Waste Connections, Inc.
For the period ended Jun 30, 2026. Filed Jul 23, 2026.
View on SEC.govAbout this filing
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.
Jun 30, 2026 · Filed Jul 23, 2026
WCN$189.07-1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-23.
0001104659-26-047074
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-23.
0001104659-26-086006
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 125 previous paragraphs and 143 current paragraphs.
48 unchanged; 66 reworded; 18 added; 9 removed; 2 previous and 11 current paragraphs rearranged.
Tables are not compared: 57 previous and 59 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 (18)
Current report
Revenues. 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.
Current report
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.
Current report
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.
Current report
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.
Current report
SG&A. 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.
Current report
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.
Current report
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.
Current report
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.
Current report
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.
Current report
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
Current report
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.
Current report
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.
Current report
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.
Current report
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.
Current report
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.
Current report
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.
Current report
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.
Current report
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.
Removed paragraphs (9)
Previous report
Revenues. Total revenues increased $142.5 million, or 6.4%, to $2.371 billion for the three months ended March 31, 2026, from $2.228 billion for the three months ended March 31, 2025.
Previous report
Other revenues increased $1.6 million during the three months ended March 31, 2026, due primarily to a $3.5 million increase in landfill gas revenues from a new operating facility, partially offset by a $1.9 million decrease in intermodal revenues.
Previous report
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 report
Segment expenses increased $13.0 million to $339.1 million for the three months ended March 31, 2026, from $326.1 million for the three months ended March 31, 2025, due to increased labor and benefits costs, an increase in operating costs associated with higher collection volumes, an increase in expenses from acquisitions closed during the comparable periods and higher fuel costs due to diesel prices, partially offset by lower allocated corporate overhead and a decrease in risk management costs.
Previous report
EBITDA increased $4.9 million to $108.0 million, or a 26.6% EBITDA margin for the three months ended March 31, 2026, from $103.1 million, or a 25.6% EBITDA margin for the three months ended March 31, 2025. The increase in our EBITDA margin was due primarily to a decrease in truck, container, equipment and facility maintenance and repair expenses, price-led revenue growth and a decrease in allocated corporate overhead, partially offset by an increase in uncollectible accounts receivable and higher landfill monitoring and maintenance costs.
Previous report
EBITDA increased $13.4 million to $145.1 million, or a 36.6% EBITDA margin for the three months ended March 31, 2026, from $131.7 million, or a 35.3% EBITDA margin for the three months ended March 31, 2025. The increase in our EBITDA margin was due to price-led revenue growth, lower labor and benefits costs as a percentage of revenue, a decrease in allocated corporate overhead, a decrease in risk management costs and lower fuel costs, partially offset by an increase in fees paid for the processing of recyclable materials.
Previous report
EBITDA increased $4.4 million to $73.3 million, or a 27.4% EBITDA margin for the three months ended March 31, 2026, from $68.9 million, or a 26.8% EBITDA margin for the three months ended March 31, 2025. The increase in our EBITDA margin was due primarily to price-led revenue growth, a decrease in allocated corporate overhead, lower landfill monitoring and maintenance expenses and a decrease in risk management costs, partially offset by an increase in third-party brokerage rates attributable to an increase in fuel costs.
Previous report
Segment expenses decreased $12.9 million to $0.8 million for the three months ended March 31, 2026, from $13.7 million for the three months ended March 31, 2025, due to a decrease in deal costs associated with acquisitions closed
Previous report
during, or subsequent to, the prior period, lower professional fees, a decrease in labor and benefits costs and lower incentive compensation costs, partially offset by decreased allocation of costs to our operating segments. EBITDA increased $12.9 million for the three months ended March 31, 2026, as compared to the prior-year period, due to the decrease in segment expenses.
Reworded paragraphs (66)
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. 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.
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 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. Our sustainability 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
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Current wording
RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous wording
E&P waste revenues at facilities owned during the three months ended March 31, 2026 increased $18.8 million, due to increased disposal capacity from ongoing development, resumed operations at a facility that was suspended, increased drilling activity in our Canada and Southern segments and higher crude oil and natural gas prices.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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. 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
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous wording
SG&A. SG&A expenses increased $1.0 million, or 0.4%, to $251.1 million for the three months ended March 31, 2026, from $250.1 million for the three months ended March 31, 2025. The increase was comprised of $7.1 million from acquisitions closed during, or subsequent to, the three months ended March 31, 2025 and an increase of $1.4 million from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $7.5 million, assuming foreign currency parity, at our existing operations.
Current wording
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.
Previous 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.
Current wording
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.
Previous wording
Depreciation expense as a percentage of revenues increased 0.4 percentage points to 11.3% for the three months ended March 31, 2026, from 10.9% for the three months ended March 31, 2025. The increase as a percentage of revenues was primarily driven by capital expenditures to support our existing operations and acquisitions closed during, or subsequent
Current wording
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.
Previous 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.
Current wording
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. The decrease as a percentage of revenues was primarily driven by a 0.2 percentage point decrease in administrative payroll and incentive compensation expenses and a 0.1 percentage point decrease in direct acquisition expenses.
Previous 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.
Current wording
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.
Previous wording
to, the three months ended March 31, 2025 having higher depreciation expense as a percentage of revenue than our company average.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous wording
Operating Income. Operating income decreased $26.1 million, or 6.7%, to $364.1 million for the three months ended March 31, 2026, from $390.2 million for the three months ended March 31, 2025.
Current wording
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,
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous wording
Other income of $4.1 million recorded during the three months ended March 31, 2026 consisted of $5.7 million from the write-off of a liability associated with a closed facility for which no future obligation exists and $0.2 million of income from other sources, partially offset by losses of $1.0 million from an increase in the average foreign currency exchange rate in effect during the comparable reporting period and losses of $0.8 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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%.
Current wording
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%.
Previous 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.
Current wording
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. federal statutory rate.
Previous 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.
Current wording
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. 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 tables disaggregate 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. 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.
Previous 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.
Current wording
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. 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
Our Chief Operating Decision Maker evaluates operating segment profitability and determines resource allocations based on several factors, of which the primary financial measure is segment EBITDA. We define segment EBITDA as earnings before interest, taxes, depreciation, amortization, impairments and other operating items and other income (expense). 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.
Current wording
Our Chief Operating Decision Maker evaluates operating segment profitability and determines resource allocations based on several factors, of which the primary financial measure is segment EBITDA. We define segment EBITDA as earnings before interest, taxes, depreciation, amortization, impairments and other operating items and other income (expense). 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
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous wording
EBITDA increased $11.8 million to $160.5 million, or a 32.6% EBITDA margin for the three months ended March 31, 2026, from $148.7 million, or a 32.8% EBITDA margin for the three months ended March 31, 2025. The decrease in our EBITDA margin was due to the impact of acquisitions having lower EBITDA margins than our segment average, an increase in uncollectible accounts receivable and higher professional fees, partially offset by lower risk management costs, price-led increases in revenue, lower allocated corporate overhead and a decrease in labor costs as a percentage of revenue.
Current wording
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.
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (11)
Current report — wording carried from elsewhere
30, 2026 and 2025, respectively. 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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
The net losses of $58.5 million recorded during the three months ended June 30, 2026 consisted of net losses of $55.8 millionto 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.
Current report — wording carried from elsewhere
The net losses of $138.0 million recorded during the six months ended June 30, 2026 consisted of net losses of $132.0 millionto 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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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 toan 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 bya 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.
Current report — wording carried from elsewhere
in the evaluation of segment operating performance as it is a profit measure that is generally within the control of the operating segments.
Current report — wording carried from elsewhere
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,
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q and is incorporated herein by reference.
Previous report — wording carried elsewhere
ended March 31, 2026, nor are they expected to have a material impact on our future financial position, results of operations or liquidity.