Waste Connections, Inc.

Previous wording

We are an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation, in mostly exclusive and secondary markets across 46 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oil and natural gas exploration and production (“E&P”) waste treatment, recovery and disposal

Current wording

We are an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation, in mostly exclusive and secondary markets across 46 states in the U.S. and six provinces in Canada. We also provide non-hazardous oil and natural gas exploration and production (“E&P”) waste treatment, recovery and disposal services in

Previous wording

services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest.

Current wording

several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest.

Previous wording

Environmental, organizational and financial sustainability initiatives have been key components of our success since we were founded in 1997. 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. These investments align with our focus on value creation for all stakeholders and we remain committed to expanding these efforts as our industry and technology continue to evolve. To that end, we have committed $500 million to the advancement of long-term, aspirational ESG targets, and we have incorporated progress towards their achievement into compensation metrics. These targets include reducing environmental impact through reductions in absolute Scope 1 and 2 emissions and emissions intensity, expanded resource recovery processing, increased landfill gas recovery and beneficial reuse, and increased on-site leachate treatment at our landfills. In addition, the targets focus on enhancing employee safety and engagement.

Current wording

Environmental, organizational and financial sustainability initiatives have been key components of our success since we were founded in 1997. 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 ESG 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. Our ESG targets include reduced absolute Scope 1 and 2 emissions and emissions intensity, expanded resource recovery processing, increased landfill gas recovery and beneficial reuse, increased on-site leachate treatment at our landfills, and improved metrics for safety and employee engagement.

Previous wording

We generally seek to avoid highly competitive, large urban markets and instead target markets where we can attain high market share either through exclusive contracts, vertical integration or asset positioning. In markets where waste collection services are provided under exclusive arrangements, or where waste disposal is municipally owned or funded or available at multiple municipal sources, we believe that controlling the waste stream by providing collection services under exclusive arrangements is often more important to our growth and profitability than owning or operating landfills. We also target niche markets, like non-hazardous E&P waste treatment, recovery and disposal services.

Current wording

We generally target markets where we can operate efficiently, including secondary and rural markets, which often allows us to establish a substantial presence and operate profitably through exclusive contracts, vertical integration or asset positioning. In markets where waste collection services are provided under exclusive arrangements, or where waste disposal is municipally owned or funded or available at multiple municipal sources, we seek to achieve efficiencies through our collection services that aid our growth and profitability. We also target niche markets, like non-hazardous E&P waste treatment, recovery and disposal services.

Previous wording

The solid waste industry is local and highly competitive in nature, requiring substantial labor and capital resources. We compete for collection accounts primarily on the basis of price and, to a lesser extent, the quality of service, and compete for landfill business on the basis of tipping fees, geographic location and quality of operations. The solid waste industry has been consolidating and continues to consolidate as a result of a number of factors, including the increasing costs and complexity associated with waste management operations and regulatory compliance. Many small independent operators and municipalities lack the capital resources, management, operating skills and technical expertise necessary to operate effectively in such an environment. The consolidation trend has caused solid waste companies to operate larger landfills that have complementary collection routes that can use company-owned disposal capacity. Controlling the point of transfer from haulers to landfills has become increasingly important as landfills continue to close and disposal capacity moves farther from the collection markets it serves.

Current wording

The solid waste industry is local and highly competitive in nature, requiring substantial labor and capital resources. We compete for collection accounts primarily on the basis of price and, to a lesser extent, the quality of service, and compete for landfill business on the basis of tipping fees, geographic location and quality of operations. The solid waste industry has been consolidating and continues to consolidate as a result of a number of factors, including the increasing costs and complexity associated with waste management operations and regulatory compliance. Some small independent operators and municipalities lack the capital resources, management, operating skills and technical expertise necessary to operate effectively in such an environment. The consolidation trend has caused solid waste companies to operate larger landfills that have complementary collection routes that can use company-owned disposal capacity. Owning a point of transfer to landfills has become increasingly important as landfills continue to close and some disposal capacity is farther from collection areas.

Previous wording

RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

Current wording

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

Previous wording

Acquisitions closed during, or subsequent to, the three and nine months ended September 30, 2024, increased revenues by $79.7 million and $325.7 million, respectively, for the three and nine months ended September 30, 2025.

Current wording

Acquisitions closed during, or subsequent to, the three months ended March 31, 2025, increased revenues by $57.4 million for the three months ended March 31, 2026.

Previous wording

Operations that were divested during, or subsequent to, the three and nine months ended September 30, 2024, decreased revenues by $3.1 million and $6.9 million, respectively, for the three and nine months ended September 30, 2025.

Current wording

Operations that were divested during, or subsequent to, the three months ended March 31, 2025, decreased revenues by $2.2 million for the three months ended March 31, 2026.

Previous wording

During the three months ended September 30, 2025, the net increase in prices charged to our customers at our existing operations was $132.1 million, consisting of $134.3 million of core price increases and decreases in surcharges of $2.2 million. During the nine months ended September 30, 2025, the net increase in prices charged to our customers at our existing operations was $394.4 million, consisting of $404.4 million of core price increases and decreases in surcharges of $10.0 million.

Current wording

During the three months ended March 31, 2026, the net increase in prices charged to our customers at our existing operations was $120.0 million, consisting of $121.3 million of core price increases and decreases in surcharges of $1.3 million.

Previous wording

During the three and nine months ended September 30, 2025, we recognized volume losses totaling $59.4 million and $181.4 million, respectively, resulting from a decrease in roll off volumes, lower post-collection volumes in our Eastern and Central segments, lower residential collection volumes due primarily to the purposeful shedding of certain low-margin municipal contracts and lower commercial revenues.

Current wording

During the three months ended March 31, 2026, we recognized volume losses totaling $57.9 million resulting from a decrease in roll off and post-collection volumes in our Eastern, Southern and Canada segments, partially offset by an increase in landfill volumes in our Central and Western segments.

Previous wording

Revenues from sales of recyclable commodities at facilities owned during the three and nine months ended September 30, 2025 and 2024 decreased $17.1 million and $26.1 million, respectively. The decreases were primarily attributable to lower prices for old corrugated cardboard, partially offset by an increase in volumes and an increase in the prices of certain grades of metal as compared to the prior periods.

Current wording

Revenues from sales of recyclable commodities at facilities owned during the three months ended March 31, 2026 and 2025 decreased $9.2 million. The decrease was primarily attributable to lower prices for old corrugated cardboard and plastics.

Previous wording

A decrease in the average Canadian dollar to U.S. dollar currency exchange rate resulted in a decrease in revenues of $3.4 million and $23.7 million for the three and nine months ended September 30, 2025, respectively. The average Canadian dollar to U.S. dollar exchange rates on our Canadian revenues were 0.7260 and 0.7333 for the three months ended September 30, 2025 and 2024, respectively. The average Canadian dollar to U.S. dollar exchange rates on our Canadian revenues were 0.7158 and 0.7348 for the nine months ended September 30, 2025 and 2024, respectively.

Current wording

An increase in the average Canadian dollar to U.S. dollar currency exchange rate resulted in an increase in revenues of $14.0 million for the three months ended March 31, 2026. The average Canadian dollar to U.S. dollar exchange rates on our Canadian revenues were 0.7291 and 0.6968 for the three months ended March 31, 2026 and 2025, respectively.

Previous wording

Cost of Operations. Total cost of operations increased $62.8 million, or 4.7%, to $1.407 billion for the three months ended September 30, 2025, from $1.344 billion for the three months ended September 30, 2024. The increase was primarily the result of $38.3 million of additional operating costs from acquisitions closed during, or subsequent to, the three months ended September 30, 2024, and an increase in operating costs at our existing operations of $28.6 million, assuming foreign currency parity, partially offset by a decrease in operating costs of $1.5 million resulting from a lower average foreign currency exchange rate in effect during the current period and a decrease of $2.6 million from operations divested during, or subsequent to, the three months ended September 30, 2024.

Current wording

Cost of Operations. Total cost of operations increased $69.7 million, or 5.4%, to $1.361 billion for the three months ended March 31, 2026, from $1.291 billion for the three months ended March 31, 2025. The increase was primarily the result of an increase in operating costs at our existing operations of $41.2 million, additional operating costs of $23.8 million attributable to acquisitions closed during, or subsequent to, the three months ended March 31, 2025, assuming foreign currency parity, and an increase in operating costs of $6.4 million resulting from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $1.7 million from operations divested during, or subsequent to, the three months ended March 31, 2025.

Previous wording

The increase in operating costs of $28.6 million, assuming foreign currency parity, at our existing operations for the three months ended September 30, 2025, consisted of higher labor and recurring incentive compensation expenses of $14.5 million, an increase in trucking costs of $7.7 million, higher risk management expenses of $6.9 million, an increase in other landfill operating costs of $2.8 million, an increase in taxes on revenues of $2.2 million and a net increase of other expenses of $1.8 million, partially offset by a decrease in disposal costs of $3.6 million, lower truck, container, equipment and facility maintenance and repair expenses of $2.4 million and a decrease in fuel expense of $1.3 million due to diesel prices.

Current wording

The increase in operating costs at our existing operations for the three months ended March 31, 2026, assuming foreign currency parity, consisted of $22.8 million related to an increase in taxes on revenues, higher operating costs associated with new operating facilities at our existing operations and additional capacity developed to accommodate increased E&P disposal volumes, higher labor and recurring incentive compensation expenses of $11.5 million, an increase in trucking costs of $7.4 million, higher truck, container, equipment and facility maintenance and repair expenses of $2.0 million, an increase in property taxes of $1.7 million, an increase in fuel expense of $1.4 million due to higher diesel prices, and a net increase of other expenses of $0.6 million, partially offset by a decrease in risk management expenses of $3.8 million and lower disposal costs of $2.4 million.

Previous wording

Cost of operations as a percentage of revenues decreased 0.3 percentage points to 57.2% for the three months ended September 30, 2025, from 57.5% for the three months ended September 30, 2024. The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.4 percentage point decrease in disposal costs, a 0.3 percentage point decrease in truck, container, equipment and facility maintenance and repair expenses and a 0.2 percentage

Current wording

Cost of operations as a percentage of revenues decreased 0.6 percentage points to 57.4% for the three months ended March 31, 2026, from 58.0% for the three months ended March 31, 2025. The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.4 percentage point decrease in labor and benefits costs, a 0.3 percentage point decrease due to a decrease in risk management expenses and a 0.1 percentage point decrease due to lower post-closure liability interest accretion expense, partially offset by a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenue.

Previous wording

The increase in SG&A expenses at our existing operations of $38.0 million, assuming foreign currency parity, for the nine months ended September 30, 2025, was comprised of higher administrative payroll expenses of $23.5 million, an increase in professional fees of $8.9 million, an increase in incentive compensation expense of $7.5 million, a collective increase in travel and meetings expenses and charitable contributions of $3.4 million, higher software license fees of $2.2 million, an increase in lease costs of $2.1 million and $0.9 million of other net expense increases, partially offset by a decrease in direct acquisition expenses of $5.4 million and decreased expenses for uncollectible accounts receivable of $5.1 million.

Current wording

The decrease in SG&A expenses at our existing operations for the three months ended March 31, 2026, assuming foreign currency parity, was comprised of a decrease in direct acquisition expenses of $9.6 million, a decrease in administrative payroll and incentive compensation expenses of $3.4 million, a decrease in professional fees of $2.2 million, and $0.1 million of other net expense decreases, partially offset by an increase in expenses for uncollectible accounts receivable of $5.5 million and an increase in travel, meetings and training expenses of $2.3 million.

Previous wording

SG&A expenses as a percentage of revenues increased 0.2 percentage points to 10.3% for the nine months ended September 30, 2025, from 10.1% for the nine months ended September 30, 2024. The increase as a percentage of revenues was primarily driven by a 0.3 percentage point increase in administrative payroll and incentive compensation expenses, partially offset by a 0.1 percentage point decrease in SG&A expenses from acquisitions closed during, or subsequent to, the nine months ended September 30, 2024.

Current wording

SG&A expenses as a percentage of revenues decreased 0.6 percentage points to 10.6% for the three months ended March 31, 2026, from 11.2% for the three months ended March 31, 2025. The decrease as a percentage of revenues was primarily driven by a 0.4 percentage point decrease in direct acquisition expenses and a 0.4 percentage point decrease in administrative payroll and incentive compensation expenses, partially offset by a 0.1 percentage point increase in SG&A expenses from acquisitions closed during, or subsequent to, the three months ended March 31, 2025 and 0.1 percentage point of other net increases.

Previous wording

Depreciation expense increased $51.3 million, or 7.2%, to $763.7 million for the nine months ended September 30, 2025, from $712.4 million for the nine months ended September 30, 2024. The increase was comprised of an increase in depreciation and depletion expense of $36.7 million from acquisitions closed during, or subsequent to, the nine months ended September 30, 2024, and an increase in depreciation expense of $31.1 million from the impact of additions to our fleet and equipment purchased to support our existing operations, partially offset by a decrease of $13.1 million in depletion expense, a decrease of $2.8 million resulting from a lower average foreign currency exchange rate in effect during the current period and a decrease of $0.6 million from operations divested during, or subsequent to, the nine months ended September 30, 2024.

Current wording

Depreciation. Depreciation expense increased $25.2 million, or 10.4%, to $267.5 million for the three months ended March 31, 2026, from $242.3 million for the three months ended March 31, 2025. The increase was comprised of an increase in depreciation expense of $9.6 million from the impact of additions to our fleet and equipment purchased to support our existing operations, an increase in depreciation and depletion expense of $7.9 million from acquisitions closed during, or subsequent to, the three months ended March 31, 2025, an increase of $6.0 million in depletion expense at our existing operations and an increase of $1.7 million resulting from a higher average foreign currency exchange rate in effect during the current period.

Previous wording

Depreciation expense as a percentage of revenues remained flat at 10.7% for the three and nine months ended September 30, 2025 and the three and nine months ended September 30, 2024. For both comparable periods, depreciation expense as a percentage of revenues was impacted by capital expenditures to support our existing operations and acquisitions closed during, or subsequent to, the three and nine months ended September 30, 2024 having higher depreciation expense as a percentage of revenue than our company average, partially offset by the impact of decreased depletion expenses as a result of lower landfill volumes.

Current wording

to, the three months ended March 31, 2025 having higher depreciation expense as a percentage of revenue than our company average.

Previous wording

Amortization of Intangibles. Amortization of intangibles expense increased $6.1 million, or 13.6%, to $51.3 million for the three months ended September 30, 2025, from $45.2 million for the three months ended September 30, 2024. The increase was the result of $6.6 million from intangible assets acquired in acquisitions closed during, or subsequent to, the three months ended September 30, 2024, partially offset by a decrease of $0.4 million from certain intangible assets becoming fully amortized subsequent to September 30, 2024 and a decrease of $0.1 million due to a lower average foreign currency exchange rate in effect during the current period.

Current wording

Amortization of Intangibles. Amortization of intangibles expense decreased $0.3 million, or 0.8%, to $47.3 million for the three months ended March 31, 2026, from $47.6 million for the three months ended March 31, 2025. The decrease was comprised of a decrease of $5.5 million from certain intangible assets becoming fully amortized subsequent to March 31, 2025, partially offset by an increase of $4.7 million from intangible assets acquired in acquisitions closed during, or subsequent to, the three months ended March 31, 2025 and an increase of $0.5 million due to a higher average foreign currency exchange rate in effect during the current period.

Previous wording

Amortization of intangibles expense as a percentage of revenues increased 0.2 percentage points to 2.1% for the three months ended September 30, 2025, from 1.9% for the three months ended September 30, 2024. The increase as a percentage of revenues was primarily driven by a 0.2 percentage point increase related to acquisitions closed during, or subsequent to, the three months ended September 30, 2024 having higher amortization expense as a percentage of revenue than our company average.

Current wording

Amortization of intangibles expense as a percentage of revenues decreased 0.1 percentage point to 2.0% for the three months ended March 31, 2026, from 2.1% for the three months ended March 31, 2025. The decrease as a percentage of revenues was primarily driven by a 0.3 percentage point decrease from lower amortization on existing intangibles, partially offset by a 0.2 percentage point increase related to acquisitions closed during, or subsequent to, the three months ended March 31, 2025 having higher amortization expense as a percentage of revenue than our company average.

Previous wording

Impairments and Other Operating Items. Impairments and other operating items increased $57.2 million, to net losses totaling $60.1 million for the three months ended September 30, 2025, from net losses totaling $2.9 million for the three months ended September 30, 2024.

Current wording

Impairments and Other Operating Items. Impairments and other operating items increased $73.2 million, to net losses totaling $79.6 million for the three months ended March 31, 2026, from net losses totaling $6.4 million for the three months ended March 31, 2025.

Previous wording

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.

Current wording

The net losses of $79.6 million recorded during the three months ended March 31, 2026 consisted of net losses of $76.8 millionto adjust the carrying value of closure and post-closure liabilities, net losses of $2.0 million to adjust an environmental liability at an operating facility, losses of $0.9 million from writing off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, net losses of $0.3 million on the disposal of property and equipment, partially offset by other net gains of $0.4 million.

Previous wording

The net losses of $11.4 million recorded during the nine months ended September 30, 2024 consisted of $8.1 million of net losses on the disposal of property and equipment, $3.1 million due to increases associated with uninsured damages to an operating facility and $1.6 million of charges to write off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, partially offset by $1.4 million of other net gains.

Current wording

The net losses of $6.4 million recorded during the three months ended March 31, 2025 consisted of $3.8 million of net losses from operations divested during such period, losses of $1.3 million on the disposal of an investment, losses of $0.7 million on the disposal of property and equipment and losses of $0.7 million from writing off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, partially offset by other net gains of $0.1 million.

Previous wording

The decrease in our operating income for the three months ended September 30, 2025 was due primarily to increased impairments and other operating expenses, increased labor and benefits costs, an increase in trucking costs and higher risk management costs, partially offset by price increases for our solid waste services and operating income generated from acquisitions closed during, or subsequent to, the three months ended September 30, 2024.

Current wording

The decrease in our operating income for the three months ended March 31, 2026 was due primarily to increased impairments and other operating items, increases in operating expenses from acquisitions closed during, or subsequent to, the three months ended March 31, 2025, increased taxes on revenue, higher depreciation, increased labor and recurring incentive compensation expenses and higher trucking costs, partially offset by price increases for our solid waste services, operating income generated from acquisitions closed during, or subsequent to, the three months ended March 31, 2025, and a decrease in direct acquisition expenses.

Previous wording

Operating income as a percentage of revenues decreased 2.4 percentage points to 17.9% for the three months ended September 30, 2025, from 20.3% for the three months ended September 30, 2024. The decrease as a percentage of revenues was comprised of a 2.4 percentage point increase in impairments and other operating items, a 0.2 percentage point increase in amortization expense and a 0.1 percentage point increase in selling, general and administrative expenses, partially offset by a 0.3 percentage point decrease in cost of operations.

Current wording

Operating income as a percentage of revenues decreased 2.1 percentage points to 15.4% for the three months ended March 31, 2026, from 17.5% for the three months ended March 31, 2025. The decrease as a percentage of revenues was comprised of a 3.0 percentage point increase in impairments and other operating items and a 0.4 percentage point increase in depreciation, partially offset by a 0.6 percentage point decrease in selling, general and administrative expenses, a 0.6 percentage point decrease in cost of operations and a 0.1 percentage point decrease in amortization.

Previous wording

Interest expense increased $3.7 million, or 1.5%, to $248.1 million for the nine months ended September 30, 2025, from $244.4 million for the nine months ended September 30, 2024. The increase was primarily attributable to an increase of $8.5 million from the issuance of $500.0 million of senior unsecured notes during the nine months ended September 30, 2025, an increase of $7.2 million from the issuance of CAD $500.0 million of senior unsecured notes andan increase of $5.3 million from the issuance of $750.0 million of senior unsecured notes in the prior period and an increase of $3.1 million due to higher average borrowings outstanding under our credit facilities during the nine months ended September 30, 2025, partially offset by a decrease of $18.5 million from lower interest rates on borrowings outstanding during the comparable periods and a decrease of $1.9 million for other net expense decreases.

Current wording

Interest Expense. Interest expense increased $6.8 million, or 8.5%, to $87.7 million for the three months ended March 31, 2026, from $80.9 million for the three months ended March 31, 2025. The increase was primarily attributable to an increase of $6.6 million from the issuance of $500.0 million of senior unsecured notes in June 2025, an increase of$1.2 million from the issuance of $600.0 million of senior unsecured notes in March 2026, an increase of $1.2 million due to an increase in the average borrowings outstanding under our credit facilities during the three months ended March 31, 2026 and $0.2 million of other net expense increases, partially offset by a decrease of $2.4 million from lower interest rates on borrowings outstanding during the comparable periods.

Previous wording

Interest Income. Interest income increased $1.8 million, or 52.8%, to $5.1 million for the three months ended September 30, 2025, from $3.3 million for the three months ended September 30, 2024. The increase was primarily attributable to higher average investment rates in the current periods. Interest income decreased $0.2 million, or 2.3%, to $9.2 million for the nine months ended September 30, 2025, from $9.4 million for the nine months ended September 30, 2024. The decrease was primarily attributable to lower average investment rates in the current periods.

Current wording

Interest Income. Interest income increased $1.3 million, or 75.9%, to $3.1 million for the three months ended March 31, 2026, from $1.8 million for the three months ended March 31, 2025. The increase was primarily attributable to higher average cash balances in the current period, partially offset by lower average investment rates.

Previous wording

Other Income, Net. Other income, net increased $9.6 million to an income total of $14.5 million for the three months ended September 30, 2025, from an income total of $4.9 million for the three months ended September 30, 2024.

Current wording

Other Income, Net. Other income, net increased $2.2 million, or 118.2%, to $4.1 million for the three months ended March 31, 2026, from $1.9 million for the three months ended March 31, 2025.

Previous wording

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.

Current wording

Other income of $1.9 million recorded during the three months ended March 31, 2025 consisted of $2.5 million from proceeds on insurance claims and $1.3 million of gains from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period, partially offset by $1.5 million from a decrease in the value of investments purchased to fund our employee deferred compensation obligations and $0.4 million of other investment losses.

Previous wording

Income Tax Provision. Income taxes decreased $3.5 million, to $88.5 million for the three months ended September 30, 2025, from $92.0 million for the three months ended September 30, 2024. Our effective tax rate for the three months ended September 30, 2025 was 23.6%. Our effective tax rate for the three months ended September 30, 2024 was 23.0%. Income taxes increased $26.9 million, to $258.9 million for the nine months ended September 30, 2025, from $232.0 million for the nine months ended September 30, 2024. Our effective tax rate for the nine months ended September 30, 2025 was 24.0%. Our effective tax rate for the nine months ended September 30, 2024 was 22.2%.

Current wording

Income Tax Provision. Income taxes decreased $7.3 million, to $64.2 million for the three months ended March 31, 2026, from $71.5 million for the three months ended March 31, 2025. Our effective tax rate for the three months ended March 31, 2026 was 22.6%. Our effective tax rate for the three months ended March 31, 2025 was 22.8%.

Previous wording

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.

Current wording

The income tax provision for the three months ended March 31, 2026 included a benefit of $0.2 million from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S. federal statutory rate.

Previous wording

The income tax provision for the three and nine months ended September 30, 2024 included a benefit of $0.1 million and $5.5 million, respectively, from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S. federal statutory rate.

Current wording

The income tax provision for the three months ended March 31, 2025 included a benefit of $4.6 million from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S. federal statutory rate.

Previous wording

No single contract or customer accounted for more than 10% of our total revenues at the consolidated or reportable segment level during the periods presented. The following table disaggregates our revenue by service line for the periods indicated (in thousands of U.S. dollars).

Current wording

No single contract or customer accounted for more than 10% of our total revenues at the consolidated or reportable segment level during the periods presented. The following tables disaggregate our revenue by service line for the periods indicated (in thousands of U.S. dollars).

Previous wording

For the nine months ended September 30, 2025, we managed our operations through the following six geographic solid waste operating segments: Western, Southern, Eastern, Central, Canada and MidSouth. Our six geographic solid waste operating segments comprise our reportable segments. Each operating segment is responsible for managing several vertically integrated operations, which are comprised of districts. Certain corporate or regional overhead expense allocations may affect comparability of the segment information presented herein on a period-over-period basis.

Current wording

For the three months ended March 31, 2026, we managed our operations through the following six geographic solid waste operating segments: Southern, Western, Eastern, Central, Canada and MidSouth. Our six geographic solid waste operating segments comprise our reportable segments. Each operating segment is responsible for managing several vertically integrated operations, which are comprised of districts. Certain corporate or regional overhead expense allocations may affect comparability of the segment information presented herein on a period-over-period basis.

Previous wording

Significant changes in revenue, segment expenses and EBITDA for our reportable segments for the three and nine month periods ended September 30, 2025, compared to the three and nine month periods ended September 30, 2024, are discussed below.

Current wording

Significant changes in revenue, segment expenses and EBITDA for our reportable segments for the three-month period ended March 31, 2026, compared to the three-month period ended March 31, 2025, are discussed below.

Previous wording

Revenue increased $32.2 million to $485.4 million for the three months ended September 30, 2025, from $453.2 million for the three months ended September 30, 2024. Revenue increased $104.3 million to $1.416 billion for the nine months ended September 30, 2025, from $1.311 billion for the nine months ended September 30, 2024. The increases for the three and nine months ended September 30, 2025 were due to contributions from acquisitions and price increases, partially offset by lower commercial and residential collection volumes, a decrease in roll off volumes, lower E&P waste revenues attributable to decreases in drilling and production activityand a decrease in recyclable commodity revenues as compared to the prior period.

Current wording

Revenue increased $39.6 million to $493.0 million for the three months ended March 31, 2026, from $453.4 million for the three months ended March 31, 2025, due to contributions from acquisitions, price increases and higher E&P waste revenues attributable to increases in drilling and production activity, partially offset by a decrease in commercial and residential collection volumes, lower roll off volumes and a decrease in recyclable commodity revenues as compared to the prior period.

Previous wording

Segment expenses increased $18.2 million to $327.0 million for the three months ended September 30, 2025, from $308.8 million for the three months ended September 30, 2024. Segment expenses increased $54.3 million to $954.4 million for the nine months ended September 30, 2025, from $900.1 million for the nine months ended September 30, 2024. The increases to segment expenses for the three and nine months ended September 30, 2025 were due to an increase in expenses from acquisitions closed during the comparable periods, an increase in allocated corporate overhead, higher risk management costs, higher labor costs, an increase in third-party brokerage and higher landfill monitoring and maintenance costs, partially offset by a decrease intruck, container, equipment and facility maintenance and repair expenses, lower fuel costs, a decrease in expenses from operations divested during the current period and lower disposal expense.

Current wording

Segment expenses increased $27.8 million to $332.5 million for the three months ended March 31, 2026, from $304.7 million for the three months ended March 31, 2025, due to an increase in expenses from acquisitions closed during the comparable periods, higher third-party brokerage, an increase in uncollectible accounts receivable, higher labor costs, an increase in truck, container, equipment and facility maintenance and repair expenses and higher landfill monitoring and maintenance costs, partially offset by a decrease in risk management costs, lower disposal costs and a decrease in expenses from operations divested during the current period.

Previous wording

Revenue increased $33.1 million to $440.8 million for the three months ended September 30, 2025, from $407.7 million for the three months ended September 30, 2024. Revenue increased $132.4 million to $1.286 billion for the nine months ended September 30, 2025, from $1.154 billion for the nine months ended September 30, 2024. The increases for the three and nine months ended September 30, 2025 were due to contributions from acquisitions and price increases, partially offset by decreases in roll off and post-collection volumes, lower commercial collection volumes due to the purposeful non-renewal of lower margin contracts and a decrease in recyclable commodity revenues as compared to the prior period.

Current wording

Revenue increased $2.4 million to $405.7 million for the three months ended March 31, 2026, from $403.3 million for the three months ended March 31, 2025, due to price increases and contributions from acquisitions, partially offset by lower commercial collection volumes, decreases in roll off and post-collection volumes and a decrease in recyclable commodity revenues as compared to the prior period.

Previous wording

The following table sets forth cash flow information for the nine months ended September 30, 2025 and 2024 (in thousands of U.S. dollars):

Current wording

The following table sets forth cash flow information for the three months ended March 31, 2026 and 2025 (in thousands of U.S. dollars):