REPUBLIC SERVICES, INC.
For the period ended Mar 31, 2026. Filed May 8, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
RSG$246.85-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0001628280-25-047655
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001060391-26-000212
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 182 previous paragraphs and 177 current paragraphs.
75 unchanged; 86 reworded; 12 added; 19 removed; 2 previous and 4 current paragraphs rearranged.
Tables are not compared: 18 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Gain on business divestitures and impairments, net. During thethree months ended March 31, 2026 and 2025, we recorded a net gain on business divestitures and impairments of $1 million and $2 million, respectively.
Current report
•Transfer and disposal costs increased in aggregate dollars primarily due to an increase in disposal rates.
Current report
Landfill depletion and amortization expense decreased for the three months ended March 31, 2026, primarily due to recognition of certain favorable amortization adjustments related to our asset retirement obligations, partially offset by increased volumes and a higher overall depletion rate.
Current report
Gain on business divestitures and impairments, net
Current report
For additional information on Gain on business divestitures and impairments, net incurred during the three months ended March 31, 2026 and 2025, see Overview of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Current report
(1) The Recycling & Waste Subtotal represents the combined results of our Group 1 and Group 2 reportable segments.
Current report
Adjusted EBITDA in Group 2 decreased from $577 million for the three months ended March 31, 2025 to $575 million for the three months ended March 31, 2026.
Current report
Cash Flows (Used in) Provided by Financing Activities
Current report
The most significant items affecting the comparison of our cash flows (used in) provided by financing activities for the three months ended March 31, 2026 and 2025 are summarized below:
Current report
•Dividends paid were $193 million and $181 million during the three months ended March 31, 2026 and 2025, respectively.
Current report
Credit Facility Financial and Other Covenants
Current report
In March 2026, the California Municipal Finance Authority issued, for our benefit, $100 million in principal amount of Solid Waste Disposal Revenue Bonds. The proceeds from the issuance, after deferred issuance costs, will be used to fund the acquisition, construction, improvement, installation, and/or equipping of certain solid waste disposal facilities located within California, of which $81 million had been incurred and reimbursed to us as of March 31, 2026. As of March 31, 2026, we had $292 million of restricted cash and marketable securities, of which $19 million represented proceeds from the issuance of the tax-exempt bonds.
Removed paragraphs (19)
Previous report
Labor disruption. During the three and nine months ended September 30, 2025, we experienced labor disruptions in certain isolated markets. The impact of these labor disruptions was $56 million during both the three and nine months ended September 30, 2025, including $16 million of customer credits and $40 million of cost of operations.
Previous report
(1) Other represents customer credits recognized in connection with recent labor disruptions.
Previous report
Helene recovery efforts and the Los Angeles area wildfire remediation. The increase in volume from these events increased revenue during the nine months ended September 30, 2025 by approximately $100 million.
Previous report
•The impact of the number of workdays resulted in no change to revenue during the three months ended September 30, 2025, as compared to the same period in 2024. Revenue decreased by 0.2% due to the impact of the number of workdays during the nine months ended September 30, 2025, as compared to the same period in 2024, which drove a decrease in volumes in our collection, landfill, and transfer lines of business.
Previous report
•Transfer and disposal costs decreased primarily due to a decrease in collection volumes.
Previous report
•Maintenance and repairs expense increased in aggregate dollars due to higher hourly wages as a result of annual merit increases, parts inflation and an increase in third-party maintenance.
Previous report
•Landfill operating costs increased primarily due to an increase in monitoring and maintenance costs on our gas and leachate extraction systems.
Previous report
•Risk management expenses increased primarily due to higher premium costs.
Previous report
•During the three and nine months ended September 30, 2025, we experienced labor disruptions in certain isolated markets. We incurred $40 million of cost of operations primarily as a result of an increase in labor and other cost of operations.
Previous report
Landfill depletion and amortization expense increased for the three and nine months ended September 30, 2025 due to increased construction and demolition volumes related to the Hurricane Helene recovery efforts and increased special waste volumes attributable to the Los Angeles area wildfire remediation. Landfill depletion and amortization expense also increased due to an increase in our overall average depletion rate.
Previous report
Our effective tax rate for the three and nine months ended September 30, 2024 reflected a benefit of $81 million and $122 million, respectively, due to our investments in renewable energy assets qualifying for tax credits under Section 48 of the Internal Revenue Code, $6 million due to the realization of additional federal and state tax benefits, as well as adjustments to deferred taxes due to the completion of our 2023 tax returns.
Previous report
On July 4, 2025, the One Big Beautiful Bill Act (the "Act”) was signed into law. The Act, among other things, implemented changes to the tax treatment relating to bonus depreciation, research and experimental expenditures and interest expense, and included phase-outs and restrictions on several clean energy tax incentives. The Company does not expect the Act to have a material impact on our effective tax rate. We expect to recognize approximately $80 million of cash tax benefit during the year ended December 31, 2025 as a result of changes to bonus depreciation.
Previous report
Adjusted EBITDA in Group 2 increased from $589 million and $1,700 million for the three and nine months ended September 30, 2024, respectively, to $635 million and $1,843 million for the three and nine months ended September 30, 2025, respectively.
Previous report
•Cost of operations increased primarily due to an increase in our insurance premiums.
Previous report
•Cost of operations increased for the nine months ended September 30, 2025 primarily due to an increasein labor costs partially offset by a decrease in subcontract costs relative to the same period in 2024.
Previous report
Cash Flows Used in Financing Activities
Previous report
The most significant items affecting the comparison of our cash flows used in financing activities for the nine months ended September 30, 2025 and 2024 are summarized below:
Previous report
•Dividends paid were $544 million and $505 million during the nine months ended September 30, 2025 and 2024, respectively.
Previous report
Financial and Other Covenants
Reworded paragraphs (86)
Previous wording
Republic is one of the largest providers of environmental services in the United States, as measured by revenue. As of September 30, 2025, we operated across the United States and Canada through 373 collection operations, 254 transfer stations, 79 recycling centers, 209 active landfills, 2 treatment, recovery and disposal facilities, 23 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells and 2 polymer centers. We are engaged in 81 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 125 closed landfills as of September 30, 2025.
Current wording
Republic is one of the largest providers of environmental services in the United States, as measured by revenue. As of March 31, 2026, we operated across the United States and Canada through 381 collection operations, 258 transfer stations, 81 recycling centers, 209 active landfills, 2 treatment, recovery and disposal facilities, 24 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells, 10 industrial wastewater treatment facilities and 2 polymer centers. We are engaged in 85 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 124 closed landfills as of March 31, 2026.
Previous wording
Revenue for the nine months ended September 30, 2025 increased by 3.9% to $12,456 million compared to $11,986 million for the same period in 2024. This change in revenue is due to increases in average yield of 4.2% and increased revenue from acquisitions, net of divestitures of 1.3%. These increases were partially offset by a decrease in volume of 0.4%, a decrease in fuel recovery fees of 0.2%, a decrease in environmental solutions revenue of 0.7%, and a decrease of 0.2% due to the number of workdays during the nine months ended September 30, 2025, as compared to the same period in 2024.
Current wording
Revenue for the three months ended March 31, 2026 increased by 2.6% to $4,113 million compared to $4,009 million for the same period in 2025. This change in revenue is due to increases in average yield of 3.4%, increased revenue from acquisitions, net of divestitures of 1.1% and increased fuel recovery fees of 0.2%. These increases were partially offset by a decrease in environmental solutions revenue of 1.3% and a decrease in volume of 0.8%.
Previous wording
The following table summarizes our revenue, expenses and operating income for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes our revenue, expenses and operating income for the three months ended March 31, 2026 and 2025 (in millions of dollars and as a percentage of revenue):
Previous wording
Our pre-tax income was $645 million and $2,030 million for the three and nine months ended September 30, 2025, respectively, compared to $647 million and $1,899 million for the same periods in 2024, respectively. Our net income attributable to Republic Services, Inc. was $550 million and $1,595 million for the three and nine months ended September 30, 2025, or $1.76 and $5.10 per diluted share, respectively, compared to $566 million and $1,531 million, or $1.80 and $4.86 per diluted share, for the same periods in 2024, respectively.
Current wording
Our pre-tax income was $656 million for the three months ended March 31, 2026, compared to $665 million for the same period in 2025. Our net income attributable to Republic Services, Inc. was $525 million for the three months ended March 31, 2026, or $1.70 per diluted share, compared to $495 million, or $1.58 per diluted share, for the same period in 2025.
Previous wording
During each of the three and nine months ended September 30, 2025 and 2024, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax expense, net income attributable to Republic Services, Inc. (net income – Republic) and diluted earnings per share as noted in the following table (in millions, except per share data). Additionally, see our Results of Operations discussion in this Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the three and nine months ended September 30, 2025 and 2024.
Current wording
During each of the three months ended March 31, 2026 and 2025, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax expense, net income attributable to Republic Services, Inc. (net income – Republic) and diluted earnings per share as noted in the following table (in millions, except per share data). Additionally, see our Results of Operations discussion in this Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the three months ended March 31, 2026 and 2025.
Previous wording
Restructuring charges. During thethree and nine months ended September 30, 2025, we incurred restructuring charges of$3 million and$13 million, respectively, and during the three and nine months ended September 30, 2024, we incurred restructuring charges of $8 million and $20 million, respectively. The 2025 charges primarily related to the design and implementation of a new accounts receivable system. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems. During thenine months ended September 30, 2025 and 2024, we paid $10 million and $18 million, respectively, related to these restructuring efforts.
Current wording
Restructuring charges. During thethree months ended March 31, 2026 and 2025, we incurred restructuring charges of$2 million and$4 million, respectively. The charges related to the design and implementation of our new accounts receivable system. During thethree months ended March 31, 2026 and 2025, we paid $4 million and $3 million, respectively, related to these restructuring efforts.
Previous wording
During the remainder of 2025, we expect to incur additional restructuring charges of approximately$3 million, primarily related to the design and implementation of a new accounts receivable system. Substantially all of these restructuring charges will be recorded in Corporate entities and other.
Current wording
During the remainder of 2026, we expect to incur additional restructuring charges of approximately $20 million, related primarily to the continuing design and implementation of our new accounts receivable system. Substantially all of these restructuring charges will be recorded in Corporate entities and other.
Previous wording
We generate revenue by providing environmental services to our customers, including the collection and processing of recyclable materials, the collection, treatment, consolidation, transfer and disposal of hazardous and non-hazardous waste and other environmental solutions. Our residential, small-container and large-container collection operations in some markets are based on long-term contracts with municipalities. Certain of our municipal contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index. We generally provide small-container and large-container collection services to customers under contracts with terms up to three years. Our transfer stations and landfills generate revenue from disposal or tipping fees charged to third parties. Our recycling centers generate revenue from tipping fees charged to third parties and the sale of recycled commodities. Our revenue from environmental solutions is primarily generated by (1) fees we charge for the collection, treatment, transfer and disposal of hazardous and non-hazardous waste, (2) field and industrial services, (3) equipment rental, (4) emergency response and standby services, (5) in-plant services, such as transportation and logistics, including at our TSDFs and (6) in-plant services such as high-pressure cleaning, tank cleaning, decontamination, remediation, transportation, spill cleanup and emergency response at refineries, chemical, steel and automotive plants and other governmental, commercial and industrial facilities. Other non-core revenue consists primarily of revenue from National Accounts, which represents the portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where the associated material handling is subcontracted to local operators. Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations. The following table reflects our revenue by service line for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
We generate revenue by providing environmental services to our customers, including the collection and processing of recyclable materials, the collection, treatment, consolidation, transfer and disposal of hazardous and non-hazardous waste and other environmental solutions. Our residential, small-container and large-container collection operations in some markets are based on long-term contracts with municipalities. Certain of our municipal contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index. We generally provide small-container and large-container collection services to customers under contracts with terms up to three years. Our transfer stations and landfills generate revenue from disposal or tipping fees charged to third parties. Our recycling centers generate revenue from tipping fees charged to third parties and the sale of recycled commodities. Our revenue from environmental solutions is primarily generated by (1) fees we charge for the collection, treatment, transfer and disposal of hazardous and non-hazardous waste, (2) field and industrial services, (3) equipment rental, (4) emergency response and standby services, (5) in-plant services, such as transportation and logistics, including at our TSDFs and (6) in-plant services such as high-pressure cleaning, tank cleaning, decontamination, remediation, transportation, spill cleanup and emergency response at refineries, chemical, steel and automotive plants and other governmental, commercial and industrial facilities. Other non-core revenue consists primarily of revenue from National Accounts, which represents the portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where the associated material handling is subcontracted to local operators. Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations. The following table reflects our revenue by service line for the three months ended March 31, 2026 and 2025 (in millions of dollars and as a percentage of revenue):
Previous wording
The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three and nine months ended September 30, 2025 and 2024:
Current wording
The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three months ended March 31, 2026 and 2025:
Previous wording
The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three and nine months ended September 30, 2025 and 2024:
Current wording
The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three months ended March 31, 2026 and 2025:
Previous wording
During the three and nine months ended September 30, 2025, we experienced the following changes in our revenue as compared to the same periods in 2024:
Current wording
During the three months ended March 31, 2026, we experienced the following changes in our revenue as compared to the same period in 2025:
Previous wording
•Average yield increased revenue by 4.0% and 4.2% for the three and nine months ended September 30, 2025, respectively, due to positive pricing changes in all lines of business.
Current wording
•Average yield increased revenue by 3.4% for the three months ended March 31, 2026 due to positive pricing changes in all lines of business.
Previous wording
•The fuel recovery fee program, which mitigates our exposure to changes in fuel prices, resulted in no change to revenue for the three months ended September 30, 2025, primarily due to the timing of implementing changes to the rates to reflect the increase in fuel prices compared to the same period in 2024. The fuel recovery fee program decreased revenue by 0.2% for the nine months ended September 30, 2025, due to a decrease in fuel prices compared to the same period in 2024.
Current wording
•The fuel recovery fee program, which mitigates our exposure to increases in fuel prices, increased revenue by 0.2% for the three months ended March 31, 2026, due to an increase in fuel prices compared to the same period in 2025.
Previous wording
•Volume decreased revenue for the three and nine months ended September 30, 2025 by 0.3% and 0.4%, respectively, primarily due to a decrease in volume in our collection lines of business as well as a decrease in solid waste volumes in our landfill line of business. The decline in revenue in our large-container collection line of business was primarily driven by a slowing in construction-related activity as well as adverse weather in January and February. The decline in our residential and small-container collection lines of business is primarily attributable to certain municipal contract losses and broker-related business.
Current wording
•Volume decreased revenue by 0.8% during the three months ended March 31, 2026, primarily due to a decrease in volume in our collection lines of business. The decline in revenue in our large-container collection line of business was primarily driven by a slowing in construction-related activity and certain manufacturing end markets. The decline in our residential and small-container collection lines of business is primarily attributable to certain municipal contract losses and broker-related business.
Previous wording
The decrease in overall volume during the three and nine months ended September 30, 2025 was partially offset by an increase in construction and demolition and special waste volumes. The increase was primarily related to Hurricane
Current wording
The decrease in overall volume during the three months ended March 31, 2026 was partially offset by an increase in solid waste and special waste volumes in our landfill line of business. The increase in overall landfill volumes was partially offset by a decline in construction and demolition volumes, which was primarily related to non-recurring Hurricane Helene recovery efforts in 2025.
Previous wording
•Recycling processing and commodity sales decreased revenue by 0.2% during the three months ended September 30, 2025, primarily due to a decrease in price for recycled commodities compared to the same period 2024. This decrease was largely offset by increased volumes at the Las Vegas Polymer Center, the opening of the Indianapolis Polymer Center and reopening a recycling center on the west coast. There was no change to revenue as a result of recycling processing and commodity sales during the nine months ended September 30, 2025, as compared to the same period in 2024. The average price for recycled commodities at our recycling centers, excluding glass and organics, for the three and nine months ended September 30, 2025 was $126 and $143 per ton, respectively, compared to $177 and $168 per ton for the same periods in 2024, respectively.
Current wording
•There was no net change to revenue as a result of recycling processing and commodity sales during the three months ended March 31, 2026. For the three months ended March 31, 2026, volume increased at our Polymer Centers and from acquisitions. The volume increase was offset by a decrease in overall commodity prices compared to the same period in 2025. The average price for recycled commodities at our recycling centers, excluding glass and organics, for the three months ended March 31, 2026 was $120 per ton compared to $155 per ton for the same period in 2025.
Previous wording
Changing market demand for recycled commodities causes volatility in commodity prices. At current volumes and mix of materials, we believe a $10 per ton change in the price of recycled commodities would change both annual revenue and operating income by approximately $11 million.
Current wording
Changing market demand for recycled commodities causes volatility in commodity prices. At current volumes and mix of materials, we believe a $10 per ton change in the price of recycled commodities would change both annual revenue and operating income by approximately $13 million.
Previous wording
•Environmental solutions decreased revenue by 1.4% and 0.7% during the three and nine months ended September 30, 2025, respectively, primarily due to a decline in manufacturing and emergency response activity as well as a decrease in event-based volumes into our landfills.
Current wording
•Environmental solutions decreased revenue by 1.3% during the three months ended March 31, 2026, primarily due to a decline in emergency response activity.
Previous wording
•Acquisitions, net of divestitures, increased revenue by 1.6% and 1.3% during the three and nine months ended September 30, 2025, respectively, reflecting the results of our continued growth strategy of acquiring environmental services companies that complement and expand our existing business platform.
Current wording
•Acquisitions, net of divestitures, increased revenue by 1.1% during the three months ended March 31, 2026, reflecting the results of our continued growth strategy of acquiring environmental services companies that complement and expand our existing business platform.
Previous wording
The following table summarizes the major components of our cost of operations for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes the major components of our cost of operations for the three months ended March 31, 2026 and 2025 (in millions of dollars and as a percentage of revenue):
Previous wording
The most significant items impacting our cost of operations during the three and nine months ended September 30, 2025 and 2024 are summarized below:
Current wording
The most significant items impacting our cost of operations during the three months ended March 31, 2026 and 2025 are summarized below:
Previous wording
•Labor and related benefits increased in aggregate dollars for the nine months ended September 30, 2025 due to higher hourly and salaried wages as a result of annual merit increases. Partially offsetting these increases was the impact of one less workday compared to the nine months ended September 30, 2024.
Current wording
•Labor and related benefits increased in aggregate dollars due to higher hourly and salaried wages as a result of annual merit increases as well as acquisition related growth, partially offset by lower collection volumes.
Previous wording
During both the three and nine months ended September 30, 2025 and 2024, approximately 67% of the total solid waste volume we collected was disposed at landfill sites that we owned or operated (internalization).
Current wording
During the three months ended March 31, 2026 and 2025, approximately 68% and 67%, respectively, of the total solid waste volume we collected was disposed at landfill sites that we owned or operated (internalization).
Previous wording
•Our fuel costs increased during the three months ended September 30, 2025 due to an increase in acquisition-related activity as well as the expiration of alternative fuel tax credits during the period. Our fuel costs decreased during the nine months ended September 30, 2025, primarily due to a decrease in the average diesel fuel price per gallon. The national average diesel fuel price per gallon for the three and nine months ended September 30, 2025 was $3.76 and $3.65, respectively, as compared to $3.69 and $3.83, respectively, for the same periods in 2024.
Current wording
•Our fuel costs increased during the three months ended March 31, 2026, primarily due to an increase in the average diesel fuel price per gallon. The national average diesel fuel price per gallon for the three months ended March 31, 2026 and 2025 was $4.12 and $3.63, respectively.
Previous wording
At current consumption levels, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel costs by approximately $27 million per year. Offsetting these changes in fuel expense would be changes in our fuel recovery fee charged to our customers. At current participation rates, a twenty-cent per gallon change in the price of diesel fuel would change our fuel recovery fee by approximately $38 million per year.
Current wording
At current consumption levels, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel costs by approximately $26 million per year. Offsetting these changes in fuel expense would be changes in our fuel recovery fee charged to our customers. At current participation rates, a twenty-cent per gallon change in the price of diesel fuel would change our fuel recovery fee by approximately $42 million per year.
Previous wording
•Other costs of operations increased due to increased occupancy and facility related expenses as well as a favorable non-recurring insurance recovery recognized during the nine months ended September 30, 2024.
Current wording
•Other costs of operations increased due to increased occupancy and facility related expenses as well as a favorable non-recurring insurance recovery recognized during 2025 that did not repeat in 2026.
Previous wording
The following table summarizes depreciation, depletion and amortization of property and equipment for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes depreciation, depletion and amortization of property and equipment for the three months ended March 31, 2026 and 2025 (in millions of dollars and as a percentage of revenue):
Previous wording
Depreciation and amortization of property and equipment increased for the three and nine months ended September 30, 2025, largely due to an increased investment in trucks and the supporting infrastructure as well as the addition of assets through acquisitions.
Current wording
Depreciation and amortization of property and equipment increased for the three months ended March 31, 2026, largely due to an increased investment in trucks and the supporting infrastructure as well as the addition of assets through acquisitions.
Previous wording
Amortization of other intangible assets primarily relates to customer relationships. Expenses for amortization of other intangible assets were $22 million and $65 million, or 0.5% of revenue, for the three and nine months ended September 30, 2025, respectively, compared to $18 million and $54 million, or 0.4% of revenue, for the same periods in 2024, respectively. Amortization expense increased due to assets added through acquisition activity
Current wording
Amortization of other intangible assets primarily relates to customer relationships. Expenses for amortization of other intangible assets were $23 million, or 0.6% of revenue, for the three months ended March 31, 2026, compared to $21 million, or 0.5% of revenue, for the same period in 2025. Amortization expense increased due to assets added through acquisition activity.
Previous wording
Our other assets primarily relate to the prepayment of fees and capitalized implementation costs associated with cloud-based hosting arrangements. Expenses for amortization of other assets were $31 million and $81 million, or 0.7% of revenue, for the three and nine months ended September 30, 2025, respectively, compared to $21 million and $58 million, or 0.6% and 0.5% of revenue, for the same periods in 2024, respectively.
Current wording
Our other assets primarily relate to the prepayment of fees and capitalized implementation costs associated with cloud-based hosting arrangements. Expenses for amortization of other assets were $35 million, or 0.9% of revenue, for the three months ended March 31, 2026, compared to $24 million, or 0.6% of revenue, for the same period in 2025.
Previous wording
Accretion expense was $29 million and $85 million, or 0.7% of revenue, for the three and nine months ended September 30, 2025, respectively, compared to $26 million and $80 million, or 0.7% of revenue, for the same periods in 2024, respectively.
Current wording
Accretion expense was $30 million, or 0.7% of revenue, for the three months ended March 31, 2026, compared to $28 million, or 0.7% of revenue, for the same period in 2025.
Previous wording
The following table summarizes our selling, general and administrative expenses for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes our selling, general and administrative expenses for the three months ended March 31, 2026 and 2025 (in millions of dollars and as a percentage of revenue):
Previous wording
The most significant items affecting our selling, general and administrative expenses during the three and nine months ended September 30, 2025 and 2024 are summarized below:
Current wording
The most significant items affecting our selling, general and administrative expenses during the three months ended March 31, 2026 and 2025 are summarized below:
Previous wording
•Salaries and related benefits decreased for the three months ended September 30, 2025 primarily due to a decrease in management incentive compensation. Salaries and related benefits increased in aggregate dollars for the nine months ended September 30, 2025 primarily due to higher wages and benefits resulting from annual merit increases, partially offset by a decrease in management incentive compensation.
Current wording
•Salaries and related benefits increased primarily due to higher wages and benefits resulting from annual merit increases as well as acquisition-related growth.
Previous wording
•Other selling, general and administrative expenses increased during the three and nine months ended September 30, 2025 primarily due to an unfavorable legal settlement recognized during the period.
Current wording
•Other selling, general and administrative expenses decreased during the three months ended March 31, 2026 primarily due to a favorable legal settlement recognized during the period.
Previous wording
For a discussion of Restructuring Charges incurred during the three and nine months ended September 30, 2025 and 2024, see Overview of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Current wording
For a discussion of Restructuring Charges incurred during the three months ended March 31, 2026 and 2025, see Overview of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Previous wording
The following table provides the components of interest expense, including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions, for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars):
Current wording
The following table provides the components of interest expense, including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions, for the three months ended March 31, 2026 and 2025 (in millions of dollars):
Previous wording
Total interest expense for the three and nine months ended September 30, 2025 increased primarily due to a higher overall debt balance as well as higher interest rates on our debt compared to the same periods in 2024.
Current wording
Total interest expense for the three months ended March 31, 2026 increased primarily due to a higher overall debt balance, partially offset by lower interest rates on our debt compared to the same period in 2025.
Previous wording
For the nine months ended September 30, 2025 and 2024, cash paid for interest, excluding net swap settlements for our floating-to-fixed interest rate swap, was $355 million and $345 million, respectively.
Current wording
For the three months ended March 31, 2026 and 2025, cash paid for interest was $117 million and $105 million, respectively.
Previous wording
As of September 30, 2025, we had $1,941 million of principal floating rate debt. If interest rates increased or decreased by 100 basis points on our floating rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $19 million.
Current wording
As of March 31, 2026, we had $2.8 billion of principal floating rate debt. If interest rates increased or decreased by 100 basis points on our floating rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $28 million.
Showing the first 40 of 86 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Our effective tax rate for the three months ended March 31, 2026 reflects a benefit of $37 million due to our investments in renewable energy assets and $3 million due to investments in renewable natural gas projects and electric vehicle infrastructure.
Current report — wording carried from elsewhere
Our effective tax rate for the three months ended March 31, 2025 reflects a benefit of $2 million due to investments in renewable natural gas projects and commercial electric vehicles.
Current report — wording carried from elsewhere
•Cost of operations increased primarily due to an increase in labor costs and fuel costs.
Current report — wording carried from elsewhere
We have $250 million of tax-exempt financings that have an initial remarketing period of 10 years. Our remaining tax-exempt financings are remarketed either quarterly or semiannually by remarketing agents to effectively maintain a variable yield. The holders of the bonds can put them back to the remarketing agents at the end of each interest period. If the remarketing agents are unable to remarket our bonds, the remarketing agents can put the bonds to us. In the event of a failed remarketing, we currently have availability under our Credit Facility to fund these bonds until they are remarketed successfully. Accordingly, we classified these borrowings as long-term in our consolidated balance sheets as of March 31, 2026 and December 31, 2025.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
(3) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the nine months ended September 30, 2024.
Previous report — wording carried elsewhere
In June 2024, we issued $400 million of 5.000% senior notes due 2029 and $500 million of 5.200% senior notes due 2034. We used the proceeds from the June 2024 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding under the Commercial Paper Program and the Credit Facility; and repayment of the remaining amount outstanding under the Uncommitted Credit Facility and certain debt obligations.