10-K 0001060391-26-000094 (2026-02-18) vs 10-K 0001060391-25-000091 (2025-02-14)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 8,604 |
15.5% |
| MD&A | Item 7 | 13,875 |
12.6% |
| Legal Proceedings | Item 3 | 476 |
9.8% |
| Accounting Policies | Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6,948 |
10.2% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 199 words changed in this paragraph; it is 49% similar to last year's version.
Most of the states in which we operate landfills require counties and municipalities to formulate comprehensive plans to reduce the volume of solid waste deposited in landfills through waste planning, composting, recycling or other programs. Some state and local governments mandate waste reduction at the source and prohibit the disposal of certain types of wastes, such as yard waste, at landfills. Further, many of our customers voluntarily are diverting waste to alternatives to landfill disposal, such as recycling and composting, while also working to reduce the amount of waste they generate. Many of the largest companies in the United States are setting zero-waste goals in which they strive to send no waste to landfills and some jurisdictions have enacted or are considering waste reduction regulations such as extended producer responsibility, organic diversion and minimum recycled content regulations. Although such actions help to protect our environment and reduce the impact of waste on climate change, they have reduced, and will in the future reduce, the volume of waste going to landfills and may affect the prices that we can charge for landfill disposal. Accordingly, we may not be able to operate our landfills at their current volumes or charge current prices for landfill disposal services due to possible decreases in demand for such services. If we cannot expand our service offerings and grow lines of business to service waste streams that do not go to landfills and to provide services for customers that wish to reduce waste entirely, this could have a negative effect on our consolidated financial condition, results of operations and cash flows. Further, even if we can develop such service offerings and lines of business, disposal alternatives nonetheless could have a negative effect on our consolidated financial condition, results of operations and cash flows.
Source: Item 1A, 10-K 0001060391-26-000094 vs Item 1A, 10-K 0001060391-25-000091
Accounting Policies 98 words changed in this paragraph; it is 67% similar to last year's version.
In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03). ASU 2024-03 requires an entity to disclose the amount of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. It also requires an entity to include certain amounts that are already required to be disclosed under GAAP in the same disclosure. Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. An entity may apply the amendments prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of the rules ASU 2024-03 on its future consolidated financial statements.
Source: Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001060391-26-000094 vs Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001060391-25-000091
Legal Proceedings 95 words changed in this paragraph; it is 71% similar to last year's version.
We accrue for legal proceedings when losses become probable and reasonably estimable. We have recorded an aggregate accrual of approximately $13 million relating to our outstanding legal proceedings as of December 31, 2024. As of the end of each applicable reporting period, we review each of our legal proceedings and, where it is probable that a liability has been incurred, we accrue for all probable and reasonably estimable losses. Where we are able to can reasonably estimate a range of losses we may incur with respect to regarding such a matter, we record an accrual for the amount within the range that constitutes our best estimate. If we are able to can reasonably estimate a range but no amount within the range appears to be a better estimate than any other, we use the amount that is the low end of such range. If As of December 31, 2025, we had used estimate that the probable and reasonably estimable outcomes of any such legal proceedings, as well as the aggregate potential liability using reasonably possible high ends of such our ranges, our aggregate potential liability would be approximately $6 million higher than are immaterial to the amount recorded as of December 31, 2024. Company's consolidated financial statements.
Source: Item 3, 10-K 0001060391-26-000094 vs Item 3, 10-K 0001060391-25-000091
MD&A 69 words changed in this paragraph; it is 72% similar to last year's version.
Settlements and withdrawals on pension plans. During 2025, we recorded a charge to earnings of $1 million for a withdrawal event at a multiemployer pension fund to which we contribute. During 2024, we recognized a settlement of our defined benefit pension plan. The settlement included a combination of lump-sum payments to participants who elected to receive them and the transfer of benefit obligations to a third-party insurance company under a group annuity contract. As a result of the settlements, we recognized a non-cash gain of $8 million related to the accelerated recognition of the proportional share of unamortized net actuarial gains in accumulated other comprehensive loss. During 2023, As we recorded a charge to earnings of $5 million for a withdrawal event at obtain updated information regarding multiemployer pension funds funds, the factors used in deriving our estimated withdrawal liabilities will be subject to change, which we contribute. may adversely impact our reserves for withdrawal costs.
Source: Item 7, 10-K 0001060391-26-000094 vs Item 7, 10-K 0001060391-25-000091
Every change, by type
Sentences and paragraphs of RSG's Risk Factors and MD&A, 10-K 2026-02-18 against 10-K 2025-02-14.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
At the U.S. state level, California has taken action to require greenhouse gas emission disclosure, as well as information on climate-related financial risks, some of which are subject to legal challenge. Similar bills have been introduced in other U.S. states; to-date, none have passed into law.
Read it in 10-K 2026-02-18 at sec.gov ↗
RemovedRisk Factors
•changes by the Financial Accounting Standards Board or other accounting regulatory bodies to generally accepted accounting principles or policies;
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
As of December 31, 2024, approximately 22% of our workforce was covered by collective bargaining agreements. If our union-represented employees engage in strikes, work stoppages or other slowdowns, we could experience a significant disruption of
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
In September 2024, the U.S. Treasury and the IRS proposed regulations regarding the calculation of the Corporate Alternative Minimum Tax (CAMT). The CAMT was enacted as part of the Inflation Reduction Act of 2022 and generally applies to large corporations with average annual financial statement income exceeding $1 billion. The proposed regulations include a mathematical formula that would be used to allocate an investor’s distributive share of income and loss from partnership investments, including investments in renewable energy projects through tax equity partnerships accounted for using the Hypothetical Liquidation at Book Value method (HLBV). As currently proposed, the application of such mathematical formula to our investments accounted for using HLBV, particularly during the early phases of a renewable energy facility’s operation, could result in us incurring substantial taxes under the CAMT. We believe such a result would be both unintended and inconsistent with the underlying policy of the CAMT. In response, we have both submitted comments and testified at an IRS hearing to address our concerns. If our concerns about this mathematical formula are not addressed in a favorable manner and the regulations are adopted as proposed, they could require the payment of significant additional income taxes that could adversely impact our results of operations or cause unanticipated fluctuations in our results of operations or financial conditions in future periods.
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedRisk Factors
We Our credit ratings depend on a number of factors, many of which are beyond our control, and we may not be able to maintain our investment grade ratings in the future. ratings.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
If we were to lose market share or if we were to lower prices to address competitive issues, it could negatively impact our consolidated financial condition, results of operations and cash flows.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
In addition, we have certain fixed costs (e.g., facility expense associated with long-term leases, depreciation expense and accretion expense), which may be difficult to adjust quickly to match declining volume levels.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
The loss of key personnel or the inability to attract, hire or retain key team members and a high-quality workforce could have a material adverse effect on our consolidated financial condition, results of operations, cash flows and growth prospects.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
These and other rapidly changing laws, regulations, policies and related interpretations, as well as increased enforcement actions by various governmental and regulatory agencies, create challenges for us.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
A significant cybersecurity incident could negatively impact our business and our relationships with customers. employees, customers and vendors and expose us to increased liability.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
In addition, environmental regulatory changes, including those relating to per- and polyfluoroalkyl substances (commonly referred to as PFAS) PFAS and other chemicals of emerging concern, could accelerate or increase expenditures for capping, closure, post-closure and environmental and remediation activities at our waste facilities and obligate us to spend sums in addition to those presently accrued for such purposes, which could have a negative effect on our consolidated financial position, results of operations and cash flows.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
Changing weather patterns and rising temperatures are expected to result in more severe heat waves, fires, storms and other extreme weather events.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
As a result, we have in the past been required and may in the future be required to pay fines or judgments or implement corrective measures, or we may have our permits and licenses modified or revoked.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
Additionally, while we have implemented measures to prevent security breaches and cyber incidents, like many companies we have periodically experienced cyber incidents, and our preventive measures and incident response efforts may not be entirely effective.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
Local communities and citizen groups, adjacent landowners, governmental agencies and others have in the past opposed and may in the future oppose the issuance of a permit or approval we may need, allege violations of the permits under which we currently operate or laws or regulations to which we are subject, or seek to impose liability on us for environmental damage.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedRisk Factors
Alternatives to landfill disposal disposal, and increasing customer preferences for these alternatives, could reduce our disposal volumes and cause our revenues and operating results to decline.
Read it in 10-K 2026-02-18 at sec.gov ↗
Quiet changesRisk Factors
One of our Certain competitors may have greater financial and operational resources than we do.
Read it in 10-K 2026-02-18 at sec.gov ↗
Quiet changesRisk Factors
We have invested higher significant upfront capital costs in order to purchase and support our CNG vehicles and fueling stations in order to reduce our overall fleet operating costs through lower fuel expenses and to create a competitive advantage in communities that focus on protecting the environment.
Read it in 10-K 2026-02-18 at sec.gov ↗
Quiet changesRisk Factors
Additionally, if as we make acquisitions or and further expand our operations, the amount we spend on capital, capping, closure, post-closure, environmental remediation and other items will increase.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
Labor disruption. During 2025, we experienced labor disruptions in certain isolated markets. The impact of these labor disruptions was $56 million, including $16 million of customer credits and $40 million of cost of operations.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
(1) Other represents customer credits recognized in connection with recent labor disruptions.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
The decrease in overall volume as compared to 2024 was partially offset by an increase in construction and demolition and special waste volumes at our landfills. The increase was primarily related to Hurricane Helene recovery efforts and the Los Angeles area wildfire remediation. These events increased revenue during 2025 by approximately $100 million.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
•During 2025, environmental solutions revenue decreased by 1.0% primarily due to a decline in manufacturing and emergency response activity as well as a decrease in event-based volumes into our landfills. In 2024, environmental solutions revenue included approximately $50 million from a non-recurring emergency response project.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
•Transportation and subcontract costs decreased primarily due to a decrease in volume in our environmental solutions business.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
•During 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.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
Total interest expense for 2025 increased primarily due to a higher overall debt balance as well as higher interest rates on our debt compared to 2024.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
On July 4, 2025, the One Big Beautiful Bill Act (the "Act”) was signed into law. The Act, among other things, implemented changes to the tax treatment relating to bonus depreciation, research and experimental expenditures and interest expense, and
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
included phase-outs and restrictions on several clean energy tax incentives. We made income tax payments (net of refunds) of $206 million and $313 million for 2025 and 2024, respectively. Income taxes paid in 2025 reflect benefits from the Act as well as tax credits from our continuing investments in qualified renewable energy projects. The Act did not have a material impact on our effective tax rate. The Company is continuing to evaluate the potential impact of the Act on future years' tax positions.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
Our chief operating decision maker (CODM) is Jon Vander Ark, President and Chief Executive Officer of Republic Services, Inc. Adjusted EBITDA is the single financial measure our CODM uses to evaluate segment profitability and returns, which informs resource allocation. For all segments, the CODM uses adjusted EBITDA to evaluate income generated from segment assets (return on invested capital). The CODM considers budget-to-actual variances and year-over-year growth on a monthly basis to assess the performance of each segment. Cost of operations and selling, general and administrative expenses are significant segment expenses used in the evaluation.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
•Net revenue for the year ended December 31, 2025 decreased due to a decline in manufacturing and emergency response activity as well as a decrease in event-based volumes into our landfills, partially offset by acquisition related growth and price increases relative to 2024.
Read it in 10-K 2026-02-18 at sec.gov ↗
AddedMD&A
In June 2024, the Mission Economic Development Corporation issued, for our benefit, $50 million in principal amount of Solid Waste Disposal Revenue Bonds. The proceeds from the issuance, after deferred issuance costs, were used to fund the acquisition, construction, improvement, installation, and/or equipping of certain solid waste disposal facilities located within Texas.
Read it in 10-K 2026-02-18 at sec.gov ↗
RemovedMD&A
US Ecology, Inc. acquisition integration and deal costs. In 2023, we incurred acquisition integration and deal costs of $34 million in connection with the acquisition of US Ecology, which included certain costs to integrate the business. The acquisition closed on May 2, 2022, and our integration of the business was substantially complete as of December 31, 2023.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•During 2024, environmental solutions revenue increased by 0.1% primarily due to an increase in event-based volumes and price increases relative to the same period in 2023.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•Transportation and subcontract costs increased in aggregate dollars due to an increase in transportation rates. Acquisition-related growth also contributed to the increase in transportation and subcontract costs.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•Disposal fees and taxes increased in aggregate dollars in 2024 primarily due to increased royalties and host fees from an increase in volume at certain landfills as compared to 2023.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•Risk management expenses increased in aggregate dollars primarily due to higher premium costs as well as unfavorable claims development in our auto liability program, partially offset by favorable claims development in our general and worker's compensation liability programs.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•During the year ended December 31, 2023 we incurred $34 million of acquisition integration and deal costs with the acquisition of US Ecology, primarily related to the integration of certain software systems as well as rebranding of the business. Our integration of the business was substantially complete as of December 31, 2023.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
We also made qualified investments in renewable natural gas and commercial electric vehicles during 2024 which, due to tax credits, reduced our tax provision by approximately $18 million.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Our 2023 tax provision was reduced by $87 million related to the tax credits from our non-controlling interests in limited liability companies established to own renewable energy assets.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
In addition, during 2023 we resolved IRS examinations for our tax years 2014 - 2018 that, in the aggregate, reduced our tax provision by approximately $21 million.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
•Proceeds from sales of property and equipment during 2024 were $47 million as compared to $29 million for 2023.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
On April 29, 2022, we entered into a $1 billion unsecured Term Loan Facility (Term Loan Facility), which bore interest at a base rate or a forward-looking SOFR, plus an applicable margin based on our debt ratings. We had $500 million of borrowings outstanding under the Term Loan Facility as of December 31, 2023. During the year ended December 31, 2024, we repaid the remaining balance of the Term Loan Facility.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
In December 2023, we issued an additional $350 million of 4.875% senior notes due 2029 (the New 2029 Notes, and together with the Existing 2029 Notes, the 2029 Notes). After giving effect to the issuance of the New 2029 Notes, $750 million in aggregate principal amount of the 2029 Notes is outstanding. The New 2029 Notes are fungible with the Existing 2029 Notes, and taken together, the 2029 Notes are treated as a single series.
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedMD&A
For totals as well as further detail regarding our reportable segments and the adjustments used to calculate adjusted EBITDA for each segment, see Note 15, Segment Reporting, of the notes to our audited consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.Group 1 Group 2 Recycling & Waste Subtotal (1) Subtotal(1) Group 3 Corporate entities and other Total (Environmental Solutions) 2024 2025 Gross revenue $ 8,630 $ 8,244 $ 16,874 $ 1,784 $ 369 $ 19,027 Intercompany revenue (1,271) (1,069) (2,340) (48) (48) (2,436) Revenue $ 8,332 $ 7,891 $ 16,223 $ 1,864 $ 331 $ 18,418 Intercompany Revenue (1,235) (1,037) (2,272) (49) (65) (2,386) Revenue Allocations 123 115 238 28 (266) allocations 150 141 291 30 (321) — Net Revenue revenue $ 7,220 7,509 $ 6,969 7,316 $ 14,189 14,825 $ 1,843 1,766 $ — $ 16,032 16,591 Cost of Operations 4,129 4,079 8,208 1,142 operations 4,248 4,265 8,513 1,117 — 9,350 SG&A 738 671 1,409 265 9,630 Selling, general and administrative 750 683 1,433 277 — 1,674 1,710 Other Segment Items — 29 29 segment items (11) (45) (56) — — 29 (56) Adjusted EBITDA $ 2,353 2,522 $ 2,190 2,413 $ 4,543 4,935 $ 436 372 $ — $ 4,979 5,307 Capital Expenditures expenditures $ 874 876 $ 574 633 $ 1,448 1,509 $ 136 181 $ 271 197 $ 1,855 1,887 Total Assets assets $ 14,250 14,441 $ 11,046 11,616 $ 25,296 26,057 $ 4,459 5,217 $ 2,647 3,092 $ 32,402 34,366
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
For comparative purposes, prior year amounts have been reclassified to conform to current year presentation.Year Ended December 31, 2024 2025 Year Ended December 31, 2023 2024 Pre-tax Tax Impact(1) Net Diluted Pre-tax Tax Impact(1) Net Diluted Income Income - Earnings Income Income - Earnings Republic per Republic per Share Share As reported $ 2,594 $ 455 $ 2,139 $ 6.85 $ 2,432 $ 389 $ 2,043 $ 6.49 $ 2,191 $ 460 $ 1,731 $ 5.47 Restructuring charges 20 6 14 0.05 29 8 21 0.07 33 8 25 0.08 Gain on extinguishment of debt and other related costs, net — — — — (6) (2) (4) (0.01) Labor disruption 56 18 38 0.12 — — — — Gain on certain divestitures and impairments, net — — — — (30) (8) (22) (0.07) (4) 5 (9) (0.03) Settlements and withdrawals on pension plans plans(2) 1 — 1 — (8) (2) (6) (0.02) 5 2 3 0.01 US Ecology, Inc. acquisition integration and deal costs — — — — 34 9 25 0.08 Total adjustments 77 24 53 0.17 (15) (4) (11) (0.03) 68 24 44 0.14 As adjusted $ 2,671 $ 479 $ 2,192 $ 7.02 $ 2,417 $ 385 $ 2,032 $ 6.46 $ 2,259 $ 484 $ 1,775 $ 5.61
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
The following tables reflect the activity in our property and equipment accounts for the year ended December 31, 2024 2025 (in millions of dollars):Gross Property and Equipment Balance as of December 31, 2023 2024 Capital Retirements Acquisitions, Non-Cash Adjustments Impairments, Balance as of December 31, 2024 2025 Additions Net of Additions for Transfers Divestitures for Asset Asset and Retirement Retirement Other Obligations Obligations Adjustments Land $ 878 897 $ 5 34 $ (3) (2) $ 18 38 $ — $ — $ (1) 49 $ 897 1,016 Landfill development costs 9,911 5 10,518 21 — 6 61 90 445 10,518 37 73 50 636 11,335 Vehicles and equipment 10,232 848 (357) 4 10,998 781 (457) 63 — — 271 10,998 400 11,785 Buildings and improvements 1,922 44 (5) 18 2,119 26 (4) 51 — — 140 2,119 386 2,578 Construction-in-progress - landfill 350 494 437 524 — — — — (407) 437 (635) 326 Construction-in-progress - other 554 498 1 575 678 — 6 — — — (478) 575 (836) 423 Total $ 23,847 25,544 $ 1,894 2,064 $ (364) (463) $ 46 195 $ 61 73 $ 90 50 $ (30) — $ 25,544 27,463
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Gross Property and Equipment Balance as of December 31, 2022 2023 Capital Retirements Acquisitions, Non-Cash Adjustments Impairments, Balance as of December 31, 2023 2024 Additions Net of Additions for Transfers Divestitures for Asset Asset and Retirement Retirement Other Obligations Obligations Adjustments Land $ 780 878 $ 4 5 $ (2) (3) $ 95 18 $ — $ — $ 1 (1) $ 878 897 Landfill development costs 9,574 9 (14) (137) 9,911 5 — 6 61 40 378 9,911 90 445 10,518 Vehicles and equipment 9,465 749 (348) 161 10,232 848 (357) 4 — — 205 10,232 271 10,998 Buildings and improvements 1,705 78 (14) 63 1,922 44 (5) 18 — — 90 1,922 140 2,119 Construction-in-progress - landfill 358 440 — (39) 350 494 — — (409) 350 — — (407) 437 Construction-in-progress - other 359 456 28 554 498 1 — — (289) 554 — (478) 575 Total $ 22,241 23,847 $ 1,736 1,894 $ (378) (364) $ 171 46 $ 61 $ 40 90 $ (24) (30) $ 23,847 25,544
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
The following table summarizes the major components of our cost of operations for the years ended December 31, 2025 and 2024 and 2023 (in millions of dollars and as a percentage of revenue):2024 2023 revenue):2025 2024 Labor and related benefits $ 3,306 19.9% $ 3,213 20.0% $ 2,994 20.0% Transfer and disposal costs 1,074 6.5 1,101 6.9 1,055 7.1 Maintenance and repairs 1,495 9.0 1,468 9.2 1,388 9.3 Transportation and subcontract costs 1,194 7.2 1,212 7.6 1,171 7.8 Fuel 466 2.8 470 2.9 542 3.6 Disposal fees and taxes 364 2.2 351 2.2 348 2.3 Landfill operating costs 389 2.3 367 2.3 335 2.2 Risk management 431 2.6 401 2.4 385 2.6 Other 871 5.3 796 5.5 725 4.9 5.0 Subtotal 9,590 57.8 9,379 59.0 8,943 59.8 58.5 Gain on certain divestitures and impairments, net — — (29) (0.7) (0.2) Labor disruption 40 0.2 — — Total cost of operations $ 9,630 58.0% $ 9,350 58.3% $ 8,943 59.8%
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Cost of operations 9,630 58.0 9,350 58.3 8,943 59.8 Depreciation, amortization and depletion of property and equipment 1,615 9.7 1,517 9.5 1,368 9.1 Amortization of other intangible assets 89 0.6 79 0.5 66 0.4 Amortization of other assets 110 0.7 81 0.5 67 0.5 Accretion 114 0.7 107 0.7 98 0.7 Selling, general and administrative 1,710 10.3 1,674 10.4 1,609 10.8 Restructuring charges 20 0.1 29 0.2 Gain on business divestitures and impairments, net — — (1) — Adjustment to withdrawal liability for multiemployer pension funds 1 — — 5 — Gain on business divestitures and impairments, net (1) — (4) — Restructuring charges 29 0.2 33 0.2 Operating income $ 3,302 19.9% $ 3,196 19.9% $ 2,780 18.5%
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
GAAP:(Anticipated) (Actual) Year Ended December 31, 2024 2025 Year Ending December 31, 2025 2026 Diluted earnings per share 6.79 $7.14 - 6.87 $7.22 $ 6.49 6.85 Restructuring charges 0.03 0.07 Gain on business divestitures and impairments, net 0.06 0.05 Labor disruption — (0.07) Adjustment to withdrawal liability for multiemployer pension funds — (0.02) Loss on extinguishment of debt and other related costs — (0.01) 0.12 Adjusted diluted earnings per share 6.82 $7.20 - 6.90 $7.28 $ 6.46 7.02
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Accumulated Depreciation, Amortization and Depletion Balance as of December 31, 2023 2024 Additions Retirements Acquisitions, Adjustments Impairments, Balance as of December 31, 2024 2025 Charged Net of for Transfers to Divestitures Asset and Expense Retirement Other Obligations Adjustments Landfill development costs $ (5,516) (6,031) $ (501) (544) $ — $ — $ (13) (3) $ (1) — $ (6,031) (6,578) Vehicles and equipment (6,148) (897) 345 1 (6,692) (956) 448 4 — 7 (6,692) 5 (7,191) Buildings and improvements (832) (111) (944) (114) 3 2 — — (4) (944) (2) (1,055) Total $ (12,496) (13,667) $ (1,509) (1,614) $ 348 451 $ 1 6 $ (13) (3) $ 2 3 $ (13,667) (14,824)
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
The following table summarizes our selling, general and administrative expenses for the years ended December 31, 2025 and 2024 and 2023 (in millions of dollars and as a percentage of revenue):2024 2023 revenue):2025 2024 Salaries and related benefits $ 1,127 6.8% $ 1,129 7.0% $ 1,050 7.0% Provision for doubtful accounts 40 0.2 27 0.2 53 0.4 Other 543 3.3 518 3.2 472 3.1 Subtotal 1,674 10.4 1,575 10.5 US Ecology, Inc. acquisition integration and deal costs — — 34 0.2 Total selling, general and administrative expenses $ 1,710 10.3% $ 1,674 10.4% $ 1,609 10.7%
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
We used the proceeds from the June 2024 March 2025 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding on our Credit Facility and a portion of outstanding borrowings under the Commercial Paper Program and the Credit Facility; and repayment of the remaining amount outstanding under the Term Loan Facility and the Uncommitted Credit Facility. Program.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
In 2025, 2026, we expect to incur restructuring charges of approximately $15 $25 million, primarily related to the continuation of the design and implementation of a our new accounts receivable system. system as well as the conversion of the general ledger, budgeting and procurement enterprise resource planning (ERP) systems for our environmental solutions segment.
Read it in 10-K 2026-02-18 at sec.gov ↗
RewordedMD&A
Permitted airspace 4,821 4,745 — — 7 (87) 4 4,745 71 145 (86) (3) 4,872 Probable expansion airspace 283 4 282 15 — (5) (142) — — 282 155 Total cubic yards (in millions) 5,104 4 — 2 (87) 4 5,027 15 71 3 (86) (3) 5,027 Number of sites:
Read it in 10-K 2026-02-18 at sec.gov ↗
Quiet changesMD&A
Group 3 is our environmental solutions business operating primarily in geographic areas located across the United States and Canada.
Read it in 10-K 2026-02-18 at sec.gov ↗
