← Back to Physical Services
PHYSICAL SERVICES

Waste Management

Leader: Waste Management — 25.2% S1 · 47.8% CR3

S1
25.2%
leader
CR3
47.8%
top 3 combined
HHI
947
Unconcentrated
MARKET SIZE
$100B
US

How this is calculated

FORMULA
S1 = Waste Management revenue / total revenue = 25.2%
CR3 = Waste Management + Republic Services + GFL Environmental = 47.8%
HHI = Σ(share²) = 947 (Unconcentrated (HHI < 1,500))
DENOMINATOR
Revenue — $100B (US)
US waste collection, processing, and disposal services revenue.
Size from: WM + RSG + GFL 10-Ks sum-of-parts
TOP 3 PLAYERS
#1Waste Management25.2%
#2Republic Services16.6%
#3GFL Environmental6.0%
METHODOLOGY NOTE
Waste Management revenue per 10-K divided by total US waste collection + processing market. Most consolidated physical services market. Validated against Republic Services and GFL filings plus EPA MSW generation data. [Refreshed Aug 2026: Genuine continued consolidation — CR3 up ~4pp on fixed ~$100B denominator (shares slightly flattered by constant denominator). Source: WM FY2025 10-K ($25.20B incl. Stericycle); Republic FY2025 ($16.6B); GFL FY2025]
SOURCES
Year: 2026
Geo: US
Firms: 10,000+

Historical S1 / CR3 trajectory

1990S1: 15%CR3: 28%WMI early consolidation
2000S1: 18%CR3: 32%WMX spin-offs
2010S1: 20%CR3: 38%Republic merger forms #2
2020S1: 21%CR3: 42%GFL acquisitions
2025S1: 22%CR3: 44%Top 3 stable
2026S1: 25.2%CR3: 47.8%Genuine continued consolidation — CR3 up ~4pp on fixed ~$100

Labor economics

REV / EMPLOYEE (leader)
$0.5M
industry avg $0.3M
SG&A % (leader)
10%
of revenue

Waste Management FY2024 SG&A 10.3%; capital-intensive (trucks, landfills); already consolidated

See full Labor & AI analysis →

Related markets

HVAC Contractors
Comfort Systems USA
4.2%
CR3 9.0%
Roofing
Leaf Home
2.3%
CR3 5.8%
Plumbing
Roto-Rooter
1.0%
CR3 2.0%
Electrical
Quanta Services
3.9%
CR3 6.2%
Pest Control
Rentokil (Terminix)
13.5%
CR3 27.5%

Source Quality Hierarchy

Every market has a primary source plus 1–3 validation sources. Revenue numerators come from SEC 10-K filings; denominators validated against the Economic Census where available.

TIER 1Authoritative anchorsGovernment data + SEC filings
US Economic Census (data.census.gov) · SEC EDGAR / Company 10-Ks · BEA Industry Value-Added (FRED) · BLS QCEW · USGS Mineral Commodity Summaries · EIA Refinery Capacity Report · FDA device listings
TIER 2Leading commercial trackersIndustry-standard paid trackers
IDC Semiannual Software Tracker · Gartner Market Share & Magic Quadrant · IBISWorld NAICS reports · StatCounter Global Stats · eMarketer / Insider Intelligence · Synergy Research Group
TIER 3Category specialistsBest-in-class niche authorities
SIPRI (aerospace & defense) · IQVIA (pharma) · TrendForce (semiconductors) · CIMdata (CAD/PLM) · Nilson Report (payments) · Am Law 100 (legal) · ENR Top 500 (A&E) · AM Best (insurance) · SIA (staffing) · Ad Age (agencies) · Barron's / Cerulli (wealth) · Evaluate MedTech · Nielsen Gauge (streaming) · Gridwise (ride-hail) · Bloomberg Second Measure (delivery) · RC Top 100 (roofing) · SDM Top 100 (fire/safety) · Big 4 annual reports · ALM Intelligence (consulting)

Data vintage: Q2 2025 research compilation. Labels updated 2026-Q2. Tier 1 sources refreshed from FY2025 SEC filings where available. For full methodology see the Methodology page.