What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-18 compared with 2025-02-14 · 244 added, 303 removed, 1437 unchanged (28% of the section changed)

8 unchanged sentences

Notes to Consolidated Financial Statements

T a b l e o f C o n t e n t s

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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Landfill Development Asset Depletion

Description of the Matter Landfill development asset depletion expense for the year ended December 31, 2024 was $408 million As discussed in Note 2, management updates the assumptions used to estimate the landfill development asset depletion expense at least annually, or more often if there is a significant change in facts and circumstances related to a landfill.

Description of the Matter Landfill development asset depletion expense for the year ended December 31, 2025 was $433 million.

As discussed in Note 2, management updates the assumptions used to estimate the landfill development asset depletion expense at least annually, or more often if there is a significant change in facts and circumstances related to a landfill.

Significant assumptions used in the calculation of the expense include estimated future development costs and available disposal capacity.

Auditing landfill development asset depletion expense is complex due to the highly judgmental nature of the significant assumptions, as discussed above, used in the calculation of the expense.

T a b l e o f C o n t e n t s

How We Addressed the Matter in Our Audit We obtained an understanding of, evaluated the design, and tested the operating effectiveness of the Company’s controls over landfill development asset depletion expense.

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Regarding disposal capacity, we evaluated the Company’s annual utilization and estimation of the landfill disposal capacity through a comparison of airspace to historical estimates and annual aerial surveys.

In addition, we considered the professional qualifications and objectivity of management’s specialist responsible for performing the aerial surveys.

We involved EY engineering specialists to assist us with evaluating estimated future development costs.

In addition, we considered the professional qualifications and objectivity of management’s specialist responsible for performing the aerial surveys with involvement from EY engineering specialists.

Landfill Final Capping, Closure and Post-Closure Costs

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As discussed in Notes 2 and 8 of the consolidated financial statements, management updates the assumptions used to estimate the asset retirement obligations at least annually, or more often if there is a significant change in facts and circumstances related to a landfill.

These assumptions include estimated future costs associated with the final capping, closure and post-closure activities at each landfill, projected timing of capping, and estimated inflation rate.

These assumptions include estimated future costs associated with the final capping, closure and post-closure activities at each landfill, projected timing of future cash outflows, and estimated inflation rate.

Auditing the landfill asset retirement obligations is complex due to the highly judgmental nature of the significant assumptions, as discussed above, used in the calculation of the asset retirement obligations.

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We also tested the completeness and accuracy of the data utilized in preparing the cost estimate.

Regarding the projected timing of capping assumption, we evaluated the Company’s annual utilization and estimation of the landfill disposal capacity through a comparison of airspace to historical estimates and annual aerial surveys.

Regarding the projected timing of future cash outflows assumption, we evaluated the Company’s annual utilization and estimation of the landfill disposal capacity through a comparison of airspace to historical estimates and annual aerial surveys.

We also performed a sensitivity analysis of the inflation rate assumption.

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February 17, 2026

T a b l e o f C o n t e n t s

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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February 17, 2026

T a b l e o f C o n t e n t s

REPUBLIC SERVICES, INC.

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The accompanying notes are an integral part of these financial statements.

T a b l e o f C o n t e n t s

REPUBLIC SERVICES, INC.

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Interest income 8 9 6

Other income (expense), net 23 7 ( 2 )

Other income, net 21 23 7

Income before income taxes 2,594 2,432 2,191

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The accompanying notes are an integral part of these financial statements.

T a b l e o f C o n t e n t s

REPUBLIC SERVICES, INC.

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Net income $ 2,139 $ 2,044 $ 1,731

Other comprehensive (income) loss, net of tax ( 14 ) — 3

Other comprehensive loss, net of tax ( 3 ) ( 14 ) —

Comprehensive income 2,136 2,030 1,731

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The accompanying notes are an integral part of these financial statements.

T a b l e o f C o n t e n t s

REPUBLIC SERVICES, INC.

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Paid-In Capital Retained Earnings Treasury

Stock Accumulated Other Comprehensive Income, Net of Tax Non-controlling Interests In Consolidated Subsidiary Total

Stock Accumulated Other Comprehensive Loss, Net of Tax Non-controlling Interests In Consolidated Subsidiary Total

Shares Amount Shares Amount

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— — — — ( 2 ) ( 264 ) — — ( 264 )

Purchase of minority interest — — — — — — — — —

Distributions paid

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— — — — ( 3 ) ( 494 ) — — ( 494 )

Shares returned to unissued status ( 8 ) — ( 1,195 ) — 8 1,195 — — —

Distributions paid

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Net income — — — 2,139 — — — — 2,139

Other comprehensive (loss) income — — — — — — ( 14 ) — ( 14 )

Other comprehensive income (loss) — — — — — — ( 3 ) — ( 3 )

Cash dividends declared — — — ( 749 ) — — — — ( 749 )

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The accompanying notes are an integral part of these financial statements.

T a b l e o f C o n t e n t s

REPUBLIC SERVICES, INC.

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Non-cash interest expense 75 71 86

Stock-based compensation 42 41 39

Deferred tax provision (benefit) 87 102 181

Provision for doubtful accounts, net of adjustments 27 53 41

Loss on extinguishment of debt 2 — —

(Gain) loss on disposition of assets and asset impairments, net ( 19 ) ( 1 ) ( 9 )

Environmental adjustments 7 2 3

Deferred tax provision 269 87 102

Loss from unconsolidated equity method investments 163 255 94

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Cash received from business divestitures 11 2 6

Purchases of restricted marketable securities ( 26 ) ( 29 ) ( 20 )

Sales of restricted marketable securities 24 13 20

Other ( 20 ) ( 2 ) ( 6 )

Cash used in investing activities ( 3,313 ) ( 2,561 ) ( 3,667 )

Cash provided by (used in) financing activities:

Cash (used in) provided by financing activities:

Proceeds from credit facilities and notes payable, net of fees 37,715 24,020 39,221

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Contingent consideration payments ( 16 ) ( 15 ) ( 19 )

Cash provided by (used in) financing activities ( 1,398 ) 62 1,344

Cash (used in) provided by financing activities ( 938 ) ( 1,398 ) 62

Effect of foreign exchange rate changes on cash 1 ( 2 ) 1

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The accompanying notes are an integral part of these financial statements.

T a b l e o f C o n t e n t s

REPUBLIC SERVICES, INC.

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Our interest capitalization rate is based on our weighted average cost of indebtedness.

Interest capitalized was $ 11 million for the year ended December 31, 2024, $ 8 million for the year ended December 31, 2023 and $ 5 million for the year ended December 31, 2022.

Capitalized interest is immaterial to the Company’s consolidated financial statements.

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, restricted cash and marketable securities, interest rate hedges and other derivatives, long-term debt, contingent consideration arrangements and assets in our defined benefit pension plan.

Our financial instruments include cash and cash equivalents, restricted cash and marketable securities, derivatives, long-term debt, and contingent consideration arrangements.

Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy.

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Investments Other Than Derivatives

Investments other than derivatives primarily include money market funds, common stock, mutual funds, United States government and agency securities, municipal and corporate bonds and foreign government bonds.

Investments other than derivatives primarily include money market funds, mutual funds, and municipal and corporate bonds.

In general, and where applicable, we use quoted prices in active markets for identical assets or liabilities to determine fair value.

This pricing methodology applies to our Level 1 investments, such as money market funds, common stock and certain mutual funds.

This pricing methodology applies to our Level 1 investments, such as money market funds and certain mutual funds.

If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, then we use quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable either directly or indirectly.

These investments are included in Level 2 and consist primarily of corporate bonds, foreign government bonds, real estate investment trusts and certain agency securities.

These investments are included in Level 2 and consist primarily of corporate bonds.

Landfill and Environmental Costs

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Before airspace included in an expansion area is determined to be probable expansion airspace and, therefore, is included in our calculation of total available disposal capacity, all of the following criteria must be met:

• We own the land associated with the expansion airspace or control it pursuant to an option agreement;

• We own the land associated with the expansion airspace or control it pursuant to an agreement;

• We are committed to supporting the expansion project financially and with appropriate resources;

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

• We are committed to supporting the expansion project financially and with appropriate resources;

• There are no identified fatal flaws or impediments associated with the project, including political impediments;

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• The expansion is attainable within a reasonable time frame;

• We believe it is likely the expansion permit will be received.

• We believe it is probable the expansion permit will be received.

Upon meeting our expansion criteria, the rates used at each applicable landfill to expense costs to acquire, construct, cap, close and maintain a site during the post-closure period are adjusted to include both the probable expansion airspace and the additional costs to be capitalized or accrued associated with that expansion airspace.

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These costs are inflated each year to reflect a normal escalation of prices up to the year they are expected to be paid.

Our inflation rate was 2 % for the year ended December 31, 2024, which was primarily based on the twenty-year historical moving average increase of the United States Core Consumer Price Index.

Our inflation rate was 2 % for each of the years ended December 31, 2023 and 2022, which was primarily based on the ten-year historical moving average increase of the United States Consumer Price Index.

Our inflation rate was 2.0 % for the years ended December 31, 2025 and 2024, which was primarily based on the twenty-year historical moving average increase of the United States Core Consumer Price Index.

Our inflation rate was 2.0 % for the year ended December 31, 2023, which was primarily based on the ten-year historical moving average increase of the United States Consumer Price Index.

These estimated costs are then discounted to their present values using a credit-adjusted, risk-free interest rate.

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however, this period will generally not exceed one year from the acquisition date.

Any material adjustments recognized during the measurement period will be reflected retrospectively in the consolidated financial statements of the subsequent period.

Any material adjustments recognized during the measurement period will be reflected in the consolidated financial statements of the subsequent period.

We recognize third-party transaction-related costs as expense in the period in which they are incurred.

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No impairment losses were recorded for goodwill during the years ended December 31, 2025, 2024 or 2023.

Other intangible assets include values assigned to customer relationships, non-compete agreements and trade names and are amortized generally on a straight-line basis over periods ranging from 1 to 15 years.

Other intangible assets include values assigned to customer relationships, which are amortized on a straight-line basis over periods ranging from 1 to 15 years.

REPUBLIC SERVICES, INC.

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Accumulated Other Comprehensive Income

Accumulated other comprehensive income is a component of stockholders’ equity and includes the amortization of our settled interest rate locks, certain adjustments to liabilities associated with our employee defined benefit pension plan liabilities, net of tax, and foreign currency translation adjustments.

Accumulated other comprehensive income is a component of stockholders’ equity and includes the amortization of our settled interest rate locks and foreign currency translation adjustments.

Revenue Recognition

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contracts are generally long-term and often have renewal options.

Environmental solutions revenue may be billed in advance of the service being performed, such as the treatment or disposal of the waste.

Revenue may be billed in advance of the service being performed, such as the treatment or disposal of the waste.

Advance billings are recorded as deferred revenue, and revenue is recognized over the period services are provided.

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Our lease terms include options to renew the lease when it is reasonably certain that we will exercise the option.

Certain leases require payments that are variable in nature based on volume measurements, e.g.

a fixed rate per ton at our

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Certain leases require payments that are variable in nature based on volume measurements, e.g.

a fixed rate per ton at our landfills.

In addition, certain rental payments are adjusted annually based on changes in an underlying base index such as a consumer price index.

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Accounting Standards Adopted

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (ASU 2023-07) .

ASU 2023-07 amends the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

The Company adopted ASU 2023-07 in this Annual Report on Form 10-K and will adopt the interim disclosures in the first quarter of 2025.

ASU 2023-07 was adopted retrospectively to all periods presented in the financial statements.

The adoption of this standard did not have a material impact on our consolidated financial statements.

See Note 15, Segment Reporting , for additional information and detailed disclosures prepared in accordance with ASU 2023-07.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (ASU 2023-09).

ASU 2023-09 requires entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid.

The amendments in this update are effective for fiscal years beginning after December 15, 2024.

The Company adopted ASU 2023-09 on a retrospective basis in this Annual Report on Form 10-K.

The adoption of this ASU did not have a material impact on our consolidated financial statements.

The required additional information can be found in Note 11, Income Taxes, in Part II, Item 8 of this Annual Report on Form 10-K for the year ended December 31, 2025.

Accounting Standards Updates Issued but not yet Adopted as of December 31, 2025

Accounting Standards Update Codification Improvements

In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2025-12, Codification Improvements:

The amendments from this ASU address a range of various accounting topics that represent changes that clarify and make minor improvements to the existing codification.

The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods.

Early adoption is permitted.

We are currently assessing the effect this guidance may have on our consolidated financial statements.

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Narrow-Scope Improvements

In December 2025, the FASB issued Accounting Standards Update 2025-11, Interim Reporting (Topic 270) :

Narrow-Scope Improvements:

This guidance clarifies interim disclosure requirements and the applicability of Topic 270 resulting in a comprehensive list of interim disclosures required by GAAP and a disclosure principal for disclosing material events since the last reporting period.

The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027.

Accounting for Government Grants Received by Business Entities

In December 2025, the FASB issued Accounting Standards Update 2025-10, Government Grants (Topic 832):

Accounting for Government Grants Received by Business Entities.

This ASU adds guidance to ASC 832 on the recognition, measurement, and presentation of government grants.

In the absence of such guidance, many for-profit entities historically have analogized to other GAAP, including IAS 20 or ASC 958-605, when accounting for government grants.

This ASU will be effective for annual and interim periods in fiscal years beginning after December 15, 2028.

We are currently assessing the effect this guidance may have on our consolidated financial statements.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued Accounting Standards Update 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software.

This guidance removes references to prescriptive and sequential development stages, requiring companies to capitalize internal-use software costs when management commits to funding the software project and it is probable the project will be completed.

The amendments are effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods.

Entities may apply the guidance using a prospective, retrospective or modified transition approach.

We are currently assessing the effect this guidance may have on our consolidated financial statements.

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments - Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Asset s (ASU 2025-05), which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Topic 606.

In developing reasonable and supportable forecasts as part of estimating expected credit losses, the amendments in this update provide entities with a practical expedient that assumes that the current conditions as of the balance sheet date do not change for the remaining life of the asset.

The update is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods.

We are currently assessing the effect this guidance may have on our consolidated financial statements.

Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

In May 2025, the FASB issued Accounting Standards Update 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810):

Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (ASU 2025-03), revising guidance on identifying the accounting acquirer in business combinations involving variable interest entities (VIEs).

In accordance with ASU 2025-03, when a reporting entity exchanges equity interests in a business combination, it must evaluate specific factors to determine the accounting acquirer, irrespective of the legal acquiree's classification as a VIE.

This may lead to the conclusion that a VIE involves a reverse acquisition, treating the legal acquirer as the acquiree for accounting purposes.

This update improves comparability with combinations including voting interest entities (VOEs) and will be effective for fiscal years starting after December 15, 2026.

Disaggregation of Income Statement Expenses

In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No.

In November 2024, the FASB issued Accounting Standards Update No.

2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40):

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It also requires an entity to include certain amounts that are already required to be disclosed under GAAP in the same disclosure.

Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted.

An entity may apply the amendments prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements.

The Company is currently evaluating the impact of the rules on its future consolidated financial statements.

Climate-Related Disclosures

In March 2024, the SEC adopted Final Rule 33-11275 and 34-99678 - The Enhancement and Standardization of Climate-Related Disclosures for Investors .

The rules require registrants to provide standardized disclosures related to material climate-related risks, governance and risk management strategies, and the financial impact of severe weather events and material Scope 1 and 2 greenhouse gas emissions.

The rules require implementation in phases between 2025 and 2033.

In April 2024, the SEC announced that it would voluntarily stay these rules pending judicial review.

The Company is currently evaluating the impact of the rules on its future consolidated financial statements.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (ASU 2023-09).

ASU 2023-09 requires entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid.

The amendments in this update are effective for fiscal years beginning after December 15, 2024.

We are currently assessing the effect this guidance may have on our consolidated financial statements.

Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative

In October 2023, the FASB issued ASU 2023-06 to modify the disclosure or presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the SEC's requirements, and to align the requirements in the FASB accounting standard codification with the SEC's regulations.

The effective date for each topic's amendment will be the date on which the SEC's removal of the topic's related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited.

The Company is currently evaluating the amendments and the impact on its future consolidated financial statements.

The Company is currently evaluating the impact of ASU 2024-03 on its future consolidated financial statements.

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements:

Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative , to modify the disclosure or presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the SEC's requirements, and to align the requirements in the FASB accounting standard codification with the SEC's regulations.

The effective date for each topic's amendment is the date on which the SEC's removal of the topic's related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited.

BUSINESS ACQUISITIONS, INVESTMENTS AND RESTRUCTURING CHARGES

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Accounts receivable

Prepaid expenses — 6

Landfill development costs

Property and equipment

Operating right-of-use lease assets

Parts and supplies

Accounts payable

Deferred revenue

Environmental remediation liabilities

Closure and post-closure liabilities

Operating right-of-use lease liabilities

Deferred income tax liabilities ( 1 ) ( 25 )

Accrued landfill and environmental costs

Other liabilities

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Accordingly, the purchase price allocations are subject to change.

For the acquisitions that closed during 2024, we expect that a majority of the goodwill and intangible assets recognized as a result of these acquisitions will be deductible for tax purposes.

For the acquisitions that closed during the year ended December 31, 2025, we expect that a majority of the goodwill and intangible assets recognized as a result of these acquisitions will not be deductible for tax purposes.

These acquisitions are not material to the Company's results of operations, individually or in the aggregate.

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Shamrock’s environmental solutions operations are primarily located in the northeastern and southeastern United States and provide us with a platform to pursue additional growth in our environmental solutions line of business.

As of February 13, 2025, we paid approximately $ 700 million for acquisitions that closed through that date.

The preliminary purchase price allocation for the Shamrock acquisition is reflected in the table above and remains subject to revisions as additional information is obtained about the facts and circumstances that existed at the valuation date.

The preliminary allocation of purchase price, including the value of certain tangible and intangible assets acquired, such as property and equipment, other intangible assets, and environmental remediation liabilities assumed, is based on the best estimates of management and is subject to revision based on the final valuations.

We expect our final valuations to be completed in 2026.

In February 2026, we acquired certain assets and assumed certain liabilities from Hamm, LLC, N.R.

Hamm Quarry, LLC, N.R.

Hamm Contractor, LLC, and Cornejo & Sons, LLC constituting a vertically-integrated recycling and waste business located in Kansas.

As of February 17, 2026, we paid approximately $ 400 million for acquisitions closed through that date.

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

In 2024 and 2023, we acquired non-controlling equity interests in certain limited liability companies that qualified for investment tax credits under Section 48 of the Internal Revenue Code.

We invest in non-controlling equity interests in certain limited liability companies that qualify for investment tax credits under Section 48 of the Internal Revenue Code.

We account for these investments under the equity method of accounting utilizing the Hypothetical Liquidation at Book Value (“HLBV”) method.

In exchange for our non-controlling interests, we made capital contributions of approximately $ 227 million and $ 236 million, which were recorded to other assets in our December 31, 2025 and 2024 consolidated balance sheets, respectively.

During 2024 and 2023, we decreased the carrying value of these investments by approximately $ 254 million and $ 102 million, respectively, as a result of cash distributions and our share of income and loss pursuant to the terms of the limited liability company agreements.

Additionally, our tax provisions reflect benefits of approximately $ 222 million and $ 87 million for the years end December 31, 2024 and 2023, respectively, due to the tax credits related to these investments.

During 2025 and 2024, the carrying value of these investments was decreased by $ 135 million and $ 254 million , respectively, as a result of our share of income and loss pursuant to the terms of the limited liability company agreements.

Additionally, our tax provisions reflect benefits of approximately $ 175 million and $ 222 million for the years ended December 31, 2025 and 2024, respectively, due to tax credits net of nondeductible items, related to these investments.

For further discussion of the income tax benefits, refer to Note 11, Income Taxes, in Part II, Item 8 of this Annual Report on Form 10-K for the year ended December 31, 2025.

In 2024, we acquired a non-controlling equity interest in a joint venture with a landfill gas-to-energy developer to construct a number of renewable natural gas projects at certain of our landfill locations in Illinois.

During the year ended December 31, 2024, we invested $ 35 million in the joint venture.

Additionally, our tax provision reflects a benefit of approximately $ 8 million for the year ended December 31, 2024 related to these qualified investments in renewable natural gas projects .

This investment is an unconsolidated variable interest entity (VIE) for which we do not have the power to direct the significant activities of the business, and it is accounted for under the equity method of accounting.

Our risk of loss is materially consistent with our contributions to-date.

In 2024, we acquired a non-controlling equity interest in a thermal processing facility that treats and recycles contaminated soil, hazardous and non-hazardous waste, and contaminated water to expand our environmental services offerings in Canada.

During the year ended December 31, 2024 we invested $ 27 million in the joint venture.

The investment is accounted for under the equity method of accounting.

In 2022 , we acquired a non-controlling equity interest in a joint venture with a landfill gas-to-energy developer to construct a number of renewable natural gas projects at our landfills across the United States.

In 2022 , we acquired a non-controlling equity interest in a joint venture with a landfill gas-to-energy developer to construct renewable natural gas projects at our landfills across the United States.

Certain of these investments qualified for investment tax credits under Section 48 of the Internal Revenue Code.

As of December 31, 2024 and 2023, we had invested approximately $ 270 million and $ 170 million, respectively, in the joint venture.

During the years ended December 31, 2024, 2023 and 2022, we contributed $ 98 million, $ 68 million and $ 137 million, respectively, in the joint venture.

Additionally, our tax provision reflects a benefit of approximately $ 6 million for the year ended December 31, 2024 related to these qualified investments in renewable natural gas projects .

As of December 31, 2025 and 2024, our carrying value in the joint venture was approximately $ 314 million and $ 270 million, respectively.

During the years ended December 31, 2025, 2024 and 2023, we contributed $ 61 million, $ 98 million and $ 68 million, respectively, into the joint venture.

The investment is accounted for under the equity method of accounting.

In 2022 , we acquired a non-controlling equity interest in a joint venture with Ravago, Blue Polymers, LLC, intended to help create vertical integration in the recycling market, and to further advance circularity by acquiring all olefins produced by the Company's Polymer Centers and produce custom blended pellets for food-grade and non-food-grade packaging.

As of December 31, 2024 and 2023, we had invested approximately $ 55 million and $ 19 million, respectively, in the joint venture.

During the years ended December 31, 2024, 2023 and 2022, we contributed $ 38 million, $ 9 million and $ 10 million, respectively, in the joint venture.

In 2022 , we acquired a non-controlling equity interest in Blue Polymers, LLC, a joint venture with Ravago, intended to help create vertical integration in the recycling market, and to further advance circularity by acquiring all olefins produced by the Company's Polymer Centers and produce custom blended pellets for food-grade and non-food-grade packaging.

As of December 31, 2025 and 2024, our carrying value in the joint venture was $ 101 million and $ 55 million, respectively.

During the years ended December 31, 2025, 2024 and 2023, we contributed $ 57 million, $ 38 million and $ 9 million, respectively, into the joint venture.

This investment is an unconsolidated VIE for which we do not have the power to direct the significant activities of the business, and it is accounted for under the equity method of accounting.

Our risk of loss is materially consistent with our contributions to-date.

These investments were recorded as other assets in our consolidated financial statements as of December 31, 2025 .

Restructuring Charges

In 2024, 2023 and 2022 we incurred restructuring charges of $ 29 million, $ 33 million, $ 27 million, respectively.

In 2025, 2024 and 2023 we incurred restructuring charges of $ 20 million, $ 29 million, and $ 33 million, respectively.

The 2025 charges primarily related to the design and implementation of a new accounts receivable system.

The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems.

Of the 2023 charges, $ 9 million related to early termination of certain leases and $ 24 million related to the redesign of our asset management, and customer and order management software systems.

The 2022 charges primarily related to the redesign of our general ledger, budgeting and procurement enterprise resource planning systems.

Of the 2023 charges, $ 9 million related to the early termination of certain leases and $ 24 million related to the redesign of our asset management, and customer and order management software systems.

We paid $ 12 million, $ 25 million, and $ 39 million during 2025, 2024 and 2023, respectively, related to these restructuring efforts.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

PROPERTY AND EQUIPMENT, NET

PR OPERTY AND EQUIPMENT, NET

A summary of property and equipment, net as of December 31 follows:

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Property and equipment, net $ 12,639 $ 11,877

Depreciation, depletion and amortization of property and equipment was $ 1,517 million, $ 1,368 million and $ 1,246 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Depreciation, depletion and amortization of property and equipment was $ 1.6 billion, $ 1.5 billion and $ 1.4 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

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Total $ 15,834 $ 176 $ — $ ( 28 ) $ 15,982

Adjustments to acquisitions during the year ended December 31, 2024 primarily related to changes in our valuation of property, plant and equipment and customer list intangible assets acquired as a result of obtaining new information regarding the acquisitions that closed in 2023 .

Adjustments to acquisitions during the year ended December 31, 2023 primarily related to changes in our valuation of tangible assets acquired and certain environmental liabilities assumed in connection with our acquisition of US Ecology.

REPUBLIC SERVICES, INC.

1 unchanged sentence

Other Intangible Assets, Net

Other intangible assets, net, includes values assigned to customer relationships, non-compete agreements and trade names, and are amortized over periods ranging from 1 to 15 years.

Other intangible assets, net, are primarily comprised of values assigned to customer relationships, which are amortized over periods ranging from 1 to 15 years.

A summary of the activity and balances by intangible asset type follows:

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A summary of prepaid expenses and other current assets as of December 31 follows:

Prepaid expenses $ 127 $ 123

Income taxes receivable $ 146 $ 124

Prepaid expenses 131 $ 127

Parts and supplies 106 98

1 unchanged sentence

Reinsurance receivable 32 30

Prepaid fees for cloud-based hosting arrangements, current 27 17

Total $ 550 $ 511

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Operating right-of-use lease assets 208 232

Deferred compensation plan 125 113

Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements 159 123

Deferred compensation plan 143 125

Reinsurance receivable 90 86

1 unchanged sentence

Derivative and hedging assets 32 55

Amounts recoverable for capping, closure and post-closure obligations 24 22

Total $ 1,575 $ 1,383

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

OTHER LIABILITIES

7 unchanged sentences

Ceded insurance reserves, current 32 30

Contingent purchase price and acquisition holdbacks 14 17

Accrued professional fees and legal settlement reserves 32 12

Other 121 117

Contingent purchase price and acquisition holdbacks 25 14

Total $ 1,205 $ 1,176

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Other Long-Term Liabilities

3 unchanged sentences

Ceded insurance reserves 90 86

Derivative and hedging liabilities 72 71

Contingent purchase price and acquisition holdbacks 59 60

Derivative and hedging liabilities 46 72

Withdrawal liability - multiemployer pension funds 20 19

14 unchanged sentences

Long-term portion $ 436 $ 402 $ 349

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

LANDFILL AND ENVIRONMENTAL COSTS

8 unchanged sentences

Long-term portion $ 2,608 $ 2,432

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Final Capping, Closure and Post-Closure Costs

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If no amount within the range appears to be a better estimate than any other, we use the amount that is at the low end of such range.

It is reasonably possible that we will need to adjust the liabilities recorded for remediation to reflect the effects of new or additional information, to the extent such information impacts the costs, timing or

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

duration of the required actions.

If we used the reasonably possible high ends of our ranges, our aggregate potential remediation liability as of December 31, 2025 would be approximately $ 276 million higher than the amounts recorded.

Future changes in our estimates of the cost, timing or duration of the required actions could have a material adverse effect on our consolidated financial position, results of operations and cash flows.

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The following table summarizes the activity in our environmental remediation liabilities for the years ended December 31:

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The following is a discussion of certain of our significant remediation matters:

Bridgeton Landfill.

During the year ended December 31, 2024, we paid $ 12 million related to management and monitoring of the remediation area for our closed Bridgeton Landfill in Missouri.

We continue to work with state and federal regulatory agencies on our remediation efforts.

From time to time, this may require us to modify our future operating timeline and procedures, which could result in changes to our expected liability.

As of December 31, 2024, the remediation liability recorded for this site was $ 62 million, of which approximately $ 11 million is e xpected to be paid during 2025.

West Lake Landfill Superfund Site .

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The Credit Facility Variable 425 — 425 514 — 514

Term Loan Variable — — — 500 — 500

Commercial Paper Variable 1,000 ( 1 ) 999 477 — 477

Senior notes:

August 2024 2.500 — — — 900 ( 1 ) 899

March 2025 3.200 — — — 500 — 500

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March 2030 2.300 600 ( 3 ) 597 600 ( 4 ) 596

July 2030 4.750 500 ( 5 ) 495 — — —

February 2031 1.450 650 ( 5 ) 645 650 ( 5 ) 645

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March 2035 5.150 700 ( 10 ) 690 — — —

March 2040 6.200 400 ( 3 ) 397 400 ( 3 ) 397

May 2041 5.700 386 ( 5 ) 381 386 ( 5 ) 381

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In July 2024, we and our subsidiary, USE Canada Holdings, Inc.

(the Canadian Borrower) entered into the Second Amended and Restated Credit Agreement (the Credit Facility) which amends and restates the unsecured revolving credit facility we entered into in August 2021.

(the Canadian Borrower) entered into the Second Amended and Restated Credit Agreement (the Credit Facility) which amended and restated the unsecured revolving credit facility we entered into in August 2021.

The total outstanding principal amount that we may borrow under the Credit Facility may not exceed the current aggregate lenders' commitments of $ 3.5 billion, and borrowings under the Credit Facility mature in July 2029.

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The Canadian dollar-denominated loans bear interest based on the Canadian Prime Rate or the Canadian Dollar Offered Rate plus a current applicable margin of 0.805 % based on our Debt Ratings.

As of December 31, 2024, C$ 232 million was outstanding against the Canadian Sublimit, with a weighted average interest rate of 5.309 %.

As of December 31, 2025 and 2024, C$ 204 million and C$ 232 million, respectively, were outstanding against the Canadian Sublimit.

The Credit Facility is subject to facility fees based on applicable rates defined in the Credit Facility agreement and the aggregate commitment, regardless of usage.

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We may pay dividends and repurchase common stock if we are in compliance with these covenants.

We had $ 514 million and $ 297 million outstanding under our Credit Facility as of December 31, 2024 and 2023, respectively.

We had $ 317 million and $ 337 million of letters of credit outstanding under our Credit Facility as of December 31, 2024 and 2023, respectively.

We also had $ 477 million and $ 495 million of principal borrowings outstanding (net of related discount on issuance) under our commercial paper program as of December 31, 2024 and 2023, respectively.

As a result, availability under our Credit Facility was $ 2,192 million and $ 2,371 million as of December 31, 2024 and 2023, respectively.

Term Loan Facility

On April 29, 2022, we entered into a $ 1 billion Term Loan Facility, which bore interest at a base rate or a forward-looking SOFR, plus an applicable margin based on our debt ratings.

We had $ 500 million of borrowings outstanding under the Term Loan Facility as of December 31, 2023.

During the year ended December 31, 2024, we repaid the remaining balance of the Term Loan Facility.

We had $ 425 million and $ 514 million outstanding under the Credit Facility as of December 31, 2025 and 2024, respectively.

We had $ 319 million and $ 317 million of letters of credit outstanding under the Credit Facility as of December 31, 2025 and 2024, respectively.

We also had $ 1.0 billion and $ 477 million of principal borrowings outstanding under our commercial paper program as of December 31, 2025 and 2024, respectively.

As a result, availability under the Credit Facility was $ 1.8 billion and $ 2.2 billion as of December 31, 2025 and 2024, respectively.

REPUBLIC SERVICES, INC.

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In August 2022, the Commercial Paper Cap was increased to $ 1.0 billion, and in October 2023, was increased to $ 1.5 billion.

The weighted average interest rate for borrowings outstanding as of December 31, 2024 is 4.646 % with a weighted average maturity of approximately 18 days.

We had $ 477 million and $ 496 million principal value of commercial paper issued and outstanding under the program as of December 31, 2024 and 2023, respectively.

The weighted average interest rate for borrowings outstanding as of December 31, 2025 was 4.044 %.

The weighted average interest rate for borrowings outstanding as of December 31, 2024 was 4.646 %.

We had $ 1.0 billion and $ 477 million principal value of commercial paper issued and outstanding under the program as of December 31, 2025 and 2024, respectively.

In the event of a failed re-borrowing, we currently have availability under our Credit Facility to fund amounts currently borrowed under the commercial paper program until they are re-borrowed successfully.

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Senior Notes and Debentures

In March 2023, we issued $ 400 million of 4.875 % senior notes due 2029 (the Existing 2029 Notes) and $ 800 million of 5.000 % senior notes due 2034 (the 2034 Notes, and together with the Existing 2029 Notes, the Notes).

The Notes are unsecured and unsubordinated and rank equally with our other unsecured obligations.

We used the proceeds from the Notes for general corporate purposes, including the repayment of a portion of amounts outstanding under the Uncommitted Credit Facility, the Commercial Paper Program, the Credit Facility, and the Term Loan Facility.

As a result of the Term Loan Facility repayment, we incurred a non-cash loss on the early extinguishment of debt related to the ratable portion of unamortized deferred issuance costs of less than $ 1 million.

In December 2023, we issued an additional $ 350 million of 4.875 % senior notes due 2029 (the New 2029 Notes, and together with the Existing 2029 Notes, the 2029 Notes).

After giving effect to the issuance of the New 2029 Notes, $ 750 million in aggregate principal amount of the 2029 Notes is outstanding.

The New 2029 Notes are fungible with the Existing 2029 Notes, and taken together, the 2029 Notes are treated as a single series.

In December 2023, we also issued $ 650 million of 5.000 % senior notes due 2033 (the 2033 Notes).

The proceeds of the 2033 Notes were used for general corporate purposes, including the repayment of a portion of amounts outstanding under the Uncommitted Credit Facility, the Commercial Paper Program, the Credit Facility, and the Term Loan Facility.

In June 2024, we issued $ 400 million of 5.000 % senior notes due 2029 and $ 500 million of 5.200 % senior notes due 2034.

We used the proceeds from the June 2024 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding under the Commercial Paper Program and the Credit Facility;

and repayment of the remaining amount outstanding under the Term Loan Facility and the Uncommitted Credit Facility.

and repayment of all amounts then outstanding under the Uncommitted Credit Facility and certain other debt obligations.

In March 2025, we issued $ 500 million of 4.750 % senior notes due 2030 and $ 700 million of 5.150 % senior notes due 2035.

We used the proceeds from the March 2025 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding on our Credit Facility and a portion of outstanding borrowings under the Commercial Paper Program.

Our senior notes and debentures are general unsecured and unsubordinated obligations and rank equally with our other unsecured obligations.

Tax-Exempt Financings

As of December 31, 2024, we had $ 1,409 million of fixed and variable rate tax-exempt financings outstanding, with maturities ranging from 2026 to 2053.

As of December 31, 2023, we had $ 1,281 million of fixed and variable rate tax-exempt financings outstanding, with maturities ranging from 2024 to 2053.

As of both December 31, 2025 and December 31, 2024 we had $ 1.4 billion of tax-exempt financings outstanding with maturities ranging from 2026 to 2054 for both periods.

In June 2024, the Mission Economic Development Corporation issued, for our benefit, $ 50 million in principal amount of Solid Waste Disposal Revenue Bonds.

The proceeds from the issuance, after deferred issuance costs, were used to fund the acquisition, construction, improvement, installation, and/or equipping of certain solid waste disposal facilities located within Texas.

In both March 2024 and September 2023, the California Municipal Finance Authority issued, for our benefit, $ 100 million in principal amount of Solid Waste Disposal Revenue Bonds.

The proceeds from the issuances, after deferred issuance costs, were used to fund the acquisition, construction, improvement, installation, and/or equipping of certain solid waste disposal facilities located within California.

The initial remarketing period for the above Mission Economic Development Corporation and California Municipal Finance Authority tax-exempt financings is 10 years.

In March 2024, the California Municipal Finance Authority issued, for our benefit, $ 100 million in principal amount of Solid Waste Disposal Revenue Bonds.

We have $ 250 million of tax-exempt financings that have an initial remarketing period of 10 years.

Our remaining tax-exempt financings are remarketed either quarterly or semiannually by remarketing agents to effectively maintain a variable yield.

3 unchanged sentences

Accordingly, we classified these borrowings as long-term in our consolidated balance sheets as of December 31, 2025 and December 31, 2024.

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Finance Leases and Other

As of December 31, 2024, we had finance lease liabilities of $ 315 million with maturities ranging from 2025 to 2063.

As of December 31, 2023, we had finance lease liabilities of $ 251 million with maturities ranging from 2024 to 2063.

As of December 31, 2024, finance leases and other included $ 53 million related to the construction of an office building located in Phoenix, Arizona, which has been accounted for as a financing obligation.

As of December 31, 2025, we had finance lease liabilities and other debt obligations of $ 441 million with maturities ranging from 2026 to 2063.

As of December 31, 2024, we had finance lease liabilities and other debt obligations of $ 315 million with maturities ranging from 2025 to 2063.

In our consolidated balance sheet as of December 31, 2025, finance leases and other included $ 148 million related to construction costs for our corporate office building located in Phoenix, Arizona, which has been accounted for as a financing obligation.

The amount is recorded within long-term debt, net of current maturities.

Interest Paid

Interest paid, excluding net swap settlements for our fair value hedges, was $ 487 million , $ 423 million and $ 312 million for the years ended December 31, 2024, 2023 and 2022 , respectively.

Interest paid, excluding net swap settlements for interest rate swaps, was $ 500 million , $ 487 million and $ 423 million for the years ended December 31, 2025, 2024 and 2023 , respectively.

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

A summary of the lease classification on our consolidated balance sheet as of December 31, 2025 and 2024 follows:

18 unchanged sentences

During the years ended December 31, 2025 and 2024, we recognized changes in our operating right-of-use lease liabilities and assets, resulting from the recognition of non-cash lease expense of $ 47 million and $ 46 million, respectively.

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

As of December 31, 2025, maturities for operating and finance lease liabilities were as follows:

9 unchanged sentences

Present value of lease liabilities $ 225 $ 293 $ 518

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

A summary of the weighted-average remaining lease term and weighted-average discount rate as of December 31, 2025 and 2024 follows:

6 unchanged sentences

Supplemental cash flow and other non-cash information for the years ended December 31, 2025, 2024, and 2023 follow:

2025 2024 2023

Cash paid for amounts included in the measurement of lease liabilities

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Financing cash flows from finance leases $ 12 $ 10 $ 12

Leased assets obtained in exchange for new finance lease liabilities $ 25 $ 17

Leased assets obtained in exchange for new operating lease liabilities $ 45 $ 44 $ 33

Leased assets obtained in exchange for new finance lease liabilities $ 44 $ 25 $ 17

REPUBLIC SERVICES, INC.

3 unchanged sentences

$ 81 $ 204 $ 260

Uncertain tax positions and interest and other ( 26 ) ( 31 ) 9

( 11 ) 2 ( 3 )

Provision for income taxes $ 455 $ 388 $ 460

On July 4, 2025, the One Big Beautiful Bill Act (the "Act”) was signed into law.

The Act, among other things, implemented changes to the tax treatment relating to bonus depreciation, research and experimental expenditures and interest expense, and included phase-outs and restrictions on several clean energy tax incentives.

The Act did not have a material impact on our effective tax rate.

The reconciliations of the statutory federal income tax rate to our effective tax rate for the years ended December 31 follow:

2025 2024 2023

Federal statutory rate 21.0 % 21.0 % 21.0 %

State income taxes, net of federal benefit 4.8 4.4 4.6

Non-deductible expenses 0.8 1.2 1.1

Uncertain tax position taxes and interest ( 0.3 ) ( 0.8 ) 0.2

Investment tax credits ( 9.9 ) ( 4.0 ) ( 7.6 )

Other, net ( 0.4 ) ( 0.8 ) ( 0.5 )

Effective income tax rate 16.0 % 21.0 % 18.8 %

During 2024, we acquired non-controlling interests in limited liability companies established to own renewable energy assets that qualified for investment tax credits under Section 48 of the Internal Revenue Code.

We account for these investments under the equity method of accounting utilizing the HLBV method and recognize our share of income or loss and other reductions in the value of our investment in loss from unconsolidated equity method investments within our consolidated statements of income.

For further discussion regarding our equity method accounting, see Note 3, Business Acquisitions, Investments and Restructuring Charges .

Our 2024 tax provision reflects a benefit of $ 222 million due to the tax credits related to these investments.

We also made qualified investments in renewable natural gas projects and commercial electric vehicles during 2024 which, due to tax credits, reduced our tax provision by approximately $ 18 million.

Our 2023 tax provision was reduced by $ 87 million related to the tax credits from our non-controlling interests in limited liability companies established to own renewable energy assets.

US Federal Statutory Tax Rate $ 545 21.0 % $ 510 21.0 % $ 460 21.0 %

State and Local Income Taxes, Net of Federal Income Tax Effect (1)

110 4.2 107 4.4 97 4.4

Renewable energy assets ( 189 ) ( 7.3 ) ( 238 ) ( 9.8 ) ( 100 ) ( 4.6 )

Other ( 46 ) ( 1.8 ) ( 23 ) ( 0.9 ) ( 3 ) ( 0.1 )

Nontaxable or Nondeductible Items 42 1.6 37 1.5 36 1.6

Other Adjustments ( 7 ) ( 0.2 ) ( 5 ) ( 0.2 ) ( 30 ) ( 1.3 )

Effective Tax Rate $ 455 17.5 % $ 388 16.0 % $ 460 21.0 %

(1) State taxes in California, Illinois, Massachusetts, & Texas made up the majority (greater than 50 percent) of the tax effect in this category for 2025, 2024, and 2023.

The impact of foreign tax effects, effect of changes in tax laws or rates enacted in the current period, effect of cross-border tax laws, changes in valuation allowances and changes in unrecognized tax benefits were each immaterial to the periods presented.

During 2023 through 2025, we acquired non-controlling interests in limited liability companies established to own renewable energy assets that qualified for investment tax credits under Section 48 of the Internal Revenue Code.

We account for these investments under the equity method of accounting utilizing the HLBV method and recognize our share of income or loss and other reductions or increases in the value of our investment in loss from unconsolidated equity method investments within our consolidated statements of income.

For further discussion regarding our equity method accounting, see Note 3, Business Acquisitions, Investments and Restructuring Charges of the notes to our consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.

In addition, during 2023 we resolved IRS examinations for our 2014 to 2018 tax years, that in the aggregate, reduced our tax provision by approximately $ 21 million.

Our 2022 tax provision was reduced by $ 139 million related to the tax credits from our non-controlling interests in limited liability companies established to own renewable energy assets.

During 2022 , the Inflation Reduction Act (IRA) was signed into law.

We continue to evaluate the IRA and additional regulations as they are released by the U.S.

With respect to various energy credits in the IRA, we expect to benefit in subsequent years for credits related to commercial electric vehicles, carbon capture and renewable natural gas.

Additional benefits may be identified as subsequent guidance is released by the U.S.

Treasury and/or additional climate technologies are identified or advanced in future years.

We made income tax payments (net of refunds) of $ 313 million , $ 343 million and $ 185 million for 2024, 2023, and 2022, respectively.

Income taxes paid in 2024, 2023, and 2022 reflect benefits from tax credits from our continuing investments in qualified renewable energy projects.

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The components of the income tax payments (net of refunds received) for the period ended December 31 follow:

2025 2024 2023

$ 98 $ 195 $ 243

Foreign 16 10 17

Income tax payments (net of refunds received) $ 206 $ 313 $ 343

We made income tax payments (net of refunds) of $ 206 million , $ 313 million and $ 343 million for 2025, 2024, and 2023, respectively.

Income taxes paid in 2025 reflect benefits from the Act as well as tax credits from our continuing investments in qualified renewable energy projects.

Income taxes paid in 2024 and 2023 reflect benefits from tax credits from our continuing investments in qualified renewable energy projects.

The components of the net deferred income tax asset and liability as of December 31 follow:

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Valuation allowance, end of year $ 45 $ 51 $ 49

We have deferred tax assets related to state net operating loss carryforwards.

We provide a partial valuation allowance due to uncertainty surrounding the future utilization of these carryforwards in the taxing jurisdictions where the loss carryforwards exist.

When determining the need for a valuation allowance, we consider all positive and negative evidence, including recent financial results, scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies.

The weight given to the positive and negative evidence is commensurate with the extent such evidence can be objectively verified.

We adjust the valuation allowance in the period management determines it is more likely than not that deferred tax assets will or will not be realized.

The majority of our valuation allowance is associated with state loss carryforwards.

The realization of our deferred tax asset for state loss carryforwards ultimately depends upon the existence of sufficient taxable income in the appropriate state taxing jurisdictions in future periods.

We continue to regularly monitor both positive and negative evidence in determining the ongoing need for a valuation allowance.

We have deferred tax assets related to state net operating loss carryforwards with an estimated tax effect of $ 51 million available as of December 31, 2025.

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In recognition of this risk, as of December 31, 2025, we have provided a valuation allowance of $ 40 million.

We are subject to income tax in the United States, as well as income tax in multiple state and foreign jurisdictions.

Income tax in our foreign jurisdictions is not material for all years presented.

Our compliance with income tax rules and regulations is periodically audited by tax authorities.

These authorities may challenge the positions taken in our tax filings.

We are subject to income tax in the United States and Canada, as well as multiple state and provincial jurisdictions.

Our compliance with income tax rules and regulations is periodically audited by taxing authorities.

These authorities may challenge

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

the positions taken in our tax filings.

Thus, to provide for certain potential tax exposures, we maintain liabilities for uncertain tax positions for our estimate of the final outcome of the examinations.

Our federal statute of limitations applicable to our federal tax returns is closed through 2021.

The federal statute of limitations applicable to an acquired subsidiary is closed through 2019.

In addition, we are currently under state examination or administrative review in various jurisdictions for tax years 2013 through 2024.

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The following table summarizes the activity in our gross unrecognized tax benefits for the years ended December 31:

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Included in our gross unrecognized tax benefits as of December 31, 2025, 2024 and 2023 are $ 18 million, $ 22 million and $ 33 million, respectively, of unrecognized tax benefits (net of the federal benefit) that, if recognized, would affect our effective income tax rate in future periods.

However, we are unable to estimate the resolution of these matters over the next 12 months.

During 2023, we settled our 2014-2018 tax years with the Internal Revenue Service.

2 unchanged sentences

Related to the unrecognized tax benefits previously noted, we recorded a reduction to interest expense of $ 1 million during 2025 and, in total as of December 31, 2025, have recognized a liability for penalties of $ 4 million and interest of $ 4 million.

During 2023, we recorded interest expense of $ 1 million and, in total as of December 31, 2023, had recognized a liability for interest of $ 14 million.

During 2024, we recorded a reduction to interest expense of $ 6 million and, in total as of December 31, 2024, had recognized a liability for penalties of $ 1 million and interest of $ 5 million.

During 2023, we recorded interest expense of $ 1 million and, in total as of December 31, 2023, had recognized a liability for interest of $ 14 million.

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Unissued as of December 31, 2022

1,091 $ 77.19

Granted 250 $ 133.03

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During the years ended December 31, 2025, 2024 and 2023 , we awarded our non-employee directors 13,800 , 16,540 and 20,324 RSUs, respectively, which vested upon issuance.

During the years ended December 31, 2024, 2023 and 2022 , we awarded 158,789 , 216,610 and 226,108 RSUs, respectively, to executives and employees that vest in four equal annual installments beginning on the anniversary date of the original grant or cliff vest after three or four years .

During the years ended December 31, 2025, 2024 and 2023 , we awarded 132,585 , 158,789 and 216,610 RSUs, respectively, to executives and employees that vest in four equal annual installments beginning on the anniversary date of the original grant.

During the years ended December 31, 2025, 2024 and 2023 , we granted an additional 6,980 , 8,868 and 12,751 RSUs, respectively, as dividend equivalents.

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During the years ended December 31, 2025, 2024 and 2023 , compensation expense related to RSUs tota led $ 26 million, $ 25 million and $ 24 million, respectively .

As of December 31, 2024, total unrecognized compensation expense related to outstanding RSUs was $ 41 million, which will be recognized over a weighted average period of approximately two years .

As of December 31, 2025 , total unrecognized compensation expense related to outstanding RSUs was $ 43 million, which will be recognized over a weighted average period of approximately 2.5 years.

REPUBLIC SERVICES, INC.

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Share Repurchases

In October 2020, our Board of Directors approved a $ 2.0 billion share repurchase authorization effective starting January 1, 2021 and extending through December 31, 2023.

In October 2023, our Board of Directors approved a $ 3.0 billion share repurchase authorization effective starting January 1, 2024 and extending through December 31, 2026.

In October 2020, our Board of Directors approved a $ 2.0 billion share repurchase authorization effective starting January 1, 2021, extending through December 31, 2023.

In October 2023, our Board of Directors approved a $ 3.0 billion share repurchase authorization effective January 1, 2024 and extending through December 31, 2026.

Share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws.

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The average price paid per share, total repurchase costs and approximate maximum dollar value of the shares that may yet be purchased under the plans or programs exclude a 1% excise tax.

As of December 31, 2025, there were no repurchased shares pending settlement.

As of December 31, 2024, there were less than 1 million repurchased shares pending settlement, resulting in an associated $ 10 million of share repurchases unpaid and included within other accrued liabilities.

As of December 31, 2023 and 2022, there were no repurchased shares pending settlement.

As of December 31, 2023, there were no repurchased shares pending settlement.

As of December 31, 2025, the remaining authorized purchase capacity under our October 2023 repurchase program was $ 1.7 billion.

2 unchanged sentences

Our accounting policy is to deduct the par value from common stock and to reflect the excess of cost over par value as a deduction from additional paid-in capital.

The reduction in issued shares resulted in a change of $ 1,195 million in treasury stock which was reclassified as less than 1 million in common stock, and $ 1,195 million in additional paid-in capital.

The reduction in issued shares resulted in a change of $ 1.2 billion in treasury stock which was reclassified as less than 1 million in common stock, and $ 1.2 billion in additional paid-in capital.

There was no effect on our total stockholders' equity position as a result of the change.

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Basic earnings per share is computed by dividing net income attributable to Republic Services, Inc.

by the weighted average number of common shares (including vested but unissued RSUs and PSUs) outstanding during the period.

by the weighted average number of common shares (including vested but unissued restricted stock units and performance stock units) outstanding during the period.

Diluted earnings per share is based on the combined weighted average number of common shares and common share equivalents outstanding, which include, where appropriate, the assumed exercise of employee stock options, unvested RSUs and unvested PSUs at the expected attainment levels.

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Diluted earnings per share $ 6.85 $ 6.49 $ 5.47

During the year ended December 31, 2024, there were no antidilutive securities outstanding.

During each of the years ended December 31, 2023 and 2022, there were less than 1 million antidilutive securities outstanding.

SEGMENT REPORTING

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The CODM considers budget-to-actual variances and year-over-year growth on a monthly basis to assess the performance of each segment.

Cost of operations and selling, general and administrative are significant segment expenses used in the evaluation.

Cost of operations and selling, general and administrative expenses are significant segment expenses used in the evaluation.

REPUBLIC SERVICES, INC.

8 unchanged sentences

Cost of operations 4,248 4,265 8,513 1,117 — 9,630

SG&A 738 671 1,409 265 — 1,674

Selling, general and administrative 750 683 1,433 277 — 1,710

Other segment items ( 11 ) ( 45 ) ( 56 ) — — ( 56 )

2 unchanged sentences

Total assets $ 14,441 $ 11,616 $ 26,057 $ 5,217 $ 3,092 $ 34,366

Group 1 Group 2 Recycling & Waste Subtotal(1) Group 3

Group 1 Group 2 Recycling & Waste Subtotal (1)

(Environmental Solutions) Corporate entities and other Total

4 unchanged sentences

Cost of operations 4,043 4,161 8,204 1,146 — 9,350

SG&A 681 649 1,330 279 — 1,609

Selling, general and administrative 721 689 1,410 264 — 1,674

Other segment items — 29 29 — — 29

2 unchanged sentences

Total assets $ 13,978 $ 11,318 $ 25,296 $ 4,462 $ 2,644 $ 32,402

Group 1 Group 2 Recycling & Waste Subtotal(1) Group 3

Group 1 Group 2 Recycling & Waste Subtotal (1)

(Environmental Solutions) Corporate entities and other Total

4 unchanged sentences

Cost of operations 3,797 4,114 7,911 1,032 — 8,943

SG&A 612 586 1,198 256 — 1,454

Selling, general and administrative 664 666 1,330 279 — 1,609

Other segment items — — — ( 34 ) — ( 34 )

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(1) The Recycling & Waste Subtotal represents the combined results of our Group 1 and Group 2 reportable segments.

Corporate functions include marketing, operations support, business development, legal, tax, treasury, information technology, risk management, human resources and other administrative functions.

National Accounts revenue included in Corporate entities and other represents the portion of revenue generated from nationwide and regional contracts in markets outside our operating areas where the associated material handling is subcontracted to local operators.

Revenue and overhead costs of Corporate entities and other are either specifically assigned or allocated on a rational and consistent basis among our reportable

Corporate entities and other includes marketing, operations support, business development, legal, tax, treasury, information technology, risk management, human resources and other administrative functions.

National Accounts revenue included in Corporate entities and other represents the portion of revenue generated from nationwide and regional contracts in markets

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

segments to calculate adjusted EBITDA.

As presented in the tables above, adjusted EBITDA reflects certain adjustments for US Ecology, Inc., acquisition integration and deal costs, (income) losses from unconsolidated equity method investments, losses on extinguishment of debt, adjustments to withdrawal liabilities for a multiemployer pension fund, restructuring expenses, and gain on certain divestitures and impairments, net.

This presentation is consistent with how our CODM reviews results of operations to make resource allocation decisions.

Intercompany revenue reflects transactions within and between segments that generally are made on a basis intended to reflect the market value of such services.

Capital expenditures for Corporate entities and other primarily include vehicle inventory acquired but not yet assigned to operating locations and facilities.

A reconciliation of the Company's single measure of segment profitability (segment adjusted EBITDA) to Income before income tax provision in the Consolidated Statements of Net Income is as follows for the years ended December 31, 2024, 2023 and 2022 (in millions of dollars):

outside our operating areas where the associated material handling is subcontracted to local operators.

Revenue and overhead costs of Corporate entities and other are either specifically assigned or allocated on a rational and consistent basis among our reportable segments to calculate adjusted EBITDA.

Intercompany revenue reflects transactions within and between segments.

Capital expenditures for Corporate entities and other for the year ended December 31, 2025 largely included investments in our digital platforms and our third Polymer Center.

Capital expenditures for Corporate entities and other for the years ended December 31, 2024 and December 31, 2023 primarily included vehicle inventory acquired but not yet assigned to operating locations and facilities.

As presented in the tables above, adjusted EBITDA reflects certain adjustments for loss from unconsolidated equity method investments, adjustments to withdrawal liability for multiemployer pension funds, restructuring charges, gain on certain divestitures and impairments, net, loss on extinguishment of debt and other related costs, and labor disruption.

This presentation is consistent with how our CODM reviews our results of operations to make resource allocation decisions.

Other segment items during the year ended December 31, 2025, consist of the impact from labor disruptions that we experienced in certain isolated markets.

Other segment items during the year ended December 31, 2024, consist of a gain on the sale of a transfer station facility.

Other segment items during the year ended December 31, 2023, consist of US Ecology, Inc.

acquisition integration and deal costs.

A reconciliation of the Company's single measure of segment profitability (segment adjusted EBITDA) to income before income taxes in the Consolidated Statements of Net Income is as follows:

2025 2024 2023

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Total Adjusted EBITDA 5,307 4,979 4,447

Other income (expense), net ( 23 ) ( 7 ) 2

Other income ( 21 ) ( 23 ) ( 7 )

Interest income ( 8 ) ( 9 ) ( 6 )

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Loss from unconsolidated equity method investments 163 255 94

Adjustment to withdrawal liability for multiemployer pension funds

Adjustments to withdrawal liability for multiemployer pension funds

Restructuring charges 20 29 33

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Loss on extinguishment of debt and other related costs — 2 —

Labor disruption 56 — —

Income before income taxes $ 2,594 $ 2,432 $ 2,191

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Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations.

Intercompany revenue reflects transactions within and between lines of business.

See Note 15, Segment Reporting , for additional information regarding revenue by reportable segment.

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Our large-container customers are typically billed on a monthly basis based on the nature of the services provided during the period.

Revenue recognized under these agreements is variable in nature based on the number of residential homes or businesses serviced during the period, the frequency of collection and the volume of material collected.

Revenue recognized under these collection services agreements is variable in nature based on the number of residential homes or businesses serviced during the period, the frequency of collection and the volume of material collected.

In addition, certain of our contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index which are unknown at contract inception.

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Revenue at our transfer stations is primarily generated by charging tipping or disposal fees.

The fees received for transfer services are based primarily on the market, type and volume or weight of the material accepted, the distance to the disposal facility and the cost of disposal.

In general, fees are billed and revenue is recognized at the time the service is performed.

The fees received for transfer services are based primarily on the market, type and volume or weight of the material accepted, the distance to the disposal

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Revenue recognized under these agreements is variable in nature based on the volume and nature of the material accepted at the transfer station.

facility and the cost of disposal.

In general, fees are billed and revenue is recognized at the time the service is performed.

Revenue recognized under these transfer services agreements is variable in nature based on the volume and nature of the material accepted at the transfer station.

Landfill Services

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Environmental Solutions

Environmental solutions revenue is primarily generated from the fees we charge for the collection, treatment, consolidation, disposal and recycling of hazardous and non-hazardous waste, field and industrial services, equipment rental, emergency response and standby services and in-plant services, such as transportation and logistics, including at our transfer, storage and disposal facilities (TSDF).

Activity for this service line varies across markets and reflects the regulatory environment, pricing and disposal alternatives available in any given market.

Revenue recognized under these agreements is variable in nature and primarily based on the volume and type of waste accepted or processed during the period.

Revenue recognized under these environmental solutions agreements is variable in nature and primarily based on the volume and type of waste accepted or processed during the period.

For certain field and industrial services contracts, we have a right to consideration from our customers in an amount that corresponds directly with the value to the customer of the Company's performance completed to date.

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In general, fees are billed and revenue is recognized at the time title is transferred.

Revenue recognized under these agreements is variable in nature based on the volume and type of materials sold.

Revenue recognized under these recycling processing and commodity sales agreements is variable in nature based on the volume and type of materials sold.

In addition, the amount of revenue recognized is based on commodity prices at the time of sale, which are unknown at contract inception.

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We incur certain upfront payments to acquire customer contracts which are recognized as other assets in our consolidated balance sheet, and we amortize the asset over the respective contract life.

In addition, we recognize sales commissions that represent an incremental cost of the contract as other assets in our consolidated balance sheet, and we amortize the asset over the average life of the customer relationship.

As of December 31, 2024 and 2023, we recognized $ 82 million and $ 83 million,

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

respectively, of deferred contract costs and capitalized sales commissions.

During the years ended December 31, 2024, 2023 and 2022, we amortized $ 15 million, $ 14 million and $ 13 million, respectively, of capitalized sales commissions to selling, general and administrative expenses, and $ 4 million, $ 5 million and $ 6 million, respectively, of other deferred contract costs as a reduction of revenue.

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT

A summary of changes in accumulated other comprehensive loss, net of tax, by component, for the years ended December 31, 2024, 2023 and 2022 follows:

Hedges Defined Benefit Pension Plan Foreign Currency Translation Total

Balance as of December 31, 2021

$ ( 26 ) $ 11 $ — $ ( 15 )

Other comprehensive loss before reclassifications 9 ( 2 ) ( 5 ) 2

Amounts reclassified from accumulated other comprehensive loss 1 — — 1

Net current-period other comprehensive income (loss) 10 ( 2 ) ( 5 ) 3

Balance as of December 31, 2022

( 16 ) 9 ( 5 ) ( 12 )

Other comprehensive income (loss) before reclassifications 14 — ( 5 ) 9

Amounts reclassified from accumulated other comprehensive loss ( 9 ) — — ( 9 )

Net current-period other comprehensive income (loss) 5 — ( 5 ) —

Balance as of December 31, 2023

( 11 ) 9 ( 10 ) ( 12 )

Other comprehensive income (loss) before reclassifications 6 ( 3 ) ( 3 ) —

Amounts reclassified from accumulated other comprehensive loss ( 8 ) ( 6 ) — ( 14 )

Net current-period other comprehensive income (loss) ( 2 ) ( 9 ) ( 3 ) ( 14 )

Balance as of December 31, 2024

$ ( 13 ) $ — $ ( 13 ) $ ( 26 )

A summary of reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2024, 2023 and 2022 follows:

Amount Reclassified from Accumulated Other Comprehensive Loss

Details about Accumulated Other Comprehensive Loss Components 2024 2023 2022 Affected Line Item in the Statement Where Net Income is Presented

Gain (loss) on cash flow hedges:

Terminated interest rate locks $ ( 3 ) $ ( 5 ) $ ( 6 ) Interest expense

2022 Interest Rate Swap 14 17 5 Interest expense

Total before tax 11 12 ( 1 )

Tax (provision) benefit ( 3 ) ( 3 ) —

Net of tax 8 9 ( 1 )

Pension gains:

Pension settlement 8 1 1 Other income

Tax provision ( 2 ) — —

Net of tax 6 1 1

Total income (loss) reclassified into earnings, net of tax

$ 14 $ 10 $ —

In addition, we recognize sales commissions that represent an incremental cost of the contract as other assets in our consolidated balance sheet, and we amortize the asset over

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

In 2024, we terminated our qualified defined benefit pension plan, the BFI Retirement Plan (the Plan).

The Plan covered certain employees in the United States, including some employees subject to collective bargaining agreements.

Plan participants were provided the opportunity to receive their full accrued benefits from plan assets by either electing immediate lump sum distributions or annuity contracts with a qualifying third-party annuity provider.

The purchase of the annuity contracts was funded directly by assets of the defined benefit pension plan.

As a result, the plan was settled resulting in the recognition of a non-cash gain of $ 8 million related to the accelerated recognition of the proportional share of unamortized net actuarial gains previously recorded in accumulated other comprehensive loss.

This gain was recorded to other income, net in our consolidated statements of income.

All remaining obligations were settled as of December 31, 2024.

the average life of the customer relationship.

As of December 31, 2025 and 2024, we recognized $ 81 million and $ 82 million, respectively, of deferred contract costs and capitalized sales commissions.

FINANCIAL INSTRUMENTS

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Money market mutual funds - restricted cash and marketable securities and other assets $ 62 $ 62 $ 62 $ — $ —

Bonds - restricted cash and marketable securities and other assets 76 76 — 76 —

Derivative and hedging assets - other assets 78 78 — 78 —

Bonds and fixed income - restricted cash and marketable securities and other assets

Derivative and hedging assets - other assets, prepaid expenses and other current assets 55 55 — 55 —

Total assets $ 207 $ 207 $ 62 $ 145 $ —

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As of December 31, 2025 and 2024, the carrying value of our total debt was $ 13.6 billion and $ 12.7 billion, respectively, and the fair value of our total debt was $ 13.5 billion and $ 12.2 billion, respectively.

The estimated fair value of our fixed rate senior notes and debentures is based on quoted market prices.

The estimated fair value of our fixed rate senior notes, debentures and certain tax-exempt financings is based on quoted market prices.

The fair value of our remaining notes payable, tax-exempt financings and borrowings under our credit facilities approximates the carrying value because the interest rates are variable.

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See Note 9, Debt , for further information related to our debt.

Contingent Consideration

In 2015, we entered into a waste management contract with the County of Sonoma, California to operate the county's waste management facilities.

As of December 31, 2024, the Sonoma contingent consideration represents the fair value of $ 57 million payable to the County of Sonoma based on the achievement of future annual tonnage targets through the expected remaining capacity of the landfill.

The potential undiscounted amount of all future contingent payments that we could be required to make under the waste management contract is estimated to be between approximately $ 77 million and $ 105 million.

During 2024, the activity in the contingent consideration liability included accretion, which was offset by concession payments made in the ordinary course of business.

There were no changes to the estimate of fair value.

COMMITMENTS AND CONTINGENCIES

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We accrue for legal proceedings when losses become probable and reasonably estimable.

We have recorded an aggregate accrual of approximately $ 13 million relating to our outstanding legal proceedings as of December 31, 2024.

As of the end of each applicable reporting period, we review each of our legal proceedings and, where it is probable that a liability has been

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

incurred, we accrue for all probable and reasonably estimable losses.

As of the end of each applicable reporting period, we review each of our legal proceedings and, where it is probable that a liability has been incurred, we accrue for all probable and reasonably estimable losses.

Where we can reasonably estimate a range of losses we may incur regarding such a matter, we record an accrual for the amount within the range that constitutes our best estimate.

If we can reasonably estimate a range but no amount within the range appears to be a better estimate than any other, we use the amount that is the low end of such range.

If we had used the high ends of such ranges, our aggregate potential liability would be approximately $ 6 million higher than the amount recorded as of December 31, 2024.

As of December 31, 2025, we estimate that the probable and reasonably estimable outcomes of any such legal proceedings, as well as the aggregate potential liability using reasonably possible high ends of our ranges, are immaterial to the Company's consolidated financial statements.

Multiemployer Pension Plans

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We do not administer these plans.

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Under current law regarding multiemployer pension plans, our withdrawal (which we consider from time to time) or the mass withdrawal from any under-funded multiemployer pension plan (each, a Withdrawal Event) could require us to make payments to the plan for our proportionate share of the plan’s unfunded vested liabilities.

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Cash, cash equivalents, restricted cash and restricted cash equivalents $ 249 $ 203 $ 228

Our restricted cash and marketable securities includes amounts pledged to regulatory agencies and governmental entities as financial guarantees of our performance under certain collection, landfill and transfer station contracts and permits and relating to our final capping, closure and post-closure obligations at our landfills and restricted cash and marketable securities related to our insurance obligations.

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The following table summarizes our restricted cash and marketable securities as of December 31:

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There have been no identified events or changes in circumstances that may have a significant adverse effect on the recoverability of this investment.

This investee company and the parent company of the investee had written surety bonds for us relating primarily to our landfill operations for capping, closure and post-closure, of which $ 1,812 million were outstanding as of December 31, 2024.

Our reimbursement obligations under these bonds are secured by an indemnity agreement with the investee and a surety bond.

This investee company and the parent company of the investee had written surety bonds for us relating primarily to our landfill operations for capping, closure and post-closure, of which $ 2.0 billion were outstanding as of December 31, 2025.

Our reimbursement obligations under these bonds are secured by an indemnity agreement with the investee.

Off-Balance Sheet Arrangements

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We do not believe that these contingent obligations will have a material effect on our consolidated financial position, results of operations or cash flows.

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

We have entered into agreements with property owners to guarantee the value of property that is adjacent to certain of our landfills.

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We do not believe that these contingent obligations will have a material effect on our consolidated financial position, results of operations or cash flows.

REPUBLIC SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Other Matters

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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 8. Financial Statements and Supplementary Data