated January 6, 2025, by and on behalf of WHG as Trustee, and attached hereto as Exhibit 2.

## Exhibit 99.2

**Exhibit 2**

**Special Power of Attorney**

The undersigned, as Trustee of the Gates Foundation Trust (formerly known as the Bill & Melinda Gates Foundation Trust, the "Trust"), does hereby constitute and appoint Alan Heuberger as the true and lawful attorney of the undersigned, with full power of substitution, and authorizes and designates him for the undersigned and in the undersigned's name, place and stead, in any and all capacities, to execute, acknowledge, deliver and/or file any documents or filings and any amendments thereto made by or on behalf of the Trust or the undersigned in respect of any securities or other investments held by the Trust, directly, indirectly or beneficially. Without limitation, this authorization extends to and includes any questionnaires, required or discretionary reports and any and all documents and forms with any governmental office or agency, whether U.S., foreign, state or local (including, without limitation, the U.S. Securities & Exchange Commission and state securities administrators or commissions), any securities exchange or market (including, without limitation, the Nasdaq Stock Market), as may be required, or as the undersigned determines to be advisable, under applicable laws (including without limitation, the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, and rules and regulations under each of such laws), or rules and regulations of any securities exchange or market, and to do and perform all and every act and thing whatsoever requisite and necessary or convenient to be done related to any such securities or other investments, as fully to all intents and purposes as the undersigned might or could do if personally present. The undersigned acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not assuming any of the undersigned's responsibilities to comply with such laws.

This Special Power of Attorney shall remain in full force and effect until withdrawn by the undersigned by written notice to the foregoing attorney-in-fact.

This Special Power of Attorney is effective as of January 6, 2025.

[Signature Page Follows]

---

| |
|:---|
| /s/ William H. Gates III |
| William H. Gates III, Trustee of the |
| Gates Foundation Trust |

---

**<u>Acknowledgement</u>**

STATE OF WASHINGTON) A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy or validity of that document. ) SS. <br> COUNTY OF RIVERSIDE)

On December 30, 2024 before me, Lucina Martinez, Notary Public

*(print full name of notary public)*

Notary Public, personally appeared WILLIAM H. GATES, III, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my and official seal. [SEAL]

---

| |
|:---|
| /s/ Lucina Martinez |
| *Signature* |

---

[Signature Page – Special Power of Attorney]

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 10)**

**Issuer:** Waste Management, Inc.

**Title of Class of Securities:** Common Stock, $0.01 par value

**CUSIP Number:** 94106L109

**Date of Event Which Requires Filing of this Statement:** 09/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Gates Foundation Trust | Names of Reporting Persons<br>Gates Foundation Trust |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>WA | Citizenship or Place of Organization<br>WA |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>28934344.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>28934344.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>28934344.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>28934344.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.2% | Percent of Class Represented by Amount in Row (9)<br>7.2% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** For purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), all shares of common stock ("Common Stock") of Waste Management, Inc. (the "Issuer") beneficially owned by Gates Foundation Trust (the "Trust") may be deemed to be beneficially owned by William H. Gates III ("WHG" and together with the Trust, the "Reporting Persons") as Trustee of the Trust. Effective January 6, 2025, Bill & Melinda Gates Foundation Trust changed its name to Gates Foundation Trust.

Item 11 is based on 402,867,051 shares of Common Stock outstanding as of October 24, 2025, as reported in the Issuer's Form 10-Q filed on October 28, 2025.

Cascade Investment, L.L.C. ("Cascade"), the Trust, WHG, and Melinda French Gates ("MFG") initially reported their beneficial ownership of Common Stock of the Issuer on a Schedule 13G, filed on September 17, 2010, SEC File No. 005-39928. As disclosed in a prior amendment, Cascade is no longer a reporting person hereunder. As of this amendment, MFG is no longer a reporting person hereunder.

---

| 1. | Names of Reporting Persons<br>William H. Gates III | Names of Reporting Persons<br>William H. Gates III |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>28934344.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>28934344.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>28934344.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>28934344.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.2% | Percent of Class Represented by Amount in Row (9)<br>7.2% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** For purposes of Rule 13d-3 under the Exchange Act, all shares of Common Stock of the Issuer beneficially owned by the Trust may be deemed to be beneficially owned by WHG as Trustee of the Trust.

Item 11 is based on 402,867,051 shares of Common Stock outstanding as of October 24, 2025, as reported in the Issuer's Form 10-Q filed on October 28, 2025.

---

**Item 1(a). Name of Issuer:**
Waste Management, Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
800 Capitol Street Suite 3000, Houston, TX, 77002

**Item 2(a). Name of Person Filing:**
Gates Foundation Trust (the "Trust") and William H. Gates III ("WHG").

Neither the present filing nor anything contained herein shall be construed as an admission that the Reporting Persons constitute a "group" for any purpose and each expressly disclaims membership in a group.

**Item 2(b). Address of Principal Business Office:**
The Trust - 2365 Carillon Point, Kirkland, Washington 98033

WHG - 500 Fifth Avenue North, Seattle, Washington 98109

**Item 2(c). Citizenship:**
The Trust is a charitable trust organized under the laws of the State of Washington.

WHG is a citizen of the United States of America.

**Item 2(d). Title of Class of Securities:**
Common Stock, $0.01 par value

**Item 2(e). CUSIP Number:**
94106L109

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

See the responses to Item 9 on the attached cover pages.

**(b) Percent of class:**

7.2

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

See the responses to Item 5 on the attached cover pages.

**(ii) Shared power to vote or to direct the vote:**

See the responses to Item 6 on the attached cover pages.

**(iii) Sole power to dispose or to direct the disposition of:**

See the responses to Item 7 on the attached cover pages.

**(iv) Shared power to dispose or to direct the disposition of:**

See the responses to Item 8 on the attached cover pages.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Gates Foundation Trust**

**Date:** 11/14/2025

**By:** /s/ Alan Heuberger

**Name & Title:** Alan Heuberger, Attorney-in-fact for the Trustee, William H. Gates III

**William H. Gates III**

**Date:** 11/14/2025

**By:** /s/ Alan Heuberger

**Name & Title:** Alan Heuberger, Attorney-in-fact