4 unchanged sentences
These include:
−Removed: ● Statements regarding our landfills, including capacity, duration, special projects, demand for and pricing of recyclables, estimated closure and post-closure liabilities, landfill alternatives and related capital expenditures, operating expenses, leachate and the ETLF event at the Chiquita Canyon Landfill;
+Added: ● Statements regarding our landfills, including capacity, duration, demand for and pricing of recyclables, estimated closure and post-closure liabilities, landfill alternatives and related capital expenditures, operating expenses, leachate and the Elevated Temperature Landfill, or ETLF, event at the Chiquita Canyon Landfill;
● Discussion of competition, loss of contracts, price increases and additional exclusive and/or long-term collection service arrangements;
1 unchanged sentence
● Statements regarding our ability to access capital resources or credit markets;
−Removed: ● Plans for, and the amount of, certain capital expenditures for our existing and newly acquired properties and equipment and the funding thereof;
+Added: ● Plans for, and the amount and sources of, certain capital expenditures for our existing and newly acquired properties and equipment and the funding thereof;
● Statements regarding fuel, oil and natural gas demand, prices, and price volatility;
● Assessments of regulatory developments and potential changes in environmental, health, safety and tax laws and regulations;
−Removed: ● Other statements on a variety of topics such as inflation, the impacts of trade policies or tariffs, general economic conditions, credit risk of customers, seasonality, labor/pension costs and labor union activity, employee retention costs, operational and safety risks, acquisitions and their contribution to the Company’s strategy, dividends, share repurchases, litigation developments and results, goodwill impairments, insurance costs and cybersecurity threats.
+Added: ● Other statements on a variety of topics such as inflation, impacts of trade policies or tariffs, general economic conditions, credit risk of customers, seasonality, labor/pension costs and labor union activity, employee retention costs, operational and safety risks, acquisitions and their contribution to the Company’s strategy, dividends, share repurchases, litigation developments and results, goodwill impairments, insurance costs and cybersecurity threats.
These statements can be identified by the use of forward-looking terminology such as “believes,” “expects,” “intends,” “may,” “might,” “will,” “could,” “should” or “anticipates,” or the negative thereof or comparable terminology, or by discussions of strategy.
6 unchanged sentences
and six provinces in Canada.
−Removed: Waste Connections also provides non-hazardous oil and natural gas exploration and production (“E&P”) waste treatment, recovery and disposal
−Removed: services in several basins across the U.S.
+Added: We also provide non-hazardous oil and natural gas exploration and production (“E&P”) waste treatment, recovery and disposal services in
+Added: several basins across the U.S.
and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest.
1 unchanged sentence
We continuously monitor and evaluate new technologies and investments that can enhance our commitment to the environment, to our employees and to the communities we serve.
−Removed: These investments align with our focus on value creation for all stakeholders and we remain committed to expanding these efforts as our industry and technology continue to evolve.
−Removed: To that end, we have committed $500 million to the advancement of long-term, aspirational ESG targets, and we have incorporated progress towards their achievement into compensation metrics.
−Removed: These targets include reducing environmental impact through reductions in absolute Scope 1 and 2 emissions and emissions intensity, expanded resource recovery processing, increased landfill gas recovery and beneficial reuse, and increased on-site leachate treatment at our landfills.
−Removed: In addition, the targets focus on enhancing employee safety and engagement.
−Removed: We generally seek to avoid highly competitive, large urban markets and instead target markets where we can attain high market share either through exclusive contracts, vertical integration or asset positioning.
−Removed: In markets where waste collection services are provided under exclusive arrangements, or where waste disposal is municipally owned or funded or available at multiple municipal sources, we believe that controlling the waste stream by providing collection services under exclusive arrangements is often more important to our growth and profitability than owning or operating landfills.
+Added: We have committed $500 million to the advancement of long-term, aspirational ESG targets, which we evaluate continuously and have expanded as we make progress towards their achievement.
+Added: Our targets align with our focus on value creation for our stakeholders, and we have incorporated progress towards their achievement into compensation metrics.
+Added: Our ESG targets include reduced absolute Scope 1 and 2 emissions and emissions intensity, expanded resource recovery processing, increased landfill gas recovery and beneficial reuse, increased on-site leachate treatment at our landfills, and improved metrics for safety and employee engagement.
+Added: We generally target markets where we can operate efficiently, including secondary and rural markets, which often allows us to establish a substantial presence and operate profitably through exclusive contracts, vertical integration or asset positioning.
+Added: In markets where waste collection services are provided under exclusive arrangements, or where waste disposal is municipally owned or funded or available at multiple municipal sources, we seek to achieve efficiencies through our collection services that aid our growth and profitability.
We also target niche markets, like non-hazardous E&P waste treatment, recovery and disposal services.
2 unchanged sentences
The solid waste industry has been consolidating and continues to consolidate as a result of a number of factors, including the increasing costs and complexity associated with waste management operations and regulatory compliance.
−Removed: Many small independent operators and municipalities lack the capital resources, management, operating skills and technical expertise necessary to operate effectively in such an environment.
+Added: Some small independent operators and municipalities lack the capital resources, management, operating skills and technical expertise necessary to operate effectively in such an environment.
The consolidation trend has caused solid waste companies to operate larger landfills that have complementary collection routes that can use company-owned disposal capacity.
−Removed: Controlling the point of transfer from haulers to landfills has become increasingly important as landfills continue to close and disposal capacity moves farther from the collection markets it serves.
+Added: Owning a point of transfer to landfills has become increasingly important as landfills continue to close and some disposal capacity is farther from collection areas.
Generally, the most profitable operators within the solid waste industry are those companies that are vertically integrated or enter into long-term collection contracts.
13 unchanged sentences
For a description of the new accounting standards that affect us, see Note 3 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
−Removed: RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
+Added: RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
The following table sets forth items in our Condensed Consolidated Statements of Net Income in thousands of U.S.
dollars and as a percentage of revenues for the periods indicated.
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Cost of operations
7 unchanged sentences
Income tax provision
−Removed: Net loss attributable to noncontrolling interests
−Removed: Net income attributable to Waste Connections
−Removed: Total revenues increased $119.9 million, or 5.1%, to $2.458 billion for the three months ended September 30, 2025, from $2.338 billion for the three months ended September 30, 2024.
−Removed: Total revenues increased $434.3 million, or 6.5%, to $7.094 billion for the nine months ended September 30, 2025, from $6.659 billion for the nine months ended September 30, 2024.
−Removed: Acquisitions closed during, or subsequent to, the three and nine months ended September 30, 2024, increased revenues by $79.7 million and $325.7 million, respectively, for the three and nine months ended September 30, 2025.
−Removed: Operations that were divested during, or subsequent to, the three and nine months ended September 30, 2024, decreased revenues by $3.1 million and $6.9 million, respectively, for the three and nine months ended September 30, 2025.
−Removed: The impact of operations that were closed during, or subsequent to, the three and nine months ended September 30, 2024, decreased revenues by $14.4 million and $49.3 million, respectively, for the three and nine months ended September 30, 2025.
−Removed: During the three months ended September 30, 2025, the net increase in prices charged to our customers at our existing operations was $132.1 million, consisting of $134.3 million of core price increases and decreases in surcharges of $2.2 million.
−Removed: During the nine months ended September 30, 2025, the net increase in prices charged to our customers at our existing operations was $394.4 million, consisting of $404.4 million of core price increases and decreases in surcharges of $10.0 million.
−Removed: During the three and nine months ended September 30, 2025, we recognized volume losses totaling $59.4 million and $181.4 million, respectively, resulting from a decrease in roll off volumes, lower post-collection volumes in our Eastern and Central segments, lower residential collection volumes due primarily to the purposeful shedding of certain low-margin municipal contracts and lower commercial revenues.
−Removed: E&P waste revenues at facilities owned during the three and nine months ended September 30, 2025 increased $10.4 million and $13.5 million, respectively, due to nominal increases in overall activity levels in our Canada segment.
−Removed: Revenues from sales of recyclable commodities at facilities owned during the three and nine months ended September 30, 2025 and 2024 decreased $17.1 million and $26.1 million, respectively.
−Removed: The decreases were primarily attributable to lower prices for old corrugated cardboard, partially offset by an increase in volumes and an increase in the prices of certain grades of metal as compared to the prior periods.
−Removed: A decrease in the average Canadian dollar to U.S.
−Removed: dollar currency exchange rate resulted in a decrease in revenues of $3.4 million and $23.7 million for the three and nine months ended September 30, 2025, respectively.
−Removed: The average Canadian dollar to U.S.
−Removed: dollar exchange rates on our Canadian revenues were 0.7260 and 0.7333 for the three months ended September 30, 2025 and 2024, respectively.
+Added: Total revenues increased $142.5 million, or 6.4%, to $2.371 billion for the three months ended March 31, 2026, from $2.228 billion for the three months ended March 31, 2025.
+Added: Acquisitions closed during, or subsequent to, the three months ended March 31, 2025, increased revenues by $57.4 million for the three months ended March 31, 2026.
+Added: Operations that were divested during, or subsequent to, the three months ended March 31, 2025, decreased revenues by $2.2 million for the three months ended March 31, 2026.
+Added: During the three months ended March 31, 2026, the net increase in prices charged to our customers at our existing operations was $120.0 million, consisting of $121.3 million of core price increases and decreases in surcharges of $1.3 million.
+Added: During the three months ended March 31, 2026, we recognized volume losses totaling $57.9 million resulting from a decrease in roll off and post-collection volumes in our Eastern, Southern and Canada segments, partially offset by an increase in landfill volumes in our Central and Western segments.
+Added: E&P waste revenues at facilities owned during the three months ended March 31, 2026 increased $18.8 million, due to increased disposal capacity from ongoing development, resumed operations at a facility that was suspended, increased drilling activity in our Canada and Southern segments and higher crude oil and natural gas prices.
+Added: Revenues from sales of recyclable commodities at facilities owned during the three months ended March 31, 2026 and 2025 decreased $9.2 million.
+Added: The decrease was primarily attributable to lower prices for old corrugated cardboard and plastics.
+Added: An increase in the average Canadian dollar to U.S.
+Added: dollar currency exchange rate resulted in an increase in revenues of $14.0 million for the three months ended March 31, 2026.
The average Canadian dollar to U.S.
−Removed: dollar exchange rates on our Canadian revenues were 0.7158 and 0.7348 for the nine months ended September 30, 2025 and 2024, respectively.
−Removed: Other revenues decreased $4.9 million during the three months ended September 30, 2025, due primarily to a $6.4 million decrease in landfill gas revenues on lower values of renewable energy credits, partially offset by contributions from new facilities, as well as a $0.8 million increase in other non-core revenue sources and a $0.7 million increase in intermodal revenues.
−Removed: Other revenues decreased $11.9 million during the nine months ended September 30, 2025, due primarily to an $11.4 million decrease in landfill gas revenues on lower values of renewable energy credits and a $2.0 million decrease in intermodal revenues, partially offset by a $1.5 million increase in other non-core revenue sources.
+Added: dollar exchange rates on our Canadian revenues were 0.7291 and 0.6968 for the three months ended March 31, 2026 and 2025, respectively.
+Added: Other revenues increased $1.6 million during the three months ended March 31, 2026, due primarily to a $3.5 million increase in landfill gas revenues from a new operating facility, partially offset by a $1.9 million decrease in intermodal revenues.
Cost of Operations .
−Removed: Total cost of operations increased $62.8 million, or 4.7%, to $1.407 billion for the three months ended September 30, 2025, from $1.344 billion for the three months ended September 30, 2024.
−Removed: The increase was primarily the result of $38.3 million of additional operating costs from acquisitions closed during, or subsequent to, the three months ended September 30, 2024, and an increase in operating costs at our existing operations of $28.6 million, assuming foreign currency parity, partially offset by a decrease in operating costs of $1.5 million resulting from a lower average foreign currency exchange rate in effect during the current period and a decrease of $2.6 million from operations divested during, or subsequent to, the three months ended September 30, 2024.
−Removed: The increase in operating costs of $28.6 million, assuming foreign currency parity, at our existing operations for the three months ended September 30, 2025, consisted of higher labor and recurring incentive compensation expenses of $14.5 million, an increase in trucking costs of $7.7 million, higher risk management expenses of $6.9 million, an increase in other landfill operating costs of $2.8 million, an increase in taxes on revenues of $2.2 million and a net increase of other expenses of $1.8 million, partially offset by a decrease in disposal costs of $3.6 million, lower truck, container, equipment and facility maintenance and repair expenses of $2.4 million and a decrease in fuel expense of $1.3 million due to diesel prices.
−Removed: Total cost of operations increased $224.2 million, or 5.8%, to $4.091 billion for the nine months ended September 30, 2025, from $3.867 billion for the nine months ended September 30, 2024.
−Removed: The increase was primarily the result of $161.2 million of additional operating costs from acquisitions closed during, or subsequent to, the nine months ended September 30, 2024, and an increase in operating costs at our existing operations of $80.1 million, assuming foreign currency parity, partially offset by a decrease in operating costs of $11.6 million resulting from a lower average foreign currency exchange rate in effect during the current period and a decrease of $5.5 million from operations divested during, or subsequent to, the nine months ended September 30, 2024.
−Removed: The increase in operating costs of $80.1 million, assuming foreign currency parity, at our existing operations for the nine months ended September 30, 2025, consisted of higher labor and recurring incentive compensation expenses of $41.6 million, an increase in risk management expenses of $21.3 million, higher trucking costs of $15.5 million, an increase in post-closure liability interest accretion expense of $12.2 million, an increase in benefits costs of $8.3 million and higher taxes on revenues of $4.4 million, partially offset by a decrease in fuel expense of $11.0 million due to diesel prices, lower disposal costs of $3.7 million, a decrease in other landfill operating costs of $3.2 million, lower truck, container, equipment and facility maintenance and repair expenses of $3.1 million and a net decrease of other expenses of $2.2 million.
−Removed: Cost of operations as a percentage of revenues decreased 0.3 percentage points to 57.2% for the three months ended September 30, 2025, from 57.5% for the three months ended September 30, 2024.
−Removed: The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.4 percentage point decrease in disposal costs, a 0.3 percentage point decrease in truck, container, equipment and facility maintenance and repair expenses and a 0.2 percentage
−Removed: point decrease in fuel costs due to diesel prices, partially offset by a 0.2 percentage point increase due to operations closed subsequent to the prior period, a 0.2 percentage point increase due to higher risk management costs and a 0.2 percentage point increase due to higher trucking costs.
−Removed: Cost of operations as a percentage of revenues decreased 0.4 percentage points to 57.7% for the nine months ended September 30, 2025, from 58.1% for the nine months ended September 30, 2024.
−Removed: The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.3 percentage point decrease due to the impact of acquisitions having lower operating costs as a percentage of revenue as compared to existing operations, a 0.3 percentage point decrease in fuel costs due to diesel prices, a 0.2 percentage point decrease in disposal costs as a result of increased internalization in certain markets and a 0.2 percentage point decrease in truck, container, equipment and facility maintenance and repair expenses , partially offset by a 0.3 percentage point increase due to higher risk management costs, a 0.2 percentage point increase in labor and benefits costs and a 0.1 percentage point increase from all other net changes.
−Removed: SG&A expenses increased $14.0 million, or 6.3%, to $236.5 million for the three months ended September 30, 2025, from $222.5 million for the three months ended September 30, 2024.
−Removed: The increase was comprised of $9.7 million, assuming foreign currency parity, at our existing operations and $4.6 million from acquisitions closed during, or subsequent to, the three months ended September 30, 2024, partially offset by a decrease of $0.3 million resulting from a lower average foreign currency exchange rate in effect during the current period.
−Removed: The increase in SG&A expenses at our existing operations of $9.7 million, assuming foreign currency parity, for the three months ended September 30, 2025, was comprised of an increase in incentive compensation expense of $7.6 million, higher administrative payroll expenses of $4.4 million and $1.9 million of other net expense increases, partially offset by a decrease in direct acquisition expenses of $4.2 million.
−Removed: SG&A expenses increased $57.5 million, or 8.6%, to $729.6 million for the nine months ended September 30, 2025, from $672.1 million for the nine months ended September 30, 2024.
−Removed: The increase was comprised of $38.0 million, assuming foreign currency parity, at our existing operations and $21.8 million from acquisitions closed during, or subsequent to, the nine months ended September 30, 2024, partially offset by a decrease of $2.3 million resulting from a lower average foreign currency exchange rate in effect during the current period.
−Removed: The increase in SG&A expenses at our existing operations of $38.0 million, assuming foreign currency parity, for the nine months ended September 30, 2025, was comprised of higher administrative payroll expenses of $23.5 million, an increase in professional fees of $8.9 million, an increase in incentive compensation expense of $7.5 million, a collective increase in travel and meetings expenses and charitable contributions of $3.4 million, higher software license fees of $2.2 million, an increase in lease costs of $2.1 million and $0.9 million of other net expense increases, partially offset by a decrease in direct acquisition expenses of $5.4 million and decreased expenses for uncollectible accounts receivable of $5.1 million.
−Removed: SG&A expenses as a percentage of revenues increased 0.1 percentage point to 9.6% for the three months ended September 30, 2025, from 9.5% for the three months ended September 30, 2024.
−Removed: The increase as a percentage of revenues was primarily driven by a 0.3 percentage point increase in administrative payroll and incentive compensation expenses as a percentage of revenue, partially offset by a 0.2 percentage point decrease in direct acquisition expenses as a percentage of revenue.
−Removed: SG&A expenses as a percentage of revenues increased 0.2 percentage points to 10.3% for the nine months ended September 30, 2025, from 10.1% for the nine months ended September 30, 2024.
−Removed: The increase as a percentage of revenues was primarily driven by a 0.3 percentage point increase in administrative payroll and incentive compensation expenses, partially offset by a 0.1 percentage point decrease in SG&A expenses from acquisitions closed during, or subsequent to, the nine months ended September 30, 2024.
+Added: Total cost of operations increased $69.7 million, or 5.4%, to $1.361 billion for the three months ended March 31, 2026, from $1.291 billion for the three months ended March 31, 2025.
+Added: The increase was primarily the result of an increase in operating costs at our existing operations of $41.2 million, additional operating costs of $23.8 million attributable to acquisitions closed during, or subsequent to, the three months ended March 31, 2025, assuming foreign currency parity, and an increase in operating costs of $6.4 million resulting from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $1.7 million from operations divested during, or subsequent to, the three months ended March 31, 2025.
+Added: The increase in operating costs at our existing operations for the three months ended March 31, 2026, assuming foreign currency parity, consisted of $22.8 million related to an increase in taxes on revenues, higher operating costs associated with new operating facilities at our existing operations and additional capacity developed to accommodate increased E&P disposal volumes, higher labor and recurring incentive compensation expenses of $11.5 million, an increase in trucking costs of $7.4 million, higher truck, container, equipment and facility maintenance and repair expenses of $2.0 million, an increase in property taxes of $1.7 million, an increase in fuel expense of $1.4 million due to higher diesel prices, and a net increase of other expenses of $0.6 million, partially offset by a decrease in risk management expenses of $3.8 million and lower disposal costs of $2.4 million.
+Added: Cost of operations as a percentage of revenues decreased 0.6 percentage points to 57.4% for the three months ended March 31, 2026, from 58.0% for the three months ended March 31, 2025.
+Added: The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.4 percentage point decrease in labor and benefits costs, a 0.3 percentage point decrease due to a decrease in risk management expenses and a 0.1 percentage point decrease due to lower post-closure liability interest accretion expense, partially offset by a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenue.
+Added: SG&A expenses increased $1.0 million, or 0.4%, to $251.1 million for the three months ended March 31, 2026, from $250.1 million for the three months ended March 31, 2025.
+Added: The increase was comprised of $7.1 million from acquisitions closed during, or subsequent to, the three months ended March 31, 2025 and an increase of $1.4 million from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $7.5 million, assuming foreign currency parity, at our existing operations.
+Added: The decrease in SG&A expenses at our existing operations for the three months ended March 31, 2026, assuming foreign currency parity, was comprised of a decrease in direct acquisition expenses of $9.6 million, a decrease in administrative payroll and incentive compensation expenses of $3.4 million, a decrease in professional fees of $2.2 million, and $0.1 million of other net expense decreases, partially offset by an increase in expenses for uncollectible accounts receivable of $5.5 million and an increase in travel, meetings and training expenses of $2.3 million.
+Added: SG&A expenses as a percentage of revenues decreased 0.6 percentage points to 10.6% for the three months ended March 31, 2026, from 11.2% for the three months ended March 31, 2025.
+Added: The decrease as a percentage of revenues was primarily driven by a 0.4 percentage point decrease in direct acquisition expenses and a 0.4 percentage point decrease in administrative payroll and incentive compensation expenses, partially offset by a 0.1 percentage point increase in SG&A expenses from acquisitions closed during, or subsequent to, the three months ended March 31, 2025 and 0.1 percentage point of other net increases.
Depreciation .
−Removed: Depreciation expense increased $15.5 million, or 6.2%, to $264.0 million for the three months ended September 30, 2025, from $248.5 million for the three months ended September 30, 2024.
−Removed: The increase was comprised of an increase in depreciation expense of $10.7 million from the impact of additions to our fleet and equipment purchased to support our existing operations and an increase in depreciation and depletion expense of $8.2 million from acquisitions
−Removed: closed during, or subsequent to, the three months ended September 30, 2024, partially offset by a decrease of $2.8 million in depletion expense, a decrease of $0.4 million resulting from a lower average foreign currency exchange rate in effect during the current period and a decrease of $0.2 million from operations divested during, or subsequent to, the three months ended September 30, 2024.
−Removed: Depreciation expense increased $51.3 million, or 7.2%, to $763.7 million for the nine months ended September 30, 2025, from $712.4 million for the nine months ended September 30, 2024.
−Removed: The increase was comprised of an increase in depreciation and depletion expense of $36.7 million from acquisitions closed during, or subsequent to, the nine months ended September 30, 2024, and an increase in depreciation expense of $31.1 million from the impact of additions to our fleet and equipment purchased to support our existing operations, partially offset by a decrease of $13.1 million in depletion expense, a decrease of $2.8 million resulting from a lower average foreign currency exchange rate in effect during the current period and a decrease of $0.6 million from operations divested during, or subsequent to, the nine months ended September 30, 2024.
−Removed: Depreciation expense as a percentage of revenues remained flat at 10.7% for the three and nine months ended September 30, 2025 and the three and nine months ended September 30, 2024.
−Removed: For both comparable periods, depreciation expense as a percentage of revenues was impacted by capital expenditures to support our existing operations and acquisitions closed during, or subsequent to, the three and nine months ended September 30, 2024 having higher depreciation expense as a percentage of revenue than our company average, partially offset by the impact of decreased depletion expenses as a result of lower landfill volumes.
+Added: Depreciation expense increased $25.2 million, or 10.4%, to $267.5 million for the three months ended March 31, 2026, from $242.3 million for the three months ended March 31, 2025.
+Added: The increase was comprised of an increase in depreciation expense of $9.6 million from the impact of additions to our fleet and equipment purchased to support our existing operations, an increase in depreciation and depletion expense of $7.9 million from acquisitions closed during, or subsequent to, the three months ended March 31, 2025, an increase of $6.0 million in depletion expense at our existing operations and an increase of $1.7 million resulting from a higher average foreign currency exchange rate in effect during the current period.
+Added: Depreciation expense as a percentage of revenues increased 0.4 percentage points to 11.3% for the three months ended March 31, 2026, from 10.9% for the three months ended March 31, 2025.
+Added: The increase as a percentage of revenues was primarily driven by capital expenditures to support our existing operations and acquisitions closed during, or subsequent
+Added: to, the three months ended March 31, 2025 having higher depreciation expense as a percentage of revenue than our company average.
Amortization of Intangibles .
−Removed: Amortization of intangibles expense increased $6.1 million, or 13.6%, to $51.3 million for the three months ended September 30, 2025, from $45.2 million for the three months ended September 30, 2024.
−Removed: The increase was the result of $6.6 million from intangible assets acquired in acquisitions closed during, or subsequent to, the three months ended September 30, 2024, partially offset by a decrease of $0.4 million from certain intangible assets becoming fully amortized subsequent to September 30, 2024 and a decrease of $0.1 million due to a lower average foreign currency exchange rate in effect during the current period.
−Removed: Amortization of intangibles expense increased $19.6 million, or 15.1%, to $149.2 million for the nine months ended September 30, 2025, from $129.6 million for the nine months ended September 30, 2024.
−Removed: The increase was the result of $27.8 million from intangible assets acquired in acquisitions closed during, or subsequent to, the nine months ended September 30, 2024, partially offset by a decrease of $7.4 million from certain intangible assets becoming fully amortized subsequent to September 30, 2024, a decrease of $0.7 million due to a lower average foreign currency exchange rate in effect during the current period and a decrease of $0.1 million due to intangible assets divested subsequent to the nine months ended September 30, 2024.
−Removed: Amortization of intangibles expense as a percentage of revenues increased 0.2 percentage points to 2.1% for the three months ended September 30, 2025, from 1.9% for the three months ended September 30, 2024.
−Removed: The increase as a percentage of revenues was primarily driven by a 0.2 percentage point increase related to acquisitions closed during, or subsequent to, the three months ended September 30, 2024 having higher amortization expense as a percentage of revenue than our company average.
−Removed: Amortization of intangibles expense as a percentage of revenues increased 0.1 percentage points to 2.1% for the nine months ended September 30, 2025, from 2.0% for the nine months ended September 30, 2024.
−Removed: The increase as a percentage of revenues was primarily driven by a 0.3 percentage point increase related to acquisitions closed during, or subsequent to, the nine months ended September 30, 2024 having higher amortization expense as a percentage of revenue than our company average, partially offset by a 0.2 percentage point decrease related to certain intangible assets becoming fully amortized subsequent to September 30, 2024.
+Added: Amortization of intangibles expense decreased $0.3 million, or 0.8%, to $47.3 million for the three months ended March 31, 2026, from $47.6 million for the three months ended March 31, 2025.
+Added: The decrease was comprised of a decrease of $5.5 million from certain intangible assets becoming fully amortized subsequent to March 31, 2025, partially offset by an increase of $4.7 million from intangible assets acquired in acquisitions closed during, or subsequent to, the three months ended March 31, 2025 and an increase of $0.5 million due to a higher average foreign currency exchange rate in effect during the current period.
+Added: Amortization of intangibles expense as a percentage of revenues decreased 0.1 percentage point to 2.0% for the three months ended March 31, 2026, from 2.1% for the three months ended March 31, 2025.
+Added: The decrease as a percentage of revenues was primarily driven by a 0.3 percentage point decrease from lower amortization on existing intangibles, partially offset by a 0.2 percentage point increase related to acquisitions closed during, or subsequent to, the three months ended March 31, 2025 having higher amortization expense as a percentage of revenue than our company average.
Impairments and Other Operating Items .
−Removed: Impairments and other operating items increased $57.2 million, to net losses totaling $60.1 million for the three months ended September 30, 2025, from net losses totaling $2.9 million for the three months ended September 30, 2024.
−Removed: The net losses of $60.1 million recorded during the three months ended September 30, 2025 consisted of net losses of $30.4 million for an environmental liability at an operating facility in the period, net losses of $25.4 million for charges to write off the carrying cost of certain contracts and non-operating facility permits that were not, or are not expected to be, renewed prior to the original estimated termination date and net losses of $4.3 million on the disposal of property and equipment.
−Removed: The net losses of $2.9 million recorded during the three months ended September 30, 2024 consisted of $2.1 million of net losses on the disposal of property and equipment and $0.8 million of other net losses.
−Removed: Impairments and other operating items increased $59.2 million, to net losses totaling $70.6 million for the nine months ended September 30, 2025, from net losses totaling $11.4 million for the nine months ended September 30, 2024.
−Removed: The net losses of $70.6 million recorded during the nine months ended September 30, 2025 consisted of net losses of $30.4 million for an environmental liability at an operating facility in the period, net losses of $29.1 million for charges to write off the carrying cost of certain contracts and non-operating facility permits that were not, or are not expected to be, renewed prior to the original estimated termination date and net losses of $12.1 million on the disposal of property and equipment, partially offset by other net gains of $1.0 million.
−Removed: The net losses of $11.4 million recorded during the nine months ended September 30, 2024 consisted of $8.1 million of net losses on the disposal of property and equipment, $3.1 million due to increases associated with uninsured damages to an operating facility and $1.6 million of charges to write off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, partially offset by $1.4 million of other net gains.
+Added: Impairments and other operating items increased $73.2 million, to net losses totaling $79.6 million for the three months ended March 31, 2026, from net losses totaling $6.4 million for the three months ended March 31, 2025.
+Added: The net losses of $79.6 million recorded during the three months ended March 31, 2026 consisted of net losses of $76.8 million to adjust the carrying value of closure and post-closure liabilities, net losses of $2.0 million to adjust an environmental liability at an operating facility, losses o f $0.9 million from writing off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, net losses of $0.3 million on the disposal of property and equipment, partially offset by other net gains of $0.4 million.
+Added: The net losses of $6.4 million recorded during the three months ended March 31, 2025 consisted of $3.8 million of net losses from operations divested during such period, losses of $1.3 million on the disposal of an investment, losses of $0.7 million on the disposal of property and equipment and losses of $0.7 million from writing off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, partially offset by other net gains of $0.1 million.
Operating Income .
−Removed: Operating income decreased $35.7 million, or 7.5%, to $439.6 million for the three months ended September 30, 2025, from $475.3 million for the three months ended September 30, 2024.
−Removed: Operating income increased $22.5 million, or 1.8%, to $1.289 billion for the nine months ended September 30, 2025, from $1.267 billion for the nine months ended September 30, 2024.
−Removed: The decrease in our operating income for the three months ended September 30, 2025 was due primarily to increased impairments and other operating expenses, increased labor and benefits costs, an increase in trucking costs and higher risk management costs, partially offset by price increases for our solid waste services and operating income generated from acquisitions closed during, or subsequent to, the three months ended September 30, 2024.
−Removed: The increase in our operating income for the nine months ended September 30, 2025 was due primarily to price increases for our solid waste services, operating income generated from acquisitions closed during, or subsequent to, the nine months ended September 30, 2024, and lower fuel costs, partially offset by increased impairments and other operating items, higher labor and benefits costs, higher risk management costs and an increase in trucking costs.
−Removed: Operating income as a percentage of revenues decreased 2.4 percentage points to 17.9% for the three months ended September 30, 2025, from 20.3% for the three months ended September 30, 2024.
−Removed: The decrease as a percentage of revenues was comprised of a 2.4 percentage point increase in impairments and other operating items, a 0.2 percentage point increase in amortization expense and a 0.1 percentage point increase in selling, general and administrative expenses, partially offset by a 0.3 percentage point decrease in cost of operations.
−Removed: Operating income as a percentage of revenues decreased 0.8 percentage points to 18.2% for the nine months ended September 30, 2025, from 19.0% for the nine months ended September 30, 2024.
−Removed: The decrease as a percentage of revenues was comprised of a 0.9 percentage point increase in impairments and other operating items, a 0.2 percentage point increase in selling, general and administrative expenses and a 0.1 percentage point increase in amortization expense, partially offset by a 0.4 percentage point decrease in cost of operations.
+Added: Operating income decreased $26.1 million, or 6.7%, to $364.1 million for the three months ended March 31, 2026, from $390.2 million for the three months ended March 31, 2025.
+Added: The decrease in our operating income for the three months ended March 31, 2026 was due primarily to increased impairments and other operating items, increases in operating expenses from acquisitions closed during, or subsequent to, the three months ended March 31, 2025, increased taxes on revenue, higher depreciation, increased labor and recurring incentive compensation expenses and higher trucking costs, partially offset by price increases for our solid waste services, operating income generated from acquisitions closed during, or subsequent to, the three months ended March 31, 2025, and a decrease in direct acquisition expenses.
+Added: Operating income as a percentage of revenues decreased 2.1 percentage points to 15.4% for the three months ended March 31, 2026, from 17.5% for the three months ended March 31, 2025.
+Added: The decrease as a percentage of revenues was comprised of a 3.0 percentage point increase in impairments and other operating items and a 0.4 percentage point increase in depreciation, partially offset by a 0.6 percentage point decrease in selling, general and administrative expenses, a 0.6 percentage point decrease in cost of operations and a 0.1 percentage point decrease in amortization.
Interest Expense .
−Removed: Interest expense increased $0.9 million, or 1.1%, to $84.4 million for the three months ended September 30, 2025, from $83.5 million for the three months ended September 30, 2024.
−Removed: The increase was primarily attributable to an increase of $6.5 million from the issuance of $500.0 million of senior unsecured notes in June 2025 and an increase of $0.6 million due to an increase in the average borrowings outstanding under our credit facilities during the
−Removed: three months ended September 30, 2025 , partially offset by a decrease of $6.2 million from lower interest rates on borrowings outstanding during the comparable periods.
−Removed: Interest expense increased $3.7 million, or 1.5%, to $248.1 million for the nine months ended September 30, 2025, from $244.4 million for the nine months ended September 30, 2024.
−Removed: The increase was primarily attributable to an increase of $8.5 million from the issuance of $500.0 million of senior unsecured notes during the nine months ended September 30, 2025, an increase of $7.2 million from the issuance of CAD $500.0 million of senior unsecured notes and an increase of $5.3 million from the issuance of $750.0 million of senior unsecured notes in the prior period and an increase of $3.1 million due to higher average borrowings outstanding under our credit facilities during the nine months ended September 30, 2025 , partially offset by a decrease of $18.5 million from lower interest rates on borrowings outstanding during the comparable periods and a decrease of $1.9 million for other net expense decreases.
+Added: Interest expense increased $6.8 million, or 8.5%, to $87.7 million for the three months ended March 31, 2026, from $80.9 million for the three months ended March 31, 2025.
+Added: The increase was primarily attributable to an increase of $6.6 million from the issuance of $500.0 million of senior unsecured notes in June 2025, an increase of $1.2 million from the issuance of $600.0 million of senior unsecured notes in March 2026 , an increase of $1.2 million due to an increase in the average borrowings outstanding under our credit facilities during the three months ended March 31, 2026 and $0.2 million of other net expense increases, partially offset by a decrease of $2.4 million from lower interest rates on borrowings outstanding during the comparable periods.
Interest Income .
−Removed: Interest income increased $1.8 million, or 52.8%, to $5.1 million for the three months ended September 30, 2025, from $3.3 million for the three months ended September 30, 2024.
−Removed: The increase was primarily attributable to higher average investment rates in the current periods.
−Removed: Interest income decreased $0.2 million, or 2.3%, to $9.2 million for the nine months ended September 30, 2025, from $9.4 million for the nine months ended September 30, 2024.
−Removed: The decrease was primarily attributable to lower average investment rates in the current periods.
+Added: Interest income increased $1.3 million, or 75.9%, to $3.1 million for the three months ended March 31, 2026, from $1.8 million for the three months ended March 31, 2025.
+Added: The increase was primarily attributable to higher average cash balances in the current period, partially offset by lower average investment rates.
Other Income, Net .
−Removed: Other income, net increased $9.6 million to an income total of $14.5 million for the three months ended September 30, 2025, from an income total of $4.9 million for the three months ended September 30, 2024.
−Removed: Other income of $14.5 million recorded during the three months ended September 30, 2025 consisted of $8.1 million from proceeds on insurance claims, $2.9 million from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period, $2.3 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations and $1.2 million of income from other sources.
−Removed: Other income of $4.9 million recorded during the three months ended September 30, 2024 consisted of a $2.1 million increase in the value of investments purchased to fund our employee deferred compensation obligations and $2.8 million in other net income sources.
−Removed: Other income, net increased $13.8 million to an income total of $26.5 million for the nine months ended September 30, 2025, from an income total of $12.7 million for the nine months ended September 30, 2024.
−Removed: Other income of $26.5 million recorded during the nine months ended September 30, 2025 consisted of $10.5 million from proceeds on insurance claims, $6.8 million of gains from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period, $3.7 million from a vendor rebate and the reimbursement of expenditures, $3.7 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations and $1.8 million of income from other sources.
−Removed: Other income of $12.7 million recorded during the nine months ended September 30, 2024 consisted of $12.0 million from a gain on sale of certain investments and $3.9 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations, partially offset by $2.3 million from the write off of unamortized loan fees as a result of the early extinguishment of our 2021 Revolving and Term Credit Agreement and 2022 Term Loan Agreement and $0.9 million from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period reducing the U.S.
−Removed: dollar consideration required to settle international liabilities.
+Added: Other income, net increased $2.2 million, or 118.2%, to $4.1 million for the three months ended March 31, 2026, from $1.9 million for the three months ended March 31, 2025.
+Added: Other income of $4.1 million recorded during the three months ended March 31, 2026 consisted of $5.7 million from the write-off of a liability associated with a closed facility for which no future obligation exists and $0.2 million of income from other sources, partially offset by losses of $1.0 million from an increase in the average foreign currency exchange rate in effect during the comparable reporting period and losses of $0.8 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations.
+Added: Other income of $1.9 million recorded during the three months ended March 31, 2025 consisted of $2.5 million from proceeds on insurance claims and $1.3 million of gains from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period, partially offset by $1.5 million from a decrease in the value of investments purchased to fund our employee deferred compensation obligations and $0.4 million of other investment losses.
Income Tax Provision .
−Removed: Income taxes decreased $3.5 million, to $88.5 million for the three months ended September 30, 2025, from $92.0 million for the three months ended September 30, 2024.
−Removed: Our effective tax rate for the three months ended September 30, 2025 was 23.6%.
−Removed: Our effective tax rate for the three months ended September 30, 2024 was 23.0%.
−Removed: Income taxes increased $26.9 million, to $258.9 million for the nine months ended September 30, 2025, from $232.0 million for the nine months ended September 30, 2024.
−Removed: Our effective tax rate for the nine months ended September 30, 2025 was 24.0%.
−Removed: Our effective tax rate for the nine months ended September 30, 2024 was 22.2%.
−Removed: The income tax provision for the three and nine months ended September 30, 2025 included a benefit of $0.1 million and $4.9 million, respectively, from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S.
+Added: Income taxes decreased $7.3 million, to $64.2 million for the three months ended March 31, 2026, from $71.5 million for the three months ended March 31, 2025.
+Added: Our effective tax rate for the three months ended March 31, 2026 was 22.6%.
+Added: Our effective tax rate for the three months ended March 31, 2025 was 22.8%.
+Added: The income tax provision for the three months ended March 31, 2026 included a benefit of $0.2 million from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S.
federal statutory rate.
−Removed: The income tax provision for the three and nine months ended September 30, 2024 included a benefit of $0.1 million and $5.5 million, respectively, from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S.
+Added: The income tax provision for the three months ended March 31, 2025 included a benefit of $4.6 million from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S.
federal statutory rate.
1 unchanged sentence
No single contract or customer accounted for more than 10% of our total revenues at the consolidated or reportable segment level during the periods presented.
−Removed: The following table disaggregates our revenue by service line for the periods indicated (in thousands of U.S.
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: The following tables disaggregate our revenue by service line for the periods indicated (in thousands of U.S.
+Added: Three Months Ended March 31, 2026
Industrial and construction roll off
Total collection
−Removed: Intermodal and other
−Removed: For the nine months ended September 30, 2025, we managed our operations through the following six geographic solid waste operating segments:
−Removed: Western, Southern, Eastern, Central, Canada and MidSouth.
+Added: Three Months Ended March 31, 2025
+Added: Industrial and construction roll off
+Added: Total collection
+Added: For the three months ended March 31, 2026, we managed our operations through the following six geographic solid waste operating segments:
+Added: Southern, Western, Eastern, Central, Canada and MidSouth.
Our six geographic solid waste operating segments comprise our reportable segments.
8 unchanged sentences
Three Months Ended
−Removed: September 30, 2025
+Added: March 31, 2026
Corporate (a)
Three Months Ended
−Removed: September 30, 2024
−Removed: Corporate (a)
−Removed: Nine Months Ended
−Removed: September 30, 2025
−Removed: Corporate (a)
−Removed: Nine Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Corporate (a)
4 unchanged sentences
A reconciliation of segment EBITDA to Income before income tax provision is included in Note 10 to our Condensed Consolidated Financial Statements included in Part 1, Item 1 of this report.
−Removed: Significant changes in revenue, segment expenses and EBITDA for our reportable segments for the three and nine month periods ended September 30, 2025, compared to the three and nine month periods ended September 30, 2024, are discussed below.
−Removed: Revenue increased $10.1 million to $486.3 million for the three months ended September 30, 2025, from $476.2 million for the three months ended September 30, 2024.
−Removed: Revenue increased $33.9 million to $1.386 billion for the nine months ended September 30, 2025, from $1.352 billion for the nine months ended September 30, 2024.
−Removed: The increases for the three and nine months ended September 30, 2025 were due to price increases, contributions from acquisitions and increases in residential and commercial collection volumes, partially offset by a decrease from an operation closed subsequent to the prior period and a decrease in recyclable commodity revenues as compared to the prior period.
−Removed: Segment expenses increased $13.8 million to $342.5 million for the three months ended September 30, 2025, from $328.7 million for the three months ended September 30, 2024.
−Removed: Segment expenses increased $44.7 million to $1.002 billion for the nine months ended September 30, 2025, from $957.5 million for the nine months ended September 30, 2024.
−Removed: The increases to segment expenses for the three and nine months ended September 30, 2025 were due to an increase in expenses from acquisitions closed during the comparable periods, increased labor and benefits costs, an increase in allocated corporate overhead, increased operating costs associated with higher collection volumes and higher risk management expenses, partially offset by a decrease from an operation closed subsequent to the prior period and lower landfill monitoring and maintenance costs.
−Removed: EBITDA decreased $3.7 million to $143.8 million, or a 29.6% EBITDA margin for the three months ended September 30, 2025, from $147.5 million, or a 31.0% EBITDA margin for the three months ended September 30, 2024.
−Removed: EBITDA decreased $10.9 million to $384.1 million, or a 27.7% EBITDA margin for the nine months ended September 30, 2025, from $395.0 million, or a 29.2% EBITDA margin for the nine months ended September 30, 2024.
−Removed: The decreases in our EBITDA margin for the three and nine months ended September 30, 2025 were due to an operation closed subsequent to the prior period, an increase in allocated corporate overhead expenses, higher risk management costs and an increase in fuel costs, partially offset by price-led increases in revenue and a decrease in landfill monitoring and maintenance costs.
−Removed: Revenue increased $32.2 million to $485.4 million for the three months ended September 30, 2025, from $453.2 million for the three months ended September 30, 2024.
−Removed: Revenue increased $104.3 million to $1.416 billion for the nine months ended September 30, 2025, from $1.311 billion for the nine months ended September 30, 2024.
−Removed: The increases for the three and nine months ended September 30, 2025 were due to contributions from acquisitions and price increases, partially offset by lower commercial and residential collection volumes, a decrease in roll off volumes, lower E&P waste revenues attributable to decreases in drilling and production activity and a decrease in recyclable commodity revenues as compared to the prior period.
−Removed: Segment expenses increased $18.2 million to $327.0 million for the three months ended September 30, 2025, from $308.8 million for the three months ended September 30, 2024.
−Removed: Segment expenses increased $54.3 million to $954.4 million for the nine months ended September 30, 2025, from $900.1 million for the nine months ended September 30, 2024.
−Removed: The increases to segment expenses for the three and nine months ended September 30, 2025 were due to an increase in expenses from acquisitions closed during the comparable periods, an increase in allocated corporate overhead, higher risk management costs, higher labor costs, an increase in third-party brokerage and higher landfill monitoring and maintenance costs , partially offset by a decrease in truck, container, equipment and facility maintenance and repair expenses, lower fuel costs, a decrease in expenses from operations divested during the current period and lower disposal expense.
−Removed: EBITDA increased $14.0 million to $158.4 million, or a 32.6% EBITDA margin for the three months ended September 30, 2025, from $144.4 million, or a 31.9% EBITDA margin for the three months ended September 30, 2024.
−Removed: EBITDA increased $50.1 million to $461.4 million, or a 32.6% EBITDA margin for the nine months ended September 30, 2025, from $411.3 million, or a 31.4% EBITDA margin for the nine months ended September 30, 2024.
−Removed: The increases in our EBITDA margin for the three and nine months ended September 30, 2025 were due to price-led increases in revenue, the impact of acquisitions having higher EBITDA margins than our segment average, lower fuel costs and a decrease in truck, container, equipment and facility maintenance and repair expenses , partially offset by lower E&P activity from decreases in drilling and production activity, higher risk management costs, higher allocated corporate overhead and increased landfill monitoring and maintenance costs.
−Removed: Revenue increased $33.1 million to $440.8 million for the three months ended September 30, 2025, from $407.7 million for the three months ended September 30, 2024.
−Removed: Revenue increased $132.4 million to $1.286 billion for the nine months ended September 30, 2025, from $1.154 billion for the nine months ended September 30, 2024.
−Removed: The increases for the three and nine months ended September 30, 2025 were due to contributions from acquisitions and price increases, partially offset by decreases in roll off and post-collection volumes, lower commercial collection volumes due to the purposeful non-renewal of lower margin contracts and a decrease in recyclable commodity revenues as compared to the prior period.
−Removed: Segment expenses increased $26.1 million to $319.8 million for the three months ended September 30, 2025, from $293.7 million for the three months ended September 30, 2024.
−Removed: Segment expenses increased $106.1 million to $947.8 million for the nine months ended September 30, 2025, from $841.7 million for the nine months ended September 30, 2024.
−Removed: The increases to segment expenses for the three and nine months ended September 30, 2025 were due to an increase in expenses from acquisitions closed during the comparable periods, increases in allocated corporate overhead, an increase in labor costs, higher risk management expenses, an increase in trucking costs due to higher transfer volumes and an increase in truck, container, equipment and facility maintenance and repair expenses , partially offset by lower fuel costs due to diesel prices, a decrease in landfill monitoring and maintenance costs and lower disposal expense.
−Removed: EBITDA increased $7.0 million to $121.0 million, or a 27.5% EBITDA margin for the three months ended September 30, 2025, from $114.0 million, or a 28.0% EBITDA margin for the three months ended September 30, 2024.
−Removed: EBITDA increased $26.3 million to $338.4 million, or a 26.3% EBITDA margin for the nine months ended September 30, 2025, from $312.1 million, or a 27.0% EBITDA margin for the nine months ended September 30, 2024.
−Removed: The decreases in our EBITDA margin for the three and nine months ended September 30, 2025 were due primarily to higher allocated corporate overhead, higher risk management expenses, higher labor costs and an increase in truck, container, equipment and facility maintenance and repair expenses , partially offset by price-led revenue growth, the impact of acquisitions having higher EBITDA margins than our segment average, lower fuel costs and a decrease in landfill monitoring and maintenance costs.
−Removed: Revenue increased $21.7 million to $413.4 million for the three months ended September 30, 2025, from $391.7 million for the three months ended September 30, 2024.
−Removed: Revenue increased $50.2 million to $1.189 billion for the nine months ended September 30, 2025, from $1.139 billion for the nine months ended September 30, 2024.
−Removed: The increases for the three and nine months ended September 30, 2025 were due to price increases and contributions from acquisitions, partially offset by lower roll-off and post-collection volumes and a decrease in recyclable commodity revenues.
−Removed: Segment expenses increased $14.4 million to $262.7 million for the three months ended September 30, 2025, from $248.3 million for the three months ended September 30, 2024.
−Removed: Segment expenses increased $32.6 million to $763.1 million for the nine months ended September 30, 2025, from $730.5 million for the nine months ended September 30, 2024.
−Removed: The increases to segment expenses for the three and nine months ended September 30, 2025 were due to an increase in labor and benefits expenses, an increase in allocated corporate overhead, higher risk management costs, higher disposal expense and an increase in truck, container, equipment and facility maintenance and repair expenses partially offset by decreased expenses for uncollectible accounts receivable.
−Removed: EBITDA increased $7.1 million to $150.6 million, or a 36.4% EBITDA margin for the three months ended September 30, 2025, from $143.5 million, or a 36.6% EBITDA margin for the three months ended September 30, 2024.
−Removed: EBITDA increased $17.6 million to $425.8 million, or a 35.8% EBITDA margin for the nine months ended September 30, 2025, from $408.2 million, or a 35.8% EBITDA margin for the nine months ended September 30, 2024.
−Removed: The decrease in our EBITDA margin for the three months ended September 30, 2025 was due to higher risk management costs and an increase in allocated corporate overhead, partially offset by price-led revenue growth, lower fuel costs and a reduction in expenses related to uncollectible accounts receivable driven by improved collection efforts.
−Removed: EBITDA margin for the nine months ended September 30, 2025 was favorably impacted by price-led revenue growth, lower fuel costs and a decrease in labor and benefits expenses relative to revenue, offset by higher risk management costs and an increase in allocated corporate overhead.
−Removed: Revenue increased $7.7 million to $349.8 million for the three months ended September 30, 2025, from $342.1 million for the three months ended September 30, 2024.
−Removed: Revenue increased $54.3 million to $995.9 million for the nine months ended September 30, 2025, from $941.6 million for the nine months ended September 30, 2024.
−Removed: The increases for the three and nine months ended September 30, 2025 were due to price increases, contributions from acquisitions and higher E&P waste revenues attributable to an increase in volumes, partially offset by a decrease in commercial and residential collection volumes, lower landfill gas sales primarily from lower renewable energy credits and a decrease in recyclable commodity revenues.
−Removed: Segment expenses increased $1.4 million to $189.9 million for the three months ended September 30, 2025, from $188.5 million for the three months ended September 30, 2024.
−Removed: Segment expenses increased $14.0 million to $544.5 million for the nine months ended September 30, 2025, from $530.5 million for the nine months ended September 30, 2024.
−Removed: The increases to segment expenses for the three and nine months ended September 30, 2025 were due to an increase in expenses from acquisitions closed during the comparable periods, higher labor and benefits costs, increased trucking costs and higher taxes associated with incremental volume, partially offset by lower risk management expenses, lower disposal expenses associated with a decrease in roll off and transfer station volumes and a decrease in truck, container, equipment and facility maintenance and repair expenses.
−Removed: EBITDA increased $6.3 million to $159.9 million, or a 45.7% EBITDA margin for the three months ended September 30, 2025, from $153.6 million, or a 44.9% EBITDA margin for the three months ended September 30, 2024.
−Removed: EBITDA increased $40.3 million to $451.4 million, or a 45.3% EBITDA margin for the nine months ended September 30, 2025, from $411.1 million, or a 43.7% EBITDA margin for the nine months ended September 30, 2024.
−Removed: The increases in our EBITDA margin for the three and nine months ended September 30, 2025 were due to price-led increases in revenue, the impact of acquisitions having higher EBITDA margins than our segment average, favorable fuel pricing, lower risk management expenses and a decrease in truck, container, equipment and facility maintenance and repair expenses , partially offset by an increase in labor and benefits expenses and the decline in renewal energy credit pricing.
−Removed: Revenue increased $15.2 million to $282.8 million for the three months ended September 30, 2025, from $267.6 million for the three months ended September 30, 2024.
−Removed: Revenue increased $59.3 million to $820.5 million for the nine months ended September 30, 2025, from $761.2 million for the nine months ended September 30, 2024.
−Removed: The increases for the three and nine months ended September 30, 2025 were due to price increases and contributions from acquisitions, partially offset by a decrease in recyclable commodity revenues and a decrease in roll off and residential collection volumes.
−Removed: Segment expenses increased $11.6 million to $202.2 million for the three months ended September 30, 2025, from $190.6 million for the three months ended September 30, 2024.
−Removed: Segment expenses increased $40.5 million to $592.5 million for the nine months ended September 30, 2025, from $552.0 million for the nine months ended September 30, 2024.
−Removed: The increases to segment expenses for the three and nine months ended September 30, 2025 were due to an increase in expenses from acquisitions closed during the comparable periods, higher labor and benefits expenses, increases in allocated corporate overhead, an increase in landfill monitoring and maintenance costs and higher risk management costs.
−Removed: EBITDA increased $3.6 million to $80.6 million, or a 28.5% EBITDA margin for the three months ended September 30, 2025, from $77.0 million, or a 28.8% EBITDA margin for the three months ended September 30, 2024.
−Removed: EBITDA increased $18.7 million to $228.0 million, or a 27.8% EBITDA margin for the nine months ended September 30, 2025, from $209.3 million, or a 27.5% EBITDA margin for the nine months ended September 30, 2024.
−Removed: The decrease in our EBITDA margin for the three months ended September 30, 2025 was due primarily to an increase in landfill monitoring and maintenance costs, an increase in allocated corporate overhead and an increase in professional fees, partially offset by price-led revenue growth and lower fuel costs.
−Removed: The increase in our EBITDA margin for the nine months ended September 30, 2025 was due primarily to price-led revenue growth, lower fuel costs due to diesel prices and a reduction in expenses related to uncollectible accounts receivable, partially offset by increased landfill monitoring and maintenance costs, an increase in allocated corporate overhead and higher risk management costs.
−Removed: Segment expenses decreased $8.8 million to income of $0.7 million for the three months ended September 30, 2025, from expenses of $8.1 million for the three months ended September 30, 2024.
−Removed: Segment expenses decreased $10.4 million to $16.3 million for the nine months ended September 30, 2025, from $26.7 million for the nine months ended September 30, 2024.
−Removed: The decreases to segment expenses for the three and nine months ended September 30, 2025 were due to increased allocation of costs to our operating segments and a decrease in deal costs associated with acquisitions closed during the comparable periods, partially offset by higher incentive compensation costs and higher administrative payroll costs to support continued growth in the business and increased professional fees.
−Removed: EBITDA increased $8.8 million and $10.4 million for the three and nine months ended September 30, 2025, respectively, as compared to the prior periods, due to the decrease in segment expenses.
+Added: Significant changes in revenue, segment expenses and EBITDA for our reportable segments for the three-month period ended March 31, 2026, compared to the three-month period ended March 31, 2025, are discussed below.
+Added: Revenue increased $39.6 million to $493.0 million for the three months ended March 31, 2026, from $453.4 million for the three months ended March 31, 2025, due to contributions from acquisitions, price increases and higher E&P waste revenues attributable to increases in drilling and production activity, partially offset by a decrease in commercial and residential collection volumes, lower roll off volumes and a decrease in recyclable commodity revenues as compared to the prior period.
+Added: Segment expenses increased $27.8 million to $332.5 million for the three months ended March 31, 2026, from $304.7 million for the three months ended March 31, 2025, due to an increase in expenses from acquisitions closed during the comparable periods, higher third-party brokerage, an increase in uncollectible accounts receivable, higher labor costs, an increase in truck, container, equipment and facility maintenance and repair expenses and higher landfill monitoring and maintenance costs, partially offset by a decrease in risk management costs, lower disposal costs and a decrease in expenses from operations divested during the current period.
+Added: EBITDA increased $11.8 million to $160.5 million, or a 32.6% EBITDA margin for the three months ended March 31, 2026, from $148.7 million, or a 32.8% EBITDA margin for the three months ended March 31, 2025.
+Added: The decrease in our EBITDA margin was due to the impact of acquisitions having lower EBITDA margins than our segment average, an increase in uncollectible accounts receivable and higher professional fees, partially offset by lower risk management costs, price-led increases in revenue, lower allocated corporate overhead and a decrease in labor costs as a percentage of revenue.
+Added: Revenue increased $24.0 million to $462.4 million for the three months ended March 31, 2026, from $438.4 million for the three months ended March 31, 2025, due to price increases, higher post-collection volumes, an increase in residential and commercial collection volumes and contributions from acquisitions, partially offset by a decrease in recyclable commodity revenues as compared to the prior period, a decrease in intermodal activity and lower E&P waste revenues.
+Added: Segment expenses increased $13.0 million to $339.1 million for the three months ended March 31, 2026, from $326.1 million for the three months ended March 31, 2025, due to increased labor and benefits costs, an increase in operating costs associated with higher collection volumes, an increase in expenses from acquisitions closed during the comparable periods and higher fuel costs due to diesel prices, partially offset by lower allocated corporate overhead and a decrease in risk management costs.
+Added: EBITDA increased $11.1 million to $123.4 million, or a 26.7% EBITDA margin for the three months ended March 31, 2026, from $112.3 million, or a 25.6% EBITDA margin for the three months ended March 31, 2025.
+Added: The increase in our EBITDA margin was due primarily to lower allocated corporate overhead, a decrease in post-closure liability interest accretion expense and lower risk management costs, partially offset by higher fuel costs, the impact of acquisitions having lower EBITDA margins than our segment average and an increase in professional fees.
+Added: Revenue increased $2.4 million to $405.7 million for the three months ended March 31, 2026, from $403.3 million for the three months ended March 31, 2025, due to price increases and contributions from acquisitions, partially offset by lower commercial collection volumes, decreases in roll off and post-collection volumes and a decrease in recyclable commodity revenues as compared to the prior period.
+Added: Segment expenses decreased $2.5 million to $297.7 million for the three months ended March 31, 2026, from $300.2 million for the three months ended March 31, 2025, due to a decrease in truck, container, equipment and facility maintenance and repair expenses, lower labor costs, a decrease in disposal expense, lower allocated corporate overhead and lower fuel costs attributable to fixed-price fuel contracts, partially offset by an increase in expenses from acquisitions closed during the comparable periods, an increase in uncollectible accounts receivable and higher landfill monitoring and maintenance costs.
+Added: EBITDA increased $4.9 million to $108.0 million, or a 26.6% EBITDA margin for the three months ended March 31, 2026, from $103.1 million, or a 25.6% EBITDA margin for the three months ended March 31, 2025.
+Added: The increase in our EBITDA margin was due primarily to a decrease in truck, container, equipment and facility maintenance and repair expenses, price-led revenue growth and a decrease in allocated corporate overhead, partially offset by an increase in uncollectible accounts receivable and higher landfill monitoring and maintenance costs.
+Added: Revenue increased $23.4 million to $396.8 million for the three months ended March 31, 2026, from $373.4 million for the three months ended March 31, 2025, due to price increases, contributions from acquisitions and an increase in landfill gas sales, partially offset by lower roll off volumes, a decrease in commercial and residential collection volumes, lower E&P waste revenues and a decrease in recyclable commodity revenues.
+Added: Segment expenses increased $10.0 million to $251.7 million for the three months ended March 31, 2026, from $241.7 million for the three months ended March 31, 2025, due to an increase in labor and benefits expenses, higher third-party brokerage, an increase in operating costs associated with higher post-collection volumes, an increase in fees paid for the processing of recyclable materials and an increase in truck, container, equipment and facility maintenance and repair expenses, partially offset by a decrease in allocated corporate overhead.
+Added: EBITDA increased $13.4 million to $145.1 million, or a 36.6% EBITDA margin for the three months ended March 31, 2026, from $131.7 million, or a 35.3% EBITDA margin for the three months ended March 31, 2025.
+Added: The increase in our EBITDA margin was due to price-led revenue growth, lower labor and benefits costs as a percentage of revenue, a decrease in allocated corporate overhead, a decrease in risk management costs and lower fuel costs, partially offset by an increase in fees paid for the processing of recyclable materials.
+Added: Revenue increased $42.1 million to $344.8 million for the three months ended March 31, 2026, from $302.7 million for the three months ended March 31, 2025, due to price increases, higher E&P waste revenues attributable to an increase in volumes, an increase in the average foreign currency exchange rate in effect during the comparable reporting periods, an increase in landfill gas sales and contributions from acquisitions, partially offset by a decrease in commercial and residential collection volumes and a decrease in recyclable commodity revenues.
+Added: Segment expenses increased $28.7 million to $195.9 million for the three months ended March 31, 2026, from $167.2 million for the three months ended March 31, 2025, due to an increase in operating costs associated with higher E&P and landfill volumes, higher labor and benefits costs, an increase in expenses associated with a new operating facility, higher allocated corporate overhead and an increase in expenses from acquisitions closed during the comparable periods .
+Added: EBITDA increased $13.3 million to $148.9 million, or a 43.2% EBITDA margin for the three months ended March 31, 2026, from $135.6 million, or a 44.8% EBITDA margin for the three months ended March 31, 2025.
+Added: The decrease in our EBITDA margin was due to an increase in costs associated with incremental volumes and a new operating facility developed subsequent to the prior period, partially offset by lower labor and benefits costs as a percentage of revenue, an increase in renewable energy credits generated, lower fuel costs and a decrease in equipment rental fees.
+Added: Revenue increased $10.8 million to $267.8 million for the three months ended March 31, 2026, from $257.0 million for the three months ended March 31, 2025, due to price increases and contributions from acquisitions, partially offset by a decrease in residential and roll off collection volumes, lower recyclable commodity revenues and a decrease in landfill gas sales.
+Added: Segment expenses increased $6.4 million to $194.5 million for the three months ended March 31, 2026, from $188.1 million for the three months ended March 31, 2025, due to higher labor and benefits expenses, an increase in third-party brokerage, higher truck, container, equipment and facility maintenance and repair expenses and an increase in expenses from acquisitions closed during, or subsequent to, the prior period, partially offset by a decrease in allocated corporate overhead.
+Added: EBITDA increased $4.4 million to $73.3 million, or a 27.4% EBITDA margin for the three months ended March 31, 2026, from $68.9 million, or a 26.8% EBITDA margin for the three months ended March 31, 2025.
+Added: The increase in our EBITDA margin was due primarily to price-led revenue growth, a decrease in allocated corporate overhead, lower landfill monitoring and maintenance expenses and a decrease in risk management costs, partially offset by an increase in third-party brokerage rates attributable to an increase in fuel costs.
+Added: Segment expenses decreased $12.9 million to $0.8 million for the three months ended March 31, 2026, from $13.7 million for the three months ended March 31, 2025, due to a decrease in deal costs associated with acquisitions closed
+Added: during, or subsequent to, the prior period, lower professional fees, a decrease in labor and benefits costs and lower incentive compensation costs, partially offset by decreased allocation of costs to our operating segments.
+Added: EBITDA increased $12.9 million for the three months ended March 31, 2026, as compared to the prior-year period, due to the decrease in segment expenses.
LIQUIDITY AND CAPITAL RESOURCES
−Removed: The following table sets forth cash flow information for the nine months ended September 30, 2025 and 2024 (in thousands of U.S.
−Removed: Nine Months Ended
−Removed: September 30,
+Added: The following table sets forth cash flow information for the three months ended March 31, 2026 and 2025 (in thousands of U.S.
+Added: Three Months Ended
Net cash provided by operating activities
6 unchanged sentences
Operating Activities Cash Flows
−Removed: Net cash provided by operating activities increased $197.2 million to $1.857 billion for the nine months ended September 30, 2025, from net cash provided by operating activities of $1.660 billion for the nine months ended September 30, 2024.
+Added: Net cash provided by operating activities increased $4.1 million to $545.6 million for the three months ended March 31, 2026, from net cash provided by operating activities of $541.5 million for the three months ended March 31, 2025.
The significant components of the increase included the following:
−Removed: 1) Increase in earnings — Our increase in net cash provided by operating activities was favorably impacted by $ 211.8 million from an increase in net income, excluding depreciation, adjustments to and payments of contingent consideration, amortization of intangibles, loss on disposal of assets and impairments, adjustments to closure and post-closure liabilities and share-based compensation, due primarily to price increases for our solid waste services, operating income generated from acquisitions closed during, or subsequent to, the nine months ended September 30, 2024, and lower fuel costs, partially offset by increased impairments and other operating items, labor and benefits costs, higher risk management costs and an increase in trucking costs.
−Removed: 2) Accounts payable and accrued liabilities — Our increase in net cash provided by operating activities was favorably impacted by $62.1 million from accounts payable and accrued liabilities as changes in accounts payable and accrued liabilities resulted in an increase to operating cash flows of $147.8 million for the nine months ended September 30, 2025, compared to an increase to operating cash flows of $85.7 million for the nine months ended September 30, 2024.
−Removed: The increase for the nine months ended September 30, 2025 was due primarily to an increase in accrued insurance costs, outstanding obligations to vendors and an increase in accrued payroll.
−Removed: The increase for the nine months ended September 30, 2024 was due primarily to an increase in accrued insurance costs, an increase in outstanding obligations to vendors and an increase in accrued interest due to the timing of interest payments.
−Removed: 3) Prepaid expenses — Our increase in net cash provided by operating activities was favorably impacted by $43.5 million from prepaid expenses as changes in prepaid expenses resulted in an increase to operating cash flow of $8.6 million for the nine months ended September 30, 2025, compared to a decrease to operating cash flow of $34.9 million for the nine months ended September 30, 2024.
−Removed: The increase for the nine months ended September 30, 2025 was due primarily to a decrease in prepaid expenses related to the quarterly tax provision and a reduction of prepaid insurance costs.
−Removed: The decrease for the nine months ended September 30, 2024 was due primarily to an increase in prepaid expenses related to higher insurance payments.
−Removed: 4) Deferred revenue — Our increase in net cash provided by operating activities was favorably impacted by $13.1 million from deferred revenue as changes in deferred revenue resulted in an increase to operating cash flows of $24.0 million for the nine months ended September 30, 2025, compared to an increase to operating cash flows of $10.9 million for the nine months ended September 30, 2024.
−Removed: For both comparative periods, deferred revenue increased due to price increases on our advanced billed residential and commercial collection services.
−Removed: 5) Closure and post-closure expenditures — Our increase in net cash provided by operating activities was unfavorably impacted by $78.1 million from an increase in payments for closure and post-closure activities as changes in expenditures for these items resulted in a decrease to operating cash flows of $223.3 million for the nine months ended September 30, 2025 as compared to a decrease to operating cash flows of $145.2 million for the nine months ended September 30, 2024.
−Removed: 6) Accounts receivable — Our increase in net cash provided by operating activities was unfavorably impacted by $58.9 million from accounts receivable as changes in accounts receivable resulted in a decrease to operating cash flows of $116.7 million for the nine months ended September 30, 2025, compared to a decrease to operating cash flows of $57.8 million for the nine months ended September 30, 2024.
−Removed: The decrease for the nine months ended September 30, 2025 was driven by higher revenues, which remained as outstanding receivables at the end of the period, and a reduction of receivables turnover relative to the prior period.
−Removed: The decrease for the nine months ended September 30, 2024 was due to increases in revenue, which remained as outstanding receivables at September 30, 2024, partially offset by one additional collection day in the period .
−Removed: At September 30, 2025, we had a working capital deficit of $684.0 million, including cash and equivalents of $117.6 million.
−Removed: Our working capital deficit increased $32.1 million from a working capital deficit of $651.9 million at December 31, 2024 including cash and equivalents of $62.4 million, due primarily to an increase in accounts payable from an increase in accrued insurance costs, outstanding obligations to vendors and an increase in accrued payroll, adjustments to contingent consideration and an increase in deferred revenue, partially offset by an increase in outstanding receivables driven by higher revenues and a reduction of receivables turnover relative to the prior period as well as an increase in cash and cash equivalents.
+Added: 1) Increase in earnings — Our increase in net cash provided by operating activities was favorably impacted by $78.0 million from an increase in net income, excluding depreciation, amortization of intangibles, share-based compensation, adjustments to closure and post-closure liabilities, adjustments to contingent consideration, provision for expected credit losses, interest accretion and loss on disposal of assets and impairments, due primarily to price increases and operating income generated from acquisitions closed during, or subsequent to, the three months ended March 31, 2025.
+Added: 2) Accounts payable and accrued liabilities — Our increase in net cash provided by operating activities was unfavorably impacted by $39.0 million from accounts payable and accrued liabilities as changes in accounts payable and accrued liabilities resulted in a decrease to operating cash flows of $70.1 million for the three months ended March 31, 2026, compared to a decrease to operating cash flows of $31.1 million for the three months ended March 31, 2025.
+Added: The decrease for the three months ended March 31, 2026 was due primarily to outstanding obligations to vendors and accrued annual management bonus compensation as of December 31, 2025 that was paid in the current year period and a decrease in accrued interest due to the timing of interest payments, partially offset by an increase in accrued insurance costs and an increase in accrued payroll.
+Added: The decrease for the three months ended March 31, 2025 was due primarily to outstanding obligations to vendors and accrued annual management bonus compensation as of December 31, 2024 that was paid in 2025, partially offset by an increase in accrued insurance costs and an increase in accrued payroll.
+Added: 3) Accounts receivable — Our increase in net cash provided by operating activities was unfavorably impacted by $21.5 million from accounts receivable as changes in accounts receivable resulted in a decrease to operating cash flows of $23.4 million for the three months ended March 31, 2026, compared to a decrease to operating cash flows of $1.9 million for the three months ended March 31, 2025.
+Added: The decrease for the three months ended March 31, 2026 was driven by higher revenues, which remained as outstanding receivables at the end of the period.
+Added: The decrease for the three months ended March 31, 2025 was due to increases in revenue, which remained as outstanding receivables at the end of the period and one fewer collection day in the period.
+Added: 4) Deferred revenue — Our increase in net cash provided by operating activities was unfavorably impacted by $14.4 million from an increase to operating cash flows of $7.4 million for the three months ended March 31, 2026, compared to an increase to operating cash flows of $21.8 million for the three months ended March 31, 2025.
+Added: For both comparable periods, deferred revenue increased due to price increases on our advanced billed residential and commercial collection services.
+Added: At March 31, 2026, we had a working capital deficit of $631.1 million, including cash and equivalents of $112.4 million.
+Added: Our working capital deficit decreased $181.6 million from a working capital deficit of $812.7 million at December 31, 2025, including cash and equivalents of $46.0 million, due primarily to an increase in cash and equivalents, decreases in accounts payable and accrued liabilities driven by accrued annual management bonus compensation that was paid in the current year period, and an increase in accounts receivable as a result of increases in revenue.
To date, we have experienced no loss or lack of access to our cash and equivalents;
2 unchanged sentences
Investing Activities Cash Flows
−Removed: Net cash used in investing activities decreased $1.212 billion to $1.434 billion for the nine months ended September 30, 2025, from $2.646 billion for the nine months ended September 30, 2024.
+Added: Net cash used in investing activities decreased $247.5 million to $355.7 million for the three months ended March 31, 2026, compared to $603.2 million for the three months ended March 31, 2025.
The significant components of the decrease included the following:
−Removed: 1) A decrease in cash paid for acquisitions of $1.383 billion;
−Removed: 2) An increase in capital expenditures at operations owned in the comparable period of $102.1 million due to ongoing projects, expenditures for trucks and equipment and landfill site costs, partially offset by a decrease in expenditures for containers and compactors, land and facility improvements;
−Removed: 3) An increase of $ 37.0 million from proceeds from the sale of investment in noncontrolling interests in the prior period;
−Removed: 4) An increase in capital expenditures at operations acquired during the comparable period of $33.5 million due to expenditures for facility improvements, landfill site costs and trucks and equipment.
+Added: 1) A decrease in cash paid for acquisitions of $317.3 million;
+Added: 2) An increase in capital expenditures at operations owned in the comparable period of $71.4 million due to ongoing projects, expenditures for trucks and equipment and land, partially offset by a decrease in expenditures for facility improvements;
+Added: 3) An increase in capital expenditures at operations acquired during the comparable period of $12.7 million due to expenditures for facility improvements, trucks and equipment.
Financing Activities Cash Flows
−Removed: Net cash used in financing activities was $331.5 million for the nine months ended September 30, 2025, compared to net cash provided by financing activities of $1.040 billion for the nine months ended September 30, 2024, representing a decrease of $1.372 billion.
+Added: Net cash used in financing activities was $96.1 million for the three months ended March 31, 2026, compared to net cash provided by financing activities of $113.4 million for the three months ended March 31, 2025, representing a decrease of $209.5 million.
The significant components of the decrease included the following:
−Removed: 1) A decrease from the net change in long-term borrowings of $918.3 million in which long-term borrowings increased $416.6 million during the nine months ended September 30, 2025 and increased $1.335 billion during the nine months ended September 30, 2024;
−Removed: 2) A decrease from higher payments to repurchase our common shares of $442.2 million during the nine months ended September 30, 2025;
−Removed: 3) A decrease from higher cash dividends paid of $22.7 million due primarily to an increase in our quarterly dividend rate for the nine months ended September 30, 2025 to $0.315 per share, from $0.285 per share for the nine months ended September 30, 2024;
−Removed: 4) An increase from lower payments related to the issuance of debt of $8.6 million in which debt issuance costs increased $4.8 million during the nine months ended September 30, 2025 and increased $13.4 million during the nine months ended September 30, 2024.
−Removed: On July 22, 2025, our Board of Directors approved, subject to receipt of regulatory approvals, the annual renewal of our normal course issuer bid, or the NCIB, to purchase up to 12,855,691 of our common shares during the period of August 12, 2025 to August 11, 2026 or until such earlier time as the NCIB is completed or terminated at our option.
−Removed: Shareholders may obtain a copy of our TSX Form 12 – Notice of Intention to Make a Normal Course Issuer Bid, without charge, by request directed to our Executive Vice President and Chief Financial Officer at (832) 442-2200.
−Removed: The timing and amounts of any repurchases pursuant to the NCIB will depend on many factors, including our capital structure, the market price of the common shares, any share buyback taxes applicable and overall market conditions.
+Added: 1) A decrease from higher payments to repurchase our common shares of $284.0 million during the three months ended March 31, 2026;
+Added: 2) A decrease from higher cash dividends paid of $7.3 million due primarily to an increase in our quarterly dividend rate for the three months ended March 31, 2026 to $0.350 per share, from $0.315 per share for the three months ended March 31, 2025;
+Added: 3) An increase from the net change in long-term borrowings of $71.5 million in which long-term borrowings increased $313.6 million during the three months ended March 31, 2026 and increased $242.1 million during the three months ended March 31, 2025;
+Added: 4) An increase from lower payments related to contingent consideration of $16.0 million in which contingent consideration costs increased $4.1 million during the three months ended March 31, 2026 and increased $20.1 million during the three months ended March 31, 2025.
+Added: On August 8, 2025, we announced the annual renewal of our normal course issuer bid, or the NCIB, to purchase up to 12,855,691 of our common shares during the period of August 12, 2025 to August 11, 2026 or until such earlier time as the NCIB is completed or terminated at our option.
+Added: The timing and amounts of any repurchases pursuant to the NCIB will depend on market conditions, share price and other factors, including potential acquisition growth opportunities.
All common shares purchased under the NCIB will be immediately cancelled following their repurchase.
−Removed: Information regarding our NCIB can be found under the section “Normal Course Issuer Bid” in Note 16 to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q and is incorporated herein by reference.
+Added: Information regarding the NCIB can be found under the section “Normal Course Issuer Bid” in Note 16 to the Condensed Consolidated
+Added: Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q and is incorporated herein by reference.
Our Board of Directors authorized the initiation of a quarterly cash dividend in October 2010 and has increased it on an annual basis.
In October 2025, we announced that our Board of Directors increased our regular quarterly cash dividend by $0.035, from $0.315 to $0.350 per share.
−Removed: Cash dividends of $244.0 million and $221.3 million were paid during the nine months ended September 30, 2025 and 2024, respectively.
+Added: Cash dividends of $88.7 million and $81.5 million were paid during the three months ended March 31, 2026 and 2025, respectively.
We cannot assure as to the amounts or timing of future dividends.
1 unchanged sentence
Our capital requirements include acquisitions and capital expenditures, including for landfill cell construction, landfill development, landfill closure activities and intermodal facility construction in the future.
−Removed: We made $794.9 million in capital expenditures for property and equipment during the nine months ended September 30, 2025, and we expect to make total capital expenditures for property and equipment in 2025 of between approximately
−Removed: $1.200 billion and $1.250 billion, including $75 million to $125 million for renewable natural gas facilities.
+Added: We made $296.6 million in capital expenditures for property and equipment during the three months ended March 31, 2026, and we expect to make total capital expenditures for property and equipment in 2026 of approximately $1.250 billion.
We have funded and intend to fund the balance of our planned 2026 capital expenditures principally through cash on hand, internally generated funds and borrowings under our Revolving Credit Agreement.
6 unchanged sentences
Those banks may not be able to meet their funding commitments if they experience shortages of capital and liquidity or if they experience excessive volumes of borrowing requests within a short period of time.
−Removed: On June 4, 2025, we completed an underwritten public offering of $500.0 million aggregate principal amount of our 5.25% Senior Notes due 2035 (the “2035 Senior Notes”).
+Added: On March 16, 2026, we completed an underwritten public offering of $600.0 million aggregate principal amount of our 4.80% Senior Notes due 2036 (the “2036 Senior Notes”).
The 2036 Senior Notes were issued under an indenture, dated as of November 16, 2018 (as amended, restated, supplemented or otherwise modified from time to time), by and between the Company and U.S.
Bank Trust Company, National Association, as successor in interest to U.S.
−Removed: Bank National Association, as trustee, as supplemented by a tenth supplemental indenture, dated as of June 4, 2025.
+Added: Bank National Association, as trustee, as supplemented by an eleventh supplemental indenture, dated as of March 16, 2026.
See Note 9 to our Condensed Consolidated Financial Statements for further details on the 2036 Senior Notes.
−Removed: At September 30, 2025, $2.199 billion under the revolving credit facility was outstanding under the Revolving Credit Agreement, exclusive of outstanding standby letters of credit of $37.6 million.
−Removed: We also had $184.0 million of letters of credit issued and outstanding at September 30, 2025 under a facility other than the Revolving Credit Agreement.
+Added: At March 31, 2026, $2.076 billion under the revolving credit facility was outstanding under the Revolving Credit Agreement, exclusive of outstanding standby letters of credit of $37.3 million.
+Added: We also had $184.1 million of letters of credit issued and outstanding at March 31, 2026 under a facility other than the Revolving Credit Agreement.
Our Revolving Credit Agreement matures on February 27, 2029.
2 unchanged sentences
Unless otherwise indicated in the relevant offering documents, we expect to use the proceeds from any such offerings for general corporate purposes, including repaying, redeeming or repurchasing debt, acquiring additional assets or businesses, capital expenditures and increasing our working capital.
−Removed: At September 30, 2025, we had the following contractual obligations:
+Added: At March 31, 2026, we had the following contractual obligations:
Payments Due by Period
12 unchanged sentences
dollar base rate loans, Canadian dollar term CORRA rate loans, and Canadian dollar prime rate loans.
−Removed: At September 30, 2025, $985.0 million of the outstanding borrowings drawn under the revolving credit facility were in U.S.
−Removed: term SOFR rate loans, which bear interest at the term SOFR rate plus the
−Removed: applicable margin (for a total rate ranging from 5.04% to 5.16% on such date).
−Removed: At September 30, 2025, $40.0 million of the outstanding borrowings drawn under the revolving credit facility were in U.S.
+Added: At March 31, 2026, $695.0 million of the outstanding borrowings drawn under the revolving credit facility were in U.S.
+Added: term SOFR rate loans, which bear interest at the term SOFR rate plus the applicable margin (for a total rate ranging from 4.54% to 4.55% on such date).
+Added: At March 31, 2026, $133.0 million of the outstanding borrowings drawn under the revolving credit facility were in U.S.
base rate loans, which bear interest at the base rate plus the applicable margin (for a total rate of 6.75% on such date).
−Removed: At September 30, 2025, $1.167 billion of the outstanding borrowings drawn under the revolving credit facility were in Canadian-based CORRA rate loans, which bear interest at the term CORRA rate plus the applicable margin (for a total rate ranging from 3.71% to 3.88% on such date).
−Removed: At September 30, 2025, $7.2 million of the outstanding borrowings drawn under the revolving credit facility were in Canadian-based prime rate loans, which bear interest at the Canadian prime rate plus the applicable prime rate margin (for a total rate of 4.70% on such date).
+Added: At March 31, 2026, $1.180 billion of the outstanding borrowings drawn under the revolving credit facility were in Canadian-based CORRA rate loans, which bear interest at the term CORRA rate plus the applicable margin (for a total rate of 3.45% on such date).
+Added: At March 31, 2026, $68.2 million of the outstanding borrowings drawn under the revolving credit facility were in Canadian-based prime rate loans, which bear interest at the Canadian prime rate plus the applicable prime rate margin (for a total rate of 4.45% on such date).
2) $500.0 million in principal payments due 2028 related to our 2028 Senior Notes.
20 unchanged sentences
The 2050 Senior Notes bear interest at a rate of 3.05%.
+Added: 13) $850.0 million in principal payments due 2052 related to our 2052 Senior Notes.
+Added: The 2052 Senior Notes bear interest at a rate of 2.95%.
14) $25.3 million in principal payments related to our notes payable to sellers and other third parties.
−Removed: Our notes payable to sellers and other third parties bear interest at rates between 2.42% and 10.35% at September 30, 2025, and have maturity dates ranging from 2028 to 2044.
+Added: Our notes payable to sellers and other third parties bear interest at rates between 2.42% and 10.35% at March 31, 2026, and have maturity dates ranging from 2028 to 2044.
15) $14.7 million in principal payments related to our financing leases.
−Removed: Our financing leases bear interest at rates between 1.89% and 5.35% at September 30, 2025, and have expiration dates ranging from 2026 to 2032.
+Added: Our financing leases bear interest at rates between 1.89% and 5.35% at March 31, 2026, and have expiration dates ranging from 2026 to 2035.
The following assumptions were made in calculating cash interest payments:
−Removed: 1) We calculated cash interest payments on the Revolving Credit Agreement using the term SOFR rate plus the applicable term SOFR margin, the base rate plus the applicable base rate margin, the term CORRA rate plus the
−Removed: applicable margin and the Canadian prime rate plus the applicable prime rate margin at September 30, 2025.
+Added: 1) We calculated cash interest payments on the Revolving Credit Agreement using the term SOFR rate plus the applicable term SOFR margin, the base rate plus the applicable base rate margin, the term CORRA rate plus the applicable margin and the Canadian prime rate plus the applicable prime rate margin at March 31, 2026.
We assumed the Revolving Credit Agreement is paid off when it matures in February 2029.
2) We calculated cash interest payments on our interest rate swaps using the stated interest rate in the swap agreement less the term SOFR rate through the earlier expiration of the term of the swaps or the term of the credit facility.
−Removed: Contingent consideration payments include $109.1 million recorded as liabilities in our Condensed Consolidated Financial Statements at September 30, 2025, and $14.4 million of future interest accretion on the recorded obligations.
+Added: Contingent consideration payments include $81.2 million recorded as liabilities in our Condensed Consolidated Financial Statements at March 31, 2026, and $14.4 million of future interest accretion on the recorded obligations.
We are party to operating lease agreements and finance leases.
8 unchanged sentences
These purchase obligations are established in the ordinary course of our business and are designed to provide us with access to products at competitive, market-driven prices.
−Removed: At September 30, 2025, our unconditional purchase obligations consisted of multiple fixed-price fuel purchase contracts under which we have 50.8 million gallons remaining to be purchased for a total of $152.8 million.
−Removed: The current fuel purchase contracts expire on or before September 30, 2029.
−Removed: These arrangements have not materially affected our financial position, results of operations or liquidity during the nine months ended September 30, 2025, nor are they expected to have a material impact on our future financial position, results of operations or liquidity.
+Added: At March 31, 2026, our unconditional purchase obligations consisted of multiple fixed-price fuel purchase contracts under which we have 50.6 million gallons remaining to be purchased for a total of $145.3 million.
+Added: The current fuel purchase contracts expire on or before December 31, 2029.
+Added: These arrangements have not materially affected our financial position, results of operations or liquidity during the three months ended March 31, 2026, nor are they expected to have a material impact on our future financial position, results of operations or liquidity.
We have obtained financial surety bonds, primarily to support our financial assurance needs and landfill and E&P waste operations.
−Removed: We provided customers and various regulatory authorities with surety bonds in the aggregate amounts of approximately $2.143 billion and $2.011 billion at September 30, 2025 and December 31, 2024, respectively.
−Removed: These arrangements have not materially affected our financial position, results of operations or liquidity during the nine months ended September 30, 2025, nor are they expected to have a material impact on our future financial position, results of operations or liquidity.
+Added: We provided customers and various regulatory authorities with surety bonds in the aggregate amounts of approximately $2.218 billion and $2.157 billion at March 31, 2026 and December 31, 2025, respectively.
+Added: These arrangements have not materially affected our financial position, results of operations or liquidity during the three months
+Added: ended March 31, 2026, nor are they expected to have a material impact on our future financial position, results of operations or liquidity.
From time to time, we evaluate our existing operations and their strategic importance to us.
1 unchanged sentence
Although we believe our reporting units would not be impaired by such dispositions, we could incur losses on them.
−Removed: The disposal tonnage that we received in the nine month periods ended September 30, 2025 and 2024, at all of our landfills during the respective period, is shown below (tons in thousands):
−Removed: Nine Months Ended September 30,
+Added: The disposal tonnage that we received in the three-month periods ended March 31, 2026 and 2025, at all of our landfills during the respective period, is shown below (tons in thousands):
+Added: Three Months Ended March 31,
Owned operational landfills and landfills operated under life-of-site agreements
4 unchanged sentences
Management uses adjusted EBITDA as one of the principal measures to evaluate and monitor the ongoing financial performance of our operations.
−Removed: We define adjusted EBITDA as net income attributable to Waste Connections, plus or minus net income (loss) attributable to noncontrolling interests, plus income tax provision, plus interest expense, less interest income, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on impairments and other operating items, plus other expense, less other income.
+Added: We define adjusted EBITDA as net income, plus income tax provision, plus interest expense, less interest income, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on impairments and other operating items, plus other expense, less other income.
We further adjust this calculation to exclude the effects of other items management believes impact the ability to assess the operating performance of our business.
1 unchanged sentence
Other companies may calculate adjusted EBITDA differently.
−Removed: Our adjusted EBITDA for the three and nine month periods ended September 30, 2025 and 2024, is calculated as follows (amounts in thousands of U.S.
+Added: Our adjusted EBITDA for the three-month periods ended March 31, 2026 and 2025, is calculated as follows (amounts in thousands of U.S.
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 30,
−Removed: September 30,
−Removed: Net income attributable to Waste Connections
−Removed: Net loss attributable to noncontrolling interests
Income tax provision
11 unchanged sentences
(b) Reflects fair value accounting changes associated with certain equity awards .
−Removed: Adjusted Net Income Attributable to Waste Connections and Adjusted Net Income per Diluted Share Attributable to Waste Connections
−Removed: We present adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections, both non-GAAP financial measures, supplementally because they are widely used by investors as valuation measures in the solid waste industry.
−Removed: Management uses adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections as one of the principal measures to evaluate and monitor the ongoing financial performance of our operations.
−Removed: We provide adjusted net income attributable to Waste Connections to exclude the effects of items management believes impact the comparability of operating results between periods.
−Removed: Adjusted net income attributable to Waste Connections has limitations due to the fact that it excludes items that have an impact on our financial condition and results of operations.
−Removed: Adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections are not a substitute for, and should be used in conjunction with, GAAP financial measures.
+Added: Adjusted Net Income and Adjusted Net Income per Diluted Share
+Added: We present adjusted net income and adjusted net income per diluted share, both non-GAAP financial measures, supplementally because they are widely used by investors as valuation measures in the solid waste industry.
+Added: Management uses adjusted net income and adjusted net income per diluted share as one of the principal measures to evaluate and monitor the ongoing financial performance of our operations.
+Added: We provide adjusted net income to exclude the effects of items management believes impact the comparability of operating results between periods.
+Added: Adjusted net income has limitations due to the fact that it excludes items that have an impact on our financial condition and results of operations.
+Added: Adjusted net income and adjusted net income per diluted share are not a substitute for, and should be used in conjunction with, GAAP financial measures.
Other companies may calculate these non-GAAP financial measures differently.
−Removed: Our adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections for the three and nine month periods ended September 30, 2025 and 2024, are calculated as follows (amounts in thousands of U.S.
+Added: Our adjusted net income and adjusted net income per diluted share for the three-month periods ended March 31, 2026 and 2025, are calculated as follows (amounts in thousands of U.S.
dollars, except per share amounts):
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 30,
−Removed: September 30,
−Removed: Reported net income attributable to Waste Connections
+Added: Reported net income
Amortization of intangibles (a)
3 unchanged sentences
Tax effect (e)
−Removed: Adjusted net income attributable to Waste Connections
−Removed: Diluted earnings per common share attributable to Waste Connections’ common shareholders:
+Added: Adjusted net income
+Added: Diluted earnings per common share:
Reported net income
6 unchanged sentences
(e) The aggregate tax effect of the adjustments in footnotes (a) through (d) is calculated based on the applied tax rates for the respective periods.
−Removed: In the current environment, we have seen inflationary pressures resulting from higher materials or labor costs in certain markets and higher resulting third-party costs in areas such as brokerage, repairs and construction.
+Added: In the current environment, we have seen inflationary pressures resulting from higher materials or labor costs in certain markets and higher resulting third-party costs in areas such as brokerage, repairs and construction, and we have seen impacts from geopolitical events, including the Iran war, that are resulting in increased costs related to fuel.
Additionally, significant changes in trade policies, including tariffs in the U.S.
12 unchanged sentences
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.