REPUBLIC SERVICES, INC.
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
RSG$246.85-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0001060391-25-000216
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0001628280-25-047655
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 182 previous paragraphs and 182 current paragraphs.
87 unchanged; 84 reworded; 11 added; 9 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 18 previous and 18 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 (11)
Current report
Labor disruption. During the three and nine months ended September 30, 2025, we experienced labor disruptions in certain isolated markets. The impact of these labor disruptions was $56 million during both the three and nine months ended September 30, 2025, including $16 million of customer credits and $40 million of cost of operations.
Current report
(1) Other represents customer credits recognized in connection with recent labor disruptions.
Current report
The decrease in overall volume during the three and nine months ended September 30, 2025 was partially offset by an increase in construction and demolition and special waste volumes. The increase was primarily related to Hurricane
Current report
Helene recovery efforts and the Los Angeles area wildfire remediation. The increase in volume from these events increased revenue during the nine months ended September 30, 2025 by approximately $100 million.
Current report
•Maintenance and repairs expense increased in aggregate dollars due to higher hourly wages as a result of annual merit increases, parts inflation and an increase in third-party maintenance.
Current report
•During the three and nine months ended September 30, 2025, we experienced labor disruptions in certain isolated markets. We incurred $40 million of cost of operations primarily as a result of an increase in labor and other cost of operations.
Current report
•Other selling, general and administrative expenses increased during the three and nine months ended September 30, 2025 primarily due to an unfavorable legal settlement recognized during the period.
Current report
Our effective tax rate for the three and nine months ended September 30, 2024 reflected a benefit of $81 million and $122 million, respectively, due to our investments in renewable energy assets qualifying for tax credits under Section 48 of the Internal Revenue Code, $6 million due to the realization of additional federal and state tax benefits, as well as adjustments to deferred taxes due to the completion of our 2023 tax returns.
Current report
•Cost of operations increased primarily due to an increase in our insurance premiums.
Current report
•Cost of operations increased for the nine months ended September 30, 2025 primarily due to an increasein labor costs partially offset by a decrease in subcontract costs relative to the same period in 2024.
Current report
•Dividends paid were $544 million and $505 million during the nine months ended September 30, 2025 and 2024, respectively.
Removed paragraphs (9)
Previous report
Gain on extinguishment of debt and other related costs. During the three and six months ended June 30, 2025, we did not incur any gains or losses on extinguishment of debt. During the three and six months ended June 30, 2024, we recognized a gain of $8 million attributable to the early settlement of certain cash flow hedges related to certain debt obligations. The gain was recognized as a reduction of interest expense.
Previous report
Loss (gain) on business divestitures and impairments, net. During the three and six months ended June 30, 2025, we recorded a loss on business divestitures and impairments of $3 million and $1 million, respectively. During the three and six months ended June 30, 2024, we recorded a gain on business divestitures and impairments of $2 million.
Previous report
•Volume increased revenue by 0.2% during the three months ended June 30, 2025, primarily due to an increase in volume in our landfill line of business. The increase was primarily driven by construction and demolition volume related to Hurricane Helene recovery efforts and special waste volume related to the Los Angeles area wildfire remediation. This increase was partially offset by a decline in volume in all collection lines of business as well as a decline in solid waste volumes in our landfill line of business.
Previous report
Loss (Gain) on Business Divestitures and Impairments, Net
Previous report
We strive to have a number one or number two market position in each of the markets we serve, or have a clear path on how we will achieve a leading market position over time. Where we cannot establish a leading market position, or where operations are not generating acceptable returns, we may decide to divest of certain assets and reallocate resources to other markets. Business divestitures could result in gains, losses or impairment charges that may be material to our results of operations in a given period. During the three and six months ended June 30, 2025, we recorded a net loss on business divestitures and impairments of $3 million and $1 million, respectively, as compared to a $2 million gain for each of the same periods in 2024.
Previous report
•Net revenue for the six months ended June 30, 2025 increased 6.1% due to an increase in average yield in all lines of business and an increase in volumes in our landfill line of business. The increase in volumes in our landfill line of business was driven by higher special waste volumes attributable to the Los Angeles area wildfire remediation, partially offset by a decline in solid waste volumes. The increases were partially offset by decreased volume in our collection and transfer lines of business.
Previous report
•Cost of operations increased primarily due to an increase in labor costs. The unfavorable impact was partially offset by a decrease in fuel costs due to a decrease in average fuel price per gallon.
Previous report
•Cost of operations for the six months ended June 30, 2025 increased primarily due to anincrease in labor cost and the impact of acquisitions.
Previous report
•Dividends paid were $362 million and $337 million during the six months ended June 30, 2025 and 2024, respectively.
Reworded paragraphs (84)
Previous wording
Republic is one of the largest providers of environmental services in the United States, as measured by revenue. As of June 30, 2025, we operated across the United States and Canada through 372 collection operations, 254 transfer stations, 79 recycling centers, 208 active landfills, 2 treatment, recovery and disposal facilities, 23 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells and 2 polymer centers. We are engaged in 81 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 125 closed landfills as of June 30, 2025.
Current wording
Republic is one of the largest providers of environmental services in the United States, as measured by revenue. As of September 30, 2025, we operated across the United States and Canada through 373 collection operations, 254 transfer stations, 79 recycling centers, 209 active landfills, 2 treatment, recovery and disposal facilities, 23 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells and 2 polymer centers. We are engaged in 81 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 125 closed landfills as of September 30, 2025.
Previous wording
Revenue for the six months ended June 30, 2025 increased by 4.2% to $8,244 million compared to $7,910 million for the same period in 2024. This change in revenue is due to increases in average yield of 4.3%, increased revenue from acquisitions, net of divestitures of 1.2%, and an increase in recycling processing and commodity sales of 0.1%. These increases were partially offset by a decrease in volume of 0.5%, a decrease in fuel recovery fees of 0.4%, a decrease in environmental solutions revenue of 0.3%, and a decrease of 0.2% due to the number of workdays during the six months ended June 30, 2025, as compared to the same period in 2024.
Current wording
Revenue for the nine months ended September 30, 2025 increased by 3.9% to $12,456 million compared to $11,986 million for the same period in 2024. This change in revenue is due to increases in average yield of 4.2% and increased revenue from acquisitions, net of divestitures of 1.3%. These increases were partially offset by a decrease in volume of 0.4%, a decrease in fuel recovery fees of 0.2%, a decrease in environmental solutions revenue of 0.7%, and a decrease of 0.2% due to the number of workdays during the nine months ended September 30, 2025, as compared to the same period in 2024.
Previous wording
The following table summarizes our revenue, expenses and operating income for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes our revenue, expenses and operating income for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Previous wording
Our pre-tax income was $720 million and $1,385 million for the three and six months ended June 30, 2025, respectively, compared to $654 million and $1,253 million for the same periods in 2024, respectively. Our net income attributable to Republic Services, Inc. was $550 million and $1,045 million for the three and six months ended June 30, 2025, or $1.75 and $3.33 per diluted share, respectively, compared to $512 million and $965 million, or $1.62 and $3.06 per diluted share for the same periods in 2024, respectively.
Current wording
Our pre-tax income was $645 million and $2,030 million for the three and nine months ended September 30, 2025, respectively, compared to $647 million and $1,899 million for the same periods in 2024, respectively. Our net income attributable to Republic Services, Inc. was $550 million and $1,595 million for the three and nine months ended September 30, 2025, or $1.76 and $5.10 per diluted share, respectively, compared to $566 million and $1,531 million, or $1.80 and $4.86 per diluted share, for the same periods in 2024, respectively.
Previous wording
During each of the three and six months ended June 30, 2025 and 2024, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax expense, net income attributable to Republic Services, Inc. (net income – Republic) and diluted earnings per share as noted in the following table (in millions, except per share data). Additionally, see our Results of Operations discussion in this Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the three and six months ended June 30, 2025 and 2024.
Current wording
During each of the three and nine months ended September 30, 2025 and 2024, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax expense, net income attributable to Republic Services, Inc. (net income – Republic) and diluted earnings per share as noted in the following table (in millions, except per share data). Additionally, see our Results of Operations discussion in this Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the three and nine months ended September 30, 2025 and 2024.
Previous wording
(3) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the six months ended June 30, 2025 and 2024.
Current wording
(3) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the nine months ended September 30, 2024.
Previous wording
We believe that presenting adjusted pre-tax income, adjusted tax impact, adjusted net income – Republic, and adjusted diluted earnings per share, which are not measures determined in accordance with U.S. GAAP, provides an understanding of operational activities before the financial impact of certain items. We use these measures, and believe investors will find them helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definitions of adjusted pre-tax income, adjusted tax impact, adjusted net income – Republic, and adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies. Further information on each of these adjustments is included below.
Current wording
We believe that presenting adjusted pre-tax income, adjusted tax impact, adjusted net income – Republic, and adjusted diluted earnings per share, which are not measures determined in accordance with U.S. GAAP, provides an understanding of operational activities before the financial impact of certain items. We use these measures, and believe investors will find them helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definitions of adjusted pre-tax income, adjusted tax impact, adjusted net income – Republic, and adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies. Further information on these adjustments is included below.
Previous wording
Restructuring charges. During thethree and six months ended June 30, 2025, we incurred restructuring charges of$6 million and$9 million, respectively, and during the three and six months ended June 30, 2024, we incurred restructuring charges of $6 million and $12 million, respectively. The 2025 charges primarily related to the design and implementation of a new accounts receivable system. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems. During thesix months ended June 30, 2025 and 2024, we paid $7 million and $10 million, respectively, related to these restructuring efforts.
Current wording
Restructuring charges. During thethree and nine months ended September 30, 2025, we incurred restructuring charges of$3 million and$13 million, respectively, and during the three and nine months ended September 30, 2024, we incurred restructuring charges of $8 million and $20 million, respectively. The 2025 charges primarily related to the design and implementation of a new accounts receivable system. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems. During thenine months ended September 30, 2025 and 2024, we paid $10 million and $18 million, respectively, related to these restructuring efforts.
Previous wording
During the remainder of 2025, we expect to incur additional restructuring charges of approximately$6 million, primarily related to the design and implementation of a new accounts receivable system. Substantially all of these restructuring charges will be recorded in Corporate entities and other.
Current wording
During the remainder of 2025, we expect to incur additional restructuring charges of approximately$3 million, primarily related to the design and implementation of a new accounts receivable system. Substantially all of these restructuring charges will be recorded in Corporate entities and other.
Previous wording
We generate revenue by providing environmental services to our customers, including the collection and processing of recyclable materials, the collection, treatment, consolidation, transfer and disposal of hazardous and non-hazardous waste and other environmental solutions. Our residential, small-container and large-container collection operations in some markets are based on long-term contracts with municipalities. Certain of our municipal contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index. We generally provide small-container and large-container collection services to customers under contracts with terms up to three years. Our transfer stations and landfills generate revenue from disposal or tipping fees charged to third parties. Our recycling centers generate revenue from tipping fees charged to third parties and the sale of recycled commodities. Our revenue from environmental solutions is primarily generated by (1) fees we charge for the collection, treatment, transfer and disposal of hazardous and non-hazardous waste, (2) field and industrial services, (3) equipment rental, (4) emergency response and standby services, (5) in-plant services, such as transportation and logistics, including at our TSDFs and (6) in-plant services such as high-pressure cleaning, tank cleaning, decontamination, remediation, transportation, spill cleanup and emergency response at refineries, chemical, steel and automotive plants and other governmental, commercial and industrial facilities. Other non-core revenue consists primarily of revenue from National Accounts, which represents the portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where the associated material handling is subcontracted to local operators. Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations. The following table reflects our revenue by service line for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
We generate revenue by providing environmental services to our customers, including the collection and processing of recyclable materials, the collection, treatment, consolidation, transfer and disposal of hazardous and non-hazardous waste and other environmental solutions. Our residential, small-container and large-container collection operations in some markets are based on long-term contracts with municipalities. Certain of our municipal contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index. We generally provide small-container and large-container collection services to customers under contracts with terms up to three years. Our transfer stations and landfills generate revenue from disposal or tipping fees charged to third parties. Our recycling centers generate revenue from tipping fees charged to third parties and the sale of recycled commodities. Our revenue from environmental solutions is primarily generated by (1) fees we charge for the collection, treatment, transfer and disposal of hazardous and non-hazardous waste, (2) field and industrial services, (3) equipment rental, (4) emergency response and standby services, (5) in-plant services, such as transportation and logistics, including at our TSDFs and (6) in-plant services such as high-pressure cleaning, tank cleaning, decontamination, remediation, transportation, spill cleanup and emergency response at refineries, chemical, steel and automotive plants and other governmental, commercial and industrial facilities. Other non-core revenue consists primarily of revenue from National Accounts, which represents the portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where the associated material handling is subcontracted to local operators. Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations. The following table reflects our revenue by service line for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Previous wording
The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three and six months ended June 30, 2025 and 2024:
Current wording
The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three and nine months ended September 30, 2025 and 2024:
Previous wording
The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three and six months ended June 30, 2025 and 2024:
Current wording
The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three and nine months ended September 30, 2025 and 2024:
Previous wording
During the three and six months ended June 30, 2025, we experienced the following changes in our revenue as compared to the same periods in 2024:
Current wording
During the three and nine months ended September 30, 2025, we experienced the following changes in our revenue as compared to the same periods in 2024:
Previous wording
•Average yield increased revenue by 4.1% and 4.3% for the three and six months ended June 30, 2025, due to positive pricing changes in all lines of business.
Current wording
•Average yield increased revenue by 4.0% and 4.2% for the three and nine months ended September 30, 2025, respectively, due to positive pricing changes in all lines of business.
Previous wording
•The fuel recovery fee program, which mitigates our exposure to changes in fuel prices, decreased revenue by 0.3% and 0.4% for the three and six months ended June 30, 2025, due to a decrease in fuel prices compared to the same period in 2024.
Current wording
•The fuel recovery fee program, which mitigates our exposure to changes in fuel prices, resulted in no change to revenue for the three months ended September 30, 2025, primarily due to the timing of implementing changes to the rates to reflect the increase in fuel prices compared to the same period in 2024. The fuel recovery fee program decreased revenue by 0.2% for the nine months ended September 30, 2025, due to a decrease in fuel prices compared to the same period in 2024.
Previous wording
Volume decreased revenue by 0.5% during the six months ended June 30, 2025, primarily due to a decline in volume in our collection and transfer lines of business as well as a decrease in solid waste volumes in our landfill line of business. The decline in revenue in our large-container collection line of business was primarily driven by a slowing in construction-related activity as well as adverse weather in January and February. The decline in our residential and small-container collection lines of business is primarily attributable to certain municipal contract losses and broker-related business.
Current wording
•Volume decreased revenue for the three and nine months ended September 30, 2025 by 0.3% and 0.4%, respectively, primarily due to a decrease in volume in our collection lines of business as well as a decrease in solid waste volumes in our landfill line of business. The decline in revenue in our large-container collection line of business was primarily driven by a slowing in construction-related activity as well as adverse weather in January and February. The decline in our residential and small-container collection lines of business is primarily attributable to certain municipal contract losses and broker-related business.
Previous wording
•Revenue decreased by 0.2% due to the impact of the number of workdays during the six months ended June 30, 2025, as compared to the same period in 2024, which drove a decrease in volumes in our collection, landfill, and transfer lines of business. The impact of the number of workdays resulted in no change to revenue during the three months ended June 30, 2025, as compared to the same period in 2024.
Current wording
•The impact of the number of workdays resulted in no change to revenue during the three months ended September 30, 2025, as compared to the same period in 2024. Revenue decreased by 0.2% due to the impact of the number of workdays during the nine months ended September 30, 2025, as compared to the same period in 2024, which drove a decrease in volumes in our collection, landfill, and transfer lines of business.
Previous wording
•Recycling processing and commodity sales increased revenue by 0.1% during the six months ended June 30, 2025, primarily due to increased volumes at the Las Vegas Polymer Center, the opening of the Indianapolis Polymer Center and reopening a recycling center on the west coast. There was no change to revenue as a result of recycling processing and commodity sales during the three months ended June 30, 2025, as compared to the same period in 2024. The average price for recycled commodities at our recycling centers, excluding glass and organics, for the three and six months ended June 30, 2025 was $149 and $152 per ton, respectively, compared to $173 and $163 per ton for the same periods in 2024, respectively.
Current wording
•Recycling processing and commodity sales decreased revenue by 0.2% during the three months ended September 30, 2025, primarily due to a decrease in price for recycled commodities compared to the same period 2024. This decrease was largely offset by increased volumes at the Las Vegas Polymer Center, the opening of the Indianapolis Polymer Center and reopening a recycling center on the west coast. There was no change to revenue as a result of recycling processing and commodity sales during the nine months ended September 30, 2025, as compared to the same period in 2024. The average price for recycled commodities at our recycling centers, excluding glass and organics, for the three and nine months ended September 30, 2025 was $126 and $143 per ton, respectively, compared to $177 and $168 per ton for the same periods in 2024, respectively.
Previous wording
•Environmental solutions decreased revenue by 0.9% and 0.3% during the three and six months ended June 30, 2025, primarily due to a decrease in event-based volumes relative to the same periods in 2024.
Current wording
•Environmental solutions decreased revenue by 1.4% and 0.7% during the three and nine months ended September 30, 2025, respectively, primarily due to a decline in manufacturing and emergency response activity as well as a decrease in event-based volumes into our landfills.
Previous wording
•Acquisitions, net of divestitures, increased revenue by 1.5% and 1.2% during the three and six months ended June 30, 2025, respectively, reflecting the results of our continued growth strategy of acquiring environmental services companies that complement and expand our existing business platform.
Current wording
•Acquisitions, net of divestitures, increased revenue by 1.6% and 1.3% during the three and nine months ended September 30, 2025, respectively, reflecting the results of our continued growth strategy of acquiring environmental services companies that complement and expand our existing business platform.
Previous wording
The following table summarizes the major components of our cost of operations for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes the major components of our cost of operations for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Previous wording
The most significant items impacting our cost of operations during the three and six months ended June 30, 2025 and 2024 are summarized below:
Current wording
The most significant items impacting our cost of operations during the three and nine months ended September 30, 2025 and 2024 are summarized below:
Previous wording
•Labor and related benefits increased in aggregate dollars due to higher hourly and salaried wages as a result of annual merit increases as well as acquisition-related growth. Partially offsetting these increases for the six months ended June
Current wording
•Labor and related benefits increased in aggregate dollars for the nine months ended September 30, 2025 due to higher hourly and salaried wages as a result of annual merit increases. Partially offsetting these increases was the impact of one less workday compared to the nine months ended September 30, 2024.
Previous wording
•During both the three and six months ended June 30, 2025 and 2024, approximately 67% of the total solid waste volume we collected was disposed at landfill sites that we owned or operated (internalization).
Current wording
During both the three and nine months ended September 30, 2025 and 2024, approximately 67% of the total solid waste volume we collected was disposed at landfill sites that we owned or operated (internalization).
Previous wording
•Our fuel costs decreased due to a decrease in the average diesel fuel price per gallon. The national average diesel fuel price per gallon for the three and six months ended June 30, 2025 was $3.56 and $3.59, respectively, as compared to $3.86 and $3.91, respectively, for the same periods in 2024.
Current wording
•Our fuel costs increased during the three months ended September 30, 2025 due to an increase in acquisition-related activity as well as the expiration of alternative fuel tax credits during the period. Our fuel costs decreased during the nine months ended September 30, 2025, primarily due to a decrease in the average diesel fuel price per gallon. The national average diesel fuel price per gallon for the three and nine months ended September 30, 2025 was $3.76 and $3.65, respectively, as compared to $3.69 and $3.83, respectively, for the same periods in 2024.
Previous wording
•Other costs of operations increased due to increased occupancy and facility related expenses.
Current wording
•Other costs of operations increased due to increased occupancy and facility related expenses as well as a favorable non-recurring insurance recovery recognized during the nine months ended September 30, 2024.
Previous wording
The following table summarizes depreciation, depletion and amortization of property and equipment for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes depreciation, depletion and amortization of property and equipment for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Previous wording
Depreciation and amortization of property and equipment increased for the three and six months ended June 30, 2025, largely due to an increased investment in trucks and the supporting infrastructure as well as the addition of assets through acquisitions.
Current wording
Depreciation and amortization of property and equipment increased for the three and nine months ended September 30, 2025, largely due to an increased investment in trucks and the supporting infrastructure as well as the addition of assets through acquisitions.
Previous wording
Landfill depletion and amortization expense increased for the three and six months ended June 30, 2025 due to increased construction and demolition volumes related to the Hurricane Helene recovery efforts and increased special waste volumes attributable to the Los Angeles area wildfire remediation. Landfill depletion and amortization expense also increased due to an increase in our overall average depletion rate. Additionally, during the three and six months ended June 30, 2025, we recognized certain unfavorable amortization adjustments related to our asset retirement obligations.
Current wording
Landfill depletion and amortization expense increased for the three and nine months ended September 30, 2025 due to increased construction and demolition volumes related to the Hurricane Helene recovery efforts and increased special waste volumes attributable to the Los Angeles area wildfire remediation. Landfill depletion and amortization expense also increased due to an increase in our overall average depletion rate.
Previous wording
Amortization of other intangible assets primarily relates to customer relationships. Expenses for amortization of other intangible assets were $22 million and $43 million, or 0.5% of revenue for the three and six months ended June 30, 2025, respectively, compared to $19 million and $36 million, or 0.5% and 0.4% of revenue, for the same periods in 2024, respectively. Amortization expense increased due to assets added through acquisition activity.
Current wording
Amortization of other intangible assets primarily relates to customer relationships. Expenses for amortization of other intangible assets were $22 million and $65 million, or 0.5% of revenue, for the three and nine months ended September 30, 2025, respectively, compared to $18 million and $54 million, or 0.4% of revenue, for the same periods in 2024, respectively. Amortization expense increased due to assets added through acquisition activity
Previous wording
Our other assets primarily relate to the prepayment of fees and capitalized implementation costs associated with cloud-based hosting arrangements. Expenses for amortization of other assets were $26 million and $50 million, or 0.6% of revenue for the three and six months ended June 30, 2025, respectively, compared to $19 million and $36 million, or 0.5% and 0.4% of revenue for the same periods in 2024, respectively.
Current wording
Our other assets primarily relate to the prepayment of fees and capitalized implementation costs associated with cloud-based hosting arrangements. Expenses for amortization of other assets were $31 million and $81 million, or 0.7% of revenue, for the three and nine months ended September 30, 2025, respectively, compared to $21 million and $58 million, or 0.6% and 0.5% of revenue, for the same periods in 2024, respectively.
Previous wording
Accretion expense was $28 million and $57 million, or 0.7% of revenue, for the three and six months ended June 30, 2025, respectively, compared to $27 million and $53 million, or 0.7% of revenue for the same periods in 2024, respectively.
Current wording
Accretion expense was $29 million and $85 million, or 0.7% of revenue, for the three and nine months ended September 30, 2025, respectively, compared to $26 million and $80 million, or 0.7% of revenue, for the same periods in 2024, respectively.
Previous wording
The following table summarizes our selling, general and administrative expenses for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Current wording
The following table summarizes our selling, general and administrative expenses for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Previous wording
The most significant items affecting our selling, general and administrative expenses during the three and six months ended June 30, 2025 and 2024 are summarized below:
Current wording
The most significant items affecting our selling, general and administrative expenses during the three and nine months ended September 30, 2025 and 2024 are summarized below:
Previous wording
•Salaries and related benefits increased in aggregate dollars primarily due to higher wages and benefits resulting from annual merit increases as well as acquisition-related growth.
Current wording
•Salaries and related benefits decreased for the three months ended September 30, 2025 primarily due to a decrease in management incentive compensation. Salaries and related benefits increased in aggregate dollars for the nine months ended September 30, 2025 primarily due to higher wages and benefits resulting from annual merit increases, partially offset by a decrease in management incentive compensation.
Previous wording
For a discussion of Restructuring Charges incurred during the three and six months ended June 30, 2025 and 2024, see Overview of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Current wording
For a discussion of Restructuring Charges incurred during the three and nine months ended September 30, 2025 and 2024, see Overview of this Management's Discussion and Analysis of Financial Condition and Results of Operations.
Previous wording
The following table provides the components of interest expense, including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions, for the three and six months ended June 30, 2025 and 2024 (in millions of dollars):
Current wording
The following table provides the components of interest expense, including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions, for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars):
Previous wording
Total interest expense for the three and six months ended June 30, 2025 increased primarily due to higher interest rates on our fixed rate debt.
Current wording
Total interest expense for the three and nine months ended September 30, 2025 increased primarily due to a higher overall debt balance as well as higher interest rates on our debt compared to the same periods in 2024.
Previous wording
For the six months ended June 30, 2025 and 2024, cash paid for interest, excluding net swap settlements for our floating-to-fixed interest rate swap, was $243 million and $238 million, respectively.
Current wording
For the nine months ended September 30, 2025 and 2024, cash paid for interest, excluding net swap settlements for our floating-to-fixed interest rate swap, was $355 million and $345 million, respectively.
Previous wording
As of June 30, 2025, we had $1,674 million of principal floating rate debt. If interest rates increased or decreased by 100 basis points on our floating rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $17 million.
Current wording
As of September 30, 2025, we had $1,941 million of principal floating rate debt. If interest rates increased or decreased by 100 basis points on our floating rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $19 million.
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Previous report — wording carried elsewhere
30, 2025 was the impact of one less workday compared to the six months ended June 30, 2024.
Previous report — wording carried elsewhere
•Provision for doubtful accounts decreased primarily due to the management of aged accounts receivable balances. As of June 30, 2025, our days sales outstanding were 40.4, or 29.9 days net of deferred revenue, compared to 40.9, or 30.2 days net of deferred revenue, as of June 30, 2024.