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Item 2. Management’s Discussion and Analysis

2026-10-22 compared with 2026-07-23 · 234 added, 213 removed, 254 unchanged (64% of the section changed)

25 unchanged sentences

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.

We have committed $500 million to the advancement of long-term, aspirational sustainability targets, which we evaluate continuously and have expanded as we make progress towards their achievement.

We have exceeded our $500 million commitment to the advancement of long-term, aspirational sustainability targets, which we evaluate continuously and have expanded as we make progress towards their achievement.

Our targets align with our focus on value creation for our stakeholders, and we have incorporated progress towards their achievement into compensation metrics.

24 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.

RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 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.

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Cost of operations

7 unchanged sentences

Income tax provision

Total revenues increased $154.6 million, or 6.4%, to $2.562 billion for the three months ended June 30, 2026, from $2.407 billion for the three months ended June 30, 2025.

Total revenues increased $297.0 million, or 6.4%, to $4.932 billion for the six months ended June 30, 2026, from $4.635 billion for the six months ended June 30, 2025.

Acquisitions closed during, or subsequent to, the three and six months ended June 30, 2025, increased revenues by $47.1 million and $104.5 million, respectively, for the three and six months ended June 30, 2026.

Operations that were divested during, or subsequent to, the three and six months ended June 30, 2025, decreased revenues by $1.3 million and $3.5 million, respectively, for the three and six months ended June 30, 2026.

During the three months ended June 30, 2026, the net increase in prices charged to our customers at our existing operations was $146.3 million, consisting of $121.8 million of core price increases and surcharges of $24.5 million.

During the six months ended June 30, 2026, the net increase in prices charged to our customers at our existing operations was $266.4 million, consisting of $243.1 million of core price increases and surcharges of $23.3 million.

During the three and six months ended June 30, 2026, we recognized volume losses totaling $64.1 million and $122.1 million, respectively, resulting from a decrease in roll off and commercial collection volumes in our Eastern, Southern and Canada segments, partially offset by an increase in landfill volumes in our Central and Western segments.

E&P waste revenues at facilities owned during the three and six months ended June 30, 2026 increased $23.4 million and $42.2 million, respectively, due to increased disposal capacity from ongoing development, resumed operations at a facility that was suspended, increased production in our Canada and Southern segments and higher crude oil and natural gas prices.

Revenues from sales of recyclable commodities at facilities owned during the three and six months ended June 30, 2026 decreased $4.8 million and $14.0 million, respectively.

The decreases were primarily attributable to lower prices for old corrugated cardboard and plastics.

An increase in the average Canadian dollar to U.S.

dollar currency exchange rate resulted in an increase in revenues of $0.1 million and $14.1 million for the three and six months ended June 30, 2026, respectively.

Total revenues increased $179.7 million, or 7.3%, to $2.638 billion for the three months ended September 30, 2026, from $2.458 billion for the three months ended September 30, 2025.

Total revenues increased $476.7 million, or 6.7%, to $7.570 billion for the nine months ended September 30, 2026, from $7.094 billion for the nine months ended September 30, 2025.

Acquisitions closed during, or subsequent to, the three and nine months ended September 30, 2025, increased revenues by $53.9 million and $158.4 million, respectively, for the three and nine months ended September 30, 2026.

Operations that were divested during, or subsequent to, the three and nine months ended September 30, 2025, decreased revenues by $0.5 million and $4.0 million, respectively, for the three and nine months ended September 30, 2026.

During the three months ended September 30, 2026, the net increase in prices charged to our customers at our existing operations was $153.4 million, consisting of $123.7 million of core price increases and surcharges of $29.7 million.

During the nine months ended September 30, 2026, the net increase in prices charged to our customers at our existing operations was $419.7 million, consisting of $366.8 million of core price increases and surcharges of $52.9 million.

During the three and nine months ended September 30, 2026, we recognized volume losses totaling $54.8 million and $176.9 million, respectively, resulting from a decrease in roll off and commercial collection volumes in our Eastern, Southern and Canada segments, partially offset by an increase in landfill volumes in our Central and Western segments.

E&P waste revenues at facilities owned during the three and nine months ended September 30, 2026 increased $19.1 million and $61.4 million, respectively, due to increased disposal capacity from ongoing development, resumed operations at a facility that was suspended, increased drilling and production in our Canada and Southern segments and higher crude oil and natural gas prices.

Revenues from sales of recyclable commodities at facilities owned during the three months ended September 30, 2026 increased $7.4 million.

The increase was primarily attributable to higher prices for old corrugated cardboard.

Revenues from sales of recyclable commodities at facilities owned during the nine months ended September 30, 2026 decreased $6.6 million.

The decrease was primarily attributable to lower average prices for old corrugated cardboard and plastics during the first half of 2026, partially offset by the higher old corrugated cardboard prices during the three months ended September 30, 2026.

A decrease in the average Canadian dollar to U.S.

dollar currency exchange rate resulted in a decrease in revenues of $5.4 million for the three months ended September 30, 2026.

The average Canadian dollar to U.S.

dollar exchange rates on our Canadian revenues were 0.7229 and 0.7228 for the three months ended June

30, 2026 and 2025, respectively.

dollar exchange rates on our Canadian revenues were 0.7149 and 0.7260 for the three months ended September 30, 2026 and 2025, respectively.

An increase in the average Canadian dollar to U.S.

dollar currency exchange rate resulted in an increase in revenues of $8.7 million for the nine months ended September 30, 2026.

The average Canadian dollar to U.S.

dollar exchange rates on our Canadian revenues were 0.7258 and 0.7104 for the six months ended June 30, 2026 and 2025, respectively.

Other revenues increased $7.9 million during the three months ended June 30, 2026, due primarily to an $8.4 million increase in landfill gas revenues on higher values of renewable energy credits and increased gas generation and a $0.5 million increase in other non-core revenue sources, partially offset by a $1.0 million decrease in intermodal revenues.

Other revenues increased $9.4 million during the six months ended June 30, 2026, due primarily to an $11.9 million increase in landfill gas revenues on higher values of renewable energy credits and increased gas generation and a $0.4 million increase in other non-core revenue sources, partially offset by a $2.9 million decrease in intermodal revenues.

dollar exchange rates on our Canadian revenues were 0.7220 and 0.7158 for the nine months ended September 30, 2026 and 2025, respectively.

Other revenues increased $6.6 million during the three months ended September 30, 2026, due primarily to an $8.8 million increase in landfill gas revenues on increased gas generation and higher values of renewable energy credits and a $0.1 million increase in other non-core revenue sources, partially offset by a $2.3 million decrease in intermodal revenues.

Other revenues increased $16.0 million during the nine months ended September 30, 2026, due primarily to a $20.7 million increase in landfill gas revenues on higher values of renewable energy credits and increased gas generation and a $0.6 million increase in other non-core revenue sources, partially offset by a $5.3 million decrease in intermodal revenues.

Cost of Operations .

Total cost of operations increased $86.4 million, or 6.2%, to $1.479 billion for the three months ended June 30, 2026, from $1.393 billion for the three months ended June 30, 2025.

The increase was primarily the result of an increase in operating costs at our existing operations of $63.2 million, assuming foreign currency parity, additional operating costs of $23.2 million attributable to acquisitions closed during, or subsequent to, the three months ended June 30, 2025, and an increase in operating costs of $0.1 million resulting from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $0.1 million from operations divested during, or subsequent to, the three months ended June 30, 2025.

The increase in operating costs at our existing operations for the three months ended June 30, 2026, assuming foreign currency parity, consisted of $20.0 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, an increase in fuel expense of $19.3 million due to higher diesel prices, an increase in trucking costs of $12.3 million, an increase in labor and recurring incentive compensation expenses of $10.6 million, an increase in truck, container, equipment and facility maintenance and repair expenses of $4.4 million, higher costs for purchasing and processing recyclable commodities of $2.7 million and an increase in other landfill operating costs of $1.9 million, partially offset by a decrease in risk management expenses of $7.3 million and a net decrease of other expenses of $0.7 million.

Total cost of operations increased $156.0 million, or 5.8%, to $2.840 billion for the six months ended June 30, 2026, from $2.684 billion for the six months ended June 30, 2025.

The increase was primarily the result of an increase in operating costs at our existing operations of $105.3 million, assuming foreign currency parity, additional operating costs of $47.0 million attributable to acquisitions closed during, or subsequent to, the six months ended June 30, 2025, 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 $2.7 million from operations divested during, or subsequent to, the six months ended June 30, 2025.

The increase in operating costs at our existing operations for the six months ended June 30, 2026, assuming foreign currency parity, consisted of $42.8 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, an increase in labor and recurring incentive compensation expenses of $22.0 million, an increase in fuel expense of $20.7 million due to higher diesel prices, an increase in trucking costs of $19.7 million, an increase in truck, container, equipment and facility maintenance and repair expenses of $6.4 million, an increase in costs for purchasing and processing recyclable commodities of $4.0 million and a net increase of other expenses of $0.8 million, partially offset by a decrease in risk management expenses of $11.1 million.

Cost of operations as a percentage of revenues decreased 0.2 percentage points to 57.7% for the three months ended June 30, 2026, from 57.9% for the three months ended June 30, 2025.

The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.5 percentage point decrease in labor and benefits costs, a 0.4 percentage point decrease due to lower risk management expenses and a 0.1 percentage point decrease from all other net changes, partially offset by a 0.6 percentage point increase from higher fuel expense and a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenue.

Cost of operations as a percentage of revenues decreased 0.3 percentage points to 57.6% for the six months ended June 30, 2026, from 57.9% for the six months ended June 30, 2025.

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 from all other net changes, partially offset by a 0.3 percentage point increase from higher fuel expense and a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenue.

SG&A expenses increased $17.5 million, or 7.2%, to $260.5 million for the three months ended June 30, 2026, from $243.0 million for the three months ended June 30, 2025.

The increase was comprised of $15.2 million, assuming foreign currency parity, at our existing operations and $2.3 million from acquisitions closed during, or subsequent to, the three months ended June 30, 2025.

The increase in SG&A expenses at our existing operations for the three months ended June 30, 2026, assuming foreign currency parity, was comprised of an increase of $5.7 million in administrative payroll and incentive compensation expenses, an increase in direct acquisition expenses of $3.6 million, an increase in deferred compensation costs of $3.4 million due to an increase in the market value of investments held to fund our deferred compensation liability, an increase in software license fees of $2.0 million and $0.5 million of other net expense increases.

SG&A expenses increased $18.5 million, or 3.8%, to $511.6 million for the six months ended June 30, 2026, from $493.1 million for the six months ended June 30, 2025.

The increase was comprised of $9.3 million from acquisitions closed during, or subsequent to, the six months ended June 30, 2025, $7.8 million, assuming foreign currency parity, at our existing operations and $1.4 million from a higher average foreign currency exchange rate in effect during the current period.

The increase in SG&A expenses at our existing operations for the six months ended June 30, 2026, assuming foreign currency parity, was comprised of an increase in expenses for uncollectible accounts receivable of $5.8 million, an increase in software license fees of $3.4 million, an increase in deferred compensation costs of $3.1 million due to an increase in the market value of investments held to fund our deferred compensation liability, an increase in administrative payroll and incentive compensation expense of $2.3 million, an increase in travel, meetings and training expenses of $2.1 million and other net expense increases of $0.9 million, partially offset by a decrease in direct acquisition expenses of $6.0 million and a decrease in professional fees of $3.8 million.

SG&A expenses as a percentage of revenues increased 0.1 percentage point to 10.2% for the three months ended June 30, 2026, from 10.1% for the three months ended June 30, 2025.

The increase as a percentage of revenues was primarily driven by a 0.1 percentage point increase in direct acquisition expenses.

SG&A expenses as a percentage of revenues decreased 0.3 percentage points to 10.4% for the six months ended June 30, 2026, from 10.7% for the six months ended June 30, 2025.

Total cost of operations increased $94.3 million, or 6.7%, to $1.501 billion for the three months ended September 30, 2026, from $1.407 billion for the three months ended September 30, 2025.

The increase was primarily the result of an increase in operating costs at our existing operations of $72.3 million, assuming foreign currency parity, and additional operating costs of $24.4 million attributable to acquisitions closed during, or subsequent to, the three months ended September 30, 2025, partially offset by a decrease in operating costs of $2.4 million resulting from a lower average foreign currency exchange rate in effect during the current period.

The increase in operating costs at our existing operations for the three months ended September 30, 2026, assuming foreign currency parity, consisted of $21.6 million related to higher fuel expense due to an increase in diesel prices, higher taxes on revenues and increased operating costs of $15.6 million, primarily related to new operating facilities at existing operations and additional capacity developed to accommodate increased E&P disposal volumes, an increase in labor and recurring incentive compensation expenses of $15.3 million, higher trucking costs of $10.5 million, an increase in truck, container, equipment and facility maintenance and repair expenses of $8.2 million, higher disposal costs of $4.8 million, an increase in other landfill operating costs of $3.6 million, higher costs for purchasing and processing recyclable commodities of $3.5 million and net increases of other operating expenses of $4.2 million, partially offset by a decrease in risk management expenses of $15.0 million.

Total cost of operations increased $250.3 million, or 6.1%, to $4.341 billion for the nine months ended September 30, 2026, from $4.091 billion for the nine months ended September 30, 2025.

The increase was primarily the result of an increase in operating costs at our existing operations of $174.9 million, assuming foreign currency parity, additional operating costs of $71.4 million attributable to acquisitions closed during, or subsequent to, the nine months ended September 30, 2025, and an increase in operating costs of $4.0 million resulting from a higher average foreign currency exchange rate in effect during the current period.

The increase in operating costs at our existing operations for the nine months ended September 30, 2026, assuming foreign currency parity, consisted of higher taxes on revenues and increased operating costs of $58.1 million, primarily related to new operating facilities at existing operations and additional capacity developed to accommodate increased E&P disposal volumes, an increase in fuel expense of $42.4 million due to higher diesel prices, an increase in labor and recurring incentive compensation expenses of $37.2 million, higher trucking costs of $30.7 million, an increase in truck, container, equipment and facility maintenance and repair expenses of $14.5 million, higher costs for purchasing and processing recyclable commodities of $7.4 million, an increase in property taxes of $3.9 million, higher disposal costs of $3.6 million and a net increase of other expenses of $3.3 million, partially offset by a decrease in risk management expenses of $26.2 million.

Cost of operations as a percentage of revenues decreased 0.3 percentage points to 56.9% for the three months ended September 30, 2026, from 57.2% for the three months ended September 30, 2025.

The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.7 percentage point decrease due to lower risk management expenses and a 0.6 percentage point decrease in labor and benefits costs, partially offset by a 0.7 percentage point increase from higher fuel expense, a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenues and a 0.1 percentage point increase from all other net changes.

Cost of operations as a percentage of revenues decreased 0.3 percentage points to 57.4% for the nine months ended September 30, 2026, from 57.7% for the nine months ended September 30, 2025.

The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.5 percentage point decrease in labor and benefits costs and a 0.5 percentage point decrease due to lower risk management expenses, partially offset by a 0.4 percentage point increase from higher fuel expense, a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenues and a 0.1 percentage point increase from all other net changes.

SG&A expenses increased $17.4 million, or 7.4%, to $253.9 million for the three months ended September 30, 2026, from $236.5 million for the three months ended September 30, 2025.

The increase was comprised of $13.6 million, assuming foreign currency parity, at our existing operations and $4.3 million from acquisitions closed during, or subsequent to, the three months ended September 30, 2025, partially offset by a decrease of $0.5 million resulting from a lower average foreign currency exchange rate in effect during the current period.

The increase in SG&A expenses at our existing operations for the three months ended September 30, 2026, assuming foreign currency parity, was comprised of an increase of $10.0 million in administrative payroll and incentive compensation expenses, a collective increase in travel and meetings expenses and charitable contributions of $4.5 million and $2.0 million of other net expense increases, partially offset by a decrease in deferred compensation costs of $2.9 million due to a decrease in the market value of investments held to fund our deferred compensation liability.

SG&A expenses increased $35.9 million, or 4.9%, to $765.5 million for the nine months ended September 30, 2026, from $729.6 million for the nine months ended September 30, 2025.

The increase was comprised of $21.4 million, assuming foreign currency parity, at our existing operations, $13.6 million from acquisitions closed during, or subsequent to, the nine months ended September 30, 2025 and $0.9 million from a higher average foreign currency exchange rate in effect during the current period.

The increase in SG&A expenses at our existing operations for the nine months ended September 30, 2026, assuming foreign currency parity, was comprised of an increase in administrative payroll and incentive compensation expense of $12.3 million, a collective increase in travel and meetings expenses and charitable contributions of $8.4 million, higher expenses for uncollectible accounts receivable of $6.0 million, an increase in software license fees of $4.8 million and other net expense increases of $1.2 million, partially offset by a decrease in direct acquisition expenses of $6.8 million and a decrease in professional fees of $4.5 million.

SG&A expenses as a percentage of revenues remained flat at 9.6% for the three months ended September 30, 2026 and for the three months ended September 30, 2025.

SG&A expenses as a percentage of revenues were favorably impacted by a 0.1 percentage point decrease in deferred compensation costs, offset by a 0.1 percentage point increase in administrative payroll and incentive compensation expenses.

SG&A expenses as a percentage of revenues decreased 0.2 percentage points to 10.1% for the nine months ended September 30, 2026, from 10.3% for the nine months ended September 30, 2025.

The decrease as a percentage of revenues was primarily driven by a 0.1 percentage point decrease in administrative payroll and incentive compensation expenses and a 0.1 percentage point decrease in direct acquisition expenses.

Depreciation .

Depreciation expense increased $20.9 million, or 8.1%, to $278.3 million for the three months ended June 30, 2026, from $257.4 million for the three months ended June 30, 2025.

The increase was comprised of an increase in depreciation expense of $10.8 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 $4.6 million from acquisitions closed during, or subsequent to, the three months ended June 30, 2025 and an increase of $5.5 million in depletion expense at our existing operations.

Depreciation expense increased $46.1 million, or 9.2%, to $545.8 million for the six months ended June 30, 2026, from $499.7 million for the six months ended June 30, 2025.

The increase was comprised of an increase in depreciation expense of $20.5 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 $12.5 million from acquisitions closed during, or subsequent to, the six months ended June 30, 2025, an increase of $11.5 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, partially offset by a decrease of $0.1 million from operations divested during, or subsequent to, the six months ended June 30, 2025.

Depreciation expense as a percentage of revenues increased 0.1 percentage point to 10.8% for the three months ended June 30, 2026, from 10.7% for the three months ended June 30, 2025.

Depreciation expense as a percentage of revenues increased 0.2 percentage points to 11.0% for the six months ended June 30, 2026, from 10.8% for the six months ended June 30, 2025.

For both comparable periods, the increase as a percentage of revenues was primarily driven by capital expenditures to support our existing operations and acquisitions closed during, or subsequent to, the three and six months ended June 30, 2025 having higher depreciation expense as a percentage of revenue than our company average.

Depreciation expense increased $26.6 million, or 10.1%, to $290.6 million for the three months ended September 30, 2026, from $264.0 million for the three months ended September 30, 2025.

The increase was comprised of an increase in depreciation expense of $11.0 million from the impact of additions to our fleet and equipment purchased to support our existing operations, an increase of $8.7 million in depletion expense at our existing operations and an increase in depreciation and depletion expense of $7.5 million from acquisitions closed during, or subsequent to, the three months ended September 30, 2025, partially offset by a decrease of $0.6 million resulting from a lower average foreign currency exchange rate in effect during the current period.

Depreciation expense increased $72.7 million, or 9.5%, to $836.4 million for the nine months ended September 30, 2026, from $763.7 million for the nine months ended September 30, 2025.

The increase was comprised of an increase in depreciation expense of $31.5 million from the impact of additions to our fleet and equipment purchased to support our existing operations, an increase of $20.2 million in depletion expense at our existing operations, an increase in depreciation

and depletion expense of $20.0 million from acquisitions closed during, or subsequent to, the nine months ended September 30, 2025 and an increase of $1.1 million resulting from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $0.1 million from operations divested during, or subsequent to, the nine months ended September 30, 2025.

Depreciation expense as a percentage of revenues increased 0.3 percentage points to 11.0% for the three and nine months ended September 30, 2026, from 10.7% for the three and nine months ended September 30, 2025.

For both comparable periods, the increase as a percentage of revenues was primarily driven by increased depletion expense at our existing operations.

Amortization of Intangibles .

Amortization of intangibles expense decreased $2.6 million, or 5.2%, to $47.6 million for the three months ended June 30, 2026, from $50.2 million for the three months ended June 30, 2025.

The decrease was comprised of a decrease of $6.1 million from certain intangible assets becoming fully amortized subsequent to June 30, 2025, partially offset by an increase of $3.5 million from intangible assets acquired in acquisitions closed during, or subsequent to, the three months ended June 30, 2025.

Amortization of intangibles expense decreased $3.0 million, or 3.1%, to $94.9 million for the six months ended June 30, 2026, from $97.9 million for the six months ended June 30, 2025.

The decrease was comprised of a decrease of $11.6 million from certain intangible assets becoming fully amortized subsequent to June 30, 2025, partially offset by an increase of $8.1 million from intangible assets acquired in acquisitions closed during, or subsequent to, the six months ended June 30, 2025 and an increase of $0.5 million due to a higher average foreign currency exchange rate in effect during the current period.

Amortization of intangibles expense as a percentage of revenues decreased 0.2 percentage points to 1.9% for the three and six months ended June 30, 2026, from 2.1% for the three and six months ended June 30, 2025.

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 0.1 percentage point increase related to acquisitions closed during, or subsequent to, the three and six months ended June 30, 2025 having higher amortization expense as a percentage of revenue than our company average.

Amortization of intangibles expense decreased $2.5 million, or 5.0%, to $48.8 million for the three months ended September 30, 2026, from $51.3 million for the three months ended September 30, 2025.

The decrease was comprised of a decrease of $5.9 million from certain intangible assets becoming fully amortized subsequent to September 30, 2025 and $0.2 million resulting from a lower average foreign currency exchange rate in effect during the current period, partially offset by an increase of $3.6 million from intangible assets acquired in acquisitions closed during, or subsequent to, the three months ended September 30, 2025.

Amortization of intangibles expense decreased $5.6 million, or 3.7%, to $143.6 million for the nine months ended September 30, 2026, from $149.2 million for the nine months ended September 30, 2025.

The decrease was comprised of a decrease of $17.5 million from certain intangible assets becoming fully amortized subsequent to September 30, 2025, partially offset by an increase of $11.6 million from intangible assets acquired in acquisitions closed during, or subsequent to, the nine months ended September 30, 2025 and an increase of $0.3 million due to a higher average foreign currency exchange rate in effect during the current period.

Amortization of intangibles expense as a percentage of revenues decreased 0.2 percentage points to 1.9% for the three and nine months ended September 30, 2026, from 2.1% for the three and nine months ended September 30, 2025.

For both comparable periods, 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 0.1 percentage point increase related to acquisitions closed during, or subsequent to, the three and nine months ended September 30, 2025 having higher amortization expense as a percentage of revenue than our company average.

Impairments and Other Operating Items .

Impairments and other operating items increased $54.5 million, to net losses totaling $58.5 million for the three months ended June 30, 2026, from net losses totaling $4.0 million for the three months ended June 30, 2025.

The net losses of $58.5 million recorded during the three months ended June 30, 2026 consisted of net losses of $55.8 million to adjust the carrying value of closure and post-closure liabilities and net losses of $3.6 million on the disposal of property and equipment, partially offset by other net gains of $0.9 million.

The net losses of $4.0 million recorded during the three months ended June 30, 2025 consisted of net losses of $1.7 million on the disposal of property and equipment, $1.0 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, net losses of $1.0 million from damages to an operating facility and other net losses of $0.3 million.

Impairments and other operating items increased $127.5 million, to net losses totaling $138.0 million for the six months ended June 30, 2026, from net losses totaling $10.5 million for the six months ended June 30, 2025.

The net losses of $138.0 million recorded during the six months ended June 30, 2026 consisted of net losses of $132.0 million to adjust the carrying value of closure and post-closure liabilities, net losses of $4.0 million on the disposal of property and equipment and net losses of $ 2.0 million to adjust an environmental liability at an operating facility .

The net losses of $10.5 million recorded during the six months ended June 30, 2025 consisted of $4.5 million of net losses from operations divested during the current period, net losses of $2.5 million on the disposal of property and equipment, $1.7 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, losses of $1.3 million on the disposal of an investment and other net losses of $0.5 million.

Impairments and other operating items decreased $58.2 million, to net losses totaling $1.9 million for the three months ended September 30, 2026, from net losses totaling $60.1 million for the three months ended September 30, 2025.

The net losses of $1.9 million recorded during the three months ended September 30, 2026 consisted of net losses of $1.7 million on the disposal of property and equipment and net losses of $1.4 million for 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 other net gains of $1.2 million.

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.

Impairments and other operating items increased $69.3 million, to net losses totaling $139.9 million for the nine months ended September 30, 2026, from net losses totaling $70.6 million for the nine months ended September 30, 2025.

The net losses of $139.9 million recorded during the nine months ended September 30, 2026 consisted of net losses of $132.0 million to adjust the carrying value of closure and post-closure liabilities, net losses of $2.7 million for 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, net losses of $2.0 million to adjust an environmental liability at an operating facility, net losses of $2.0 million on the disposal of property and equipment and other net losses of $1.2 million.

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.

Operating Income .

Operating income decreased $21.9 million, or 4.8%, to $437.6 million for the three months ended June 30, 2026, from $459.5 million for the three months ended June 30, 2025.

Operating income decreased $48.2 million,

or 5.7%, to $801.6 million for the six months ended June 30, 2026, from $849.8 million for the six months ended June 30, 2025.

The decreases in our operating income for both the three and six months ended June 30, 2026 were due primarily to increased impairments and other operating items, increases in operating expenses from acquisitions closed during, or subsequent to, the three and six months ended June 30, 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 and six months ended June 30, 2025, and a decrease in direct acquisition expenses.

Operating income as a percentage of revenues decreased 2.0 percentage points to 17.1% for the three months ended June 30, 2026, from 19.1% for the three months ended June 30, 2025.

The decrease as a percentage of revenues was comprised of a 2.2 percentage point increase in impairments and other operating items, a 0.1 percentage point increase in depreciation and a 0.1 percentage point increase in selling, general and administrative expenses, partially offset by a 0.2 percentage point decrease in amortization and a 0.2 percentage point decrease in cost of operations.

Operating income as a percentage of revenues decreased 2.0 percentage points to 16.3% for the six months ended June 30, 2026, from 18.3% for the six months ended June 30, 2025.

The decrease as a percentage of revenues was comprised of a 2.6 percentage point increase in impairments and other operating items and a 0.2 percentage point increase in depreciation, partially offset by a 0.3 percentage point decrease in cost of operations, a 0.3 percentage point decrease in selling, general and administrative expenses and a 0.2 percentage point decrease in amortization.

Operating income increased $102.1 million, or 23.2%, to $541.7 million for the three months ended September 30, 2026, from $439.6 million for the three months ended September 30, 2025.

Operating income increased $54.0 million, or 4.2%, to $1.343 billion for the nine months ended September 30, 2026, from $1.289 billion for the nine months ended September 30, 2025.

The increase in our operating income for the three months ended September 30, 2026 was due primarily to price increases for our solid waste services, operating income generated from acquisitions closed during, or subsequent to, the three months ended September 30, 2025, lower impairments and other operating items, increased E&P waste revenues and decreased risk management costs.

These increases were partially offset by increases in operating expenses from acquisitions closed during, or subsequent to, the three months ended September 30, 2025, an increase in fuel expense due to higher diesel prices, higher operating costs associated with new operating facilities at existing operations and additional capacity developed to accommodate increased E&P disposal volumes, and increased labor and recurring incentive compensation expenses.

The increase in our operating income for the nine months ended September 30, 2026 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, 2025, an increase in E&P waste revenues and lower risk management costs.

These increases were partially offset by increases in operating expenses from acquisitions closed during, or subsequent to, the nine months ended September 30, 2025, increased impairments and other operating items, higher operating costs associated with new operating facilities at existing operations and additional capacity developed to accommodate increased E&P disposal volumes, higher fuel expense due to increased diesel prices, and increased labor and recurring incentive compensation expenses.

Operating income as a percentage of revenues increased 2.6 percentage points to 20.5% for the three months ended September 30, 2026, from 17.9% for the three months ended September 30, 2025.

The increase as a percentage of revenues was comprised of a 2.4 percentage point decrease in impairments and other operating items, a 0.3 percentage point decrease in cost of operations and a 0.2 percentage point decrease in amortization, partially offset by a 0.3 percentage point increase in depreciation.

Operating income as a percentage of revenues decreased 0.5 percentage points to 17.7% for the nine months ended September 30, 2026, from 18.2% for the nine months ended September 30, 2025.

The decrease as a percentage of revenues was comprised of a 0.9 percentage point increase in impairments and other operating items and a 0.3 percentage point increase in depreciation, partially offset by a 0.3 percentage point decrease in cost of operations, a 0.2 percentage point decrease in amortization and a 0.2 percentage point decrease in selling, general and administrative expenses.

Interest Expense .

Interest expense increased $8.4 million, or 10.2%, to $91.2 million for the three months ended June 30, 2026, from $82.8 million for the three months ended June 30, 2025.

The increase was primarily attributable to an increase of $7.2 million from the issuance of $600.0 million of senior unsecured notes in March 2026 and an increase of $4.6 million from the issuance of $500.0 million of senior unsecured notes in June 2025, partially offset by a decrease of $3.3 million due to a decrease in the average borrowings outstanding under our credit facilities during the three months ended June 30, 2026 and $0.1 million of other net expense decreases.

Interest expense increased $15.3 million, or 9.3%, to $178.9 million for the six months ended June 30, 2026, from $163.6 million for the six months ended June 30, 2025.

The increase was primarily attributable to an increase of $11.2 million from the issuance of $500.0 million of senior unsecured notes in June 2025, an increase of $8.4 million from the issuance of $600.0 million of senior unsecured notes in March 2026 and $0.4 million of other net expense increases, partially offset by a decrease of $2.6 million from lower interest rates on borrowings outstanding during the comparable periods and a decrease of $2.1 million due to a decrease in the average borrowings outstanding under our credit facilities during the six months ended June 30, 2026.

Interest expense increased $12.0 million, or 14.1%, to $96.4 million for the three months ended September 30, 2026, from $84.4 million for the three months ended September 30, 2025.

The increase was primarily attributable to an increase of $7.2 million from the issuance of $600.0 million of senior unsecured notes in March 2026, an increase of $2.2 million from the issuance of CAD $400.0 million of senior unsecured notes in August 2026, an increase of $1.5 million from the issuance of CAD $300.0 million of senior unsecured notes in August 2026, an increase of $0.3 million due to an increase in the average borrowings outstanding under our credit facilities during the three months ended September 30, 2026 and $0.8 million of other net expense increases.

Interest expense increased $27.2 million, or 11.0%, to $275.3 million for the nine months ended September 30, 2026, from $248.1 million for the nine months ended September 30, 2025.

The increase was primarily attributable to an increase of $15.6 million from the issuance of $600.0 million of senior unsecured notes in March 2026, an increase of $11.1 million from the issuance of $500.0 million of senior unsecured notes in June 2025, an increase of $2.2 million from the issuance of CAD $400.0 million of senior unsecured notes in August 2026, an increase of $1.5 million from the issuance of CAD $300.0 million of senior unsecured notes in August 2026 and $1.0 million of other net expense increases, partially offset

by a decrease of $2.5 million from lower interest rates on borrowings outstanding during the comparable periods and a decrease of $1.7 million due to a decrease in the average borrowings outstanding under our credit facilities during the nine months ended September 30, 2026.

Interest Income .

Interest income increased $1.8 million, or 78.3%, to $4.1 million for the three months ended June 30, 2026, from $2.3 million for the three months ended June 30, 2025.

Interest income increased $3.1 million, or 77.3%, to $7.2 million for the six months ended June 30, 2026, from $4.1 million for the six months ended June 30, 2025.

The increases were primarily attributable to higher average cash balances in the current period, partially offset by lower average investment rates.

Interest income decreased $2.1 million, or 41.3%, to $3.0 million for the three months ended September 30, 2026, from $5.1 million for the three months ended September 30, 2025.

The decrease was primarily attributable to lower average cash balances in the current period and lower average investment rates.

Interest income increased $1.0 million, or 11.5%, to $10.2 million for the nine months ended September 30, 2026, from $9.2 million for the nine months ended September 30, 2025.

The increase was primarily attributable to higher average cash balances in the current period, partially offset by lower average investment rates.

Other Income, Net .

Other income, net increased $23.2 million to an income total of $33.3 million for the three months ended June 30, 2026, from an income total of $10.1 million for the three months ended June 30, 2025.

Other income of $33.3 million recorded during the three months ended June 30, 2026 consisted of $22.6 million from a refund on fees paid in prior periods, $6.3 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations, $3.2 million from a vendor rebate and the reimbursement of expenditures and $1.2 million of income from other sources.

Other income of $10.1 million recorded during the three months ended June 30, 2025 consisted of $3.7 million from a vendor rebate and the reimbursement of expenditures, $2.9 million from an increase in the value of investments purchased

to fund our employee deferred compensation obligations, $2.1 million from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period and $1.4 million of income from other sources.

Other income, net increased $25.4 million to an income total of $37.3 million for the six months ended June 30, 2026, from an income total of $11.9 million for the six months ended June 30, 2025.

Other income of $37.3 million recorded during the six months ended June 30, 2026 consisted of $22.6 million from a refund on fees paid in prior periods, $5.7 million from the write-off of a liability associated with a closed facility for which no future obligation exists, $5.5 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations, $3.2 million from a vendor rebate and the reimbursement of expenditures and $0.3 million of income from other sources.

Other income of $11.9 million recorded during the six months ended June 30, 2025 consisted of $3.9 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, $2.5 million from proceeds on insurance claims, $1.4 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations and $0.4 million of income from other sources.

Other income, net decreased $11.7 million to an income total of $2.8 million for the three months ended September 30, 2026, from an income total of $14.5 million for the three months ended September 30, 2025.

Other income of $2.8 million recorded during the three months ended September 30, 2026 consisted of $2.0 million from the reimbursement of expenditures, $0.8 million of foreign currency exchange gains and $1.0 million of income from other sources, partially offset by losses of $1.0 million from a decrease in the value of investments purchased to fund our employee deferred compensation obligations.

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.

Other income, net increased $13.6 million to an income total of $40.1 million for the nine months ended September 30, 2026, from an income total of $26.5 million for the nine months ended September 30, 2025.

Other income of $40.1 million recorded during the nine months ended September 30, 2026 consisted of $22.6 million from a refund on fees paid in prior periods, $5.7 million from the write-off of a liability associated with a closed facility for which no future obligation exists, $5.2 million from a vendor rebate and the reimbursement of expenditures, $4.5 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations, $1.0 million of foreign currency exchange gains and $1.1 million of income from other sources.

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.

Income Tax Provision .

Income taxes decreased $11.6 million, to $87.3 million for the three months ended June 30, 2026, from $98.9 million for the three months ended June 30, 2025.

Our effective tax rate for the three months ended June 30, 2026 was 22.8%.

Our effective tax rate for the three months ended June 30, 2025 was 25.4%.

Income taxes decreased $18.8 million, to $151.5 million for the six months ended June 30, 2026, from $170.3 million for the six months ended June 30, 2025.

Our effective tax rate for the six months ended June 30, 2026 was 22.7%.

Our effective tax rate for the six months ended June 30, 2025 was 24.3%.

The income tax provision for the three and six months ended June 30, 2026 included a benefit of $0.1 million and $0.3 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.

Income taxes increased $3.4 million, to $91.9 million for the three months ended September 30, 2026, from $88.5 million for the three months ended September 30, 2025.

Our effective tax rate for the three months ended September 30, 2026 was 20.4%.

Our effective tax rate for the three months ended September 30, 2025 was 23.6%.

Income taxes decreased $15.5 million, to $243.4 million for the nine months ended September 30, 2026, from $258.9 million for the nine months ended September 30, 2025.

Our effective tax rate for the nine months ended September 30, 2026 was 21.8%.

Our effective tax rate for the nine months ended September 30, 2025 was 24.0%.

The income tax provision for the three and nine months ended September 30, 2026 included a benefit of $0.6 million and $0.9 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.

federal statutory rate.

The income tax provision for the three and six months ended June 30, 2025 included a benefit of $0.2 million and $4.8 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.

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.

federal statutory rate.

2 unchanged sentences

For details on revenue by service line, see Note 4 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

For the six months ended June 30, 2026, we managed our operations through the following six geographic solid waste operating segments:

Southern, Western, Eastern, Central, Canada and MidSouth.

For the nine months ended September 30, 2026, we managed our operations through the following six geographic solid waste operating segments:

Southern, Western, Eastern, Central, MidSouth and Canada.

Our six geographic solid waste operating segments comprise our reportable segments.

4 unchanged sentences

Segment EBITDA is not a measure of operating income, operating performance or liquidity under GAAP and may not be comparable to similarly titled measures reported by other companies.

Our management uses segment EBITDA

in the evaluation of segment operating performance as it is a profit measure that is generally within the control of the operating segments.

Summarized financial information for our reportable segments are shown in the following tables in thousands of U.S.

Our management uses segment EBITDA in the evaluation of segment operating performance as it is a profit measure that is generally within the control of the operating segments.

Summarized financial information for our reportable segments is shown in the following tables in thousands of U.S.

dollars and as a percentage of total segment revenue for the periods indicated.

Three Months Ended

June 30, 2026

September 30, 2026

Corporate (a)

Three Months Ended

June 30, 2025

September 30, 2025

Corporate (a)

Six Months Ended

June 30, 2026

Nine Months Ended

September 30, 2026

Corporate (a)

Six Months Ended

June 30, 2025

Nine Months Ended

September 30, 2025

Corporate (a)

(a) The majority of Corporate expenses are allocated to the six operating segments.

Direct acquisition expenses, expenses associated with common shares held in the deferred compensation plan exchanged for other investment options and share-based compensation expenses associated with Progressive Waste share-based grants outstanding at June 1, 2016 that were continued by the Company are not allocated to the six operating segments and comprise the net EBITDA for our Corporate segment for the periods presented.

Direct acquisition expenses and share-based compensation expenses associated with Progressive Waste share-based grants outstanding at June 1, 2016 that were continued by the Company are not allocated to the six operating segments and comprise the net EBITDA for our Corporate segment for the periods presented.

(b) For those items included in the determination of segment EBITDA, the accounting policies of the segments are the same as those described in our most recent Annual Report on Form 10-K.

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.

Significant changes in revenue, segment expenses and EBITDA for our reportable segments for the three and six month periods ended June 30, 2026, compared to the three and six month periods ended June 30, 2025, are discussed below.

Revenue increased $41.7 million to $518.6 million for the three months ended June 30, 2026, from $476.9 million for the three months ended June 30, 2025.

Revenue increased $81.3 million to $1.012 billion for the six months ended June 30, 2026, from $930.3 million for the six months ended June 30, 2025.

The increases for the three and six months ended June 30, 2026 were due to price increases, contributions from acquisitions and higher E&P waste revenues attributable to increases in drilling and production activity, partially offset by lower commercial collection volumes, a decrease in post-collection volumes, lower recyclable commodity revenues and a decrease from operations divested during the comparable periods.

Segment expenses increased $25.2 million to $347.8 million for the three months ended June 30, 2026, from $322.6 million for the three months ended June 30, 2025.

Segment expenses increased $53.0 million to $680.3 million for the six months ended June 30, 2026, from $627.3 million for the six months ended June 30, 2025.

The increases to segment expenses for the three and six months ended June 30, 2026 were due to an increase in expenses from acquisitions closed during the comparable periods, higher fuel costs due to diesel prices, an increase in third-party brokerage, higher labor costs and an increase in truck, container, equipment and facility maintenance and repair expenses, partially offset by lower risk management costs and a decrease from operations divested during the comparable periods.

EBITDA increased $16.5 million to $170.8 million, or a 32.9% EBITDA margin for the three months ended June 30, 2026, from $154.3 million, or a 32.4% EBITDA margin for the three months ended June 30, 2025.

EBITDA increased $28.4 million to $331.4 million, or a 32.8% EBITDA margin for the six months ended June 30, 2026, from $303.0 million, or a 32.6% EBITDA margin for the six months ended June 30, 2025.

The increases in our EBITDA margin for the three and six months ended June 30, 2026 were due to lower risk management costs, a decrease in landfill monitoring and maintenance costs, lower labor costs as a percentage of revenue and a decrease in uncollectible accounts receivable, partially offset by higher fuel costs due to diesel prices and the impact of acquisitions having lower EBITDA margins than our segment average.

Revenue increased $31.0 million to $492.7 million for the three months ended June 30, 2026, from $461.7 million for the three months ended June 30, 2025.

Revenue increased $55.1 million to $955.2 million for the six months ended June 30, 2026, from $900.1 million for the six months ended June 30, 2025.

The increases for the three and six months ended June 30, 2026 were due to price increases, contributions from acquisitions, an increase in residential and commercial collection volumes, higher recyclable commodity revenues and an increase in post-collection volumes, partially offset by a decrease in intermodal activity and lower E&P waste revenues.

Segment expenses increased $25.3 million to $359.0 million for the three months ended June 30, 2026, from $333.7 million for the three months ended June 30, 2025.

Segment expenses increased $38.3 million to $698.1 million for the six months ended June 30, 2026, from $659.8 million for the six months ended June 30, 2025.

The increases to segment expenses for the three and six months ended June 30, 2026 were due to higher labor and benefits costs, an increase in expenses from acquisitions closed during the comparable periods, higher operating costs associated with higher collection volumes, an increase in fuel costs due to diesel prices and higher truck, container, equipment and facility maintenance and repair expenses, partially offset by a decrease in risk management costs.

EBITDA increased $5.7 million to $133.7 million, or a 27.1% EBITDA margin for the three months ended June 30, 2026, from $128.0 million, or a 27.7% EBITDA margin for the three months ended June 30, 2025.

EBITDA increased $16.8 million to $257.1 million, or a 26.9% EBITDA margin for the six months ended June 30, 2026, from $240.3 million, or a 26.7% EBITDA margin for the six months ended June 30, 2025.

The decrease in our EBITDA margin for the three months ended June 30, 2026 was due primarily to higher fuel costs due to diesel prices and the impact of acquisitions having lower EBITDA margins than our segment average, partially offset by lower risk management costs.

The increase in our EBITDA margin for the six months ended June 30, 2026 was primarily due to lower risk management costs and a decrease in post-closure liability interest accretion expense, partially offset by higher fuel costs and the impact of acquisitions having lower EBITDA margins than our segment average.

Revenue increased $1.8 million to $444.0 million for the three months ended June 30, 2026, from $442.2 million for the three months ended June 30, 2025.

Revenue increased $4.2 million to $849.7 million for the six months ended June 30, 2026, from $845.5 million for the six months ended June 30, 2025.

The increases for the three and six months ended June 30, 2026 were 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 periods.

Segment expenses decreased $5.6 million to $322.3 million for the three months ended June 30, 2026, from $327.9 million for the three months ended June 30, 2025.

Segment expenses decreased $8.0 million to $620.0 million for the six months ended June 30, 2026, from $628.0 million for the six months ended June 30, 2025.

The decreases to segment expenses for the three and six months ended June 30, 2026 were due to a decrease in disposal expense, lower labor costs, a decrease in truck, container, equipment and facility maintenance and repair expenses, and lower risk management costs, partially offset by an increase in expenses from acquisitions closed during the comparable periods.

EBITDA increased $7.3 million to $121.6 million, or a 27.4% EBITDA margin for the three months ended June 30, 2026, from $114.3 million, or a 25.9% EBITDA margin for the three months ended June 30, 2025.

EBITDA increased $12.3 million to $229.7 million, or a 27.0% EBITDA margin for the six months ended June 30, 2026, from $217.4 million, or a 25.7% EBITDA margin for the six months ended June 30, 2025.

The increases in our EBITDA margin for the three and six months ended June 30, 2026 were due primarily to price-led revenue growth, lower risk management costs, and the impact of acquisitions having higher EBITDA margins than our segment average, partially offset by higher fuel costs due to diesel prices.

Revenue increased $21.7 million to $423.8 million for the three months ended June 30, 2026, from $402.1 million for the three months ended June 30, 2025.

Revenue increased $45.0 million to $820.5 million for the six months ended June 30, 2026, from $775.5 million for the six months ended June 30, 2025.

The increases for the three and six months ended June 30, 2026 were 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 and lower E&P waste revenues.

Segment expenses increased $10.1 million to $268.8 million for the three months ended June 30, 2026, from $258.7 million for the three months ended June 30, 2025.

Segment expenses increased $20.2 million to $520.5 million for the six months ended June 30, 2026, from $500.3 million for the six months ended June 30, 2025.

The increases to segment expenses for the three and six months ended June 30, 2026 were due to higher fuel costs due to diesel prices, an increase in labor and benefits expenses, higher third-party brokerage, an increase in truck, container, equipment and facility maintenance and repair expenses, higher operating costs associated with higher post-collection volumes, and an increase in fees paid for the processing of recyclable materials, partially offset by a decrease in risk management costs.

EBITDA increased $11.5 million to $154.9 million, or a 36.6% EBITDA margin for the three months ended June 30, 2026, from $143.4 million, or a 35.7% EBITDA margin for the three months ended June 30, 2025.

EBITDA increased $24.9 million to $300.0 million, or a 36.6% EBITDA margin for the six months ended June 30, 2026, from $275.1 million, or a 35.5% EBITDA margin for the six months ended June 30, 2025.

The increases in our EBITDA margin for the three and six months ended June 30, 2026 were due primarily to lower labor and benefits costs as a percentage of revenue, a decrease in risk management costs, and price-led revenue growth, partially offset by higher fuel costs due to diesel prices and an increase in uncollectible accounts receivable.

Revenue increased $42.4 million to $385.8 million for the three months ended June 30, 2026, from $343.4 million for the three months ended June 30, 2025.

Revenue increased $84.5 million to $730.6 million for the six months ended June 30, 2026, from $646.1 million for the six months ended June 30, 2025.

The increases for the three and six months ended June 30, 2026 were due to price increases, higher E&P waste revenues attributable to an increase in volumes, an increase in landfill gas sales, contributions from acquisitions and a higher average foreign currency exchange rate in effect during the comparable reporting periods, partially offset by a decrease in commercial and residential collection volumes.

Segment expenses increased $30.4 million to $217.9 million for the three months ended June 30, 2026, from $187.5 million for the three months ended June 30, 2025.

Segment expenses increased $59.1 million to $413.7 million for the six months ended June 30, 2026, from $354.6 million for the six months ended June 30, 2025.

The increases to segment expenses for the three and six months ended June 30, 2026 were due to an increase in operating costs associated with an increase in E&P and landfill volumes, higher third-party brokerage, an increase in fuel costs due to diesel prices, higher expenses associated with a new operating facility, an increase in labor and benefits expenses, higher allocated corporate overhead and an increase in expenses from acquisitions closed during the comparable periods .

EBITDA increased $12.0 million to $167.9 million, or a 43.5% EBITDA margin for the three months ended June 30, 2026, from $155.9 million, or a 45.4% EBITDA margin for the three months ended June 30, 2025.

EBITDA increased $25.4 million to $316.9 million, or a 43.4% EBITDA margin for the six months ended June 30, 2026, from $291.5 million, or a 45.1% EBITDA margin for the six months ended June 30, 2025.

The decreases in our EBITDA margin for the three and six months ended June 30, 2026 were due to increases in costs associated with incremental volumes, a new operating facility developed subsequent to the prior periods and higher fuel costs due to diesel prices, partially offset by lower labor and benefits costs as a percentage of revenue and an increase in renewable energy credits generated.

Revenue increased $16.0 million to $296.7 million for the three months ended June 30, 2026, from $280.7 million for the three months ended June 30, 2025.

Revenue increased $26.9 million to $564.6 million for the six months ended June 30, 2026, from $537.7 million for the six months ended June 30, 2025.

The increases for the three and six months ended June 30, 2026 were due to price increases and contributions from acquisitions, partially offset by a decrease in residential and commercial collection volumes, lower recyclable commodity revenues, a decrease in post-collection volumes and lower landfill gas sales.

Segment expenses increased $13.9 million to $216.1 million for the three months ended June 30, 2026, from $202.2 million for the three months ended June 30, 2025.

Segment expenses increased $20.3 million to $410.6 million for the six months ended June 30, 2026, from $390.3 million for the six months ended June 30, 2025.

The increases to segment expenses for the three and six months ended June 30, 2026 were due to an increase in third-party brokerage, higher labor and benefits expenses, an increase in fuel costs due to diesel prices, higher risk management costs, an increase in truck, container, equipment and facility maintenance and repair expenses and an increase in expenses from acquisitions closed during the comparable periods .

EBITDA increased $2.2 million to $80.7 million, or a 27.2% EBITDA margin for the three months ended June 30, 2026, from $78.5 million, or a 28.0% EBITDA margin for the three months ended June 30, 2025.

EBITDA increased $6.6 million to $154.0 million, or a 27.3% EBITDA margin for the six months ended June 30, 2026, from $147.4 million, or a 27.4% EBITDA margin for the six months ended June 30, 2025.

The decreases in our EBITDA margin for the three and six months ended June 30, 2026 were due primarily to an increase in fuel costs and higher risk management costs, partially offset by lower labor and benefits costs as a percentage of revenue.

Segment expenses increased $4.7 million to $7.9 million for the three months ended June 30, 2026, from $3.2 million for the three months ended June 30, 2025.

Segment expenses decreased $8.3 million to $8.7 million for the six months ended June 30, 2026, from $17.0 million for the six months ended June 30, 2025.

The increase to segment expenses for the three months ended June 30, 2026 was due to an increase in labor and benefits costs and higher deal costs associated with acquisitions closed during, or subsequent to, the prior periods, partially offset by lower professional fees, an increase in allocation of costs to our operating segments, and lower travel and meetings expenses.

The decrease to segment expenses for the six months ended June 30, 2026 was due to a decrease in professional fees and lower deal costs associated with acquisitions closed during, or subsequent to, the prior periods, partially offset by an increase in labor and benefits costs and a decrease in allocation of costs to our operating segments.

EBITDA decreased $4.7 million and increased $8.3 million for the three and six months ended June 30, 2026, respectively, as compared to the prior periods, due to the changes in segment expenses.

Significant changes in revenue, segment expenses and EBITDA for our reportable segments for the three and nine month periods ended September 30, 2026, compared to the three and nine month periods ended September 30, 2025, are discussed below.

Revenue increased $63.4 million to $548.8 million for the three months ended September 30, 2026, from $485.4 million for the three months ended September 30, 2025.

Revenue increased $144.8 million to $1.560 billion for the nine months ended September 30, 2026, from $1.416 billion for the nine months ended September 30, 2025.

The increases for the three and nine months ended September 30, 2026 were due to price increases, contributions from acquisitions and higher E&P waste revenues attributable to increases in drilling and production activity, partially offset by lower commercial and residential collection volumes, a decrease from operations divested during the comparable periods and lower recyclable commodity revenues.

Segment expenses increased $29.7 million to $356.7 million for the three months ended September 30, 2026, from $327.0 million for the three months ended September 30, 2025.

Segment expenses increased $82.7 million to $1.037 billion for the nine months ended September 30, 2026, from $954.4 million for the nine months ended September 30, 2025.

The increases to segment expenses for the three and nine months ended September 30, 2026 were due to expenses from acquisitions closed during, or subsequent to, the comparable periods, an increase in third-party brokerage, higher fuel costs due to diesel prices, an increase in labor costs, higher truck, container, equipment and facility maintenance and repair expenses and an increase in professional fees, partially offset by lower risk management costs and a decrease from operations divested during the comparable periods.

EBITDA increased $33.7 million to $192.1 million, or a 35.0% EBITDA margin for the three months ended September 30, 2026, from $158.4 million, or a 32.6% EBITDA margin for the three months ended September 30, 2025.

EBITDA increased $62.1 million to $523.5 million, or a 33.5% EBITDA margin for the nine months ended September 30, 2026, from $461.4 million, or a 32.6% EBITDA margin for the nine months ended September 30, 2025.

The increases in our EBITDA margin for the three and nine months ended September 30, 2026 were due to lower risk management costs, a decrease in labor costs as a percentage of revenue, lower allocated corporate overhead, and a decrease in landfill monitoring and maintenance costs, partially offset by higher fuel costs due to diesel prices and an increase in professional fees.

Revenue increased $36.1 million to $522.4 million for the three months ended September 30, 2026, from $486.3 million for the three months ended September 30, 2025.

Revenue increased $91.2 million to $1.478 billion for the nine months ended September 30, 2026, from $1.386 billion for the nine months ended September 30, 2025.

The increases for the three and nine months ended September 30, 2026 were due to price increases, contributions from acquisitions, an increase in residential and commercial collection volumes, higher post-collection volumes and an increase in recyclable commodity revenues, partially offset by a decrease in intermodal activity and lower E&P waste revenues.

Segment expenses increased $27.6 million to $370.1 million for the three months ended September 30, 2026, from $342.5 million for the three months ended September 30, 2025.

Segment expenses increased $65.9 million to $1.068 billion for the nine months ended September 30, 2026, from $1.002 billion for the nine months ended September 30, 2025.

The increases to segment expenses for the three and nine months ended September 30, 2026 were due to higher labor and benefits costs, an increase in expenses from acquisitions closed during, or subsequent to, the comparable periods, higher fuel costs due to diesel prices, an increase in operating costs associated with higher collection volumes, an increase in taxes on revenues and higher truck, container, equipment and facility maintenance and repair expenses, partially offset by a decrease in risk management costs and lower post-closure liability interest accretion expense.

EBITDA increased $8.5 million to $152.3 million, or a 29.2% EBITDA margin for the three months ended September 30, 2026, from $143.8 million, or a 29.6% EBITDA margin for the three months ended September 30, 2025.

EBITDA increased $25.3 million to $409.4 million, or a 27.7% EBITDA margin for the nine months ended September 30, 2026, from $384.1 million, or a 27.7% EBITDA margin for the nine months ended September 30, 2025.

The decrease in our EBITDA margin for the three months ended September 30, 2026 was due primarily to higher fuel costs due to diesel prices, the impact of acquisitions having lower EBITDA margins than our segment average, an increase in labor costs as a percentage of revenue and higher allocated corporate overhead, partially offset by a decrease in risk management costs and lower rail costs associated with decreased intermodal activity.

EBITDA margin for the nine months ended September 30, 2026 was favorably impacted by lower risk management costs and a decrease in post-closure liability interest accretion expense, offset by higher fuel costs due to diesel prices, the impact of acquisitions having lower EBITDA margins than our segment average and an increase in labor costs as a percentage of revenue.

Revenue increased $10.4 million to $451.2 million for the three months ended September 30, 2026, from $440.8 million for the three months ended September 30, 2025.

Revenue increased $14.6 million to $1.301 billion for the nine months ended September 30, 2026, from $1.286 billion for the nine months ended September 30, 2025.

The increases for the three and nine months ended September 30, 2026 were 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 periods.

Segment expenses increased $11.9 million to $331.7 million for the three months ended September 30, 2026, from $319.8 million for the three months ended September 30, 2025.

Segment expenses increased $3.9 million to $951.7 million for the nine months ended September 30, 2026, from $947.8 million for the nine months ended September 30, 2025.

The increases to segment expenses for the three and nine months ended September 30, 2026 were due to an increase in expenses from acquisitions closed during, or subsequent to, the comparable periods, higher landfill monitoring and maintenance costs, an increase in fuel costs due to diesel prices and higher risk management costs, partially offset by a decrease in

disposal expense, lower allocated corporate overhead, a decrease in labor costs and lower truck, container, equipment and facility maintenance and repair expenses.

EBITDA decreased $1.4 million to $119.6 million, or a 26.5% EBITDA margin for the three months ended September 30, 2026, from $121.0 million, or a 27.5% EBITDA margin for the three months ended September 30, 2025.

EBITDA increased $10.8 million to $349.2 million, or a 26.8% EBITDA margin for the nine months ended September 30, 2026, from $338.4 million, or a 26.3% EBITDA margin for the nine months ended September 30, 2025.

The decrease in our EBITDA margin for the three months ended September 30, 2026 was due primarily to higher risk management costs, an increase in fuel costs due to diesel prices and higher landfill monitoring and maintenance costs, partially offset by the impact of acquisitions having higher EBITDA margins than our segment average and a decrease in allocated corporate overhead.

The increase in our EBITDA margin for the nine months ended September 30, 2026 was due primarily to price-led revenue growth, a decrease in disposal expense, the impact of acquisitions having higher EBITDA margins than our segment average and lower allocated corporate overhead, partially offset by higher landfill monitoring and maintenance costs and an increase in fuel costs due to diesel prices.

Revenue increased $22.4 million to $435.8 million for the three months ended September 30, 2026, from $413.4 million for the three months ended September 30, 2025.

Revenue increased $67.5 million to $1.256 billion for the nine months ended September 30, 2026, from $1.189 billion for the nine months ended September 30, 2025.

The increases for the three and nine months ended September 30, 2026 were due to price increases, contributions from acquisitions, an increase in landfill gas sales and higher recyclable commodity revenues, partially offset by lower roll off volumes, a decrease in commercial and residential collection volumes and lower E&P waste revenues.

Segment expenses increased $9.5 million to $272.2 million for the three months ended September 30, 2026, from $262.7 million for the three months ended September 30, 2025.

Segment expenses increased $29.6 million to $792.7 million for the nine months ended September 30, 2026, from $763.1 million for the nine months ended September 30, 2025.

The increases to segment expenses for the three and nine months ended September 30, 2026 were due to an increase in labor and benefits expenses, higher fuel costs due to diesel prices, an increase in third-party brokerage, higher taxes on revenues, an increase in truck, container, equipment and facility maintenance and repair expenses, higher fees paid for the processing of recyclable materials and an increase in operating costs associated with higher post-collection volumes, partially offset by a decrease in risk management costs.

EBITDA increased $13.1 million to $163.7 million, or a 37.6% EBITDA margin for the three months ended September 30, 2026, from $150.6 million, or a 36.4% EBITDA margin for the three months ended September 30, 2025.

EBITDA increased $37.9 million to $463.7 million, or a 36.9% EBITDA margin for the nine months ended September 30, 2026, from $425.8 million, or a 35.8% EBITDA margin for the nine months ended September 30, 2025.

The increases in our EBITDA margin for the three and nine months ended September 30, 2026 were due primarily to lower labor and benefits costs as a percentage of revenue, a decrease in risk management costs, lower allocated corporate overhead and price-led revenue growth, partially offset by higher fuel costs due to diesel prices and an increase in uncollectible accounts receivable.

Revenue increased $17.8 million to $300.6 million for the three months ended September 30, 2026, from $282.8 million for the three months ended September 30, 2025.

Revenue increased $44.7 million to $865.2 million for the nine months ended September 30, 2026, from $820.5 million for the nine months ended September 30, 2025.

The increases for the three and nine months ended September 30, 2026 were due to price increases and contributions from acquisitions, partially offset by a decrease in residential and commercial collection volumes and lower roll off volumes.

Segment expenses increased $9.5 million to $211.7 million for the three months ended September 30, 2026, from $202.2 million for the three months ended September 30, 2025.

Segment expenses increased $29.8 million to $622.3 million for the nine months ended September 30, 2026, from $592.5 million for the nine months ended September 30, 2025.

The increases to segment expenses for the three and nine months ended September 30, 2026 were due to an increase

in labor and benefits expenses, higher third-party brokerage, an increase in truck, container, equipment and facility maintenance and repair expenses, higher fuel costs due to diesel prices and an increase in expenses from acquisitions closed during, or subsequent to, the comparable periods, partially offset by a decrease in risk management costs.

EBITDA increased $8.3 million to $88.9 million, or a 29.6% EBITDA margin for the three months ended September 30, 2026, from $80.6 million, or a 28.5% EBITDA margin for the three months ended September 30, 2025.

EBITDA increased $14.9 million to $242.9 million, or a 28.1% EBITDA margin for the nine months ended September 30, 2026, from $228.0 million, or a 27.8% EBITDA margin for the nine months ended September 30, 2025.

The increases in our EBITDA margin for the three and nine months ended September 30, 2026 were due primarily to lower labor and benefits costs as a percentage of revenue, a decrease in risk management costs and lower allocated corporate overhead, partially offset by higher third-party brokerage and an increase in fuel costs.

Revenue increased $29.4 million to $379.2 million for the three months ended September 30, 2026, from $349.8 million for the three months ended September 30, 2025.

Revenue increased $113.9 million to $1.110 billion for the nine months ended September 30, 2026, from $995.9 million for the nine months ended September 30, 2025.

The increases for the three and nine months ended September 30, 2026 were due to price increases, higher E&P waste revenues attributable to an increase in volumes, an increase in landfill gas sales, contributions from acquisitions and an increase in recyclable commodity revenues, partially offset by a decrease in commercial and residential collection volumes.

Segment expenses increased $20.4 million to $210.3 million for the three months ended September 30, 2026, from $189.9 million for the three months ended September 30, 2025.

Segment expenses increased $79.6 million to $624.1 million for the nine months ended September 30, 2026, from $544.5 million for the nine months ended September 30, 2025.

The increases to segment expenses for the three and nine months ended September 30, 2026 were due to an increase in operating costs associated with an increase in E&P and landfill volumes, higher fuel costs due to diesel prices, an increase in third-party brokerage, higher expenses associated with a new operating facility, an increase in labor and benefits expenses, higher allocated corporate overhead and an increase in disposal expense .

EBITDA increased $9.0 million to $168.9 million, or a 44.5% EBITDA margin for the three months ended September 30, 2026, from $159.9 million, or a 45.7% EBITDA margin for the three months ended September 30, 2025.

EBITDA increased $34.4 million to $485.8 million, or a 43.8% EBITDA margin for the nine months ended September 30, 2026, from $451.4 million, or a 45.3% EBITDA margin for the nine months ended September 30, 2025.

The decreases in our EBITDA margin for the three and nine months ended September 30, 2026 were due to increases in costs associated with incremental volumes, a new operating facility developed subsequent to the prior periods and higher fuel costs due to diesel prices, partially offset by lower labor and benefits costs as a percentage of revenue and an increase in renewable energy credits generated.

Segment expenses increased $3.1 million to expenses of $2.4 million for the three months ended September 30, 2026, from income of $0.7 million for the three months ended September 30, 2025.

Segment expenses decreased $5.2 million to $11.1 million for the nine months ended September 30, 2026, from $16.3 million for the nine months ended September 30, 2025.

The increase to segment expenses for the three months ended September 30, 2026 was due to an increase in labor and benefits costs, partially offset by a decrease in deferred compensation costs.

The decrease to segment expenses for the nine months ended September 30, 2026 was due to a decrease in professional fees and lower deal costs associated with acquisitions closed during, or subsequent to, the prior periods, partially offset by an increase in labor and benefits costs, a decrease in allocation of costs to our operating segments and an increase in travel, meetings and training expenses .

EBITDA decreased $3.1 million and increased $5.2 million for the three and nine months ended September 30, 2026, respectively, as compared to the prior periods, due to the changes in segment expenses.

LIQUIDITY AND CAPITAL RESOURCES

The following table sets forth cash flow information for the six months ended June 30, 2026 and 2025 (in thousands of U.S.

Six Months Ended

The following table sets forth cash flow information for the nine months ended September 30, 2026 and 2025 (in thousands of U.S.

Nine Months Ended

September 30,

Net cash provided by operating activities

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Operating Activities Cash Flows

Net cash provided by operating activities increased $99.1 million to $1.279 billion for the six months ended June 30, 2026, from net cash provided by operating activities of $1.180 billion for the six months ended June 30, 2025.

Net cash provided by operating activities increased $113.6 million to $1.971 billion for the nine months ended September 30, 2026, from net cash provided by operating activities of $ 1.857 billion for the nine months ended September 30, 2025.

The significant components of the increase included the following:

1) Increase in earnings — Our increase in net cash provided by operating activities was favorably impacted by $126.7 million from an increase in net income, excluding depreciation, amortization of intangibles, share-based compensation, adjustments to closure and post-closure liabilities, adjustments to and payments of contingent consideration, provision for expected credit losses, interest accretion and gain on disposal of assets, operations, and impairments, due primarily to price increases and operating income generated from acquisitions closed during, or subsequent to, the six months ended June 30, 2025.

2) Accounts receivable — Our increase in net cash provided by operating activities was favorably impacted by $18.9 million from accounts receivable as changes in accounts receivable resulted in a decrease to operating cash flows of $55.4 million for the six months ended June 30, 2026, compared to a decrease to operating cash flows of $74.3 million for the six months ended June 30, 2025.

The decrease for the six months ended June 30, 2026 was driven by higher revenues, which remained as outstanding receivables at the end of the period, partially offset by improved receivables turnover from collection efforts.

The decrease for the six months ended June 30, 2025 was due to increases in revenue, which remained as outstanding receivables at the end of the period.

3) Closure and post-closure expenditures — Our increase in net cash provided by operating activities was favorably impacted by $14.7 million from a decrease in payments for closure and post-closure activities as changes in expenditures for these items resulted in a decrease to operating cash flows of $137.2 million for the six months ended June 30, 2026 as compared to a decrease to operating cash flows of $151.9 million for the six months ended June 30, 2025.

4) Accounts payable and accrued liabilities — Our increase in net cash provided by operating activities was unfavorably impacted by $34.8 million from accounts payable and accrued liabilities as changes in accounts payable and accrued liabilities resulted in an increase to operating cash flows of $41.1 million for the six months ended June 30, 2026, compared to an increase to operating cash flows of $75.9 million for the six months ended June 30, 2025.

The increase for the six months ended June 30, 2026 was due primarily to outstanding obligations to vendors and an increase in accrued insurance costs.

The increase for the six months ended June 30, 2025 was due primarily to outstanding obligations to vendors and an increase in accrued payroll.

5) Deferred income taxes — Our increase in net cash provided by operating activities was unfavorably impacted by $21.1 million from deferred income taxes as changes in deferred income taxes resulted in an increase to operating cash flows of $37.2 million for the six months ended June 30, 2026, compared to an increase to operating cash flows of $58.3 million for the six months ended June 30, 2025.

The increases for the six months ended June 30, 2026 and 2025 were attributable to capital expenditures providing tax benefits resulting from accelerated depreciation and tax benefits resulting from payments for closure and post-closure activities in the periods.

At June 30, 2026, we had a working capital deficit of $729.0 million, including cash and equivalents of $98.2 million.

Our working capital deficit decreased $83.7 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 and an increase in accounts receivable as a result of increases in revenue and improved receivables turnover.

1) Increase in earnings — Our increase in net cash provided by operating activities was favorably impacted by $169.3 million from an increase in net income, excluding depreciation, amortization of intangibles, share-based compensation, adjustments to closure, post-closure and remediation liabilities, adjustments to and payments of contingent consideration, provision for expected credit losses, interest accretion and gain on disposal of assets, operations, and impairments, due primarily to price increases and operating income generated from acquisitions closed during, or subsequent to, the nine months ended September 30, 2025.

2) Accounts receivable — Our increase in net cash provided by operating activities was favorably impacted by $21.1 million from accounts receivable as changes in accounts receivable resulted in a decrease to operating cash flows of $95.6 million for the nine months ended September 30, 2026, compared to a decrease to operating cash flows of $ 116.7 million for the nine months ended September 30, 2025.

The decrease for the nine months ended September 30, 2026 was driven by higher revenues, which remained as outstanding receivables at the end of the period, partially offset by improved receivables turnover from collection efforts.

The decrease for the nine months ended September 30, 2025 was due to increases in revenue, which remained as outstanding receivables at the end of the period.

3) Accounts payable and accrued liabilities — Our increase in net cash provided by operating activities was unfavorably impacted by $55.6 million from accounts payable and accrued liabilities as changes in accounts payable and accrued liabilities resulted in an increase to operating cash flows of $92.2 million for the nine months ended September 30, 2026, compared to an increase to operating cash flows of $ 147.8 million for the nine months ended September 30, 2025.

The increase for the nine months ended September 30, 2026 was due primarily to outstanding obligations to vendors and an increase in accrued insurance costs, partially offset by a decrease in accrued payroll.

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.

4) Deferred income taxes — Our increase in net cash provided by operating activities was unfavorably impacted by $31.5 million from deferred income taxes as changes in deferred income taxes resulted in an increase to operating cash flows of $62.3 million for the nine months ended September 30, 2026, compared to an increase to operating cash flows of $93.8 million for the nine months ended September 30, 2025.

The increases for the nine months ended September 30, 2026 and 2025 were attributable to capital expenditures providing tax benefits resulting from accelerated depreciation and tax benefits resulting from payments for closure and post-closure activities in the periods.

At September 30, 2026, we had a working capital deficit of $717.8 million, including cash and equivalents of $95.7 million.

Our working capital deficit decreased $94.9 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 accounts receivable as a result of increases in revenue, partially offset by improved receivables turnover, and an increase in cash.

To date, we have experienced no loss or lack of access to our cash and equivalents;

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Investing Activities Cash Flows

Net cash used in investing activities decreased $58.0 million to $962.0 million for the six months ended June 30, 2026, from $1.020 billion for the six months ended June 30, 2025.

Net cash used in investing activities decreased $122.6 million to $1.311 billion for the nine months ended September 30, 2026, from $ 1.434 billion for the nine months ended September 30, 2025.

The significant components of the decrease included the following:

1) A decrease in cash paid for acquisitions of $258.6 million;

2) An increase in capital expenditures at operations owned in the comparable period of $81.0 million due to ongoing projects and expenditures for trucks and equipment, partially offset by a decrease in expenditures for facility improvements;

2) An increase in capital expenditures at operations owned in the comparable period of $74.7 million due to ongoing projects and expenditures for trucks and equipment, partially offset by a decrease in expenditures for office equipment;

3) An increase in capital expenditures for undeveloped land at certain existing facilities of $56.2 million;

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Financing Activities Cash Flows

Net cash used in financing activities increased $190.0 million to $282.5 million for the six months ended June 30, 2026, from $92.5 million for the six months ended June 30, 2025.

Net cash used in financing activities increased $276.1 million to $607.6 million for the nine months ended September 30, 2026, from $ 331.5 million for the nine months ended September 30, 2025.

The significant components of the increase included the following:

1) An increase from higher payments to repurchase our common shares of $614.1 million during the six months ended June 30, 2026;

2) An increase from higher cash dividends paid of $14.2 million due primarily to an increase in our quarterly dividend rate for the six months ended June 30, 2026 to $0.350 per share, from $0.315 per share for the six months ended June 30, 2025;

3) A decrease from the net change in long-term borrowings of $403.2 million in which long-term borrowings increased $529.8 million during the six months ended June 30, 2026 and increased $126.6 million during the six months ended June 30, 2025;

4) A decrease from lower payments related to contingent consideration of $18.2 million in which contingent consideration costs decreased $4.7 million during the six months ended June 30, 2026 and decreased $22.9 million during the six months ended June 30, 2025.

1) An increase from higher payments to repurchase our common shares of $502.3 million during the nine months ended September 30, 2026;

2) An increase from higher cash dividends paid of $21.5 million due primarily to an increase in our quarterly dividend rate for the nine months ended September 30, 2026 to $0.350 per share, from $0.315 per share for the nine months ended September 30, 2025;

3) A decrease from the net change in long-term borrowings of $233.0 million in which long-term borrowings increased $649.6 million during the nine months ended September 30, 2026 and increased $ 416.6 million during the nine months ended September 30, 2025;

4) A decrease from lower payments related to contingent consideration of $17.1 million in which contingent consideration costs decreased $11.2 million during the nine months ended September 30, 2026 and decreased $28.3 million during the nine months ended September 30, 2025.

On August 7, 2026, we announced the annual renewal of our normal course issuer bid, or the NCIB, to purchase up to 12,578,462 of our common shares during the period of August 12, 2026 to August 11, 2027 or until such earlier time as the NCIB is completed or terminated at our option.

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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.

Cash dividends of $177.1 million and $163.0 million were paid during the six months ended June 30, 2026 and 2025, respectively.

Cash dividends of $265.5 million and $ 244.0 million were paid during the nine months ended September 30, 2026 and 2025, respectively.

We cannot assure as to the amounts or timing of future dividends.

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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.

We made $598.9 million in capital expenditures for property and equipment during the six months ended June 30, 2026, and we expect to make total capital expenditures for property and equipment in 2026 of approximately $1.250 billion.

In addition, we made $51.0 million in capital expenditures for undeveloped land during the six months ended June 30, 2026 and may opportunistically make other capital expenditures related to future development.

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.

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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.

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.

On August 4, 2026, we completed an underwritten public offering of CAD $300.0 million aggregate principal amount of our 4.20% Senior Notes due 2033 (the “New 2033 Senior Notes”) and CAD $400.0 million aggregate principal amount of our 4.55% Senior Notes due 2036 (the “New 2036 Senior Notes”).

The New 2033 Senior Notes and New 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.

Bank National Association, as trustee, as supplemented by an eleventh supplemental indenture, dated as of March 16, 2026.

At June 30, 2026, $2.275 billion under the revolving credit facility was outstanding under the Revolving Credit Agreement, exclusive of outstanding standby letters of credit of $37.7 million.

We also had $199.0 million of letters of credit issued and outstanding at June 30, 2026 under facilities other than the Revolving Credit Agreement.

Bank National Association, as trustee (the “Base Indenture”), as supplemented by a twelfth supplemental indenture, dated as of August 4, 2026.

See Note 9 to our Condensed Consolidated Financial Statements for further details on the New 2033 Senior Notes and New 2036 Senior Notes.

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 the Base Indenture, as supplemented by an eleventh supplemental indenture, dated as of March 16, 2026.

At September 30, 2026, $1.929 billion under the revolving credit facility was outstanding under the Revolving Credit Agreement, exclusive of outstanding standby letters of credit of $122.2 million.

We also had $323.9 million of letters of credit issued and outstanding at September 30, 2026 under facilities other than the Revolving Credit Agreement.

Our Revolving Credit Agreement matures on February 27, 2029.

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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.

At June 30, 2026, we had the following contractual obligations:

At September 30, 2026, we had the following contractual obligations:

Payments Due by Period

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dollar base rate loans, Canadian dollar term CORRA rate loans, and Canadian dollar prime rate loans.

At June 30, 2026, $1.135 billion of the outstanding borrowings drawn under the revolving credit facility were in U.S.

At September 30, 2026, $1.312 billion of the outstanding borrowings drawn under the revolving credit facility were in U.S.

term SOFR rate loans, which bear interest at the term SOFR rate plus the applicable margin (for a total rate ranging from 4.56% to 4.77% on such date).

At June 30, 2026, $1.140 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 3.44% to 3.45% on such date).

At September 30, 2026, $50.0 million of the outstanding borrowings drawn under the revolving credit facility were in U.S.

base rate loans, bearing interest at a total rate of 7.00% on such date.

At September 30, 2026, $563.8 million 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).

At September 30, 2026, $3.5 million of the outstanding borrowings drawn under the revolving credit facility were in Canadian-based prime rate loans, bearing interest at a total rate of 4.45% on such date.

2) $500.0 million in principal payments due 2028 related to our 2028 Senior Notes.

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The 2033 Senior Notes bear interest at a rate of 4.20%.

9) $211.4 million in principal payments due 2033 related to our New 2033 Senior Notes.

The New 2033 Senior Notes bear interest at a rate of 4.20%.

10) $750.0 million in principal payments due 2034 related to our 2034 Senior Notes.

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The 2036 Senior Notes bear interest at a rate of 4.80%.

13) $281.9 million in principal payments due 2036 related to our New 2036 Senior Notes.

The New 2036 Senior Notes bear interest at a rate of 4.55%.

14) $500.0 million in principal payments due 2050 related to our 2050 Senior Notes.

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16) $21.6 million in principal payments related to our notes payable to sellers and other third parties.

Our notes payable to sellers and other third parties bear interest at rates between 2.42% and 10.35% at June 30, 2026, and have maturity dates ranging from 2028 to 2044.

Our notes payable to sellers and other third parties bear interest at rates between 2.42% and 10.35% at September 30, 2026, and have maturity dates ranging from 2028 to 2044.

17) $13.7 million in principal payments related to our financing leases.

Our financing leases bear interest at rates between 1.89% and 5.35% at June 30, 2026, and have expiration dates ranging from 2026 to 2035.

Our financing leases bear interest at rates between 1.89% and 12.00% at September 30, 2026, and have expiration dates ranging from 2027 to 2035.

The following assumptions were made in calculating cash interest payments:

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 June 30, 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.

Contingent consideration payments include $81.1 million recorded as liabilities in our Condensed Consolidated Financial Statements at June 30, 2026, and $13.6 million of future interest accretion on the recorded obligations.

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 term of the swaps.

Contingent consideration payments include $79.6 million recorded as liabilities in our Condensed Consolidated Financial Statements at September 30, 2026, and $13.4 million of future interest accretion on the recorded obligations.

We are party to operating lease agreements and finance leases.

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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.

At June 30, 2026, our unconditional purchase obligations consisted of multiple fixed-price fuel purchase contracts under which we have 42.1 million gallons remaining to be purchased for a total of $121.2 million.

At September 30, 2026, our unconditional purchase obligations consisted of multiple fixed-price fuel purchase contracts under which we have 31.1 million gallons remaining to be purchased for a total of $86.7 million.

The current fuel purchase contracts expire on or before December 31, 2029.

These arrangements have not materially affected our financial position, results of operations or liquidity during the six months ended June 30, 2026, nor are they expected to have a material impact on our future financial position, results of operations or liquidity.

These arrangements have not materially affected our financial position, results of operations or liquidity during the nine months ended September 30, 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.

We provided customers and various regulatory authorities with surety bonds in the aggregate amounts of approximately $2.290 billion and $2.157 billion at June 30, 2026 and December 31, 2025, respectively.

We provided customers and various regulatory authorities with surety bonds in the aggregate amounts of approximately $2.248 billion and $2.157 billion at September 30, 2026 and December 31, 2025, respectively.

From time to time, we evaluate our existing operations and their strategic importance to us.

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Although we believe our reporting units would not be impaired by such dispositions, we could incur losses on them.

The disposal tonnage that we received in the six-month periods ended June 30, 2026 and 2025, at all of our landfills during the respective period, is shown below (tons in thousands):

Six Months Ended June 30,

The disposal tonnage that we received in the nine-month periods ended September 30, 2026 and 2025, at all of our landfills during the respective period, is shown below (tons in thousands):

Nine Months Ended September 30,

Owned operational landfills and landfills operated under life-of-site agreements

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Other companies may calculate adjusted EBITDA differently.

Our adjusted EBITDA for the three and six-month periods ended June 30, 2026 and 2025, is calculated as follows (amounts in thousands of U.S.

Our adjusted EBITDA for the three and nine-month periods ended September 30, 2026 and 2025, is calculated as follows (amounts in thousands of U.S.

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Income tax provision

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Other companies may calculate these non-GAAP financial measures differently.

Our adjusted net income and adjusted net income per diluted share for the three and six-month periods ended June 30, 2026 and 2025, are calculated as follows (amounts in thousands of U.S.

Our adjusted net income and adjusted net income per diluted share for the three and nine-month periods ended September 30, 2026 and 2025, are calculated as follows (amounts in thousands of U.S.

dollars, except per share amounts):

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Reported net income

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(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.

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.

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis