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Item 1. Business

2026-02-18 compared with 2025-02-14 · 135 added, 196 removed, 490 unchanged (40% of the section changed)

Republic is one of the largest providers of environmental services in the United States, as measured by revenue.

We operate across the United States and Canada through 367 collection operations, 248 transfer stations, 75 recycling centers, 208 active landfills, 2 treatment, recovery and disposal facilities, 23 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 14 deep injection wells, and 1 polymer center.

Republic Services is one of the largest providers of environmental services in North America, as measured by revenue.

We operate across the United States and Canada through 377 collection operations, 255 transfer stations, 79 recycling centers, 207 active landfills, 2 treatment, recovery and disposal facilities, 24 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells, 9 industrial wastewater treatment facilities, and 2 polymer centers.

We are engaged in 84 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 124 closed landfills.

We believe the total addressable North American environmental services market in which we operate generates approximately $165 billion of annual revenue, which includes the $105 billion United States and Canada recycling and waste industry, $35 billion of the broader environmental solutions industry, and $25 billion in sustainability innovation (described below) and emerging waste and recycling technologies.

We believe the total addressable United States and Canada environmental services market in which we operate generates approximately $163 billion of annual revenue, which includes the $110 billion recycling and waste industry, $37 billion of the broader environmental solutions industry, and $16 billion in sustainability innovation (described below) and emerging waste and recycling technologies.

Within our recycling and waste business, we prioritize investments in market verticals with above-average growth rates and higher return profiles.

Environmental solutions remains fragmented, which provides consolidation opportunities to drive scale.

We believe customer demand for products and services that respond to evolving environmental trends, including decarbonization and circularity, should support above average growth rates and attractive returns in our sustainability innovation businesses.

The environmental solutions market remains fragmented, which provides consolidation opportunities to drive scale.

In our sustainability innovation businesses, we believe customer demand for products and services that respond to evolving environmental trends, including circularity and decarbonization, should support above average growth rates and attractive returns.

We believe we can further expand our addressable market into other segments of the environmental services industry over time by leveraging our differentiated capabilities, including (1) customer zeal, (2) digital and (3) sustainability.

We operate throughout North America, but the physical collection and recycling or disposal of material is very much a local business, and the dynamics and opportunities differ in each of the markets we serve.

We operate throughout the United States and Canada, but the physical collection and recycling or disposal of material is largely a local business, and the dynamics and opportunities differ in each market we serve.

By combining local operating management with standardized business practices, we drive greater overall operating efficiency across the Company while maintaining day-to-day operating decisions at the local level, closest to the customer.

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Foundational Elements

Our strategy is designed to generate profitable growth by sustainably managing our customers’ needs, and it is underpinned by three foundational elements – (1) our market position, (2) our operating model and (3) our people and talent agenda.

Market Position

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Internal Growth

• Volume Growth - We believe volumes are driven by population growth, household formation and new business formation.

Volume growth through increases in our customer base and service offerings is the most capital efficient method to grow our business.

We seek to obtain long-term contracts for collecting recyclable, solid waste and industrial waste material under residential collection contracts with municipalities, exclusive franchise agreements, small-container and large-container contracts and environmental solutions service contracts.

We also look to enter into long-term disposal and recycling contracts with municipalities and other third parties.

By obtaining such long-term agreements, we can grow our contracted revenue base at a rate consistent with the underlying economic growth in

these markets.

In addition, by securing long-term agreements, we are better able to help ensure we earn an appropriate return on the capital deployed.

• Price Increases - We seek to secure price increases necessary to offset increased costs, improve our operating margins and earn an appropriate return on our substantial investments in vehicles, equipment, recycling centers, transfer stations, TSDFs, deep well injection facilities, landfills, and other post-collection infrastructure.

Several key drivers of internal growth are discussed below:

• Volume Growth - Volume growth through increases in our customer base and service offerings is the most capital efficient method to grow our business.

We believe volumes are driven by population growth, household formation and new business formation.

We seek to obtain long-term contracts for collecting recyclables, solid waste and industrial waste under residential collection contracts with municipalities, exclusive franchise agreements, small-container and large-container contracts and environmental solutions service contracts.

We also look to enter into long-term recycling and disposal contracts with municipalities and other third parties.

By obtaining such long-term agreements, we can grow our contracted revenue base at a rate consistent with the underlying economic growth in these markets.

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addition, by securing long-term agreements, we are better able to help ensure we earn an appropriate return on the capital deployed.

• Price Increases - We seek to secure price increases necessary to offset increased costs, improve our operating margins and earn an appropriate return on our substantial investments in vehicles, equipment, transfer stations, recycling centers, TSDFs, deep well injection facilities, landfills, and other post-collection infrastructure.

• Expansion of Recycling Capabilities - Based on the most recent United States Environmental Protection Agency (EPA) data, approximately 32% of municipal solid waste is recycled and/or composted.

We expect that percentage to increase over the long-term as communities enhance and expand their recycling programs for their residents.

As a key player in the circular economy, we are strategically focused on expanding recycling volume through innovative material handling processes and programs to help our customers achieve their goals related to sustainability and environmentally sound waste practices while also generating an appropriate return.

In 2024, we commenced operation at our first Polymer Center in Las Vegas, Nevada, and completed construction at our Polymer Center in Indianapolis, Indiana.

As a key player in the circular economy, we are strategically focused on expanding recycling volume through innovative material handling processes and programs to help our customers achieve their goals related to sustainability and environmentally sound practices while also generating an appropriate return.

In 2024, we commenced operations at our first Polymer Center in Las Vegas, Nevada.

In 2025, we commenced operations at our second Polymer Center in Indianapolis, Indiana and construction began at our third Polymer Center in Allentown, Pennsylvania.

Our Polymer Centers are part of a vertical integration that will advance circularity for plastics and help us manage the plastics stream from curbside collection to delivery of recycled content for consumer packaging.

Our Polymer Centers will enable us to produce food-grade drop-in substitutes for virgin plastics, while allowing us to expand recycling of plastics across North America.

We believe our Polymer Centers will enable us to produce food-grade drop-in substitutes for virgin plastics, while allowing us to expand plastics circularity across North America.

In 2023, we announced the development of Blue Polymers, a joint-venture with Ravago JV Holdings, LLC, creating vertical integration that will further advance circularity by acquiring all olefins produced by the Polymer Centers to further process and manufacture custom blended pellets for food-grade and non-food-grade packaging.

Blue Polymers production facilities are currently being constructed in Indianapolis, Indiana, and Buckeye, Arizona.

In 2025, operations commenced at the first Blue Polymers facility in Indianapolis, Indiana, and a second Blue Polymers facility is currently being constructed in Buckeye, Arizona.

We will continue to look for opportunities to expand or enhance our recycling capabilities in markets where customers are demanding these services, demonstrating a willingness to pay and where we can earn an appropriate return on our investment.

• Infrastructure Development - We seek to identify opportunities to further our position as a vertically integrated service provider in markets where we are not fully integrated.

Our goal is to create market-specific, vertically integrated operations typically consisting of one or more collection operations, recycling centers, transfer stations, TSDFs, deep well injection facilities, and landfills.

Our goal is to create market-specific, vertically integrated operations typically consisting of one or more collection operations, transfer stations, recycling centers, TSDFs, deep well injection facilities, and landfills.

Where appropriate, we seek to obtain permits to build recycling centers, transfer stations, TSDFs, deep well injection facilities, and landfills that would vertically integrate our waste services or expand the service areas for our existing disposal sites.

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Development projects, while generally less capital intensive than acquisitions, typically require extensive permitting efforts that can take years to complete with no assurance of success.

We undertake development projects when we believe there is a reasonable probability of success and where reasonably priced acquisition opportunities are not available.

We undertake development projects when we believe there is a reasonable probability of success and reasonably priced acquisition opportunities are not available.

Through landfill and fleet innovation, recycling and circularity of key materials and renewable energy production, we are committed to continuous development of environmentally responsible operations that increase our efficiency as well as our ability to partner with customers to create a more sustainable world.

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We also evaluate stand-alone opportunities to acquire businesses and/or facilities that are being divested by other publicly-owned companies.

We continue to invest in value-enhancing acquisitions in existing markets.

We expect to continue to invest in value-enhancing acquisitions in existing markets.

Given our free cash flow, availability under our credit facilities and our ability to access the public capital markets, we have the financial flexibility to make additional acquisitions that will complement our existing business platform, including larger acquisitions if the right opportunities present themselves.

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We realize synergies from consolidating businesses into our existing operations, whether through acquisitions or public-private partnerships, which allows us to reduce capital expenditures and expenses associated with truck routing, personnel, fleet maintenance, inventories and back-office administration.

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Operating Model

Our operating model allows us to deliver a consistent, high-quality service to all our customers through the Republic Way:

Our operating model enables us to deliver consistent, high-quality service to all our customers through the Republic Way:

This approach of developing standardized processes with rigorous controls and tracking allows us to leverage our scale and deliver durable operational excellence.

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These groups each provide integrated environmental services, including but not limited to collection, transfer, recycling and disposal.

Republic is dedicated to the safety of our employees, customers and the communities we serve.

We have a dedicated team of safety professionals at our corporate headquarters and in our field operations, led by our Vice President of Environmental Health and Safety who reports directly to our Chief Operating Officer.

Due to the nature of our industry, we make safety a top priority and we recognize and reward employees for outstanding safety records.

Republic is committed to the safety of our employees, customers and the communities we serve.

We have a dedicated team of safety professionals at our corporate headquarters and within our field operations, led by our Vice President of Environmental Health and Safety who reports directly to our Chief Operating Officer.

Due to the nature of our industry, safety is a top priority, and we recognize and reward employees for outstanding safety records.

Over the past 10 years, our safety performance (based on OSHA recordable rates) has been 23% better than the industry average.

Our Think, Choose, Live slogan encapsulates our everyday safety messaging to our employees to:

Our Think, Choose, Live motto encapsulates our everyday safety messaging to our employees to:

Think about what you are doing, Choose the safe answer and Live to go home to your family.

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• Focus Together:

This effort is the very core of our safety program and is designed to help frontline employees eliminate the six most common types of serious incidents.

This effort is the core of our safety program and is designed to help frontline employees eliminate the six most common types of serious incidents.

• Lead Together:

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• Innovate Together:

We employ the latest technologies in our fleet, including automation, rear cameras, in-cab backup alarms and event recording systems, and we take a data-driven approach to support our employees.

We also work with

equipment manufacturers to incorporate safety elements such as seat belt alarms, blind spot awareness, lane departure alarms and other potentially lifesaving equipment in our fleet.

We employ the latest technologies in our fleet, including driver-supported automation, rear cameras, in-cab backup alarms and event recording systems, and we take a data-driven approach to support our

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We also work with equipment manufacturers to incorporate safety elements such as seat belt alarms, blind spot awareness, lane departure alarms and other potentially lifesaving equipment in our fleet.

We believe our Safety Amplified program provides additional benefits for our Company and stakeholders including:

• further strengthening relationships within the communities we service;

• further strengthening relationships within the communities we serve;

• enhancing customer trust;

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• delivering a reputational advantage, including positioning our Company as an employer-of-choice;

• building and sustaining a safety culture in all areas of our business;

• maintaining and sustaining a safety culture in all areas of our business;

• contributing to employee engagement.

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This is a critical step toward reducing our environmental impact through lower fleet emissions.

We believe it will also improve our total cost of ownership while providing a competitive advantage in certain communities.

We believe it will also improve our total cost of ownership through reduced operating costs and maintenance, while providing a competitive advantage in certain communities.

We are partnering with multiple manufacturers to pilot electric-powered recycling and waste trucks.

As electric vehicle technology continues to develop, we expect to further deploy electrification to our fleet.

As of December 31, 2024, we operated 52 electric collection vehicles and had 22 commercial scale electric charging facilities.

As electric-vehicle technology continues to develop, we expect to further deploy electrification within our fleet.

As of December 31, 2025, we operated more than 180 electric-collection vehicles and had 32 commercial-scale electric charging facilities.

Standardized Maintenance

Based on an industry trade publication, we operate the third largest vocational fleet in the United States.

As of December 31, 2024, our average fleet age for recycling and waste collection vehicles in years, by line of business, was as follows:

Based on an industry trade publication, we operate the third largest vocational truck fleet in the United States.

As of December 31, 2025, our average fleet age for recycling and waste collection vehicles in years, by service line of business, was as follows:

Approximate Number of Vehicles Approximate Average Age

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Additionally, our focus on preventative maintenance is improving the reliability of our fleet and enabling us to provide superior service to our customers, differentiating us from our competition.

People and Talent Agenda

People and Talent Focus

Being human-centered is at the core of our robust people and talent agenda.

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We work hard to remain a company where the best people, with exceptional talents and diverse backgrounds, can thrive and foster a culture of caring where people feel respected, supported and encouraged to bring their best selves to work every day.

We are dedicated to driving our people and talent agenda, which includes (1) representing the diversity of the communities we serve and sustaining a safe and inclusive culture, (2) maintaining a highly engaged workforce, (3) developing our talent through learning and development experiences and (4) offering rewards that attract and retain the best workforce.

We review key

progress metrics such as engagement and turnover and regularly report on these metrics to our Board of Directors.

We are dedicated to driving our people and talent agenda, which includes (1) sustaining a safe, inclusive and diverse culture, (2) maintaining a highly engaged workforce, (3) developing our talent through learning and development experiences and (4) offering rewards that attract and retain the best workforce.

We review key progress metrics such as engagement and turnover

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and regularly report on these metrics to our Board of Directors.

This level of reporting holds all of our leaders accountable for the continued growth and development of our people.

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We are proud of the diversity of our frontline workforce, as it closely represents the demographics of the communities we serve.

We continue to improve representation of diverse groups across all levels of the Company.

Our commitment to inclusion and diversity starts at the top of our organization, as outlined in our Mission of Supporting an Inclusive Culture (MOSAIC), established in 2013 and supported by the MOSAIC Council.

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This enables us to continue to develop new strategies and activities that are tied to the needs of our employees, customers and business with the goal of creating an even more inclusive work environment and diverse workforce.

We support inclusion and connectivity for our diverse populations through our Business Resource Groups (BRG) and focus on the involvement of our field locations in all of our BRGs, including Women of Republic, VALOR (Veterans, Advocacy, Learning, Outreach and Recruiting), UNIDOS, the Black Employee Network and PRISM in support of the LGBTQ+ community.

In May 2024, we launched a new BRG called AAPI in support of the Asian American and Pacific Islander community.

We support inclusion and connectivity through our Business Resource Groups (BRG) and focus on the involvement of our field locations in all of our BRGs, including Women of Republic, VALOR (Veterans, Advocacy, Learning, Outreach and Recruiting), UNIDOS, the Black Employee Network, AAPI (Asian American and Pacific Islander) and PRISM in support of the LGBTQ+ community.

Employee Engagement

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We also found that employees whose leaders are highly inclusive are more likely to speak up and share their perspective.

Regularly hearing from our employees allows us to understand how to support and strengthen an exceptional employee experience.

Regularly hearing from our employees enables us to understand how to support and strengthen an exceptional employee experience.

Our goal is to achieve and maintain employee engagement scores at or above 88 by 2030.

Our employee engagement score was 86 in 2024, which is above a national benchmark by seven points.

Approximately 99% of our employees participated in the engagement survey process in March and September 2024, which represented an all-time high participation rate and is 24% higher than the national benchmark.

Our average employee engagement score was 87 in 2025, which is above a national benchmark by eight points.

Approximately 99% of our employees participated in the engagement survey process in March 2025 and 97% in September 2025, which are 24% and 22% higher than the national benchmark, respectively.

Employee engagement is a core part of our business strategy, which is why we compensate our General Managers, in part, on their employee engagement scores.

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We relaunched our successful Leadership Fundamentals program in 2022, targeting field leaders.

With a goal of reaching all leaders through this program, approximately 1,226 leaders completed this training in 2024, with approximately 1,600 more slated to participate in 2025.

With a goal of reaching all leaders through this program, more than 1,200 leaders completed this training in 2025, with approximately 650 additional leaders slated to participate in 2026.

Targeted development experiences support the growth of people in key roles, including Driver Training, Technician Training, Supervisor Training, Sales Acceleration and General Manager Onboarding, among others.

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We offer compensation and benefits that help improve our employees' overall financial, physical and emotional wellbeing, as well as recognize hard work with opportunities to grow.

Our commitment to paying market competitive wages enables us to attract and hire talent all across the country, including an expansion of many opportunities to work remotely.

Our commitment to paying market competitive wages enables us to

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attract and hire talent all across the country.

Our approach to paying for performance supports our focus on pay equity.

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The goal of customer zeal is to drive customer loyalty by offering differentiated products and services specifically designed to meet our customers’ needs.

We offer a broad set of environmental services across the United States and Canada as the sole provider, which we believe sets us apart in the industry.

We offer a broad set of environmental services across the United States and Canada and can thus serve as many of our customers' sole provider, which we believe sets us apart in the industry.

Customers appreciate our track record of safe and environmentally compliant operations, with the expertise to manage complex waste streams.

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• Capture is a cloud-based pricing tool that creates a more professional sales experience, helps realize better pricing levels at the point of sale and provides enhanced controls over the price quoting process.

We continue to expand our offering of products and services to meet customer demand for a single provider for their environmental service needs.

We have made progress on this front, including through the expansion of our environmental solutions segment supported by the acquisition of US Ecology, along with subsequent acquisitions.

We continue to expand our offering of products and services to meet customer demand for a single provider for their environmental services needs.

We have made progress on this front, including through our continued expansion of our environmental solutions segment.

Our acquisitions of leading environmental solutions providers enable us to offer a complete set of products and services, including treatment, recycling and disposal of hazardous, non-hazardous and specialty waste.

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To help ensure a consistent customer experience, we have invested in our customer service capabilities and our centralized Customer Experience function.

This modern technology provides our customer services employees with the tools and capabilities they need to provide better levels of service through a variety of communication channels.

This modern technology provides our customer service employees with the tools and capabilities they need to provide better levels of service through a variety of communication channels.

The standardized approach enhances the customer experience and provides us a platform to reduce the cost to service our customers.

To help ensure our efforts are making an impact and building customer loyalty, we solicit feedback from our customers, including Net Promoter Score℠, so that every General Manager receives recent, relevant feedback that allows him or her the ability to reach out to customers directly and address issues immediately.

The goal of prioritizing our digital capabilities is to allow us to provide a consistent experience across our business.

To help ensure our efforts are making an impact and building customer loyalty, we solicit feedback from our customers, including Net Promoter Score℠, so that every General Manager receives timely, relevant feedback that allows him or her the ability to reach out to customers directly and address issues immediately.

By prioritizing our digital capabilities, we seek to provide a consistent experience across our business.

We believe investments in our digital platforms support improved processes for our employees that lead to enhanced employee engagement and enable our customers to do business with us through more channels and with better access to information, ultimately driving increased customer loyalty.

By increasing the ease of use and functionality of our web-based market presence, we believe we enhance customer satisfaction, interaction and connectivity while lowering our costs.

These tools reinforce to our customers that they can rely on us to handle their recycling and waste service needs in a way that is easy and convenient for them.

These tools reinforce to our customers that they can rely on us to handle their recycling and waste services needs in a way that is easy and convenient for them.

• Our website and mobile app are online account management tools, allowing customers access to their accounts and our services.

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We are leveraging technology to digitally connect our customers, drivers, logistics analysts, supervisors and trucks via our "RISE" dispatch platform and in-cab technology.

With the roll-out of this technology we have improved productivity through more real-time routing information and data visualization tools, increasing customer connectivity and enabling automated service verification communications and enhancing the employee experience by providing better tools and technology designed around employee interaction.

With the roll-out of this technology we have improved productivity through more real-time routing information and data visualization tools, increasing customer connectivity and enabling automated

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service verification communications and enhancing the employee experience by providing better tools and technology designed around employee interaction.

We have installed advanced technology on recycling and waste collection vehicles that utilizes cameras to identify recycling contamination and overfilled containers.

We expect this technology will reduce recycling contamination over time and drive incremental revenue.

We are in the early stages of deploying our “MPower” enterprise asset management system to digitally connect our maintenance team to our collection fleet of vehicles.

In 2025, we advanced the deployment of our “MPower” enterprise asset management system to digitally connect our maintenance team to our collection fleet of vehicles.

This technology is designed to streamline our fleet maintenance record keeping and parts management processes and allow improved technician efficiency and enhanced warranty recovery across our fleet.

We expect the deployment of this technology to be complete in late 2025.

Sustainability

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The Committee meets at least quarterly to be updated on progress and conducts a formal comprehensive review of the Company’s performance in these areas on an annual basis.

Our 2030 Sustainability Goals

Our 2030 Sustainability Goal

As we grow, so does our opportunity to make a meaningful, positive impact on the environment and society.

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Achieve and maintain employee engagement scores at or above 88 by 2030

• Science Based Target:

Reduce absolute Scope 1 and 2 greenhouse gas emissions 35% by 2030 (2) , approved by SBTi (3) , with an interim goal of achieving a 10% reduction by 2025 (4)

• Emissions Reduction:

Reduce absolute Scope 1 and 2 greenhouse gas emissions 35% by 2030 (2) , which was approved by SBTi (3, 4)

• Circular Economy:

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We believe that reducing our impact on the planet and improving the quality of life for its inhabitants are the right things to do, and they are also necessary actions to ensure a vibrant future for our organization.

Refer to our Sustainability Report for our progress toward our 2030 sustainability goals, and refer to our full suite of climate-related sustainability reporting for updates regarding our progress toward our climate goals, including the Task Force on Climate-Related Financial Disclosures (TCFD), SASB, Global Reporting Initiative and CDP Climate Change, all of which can be found at republicservices.com/sustainability/reporting.

The information contained on our website shall not be deemed incorporated by reference in this Annual Report on Form 10-K or in any other filing we make under the Exchange Act.

(1) We have aligned our 2030 goals with the following UN Sustainable Development Goals:

(3) Good Health and Well-being, (4) Quality Education, (7) Affordable Clean Energy, (8) Decent Work and Economic Growth, (9) Industry, Innovation and Infrastructure, (10) Reduced Inequalities, (11) Sustainable Cities and Communities, (12) Responsible Consumption and Production, (13) Climate Action and (14) Peace, Justice and Strong Institutions.

(3) Good Health and Well-being, (4) Quality Education, (6) Clean Water and Sanitation, (7) Affordable Clean Energy, (8) Decent Work and Economic Growth, (9) Industry, Innovation and Infrastructure, (10) Reduced Inequalities, (11) Sustainable Cities and Communities, (12) Responsible Consumption and Production, (13) Climate Action, (14) Life Below Water, and (16) Peace, Justice and Strong Institutions.

(2) Targets are relative to the 2017 baseline year.

(3) SBTi, or Science Based Targets initiative, is a collaboration between CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature.

(4) Interim target achieved early, in fiscal year 2023.

(3) SBTi, or Science Based Targets initiative, is a corporate climate action organization that helps companies set targets to reduce their GHG emissions in line with the goals of the Paris Agreement.

(4) Interim goal of achieving 10% emissions reduction by 2025 was achieved in fiscal year 2023.

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Refer to our Sustainability Report for our progress toward our 2030 sustainability goals, and refer to our full suite of climate-related sustainability reporting for updates regarding our progress toward our climate goals, including the Task Force on Climate-Related Financial Disclosures (TCFD), Sustainability Accounting Standards Board (SASB), Global Reporting Initiative (GRI) and CDP Climate Change, all of which can be found at republicservices.com/sustainability.

The information contained on our website shall not be deemed incorporated by reference in this Annual Report on Form 10-K or in any other filing we make under the Exchange Act.

Cash Utilization Strategy

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The predictability of our free cash flows allows us to efficiently execute our capital allocation strategy, which includes investing in value-creating acquisitions and returning free cash flow to our shareholders through dividends and share repurchases.

We are committed to an efficient capital structure and maintaining our investment grade credit ratings on our senior debt, which was rated BBB+ by Standard & Poor’s Ratings Services, A- by Fitch Ratings, Inc.

and Baa1 by Moody’s Investors Service, Inc.

We are committed to an efficient capital structure and maintaining our investment grade credit ratings on our senior debt, which was rated A- by Standard & Poor’s Ratings Services, A- by Fitch Ratings, Inc.

and A3 by Moody’s Investors Service, Inc.

Such ratings have allowed us, and should continue to allow us, to readily access capital markets at competitive rates.

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In July 2025, our Board of Directors approved an increase in the quarterly dividend to $0.625 per share, which represents an increase of approximately 8% over the prior year.

This increase represented the 21 st consecutive year of a dividend increase.

This increase represented the 22 nd consecutive year of a dividend increase.

Over the last five years, our dividends have increased at a compounded annual growth rate of 6.3%.

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We have an active shareholder outreach program and routinely interact with shareholders on a number of matters, including environmental, social, governance, talent and executive compensation.

Management Team

We believe that building and blending a diverse team of strong industry veterans, along with talented people from other industries who bring unique skill sets, will contribute to what we call our Composite Strength.

Composite Strength combines the vast, varied experience and capability of both strong environmental services industry veterans and talented people from other industries.

Additionally, Composite Strength helps ensure the continuity of leadership and preservation of institutional knowledge, while also bringing in skills and new ideas from other companies outside of our industry - many of them from leading companies.

Jon Vander Ark was named Chief Executive Officer in 2021.

Since joining Republic in 2013, Mr.

Vander Ark has held management roles of increasing responsibility, including Executive Vice President, Chief Marketing Officer, Executive Vice President, Operations, Executive Vice President, Chief Operating Officer, President and his current role as President and Chief Executive Officer.

Prior to joining the Company, he served as a partner at McKinsey & Company’s Detroit office, managing clients across a variety of industries, including transportation, logistics, manufacturing and consumer products.

Vander Ark serves on the Board of Directors of Lennox International Inc.

Brian Bales was named Executive Vice President, Chief Development Officer in February 2015.

Bales has been with Republic for over 25 years, serving as Executive Vice President, Business Development from December 2008 to February 2015 and Vice President, Corporate Development from 1998 to December 2008.

Prior to his time at Republic, Mr.

Bales held roles of increasing responsibility in finance and business development for Ryder System, Inc.

from 1993 to 1998 and served as chief financial officer for EDIFEX & VTA Communications from 1988 through 1993.

Prior to that, Mr.

Bales was an accountant for PwC (formerly Price Waterhouse) from 1986 to 1988.

Bales serves on the Board of Directors of RB Global, Inc.

Gregg Brummer was named Executive Vice President, Chief Operating Officer in August 2023.

Prior to his current role, Mr.

Brummer served as Senior Vice President, Operations from June 2019 to August 2023 where he was responsible for maximizing field performance, ensuring superior service delivery, executing the operating plan, and achieving financial and operational results across the Company.

Brummer joined the Company in January 2014 as Area President, a role he held until June 2019.

Prior to joining the Company, Mr.

Brummer was a Regional Vice President as well as General Manager at BlueLinx Corporation and held various leadership positions at Georgia Pacific Corporation.

Brian DelGhiaccio was named Executive Vice President, Chief Financial Officer in June 2020.

DelGhiaccio has over 25 years of experience with Republic in a variety of roles of increasing responsibility.

He was named Executive Vice President and Chief Transformation Officer in June 2019.

Before that, Mr.

DelGhiaccio served as Vice President, Investor Relations from 2012 to 2014, progressed to Senior Vice President, Finance from 2014 to 2017 and then to Senior Vice President, Business Transformation in 2017.

Prior to his time at Republic, Mr.

DelGhiaccio worked in the audit practice of Arthur Andersen.

DelGhiaccio serves on the Board of Directors of Aramark.

Ellingsen was named Executive Vice President, Chief Legal Officer, Chief Ethics & Compliance Officer and Corporate Secretary in June 2016.

Ellingsen has over 20 years of experience with Republic in a variety of roles of increasing responsibility.

She was named Managing Corporate Counsel in January 2003, Director, Legal and Associate General Counsel in January 2005 and Vice President and Deputy General Counsel in June 2007.

Ellingsen was named Senior Vice President, Human Resources in August 2011 and served in that position until June 2016.

Before joining the Company, Ms.

Ellingsen was an attorney at Steptoe & Johnson LLP from 1996 to 2001 and at Bryan Cave LLP from 1993 to 1996.

Amanda Hodges was named Executive Vice President, Chief Commercial Officer in August 2024.

In this role, Ms.

Hodges leads the Company’s sales organization and customer service team to drive profitable growth and customer loyalty.

Prior to her current role, Ms.

Hodges served as Executive Vice President, Chief Marketing Officer from November 2020 to August 2024.

Prior to joining Republic, Ms.

Hodges spent 15 years in leadership roles for Dell Technologies, most recently serving as Senior Vice President of North America Marketing and the Global Customer Briefing Program.

Before joining Dell, Ms.

Hodges worked as a consultant for McKinsey & Company.

Courtney Rodriguez was named Executive Vice President, Chief Human Resources Officer in March 2023.

In this role, she is responsible for all aspects of the Company’s talent strategy, including talent acquisition and retention, learning and development, and total rewards.

Prior to joining Republic, Ms.

Rodriguez served as Senior Vice President, Global HR, for Dell Technologies.

She has over 20 years of HR experience, including frontline, customer operations, culture transformation and M&A support.

Rodriguez started her career in finance as a senior auditor for Arthur Andersen before moving to Dell as a financial analyst.

Julia Arambula was named Senior Vice President, Operations, Environmental Solutions in August 2024.

Arambula joined the company in 2002 and has held a variety of roles of increasing responsibility.

In her current role, Ms.

Arambula is responsible for maximizing field performance, ensuring superior service delivery, executing the operating plan, and achieving financial and operational results for Group 3, our environmental solutions business.

Prior to her current role, Ms.

Arambula was Senior Vice President, Operations over Group 2 from November 2021 to August 2024.

Prior to that, Ms.

Arambula served as Senior Vice President, Operations Support from March 2020 to November 2021, where she led the operations support function for the Company, including collections, post collections, recycling operations, fleet & asset management and engineering & environmental compliance.

Arambula held the position of Vice President, Financial Planning and Analysis from March 2015 to March 2020, and prior to that held a variety of finance and accounting roles of increasing responsibility.

Prior to Republic, Ms.

Arambula was a senior auditor with Arthur Anderson.

Larson Richardson was named Senior Vice President, Operations in December 2023.

In his current role, Mr.

Richardson is responsible for maximizing field performance, ensuring superior service delivery, executing the operating plan, and achieving financial and operational results for Group 1, which covers recycling and waste field operations in the western portion of the United States and Canada.

Prior to his current role, Mr.

Richardson was Area President over the Company’s Heartland Area from June 2019 to December 2023, where he was responsible for leading the execution of the operating plan and results for the recycling and waste operations within the Heartland.

Prior to that, Mr.

Richardson was Area Vice President for the Southeast Area from September 2017 to June 2019, and held the position of Senior Manager Municipal Sales from June 2015 to September 2017.

Richardson started with Republic as a General Manager in the Southeast Area, a position he held from May 2012 to June 2015.

Prior to Republic, Mr.

Richardson was an Area General Manager at Waste Industries USA.

Our local and area management teams have extensive industry experience in growing, operating and managing environmental services companies and have substantial experience in their local geographic markets.

This allows us to quickly respond to and meet our customers’ needs and stay in touch with local businesses and municipalities.

We believe our strong area management teams allow us to effectively and efficiently drive our initiatives and help ensure consistency throughout the organization.

Our area management teams and area presidents have extensive authority and responsibility over operations within their respective geographic markets.

As a result of retaining experienced managers with extensive knowledge of and involvement in their local

communities, we are proactive in anticipating customers’ needs and adjusting to changes in our markets.

We also seek to implement the best practices of our various business units throughout our operations to continue improving our operations and our operating margins.

Comprehensive Environmental Services

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Our fully integrated markets generally have a lower cost of operations and more favorable cash flows than our markets that are not fully integrated.

Through acquisitions, landfill operating agreements and other market development activities, we create market-specific, vertically-integrated operations typically consisting of one or more collection operations, transfer stations and landfills.

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transfer stations and landfills.

We also operate recycling centers in markets where diversion of waste is a priority, customers are willing to pay for the service and we can earn an appropriate return on our investment.

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(2) material is accumulated and compacted at strategically located transfer stations to increase efficiency;

and (3) we can retain volume by managing the material to one of our own landfills or processing centers rather than to a competitor’s.

and (3) we can retain volume by transporting the material to one of our own landfills or processing centers rather than to a competitor’s.

Recycling Processing Services

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We are investing in innovative recycling technology and have expanded our organics operations to help customers meet their diversion goals.

We processed 1.1 million and sold 0.3 million tons of organic materials, respectively, from our recycling centers in 2024.

We processed 1.1 million tons and sold 0.4 million tons of organic materials, respectively, through our organics infrastructure in 2025.

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Changing market demand for recycled commodities causes volatility in commodity prices.

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Waste Treatment & Disposal

We own or operate 6 active hazardous waste landfills, 9 active energy waste landfills, 2 treatment, recovery and disposal facilities, 23 treatment, storage and disposal facilities, 5 salt water disposal wells and 14 deep injection wells.

We own or operate 6 active hazardous waste landfills, 9 active energy waste landfills, 2 treatment, recovery and disposal facilities, 24 treatment, storage and disposal facilities, 5 salt water disposal wells, 15 deep injection wells, and 9 industrial wastewater treatment facilities.

We recycle, treat and dispose of hazardous and non-hazardous industrial wastes.

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These services include industrial cleaning and maintenance, retail services, lab pack, site remediation, equipment cleaning and maintenance services, specialty equipment rental, transportation and emergency response.

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As an integral part of our services, we employ highly trained staff and operate a network of service centers that characterize, package and collect hazardous and non-hazardous wastes from customers and transport such wastes to and between our facilities for treatment or bulking for shipment to final disposal locations.

Sustainability Innovation

We are uniquely positioned to offer products and services to address the complex sustainability needs of our customers.

Our sustainability innovation product and service offerings include operations that allow for greater material circularity and support decarbonization.

We are uniquely positioned to offer products and services to address the complex sustainability needs of our customers, including offerings that allow for greater material circularity and support decarbonization.

We believe demand for post-consumer content in consumer packaging and low carbon energy alternatives continues to increase.

We are able to invest independently or through joint ventures to create solutions for the evolving marketplace.

In 2024, we commenced operations at our first Polymer Center in Las Vegas and completed construction of our second Polymer Center in Indianapolis.

In 2025, we commenced operations at our second Polymer Center in Indianapolis, Indiana and began construction at our third Polymer Center in Allentown, Pennsylvania.

Through its Polymer Centers, Republic is the first company to manage the plastics stream through an integrated process from curbside collection of recycled material to production and delivery of high-quality recycled content for consumer packaging.

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In addition, HDPE and PP packaging such as detergent jugs or butter tubs, which today are collected in multicolored bundles, can be separated by plastic type and color.

We plan to commence operations at the Indianapolis Polymer Center during 2025 and anticipate opening two additional Polymer Centers in the coming years.

We plan to commence operations at our Allentown, Pennsylvania Polymer Center in 2027.

In 2023, we announced the creation of Blue Polymers, LLC, a joint venture with Ravago, that will further advance circularity in the plastics industry.

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The process is expected to convert recycled HDPE and PP into fully formulated products for use in both food-grade and non-food-grade sustainable applications.

Four Blue Polymers facilities are planned to open over the coming years, beginning with an Indianapolis facility in 2025.

Once operational, these facilities are expected to produce a combined 300 million pounds per year of recycled plastics.

In 2025, operations commenced at the first Blue Polymers facility in Indianapolis, Indiana, and additional Blue Polymers facilities are planned to open over the coming years.

Products are expected to include custom-blended and compounded materials for individual customers to help them achieve their sustainability goals and comply with federal, state or local requirements for recycled content.

Decarbonization

Our customers are increasingly looking for decarbonization solutions, and Republic is leveraging our network of landfills to meet that need.

Our customers are increasingly looking for decarbonization solutions, and we are leveraging our network of landfills to meet that need.

Republic is committed to harnessing landfill gas, a natural byproduct of decomposing waste, and converting it to energy.

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Collecting and converting landfill gas into renewable energy provides economic and environmental benefits, including reducing fugitive greenhouse gas emissions.

As of December 31, 2024, we operated 79 landfill gas-to-energy projects.

The majority of these projects were developed and are owned by a third party, where we earn a royalty based on renewable energy sold.

We presently have 45 landfill gas-to-renewable natural gas (RNG) projects in development that are expected to begin operations in the coming years.

The majority of the development portfolio is part of a joint venture with Archaea Energy, a bp company, in which Republic is a minority equity owner.

RNG is a low-carbon, pipeline-quality fuel that’s fully interchangeable with fossil fuel-derived natural gas;

As of December 31, 2025, we were engaged in 77 landfill gas-to-energy projects at our landfills.

The majority of these projects were developed and are owned and operated by a third party, where we earn a royalty from our supply of landfill gas to the renewable energy production facilities.

We presently have more than 30 landfill gas-to-energy projects in development that are expected to begin operations in the coming years.

Many of these projects produce or are expected to produce renewable natural gas, a low carbon, pipeline-quality fuel that’s fully interchangeable with fossil fuel-derived natural gas;

it can be used as a transportation fuel in commercial fleets, including our own.

We also are producing renewable energy at our landfills through solar projects we host at six sites, which generate clean electricity for local communities.

We also are producing renewable energy at our landfills through solar projects we host at seven sites, which generate clean electricity for local communities.

Other Services

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In any given market, competitors may have larger operations and greater resources.

In addition, we compete with municipalities that maintain material collection or disposal operations.

In addition, we

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compete with municipalities that maintain material collection or disposal operations.

These municipalities may have financial advantages due to the availability of tax revenue and greater opportunities for tax-exempt financing.

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Our operations can also be favorably affected by severe weather and natural disasters, which could increase the volume of material in situations where we are able to charge for our additional services.

Refer to our TCFD Report for more information on climate impacts and our risk management strategies, available at investor.republicservices.com/sustainability.

Refer to our TCFD Report for more information on climate impacts and our risk management strategies, available at republicservices.com/sustainability.

The information contained on our website shall not be deemed incorporated by reference in this Annual Report on Form 10-K or in any other filing we make under the Exchange Act.

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These permits are subject to denial, revocation, modification and renewal in certain circumstances.

Any revocation, modification or denial of permits could have a material

adverse effect on us.

Federal, state and local laws and regulations vary, but generally govern wastewater or storm water discharges, air emissions, the handling, transportation, treatment, storage and disposal of hazardous and non-hazardous waste and the remediation of contamination associated with the release or threatened release of hazardous substances.

Any revocation, modification or denial of permits could have a material adverse effect on us.

Federal, state, provincial and local laws and regulations vary, but generally govern wastewater or storm water discharges, air emissions, the handling, transportation, treatment, storage and disposal of hazardous and non-hazardous waste and the remediation of contamination associated with the release or threatened release of hazardous substances.

These laws and regulations provide governmental authorities with strict powers of enforcement, which include the ability to revoke or decline to renew any of our operating permits, obtain injunctions, or impose fines or penalties in the event of violations, including criminal penalties.

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however, actual costs may exceed our reserves.

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Federal Regulation

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CERCLA may impose strict joint and several liability for the costs of cleanup and for damages to natural resources upon current owners and operators of a site, parties who were owners or operators of a site at the time the hazardous substances were disposed of, parties who transported the hazardous substances to a site and parties who arranged for the disposal of the hazardous substances at a site.

Under the authority of CERCLA and its implementing regulations, detailed requirements apply to the manner and degree of investigation and remediation of

facilities and sites where hazardous substances have been or are threatened to be released into the environment.

Under the authority of CERCLA and its implementing regulations, detailed requirements apply to the manner and degree of investigation and remediation of facilities and sites where hazardous substances have been or are threatened to be released into the environment.

Liability under CERCLA is not dependent on the existence or disposal of only hazardous wastes, but also can be based upon the existence of small quantities of more than 700 substances currently characterized by the EPA as hazardous, many of which are found in common household waste.

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This act regulates the discharge of pollutants from a variety of sources, including solid waste disposal sites, into streams, rivers and other waters of the United States.

Runoff from our landfills and transfer stations that is discharged into surface waters through discrete conveyances must be covered by discharge permits that generally require us to conduct sampling and monitoring, and, under certain circumstances, to reduce the quantity of pollutants in those discharges.

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under certain circumstances, to reduce the quantity of pollutants in those discharges.

Storm water discharge regulations under the Clean Water Act require a permit for certain construction activities and for runoff from industrial operations and facilities, which may affect our operations.

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In a separate rule finalized at the same time, the EPA issued updates to its 1996 Emission Guidelines to reduce emissions of landfill gas from existing active landfills.

Both actions were part of the Obama Administration's Climate Action Plan - Strategy to Reduce Methane Emissions.

As part of the Biden Administration's focus on climate change, the EPA has taken further steps to implement these regulations.

These and other efforts to curtail the emission of greenhouse gases and to ameliorate the effect of climate change may require our landfills to deploy more stringent emission controls and monitoring systems, with resulting capital or operating costs.

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The regulations take the form of fuel economy standards.

The EPA and the NHTSA have developed fuel economy

standards in two vehicle categories:

The EPA and the NHTSA have developed fuel economy standards in two vehicle categories:

(1) passenger automobiles and light-duty trucks (collectively, light-duty vehicles);

and (2) heavy-duty trucks, including solid waste collection vehicles and tractor trailers.

The Trump Administration has proposed to repeal certain EPA vehicle emissions standards and decrease certain NHTSA fuel economy standards.

We own and operate vehicles in both categories.

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State and municipal governments also have enacted or may enact “organic diversion” regulations that require food waste to be managed separately from the other waste streams, similar to the rules recently enacted in California.

Several states have also enacted or are considering “minimum recycled content” regulations mandating certain minimum post-consumer recycled content in certain types of packaging, including California.

Several states have also enacted or are considering “minimum recycled content” regulations mandating certain minimum post-consumer

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recycled content in certain types of packaging, including California.

Legislative and regulatory measures to mandate or encourage waste reduction and recycling also have been considered, or are under consideration by, the United States Congress and the EPA.

These regulations may present new opportunities to offer sustainable environmental services to our customers but may require investment of time, effort and money to be able to offer these new solutions and expose us to additional regulatory requirements and competition from others offering these services.

These regulations may present new opportunities to offer sustainable environmental services to our customers but may require investment of time, effort and money to be able to offer these new solutions, may expose us to additional regulatory requirements and competition from others offering these services, and could involve loss of volume at our landfills.

To construct, operate and expand a landfill, we must obtain one or more construction or operating permits, as well as zoning and land use approvals.

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Canadian Waste Regulation

Certain of our Group 3 operations and facilities are subject to, among other regulations, Canadian hazardous and non-hazardous waste regulations.

Certain of our operations and facilities are subject to, among other regulations, Canadian hazardous and non-hazardous waste regulations.

The Canadian federal government regulates issues within federal jurisdiction, including activities that cross provincial boundaries or affect Canada’s relations with other nations.

The Canadian provinces also have jurisdiction over environmental matters within their respective boundaries, including primary responsibility for regulation and management of hazardous and non-hazardous waste.

The Canadian provinces and territories also have jurisdiction over environmental matters within their respective boundaries, including primary responsibility for regulation and management of hazardous and non-hazardous waste.

The main federal laws governing waste management are the Canadian Environmental Protection Act, 1999 (CEPA) and the Transportation of Dangerous Goods Act, 1992.

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Certain of our facilities are subject to the Québec Environment Quality Act, the Ontario Environmental Protection Act or the Alberta Environmental Protection and Enhancement Act and their respective regulations.

These statutes and regulations regulate the generation, collection, characterization, documentation, transport, storage, treatment, recovery and disposal of hazardous and non-hazardous wastes, establish the requirements for waste management facilities and waste transportation systems and govern actual or potential releases of contaminants in the environment, such as air emissions and soil, groundwater

and surface water contamination issues.

Similarly, the federal Fisheries Act and provincial statutes such as the Ontario Water Resources Act also regulate releases of contaminants to bodies of water.

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Our United States-flag vessels are subject to the direct jurisdiction of the United States Coast Guard, the United States Customs and Border Protection and the United States Maritime Administration as well as other federal and state agencies.

We are also subject to international laws and conventions and the local laws of foreign jurisdictions when we operate outside of the United States.

We are also subject to international laws and conventions and the laws of foreign jurisdictions when we operate outside of the United States.

A portion of the operations of our standby services business within Group 3 is conducted in the United States coastwise trade.

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We have compliance mechanisms in place designed to assist with monitoring and maintaining compliance with the ownership requirements of the Jones Act.

Failure to maintain compliance with these ownership requirements could adversely impact our Group 3 operations.

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All of our offshore vessels are subject to either United States or international safety and classification standards and sometimes both.

United States-flag vessels, barges and crew boats are required to undergo periodic inspections pursuant to United States Coast Guard regulations.

We are also subject to a number of safety, security and environmental laws and regulations, including the Oil Pollution Act of 1990, CERCLA, the Clean Air Act, and the International Ship and Port Facility Security Code (ISPFS Code), an amendment to the International Convention for the Safety of Life at Sea (SOLAS) as implemented in the Maritime Transportation and Security Act of 2002 to align United States regulations with those of SOLAS and the ISPS Code.

We are also subject to a number of safety, security and environmental laws and regulations, including the Oil Pollution Act of 1990, CERCLA, the Clean Air Act, and the International Ship and Port Facility Security Code (ISPS Code), an amendment to the International Convention for the Safety of Life at Sea (SOLAS) as implemented in the Maritime Transportation and Security Act of 2002 to align United States regulations with those of SOLAS and the ISPS Code.

The ISPS Code provides that owners or operators of certain vessels and facilities must provide security and security plans for their vessels and facilities and obtain appropriate certification of compliance.

Under the ISPS Code, we perform worldwide security assessments, risk analyses and develop vessel and required port facility security plans to enhance safe and secure vessel and facility operations.

Additionally, we have developed security annexes for those United States-flag vessels that transit or work in waters designated as high risk by the United States Coast Guard pursuant to the latest revision of Marsec Directive 104-6.

Coast Guard’s Maritime Security (MARSEC) Directive 104-6.

We believe that additional security and environmental related regulations could be imposed on the maritime industry affecting our Group 3 operations.

Other Regulations

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With regard to our solid waste transportation operations, we are subject to the jurisdiction of the Surface Transportation Board and are regulated by the Federal Highway Administration, Office of Motor Carriers and by regulatory agencies in states that regulate such matters.

Various state and local government authorities have adopted, or are considering adopting, laws and

regulations that would restrict the transportation of solid waste across state, county, or other jurisdictional lines.

Various state and local government authorities have adopted, or are considering adopting, laws and regulations that would restrict the transportation of solid waste across state, county, or other jurisdictional lines.

In 1978, the United States Supreme Court ruled that a law that restricts the importation of out-of-state solid waste is unconstitutional;

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Climate and Sustainability Trends

Jurisdictions have been updating climate policies toward the goal of reporting and reducing greenhouse gas (GHG) emissions through a broad range of sustainability initiatives.

Certain jurisdictions have been updating climate policies toward the goal of reporting and reducing greenhouse gas (GHG) emissions through a broad range of sustainability initiatives.

For example, in 2023, California became the first U.S.

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require annual greenhouse gas emission disclosure, as well as biennial disclosure of information on climate-related financial risks.

These laws are currently subject to legal challenge.

Similar bills have been introduced in other U.S.

to-date, none have been passed into law.

We believe reducing our impact on the planet and improving the quality of life of its inhabitants are the right things to do, and have committed to heightened emissions reduction goals.

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We have long been a leader in sustainability as it relates to environmental services and strive to maintain this reputation.

Our sustainability commitments, as well as our progress toward our current goals, are published in our Sustainability Report and accompanying reports and can be found at investor.republicservices.com/sustainability.

Our sustainability commitments, as well as our progress toward our current goals, are published in our Sustainability Report and accompanying reports and can be found at republicservices.com/sustainability.

The information contained on our website shall not be deemed incorporated by reference in this Annual Report on Form 10-K or in any other filing we make under the Exchange Act.

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We maintain various policies of insurance that, subject to limitations, exclusions, or deductibles, provide coverage for these types of claims.

While we believe the amount of insurance is appropriate for our type of business,

such insurance may not be adequate, in scope or amount, in the event of a major loss, and we may be exposed to uninsured liabilities that could have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

While we believe the amount of insurance is appropriate for our type of business, such insurance may not be adequate, in scope or amount, in the event of a major loss, and we may be exposed to uninsured liabilities that could have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

We may choose not to continue to maintain the insurance should market conditions in the insurance industry make such coverage cost prohibitive.

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Our corporate website is republicservices.com .

We make available on that website, free of charge, access to our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements on Schedule 14A and amendments to those materials filed or furnished with the Securities and Exchange Commission (SEC) pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934.

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13(a) or 15(d) of the Securities Exchange Act of 1934.

We make such materials available as soon as reasonably practicable after we electronically submit them to the SEC.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business