WASTE CONNECTIONS, INC., 10-K filed on 2/12/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 02, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Document Fiscal Year Focus 2025    
Document Transition Report false    
Securities Act File Number 1-34370    
Entity Registrant Name WASTE CONNECTIONS, INC.    
Entity Incorporation, State or Country Code A6    
Entity Tax Identification Number 98-1202763    
Entity Address, Address Line One 6220 Hwy 7    
Entity Address, Address Line Two Suite 600    
Entity Address, City or Town Woodbridge    
Entity Address, State or Province ON    
Entity Address, Country CA    
Entity Address, Postal Zip Code L4H 4G3    
City Area Code 905    
Local Phone Number 532-7510    
Title of 12(b) Security Common Shares, no par value    
Trading Symbol WCN    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 48,127,773,335
Entity Common Stock, Shares Outstanding   255,681,232  
Auditor Firm ID 248    
Auditor Name GRANT THORNTON LLP    
Auditor Location Houston, Texas    
Entity Central Index Key 0001318220    
Current Fiscal Year End Date --12-31    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and equivalents $ 45,968 $ 62,366
Accounts receivable, net of allowance for credit losses of $21,402 and $25,730 at December 31, 2025 and 2024, respectively 1,024,992 935,027
Prepaid expenses and other current assets 240,603 229,519
Total current assets 1,311,563 1,226,912
Restricted cash 183,612 135,807
Restricted investments 80,757 78,126
Property and equipment, net 8,733,327 8,035,929
Operating lease right-of-use assets 312,508 308,198
Goodwill 8,392,249 7,950,406
Intangible assets, net 2,006,200 1,991,619
Other assets, net 109,147 90,812
Total assets 21,129,363 19,817,809
Current liabilities:    
Accounts payable 765,227 637,371
Book overdraft 14,674 14,628
Deferred revenue 416,025 382,501
Accrued liabilities 810,367 736,824
Current portion of operating lease liabilities 44,272 40,490
Current portion of contingent consideration 65,029 59,169
Current portion of long-term debt and notes payable 8,667 7,851
Total current liabilities 2,124,261 1,878,834
Long-term portion of debt and notes payable 8,811,104 8,072,928
Long-term portion of operating lease liabilities 267,000 272,107
Long-term portion of contingent consideration 19,667 27,993
Deferred income taxes 1,085,613 958,340
Other long-term liabilities 576,337 747,253
Total liabilities 12,883,982 11,957,455
Commitments and contingencies
Equity:    
Common shares: Unlimited shares authorized; 255,661,011 shares issued and 255,614,663 shares outstanding at December 31, 2025; 258,067,487 shares issued and 258,019,389 shares outstanding at December 31, 2024 2,783,431 3,283,161
Additional paid-in capital 373,239 325,928
Accumulated other comprehensive loss (111,044) (205,740)
Treasury shares: 46,348 and 48,098 shares at December 31, 2025 and 2024, respectively 0 0
Retained earnings 5,199,755 4,457,005
Total Waste Connections' equity 8,245,381 7,860,354
Noncontrolling interest in subsidiaries 0 0
Total equity 8,245,381 7,860,354
Total liabilities and equity $ 21,129,363 $ 19,817,809
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
 24 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement Of Financial Position [Abstract]    
Allowance for credit losses $ 21,402 $ 25,730
Common stock, Unlimited shares authorized Unlimited  
Common shares, shares issued 255,661,011 258,067,487
Common shares, shares outstanding 255,614,663 258,019,389
Treasury shares 46,348 48,098
v3.25.4
Consolidated Statements of Net Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenues $ 9,466,915 $ 8,919,591 $ 8,021,951
Operating expenses:      
Cost of operations 5,455,382 5,191,706 4,744,513
Selling, general and administrative 959,544 883,445 799,119
Depreciation 1,030,565 974,001 845,638
Amortization of intangibles 201,541 189,768 157,573
Impairments and other operating items 109,709 613,012 238,796
Operating income 1,710,174 1,067,659 1,236,312
Interest expense (334,551) (326,804) (274,642)
Interest income 12,139 11,607 9,350
Other income, net 30,154 10,471 12,481
Income before income tax provision 1,417,916 762,933 983,501
Income tax provision (341,359) (146,363) (220,675)
Net income 1,076,557 616,570 762,826
Plus: Net loss attributable to noncontrolling interests 0 1,003 (26)
Net income attributable to Waste Connections $ 1,076,557 $ 617,573 $ 762,800
Earnings per common share attributable to Waste Connections' common shareholders:      
Basic, dollars per share $ 4.18 $ 2.39 $ 2.96
Diluted, dollars per share $ 4.17 $ 2.39 $ 2.95
Shares used in the per share calculations:      
Basic, shares 257,323,595 257,965,871 257,551,129
Diluted, shares 257,976,741 258,662,190 258,149,244
Cash dividends per common share $ 1.295 $ 1.17 $ 1.05
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net income $ 1,076,557 $ 616,570 $ 762,826
Other comprehensive income (loss), before tax:      
Foreign currency translation adjustment 103,670 (189,402) 53,633
Other comprehensive income (loss), before tax 91,460 (198,262) 44,614
Income tax benefit related to items of other comprehensive income (loss) 3,236 2,348 2,390
Other comprehensive income (loss), net of tax 94,696 (195,914) 47,004
Comprehensive income 1,171,253 420,656 809,830
Plus: Comprehensive loss attributable to noncontrolling interests 0 1,003 (26)
Comprehensive income attributable to Waste Connections 1,171,253 421,659 809,804
Interest rate swap      
Other comprehensive income (loss), before tax:      
Interest rate swap amounts reclassified into interest expense (10,792) (20,467) (19,607)
Changes in fair value of interest rate swaps $ (1,418) $ 11,607 $ 10,588
v3.25.4
Consolidated Statements of Equity - USD ($)
$ in Thousands
Common Shares
Deferred compensation plan
Common Shares
Performance shares
Common Shares
Deferred share units
Common Shares
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Treasury Shares
Retained Earnings
Noncontrolling Interests
Total
Beginning Balances at Dec. 31, 2022       $ 3,271,958 $ 244,076 $ (56,830)   $ 3,649,494 $ 4,946 $ 7,113,644
Beginning Balances, shares at Dec. 31, 2022       257,145,716            
Beginning Balance, treasury shares at Dec. 31, 2022             65,459      
Sale of common shares held in trust       $ 794           794
Sale of common shares held in trust, shares       6,017     (6,017)      
Vesting of restricted share units (shares) 32,223 195,665   378,121            
Tax withholdings related to net share settlements of equity-based compensation         (31,009)         (31,009)
Tax withholdings related to net share settlements of equity-based compensation, shares       (353,385)            
Equity-based compensation         71,217         71,217
Exercise of warrants       166,314            
Issuance of shares under employee share purchase plan       $ 3,909           $ 3,909
Issuance of shares under employee share purchase plan, shares       29,808           29,808
Repurchase of common shares (shares)                   0
Cash dividends on common shares               (270,604)   $ (270,604)
Amounts reclassified into earnings, net of taxes           (14,411)       (14,411)
Changes in fair value of cash flow hedges, net of taxes           7,782       7,782
Foreign currency translation adjustment           53,633       53,633
Net income (loss)               762,800 26 762,826
Ending Balances at Dec. 31, 2023       $ 3,276,661 284,284 (9,826)   4,141,690 4,972 7,697,781
Ending Balances, shares at Dec. 31, 2023       257,600,479            
Ending Balance, treasury shares at Dec. 31, 2023             59,442      
Sale of common shares held in trust       $ 2,014           2,014
Sale of common shares held in trust, shares       11,344     (11,344)      
Vesting of restricted share units (shares) 19,149 153,555 4,602 343,530            
Tax withholdings related to net share settlements of equity-based compensation         (32,928)         (32,928)
Tax withholdings related to net share settlements of equity-based compensation, shares       (329,155)            
Equity-based compensation         74,603         74,603
Exercise of warrants       186,629            
Issuance of shares under employee share purchase plan       $ 4,486           $ 4,486
Issuance of shares under employee share purchase plan, shares       29,256           29,256
Repurchase of common shares (shares)                   0
Cash dividends on common shares               (302,258)   $ (302,258)
Amounts reclassified into earnings, net of taxes           (15,043)       (15,043)
Changes in fair value of cash flow hedges, net of taxes           8,531       8,531
Foreign currency translation adjustment           (189,402)       (189,402)
Purchase of noncontrolling interests         (31)       (3,969) (4,000)
Net income (loss)               617,573 $ (1,003) 616,570
Ending Balances at Dec. 31, 2024       $ 3,283,161 325,928 (205,740)   4,457,005   $ 7,860,354
Ending Balances, shares at Dec. 31, 2024       258,019,389           258,019,389
Ending Balance, treasury shares at Dec. 31, 2024             48,098     48,098
Sale of common shares held in trust       $ 323           $ 323
Sale of common shares held in trust, shares       1,750     (1,750)      
Vesting of restricted share units (shares) 888 87,964   356,198            
Tax withholdings related to net share settlements of equity-based compensation         (31,809)         (31,809)
Tax withholdings related to net share settlements of equity-based compensation, shares       (241,357)            
Equity-based compensation         79,120         79,120
Exercise of warrants       116,456            
Issuance of shares under employee share purchase plan       $ 5,464           $ 5,464
Issuance of shares under employee share purchase plan, shares       32,150           32,150
Repurchase of common shares (shares)       (2,758,775)           (2,758,775)
Repurchase of common shares       $ (505,517)           $ (505,517)
Cash dividends on common shares               (333,807)   (333,807)
Amounts reclassified into earnings, net of taxes           (7,932)       (7,932)
Changes in fair value of cash flow hedges, net of taxes           (1,042)       (1,042)
Foreign currency translation adjustment           103,670       103,670
Net income (loss)               1,076,557   1,076,557
Ending Balances at Dec. 31, 2025       $ 2,783,431 $ 373,239 $ (111,044)   $ 5,199,755   $ 8,245,381
Ending Balances, shares at Dec. 31, 2025       255,614,663           255,614,663
Ending Balance, treasury shares at Dec. 31, 2025             46,348     46,348
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net income $ 1,076,557 $ 616,570 $ 762,826
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss (gain) from disposal of assets, impairments and other 113,555 122,641 38,877
Adjustment to closure and post-closure liabilities 0 480,786 159,547
Depreciation 1,030,565 974,001 845,638
Amortization of intangibles 201,541 189,768 157,573
Deferred income taxes, net of acquisitions 116,654 (57,285) 6,329
Current period provision for expected credit losses 14,493 20,243 17,430
Amortization of debt issuance costs 8,383 10,007 6,483
Share-based compensation 79,448 77,885 70,436
Interest accretion 51,500 36,001 22,720
Payment of contingent consideration recorded in earnings (400) (35,035) 0
Adjustments to contingent consideration (6,215) (3) 30,367
Other (7,845) 2,656 (3,943)
Changes in operating assets and liabilities, net of effects from acquisitions:      
Accounts receivable, net (68,056) (10,646) (20,630)
Prepaid expenses and other current assets (13,225) (14,360) 10,262
Accounts payable 57,080 (33,323) 32,327
Deferred revenue 27,326 18,235 26,519
Accrued liabilities 54,369 90,035 21,753
Capping, closure and post-closure expenditures (305,554) (247,936) (39,427)
Other long-term liabilities (16,107) (11,313) (18,270)
Net cash provided by operating activities 2,414,069 2,228,927 2,126,817
Cash Flows from Investing Activities:      
Payments for acquisitions, net of cash acquired (817,577) (2,120,878) (676,793)
Capital expenditures for property and equipment (1,179,228) (1,055,988) (934,000)
Capital expenditures for undeveloped landfill property (15,138) 0 0
Proceeds from disposal of assets 10,125 7,903 31,581
Proceeds from sale of investment in noncontrolling interests 0 37,000 0
Other (21,425) (27,213) (1,867)
Net cash used in investing activities (2,023,243) (3,159,176) (1,581,079)
Cash Flows from Financing Activities:      
Proceeds from long-term debt 2,674,357 4,564,469 1,818,765
Principal payments on notes payable and long-term debt (2,129,965) (3,245,419) (2,052,153)
Payment of contingent consideration recorded at acquisition date (34,269) (27,743) (13,317)
Change in book overdraft 46 (227) (790)
Payments for repurchase of common shares (505,517) 0 0
Payments for cash dividends (333,807) (302,258) (270,604)
Tax withholdings related to net share settlements of equity-based compensation (31,809) (32,928) (31,009)
Debt issuance costs (4,864) (13,449) 0
Proceeds from issuance of shares under employee share purchase plan 5,464 4,486 3,909
Proceeds from sale of common shares held in trust 323 2,014 794
Other 0 (4,000) 0
Net cash provided by (used in) financing activities (360,041) 944,945 (544,405)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 622 (561) 1,341
Net increase in cash, cash equivalents and restricted cash 31,407 14,135 2,674
Cash, cash equivalents and restricted cash at beginning of year 198,173 184,038 181,364
Cash, cash equivalents and restricted cash at end of year 229,580 198,173 184,038
Non-cash investing and financing activities:      
Cash paid for interest 308,316 298,934 260,923
Accrued capital expenditures for property and equipment 90,408 86,525 91,667
In connection with its acquisitions, the Company assumed liabilities as follows:      
Fair value of assets acquired 1,010,397 2,352,337 813,136
Cash paid for current year acquisitions (817,577) (2,120,878) (676,793)
Liabilities assumed and notes payable issued to sellers of businesses acquired $ 192,820 $ 231,459 $ 136,343
v3.25.4
Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business

1.      BUSINESS

The financial statements presented in this report represent the consolidation of Waste Connections, Inc., a corporation organized under the laws of Ontario, Canada, and its wholly-owned and majority-owned subsidiaries. When the terms the “Company” or “Waste Connections” are used in this document, those terms refer to Waste Connections, Inc. and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

The Company is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation, in mostly exclusive and secondary markets in the U.S. and Canada. Waste Connections also provides non-hazardous oil and natural gas exploration and production (“E&P”) waste treatment, recovery and disposal services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest.
v3.25.4
New Accounting Standards and Reclassifications
 12 Months Ended
Dec. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Standards

2.     NEW ACCOUNTING STANDARDS

Accounting Standards Adopted

Additional Income Tax Disclosures.  In December 2023, the Financial Accounting Standards Board (the “FASB”) issued a final standard on improvements to income tax disclosures.  The standard requires public business entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold.  The guidance also requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold.  The standard applies to all entities subject to income taxes.  For public business entities, the new requirements are effective for annual periods beginning after December 15, 2024.  The guidance is applied on a prospective basis with the option to apply the standard retrospectively.  The Company adopted the new standard as of January 1, 2025 and has applied this standard prospectively in the financial statements.  The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.  See Note 16 for disclosures related to the adoption of this standard.

Amended Guidance for Credit Losses on Accounts Receivable.  In July 2025, the FASB issued guidance to simplify the estimation of credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification (“ASU”) 606, Revenue from Contracts with Customers.  The amendments allow all entities to use a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. The amendments are effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. Entities that elect the practical expedient are required to apply the amendments prospectively.  The Company adopted the new standard as of December 15, 2025 and has applied the standard prospectively.  The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

Accounting Standards Pending Adoption

Disaggregation of Income Statement Expenses.  In November 2024, the FASB issued a final standard requiring additional disclosure of the nature of expenses included in the income statement.  The standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as disclosures about selling expenses.  The standard applies to all public business entities and will be effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027.  The guidance will be applied on a prospective basis with the option to apply the standard retrospectively.  Early adoption is permitted.  The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

Amended Guidance for Internal-Use Software.  In September 2025, the FASB issued a final standard to modernize the accounting for costs incurred in developing internal-use software. The standard replaces the legacy stage-based capitalization model with a principles-based approach and clarifies related disclosure requirements. The standard is effective for all entities for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. The guidance may be applied prospectively, retrospectively or using a modified transition approach. Early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

Interim Disclosure Requirements.  In December 2025, the FASB issued final guidance clarifying the current interim disclosure requirements.  The guidance creates a comprehensive list of interim disclosures required under U.S. generally accepted accounting principles (“GAAP”) and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the previous year end.  The amendments are effective for public business entities for interim reporting periods within annual reporting periods beginning after 15 December 2027.  The guidance may be applied prospectively or retrospectively by all entities that provide interim financial statements and notes in accordance with GAAP.  The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

3.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Reporting Currency

The functional currency of the Company, as the parent corporate entity, and its operating subsidiaries in the United States, is the U.S. dollar. The functional currency of the Company’s Canadian operations is the Canadian dollar. The reporting currency of the Company is the U.S. dollar. The Company’s consolidated Canadian dollar financial position is translated to U.S. dollars by applying the foreign currency exchange rate in effect at the consolidated balance sheet date. The Company’s consolidated Canadian dollar results of operations and cash flows are translated to U.S. dollars by applying the average foreign currency exchange rate in effect during the reporting period. The resulting translation adjustments are included in other comprehensive income or loss. Gains and losses from foreign currency transactions are included in earnings for the period. All references to “dollars” or “$” used herein refer to U.S. dollars, and all references to “CAD $” used herein refer to Canadian dollars, unless otherwise stated.

Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less at purchase to be cash equivalents. As of December 31, 2025 and 2024, cash equivalents consisted of demand money market accounts.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and equivalents, restricted cash, restricted investments and accounts receivable. The Company maintains cash and equivalents with banks that at times exceed applicable insurance limits. The Company reduces its exposure to credit risk by maintaining such deposits with high quality financial institutions. The Company’s restricted cash and restricted investments are invested primarily in money market accounts, bank time deposits, U.S. government securities, agency securities and Canadian bankers’ acceptance notes. The Company has not experienced any losses related to its cash and equivalents, restricted cash or restricted investment accounts. The Company generally does not require collateral on its trade receivables. Credit risk on accounts receivable is minimized as a result of the large and diverse nature of the Company’s customer base. The Company maintains allowances for credit losses based on the expected collectability of accounts receivable.

Revenue Recognition and Accounts Receivable

The Company’s operations primarily consist of providing non-hazardous waste collection, transfer, disposal and recycling services, E&P services, and intermodal services. The following table disaggregates the Company’s revenues by service line for the periods indicated:

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Commercial

$

2,944,279

​

$

2,670,549

 

$

2,476,891

Residential

​

2,364,536

​

​

2,258,911

​

​

2,125,068

Industrial and construction roll off

​

1,439,281

​

​

1,403,313

​

​

1,333,020

Total collection

​

6,748,096

​

​

6,332,773

​

​

5,934,979

Landfill

​

1,541,904

​

​

1,557,872

​

​

1,483,397

Transfer

​

1,461,636

​

​

1,349,080

​

​

1,198,385

Recycling

​

240,057

​

​

241,873

​

​

147,039

E&P

​

688,761

​

​

521,504

​

​

232,211

Intermodal and other

​

175,465

​

​

191,887

​

​

171,721

Intercompany

​

(1,389,004)

​

​

(1,275,398)

​

​

(1,145,781)

Total

$

9,466,915

​

$

8,919,591

 

$

8,021,951

​

The factors that impact the timing and amount of revenue recognized for each service line may vary based on the nature of the service performed. Generally, the Company recognizes revenue at the time it performs a service. In the event that the Company bills for services in advance of performance, it recognizes deferred revenue for the amount billed and subsequently recognizes revenue at the time the service is provided.

See Note 17 for additional information regarding revenue by reportable segment.

Revenue by Service Line

Solid Waste Collection

The Company’s solid waste collection business involves the collection of waste from residential, commercial and industrial customers for transport to transfer stations, or directly to landfills or recycling centers. Solid waste collection services include both recurring and temporary customer relationships. The services are performed under service agreements, municipal contracts or franchise agreements with governmental entities. Existing franchise agreements and most of the existing municipal contracts give the Company the exclusive right to provide specified waste services in the specified territory during the contract term. These exclusive arrangements are awarded, at least initially, on a competitive bid basis and subsequently on a bid or negotiated basis. The standard customer service agreements generally range from one to five years in duration, although some exclusive franchises are for significantly longer periods. Residential collection services are also provided on a subscription basis with individual households. The fees the Company charges for collection services are based primarily on the market, collection frequency and level of service, route density, type and volume or weight of the waste collected, type of equipment and containers furnished, the distance to the disposal or processing facility, the cost of disposal or processing, and prices charged by competitors for similar services.

In general, residential collection fees are billed monthly or quarterly in advance. Substantially all of the deferred revenue recorded as of September 30, 2025 was recognized as revenue during the three months ended December 31, 2025 when the service was performed. Commercial customers are typically billed on a monthly basis based on the nature of the services provided during the period. Revenue recognized under these agreements is variable in nature based on the number of residential homes or businesses serviced during the period, the frequency of collection and the volume of waste collected. In addition, certain contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index which are unknown at contract inception.

Solid waste collection revenue from sources other than customer contracts primarily relates to lease revenue associated with compactors. Revenue from these leasing arrangements was not material and represented an insignificant amount of total revenue for each of the reported periods.

Landfill and Transfer Station

Revenue at landfills is primarily generated by charging tipping fees on a per ton and/or per yard basis to third parties based on the volume disposed and the nature of the waste. In general, fees are variable in nature and revenue is recognized at the time the waste is disposed at the facility.

Revenue at transfer stations is primarily generated by charging tipping or disposal fees on a per ton and/or per yard basis. The fees charged to third parties are based primarily on the market, type and volume or weight of the waste accepted, the distance to the disposal facility, the method of transportation used and the cost of disposal. In general, fees are billed and revenue is recognized at the time the service is performed. Revenue recognized under these agreements is variable in nature based on the volume of waste accepted at the transfer facility.

Many of the Company’s landfill and transfer station customers have entered into one to ten year disposal contracts, most of which provide for annual indexed price increases.

Solid Waste Recycling

Solid waste recycling revenues result from the sale of recycled commodities, which are generated by offering residential, commercial, industrial and municipal customers recycling services for a variety of recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles and ferrous and aluminum metals. The Company owns and operates recycling operations and markets collected recyclable materials to third parties for processing before resale. In some instances, the Company utilizes a third party to market recycled materials. In certain instances, the Company issues recycling rebates to municipal or commercial customers, which can be based on the price it receives upon the sale of recycled commodities, a fixed contractual rate or other measures. The Company also receives rebates when it disposes of recycled commodities at third-party facilities. The fees received are based primarily on the market, type and volume or weight of the materials sold. In general, fees are billed and revenue is recognized at the time title is transferred. Revenue recognized under these agreements is variable in nature based on the volume of materials sold. In addition, the amount of revenue recognized is based on commodity prices at the time of sale, which are unknown at contract inception.

E&P Waste Treatment, Recovery and Disposal

E&P waste revenue is primarily generated through the treatment, recovery and disposal of non-hazardous exploration and production waste from vertical and horizontal drilling, hydraulic fracturing, production and clean-up activity, as well as other services.  Revenue recognized under these agreements is variable in nature based on the volume of waste accepted or processed during the period.

Intermodal and Other

Intermodal revenue is primarily generated through providing intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest through a network of intermodal facilities. The fees received for intermodal services are based on negotiated rates and vary depending on volume commitments by the shipper and destination. In general, fees are billed and revenue is recognized upon delivery.

Other revenues consist primarily of the sale of methane gas and renewable energy credits generated from the Company’s MSW landfills.

Revenue Recognition

Certain service arrangements and commodity sales are satisfied at a point in time, with revenue recognized when the related service has been performed or control of the product is transferred to the customer. Service obligations of a long-term nature, such as solid waste collection service contracts, are satisfied over time, and revenue is recognized based on the value provided to the customer during the period. In many of the Company’s markets, solid waste collection service contracts exist as exclusive franchise agreements or municipal contracts. The amount billed to the customer is based on variable elements such as the number of residential homes or businesses for which collection services are provided, the volume of waste collected, transported and disposed, and the nature of the waste accepted. Such contracts are generally within the Company’s collection, recycling and other lines of business and have a weighted average remaining contract life of approximately five years, excluding certain exclusive and perpetual agreements, such as governmental certificates. The Company does not disclose the value of unsatisfied performance obligations for these contracts as its right to consideration corresponds directly to the value provided to the customer for services completed to date and all future variable consideration is allocated to wholly unsatisfied performance obligations.

Additionally, certain elements of long-term customer contracts are unknown upon entering into the contract, including the amount that will be billed in accordance with annual price escalation clauses, fuel recovery fee programs and commodity prices. The amount to be billed is often tied to changes in an underlying base index such as a consumer price index or a fuel or commodity index, and revenue is recognized once the index is established for the period.

Accounts Receivable

Accounts receivable are recorded when billed or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for credit losses, represents their estimated net realizable value.

The allowance for credit losses is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics.  The Company monitors the collectability of its trade receivables as one overall pool due to all trade receivables having similar risk characteristics.  The Company estimates its allowance for credit losses based on historical collection trends, the age of outstanding receivables, geographical location of the customer, existing economic conditions and reasonable forecasts. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. The Company has elected to apply the practical expedient which allows the Company to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets.

The following is a rollforward of the Company’s allowance for credit losses for the periods indicated:

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

​

2025

  ​ ​ ​

2024

Beginning balance

​

$

25,730

​

$

23,553

Current period provision for expected credit losses

​

​

14,493

​

​

20,243

Write-offs charged against the allowance

​

​

(26,368)

​

​

(23,141)

Recoveries collected

​

​

7,416

​

​

5,255

Impact of changes in foreign currency

​

​

131

​

​

(180)

Ending balance

​

$

21,402

​

$

25,730

​

Accounts receivable, net of allowance for credit losses, was $856,953 at December 31, 2023.

Contract Acquisition Costs

The incremental direct costs of obtaining a contract, which consist of sales incentives, are recognized as Other assets in the Company’s Consolidated Balance Sheets, and are amortized to Selling, general and administrative expense over the estimated life of the relevant customer relationship, which ranges from one to five years. The Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company would have recognized is one year or less. The Company had $30,055 and $28,161 of deferred sales incentives at December 31, 2025 and 2024, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company recorded a total of $26,198, $25,047 and $25,855, respectively, of sales incentive amortization expense for deferred sales incentives and sales incentive expense for contracts with original terms of less than one year.

Property and Equipment

Property and equipment are stated at cost. Improvements or betterments, not considered to be maintenance and repair, which add new functionality or significantly extend the life of an asset are capitalized. Third-party expenditures related to pending development projects, such as information technology, legal and engineering expenses, are capitalized. Expenditures for maintenance and repair costs, including planned major maintenance activities, are charged to expense as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal. Gains and losses resulting from disposals of property and equipment are recognized in the period in which the property and equipment is disposed. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the lease term, whichever is shorter.

The estimated useful lives are as follows:

​

​

​

​

Buildings

  ​ ​ ​

10 – 20 years

Leasehold and land improvements

 

1 – 20 years

Machinery and equipment

 

1 – 20 years

Rolling stock

 

3 – 20 years

Containers

 

3 – 12 years

​

Landfill Accounting

The Company utilizes the life cycle method of accounting for landfill costs. This method applies the costs to be capitalized associated with acquiring, developing, closing and monitoring the landfills over the associated consumption of landfill capacity. The Company utilizes the units of consumption method to amortize landfill development costs over the estimated remaining capacity of a landfill. Under this method, the Company includes future estimated construction costs using current dollars, as well as costs incurred to date, in the amortization base. When certain criteria are met, the Company includes expansion airspace, which has not been permitted, in the calculation of the total remaining capacity of the landfill.

- Landfill development costs. Landfill development costs include the costs of acquisition, construction associated with excavation, liners, site berms, groundwater monitoring wells, gas recovery systems and leachate collection systems. The Company estimates the total costs associated with developing each landfill site to its final capacity. This includes certain projected landfill site costs that are uncertain because they are dependent on future events and thus actual costs could vary significantly from estimates. The total cost to develop a site to its final capacity includes amounts previously expended and capitalized, net of accumulated depletion, and projections of future purchase and development costs, liner construction costs, and operating construction costs. Total landfill costs include the development costs associated with expansion airspace. Expansion airspace is addressed below.

- Final capping, closure and post-closure obligations. The Company accrues for estimated final capping, closure and post-closure maintenance obligations at the landfills it owns and the landfills that it operates, but does not own,

under life-of-site agreements. Accrued final capping, closure and post-closure costs represent an estimate of the current value of the future obligation associated with final capping, closure and post-closure monitoring of non-hazardous solid waste landfills currently owned or operated under life-of-site agreements by the Company. Final capping costs represent the costs related to installation of clay liners, drainage and compacted soil layers and topsoil constructed over areas of the landfill where total airspace capacity has been consumed. Closure and post-closure monitoring and maintenance costs represent the costs related to cash expenditures yet to be incurred when a landfill facility ceases to accept waste and closes. Accruals for final capping, closure and post-closure monitoring and maintenance requirements in the U.S. consider site inspection, groundwater monitoring, leachate management, methane gas control and recovery, and operating and maintenance costs to be incurred during the period after the facility closes. Certain of these environmental costs, principally capping and methane gas control costs, are also incurred during the operating life of the site in accordance with the landfill operation requirements of Subtitle D and the air emissions standards. Daily maintenance activities, which include many of these costs, are expensed as incurred during the operating life of the landfill. Daily maintenance activities include leachate disposal; surface water, groundwater, and methane gas monitoring and maintenance; other pollution control activities; mowing and fertilizing the landfill final cap; fence and road maintenance; and third-party inspection and reporting costs. Site specific final capping, closure and post-closure engineering cost estimates are prepared annually for landfills owned or landfills operated under life-of-site agreements by the Company.

The net present value of landfill final capping, closure and post-closure liabilities are calculated by estimating the total obligation in current dollars, inflating the obligation based upon the expected date of the expenditure and discounting the inflated total to its present value using a credit adjusted risk-free rate. Any changes in expectations that result in an upward revision to the estimated undiscounted cash flows are treated as a new liability and are inflated and discounted at rates reflecting market conditions. Any changes in expectations that result in a downward revision (or no revision) to the estimated undiscounted cash flows result in a liability that is inflated and discounted at rates reflecting the market conditions at the time the cash flows were originally estimated. This policy results in the Company’s final capping, closure and post-closure liabilities being recorded in “layers.”  The Company’s discount rate assumption for purposes of computing layers for final capping, closure and post-closure liabilities is based on its long-term credit adjusted risk-free rate. The Company’s discount rate assumption for purposes of computing 2025 and 2024 “layers” for final capping, closure and post-closure obligations was 5.50% for each of 2025 and 2024. The Company’s long-term inflation rate assumption was 2.75% for each of the years ended December 31, 2025 and 2024.

In accordance with the accounting guidance on asset retirement obligations, the final capping, closure and post-closure liability is recorded on the balance sheet along with an offsetting addition to site costs which is amortized to depletion expense on a units-of-consumption basis as remaining landfill airspace is consumed. The impact of changes determined to be changes in estimates, based on an annual update, is accounted for on a prospective basis. In the event that changes in an estimate for a closure and post-closure liability are associated with a significant change in facts and circumstances at a landfill or a non-operating section of a landfill, corresponding adjustments to recorded liabilities and Impairments and other operating items are made as soon as is practical. Depletion expense resulting from final capping, closure and post-closure obligations recorded as a component of landfill site costs will generally be less during the early portion of a landfill’s operating life and increase thereafter. Owned landfills and landfills operated under life-of-site agreements have estimated remaining lives, based on remaining permitted capacity, probable expansion capacity and projected annual disposal volumes, that range from approximately one to several hundred years, with approximately 90% of the projected annual disposal volume from landfills with remaining lives of less than 70 years. The costs for final capping, closure and post-closure obligations at landfills the Company owns or operates under life-of-site agreements are generally estimated based on interpretations of current requirements and proposed or anticipated regulatory changes.

The following is a reconciliation of the Company’s final capping, closure and post-closure liability balance from December 31, 2023 to December 31, 2025:

​

​

​

​

​

Final capping, closure and post-closure liability at December 31, 2023

  ​ ​ ​

$

522,233

Liability adjustments

​

 

497,955

Accretion expense associated with landfill obligations

​

 

29,373

Closure payments

​

 

(247,552)

Assumption of closure liabilities from acquisitions

​

 

60,913

Foreign currency translation adjustment

​

​

(2,799)

Final capping, closure and post-closure liability at December 31, 2024

  ​ ​ ​

​

860,123

Liability adjustments

​

 

44,009

Accretion expense

​

 

48,040

Closure payments

​

 

(305,930)

Assumption of closure liabilities from acquisitions

​

​

1,010

Foreign currency translation adjustment

​

 

4,334

Final capping, closure and post-closure liability at December 31, 2025

​

$

651,586

​

Liability adjustments of $44,009 and $497,955 for the years ended December 31, 2025 and 2024, respectively, represent non-cash changes to final capping, closure and post-closure liabilities and are recorded on the Consolidated Balance Sheets along with an offsetting addition to site costs, which is amortized to depletion expense as the remaining landfill airspace is consumed. At December 31, 2025 and 2024, the current portion of final capping, closure and post-closure liabilities, included in Accrued Liabilities on the Consolidated Balance Sheets, was $146,772 and $199,736, respectively, and the long-term portion of final capping, closure and post-closure liabilities, included in Other long-term liabilities on the Consolidated Balance Sheets, was $504,814 and $660,387, respectively.  The Company performs its annual review of its cost and capacity estimates in the first quarter of each year.  In the event that changes in an estimate for a closure and post-closure liability are associated with a significant change in facts and circumstances at a landfill or a non-operating section of a landfill, corresponding adjustments to recorded liabilities and Impairments and other operating items are made as soon as is practical. In 2023, the Company recorded an additional $159,547 of charges to adjust the carrying value of a closure and post-closure liability at an area of a landfill site that has been deemed to reach final capacity. Furthermore, during the quarter ended December 31, 2024, the Company recorded an additional $480,786 of charges to adjust the carrying value of the closure and post-closure liability at the same landfill, which ceased active waste disposal operations as of December 31, 2024. See “Final capping, closure and post-closure obligations” within this Note 3 for additional information regarding the Company’s accounting for landfills.

- Disposal capacity. The Company’s internal and third-party engineers perform surveys at least annually to estimate the remaining disposal capacity at its landfills. This is done by using surveys and other methods to calculate, based on the terms of the permit, height restrictions and other factors, how much airspace is left to fill and how much waste can be disposed of at a landfill before it has reached its final capacity. The Company’s landfill depletion rates are based on the remaining disposal capacity, considering both permitted and probable expansion airspace, at the landfills it owns and landfills it operates, but does not own, under life-of-site agreements. The Company’s landfill depletion rate is based on the term of the operating agreement at its operated landfill that has capitalized expenditures. Expansion airspace consists of additional disposal capacity being pursued through means of an expansion that has not yet been permitted. Expansion airspace that meets the following criteria is included in the estimate of total landfill airspace:

1)

whether the land where the expansion is being sought is contiguous to the current disposal site, and the Company either owns the expansion property or has rights to it under an option, purchase, operating or other similar agreement; 

2)

whether total development costs, final capping costs, and closure/post-closure costs have been determined; 

3)

whether internal personnel have performed a financial analysis of the proposed expansion site and have determined that it has a positive financial and operational impact; 

4)

whether internal personnel or external consultants are actively working to obtain the necessary approvals to obtain the landfill expansion permit; and

5)

whether the Company considers it probable that the Company will achieve the expansion (for a pursued expansion to be considered probable, there must be no significant known technical, legal, community, business, or political restrictions or similar issues existing that the Company believes are more likely than not to impair the success of the expansion).

It is possible that the Company’s estimates or assumptions could ultimately be significantly different from actual results. In some cases, the Company may be unsuccessful in obtaining an expansion permit or the Company may determine that an expansion permit that the Company previously thought was probable has become unlikely. To the extent that such estimates, or the assumptions used to make those estimates, prove to be significantly different than actual results, or the belief that the Company will receive an expansion permit changes adversely in a significant manner, the costs of the landfill, including the costs incurred in the pursuit of the expansion, may be subject to impairment testing, as described below, and lower profitability may be experienced due to higher amortization rates, higher capping, closure and post-closure rates, and higher expenses or asset impairments related to the removal of previously included expansion airspace.

The Company periodically evaluates its landfill sites for potential impairment indicators. The Company’s judgments regarding the existence of impairment indicators are based on regulatory factors, market conditions and operational performance of its landfills. Future events could cause the Company to conclude that impairment indicators exist and that its landfill carrying costs are impaired.

Loss Contingencies

In the normal course of the Company’s business the Company is subject to various litigation, claims, and regulatory matters. In accordance with authoritative guidance on accounting for contingencies, the Company discloses or accrues for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible, or probable, and whether the amount can be reasonably estimated. The Company accrues a liability when a loss is both probable and reasonably estimable. If a loss is reasonably possible but not estimable, the Company discloses the nature of the contingency and, if known, the range of potential loss or a statement that such an estimate cannot be made. Management develops its assessment based on information available and an analysis of possible outcomes under various strategies.

Business Combination Accounting

The Company accounts for business combinations as follows:

● The Company recognizes, separately from goodwill, the identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values. The Company measures and recognizes goodwill as of the acquisition date as the excess of:  (a) the aggregate of the fair value of consideration transferred, the fair value of the noncontrolling interest in the acquiree (if any) and the acquisition date fair value of the Company’s previously held equity interest in the acquiree (if any), over (b) the fair value of assets acquired and liabilities assumed.

● At the acquisition date, the Company measures the fair values of all assets acquired and liabilities assumed that arise from contractual contingencies. The Company measures the fair values of all noncontractual contingencies if, as of the acquisition date, it is more likely than not that the contingency will give rise to an asset or liability. 

Finite-Lived Intangible Assets

The amounts assigned to franchise agreements, contracts, customer lists, permits and other agreements are being amortized over the expected term of the related agreements (ranging from 4 to 51 years).  The Company uses an accelerated or straight line basis for amortization, depending on the attributes of the related intangibles.

Goodwill and Indefinite-Lived Intangible Assets

The Company acquired indefinite-lived intangible assets in connection with certain of its acquisitions. The amounts assigned to indefinite-lived intangible assets consist of the value of certain perpetual rights to provide solid waste collection and transportation services in specified territories.  The Company measures and recognizes acquired indefinite-lived intangible assets at their estimated acquisition date fair values. Indefinite-lived intangible assets are not amortized. Goodwill represents the excess of: (a) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of the Company’s previously held equity interest in the acquiree (if any), over (b) the fair value of assets acquired and liabilities assumed. Goodwill and intangible assets, deemed to have indefinite lives, are subject to annual impairment tests as described below.

Goodwill and indefinite-lived intangible assets are tested for impairment on at least an annual basis in the fourth quarter of the year. In addition, the Company evaluates its reporting units for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include, but are not limited to, the following:

● a significant adverse change in legal factors or in the business climate; 

● an adverse action or assessment by a regulator; 

● a more likely than not expectation that a segment or a significant portion thereof will be sold; 

● the testing for recoverability of a significant asset group within a segment; or

● current period or expected future operating cash flow losses. 

As part of the Company’s goodwill impairment test, the Company estimates the fair value of each of its reporting units using discounted cash flow analyses.  The Company’s reporting units consisted of its six geographic solid waste operating segments at December 31, 2025, 2024 and 2023.  The Company compares the fair value of each reporting unit with the carrying value of the net assets assigned to each reporting unit. If the fair value of a reporting unit is greater than the carrying value of the net assets, including goodwill, assigned to the reporting unit, then no impairment results. If the fair value is less than its carrying value, an impairment charge is recorded for the amount by which the carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. In testing indefinite-lived intangible assets for impairment, the Company compares the estimated fair value of each indefinite-lived intangible asset to its carrying value. If the fair value of the indefinite-lived intangible asset is less than its carrying value, an impairment charge would be recorded to earnings in the Company’s Consolidated Statements of Net Income.

During the Company’s annual impairment analysis of its solid waste operations, the Company determined the fair value of each of its six geographic operating segments at December 31, 2025, 2024 and 2023 and each indefinite-lived intangible asset within those segments using discounted cash flow analyses, which require significant assumptions and estimates about the future operations of each reporting unit and the future discrete cash flows related to each indefinite-lived intangible asset. Significant judgments inherent in these analyses include the determination of appropriate discount rates, the amount and timing of expected future cash flows, growth rates and income tax rates. The cash flows employed in the Company’s 2025 discounted cash flow analyses were based on ten-year financial forecasts, which in turn were based on the 2026 annual budget developed internally by management. These forecasts reflect operating profit margins that were consistent with 2025 results and perpetual revenue growth rates of 4.2%. The Company’s discount rate assumptions are based on an assessment of the market participant rate which approximated 7.7%. In assessing the reasonableness of the Company’s determined fair values of its reporting units, the Company evaluates its results against its current market

capitalization. The Company did not record an impairment charge to any of its six geographic operating segments as a result of its annual goodwill and indefinite-lived intangible impairment tests for the years ended December 31, 2025, 2024 or 2023.

Impairments of Property and Equipment and Finite-Lived Intangible Assets

Property, equipment and finite-lived intangible assets are carried on the Company’s consolidated financial statements based on their cost less accumulated depreciation or amortization. Finite-lived intangible assets consist of long-term franchise agreements, contracts, customer lists, permits and other agreements. The recoverability of these assets is tested whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.

Typical indicators that an asset may be impaired include, but are not limited to, the following:

● a significant adverse change in legal factors or in the business climate; 

● an adverse action or assessment by a regulator; 

● a more likely than not expectation that a segment or a significant portion thereof will be sold;

● the testing for recoverability of a significant asset group within a segment; or

● current period or expected future operating cash flow losses. 

If any of these or other indicators occur, a test of recoverability is performed by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. If the carrying value is in excess of the undiscounted expected future cash flows, impairment is measured by comparing the fair value of the asset to its carrying value. Fair value is determined by an internally developed discounted projected cash flow analysis of the asset. Cash flow projections are sometimes based on a group of assets, rather than a single asset. If cash flows cannot be separately and independently identified for a single asset, the Company will determine whether an impairment has occurred for the group of assets for which the projected cash flows can be identified. If the fair value of an asset is determined to be less than the carrying amount of the asset or asset group, an impairment in the amount of the difference is recorded in the period that the impairment indicator occurs. Several impairment indicators are beyond the Company’s control, and whether or not they will occur cannot be predicted with any certainty. Estimating future cash flows requires significant judgment and projections may vary from cash flows eventually realized. There are other considerations for impairments of landfills, as described below.

During the year ended December 31, 2025, the Company did not record any significant impairment charges for finite-lived intangible assets or property and equipment.  During the quarter ended December 31, 2024, the Company made the decision to cease active waste disposal operations as of December 31, 2024 at the Chiquita Canyon Landfill, and therefore recorded a charge of $116,090 to Impairments and other operating items in the Consolidated Statements of Net Income, which reduced the carrying value of property and equipment. During the year ended December 31, 2023, the Company did not record any significant impairment charges for finite-lived intangible assets or property and equipment.  

There are certain indicators listed above that require significant judgment and understanding of the waste industry when applied to landfill development or expansion projects. A regulator or court may deny or overturn a landfill development or landfill expansion permit application before the development or expansion permit is ultimately granted. Management may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace. Therefore, certain events could occur in the ordinary course of business and not necessarily be considered indicators of impairment due to the unique nature of the waste industry.

Restricted Cash and Restricted Investments

Restricted cash and restricted investments consist of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

December 31, 2024

​

​

Restricted

​

Restricted

​

Restricted

​

Restricted

​

  ​ ​ ​

Cash

  ​ ​ ​

Investments

  ​ ​ ​

Cash

  ​ ​ ​

Investments

Settlement of insurance claims

​

$

150,426

​

$

—

​

$

121,751

​

$

—

Landfill closure and post-closure obligations

​

​

10,451

​

​

80,655

​

​

8,852

​

​

77,855

Other financial assurance requirements

​

​

22,735

​

​

102

​

​

5,204

​

​

271

​

​

$

183,612

​

$

80,757

​

$

135,807

​

$

78,126

​

See Note 12 for further information on restricted cash and restricted investments.

Fair Value of Financial Instruments

The Company’s financial instruments consist primarily of cash and equivalents, trade receivables, restricted cash and investments, trade payables, debt instruments, contingent consideration obligations and interest rate swaps. As of December 31, 2025 and 2024, the carrying values of cash and equivalents, trade receivables, restricted cash and investments, trade payables and contingent consideration are considered to be representative of their respective fair values. The carrying values of the Company’s debt instruments, excluding certain notes as listed in the table below, approximate their fair values as of December 31, 2025 and 2024, based on current borrowing rates, current remaining average life to maturity and borrower credit quality for similar types of borrowing arrangements, and are classified as Level 2 within the fair value hierarchy. The carrying values and fair values of the Company’s debt instruments where the carrying values do not approximate their fair values as of December 31, 2025 and 2024, are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying Value at

​

Fair Value (a) at

​

​

December 31, 

​

December 31, 

​

December 31, 

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

4.25% Senior Notes due 2028

​

$

500,000

​

$

500,000

​

$

503,750

​

$

488,500

3.50% Senior Notes due 2029

​

$

500,000

​

$

500,000

​

$

491,900

​

$

471,450

4.50% Senior Notes due 2029

​

$

364,800

​

$

347,500

​

$

377,001

​

$

359,168

2.60% Senior Notes due 2030

​

$

600,000

​

$

600,000

​

$

566,100

​

$

536,220

2.20% Senior Notes due 2032

​

$

650,000

​

$

650,000

​

$

574,730

​

$

535,275

3.20% Senior Notes due 2032

​

$

500,000

​

$

500,000

​

$

465,900

​

$

437,150

4.20% Senior Notes due 2033

​

$

750,000

​

$

750,000

​

$

736,350

​

$

696,300

5.00% Senior Notes due 2034

​

$

750,000

​

$

750,000

​

$

767,175

​

$

731,625

5.25% Senior Notes due 2035

​

$

500,000

​

$

—

​

$

518,550

​

$

—

3.05% Senior Notes due 2050

​

$

500,000

​

$

500,000

​

$

335,550

​

$

321,700

2.95% Senior Notes due 2052

​

$

850,000

​

$

850,000

​

$

551,650

​

$

528,955

(a)Senior Notes are classified as Level 2 within the fair value hierarchy. Fair value inputs include third-party calculations of the market interest rate of notes with similar ratings in similar industries over the remaining note terms.

For details on the fair value of the Company’s interest rate swaps, restricted cash and investments and contingent consideration, see Note 12.

Derivative Financial Instruments

The Company recognizes all derivatives on the balance sheet at fair value. All of the Company’s derivatives have been designated as cash flow hedges; therefore, the gain or loss on the derivatives will be recognized in accumulated other

comprehensive income (loss) (“AOCIL”) and reclassified into earnings in the same period during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. The Company classifies cash inflows and outflows from derivatives within operating activities on the statement of cash flows.

One of the Company’s objectives for utilizing derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in the variable interest rates of certain borrowings under the Revolving Credit Agreement (defined below). The Company’s strategy to achieve that objective involves entering into interest rate swaps. The interest rate swap outstanding at December 31, 2025 was specifically designated to the Revolving Credit Agreement and accounted for as a cash flow hedge.

At December 31, 2025, the Company’s derivative instruments included one interest rate swap agreement as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Fixed

  ​ ​ ​

Variable

  ​ ​ ​

​

  ​ ​ ​

​

​

​

Notional

​

Interest

​

Interest Rate

​

​

​

Expiration

Date Entered

​

Amount

​

Rate Paid (a)

​

Received

​

Effective Date (b)

​

Date

December 2018

​

$

200,000

​

2.7715

%  

1-month term SOFR

​

November 2022

​

July 2027

(a)Plus applicable margin.
(b)In October 2022, the Company amended the reference rate in its outstanding interest rate swap contract to replace One-Month LIBOR with One-Month term SOFR and certain credit spread adjustments. The Company did not record any gains or losses upon the conversion of the reference rate in this interest rate swap contract, and the Company believes this amendment will not have a material impact on its Consolidated Financial Statements.

The fair values of derivative instruments designated as cash flow hedges at December 31, 2025, were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives Designated as Cash

​

Asset Derivatives

​

Liability Derivatives

Flow Hedges

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Fair Value

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Fair Value

Interest rate swaps

 

Prepaid expenses and other current assets(a)

​

$

1,272

 

Accrued liabilities

​

$

—

​

 

Other assets, net

​

 

446

 

​

​

​

​

Total derivatives designated as cash flow hedges

​

​

​

$

1,718

​

​

​

$

—

(a)Represents the estimated amount of the existing unrealized gains on interest rate swaps as of December 31, 2025 (based on the interest rate yield curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates.

The fair values of derivative instruments designated as cash flow hedges as of December 31, 2024, were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives Designated as Cash

​

Asset Derivatives

​

Liability Derivatives

Flow Hedges

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Fair Value

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Fair Value

Interest rate swaps

 

Prepaid expenses and other current assets

​

$

10,545

 

Accrued liabilities

​

$

—

​

 

Other assets, net

​

 

3,384

 

​

​

 

​

Total derivatives designated as cash flow hedges

​

​

​

$

13,929

​

​

​

$

—

​

The following table summarizes the impact of the Company’s cash flow hedges on the results of operations, comprehensive income (loss) and AOCIL for the years ended December 31, 2025, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives

​

​

​

Statement of

​

Amount of (Gain) or Loss Reclassified

Designated as Cash

​

Amount of Gain or (Loss) Recognized

​

Net Income

​

from AOCIL into Earnings,

Flow Hedges

​

as AOCIL on Derivatives, Net of Tax (a)

​

Classification

​

Net of Tax (b)

​

​

Years Ended December 31, 

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

  ​ ​ ​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Interest rate swaps

​

$

(1,042)

​

$

8,531

​

$

7,782

​

Interest expense

​

$

(7,932)

​

$

(15,043)

​

$

(14,411)

(a)

In accordance with the derivatives and hedging guidance, the changes in fair values of interest rate swaps have been recorded in equity as a component of AOCIL. As the critical terms of the interest rate swaps match the underlying debt being hedged, all unrealized changes in fair value are recorded in AOCIL.

(b)

Amounts reclassified from AOCIL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt.

See Note 15 for further discussion on the impact of the Company’s hedge accounting to its consolidated comprehensive income (loss) and AOCIL.

Income Taxes

Deferred tax assets and liabilities are determined based on differences between the financial reporting and income tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. A valuation allowance is recorded if it is determined that it is more likely than not that the deferred tax asset will not be realized.

The Company is required to evaluate whether the tax positions taken on its income tax returns will more likely than not be sustained upon examination by the appropriate taxing authority. If the Company determines that such tax positions will not be sustained, it records a liability for the related unrecognized tax benefits. The Company classifies its liability for unrecognized tax benefits as a current liability to the extent it anticipates making a payment within one year.

The Company uses the flow-through method to account for investment tax credits earned on eligible development expenditures. Under this method, the investment tax credits are recognized as a reduction to income tax expense in the year they are earned.

Share-Based Compensation

Under the 2020 Employee Share Purchase Plan (the “ESPP”), participants will be granted an option to purchase Company common shares on the first business day of each offering period, with such option to be automatically exercised on the last business day of such offering period to purchase a whole number of the Company’s common shares determined by dividing the accumulated payroll deductions in the participant’s notional account on such exercise date by the applicable exercise price. The exercise price is equal to 95% of the closing price of the Company’s common shares on the last day of the relevant offering period; provided, however, that such exercise price will not be less than 85% of the volume weighted average price of the Company’s common shares as reflected on the Toronto Stock Exchange (the “TSX”) over the final five trading days of the offering period.

The fair value of restricted share unit (“RSU”) awards is determined based on the number of RSUs granted and the closing price of the common shares in the capital of the Company adjusted for future dividends. The fair value of deferred share unit (“DSU”) awards is determined based on the number of DSUs granted and the closing price of the common shares in the capital of the Company.

Compensation expense associated with outstanding performance-based restricted share unit (“PSU”) awards is measured using the fair value of the Company’s common shares adjusted for future dividends and is based on the estimated achievement of the established performance criteria at the end of each reporting period until the performance period ends, recognized ratably over the performance period. Compensation expense is only recognized for those awards that the Company expects to vest, which it estimates based upon an assessment of the probability that the performance criteria will be achieved.

All share-based compensation cost is measured at the grant date, based on the estimated fair value of the award adjusted for future dividends, and is recognized on a straight-line basis as expense over the employee’s requisite service period. The Company recognizes gross share compensation expense with actual forfeitures as they occur.

Warrants are valued using the Black-Scholes pricing model with a contractual life of five years, a risk-free interest rate based on the 5-year U.S. treasury yield curve and expected volatility. The Company uses the historical volatility of its common shares over a period equivalent to the contractual life of the warrants to estimate the expected volatility. The fair market value of warrants issued to consultants for acquisitions are recorded immediately as share-based compensation expense.

Share-based compensation expense recognized during the years ended December 31, 2025, 2024 and 2023, was $79,448 ($59,427 net of taxes), $77,885 ($58,203 net of taxes) and $70,436 ($52,708 net of taxes), respectively. This share-based compensation expense includes RSUs, PSUs, DSUs, share option and warrant expense. The share-based compensation expense totals include amounts associated with the Progressive Waste share-based compensation plans, continued by the Company following the Progressive Waste acquisition, which allow for the issuance of shares or cash settlement to employees upon vesting. The Company records share-based compensation expense in Selling, general and administrative expenses in the Consolidated Statements of Net Income. The total unrecognized compensation cost at December 31, 2025, related to unvested RSU awards was $91,192 and this future expense will be recognized over the remaining vesting period of the RSU awards, which extends to 2029. The weighted average remaining vesting period of the RSU awards is 1.1 years. The total unrecognized compensation cost at December 31, 2025, related to unvested PSU awards was $16,262 and this future expense will be recognized over the remaining vesting period of the PSU awards, which extends to 2028. The weighted average remaining vesting period of PSU awards is 1.1 years.

Other Share-Based Awards

As of December 31, 2025, 2024 and 2023, the Company had a liability of $7,928, $8,068 and $8,060, respectively, representing the December 31, 2025, 2024 and 2023 fair values, respectively, of outstanding Progressive Waste restricted share units which are expected to be cash settled. All remaining unvested Progressive Waste restricted share units vested during the year ended December 31, 2019.  

Per Share Information

Basic net income per share attributable to holders of the Company’s common shares is computed using the weighted average number of common shares outstanding and vested and unissued restricted share units deferred for issuance into the deferred compensation plan. Diluted net income per share attributable to holders of the Company’s common shares is computed using the weighted average number of common and potential common shares outstanding. Potential common shares are excluded from the computation if their effect is anti-dilutive.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2025, 2024 and 2023, was $10,299, $9,197 and $9,097, respectively, which is included in Selling, general and administrative expense in the Consolidated Statements of Net Income.

Insurance Liabilities

As a result of its insurance policies, the Company is effectively self-insured for automobile liability, general liability, employer’s liability, environmental liability, cyber liability, employment practices liability, and directors’ and officers’ liability as well as for employee group health insurance, property and workers’ compensation. The Company’s insurance accruals are based on claims filed and estimates of claims incurred but not reported and are developed by the Company’s management with assistance from its third-party actuary and its third-party claims administrator. The insurance accruals are influenced by the Company’s past claims experience factors and by published industry development factors. At December 31, 2025 and 2024, the Company’s total accrual for self-insured liabilities was $306,961 and $243,764, respectively, which is included in Accrued liabilities in the Consolidated Balance Sheets. For the years ended

December 31, 2025, 2024 and 2023, the Company recognized $348,805, $323,760 and $261,589, respectively, of self-insurance expense which is included in Cost of operations and Selling, general and administrative expense in the Consolidated Statements of Net Income.
v3.25.4
Use of Estimates and Assumptions
 12 Months Ended
Dec. 31, 2025
Use of Estimates and Assumptions [Abstract]  
Use of Estimates and Assumptions

4.     USE OF ESTIMATES AND ASSUMPTIONS

In preparing the Company’s consolidated financial statements, several estimates and assumptions are made that affect the accounting for and recognition of assets, liabilities, revenues and expenses. These estimates and assumptions must be made because certain information that is used in the preparation of the Company’s consolidated financial statements is dependent on future events, cannot be calculated with a high degree of precision from data available or is simply not capable of being readily calculated based on generally accepted methodologies. In some cases, these estimates are particularly difficult to determine and the Company must exercise significant judgment. The most difficult, subjective and complex estimates and the assumptions that deal with the greatest amount of uncertainty are related to the Company’s accounting for landfills, self-insurance accruals, income taxes, allocation of acquisition purchase price, contingent consideration accruals and asset impairments. An additional area that involves estimation is when the Company estimates the amount of potential exposure it may have with respect to litigation, claims and assessments in accordance with the accounting guidance on contingencies. Actual results for all estimates could differ materially from the estimates and assumptions that the Company uses in the preparation of its consolidated financial statements.
v3.25.4
Prepaid Expenses and Other Current Assets
 12 Months Ended
Dec. 31, 2025
Prepaid Expenses and Other Current Assets [Abstract]  
Prepaid Expenses and Other Current Assets

5.     PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:

​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Parts and supplies

​

$

78,863

​

$

71,156

Income taxes receivable

 

​

44,535

 

​

37,599

Prepaid insurance

​

​

31,572

​

​

40,014

Prepaid licenses and permits

​

​

14,834

​

​

14,141

Unrealized cash flow hedge gains

​

​

1,272

​

​

10,545

Other

​

​

69,527

​

​

56,064

​

 

$

240,603

 

$

229,519

​

​

​
v3.25.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

6.     PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

​

​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Landfill site costs

​

$

6,103,669

​

$

5,778,483

Rolling stock

​

 

3,884,769

​

 

3,428,765

Land, buildings and improvements

​

 

2,774,001

​

 

2,328,287

Containers

​

 

1,439,217

​

 

1,364,624

Machinery and equipment

​

 

1,765,059

​

 

1,539,394

Construction in progress

​

 

249,245

​

 

191,404

​

​

 

16,215,960

​

 

14,630,957

Less accumulated depreciation and depletion

​

 

(7,482,633)

​

 

(6,595,028)

​

​

$

8,733,327

​

$

8,035,929

​

Machinery and equipment included $25,153 and $8,956, at December 31, 2025 and 2024, respectively, of equipment assets accounted for as finance leases.  The Company’s landfill depletion expense, recorded in Depreciation in the Consolidated Statements of Net Income, for the years ended December 31, 2025, 2024 and 2023, was $267,453, $289,696 and $254,633, respectively.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Lessee Disclosure [Abstract]  
Leases

7.     LEASES

The Company rents certain equipment and facilities under short-term agreements, non-cancelable operating lease agreements and finance leases.  The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date.  The lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date.

Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments.

The lease guidance requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs.  Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms.

The lease term for the Company’s leases includes the non-cancelable period of the lease, plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor.

Lease payments included in the measurement of the lease liability comprise fixed payments or variable lease payments.  The variable lease payments consider annual changes in the consumer price index and common area maintenance charges, if known.

ROU assets for operating and finance leases are periodically reviewed for impairment losses. The Company uses the long-lived asset impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall, to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to recognize.  The Company did not recognize an impairment charge for any of its ROU assets during the years ended December 31, 2025, 2024 and 2023.

The Company monitors events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset.  The Company did not recognize any significant remeasurements during the years ended December 31, 2025, 2024 and 2023.

The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company has elected to apply the short-term lease recognition and measurement exemption allowed for in the lease accounting standard.  The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.

Lease cost for operating and finance leases for the years ended December 31, 2025, 2024 and 2023 were as follows:

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31,

​

2025

​

2024

​

2023

Operating lease cost

$

63,448

​

$

53,329

​

$

47,840

Finance lease cost:

​

​

​

​

​

​

​

​

Amortization of leased assets

​

3,783

​

​

3,375

​

​

2,852

Interest on leased liabilities

​

456

​

​

273

​

​

228

Total lease cost

$

67,687

​

$

56,977

​

$

50,920

​

Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Years Ended December 31, 

​

​

2025

​

​

2024

​

​

2023

Cash paid for amounts included in the measurement of lease liabilities:

​

​

​

​

​

​

​

​

​

Operating cash flows from operating leases

​

$

60,048

​

$

50,837

​

$

46,688

Operating cash flows from finance leases

​

$

456

​

$

273

​

$

228

Financing cash flows from finance leases

​

$

4,189

​

$

3,356

​

$

2,817

Non-cash activity:

​

​

​

​

​

​

​

​

​

Right-of-use assets obtained in exchange for lease liabilities - operating leases

​

$

40,603

​

$

62,922

​

$

92,503

Right-of-use assets obtained in exchange for lease liabilities - finance leases

​

$

19,981

​

$

2,569

​

$

1,388

​

Weighted-average remaining lease term and discount rate for the Company’s leases are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

​

2024

​

2023

Weighted average remaining lease term - operating leases

​

9.2

years

 

9.7

years

 

10.9

years

Weighted average remaining lease term - finance leases

​

4.8

years

​

2.8

years

​

3.4

years

Weighted average discount rate - operating leases

​

4.65

%  

 

4.34

%  

 

4.04

%  

Weighted average discount rate - finance leases

​

4.59

%  

​

2.99

%  

​

2.36

%  

​

As of December 31, 2025, future minimum lease payments, reconciled to the respective lease liabilities, are as follows:

​

​

​

​

​

​

​

​

​

​

​

Operating Leases

​

​

Finance Leases

2026

  ​ ​ ​

$

57,662

​

$

5,236

2027

​

 

53,538

​

 

3,825

2028

​

 

45,810

​

 

2,477

2029

​

 

38,939

​

 

2,078

2030

​

 

34,668

​

 

1,952

Thereafter

​

 

161,713

​

 

2,407

Minimum lease payments

​

 

392,330

​

 

17,975

Less: imputed interest

​

 

(81,058)

​

​

(2,002)

Present value of minimum lease payments

​

​

311,272

​

​

15,973

Less: current portion of lease liabilities

​

​

(44,272)

​

​

(4,582)

Long-term portion of lease liabilities

​

$

267,000

​

$

11,391

​

See Note 11 for further information regarding finance leases.
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combinations [Abstract]  
Acquisitions

8.     ACQUISITIONS

The Company recognizes, separately from goodwill, the identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values. The Company measures and recognizes goodwill as of the acquisition date as the excess of:  (a) the aggregate of the fair value of consideration transferred, the fair value of the noncontrolling interest in the acquiree (if any) and the acquisition date fair value of the Company’s previously held equity interest in the acquiree (if any), over (b) the fair value of assets acquired and liabilities assumed. If information about facts and circumstances existing as of the acquisition date is incomplete by the end of the reporting period in which a business combination occurs, the Company will report provisional amounts for the items for which the accounting is incomplete. The measurement period ends once the Company receives the information it was seeking; however, this period will not exceed one year from the acquisition date. Any material adjustments recognized during the measurement period will be reflected prospectively in the period the adjustment is identified in the consolidated financial statements. The Company recognizes acquisition-related transaction costs as expense.

The Company acquired 17 immaterial non-hazardous solid waste collection, recycling and disposal businesses and two immaterial E&P waste treatment and disposal businesses during the year ended December 31, 2025. The total transaction-related expenses incurred during the year ended December 31, 2025 for these acquisitions were $24,178. These expenses are included in Selling, general and administrative expenses in the Company’s Consolidated Statements of Net Income.

The Company acquired 20 immaterial non-hazardous solid waste collection, transfer, recycling and disposal businesses and four immaterial E&P waste treatment and disposal businesses during the year ended December 31, 2024. The total transaction-related expenses incurred during the year ended December 31, 2024 for these acquisitions were $26,059. These expenses are included in Selling, general and administrative expenses in the Company’s Consolidated Statements of Net Income.

The Company acquired 12 immaterial non-hazardous solid waste collection, transfer, recycling and disposal businesses and one immaterial E&P disposal business during the year ended December 31, 2023. The total transaction-related expenses incurred during the year ended December 31, 2023 for these acquisitions were $10,653. These expenses are included in Selling, general and administrative expenses in the Company’s Consolidated Statements of Net Income.

The results of operations of the acquired businesses have been included in the Company’s consolidated financial statements from their respective acquisition dates. The Company expects these acquired businesses to contribute towards the achievement of the Company’s strategy to expand through acquisitions. Goodwill acquired is attributable to the synergies and ancillary growth opportunities expected to arise after the Company’s acquisition of these businesses.

The following table summarizes the consideration transferred to acquire these businesses and the amounts of identifiable assets acquired and liabilities assumed at the acquisition dates for the acquisitions consummated in the years ended December 31, 2025, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

​

Acquisitions

​

Acquisitions

​

Acquisitions

Fair value of consideration transferred:

 

​

  ​

 

​

  ​

 

​

  ​

Cash

​

$

817,577

​

$

2,120,878

​

$

676,793

Debt assumed

​

 

114,772

​

 

77,766

​

 

76,001

Contingent consideration

​

 

34,403

​

​

28,885

​

 

13,450

​

​

 

966,752

​

 

2,227,529

​

 

766,244

​

​

​

​

​

​

​

​

​

​

Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired:

​

 

​

​

 

​

​

 

  ​

Accounts receivable

​

 

28,041

​

​

100,995

​

 

18,006

Prepaid expenses and other current assets

​

 

3,985

​

​

13,513

​

 

5,025

Restricted investments

​

​

—

​

​

—

​

​

5,462

Operating lease right-of-use assets

​

​

12,501

​

​

24,700

​

​

15,364

Property and equipment

​

 

380,264

​

​

913,729

​

 

207,164

Long-term franchise agreements and contracts

​

 

48,321

​

​

159,028

​

 

76,401

Customer lists

​

 

81,488

​

​

214,459

​

 

19,719

Permits and other intangibles

​

​

108,723

​

​

224,728

​

​

3,050

Other assets

​

 

470

​

​

1,671

​

 

24

Accounts payable and accrued liabilities

​

 

(20,995)

​

​

(27,902)

​

 

(14,596)

Current portion of operating lease liabilities

​

​

(621)

​

​

(2,875)

​

​

(712)

Deferred revenue

​

 

(4,505)

​

​

(12,148)

​

 

(3,443)

Long-term portion of operating lease liabilities

​

​

(2,731)

​

​

(14,774)

​

​

(14,652)

Other long-term liabilities

​

 

(3,260)

​

​

(67,109)

​

 

(10,277)

Deferred income taxes

​

 

(11,533)

​

​

—

​

 

(3,212)

Total identifiable net assets

​

 

620,148

​

 

1,528,015

​

 

303,323

Goodwill

​

$

346,604

​

$

699,514

​

$

462,921

​

Goodwill acquired in 2025, 2024 and 2023 totaling $308,600, $699,514 and $372,671, respectively, is expected to be deductible for tax purposes.  The fair value of acquired working capital related to six immaterial acquisitions completed during the year ended December 31, 2025, is provisional pending receipt of information from the acquirees to support the fair value of the assets acquired and liabilities assumed. Any adjustments recorded relating to finalizing the working capital for these six acquisitions are not expected to be material to the Company’s financial position. The adjustments recorded during the year ended December 31, 2025 relating to finalizing the acquired working capital for the immaterial acquisitions completed during the year ended December 31, 2024 were not material to the Company’s financial position.

The gross amount of trade receivables due under contracts acquired during the year ended December 31, 2025, was $29,371, of which $1,330 was expected to be uncollectible. The gross amount of trade receivables due under contracts acquired during the year ended December 31, 2024, was $106,259, of which $5,264 was expected to be uncollectible. The gross amount of trade receivables due under contracts acquired during the year ended December 31, 2023, was $19,202, of which $1,196 was expected to be uncollectible. The Company did not acquire any other class of receivable as a result of the acquisition of these businesses.
v3.25.4
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

9.     INTANGIBLE ASSETS, NET

Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Gross

  ​ ​ ​

​

​

  ​ ​ ​

Accumulated

  ​ ​ ​

Net

​

​

Carrying

​

Accumulated

​

Impairment

​

Carrying

​

​

Amount

​

Amortization

​

Loss

​

Amount

Finite-lived intangible assets:

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Long-term franchise agreements and contracts

​

$

1,131,332

​

$

(457,664)

​

$

—

​

$

673,668

Customer lists

​

 

1,098,172

​

 

(798,973)

​

 

—

​

 

299,199

Permits and other

​

 

1,114,690

​

 

(196,782)

​

 

(66,188)

​

 

851,720

​

​

 

3,344,194

​

 

(1,453,419)

​

 

(66,188)

​

 

1,824,587

Indefinite-lived intangible assets:

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

Solid waste collection and transportation permits

​

 

181,613

​

 

—

​

 

—

​

 

181,613

​

​

​

​

​

​

​

​

​

​

​

​

​

Intangible assets, exclusive of goodwill

​

$

3,525,807

​

$

(1,453,419)

​

$

(66,188)

​

$

2,006,200

​

The weighted-average amortization period of long-term franchise agreements and contracts acquired during the year ended December 31, 2025 was 11.0 years. The weighted-average amortization period of customer lists acquired during the year ended December 31, 2025 was 10.5 years. The weighted-average amortization period of finite-lived permits and other acquired during the year ended December 31, 2025 was 37.6 years.

​

Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Gross

  ​ ​ ​

​

​

  ​ ​ ​

Accumulated

  ​ ​ ​

Net

​

​

Carrying

​

Accumulated

​

Impairment

​

Carrying

​

​

Amount

​

Amortization

​

Loss

​

Amount

Finite-lived intangible assets:

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Long-term franchise agreements and contracts

​

$

1,104,585

​

$

(400,674)

​

$

—

​

$

703,911

Customer lists

​

 

1,005,355

​

 

(693,594)

​

 

—

​

 

311,761

Permits and other

​

 

999,357

​

 

(164,239)

​

 

(40,784)

​

 

794,334

​

​

 

3,109,297

​

 

(1,258,507)

​

 

(40,784)

​

 

1,810,006

Indefinite-lived intangible assets:

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

Solid waste collection and transportation permits

​

 

181,613

​

 

—

​

 

—

​

 

181,613

​

​

​

​

​

​

​

​

​

​

​

​

​

Intangible assets, exclusive of goodwill

​

$

3,290,910

​

$

(1,258,507)

​

$

(40,784)

​

$

1,991,619

​

Estimated future amortization expense for the next five years relating to finite-lived intangible assets owned as of December 31, 2025 is as follows:

​

​

​

​

​

For the year ending December 31, 2026

  ​ ​ ​

$

187,834

For the year ending December 31, 2027

​

$

163,925

For the year ending December 31, 2028

​

$

144,756

For the year ending December 31, 2029

​

$

129,869

For the year ending December 31, 2030

​

$

116,428

​

​

​
v3.25.4
Accrued Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities

10.   ACCRUED LIABILITIES

Accrued liabilities consist of the following:

​

​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Insurance claims and premiums

​

$

310,286

​

$

244,536

Payroll and payroll-related

​

 

152,622

​

 

127,518

Final capping, closure and post-closure liability

​

​

146,772

​

​

199,736

Interest payable

​

 

86,156

​

 

68,455

Environmental remediation reserves

​

 

42,177

​

 

8,808

Property taxes

​

​

19,726

​

​

17,548

Cell processing reserves 

​

 

2,572

​

 

2,148

Transaction-related expenses

​

​

1,741

​

​

1,471

Other

​

 

48,315

​

 

66,604

​

​

$

810,367

​

$

736,824

​

​

​
v3.25.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Long-Term Debt [Abstract]  
Long-Term Debt

11.   LONG-TERM DEBT

The following table presents the Company’s long-term debt as of December 31, 2025 and 2024:

​

​

​

​

​

​

​

​

December 31, 

​

2025

  ​ ​ ​

2024

Revolving Credit Agreement, bearing interest ranging from 3.41% to 6.75% (a)

$

2,381,646

​

$

2,164,325

4.25% Senior Notes due 2028

​

500,000

​

​

500,000

3.50% Senior Notes due 2029

​

500,000

​

​

500,000

4.50% Senior Notes due 2029

​

364,800

​

​

347,500

2.60% Senior Notes due 2030

​

600,000

​

​

600,000

2.20% Senior Notes due 2032

​

650,000

​

​

650,000

3.20% Senior Notes due 2032

​

500,000

​

​

500,000

4.20% Senior Notes due 2033

​

750,000

​

​

750,000

5.00% Senior Notes due 2034

​

750,000

​

​

750,000

5.25% Senior Notes due 2035

​

500,000

​

​

—

3.05% Senior Notes due 2050

​

500,000

​

​

500,000

2.95% Senior Notes due 2052

​

850,000

​

​

850,000

Notes payable to sellers and other third parties, bearing interest ranging from 2.42% to 10.35%, principal and interest payments due periodically with due dates ranging from 2028 to 2044 (a)

 

26,420

​

​

30,641

Finance leases, bearing interest ranging from 1.89% to 5.35%, with lease expiration dates ranging from 2026 to 2035 (a)

​

15,973

​

​

9,247

​

 

8,888,839

​

 

8,151,713

Less – current portion

 

(8,667)

​

​

(7,851)

Less – unamortized debt discount and issuance costs

 

(69,068)

​

​

(70,934)

Long-term portion of debt and notes payable

$

8,811,104

​

$

8,072,928

(a)Interest rates represent the interest rates incurred at December 31, 2025.

Revolving Credit Agreement

The Company, as borrower, Bank of America, N.A., acting through its Canada Branch, as the global agent, the swing line lender and a letter of credit issuer, Bank of America, N.A., as the U.S. agent and a letter of credit issuer, and the other lenders and financial institutions from time to time party thereto (the “Lenders”) are party to that certain Revolving Credit Agreement, dated as of February 27, 2024 (as amended pursuant to that certain Amendment No. 1 to Revolving Credit Agreement, dated as of May 23, 2025 (the “First Amendment”), and as further amended, restated, supplemented or otherwise modified from time to time, the “Revolving Credit Agreement”), pursuant to which the Lenders provide loans and other credit extensions to the Company under a revolving credit facility. Borrowings under the Revolving Credit Agreement are unsecured and there are no subsidiary guarantors under the Revolving Credit Agreement.

The Revolving Credit Agreement (i) has a scheduled maturity date of February 27, 2029 (subject to certain extension mechanics therein by which the Company may request two additional one-year maturity date extensions), (ii) provides for revolving advances up to an aggregate principal amount of $3,000,000 at any one time outstanding (subject to satisfaction of certain conditions at the time advances are made) and (iii) provides for, at the Company’s discretion, flexibility for an uncommitted upsize of the aggregate principal amount by up to $1,000,000 (to an aggregate principal amount of up to $4,000,000). As of December 31, 2025, there are no commitments by lenders for any such increases in aggregate principal amount of revolving advances described in the preceding sentence. The Revolving Credit Agreement provides for letters of credit in an aggregate amount not to exceed $320,000 and swing line loans in an aggregate amount not to exceed $100,000, in each case, to be issued at the request of the Company subject to the terms therein and with such sublimits included in the aggregate commitments of the credit facility. The Company has $3,379 of debt issuance costs related to the revolver under the Revolving Credit Agreement recorded in Other assets, net in the Consolidated Balance Sheets at December 31, 2025, which are being amortized through the maturity date, or February 27, 2029.

Advances are available under the Revolving Credit Agreement in U.S. dollars and Canadian dollars. Interest accrues on revolving advances, at the Company’s option, (i) at a term rate based on the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (or a successor administrator thereof) (“term SOFR”) or a base rate for U.S. dollar borrowings, plus an applicable margin, and (ii) at a term rate based on the Canadian Overnight Repo Rate Average as administered and published by the Bank of Canada (or a successor administrator thereof) (“term CORRA”) or at the Canadian prime rate for Canadian dollar borrowings, plus an applicable margin. Interest for term SOFR loans does not have a credit spread adjustment.  Prior to the effectiveness of the First Amendment, interest for term SOFR loans had a credit spread adjustment of 0.10% for all applicable interest periods. Interest for term CORRA loans has a credit spread adjustment of 0.29547% for an interest period of one month’s duration and 0.32138% for an interest period of three months’ duration. Fees for letters of credit in U.S. dollars and Canadian dollars are also based on the applicable margin. The applicable margin used in connection with interest rates and fees is based on the debt rating of the Company’s public non-credit-enhanced, senior unsecured long-term debt (the “Debt Rating”). The applicable margin for term SOFR loans, term CORRA loans and letter of credit fees ranges from 0.750% to 1.250%, and the applicable margin for U.S. base rate loans, Canadian prime rate loans and swing line loans ranges from 0.00% to 0.250%. The Company will also pay a commitment fee based on the Debt Rating on the actual daily unused amount of the aggregate revolving commitments ranging from 0.065% to 0.150%.

The Revolving Credit Agreement contains customary representations, warranties, covenants and events of default, including, among others, a change of control event of default and limitations on the incurrence of indebtedness and liens, new lines of business, mergers, transactions with affiliates and burdensome agreements. During the continuance of an event of default, the Lenders may take a number of actions, including, among others, declaring the entire amount then outstanding under the Revolving Credit Agreement to be due and payable.

The Revolving Credit Agreement includes a financial covenant limiting, as of the last day of each fiscal quarter, the ratio of (a) Consolidated Total Funded Debt (as defined in the Revolving Credit Agreement) as of such date to (b) Consolidated EBITDA (as defined in the Revolving Credit Agreement), measured for the preceding 12 months, to not

more than 3.75 to 1.00 (or 4.25 to 1.00 during material acquisition periods, subject to certain limitations). As of December 31, 2025, the Company was in compliance with all applicable covenants in the Revolving Credit Agreement.

Details of the Revolving Credit Agreement at December 31, 2025 and 2024 are as follows:

​

​

​

​

​

​

​

​

​

December 31, 

 

​

2025

  ​ ​ ​

2024

 

Revolver

​

  ​

 

​

  ​

​

Available

$

581,059

​

$

778,374

​

Letters of credit outstanding

$

37,295

​

$

57,301

​

Total amount drawn, as follows:

$

2,381,646

​

$

2,164,325

​

Amount drawn – U.S. term SOFR loan

$

965,000

​

$

800,000

​

Interest rate applicable – U.S. term SOFR loan

​

4.75

%

​

5.65

%

Interest rate margin – U.S. term SOFR loan

​

0.875

%

​

1.00

%

Amount drawn – U.S. term SOFR loan

$

150,000

​

$

500,000

​

Interest rate applicable – U.S. term SOFR loan

​

4.59

%

​

5.69

%

Interest rate margin – U.S. term SOFR loan

​

0.875

%

​

1.00

%

Amount drawn – U.S. term SOFR loan

$

—

​

$

50,000

​

Interest rate applicable – U.S. term SOFR loan

​

—

%

​

5.46

%

Interest rate margin – U.S. term SOFR loan

​

—

%

​

1.00

%

Amount drawn – U.S. base rate loan

$

38,000

​

$

95,000

​

Interest rate applicable – U.S. base rate loan

​

6.75

%

​

7.50

%

Interest rate margin – U.S. base rate loan

​

—

%

​

—

%

Amount drawn – Canadian term CORRA loan

$

1,163,712

​

$

590,750

​

Interest rate applicable - Canadian term CORRA loan

​

3.41

%

​

5.24

%

Interest rate margin – Canadian term CORRA loan

​

0.875

%

​

1.00

%

Amount drawn – Canadian term CORRA loan

$

51,072

​

$

86,875

​

Interest rate applicable - Canadian term CORRA loan

​

3.44

%

​

4.59

%

Interest rate margin – Canadian term CORRA loan

​

0.875

%

​

1.00

%

Amount drawn – Canadian prime rate loan

$

13,862

​

$

41,700

​

Interest rate applicable - Canadian prime rate loan

 

4.45

%

 

5.45

%

Interest rate margin – Canadian prime rate loan

 

—

%

 

—

%

Commitment – rate applicable

 

0.08

%  

 

0.09

%  

​

In addition to the $37,295 of letters of credit at December 31, 2025 issued and outstanding under the Revolving Credit Agreement, the Company has issued and outstanding letters of credit totaling $183,302 under facilities other than the Revolving Credit Agreement.

Senior Notes

On November 16, 2018, the Company completed an underwritten public offering of $500,000 aggregate principal amount of 4.25% Senior Notes due December 1, 2028 (the “2028 Senior Notes”). The 2028 Senior Notes were issued under the Indenture, dated as of November 16, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Indenture”), by and between the Company and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented through the First Supplemental Indenture, dated as of November 16, 2018. The Company is amortizing $5,792 of debt issuance costs through the maturity date of the 2028 Senior Notes. The Company may redeem some or all of the 2028 Senior Notes at its option prior to September 1, 2028 (three months before the maturity date) at any time and from time to time at a redemption price equal to the greater of (x) 100% of the principal amount of the 2028 Senior Notes redeemed and (y) the sum of the present values of the remaining scheduled payments of principal and interest on the 2028 Senior Notes redeemed, plus, in either case, accrued and unpaid interest to, but excluding, the redemption date. Commencing on September 1, 2028 (three months before the maturity date), the Company may redeem

some or all of the 2028 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2028 Senior Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date.

On April 16, 2019, the Company completed an underwritten public offering of $500,000 aggregate principal amount of 3.50% Senior Notes due May 1, 2029 (the “2029 Senior Notes”).  The 2029 Senior Notes were issued under the Indenture, as supplemented through the Second Supplemental Indenture, dated as of April 16, 2019. The Company is amortizing $5,954 of debt issuance costs through the maturity date of the 2029 Senior Notes. The Company may redeem some or all of the 2029 Senior Notes at its option prior to February 1, 2029 (three months before the maturity date) at any time and from time to time at a redemption price equal to the greater of (x) 100% of the principal amount of the 2029 Senior Notes redeemed and (y) the sum of the present values of the remaining scheduled payments of principal and interest on the 2029 Senior Notes redeemed, plus, in either case, accrued and unpaid interest to, but excluding, the redemption date. Commencing on February 1, 2029 (three months before the maturity date), the Company may redeem some or all of the 2029 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2029 Senior Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date.

On January 23, 2020, the Company completed an underwritten public offering of $600,000 aggregate principal amount of 2.60% Senior Notes due February 1, 2030 (the “2030 Senior Notes”).  The 2030 Senior Notes were issued under the Indenture, as supplemented through the Third Supplemental Indenture, dated as of January 23, 2020. The Company is amortizing $5,435 of debt issuance costs through the maturity date of the 2030 Senior Notes. The Company may redeem some or all of the 2030 Senior Notes at its option prior to November 1, 2029 (three months before the maturity date) at any time and from time to time at a redemption price equal to the greater of (x) 100% of the principal amount of the 2030 Senior Notes redeemed and (y) the sum of the present values of the remaining scheduled payments of principal and interest on the 2030 Senior Notes redeemed plus, in either case, accrued and unpaid interest to, but excluding, the redemption date. Commencing on November 1, 2029 (three months before the maturity date), the Company may redeem some or all of the 2030 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2030 Senior Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date.

On March 13, 2020, the Company completed an underwritten public offering of $500,000 aggregate principal amount of 3.05% Senior Notes due April 1, 2050 (the “2050 Senior Notes”). The 2050 Senior Notes were issued under the Indenture, as supplemented through the Fourth Supplemental Indenture, dated as of March 13, 2020. The Company is amortizing a $7,375 debt discount and $5,682 of debt issuance costs through the maturity date of the 2050 Senior Notes. The Company may redeem some or all of the 2050 Senior Notes at its option prior to October 1, 2049 (six months before the maturity date) at any time and from time to time at a redemption price equal to the greater of (x) 100% of the principal amount of the 2050 Senior Notes redeemed and (y) the sum of the present values of the remaining scheduled payments of principal and interest on the 2050 Senior Notes redeemed, plus,  in either case, accrued and unpaid interest to, but excluding, the redemption date. Commencing on October 1, 2049 (six months before the maturity date), the Company may redeem some or all of the 2050 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2050 Senior Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date.

On September 20, 2021, the Company completed an underwritten public offering (the “Offering”) of $650,000 aggregate principal amount of 2.20% Senior Notes due January 15, 2032 (the “2032 Senior Notes”) and $850,000 aggregate principal amount of 2.95% Senior Notes due January 15, 2052 (the “2052 Senior Notes”). The 2032 Senior Notes and the 2052 Senior Notes were issued under the Indenture, as supplemented through the Fifth Supplemental Indenture, dated as of September 20, 2021. The Company is amortizing a $1,066 debt discount and $5,979 of debt issuance costs through the maturity date of the 2032 Senior Notes and a $12,742 debt discount and $9,732 of debt issuance costs through the maturity date of the 2052 Senior Notes. The Company may, prior to October 15, 2031 (three months before the maturity date), redeem some or all of the 2032 Senior Notes, at any time and from time to time, at a redemption price equal to the greater of (x) 100% of the principal amount of the 2032 Senior Notes redeemed and (y) the sum of the present values of the remaining scheduled payments of principal and interest on the 2032 Senior Notes redeemed, plus, in either case, accrued and unpaid interest to, but excluding, the redemption date. Commencing on October 15, 2031 (three months before the maturity date), the Company may redeem some or all of the 2032 Senior Notes, at any time and from time to

time, at a redemption price equal to the principal amount of the 2032 Senior Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. The Company may, prior to July 15, 2051 (six months before the maturity date), redeem some or all of the 2052 Senior Notes, at any time and from time to time, at a redemption price equal to the greater of (x) 100% of the principal amount of the 2052 Senior Notes redeemed and (y) the sum of the present values of the remaining scheduled payments of principal and interest on the 2052 Senior Notes redeemed, plus, in either case, accrued and unpaid interest to, but excluding, the redemption date. Commencing on July 15, 2051 (six months before the maturity date), the Company may redeem some or all of the 2052 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2052 Senior Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date.

On March 9, 2022, the Company completed an underwritten public offering of $500,000 aggregate principal amount of 3.20% Senior Notes due June 1, 2032 (the “New 2032 Senior Notes”). The New 2032 Senior Notes were issued under the Indenture, as supplemented through the Sixth Supplemental Indenture, dated as of March 9, 2022.  The Company is amortizing a $375 debt discount and $4,668 of debt issuance costs through the maturity date of the New 2032 Senior Notes.  The Company may redeem some or all of the New 2032 Senior Notes at its option prior to March 1, 2032 (three months before the maturity date) (the “New 2032 Senior Notes Par Call Date”), at any time and from time to time at a redemption price equal to the greater of (x) 100% of the principal amount of the New 2032 Senior Notes redeemed and (y) the sum of the present values of the remaining scheduled payments of principal and interest on the New 2032 Senior Notes redeemed discounted to the redemption date (assuming the New 2032 Senior Notes matured on the New 2032 Senior Notes Par Call Date), plus, in either case, accrued and unpaid interest thereon to the redemption date. Commencing on March 1, 2032 (three months before the maturity date), the Company may redeem some or all of the New 2032 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the New 2032 Senior Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

On August 18, 2022, the Company completed an underwritten public offering of $750,000 aggregate principal amount of 4.20% Senior Notes due January 15, 2033 (the “2033 Senior Notes”). The 2033 Senior Notes were issued under the Indenture, as supplemented through the Seventh Supplemental Indenture, dated as of August 18, 2022.  The Company is amortizing a $2,040 debt discount and $6,878 of debt issuance costs through the maturity date of the 2033 Senior Notes.  The Company may redeem some or all of the 2033 Senior Notes at its option prior to October 15, 2032 (three months before the maturity date) (the “2033 Senior Notes Par Call Date”), at any time and from time to time at a redemption price equal to the greater of (x) 100% of the principal amount of the 2033 Senior Notes redeemed and (y) the sum of the present values of the remaining scheduled payments of principal and interest on the 2033 Senior Notes redeemed discounted to the redemption date (assuming the 2033 Senior Notes matured on the 2033 Senior Notes Par Call Date), plus, in either case, accrued and unpaid interest thereon to the redemption date. Commencing on October 15, 2032 (three months before the maturity date), the Company may redeem some or all of the 2033 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2033 Senior Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

On February 21, 2024, the Company completed an underwritten public offering of $750,000 aggregate principal amount of 5.00% Senior Notes due March 1, 2034 (the “2034 Senior Notes”). The 2034 Senior Notes were issued under an Indenture, as supplemented by the Eighth Supplemental Indenture, dated as of February 21, 2024. The Company is amortizing a $8,738 debt discount and $6,978 of debt issuance costs through the maturity date of the 2034 Senior Notes.   The Company may, prior to December 1, 2033 (three months before the maturity date) (the “2034 Senior Notes Par Call Date”), redeem some or all of the 2034 Senior Notes, at any time and from time to time, at a redemption price equal to the greater of (x) 100% of the principal amount of the 2034 Senior Notes redeemed and (y) the sum of the present values of the remaining scheduled payments of principal and interest on the 2034 Senior Notes redeemed discounted to the redemption date (assuming the 2034 Senior Notes matured on the 2034 Senior Notes Par Call Date), plus, in either case, accrued and unpaid interest thereon to the redemption date. Commencing on December 1, 2033 (three months before the maturity date), the Company may redeem some or all of the 2034 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2034 Senior Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

On June 13, 2024, the Company completed an underwritten public offering of CAD $500,000,000 aggregate principal amount of 4.50% Senior Notes due June 14, 2029 (the “New 2029 Senior Notes”). The New 2029 Senior Notes were issued under the Indenture, as supplemented by the Ninth Supplemental Indenture, dated as of June 13, 2024. The New 2029 Senior Notes were issued in Canada on a private placement basis. The Company is amortizing a $245 debt discount and $2,656 of debt issuance costs through the maturity date of the New 2029 Senior Notes. The Company may, prior to May 14, 2029 (one month before the maturity date) (the “New 2029 Senior Notes Par Call Date”), redeem some or all of the New 2029 Senior Notes, at any time and from time to time, at a redemption price equal to the greater of (x) 100% of the principal amount of the New 2029 Senior Notes redeemed and (y) the sum of the present values of the remaining scheduled payments of principal and interest (not including any portion of the payments of interest accrued as of the date of redemption) on the New 2029 Senior Notes redeemed discounted to the redemption date (assuming the New 2029 Senior Notes matured on the New 2029 Senior Notes Par Call Date), plus, in either case, accrued and unpaid interest, if any, thereon to, but excluding, the redemption date. Commencing on May 14, 2029 (one month before the maturity date), the Company may redeem some or all of the New 2029 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the New 2029 Senior Notes being redeemed plus accrued and unpaid interest thereon, but excluding, to the redemption date.

On June 4, 2025, the Company completed an underwritten public offering of $500,000 aggregate principal amount of its 5.25% Senior Notes due September 1, 2035 (the “2035 Senior Notes” and, together with the 2028 Senior Notes, the 2029 Senior Notes, the New 2029 Senior Notes, the 2030 Senior Notes, the 2032 Senior Notes, the New 2032 Senior Notes, the 2033 Senior Notes, the 2034 Senior Notes, the 2050 Senior Notes and the 2052 Senior Notes, the “Senior Notes”). The 2035 Senior Notes were issued under the Indenture, as supplemented by the Tenth Supplemental Indenture, dated as of June 4, 2025. The Company is amortizing a $630 debt discount and $4,864 of debt issuance costs through the maturity date of the 2035 Senior Notes. The Company may, prior to June 1, 2035 (three months before the maturity date) (the “2035 Senior Notes Par Call Date”), redeem some or all of the 2035 Senior Notes, at any time and from time to time, at a redemption price equal to the greater of (x) 100% of the principal amount of the 2035 Senior Notes redeemed and (y) the sum of the present values of the remaining scheduled payments of principal and interest on the 2035 Senior Notes redeemed discounted to the redemption date (assuming the 2035 Senior Notes matured on the 2035 Senior Notes Par Call Date), plus, in either case, accrued and unpaid interest thereon to the redemption date. Commencing on June 1, 2035 (three months before the maturity date), the Company may redeem some or all of the 2035 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2035 Senior Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

The Company pays interest on the Senior Notes semi-annually in arrears.  The Senior Notes are the Company’s senior unsecured obligations, ranking equally in right of payment with its other existing and future unsubordinated debt and senior to any of its future subordinated debt.  The Senior Notes are not guaranteed by any of the Company’s subsidiaries.

Under certain circumstances, the Company may become obligated to pay additional amounts (the “Additional Amounts”) with respect to the Senior Notes to ensure that the net amounts received by each holder of the Senior Notes will not be less than the amount such holder would have received if withholding taxes or deductions were not incurred on a payment under or with respect to the Senior Notes. If such payment of Additional Amounts is a result of a change in  the laws or regulations, including a change in, or amendment to, any official position, the introduction of an official position or a holding by a court of competent jurisdiction, of any jurisdiction from or through which payment is made by or on behalf of the Senior Notes having power to tax, and the Company cannot avoid such payments of Additional Amounts through reasonable measures, then the Company may redeem the applicable series of the Senior Notes then outstanding at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date).

If the Company experiences certain kinds of changes of control, each holder of the Senior Notes may require the Company to repurchase all or a portion of the Senior Notes for cash at a price equal to 101% of the aggregate principal amount of such Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

The covenants in the Indenture include limitations on liens, sale-leaseback transactions and mergers and sales of all or substantially all of the Company’s assets. The Indenture also includes customary events of default with respect to the Senior Notes.

Upon an event of default, the principal of and accrued and unpaid interest on all the Senior Notes may be declared to be due and payable by the Trustee or the holders of not less than 25% in principal amount of the outstanding Senior Notes of the applicable series. Upon such a declaration, such principal and accrued interest on all of the applicable series of the Senior Notes will be due and payable immediately. In the case of an event of default resulting from certain events of bankruptcy, insolvency or reorganization, the principal (or such specified amount) of and accrued and unpaid interest, if any, on all outstanding series of the Senior Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any holder of the applicable series of the Senior Notes.  Under certain circumstances, the holders of a majority in principal amount of the outstanding Senior Notes of any series may rescind any such acceleration with respect to the Senior Notes of that series and its consequences.

As of December 31, 2025, aggregate contractual future principal payments by calendar year on long-term debt are due as follows:

​

​

​

​

​

2026

  ​ ​ ​

$

8,667

2027

​

 

7,552

2028

​

 

506,469

2029

​

 

3,252,604

2030

​

 

604,239

Thereafter

​

 

4,509,308

​

​

$

8,888,839

​

​

​
v3.25.4
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

12.   FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement. These tiers include:  Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data.

The Company’s financial assets and liabilities recorded at fair value on a recurring basis include derivative instruments and restricted cash and investments. At December 31, 2025 and 2024, the Company’s derivative instruments included pay-fixed, receive-variable interest rate swaps. The Company’s interest rate swaps are recorded at their estimated fair values based on quotes received from financial institutions that trade these contracts. The Company verifies the reasonableness of these quotes using similar quotes from another financial institution as of each date for which financial statements are prepared. For the Company’s interest rate swaps, the Company also considers the Company’s creditworthiness in its determination of the fair value measurement of these instruments in a net liability position and the counterparties’ creditworthiness in its determination of the fair value measurement of these instruments in a net asset position. The Company’s restricted cash is valued at quoted market prices in active markets for identical assets, which the Company receives from the financial institutions that hold such investments on its behalf. The Company’s restricted cash measured at fair value is invested primarily in money market accounts and bank time deposits. The Company’s restricted investments are valued at quoted market prices in active markets for similar assets, which the Company receives from the financial institutions that hold such investments on its behalf. The Company’s restricted investments measured at fair value are invested primarily in U.S. government securities, agency securities and Canadian bankers’ acceptance notes.

The Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2025 and 2024, were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at December 31, 2025 Using

​

  ​ ​ ​

​

​

  ​ ​ ​

Quoted Prices in

  ​ ​ ​

Significant

  ​ ​ ​

​

​

​

​

​

​

​

Active Markets

​

Other

​

Significant

​

​

​

​

​

for Identical

​

Observable

​

Unobservable

​

​

​

​

​

Assets

​

Inputs

​

Inputs

​

​

Total

​

(Level 1)

​

(Level 2)

​

(Level 3)

Interest rate swap derivative instruments – net asset position

​

$

1,718

​

$

—

​

$

1,718

​

$

—

Restricted cash

​

$

183,612

​

$

183,612

​

$

—

​

$

—

Restricted investments

​

$

80,533

​

$

—

​

$

80,533

​

$

—

Contingent consideration

​

$

(84,696)

​

$

—

​

$

—

​

$

(84,696)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at December 31, 2024 Using

​

  ​ ​ ​

​

​

  ​ ​ ​

Quoted Prices in

  ​ ​ ​

Significant

  ​ ​ ​

​

​

​

​

​

​

​

Active Markets

​

Other

​

Significant

​

​

​

​

​

for Identical

​

Observable

​

Unobservable

​

​

​

​

​

Assets

​

Inputs

​

Inputs

​

​

Total

​

(Level 1)

​

(Level 2)

​

(Level 3)

Interest rate swap derivative instruments – net asset position

​

$

13,929

​

$

—

​

$

13,929

​

$

—

Restricted cash

​

$

135,807

​

$

135,807

​

$

—

​

$

—

Restricted investments

​

$

77,900

​

$

—

​

$

77,900

​

$

—

Contingent consideration

​

$

(87,162)

​

$

—

​

$

—

​

$

(87,162)

​

​

The following table summarizes the changes in the fair value for Level 3 liabilities related to contingent consideration for the years ended December 31, 2025 and 2024:

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

2025

  ​ ​ ​

2024

Beginning balance

$

87,162

​

$

115,030

Contingent consideration recorded at acquisition date

 

34,403

​

 

28,885

Payment of contingent consideration recorded at acquisition date

 

(34,269)

​

 

(27,743)

Payment of contingent consideration recorded in earnings

 

(400)

​

 

(35,035)

Adjustments to contingent consideration

​

(6,215)

​

​

(3)

Interest accretion expense

 

3,538

​

 

6,217

Foreign currency translation adjustment

 

477

​

 

(189)

Ending balance

$

84,696

​

$

87,162

​

​

​
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

13.   COMMITMENTS AND CONTINGENCIES

COMMITMENTS

Financial Surety Bonds

The Company uses financial surety bonds for a variety of corporate guarantees. The two largest uses of financial surety bonds are for municipal contract performance guarantees and asset closure and retirement requirements under certain environmental regulations. Environmental regulations require demonstrated financial assurance to meet final capping, closure and post-closure requirements for landfills. In addition to surety bonds, these requirements may also be

met through alternative financial assurance instruments, including insurance, letters of credit and restricted cash and investment deposits.

At December 31, 2025 and 2024, the Company had provided customers and various regulatory authorities with surety bonds in the aggregate amounts of approximately $1,040,159 and $934,330, respectively, to secure its asset closure and retirement requirements and $1,117,272 and $1,077,021, respectively, to secure performance under collection contracts and landfill operating agreements.

The Company owns a 9.9% interest in a company that, among other activities, issues financial surety bonds to secure landfill final capping, closure and post-closure obligations for companies operating in the solid waste industry. The Company accounts for this investment under the cost method of accounting. There have been no identified events or changes in circumstances that may have a significant adverse effect on the carrying value of the investment. This investee company and the parent company of the investee have written financial surety bonds for the Company, of which $557,912 and $492,711 were outstanding as of December 31, 2025 and 2024, respectively. The Company’s reimbursement obligations under these bonds are secured by a pledge of its stock in the investee company.

Unconditional Purchase Obligations

At December 31, 2025, the Company’s unconditional purchase obligations consist of multiple fixed-price fuel purchase contracts under which it has 56.2 million gallons remaining to be purchased for a total of $173,644. These fuel purchase contracts expire on or before September 30, 2029. During the years ended December 31, 2025, 2024 and 2023, the Company paid $144,425, $139,973 and $145,598, respectively, under the respective fuel purchase contracts then outstanding.

As of December 31, 2025, future minimum purchase commitments, by calendar year, are as follows:

​

​

​

​

​

2026

  ​ ​ ​

$

136,579

2027

​

 

35,978

2028

​

​

621

2029

​

​

466

2030

​

​

—

Thereafter

​

​

—

​

​

$

173,644

​

​

CONTINGENCIES

Environmental Risks

The Company expenses costs incurred to investigate and remediate environmental issues unless they extend the economic useful lives of the related assets. The Company records liabilities when it is probable that an obligation has been incurred and the amounts can be reasonably estimated. The remediation reserves cover anticipated costs, including remediation of environmental damage that waste facilities may have caused to neighboring landowners or residents as a result of contamination of soil, groundwater or surface water, including damage resulting from conditions existing prior to the Company’s acquisition of such facilities. The Company’s estimates are based primarily on investigations and remediation plans established by independent consultants, regulatory agencies and potentially responsible third parties. The Company does not discount remediation obligations. At December 31, 2025 and 2024, the current portion of remediation reserves was $42,177 and $8,808, respectively, which is included in Accrued liabilities in the Consolidated Balance Sheets. At December 31, 2025 and 2024, the long-term portion of remediation reserves was $7,109 and $7,186, respectively, which is included in Other long-term liabilities in the Consolidated Balance Sheets. Any substantial increase

in the liabilities for remediation of environmental damage incurred by the Company could have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Legal Proceedings

In the normal course of its business and as a result of the extensive governmental regulation of the solid waste and E&P waste industries, the Company is subject to various judicial and administrative proceedings involving Canadian regulatory authorities as well as U.S. federal, state and local agencies. In these proceedings, an agency may subpoena the Company for records, or seek to impose fines on the Company or revoke or deny renewal of an authorization held or sought by the Company, including an operating permit. From time to time, the Company may also be subject to actions brought by special interest or other groups, adjacent landowners or residents in connection with the permitting and licensing of landfills, transfer stations, and E&P waste treatment, recovery and disposal operations, or alleging environmental damage or violations of the permits and licenses pursuant to which the Company operates.  The Company uses $1,000 as a threshold for disclosing environmental matters involving a governmental authority and potential monetary sanctions.

In addition, the Company is a party to various claims and suits pending for alleged damages to persons and property, alleged violations of certain laws and alleged liabilities arising out of matters occurring during the normal operation of the Company’s business. Except as noted in the matters described below, as of December 31, 2025, there is no current proceeding or litigation involving the Company or its property that the Company believes could have a material adverse effect on its business, financial condition, results of operations or cash flows.

Jefferson Parish, Louisiana Landfill Litigation

Between June 2016 and December 31, 2020, one of the Company’s subsidiaries, Louisiana Regional Landfill Company (“LRLC”), conducted certain operations at a municipal solid waste landfill known as the Jefferson Parish Landfill (the “JP Landfill”), located in Avondale, Louisiana, near the City of New Orleans. LRLC’s operations were governed by an Operating Agreement entered into in May 2012 by LRLC under its previous name, IESI LA Landfill Corporation, and the owner of the JP Landfill, Jefferson Parish (the “Parish”).  The Parish also holds the State of Louisiana permit for the operation of the JP Landfill. Aptim Corporation, and later River Birch, LLC, operated the landfill gas collection system at the JP Landfill under a separate contract with the Parish.

In July and August 2018, four separate lawsuits seeking class action status were filed against LRLC and certain other Company subsidiaries, the Parish, and Aptim Corporation in Louisiana state court, and subsequently removed to the United States District Court for the Eastern District of Louisiana, before Judge Susie Morgan in New Orleans. The court later consolidated the claims of the putative class action plaintiffs (the “Ictech-Bendeck” action).

The Ictech-Bendeck class plaintiffs asserted claims for damages from odors allegedly emanating from the JP Landfill. The consolidated putative class action complaint alleged that the JP Landfill released “noxious odors” into the plaintiffs’ properties and the surrounding community and asserted a range of liability theories—nuisance, negligence (since dismissed), and strict liability—against all defendants. The Ictech-Bendeck plaintiffs sought unspecified damages.

After a general causation trial limited the nature of the claims and limited the time period to July 2017 to December 2019, extensive discovery occurred in 2023 and 2024. On May 15, 2024, the Ictech-Bendeck plaintiffs filed an amended motion for class certification, which the defendants opposed.  Plaintiffs described the putative class as residents of the Parish suffering an injury as a result of exposure to odors from the JP Landfill between July 1, 2017 and December 31, 2019, in five proposed geographic sub-classes encompassing residents within a delineated area of the Parish that extended roughly five miles from the JP Landfill to the north and east. Counsel for the putative class asked the court to certify a class on liability and allocation issues and that specific causation be left for individual determinations after a class trial.

On August 8, 2024, the Parish and the Ictech-Bendeck plaintiffs notified the court and the other parties that they had reached an agreement in principle on settlement of the plaintiffs’ class claims against the Parish, including a settlement amount of $4,500 to be paid by the Parish to the Ictech-Bendeck plaintiffs. The settlement agreement purports to assign to the Ictech-Bendeck settlement class the Parish’s claims against the Company defendants and Aptim Corporation. On March 27, 2025, the court approved the settlement.

On March 27, 2025, the court denied the motion for class certification. On July 16, 2025, the Company and counsel for the Ictech-Bendeck plaintiffs reached an agreement in principle to settle the five individual plaintiffs’ claims against the Company in an amount not material to the Company’s financial statements. On July 18, 2025, the court entered an order dismissing the Ictech-Bendeck claims against the Company without prejudice pending consummation of the settlement agreements.

On June 3, 2025, counsel for the Ictech-Bendeck plaintiffs filed a new mass action on behalf of approximately 1,600 plaintiffs in state court (24th Judicial District, Jefferson Parish) against LRLC, certain other Company subsidiaries, and Aptim Corporation (the “Crossman” action). The case is assigned to Judge Jacqueline F. Maloney. The Crossman petition asserts claims for damages from odors allegedly emanating from the JP Landfill from July 1, 2017 through December 31, 2019. The petition seeks unspecified damages, but stipulates that no individual plaintiff’s damages exceed $74.999, and waives the right to recover in excess of that amount per plaintiff. On August 7, 2025, the Company’s subsidiaries filed and served their Answer and Affirmative Defenses to the Crossman petition.

At this time, the Company is not able to determine the likelihood of any outcome regarding the claims of the individual plaintiffs in the Crossman action, including the allocation of any potential liability among the Company defendants, the Parish, and Aptim Corporation, and is not able to reasonably estimate the possible loss or range of loss.

Los Angeles County, California Landfill Expansion Litigation

In October 2004, the Company’s subsidiary, Chiquita Canyon, LLC (“CCL”), then under prior ownership, filed an application (the “Application”) with the County of Los Angeles (the “County”) Department of Regional Planning (“DRP”) for a conditional use permit (the “CUP”) to authorize the continued operation and expansion of the Chiquita Canyon Landfill (the “CC Landfill”). The CC Landfill has operated since 1972, and as a regional landfill, accepted approximately 2.3 million tons of materials for disposal and beneficial use in 2024.  The CC Landfill was the second largest landfill in the County and played a vital role in the County’s ability to safely and quickly gather, process, and dispose of thousands of tons of waste, six days a week.  The Application requested expansion of the existing waste footprint on CCL’s contiguous property, an increase in maximum elevation, creation of a new entrance and new support facilities, construction of a facility for the County or another third-party operator to host household hazardous waste collection events, designation of an area for mixed organics/composting, and other modifications.

After many years of reviews and delays, upon the recommendation of County staff, the County’s Regional Planning Commission (the “Commission”) approved the Application on April 19, 2017, but imposed operating conditions, fees and exactions that substantially reduced the historical landfill operations and represented a large increase in aggregate taxes and fees. CCL objected to many of the requirements imposed by the Commission.  Estimates for new costs imposed on CCL under the CUP are in excess of $300,000, if the CC Landfill was still open for the acceptance of waste.

CCL appealed the Commission’s decision to the County Board of Supervisors (“Board”), but the appeal was not successful.  At a subsequent hearing, on July 25, 2017, the Board approved the CUP.  On October 20, 2017, CCL filed in the Superior Court of California, County of Los Angeles a verified petition for writ of mandate and complaint against the County and the Board captioned Chiquita Canyon, LLC v. County of Los Angeles (the “Complaint”).  The Complaint challenges the terms of the CUP in 13 counts generally alleging that the County violated multiple California and federal statutes and California and federal constitutional protections. CCL seeks the following relief: (a) an injunction and writ of mandate against certain of the CUP’s operational restrictions, taxes and fees, (b) a declaration that the challenged conditions are unconstitutional and in violation of state and federal statutes, (c) reimbursement for any such illegal fees

paid under protest, (d) damages, (e) an award of just compensation for a taking, (f) attorney fees, and (g) all other appropriate legal and equitable relief.

Following extensive litigation in 2018 and 2019 on the permissible scope of CCL’s challenge, the Superior Court issued its decision on July 2, 2020, granting CCL’s petition for writ of mandate in part and denying it in part. CCL prevailed with respect to 12 of the challenged conditions, many of which imposed new fees and exactions on the CC Landfill.  On October 11, 2022, CCL and the County entered into a settlement agreement that required CCL to file a CUP modification application with the County embodying the terms of the settlement agreement.  CCL filed the CUP modification application on November 10, 2022, an addendum to CCL’s environmental impact report in accordance with the California Environmental Quality Act on January 12, 2024, and a revised addendum on September 30, 2024.  The next steps contemplated by the settlement agreement included: completion of review by the County; scheduling the CUP modification application for a hearing before the Commission; if appealed, a hearing before the Board; and, upon approval by the Board of the CUP modification application and satisfaction of certain other contingencies, CCL would dismiss this lawsuit.

At a meeting between the County and the Company on September 23, 2024, the County first stated that it would not be possible to complete the environmental review and present the CUP modification to the Commission in 2024.  Absent approval of the modified CUP, beginning January 1, 2025, the CUP requires CCL to reduce its maximum annual solid waste tonnage capacity from approximately two million tons of solid waste per year to approximately one million tons of solid waste per year.  CCL and the County were required under the settlement agreement to cooperate to take additional lawful and reasonable measures to effectuate the basic terms and goals of the settlement agreement, which included modifying this tonnage reduction to a gradual step-down in tonnage.  However, because the County was unable to fully implement the settlement agreement or provide a viable alternative solution to address the severe tonnage restrictions that took effect on January 1, 2025, maintaining ongoing operations at the CC Landfill was no longer economically viable. Thus, CCL closed active waste disposal operations as of December 31, 2024.

On January 10, 2025, CCL and the County appeared before the Superior Court for a trial setting conference and the Court set the remaining claims for a bench trial, beginning October 13, 2025. The County filed a motion to enforce the settlement agreement on July 23, 2025, and, on September 10, 2025, the Court granted the County’s motion, vacated the trial date, and set a case management conference for January 9, 2026. On October 16, 2025, CCL filed a motion to enforce the settlement agreement, requesting the Court to enter judgment embodying the July 2020 writ decision. On November 10, 2025, the Court entered CCL’s proposed judgment. Following additional motions practice, the County served notice of the judgment on December 24, 2025. The County filed a notice of appeal on January 16, 2026, and CCL filed its cross-appeal on January 23, 2026. At this time, the Company is not able to determine the likelihood of any outcome in this matter.

Elevated Temperature Landfill Event

Beginning in May 2023, the Company’s subsidiary, CCL, began receiving NOVs from the South Coast Air Quality Management District (“SCAQMD”) for alleged violations of Section 41700 of the California Health & Safety Code and SCAQMD Rule 402 based on complaints from the public of odors, which SCAQMD inspectors stated that they verified were from the CC Landfill. Each Rule 402 NOV alleges the CC Landfill is “discharging such quantities of air contaminants to cause injury, detriment, nuisance or annoyance to a considerable number of persons.” CCL’s retained expert consultants in Elevated Temperature Landfill (“ETLF”) events have attributed the odors and other impacts to an ETLF event that is occurring in a lined, non-active area of the CC Landfill.

Since May 2023, CCL has received approximately 410 NOVs for alleged violations of SCAQMD Rule 402. CCL has also received 26 additional NOVs from SCAQMD alleging violations of the Stipulated Order for Abatement, the California Health & Safety Code, other SCAQMD rules, and CCL’s Title V permit.

On August 15, 2023, SCAQMD petitioned its Hearing Board for an Order for Abatement in Hearing Board Case No. 6177-4 to address the Rule 402 NOVs issued by SCAQMD inspectors as a result of the ETLF event. SCAQMD and CCL

negotiated a Stipulated Order for Abatement (the “Stipulated Order”), which was issued by the Hearing Board on September 6, 2023. Modifications to the Stipulated Order were approved by the Hearing Board after hearings on January 16 and 17, March 21, April 24, August 17, 20, and 27, and November 13, 2024, April 16, 2025, June 4, 17, and 24, and December 9, 2025. The modified Stipulated Order contains 107 conditions. The next status and modification hearing is scheduled for May 28, 2026.

On November 22, 2023, CCL received an NOV from the Los Angeles Regional Water Quality Control Board (“Water Board”) for alleged violations of CCL’s Waste Discharge Requirements Order No. R4-2018-0172, including the Monitoring and Reporting Program. The allegations relate to increased leachate production and leachate seeps caused by the ETLF event. CCL has received three more NOVs from the Water Board regarding alleged discharges, reporting, and other compliance violations. CCL has submitted full responses to each of the November 22, 2023, and January 24, March 28, and April 9, 2024 NOVs from the Water Board.

On June 27, 2024, CCL received a fifth NOV from the Water Board for alleged non-compliance with a March 20, 2024 Investigative Order issued by the Water Board pursuant to California Water Code §§ 13267 and 13383. CCL has provided a full response to the alleged violations.

On January 6, 2026 (revised January 7), CCL received a sixth NOV from the Water Board for alleged violations of the National Pollutant Discharge Elimination General Permit for Stormwater Discharges Associated with Industrial Activities (Order No. 2014-0057-DWQ, as amended by Order No. 2018-0028-DWQ). The allegations relate to an allegedly unauthorized discharge of stormwater commingled with characteristically hazardous leachate. CCL is working on its response to the alleged violations.

On February 15 and March 29, 2024, CCL received two Summaries of Violations (“SOV”) from the Department of Toxic Substances Control (“DTSC”). The SOVs allege violations of California’s hazardous waste control laws and their implementing regulations related to three incidents in which offsite shipments of leachate, which tested above a regulatory threshold, were shipped to non-hazardous waste treatment and disposal facilities. CCL has submitted full responses to both SOVs from DTSC.

On April 1, 2025, CCL received a third SOV from DTSC. The SOV alleges violations of California’s hazardous waste control laws and their implementing regulations related to three loads of leachate which allegedly failed to comply with landfill disposal restriction requirements and for allegedly failing to minimize the possibility of a release of hazardous waste or hazardous waste constituents. CCL has submitted a full response to this SOV.

On November 18, 2025, CCL received a fourth SOV from DTSC. The SOV alleges violations of California’s hazardous waste control laws and their implementing regulations for allegedly failing to minimize the possibility of a release of hazardous waste or hazardous waste constituents, failing to properly complete hazardous waste manifests for hazardous waste condensate, and failing to properly label tanks containing hazardous waste leachate. CCL has submitted full responses to this SOV.

On April 2, 2025, CCL, Chiquita Canyon, Inc., and Waste Connections US, Inc. (“Respondents”) received from DTSC an Imminent and Substantial Endangerment Determination and Order (“ISE Order”) for alleged violations of the California Health & Safety Code. The ISE Order alleges that “there may be an imminent and/or substantial endangerment to the public health or welfare or to the environment because of the release and/or the threatened release of the hazardous substances at the Site.” The order requires Respondents to implement three removal actions: (1) extension of the geomembrane cover, (2) interim relocation of a tank farm, and (3) protection of Cell 8A. CCL filed a notice of intent to comply and sufficient cause defenses on April 9, 2025, which included its objection to DTSC’s inclusion of improper parties, Chiquita Canyon, Inc. and Waste Connections US, Inc. CCL has been working closely with DTSC to implement the three removal actions. On December 26, 2025, DTSC issued a Notice of Proposed Determination of Noncompliance with the ISE Order, alleging that Respondents have failed to submit adequate workplans for each of the removal actions. CCL disagrees with these allegations and submitted its response on January 12, 2026. On January 26, 2026, DTSC issued

Respondents a Final Determination of Noncompliance with, and Violation of, the ISE Order. CCL is preparing a response to the alleged violations.

On June 4, 2024, CCL received a Finding of Violation (“FOV”) from the U.S. Environmental Protection Agency, alleging violations of the New Source Performance Standards (“NSPS”) and National Emission Standards for Hazardous Air Pollutants (“NESHAP”) for municipal solid waste landfills, the NSPS and NESHAP General Provisions, and certain conditions of CCL’s Title V permit. CCL has submitted a full response to the alleged violations.  

At this time, CCL is not able to determine the likely penalties that the regulatory agencies will seek for these alleged violations, but they could be substantial. CCL is also incurring substantial costs in conjunction with efforts to address the ETLF event and any related impacts, including attendant air emissions, and to manage the increased production and changing composition of the leachate. At this time, the Company is not able to determine the likelihood of any outcome of the resolution of these alleged violations, and not able to reasonably estimate the possible loss or range of loss.

Chiquita Canyon Landfill Civil Litigation

Given the facts related to the ETLF event and the alleged violations described above, numerous civil lawsuits have been filed against CCL and other Company subsidiaries, including Chiquita Canyon, Inc., Waste Connections of California, Inc., Waste Connections Management Services Inc. and Waste Connections US, Inc.  These began with Howse et al. v. Chiquita Canyon, LLC, et al. (Los Angeles Co. Superior Court; filed September 5, 2023, removed to U.S.D.C. C.D. Cal. October 4, 2023).  That case included class action claims, but in May 2024, those claims were dropped and the case continues as a mass tort case in federal district court.  In November 2024, Judge Frimpong in the Central District of California consolidated Howse and all other then filed, related cases into In re Chiquita Landfill Litigation. Master File No. 2:23-CV-08380-MEMF-MAR. (C.D. Cal.). As additional, related cases have been filed, the Company has sought to consolidate them with In re Chiquita Landfill Litigation. The Court consolidated the County Action (described below) with In re Chiquita Landfill Litigation for discovery purposes only.

There are approximately 11,700 total plaintiffs in these civil lawsuits as of February 6, 2026, which includes some from cases filed but not yet served, and the Company expects additional complaints and plaintiffs in the future.

The claims in the ongoing cases allege, among other things, nuisance odors, chemical exposures and other torts, including private nuisance (continuing and permanent), public nuisance (continuing and permanent), negligence, negligence per se, strict liability for ultrahazardous activities, and a violation of Health and Safety Code § 41700.  Plaintiffs seek damages for physical injury, fear of future physical injury, increased risk of future injury, including the need for medical monitoring, emotional distress, harm to real and personal property, medical expenses, relocation expenses, and punitive damages.  Plaintiffs seek all costs of suits and attorneys’ fees.  Some of the cases allege that officers and directors and/or agents of the Company’s subsidiaries had advance knowledge that failure to properly maintain and operate the CC Landfill would result in the sorts of harms that the plaintiffs allegedly suffered.  Some of the cases seek injunctive relief to prevent further harm to the plaintiffs or to close the CC Landfill.

The additional cases include: Suggs et al. v. Chiquita Canyon, LLC, et al. (Los Angeles Superior Court; filed February 2, 2024, removed to U.S.D.C. C.D. Cal. March 25, 2024)‎; Siryani et al. v. Chiquita Canyon, LLC, et al. (Los Angeles Superior Court; filed March 27, 2024, removed to U.S.D.C. C.D. Cal. on April 29, 2024)‎; Adams Evans et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed April 15, 2014, removed to U.S.D.C. C.D. Cal. on July 5, 2024)‎; Aleksanyan et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal.; filed May 20, 2024);  Jolene Acosta et al., v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed May 29, 2024, removed to U.S.D.C. C.D. Cal. on July 12, 2024); Quaiden Fenstermaker et. al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed May 29, 2024, removed to U.S.D.C. C.D. Cal. on July 13, 2024)‎; Briana Mejia et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed May 29, 2024, removed to U.S.D.C. C.D. Cal. on July 15, 2024); Araiza et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal.; filed June 3, 2024); Melineh Gasparians et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed June 10, 2024; removed to U.S.D.C. C.D. Cal. on September 4, 2024); Claudia Rivera et al. v. Chiquita

Canyon, LLC et al. (Los Angeles Superior Court; filed June 14, 2024, removed to U.S.D.C. C.D. Cal. on July 22, 2024)‎; Alejandra Suarez et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed June 20, 2024; removed to U.S.D.C. C.D. Cal. on July 29, 2024) ; ‎ Geon Hwang, et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal.; filed July 8, 2024); Anabel Austin, et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed July 9, 2024; removed to U.S.D.C. C.D. Cal. on August 16, 2024); Isabell ‎Dolores Palomino et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal.; filed July 12, 2024); Stephanie Audish et al. v. Chiquita Canyon, LLC (Los Angeles Superior Court; filed July 16, 2024); Scott Benjamin Siegal et. al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed July 16, 2024); Alina Hakopyan et al. v. Chiquita Canyon, LLC (Los Angeles Superior Court; filed August 6, 2024); Kaiden Alim et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, filed September 27, 2024); Nicholas Difatta et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, filed October 5, 2024); Jane Chun-Won Yang et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal. filed on November 19, 2024); K.E. et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal. filed on November 22, 2024); Maria Magdalena Alanis, et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal. filed January 6, 2025); Grace Lara et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal. filed February 10, 2025); Babken Egoian et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal., filed March 31, 2025); Kiwi Chang et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, filed February 24, 2025); Molina et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-05352, filed June 10, 2025); Mietzner et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-06061, filed July 2, 2025 but plaintiffs objected to consolidation and those objections have not yet been ruled on); Fernando Perez et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal. filed December 30, 2024); Nancy Mariel Aguilar et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, filed January 27, 2025); Leticia Ojeda et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, filed March 6, 2025); Bertha Bacon et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-09403, filed October 2, 2025);Reyna Aguilar et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. 2:25-cv-10271, filed October 24, 2025); Rhea Estacio et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. 2:25-cv-10408, filed October 29, 2025 but not yet consolidated) ; Sterling Gateway, L.P. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-06328, filed July 10, 2025); and Joseph Ryan Stanley et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-12304, filed December 29, 2025). One law firm filed 359 individual cases in Los Angeles Superior Court, which the Company related and consolidated to that firm’s first filed case, Serieddine et al. v. Chiquita Canyon, LLC, et al. (Los Angeles Superior Court; filed January 8, 2024), and removed the cases en masse as In re Serieddine. In re Serieddine was consolidated with In re Chiquita Landfill Litigation.

Six cases have been filed, but not yet served: Gary Wells et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, Case No. 25STCV29317, filed October 3, 2025); Mariya Savchenko et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-10615, filed November 4, 2025); Anahit Pogosyan, by and through her Successor in Interest, Armen Pogosian, v. Chiquita Canyon LLC et al. (C.D. Cal. No. 2:25-cv-11732, filed December 10, 2025); William John Blatter et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-12056, filed December 19, 2025); Alvaro Luis Gutierrez v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, filed February 4, 2026); Geoffre Tisdale et al. v. Chiquita Canyon LLC et al. (C.D. Cal. No. 2:26-cv-01288, filed February 6, 2026).

The Company is continuing to vigorously defend itself in these lawsuits; however, at this time, the Company is not able to determine the likelihood of any outcome regarding the underlying claims, and not able to reasonably estimate the possible loss or range of loss.

County of Los Angeles Litigation

Based upon the same facts alleged in the above-referenced “Chiquita Canyon Landfill Civil Litigation,” on December 17 2024, Los Angeles County filed a complaint in the U.S. District Court, Central District of California, No. 2:24-cv-10819-RGK-PD, against Chiquita Canyon, LLC, Chiquita Canyon, Inc. and Waste Connections US, Inc. titled The People of the State of California and The County of Los Angeles v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal, filed December 17, 2024).  This case has been assigned to Judge Frimpong, the same judge overseeing In Re Chiquita Landfill Litigation and is now consolidated with the mass tort for discovery purposes.  The Company filed a motion to dismiss on February 19, 2025 and that motion was heard on May 29, 2025. The Court denied the motion to dismiss on May 30, 2025.

The County’s lawsuit alleges public nuisance under California statutes and Los Angeles County ordinances, public nuisance per se, and unfair business practices related to the alleged violation of ordinances referenced in the public nuisance claims.  The County seeks an injunction to bring the CC Landfill into compliance with all local, state, and federal laws and regulations, including all necessary measures to “contain and extinguish” the ETLF event, prevent odors and gases from reaching any residential zone, and eliminate leachate seeps; subsidize the relocation of affected citizens living near the CC Landfill; and subsidize mitigation measures undertaken by affected citizens living, working, or studying near the CC Landfill, such as the purchase of air purification systems, double paned windows, home hardening, and assistance with utility bills. Alternatively, the County requests the appointment of a receiver to take possession and control of the CC Landfill.  The County also seeks to recover civil penalties and attorney’s fees. The Company is not able to determine the potential penalty amount that the County will seek in this lawsuit.

On May 29, 2025, the County filed a motion for a preliminary injunction, seeking the creation of at least a $20,000 abatement fund to relocate 938 residents from Val Verde and Castaic and/or for home hardening expenses. The County bases that request on numerous declarations from residents and regulators, SCAQMD complaint data, SCAQMD NOVs, and a voluntary online odor survey hosted by the Los Angeles Department of Public Health. An evidentiary hearing on the preliminary injunction was held on July 14 and 15, and the hearing on the motion was held on July 17, 2025.  On August 29, 2025, the Court granted Plaintiffs’ motion for a preliminary injunction, but failed to define the scope of the relief ordered. At this time, the Company has not been ordered to pay any money to create a relocation or home hardening fund. The Company filed in the district court an ex parte application to stay the preliminary injunction. That motion has not been decided. The Company also filed a Notice of Appeal to the Ninth Circuit on September 10, 2025, and the appeal is now fully briefed. No oral argument is scheduled yet in the Ninth Circuit.

The Company is continuing to vigorously defend itself in this matter; however, at this time, the Company is not able to determine the likelihood of any outcome regarding the underlying claims, and is not able to reasonably estimate the possible loss or range of loss.

Collective Bargaining Agreements

As of December 31, 2025, approximately 16% of the Company’s workforce, were employed under collective bargaining agreements. The Company has 23 collective bargaining agreements covering 1,414 employees, or approximately 6% of its workforce, that have expired or are set to expire in 2026. In 2025, the Company did not experience any work stoppages or days idle due to labor issues.
v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Shareholders' Equity [Abstract]  
Shareholders' Equity

14.   SHAREHOLDERS’ EQUITY

Employee Share Purchase Plan

On May 15, 2020, the Company’s shareholders approved the ESPP. Under the ESPP, qualified employees may elect to have payroll deductions withheld from their eligible compensation on each payroll date in amounts equal to or greater than one percent (1%) but not in excess of ten percent (10%) of eligible compensation in order to purchase the Company’s common shares under certain terms and subject to certain restrictions set forth in the ESPP. The exercise price is equal to 95% of the closing price of the Company’s common shares on the last day of the relevant offering period; provided, however, that such exercise price will not be less than 85% of the volume weighted average price of the Company’s common shares as reflected on the TSX over the final five trading days of such offering period. The maximum number of shares that may be issued under the ESPP is 1,000,000. Under the ESPP, employees purchased 32,150 of the Company’s common shares for $5,464 during the year ended December 31, 2025. Under the ESPP, employees purchased 29,256 of the Company’s common shares for $4,486 during the year ended December 31, 2024. Under the ESPP, employees purchased 29,808 of the Company’s common shares for $3,909 during the year ended December 31, 2023.

Cash Dividend

The Board of Directors of the Company authorized the initiation of a quarterly cash dividend in October 2010 and has increased it on an annual basis. In October 2025, the Company announced that its Board of Directors increased its regular quarterly cash dividend by $0.035, from $0.315 to $0.350 per Company common share. Cash dividends of $333,807, $302,258 and $270,604 were paid during the years ended December 31, 2025, 2024 and 2023, respectively.

Normal Course Issuer Bid

On August 8, 2025, the Company announced the annual renewal of the Company’s normal course issuer bid (the “NCIB”) to purchase up to 12,855,691 of the Company’s common shares during the period of August 12, 2025 to August 11, 2026 or until such earlier time as the NCIB is completed or terminated at the option of the Company. The renewal followed the conclusion of the Company’s previous NCIB that expired August 11, 2025. Under the NCIB, the Company may make share repurchases on the TSX, the NYSE, the NYSE Texas and/or alternative Canadian trading systems, at the prevailing market price at the time of the transaction and subject to certain volume limitations in accordance with the rules of TSX and NYSE.

In accordance with TSX rules, any daily repurchases made through the TSX and alternative Canadian trading systems are limited to a maximum of 80,213 common shares, which represents 25% of the average daily trading volume on the TSX for the period from February 1, 2025 to July 31, 2025. The TSX rules also allow the Company to purchase, once a week, a block of common shares not owned by any insiders, which may exceed such daily limit. The maximum number of shares that can be purchased per day on the NYSE and NYSE Texas will be 25% of the average daily trading volume on such exchanges for the four calendar weeks preceding the date of purchase, subject to certain exceptions for block purchases.

The timing and amounts of any repurchases pursuant to the NCIB will depend on market conditions, share price and other factors, including potential acquisition growth opportunities. All common shares purchased under the NCIB will be immediately cancelled following their repurchase.

For the year ended December 31, 2025, the Company repurchased 2,758,775 common shares pursuant to the NCIB in effect during that period at an aggregate cost of $505,517.  For each of the years ended December 31, 2024 and 2023, the Company did not repurchase any common shares pursuant to the NCIB in effect during that period.  As of December 31, 2025, the maximum number of shares available for repurchase under the current NCIB was 11,396,255.

Common Shares

The Company is authorized to issue an unlimited number of common shares, that have no par value, and uses reserved but unissued common shares to satisfy its obligations under its equity-based compensation plans. As of December 31, 2025, the Company has reserved the following common shares for issuance:

​

​

​

​

For outstanding RSUs, PSUs and warrants

  ​ ​ ​

2,105,586

For future grants under the 2016 Incentive Award Plan

 

1,417,371

For future grants under the Employee Share Purchase Plan

​

871,391

​

 

4,394,348

​

Common Shares Held in Trust

Common shares held in trust at December 31, 2025 consist of 46,348 shares of the Company held in a trust that were acquired by Progressive Waste prior to June 1, 2016 for the benefit of its U.S. and Canadian employees participating in certain share-based compensation plans. A total of 735,171 common shares were held in the trust on June 1, 2016 when it

was acquired by the Company in the Progressive Waste acquisition. Common shares held in trust are classified as treasury shares in the Company’s Consolidated Balance Sheets. The Company will sell shares out of the trust and remit cash or shares to employees and non-employee directors as restricted share units vest and deferred share units settle, under the Progressive Waste share-based compensation plans that were continued by the Company. During the years ended December 31, 2025, 2024 and 2023, the Company sold 1,750, 11,344 and 6,017 common shares held in the trust, respectively, to settle vested restricted share units and deferred share units.

Special Shares

The Company is authorized to issue an unlimited number of special shares. Holders of special shares are entitled to one vote in matters of the Company for each special share held. The special shares carry no right to receive dividends or to receive the remaining property or assets of the Company upon dissolution or wind-up. At December 31, 2025 and 2024, no special shares were issued.

Preferred Shares

The Company is authorized to issue an unlimited number of preferred shares, issuable in series. Each series of preferred shares issued shall have rights, privileges, restrictions and conditions as determined by the Board of Directors prior to their issuance. Preferred shareholders are not entitled to vote, but take preference over the common shareholders rights in the remaining property and assets of the Company in the event of dissolution or wind-up. At December 31, 2025 and 2024, no preferred shares were issued.

Restricted Share Units, Performance-Based Restricted Share Units, Share Options and Share Purchase Warrants

In connection with the Progressive Waste acquisition, each Waste Connections US, Inc. restricted stock unit award, deferred restricted stock unit award and warrant outstanding immediately prior to the Progressive Waste acquisition was automatically converted into a restricted share unit award, deferred restricted share unit award or warrant, as applicable, relating to an equal number of common shares of the Company, on the same terms and conditions as were applicable immediately prior to the Progressive Waste acquisition under such equity award. Such conversion of equity awards was approved by the Company’s shareholders at its shareholder meeting as part of the shareholders’ approval of the Progressive Waste acquisition. At its meeting on June 1, 2016, the Company’s Board of Directors approved the assumption by the Company of the Waste Connections US, Inc. 2014 Incentive Plan Award (the “2014 Plan”), the Waste Connections US, Inc. Third Amended and Restated 2004 Equity Incentive Plan (the “2004 Plan”), and the Waste Connections US, Inc. Consultant Incentive Plan (the “Consultant Plan,” and, together with the 2014 Plan and the 2004 Plan, the “Assumed Plans”) for the purposes of administering the Assumed Plans and the awards issued thereunder. No additional awards will be made under any of the Assumed Plans. Upon the vesting, expiration, exercise in accordance with their terms or other settlement of all of the awards made pursuant to an Assumed Plan, such Assumed Plan shall automatically terminate.  The 2014 Plan and the Consultant Plan have each automatically terminated.

Participation in the 2004 Plan was limited to employees, officers, directors and consultants. Restricted share units (“RSUs”) granted under the 2004 Plan generally vest in installments pursuant to a vesting schedule set forth in each agreement. The Board of Directors authorized the granting of awards under the 2004 Plan, and determined the employees and consultants to whom such awards were to be granted, the number of shares subject to each award, and the exercise price, term, vesting schedule and other terms and conditions of each award. RSU awards granted under the plan did not require any cash payment from the participant to whom an award was made. No grants have been made under the 2004 Plan since May 16, 2014 pursuant to the approval by the stockholders of the 2014 Plan on such date.

On June 1, 2016, the Company’s Board of Directors adopted the 2016 Incentive Award Plan (the “2016 Plan”), which was approved by Progressive Waste’s shareholders on May 26, 2016. On each of July 24, 2017 and 2018, the Board of Directors approved certain housekeeping amendments to the 2016 Plan. The 2016 Plan, as amended, is administered by the Company’s Compensation Committee and provides that the aggregate number of common shares which may be issued

from treasury pursuant to awards made under the 2016 Plan is 7,500,000 common shares. Awards under the 2016 Plan may be made to employees, consultants and non-employee directors and may be made in the form of options, warrants, restricted shares, restricted share units, performance awards (which may be paid in cash, common shares, or a combination thereof), dividend equivalent awards (representing a right of the holder thereof to receive the equivalent value (which may be paid in cash or common shares) of dividends paid on common shares), and share payments (a payment in the form of common shares or an option or other right to purchase common shares as part of a bonus, defined compensation or other arrangement). Non-employee directors are also eligible to receive deferred share units, which represent the right to receive a cash payment or its equivalent in common shares (or a combination of cash and common shares), or which may at the time of grant be expressly limited to settlement only in cash and not in common shares.

Restricted Share Units

A summary of the Company’s RSU activity is presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Weighted average grant-date fair value of restricted share units granted

​

$

185.41

​

$

164.93

​

$

133.65

Total fair value of restricted share units vested

​

$

46,741

​

$

39,745

​

$

39,754

​

A summary of activity related to RSUs during the year ended December 31, 2025, is presented below:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

Grant Date Fair

​

  ​ ​ ​

Unvested Shares

​

Value Per Share

Outstanding at December 31, 2024

 

912,560

​

$

139.83

Granted

 

358,650

​

$

185.41

Forfeited

 

(43,740)

​

$

159.99

Vested and issued

 

(356,198)

​

$

131.22

Outstanding at December 31, 2025

 

871,272

​

$

161.09

​

Recipients of the Company’s RSUs who participate in the Company’s Nonqualified Deferred Compensation Plan may have elected in years prior to 2015 to defer some or all of their RSUs as they vest until a specified date or dates they choose. At the end of the deferral periods, unless a qualified participant makes certain other elections, the Company issues to recipients who deferred their RSUs common shares of the Company underlying the deferred RSUs. At December 31, 2025, 2024 and 2023, the Company had 29,092, 29,980 and 49,129 vested deferred RSUs outstanding, respectively.

Performance-Based Restricted Share Units

A summary of the Company’s PSU activity is presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Weighted average grant-date fair value of PSUs granted

​

$

176.19

​

$

138.29

​

$

133.83

Total fair value of PSUs vested

​

$

10,374

​

$

14,948

​

$

20,196

​

A summary of activity related to PSUs during the year ended December 31, 2025, is presented below:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

Grant Date Fair

​

  ​ ​ ​

Unvested Shares

​

Value Per Share

Outstanding at December 31, 2024

 

219,143

​

$

137.83

Granted

 

80,104

​

$

176.19

Vested and issued

 

(87,964)

​

$

117.94

Outstanding at December 31, 2025

 

211,283

​

$

160.65

​

During the year ended December 31, 2025, the Company’s Compensation Committee granted PSUs with three-year performance-based metrics that the Company must meet before those awards may be earned, and the performance period for those grants ends on December 31, 2027.  During the year ended December 31, 2024, the Company’s Compensation Committee granted PSUs with three-year performance-based metrics that the Company must meet before those awards may be earned, and the performance period for those grants ends on December 31, 2026.  During the year ended December 31, 2023, the Company’s Compensation Committee granted PSUs with three-year performance-based metrics that the Company was required to meet before those awards were earned, and the performance period for those grants ended on December 31, 2025.  The Compensation Committee determines the achievement of performance results and corresponding vesting of PSUs for each performance period.

Share Purchase Warrants

The Company has outstanding share purchase warrants issued under the 2016 Plan. Warrants to purchase the Company’s common shares were issued to certain consultants to the Company. Warrants issued were fully vested and exercisable at the date of grant. Warrants outstanding at December 31, 2025, expire between 2026 and 2030.

A summary of warrant activity during the year ended December 31, 2025, is presented below:

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Weighted-Average

​

​

Warrants

​

Exercise Price

Outstanding at December 31, 2024

 

921,426

​

$

142.21

Granted

 

188,969

​

$

184.32

Forfeited

 

(83,135)

​

$

123.01

Exercised

 

(33,321)

​

$

104.94

Outstanding at December 31, 2025

 

993,939

​

$

153.07

​

The following table summarizes information about warrants outstanding as of December 31, 2025 and 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

Fair Value of

​

​

​

​

​

​

Warrants

​

​

​

Warrants

​

Outstanding at December 31, 

Grant Date

​

Issued

​

Exercise Price

​

Issued

​

2025

​

2024

Throughout 2020

​

164,890

​

$72.65 to $104.89

​

$

3,140

​

—

​

85,293

Throughout 2021

​

218,166

​

$99.33 to $135.97

​

$

5,584

​

191,155

​

191,155

Throughout 2022

​

380,478

​

$125.32 to $143.95

​

$

12,972

​

289,276

​

289,276

Throughout 2023

​

129,557

​

$129.75 to $142.93

​

$

5,133

​

98,701

​

106,649

Throughout 2024

​

301,719

​

$149.27 to $192.47

​

$

14,651

​

228,912

​

249,053

Throughout 2025

​

188,969

​

$167.68 to $197.09

​

$

9,036

​

185,895

​

—

​

​

​

​

​

​

​

  ​

 

993,939

 

921,426

​

Deferred Share Units

A summary of the Company’s deferred share units (“DSUs”) activity is presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

​

2024

  ​ ​ ​

2023

Weighted average grant-date fair value of DSUs granted

​

$

189.04

​

$

168.71

​

$

136.47

Total fair value of DSUs awarded

​

$

470

​

$

632

​

$

538

​

The DSUs consist of a combination of DSU grants outstanding under the Progressive Waste share-based compensation plans that were continued by the Company following the Progressive Waste acquisition and DSUs granted by the Company since the Progressive Waste acquisition.

A summary of activity related to DSUs during the year ended December 31, 2025, is presented below:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

Grant Date Fair

​

  ​ ​ ​

Vested Shares

​

Value Per Share

Outstanding at December 31, 2024

 

20,418

​

$

97.38

Granted

 

2,485

​

$

189.04

Outstanding at December 31, 2025

 

22,903

​

$

107.33

​

Other Restricted Share Units

RSU grants outstanding under the Progressive Waste share-based compensation plans were continued by the Company following the Progressive Waste acquisition in 2016 and allow for the issuance of shares or cash settlement to employees upon vesting or other distribution events. A summary of activity related to Progressive Waste RSUs during the year ended December 31, 2025, is presented below:

​

​

​

​

Outstanding at December 31, 2024

  ​ ​ ​

45,466

Cash settled

 

(1,750)

Outstanding at December 31, 2025

 

43,716

​

No RSUs under the Progressive Waste share-based compensation plans were granted subsequent to June 1, 2016.  
v3.25.4
Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2025
Other Comprehensive Income (Loss) [Abstract]  
Other Comprehensive Income (Loss)

15.   OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) includes changes in the fair value of interest rate swaps that qualify for hedge accounting. The components of other comprehensive income (loss) and related tax effects for the years ended December 31, 2025, 2024 and 2023, are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Year Ended December 31, 2025

​

  ​ ​ ​

Gross

  ​ ​ ​

Tax Effect

    

Net of Tax

Interest rate swap amounts reclassified into interest expense

​

$

(10,792)

​

$

2,860

​

$

(7,932)

Changes in fair value of interest rate swaps

​

 

(1,418)

​

 

376

​

 

(1,042)

Foreign currency translation adjustment

​

 

103,670

​

 

—

​

 

103,670

​

​

$

91,460

​

$

3,236

​

$

94,696

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

  ​ ​ ​

Gross

  ​ ​ ​

Tax Effect

  ​ ​ ​

Net of Tax

Interest rate swap amounts reclassified into interest expense

​

$

(20,467)

​

$

5,424

​

$

(15,043)

Changes in fair value of interest rate swaps

​

 

11,607

​

 

(3,076)

​

 

8,531

Foreign currency translation adjustment

​

 

(189,402)

​

 

—

​

 

(189,402)

​

​

$

(198,262)

​

$

2,348

​

$

(195,914)

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2023

​

  ​ ​ ​

Gross

  ​ ​ ​

Tax Effect

  ​ ​ ​

Net of Tax

Interest rate swap amounts reclassified into interest expense

​

$

(19,607)

​

$

5,196

​

$

(14,411)

Changes in fair value of interest rate swaps

​

 

10,588

​

 

(2,806)

​

 

7,782

Foreign currency translation adjustment

​

​

53,633

​

​

—

​

​

53,633

​

​

$

44,614

​

$

2,390

​

$

47,004

​

A roll forward of the amounts included in AOCIL, net of taxes, is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Foreign

  ​ ​ ​

Accumulated

​

​

​

​

​

Currency

​

Other

​

​

Interest

​

Translation

​

Comprehensive

​

​

Rate Swaps

​

Adjustment

​

Income (Loss)

Balance at December 31, 2023

​

$

16,749

​

$

(26,575)

​

$

(9,826)

Amounts reclassified into earnings

​

 

(15,043)

​

​

—

​

 

(15,043)

Changes in fair value

​

 

8,531

​

​

—

​

 

8,531

Foreign currency translation adjustment

​

 

—

​

​

(189,402)

​

 

(189,402)

Balance at December 31, 2024

​

​

10,237

​

​

(215,977)

​

​

(205,740)

Amounts reclassified into earnings

​

​

(7,932)

​

​

—

​

​

(7,932)

Changes in fair value

​

​

(1,042)

​

​

—

​

​

(1,042)

Foreign currency translation adjustment

​

​

—

​

​

103,670

​

​

103,670

Balance at December 31, 2025

​

$

1,263

​

$

(112,307)

​

$

(111,044)

​

​

​
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

16.   INCOME TAXES

The Company’s operations are conducted through its various subsidiaries in countries throughout the world. The Company has provided for income taxes based upon the tax laws and rates in the countries in which operations are conducted and income is earned.

Income before provision for income taxes consists of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

U.S.

​

$

898,743

​

$

343,255

​

$

622,041

Non – U.S.

​

 

519,173

​

 

419,678

​

 

361,460

Income before income taxes

​

$

1,417,916

​

$

762,933

​

$

983,501

​

The provision for income taxes consists of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Current:

​

​

​

​

​

​

​

​

​

U.S. federal

​

$

101,857

​

$

95,007

​

$

120,420

State and local

​

 

40,333

​

 

42,725

​

 

50,713

Non – U.S.

​

 

82,515

​

 

65,916

​

 

43,213

​

​

 

224,705

​

 

203,648

​

 

214,346

Deferred:

​

 

  ​

​

 

  ​

​

 

  ​

U.S. federal

​

 

90,822

​

 

(33,507)

​

 

14,130

State and local

​

 

19,148

​

 

(5,833)

​

 

(1,931)

Non – U.S.

​

 

6,684

​

 

(17,945)

​

 

(5,870)

​

​

 

116,654

​

 

(57,285)

​

 

6,329

Provision for income taxes

​

$

341,359

​

$

146,363

​

$

220,675

​

The Company is organized under the laws of Ontario, Canada; however, since the proportion of U.S. revenues, assets, operating income and associated tax provisions is significantly greater than any other single taxing jurisdiction within the worldwide group, the reconciliation of the differences between the Company’s income tax provision as presented in the accompanying Consolidated Statements of Net Income and income tax provision computed at the federal statutory rate is presented on the basis of the U.S. federal statutory income tax rate, as opposed to the Canadian statutory rate to provide a more meaningful insight into those differences.

​

The following table presents the reconciliation of the provision for income taxes based on the U.S. federal statutory rate to the actual effective rate by amount and percent of pre-tax income for the year ended December 31, 2025:

​

​

​

​

​

​

​

​

​

Year Ended

​

​

December 31, 2025

​

  ​ ​ ​

Amount

  ​ ​ ​

Percent

  ​ ​ ​

U.S. federal statutory tax rate

$

297,762

​

21.0

%  

State and local income taxes, net of U.S. federal income tax effect (a)

 

54,689

 

3.9

 

Foreign tax effects

 

​

 

​

 

Canada

 

​

 

​

 

Statutory tax rate difference between Canada and U.S.

 

(31,588)

 

(2.2)

 

Provincial taxes

 

37,867

 

2.7

 

Nontaxable or nondeductible items

 

(29,578)

 

(2.1)

 

Other

 

5,089

 

0.3

 

Other adjustments

​

7,118

​

0.5

 

Effective tax rate

$

341,359

​

24.1

%  

(a)The states that contribute to the majority (greater than 50%) of the tax effect in the category include Oregon, New York, California, Illinois, Texas, and Tennessee for 2025.

The items shown in the following table are a percentage of pre-tax income in accordance with the guidance prior to the adoption of ASU 2023-09, Improvements to Income Tax Disclosures:

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2024

  ​ ​ ​

2023

 

U.S. federal statutory rate

​

21.0

%  

21.0

% 

State taxes, net of federal benefit

 

4.1

 

4.3

​

Deferred income tax liability adjustments

 

0.7

 

0.3

​

Effect of international operations

 

(3.8)

 

(3.9)

​

Federal tax credits

 

(1.5)

 

—

​

Share-based compensation

 

(0.7)

 

(0.3)

​

Other

 

(0.6)

 

1.0

​

Effective tax rate

 

19.2

%  

22.4

%

​

The effects of international operations are primarily due to a portion of the Company’s income from internal financing that is taxed at effective rates substantially lower than the U.S. federal statutory rate.

Income taxes paid consists of the following:

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

U.S. federal

​

$

81,000

​

$

94,500

​

$

114,000

State and local

​

​

42,356

​

​

54,907

​

​

47,764

Foreign

​

​

​

​

​

​

​

​

​

Canada

​

 

97,666

​

 

66,247

​

​

38,474

Other

​

 

—

​

 

343

​

​

6,782

Total income taxes paid

​

$

221,022

​

$

215,997

​

$

207,020

​

The significant components of deferred income tax assets and liabilities, reduced by valuation allowances as applicable, are presented below:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 

​

​

2025

  ​ ​ ​

2024

Deferred income tax assets:

 

​

  ​

 

​

  ​

Accrued expenses

​

$

51,354

​

$

38,674

Compensation

​

 

29,493

​

 

26,589

Contingent liabilities

​

 

13,144

​

 

16,237

Tax credits and loss carryforwards

​

 

15,287

​

 

15,477

Landfill closure and post-closure

​

​

26,409

​

​

90,240

Finance costs

​

 

—

​

 

4,032

Other

​

​

3,759

​

​

13,306

Gross deferred income tax assets

​

 

139,446

​

 

204,555

Less:  Valuation allowance

​

 

—

​

 

—

Total deferred income tax assets

​

 

139,446

​

 

204,555

​

​

​

​

​

​

​

Deferred income tax liabilities:

​

​

​

​

​

​

Goodwill and other intangibles

​

 

(527,975)

​

 

(472,608)

Property and equipment

​

 

(601,843)

​

 

(595,156)

Prepaid expenses

​

 

(22,496)

​

 

(19,737)

Investment in subsidiaries

​

 

(69,096)

​

 

(71,703)

Interest rate swaps

​

 

(455)

​

 

(3,691)

Finance costs

​

​

(3,194)

​

​

—

Total deferred income tax liabilities

​

 

(1,225,059)

​

 

(1,162,895)

Net deferred income tax liability

​

$

(1,085,613)

​

$

(958,340)

​

The Company has $19,892 of Canadian tax loss carryforwards with a 20-year carryforward period which will begin to expire in 2036, as well as various U.S. state tax losses with carryforward periods up to 20 years.

As of December 31, 2025, the Company had undistributed earnings of approximately $4,725,126 for which income taxes have not been provided on permanently reinvested earnings of approximately $3,550,126. Additionally, the Company has not recorded deferred taxes on the amount of financial reporting basis in excess of tax basis of approximately $426,505 attributable to the Company’s non-U.S. subsidiaries which are permanently reinvested. It is not practical to estimate the additional tax that may become payable upon the eventual repatriation of these amounts; however, the tax impacts could result in a material increase to the Company’s effective tax rate.

The Company and its subsidiaries are subject to U.S. federal and Canadian income tax, which are its principal operating jurisdictions. The Company has concluded all U.S. federal income tax matters for years through 2021. Additionally, the normal reassessment period for the Company has expired for all Canadian federal income tax matters for years through 2020.

The Company did not have any unrecognized tax benefits recorded at December 31, 2025, 2024 or 2023. The Company recognizes interest and/or penalties related to income tax matters in income tax expense.
v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

17.   SEGMENT REPORTING

The Company’s revenues are generated primarily from the collection, transfer, recycling and disposal of non-hazardous solid waste and the treatment, recovery and disposal of non-hazardous E&P waste. No single contract or customer accounted for more than 10% of the Company’s total revenues at the consolidated or reportable segment level during the periods presented.

The Company manages its operations through the following six geographic solid waste operating segments: Southern, Western, Eastern, Central, Canada and MidSouth.  The Company’s six geographic solid waste operating segments comprise its 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.

The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s President and Chief Executive Officer.  The CODM evaluates operating segment profitability and determines resource allocations based on several factors, of which the primary financial measure is segment EBITDA. The Company defines 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. The Company’s 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.

Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2025, 2024 and 2023, including a reconciliation of segment EBITDA to Income before income tax provision, is shown in the following tables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

  ​ ​ ​

Southern

  ​ ​ ​

Western

  ​ ​ ​

Eastern

  ​ ​ ​

Central

  ​ ​ ​

Canada

  ​ ​ ​

MidSouth

  ​ ​ ​

Corporate (a), (f)

  ​ ​ ​

Consolidated

 

Revenue

​

$

2,146,478

​

$

2,111,672

​

$

2,049,734

​

$

1,783,274

​

$

1,461,895

​

$

1,302,866

​

$

—

​

$

10,855,919

​

Intercompany revenue (b)

​

​

(238,669)

​

​

(262,253)

​

​

(347,487)

​

​

(193,389)

​

​

(137,018)

​

​

(210,188)

​

​

—

​

​

(1,389,004)

​

Reported revenue

​

 

1,907,809

​

​

1,849,419

​

​

1,702,247

​

​

1,589,885

​

​

1,324,877

​

​

1,092,678

​

​

—

​

 

9,466,915

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment expenses (c)

​

​

(1,275,413)

​

​

(1,336,182)

​

​

(1,250,493)

​

​

(1,015,023)

​

​

(726,628)

​

​

(786,599)

​

​

(24,588)

​

​

(6,414,926)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment EBITDA (d)

​

 

632,396

​

​

513,237

​

​

451,754

​

​

574,862

​

​

598,249

​

​

306,079

​

​

(24,588)

​

 

3,051,989

​

Segment EBITDA margin

​

 

33.1

%

​

27.8

%

​

26.5

%

​

36.2

%

​

45.2

%

​

28.0

%

​

​

​

 

32.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

​

(243,697)

​

​

(214,829)

​

​

(235,110)

​

​

(179,093)

​

​

(198,531)

​

​

(148,130)

​

​

(12,716)

​

​

(1,232,106)

​

Other segment items (e)

​

​

(100,383)

​

​

6,943

​

​

(105)

​

​

(411)

​

​

(217)

​

​

(1,001)

​

​

(306,793)

​

​

(401,967)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income tax provision

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

1,417,916

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

216,175

​

$

212,754

​

$

222,442

​

$

217,298

​

$

145,940

​

$

143,077

​

$

36,680

​

$

1,194,366

​

Total assets (g)

​

$

4,537,419

​

$

3,565,600

​

$

3,777,611

​

$

2,922,791

​

$

3,730,214

​

$

2,051,747

​

$

543,981

​

$

21,129,363

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

  ​ ​ ​

Southern

  ​ ​ ​

Western

  ​ ​ ​

Eastern

  ​ ​ ​

Central

  ​ ​ ​

Canada

  ​ ​ ​

MidSouth

  ​ ​ ​

Corporate (a), (f)

  ​ ​ ​

Consolidated

 

Revenue

​

$

1,984,150

​

$

2,034,370

​

$

1,875,559

​

$

1,696,559

​

$

1,385,869

​

$

1,218,482

​

$

—

​

$

10,194,989

​

Intercompany revenue (b)

​

​

(226,957)

​

​

(235,701)

​

​

(311,348)

​

​

(181,657)

​

​

(124,889)

​

​

(194,846)

​

​

—

​

​

(1,275,398)

​

Reported revenue

​

 

1,757,193

​

​

1,798,669

​

​

1,564,211

​

​

1,514,902

​

​

1,260,980

​

​

1,023,636

​

​

—

​

 

8,919,591

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment expenses (c)

​

​

(1,200,768)

​

​

(1,277,911)

​

​

(1,146,988)

​

​

(972,101)

​

​

(709,501)

​

​

(740,227)

​

​

(27,655)

​

​

(6,075,151)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment EBITDA (d)

​

 

556,425

​

​

520,758

​

​

417,223

​

​

542,801

​

​

551,479

​

​

283,409

​

​

(27,655)

​

 

2,844,440

​

Segment EBITDA margin

​

 

31.7

%

​

29.0

%

​

26.7

%

​

35.8

%

​

43.7

%

​

27.7

%

​

​

​

 

31.9

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

​

(203,445)

​

​

(211,111)

​

​

(230,466)

​

​

(170,424)

​

​

(200,274)

​

​

(138,671)

​

​

(9,378)

​

​

(1,163,769)

​

Other segment items (e)

​

​

(9,395)

​

​

(596,463)

​

​

(4,398)

​

​

1,483

​

​

944

​

​

(33)

​

​

(309,876)

​

​

(917,738)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income tax provision

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

762,933

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

190,912

​

$

198,849

​

$

191,817

​

$

174,805

​

$

147,596

​

$

129,373

​

$

22,636

​

$

1,055,988

​

Total assets (g)

​

$

3,885,522

​

$

3,512,253

​

$

3,544,234

​

$

2,827,108

​

$

3,564,052

​

$

2,022,594

​

$

462,046

​

$

19,817,809

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

  ​ ​ ​

Southern

  ​ ​ ​

Western

  ​ ​ ​

Eastern

  ​ ​ ​

Central

  ​ ​ ​

Canada

  ​ ​ ​

MidSouth

  ​ ​ ​

Corporate (a), (f)

  ​ ​ ​

Consolidated

 

Revenue

​

$

1,846,713

​

$

1,878,843

​

$

1,639,351

​

$

1,620,908

​

$

1,109,164

​

$

1,072,753

​

$

—

​

$

9,167,732

​

Intercompany revenue (b)

​

​

(204,439)

​

​

(209,554)

​

​

(259,118)

​

​

(180,751)

​

​

(113,322)

​

​

(178,597)

​

​

—

​

​

(1,145,781)

​

Reported revenue

​

 

1,642,274

​

​

1,669,289

​

​

1,380,233

​

​

1,440,157

​

​

995,842

​

​

894,156

​

​

—

​

 

8,021,951

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment expenses (c)

​

​

(1,124,272)

​

​

(1,186,084)

​

​

(1,027,172)

​

​

(927,874)

​

​

(605,178)

​

​

(648,020)

​

​

(25,032)

​

​

(5,543,632)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment EBITDA (d)

​

 

518,002

​

​

483,205

​

​

353,061

​

​

512,283

​

​

390,664

​

​

246,136

​

​

(25,032)

​

 

2,478,319

​

Segment EBITDA margin

​

 

31.5

%

​

28.9

%

​

25.6

%

​

35.6

%

​

39.2

%

​

27.5

%

​

​

​

 

30.9

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

​

(179,948)

​

​

(199,426)

​

​

(207,909)

​

​

(169,370)

​

​

(121,326)

​

​

(117,397)

​

​

(7,835)

​

​

(1,003,211)

​

Other segment items (e)

​

​

(11,165)

​

​

(160,351)

​

​

(2,492)

​

​

6,763

​

​

(2,930)

​

​

3,783

​

​

(325,215)

​

​

(491,607)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income tax provision

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

983,501

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

166,961

​

$

192,148

​

$

143,484

​

$

171,748

​

$

105,453

​

$

135,650

​

$

18,556

​

$

934,000

​

Total assets (g)

​

$

3,501,953

​

$

3,432,529

​

$

3,228,244

​

$

2,811,016

​

$

2,794,795

​

$

1,705,180

​

$

442,159

​

$

17,915,876

​

(a)The majority of Corporate expenses are allocated to the six operating segments.  Direct acquisition expenses, expenses associated with common shares held in the deferred compensation plan exchanged for other investment options and share-based compensation expenses associated with Progressive Waste share-based grants outstanding at June 1, 2016 that were continued by the Company are not allocated to the six operating segments and comprise the net EBITDA of the Company’s Corporate segment for the periods presented.
(b)Intercompany revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.
(c)Segment expenses consist of all expenses that directly impact the CODM's primary financial measure, segment EBITDA. These expenses include cost of operations and selling, general, and administrative expenses as presented in the Company’s consolidated statements of operations.
(d)For those items included in the determination of segment EBITDA, the accounting policies of the segments are the same as those described in Note 3.

(e)

For all geographic operating segments, other segment items consist of gains and losses on disposal of assets, disposal of operations and foreign currency, as well as litigation settlements, environmental remediation, real estate leases, landfill closure adjustments, contingent liability adjustments, impairments and interest income. See Note 3 for more information relating to landfill closure adjustments and impairments recorded in the Western segment during the years ended December 31, 2023 and 2024 from the Company’s decision to cease active waste disposal operations at its Chiquita Canyon Landfill at December 31, 2024.

(f)

Corporate assets include cash, debt issuance costs, equity investments, operating lease right-of-use assets and corporate facility leasehold improvements and equipment.

(g)

Goodwill is included within total assets for each of the Company’s six operating segments.

The following table shows changes in goodwill during the years ended December 31, 2024 and 2025, by reportable segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Southern

  ​ ​ ​

Western

  ​ ​ ​

Eastern

  ​ ​ ​

Central

  ​ ​ ​

Canada

  ​ ​ ​

MidSouth

  ​ ​ ​

Total

Balance as of December 31, 2023

​

$

1,559,703

​

$

779,455

​

$

1,587,491

​

$

1,008,500

​

$

1,723,068

​

$

746,183

​

$

7,404,400

Goodwill acquired

​

 

17,411

​

​

85,147

​

​

148,093

​

​

2,074

​

​

343,531

​

​

103,258

​

 

699,514

Impact of changes in foreign currency

​

 

—

​

​

—

​

​

—

​

​

—

​

​

(153,508)

​

​

—

​

 

(153,508)

Balance as of December 31, 2024

​

​

1,577,114

​

​

864,602

​

​

1,735,584

​

​

1,010,574

​

​

1,913,091

​

​

849,441

​

​

7,950,406

Goodwill acquired

​

 

256,632

​

​

2,008

​

​

55,579

​

​

12,537

​

​

13,600

​

​

6,248

​

 

346,604

Impact of changes in foreign currency

​

 

—

​

 

—

​

 

—

​

 

—

​

 

95,239

​

 

—

​

 

95,239

Balance as of December 31, 2025

​

$

1,833,746

​

$

866,610

​

$

1,791,163

​

$

1,023,111

​

$

2,021,930

​

$

855,689

​

$

8,392,249

​

Property and equipment, net relating to operations in the United States and Canada are as follows:

​

​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

United States

​

$

7,484,637

​

$

6,870,901

Canada

​

 

1,248,690

​

 

1,165,028

Total

​

$

8,733,327

​

$

8,035,929

​

​

​
v3.25.4
Net Income Per Share Information
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Income Per Share Information

18.   NET INCOME PER SHARE INFORMATION

The following table sets forth the calculation of the numerator and denominator used in the computation of basic and diluted net income per common share attributable to the Company’s shareholders for the years ended December 31, 2025, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Numerator:

​

​

​

​

​

​

​

​

Net income attributable to Waste Connections for basic and diluted earnings per share

$

1,076,557

​

$

617,573

​

$

762,800

Denominator:

 

​

​

 

​

​

 

​

Basic shares outstanding

 

257,323,595

​

 

257,965,871

​

 

257,551,129

Dilutive effect of equity-based awards

 

653,146

​

 

696,319

​

 

598,115

Diluted shares outstanding

 

257,976,741

​

 

258,662,190

​

 

258,149,244

​

​

​
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

19.   EMPLOYEE BENEFIT PLANS

Retirement Savings Plans: Waste Connections and certain of its subsidiaries have voluntary retirement savings plans in Canada (the “RSPs”). RSPs are available to all eligible Canadian employees of Waste Connections and its subsidiaries. For eligible non-union Canadian employees, Waste Connections and its subsidiaries make a matching contribution to a deferred profit sharing plan (“DPSP”) of up to 5% of the employee’s eligible compensation, subject to certain limitations imposed by the Income Tax Act (Canada).

Certain of Waste Connections’ subsidiaries also have voluntary savings and investment plans in the U.S. (the “401(k) Plans”). The 401(k) Plans are available to all eligible U.S. employees of Waste Connections and its subsidiaries. Waste Connections and its subsidiaries make matching contributions under the 401(k) Plans of 100% of every dollar of a participating employee’s contributions until the employee’s contributions equal 5% of the employee’s eligible compensation, subject to certain limitations imposed by the U.S. Internal Revenue Code.

Total employer expenses, including employer matching contributions, for the DPSP and 401(k) Plans were $48,773, $46,489 and $42,100, respectively, during the years ended December 31, 2025, 2024 and 2023. These amounts include matching contributions Waste Connections made under the Deferred Compensation Plan, described below.

Multiemployer Pension Plans: The Company also participates in 16 “multiemployer” pension plans. The Company does not administer these multiemployer plans. In general, these plans are managed by the trustees, with the unions appointing certain trustees, and other contributing employers of the plan appointing certain others. The Company is generally not represented on the board of trustees. The Company makes periodic contributions to these plans pursuant to its collective bargaining agreements. The Company’s participation in multiemployer pension plans is summarized as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expiration

​

​

EIN/Pension Plan

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Date of

​

​

Number/

​

Pension Protection Act

​

FIP/RP

​

​

​

​

​

​

​

​

​

​

Collective

​

​

Registration

​

Zone Status (a)

​

Status

​

Company Contributions (d)

​

Bargaining

Plan Name

  ​ ​ ​

Number

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

(b),(c)

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

  ​ ​ ​

Agreement

Western Conference of Teamsters Pension Trust

 

91-6145047 - 001

 

Green

 

Green

 

Not applicable

​

$

11,389

​

$

9,676

​

$

8,747

 

1/19/2026 to 12/31/2030

Local 731, I.B. of T., Pension Fund

 

36-6513567 - 001

 

Green for the plan year ending 9/30/2024

 

Green for the plan year beginning 10/1/2023

 

Not applicable

​

​

5,737

​

​

5,471

​

​

4,939

 

9/30/2028

Suburban Teamsters of Northern Illinois Pension Fund

 

36-6155778 - 001

 

Green

 

Green

 

Not applicable

​

 

2,955

​

 

3,013

​

 

2,671

 

2/28/2029

Teamsters Local 301 Pension Fund

 

36-6492992 - 001

 

Green

 

Green

 

Not applicable

​

 

1,566

​

 

1,314

​

 

1,183

 

9/30/2028

Midwest Operating Engineers Pension Plan

 

36-6140097 - 001

 

Green for the plan year beginning 4/1/2025

 

Green for the plan year beginning 4/1/2024

 

Not applicable

​

 

951

​

 

774

​

 

704

 

10/31/2025

Automobile Mechanics’ Local No. 701 Union and Industry Pension Fund

 

36-6042061 - 001

 

Green

 

Green

 

Not applicable

​

 

539

​

 

562

​

 

452

 

12/31/2025

Local 813 Pension Trust Fund

 

13-1975659 - 001

 

Critical and Declining

 

Critical and Declining for the plan year beginning 1/1/2024

 

Implemented

​

 

453

​

 

485

​

 

557

 

11/30/2027

IAM National Pension Fund

​

51-6031295 - 002

​

Critical

​

Critical

​

Implemented

​

​

437

​

​

469

​

​

442

​

12/31/2025 to 6/30/2026

Locals 302 & 612 of the IOUE - Employers Construction Industry Retirement Plan

 

91-6028571 - 001

 

Green

 

Green

 

Not applicable

​

 

355

​

 

355

​

 

341

 

11/30/2026

International Union of Operating Engineers Pension Trust

 

85512-1

 

Green as of 4/30/2025

 

Green as of 4/30/2022

 

Not applicable

​

 

329

​

 

296

​

 

285

 

3/31/2028 to 3/31/2029

Multi-Sector Pension Plan

 

1085653

 

Critical as of 1/1/2022

 

Critical as of 1/1/2022

 

Not applicable

​

​

327

​

​

274

​

 

246

​

12/31/2026

Recycling and General Industrial Union Local 108 Pension Fund

​

13-6366378 - 001

​

Green

​

Green

​

Not applicable

​

​

284

​

​

246

​

​

225

​

2/28/2027

Nurses and Local 813 IBT Retirement Plan

​

13-3628926 - 001

​

Green

​

Green

​

Not applicable

​

​

111

​

​

125

​

​

121

​

11/30/2027

Contributions to other multiemployer plans

​

​

​

​

​

​

​

​

​

​

124

​

​

98

​

​

81

​

​

​

​

​

​

​

​

​

​

​

​

$

25,557

​

$

23,158

​

$

20,994

​

​

​

(a)

Unless otherwise noted in the table above, the most recent Pension Protection Act zone status available in 2025 and 2024 is for the plans’ years ended December 31, 2024 and 2023, respectively.

(b)

The “FIP/RP Status” column indicates plans for which a Funding Improvement Plan (“FIP”) or a Rehabilitation Plan (“RP”) has been implemented.

(c)

A multiemployer defined benefit pension plan that has been certified as endangered, seriously endangered or critical may begin to levy a statutory surcharge on contribution rates. Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter, until certain conditions are met. The Company was not required to pay a surcharge to these plans during the years ended December 31, 2025 and 2024.

(d)

Of the Multiemployer Pension Plans considered to be individually significant, the Company was listed in the Form 5500 as providing more than 5% of the total contributions for the following: 1) Local No. 731, I.B. of T., Pension Fund for plan years ending September 30, 2024, 2023 and 2022; 2) Suburban Teamsters of Northern Illinois Pension Plan for the plan years ending December 31, 2024, 2023 and 2022; 3) Teamsters Local 301 Pension Fund for plan years ending December 31, 2024, 2023 and 2022; 4) Local 813 Pension Trust Fund for the plan years ending December 31, 2024 and 2023; and 5) Recycling and General Industrial Union Local 108 Pension Fund for the plan years ending December 31, 2024, 2023 and 2022.

The status is based on information that the Company received from the pension plans and is certified by the pension plans’ actuary. Plans with “green” status are at least 80% funded. Plans with “yellow” status are less than 80% funded. Plans with “critical” status are less than 65% funded. Under current law regarding multiemployer benefit plans, a plan’s termination, the Company’s voluntary withdrawal, or the withdrawal of all contributing employers from any under-funded multiemployer pension plan would require the Company to make payments to the plan for its proportionate share of the multiemployer plan’s unfunded vested liabilities. The Company could have adjustments to its estimates for these matters in the near term that could have a material effect on its consolidated financial condition, results of operations or cash flows.

Deferred Compensation Plan: The Waste Connections US, Inc. Nonqualified Deferred Compensation Plan was assumed by the Company on June 1, 2016 (as amended, restated, assumed, supplemented or otherwise modified from time to time, the “Deferred Compensation Plan”). The Deferred Compensation Plan is a non-qualified deferred compensation program under which the eligible participants, including officers and certain employees who meet a minimum salary threshold, may voluntarily elect to defer up to 80% of their base salaries and up to 100% of their bonuses, commissions and restricted share unit grants. Effective as of December 1, 2014, the Board of Directors determined to discontinue the option to allow eligible participants to defer restricted share unit grants pursuant to the Deferred Compensation Plan. Members of the Company’s Board of Directors are eligible to participate in the Deferred Compensation Plan with respect to their director fees. Although the Company periodically contributes the amount of its obligation under the plan to a trust for the benefit of the participants, any compensation deferred under the Deferred Compensation Plan constitutes an unsecured obligation of the Company to pay the participants in the future and, as such, is subject to the claims of other creditors in the event of insolvency proceedings. Participants may elect certain future distribution dates on which all or a portion of their accounts will be paid to them, including in the case of a change in control of the Company. Their accounts will be distributed to them in cash, except for amounts credited with respect to deferred restricted share unit grants, which will be distributed in the Company’s common shares pursuant to the 2004 Plan. In addition to the amount of participants’ contributions, the Company will pay participants an amount reflecting a deemed return based on the returns of various mutual funds or measurement funds selected by the participants, except in the case of restricted share units that were deferred and not subsequently exchanged into a measurement fund pursuant to the terms of the Deferred Compensation Plan, which will be credited to their accounts as Company common shares. The measurement funds are used only to determine the amount of return the Company pays to participants and participant funds are not actually invested in the measurement fund, nor are any Company common shares acquired under the Deferred Compensation Plan. For the years ended December 31, 2025, 2024 and 2023, the Company also made matching contributions to the Deferred Compensation Plan of 100% of every dollar of a participating employee’s pre-tax eligible contributions until the employee’s contributions equaled 5% of the employee’s eligible compensation, less the amount of any match the Company made on behalf of the employee under the Waste Connections 401(k) Plan, and subject to certain deferral limitations imposed by the U.S. Internal Revenue Code on 401(k) plans. The Company’s total liability for deferred compensation at December 31, 2025 and 2024 was $40,142 and $36,006, respectively, which was recorded in Other long-term liabilities in the Consolidated Balance Sheets.
v3.25.4
Subsequent Event
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event

20.   SUBSEQUENT EVENT

On February 11, 2026, the Company announced that its Board of Directors approved a regular quarterly cash dividend of $0.350 per Company common share. The dividend will be paid on March 12, 2026, to shareholders of record on the close of business on February 25, 2026.

​
v3.25.4
SCHEDULE II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2025
Valuation and Qualifying Accounts [Abstract]  
Schedule II Valuation and Qualifying Accounts

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2025, 2024 and 2023

(in thousands of U.S. dollars)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Additions

​

Deductions

​

​

​

​

​

Balance at

​

Charged to

​

Charged to

​

(Write-offs,

​

​

​

​

​

Beginning of

​

Costs and

​

Other

​

Net of

​

Balance at End

Description

  ​ ​ ​

Year

  ​ ​ ​

Expenses

  ​ ​ ​

Accounts

  ​ ​ ​

Collections)

  ​ ​ ​

of Year

Allowance for Credit Losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2025

​

$

25,730

​

$

14,624

​

$

—

​

$

(18,952)

​

$

21,402

Year Ended December 31, 2024

​

$

23,553

​

$

20,063

​

$

—

​

$

(17,886)

​

$

25,730

Year Ended December 31, 2023

​

$

22,939

​

$

17,504

​

$

—

​

$

(16,890)

​

$

23,553
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 1,076,557 $ 617,573 $ 762,800
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

We assess, identify and manage material risks from cybersecurity threats under our enterprise risk assessment framework, as well as several related policies and procedures addressing areas such as threat vulnerability management, cyber risk management, data protection and classification, network security, access control, incident response, security awareness, employee training and asset management. These policies and related standards require identification of all Information Technology (IT) and Operational Technology (OT) critical systems, assets and networks, and sufficient controls for IT and OT asset inventory, including responsibilities for assets, information owners, and asset disposition processes. From a security perspective, our Information Technology and Safety teams are responsible for protecting physical processes, safety, production, efficiency, and protection of employees. Our Information Security team is directed at protecting all aspects of data and how information is stored, transmitted, processed and used in business processes.

Our Information Security team of the Information Technology department has the direct responsibility for developing, monitoring and enforcing information security standards and procedures; reviewing and approving all network interconnections for compliance to security standards; and assisting, consulting and training individuals throughout the Company in the use of appropriate information security practices. This group is responsible for ensuring that all IT and OT systems, assets and networks are aligned with the parent company and affiliate cybersecurity framework. We engage independent third-party consultants from time to time to assess the adequacy of our cybersecurity measures and assist in implementing any appropriate actions to address any vulnerabilities identified. The Senior Vice President – Chief Information Officer, or CIO, who reports to the Senior Vice President – Performance Optimization, oversees this group and is responsible for managing the program, in collaboration with our business and functions. Our CIO has served in that role with us since 2004 and has extensive experience with cybersecurity and information technology at the Company.  

Our vendor risk management process includes conducting risk assessments to identify and monitor cybersecurity risks associated with third-party service providers, including threat detection and security event notifications. We also have requirements for third-party service providers which include regulatory compliance and meeting NIST Cybersecurity Framework policy and standards. Our agreements with third-party service providers include cybersecurity provisions to address risks.

Our Security Incident Response Plan is updated periodically and reviewed at least annually.  This plan includes guidelines for the escalation and communication of cybersecurity incidents, including a requirement to timely report to executive leadership and the Board of Directors based on an assessment of the risk and other specified criteria. We have established a cyber incident response team to prepare for, mitigate and remediate cybersecurity incidents, which is integrated within our enterprise crisis management framework.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Cybersecurity risks are integrated into our overall risk management process through the collaboration of the cybersecurity professionals and our risk management functions to assess threat levels at the subsidiary and parent company level and identify steps and resources appropriate to manage such risks.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity risks are integrated into our overall risk management process through the collaboration of the cybersecurity professionals and our risk management functions to assess threat levels at the subsidiary and parent company level and identify steps and resources appropriate to manage such risks. The Board of Directors oversees the management of risks from cybersecurity threats through regular reports received from the CIO, which include updates on our performance with preparing, preventing, detecting, responding to, mitigating and recovering from cybersecurity incidents. Should a cybersecurity threat or incident pose a significant risk to the Company, our processes provide that the CIO, through the CEO, as appropriate, would promptly inform the Board regarding any such threat or incident.

We are regularly the target of attempted cyber and other security threats and must continuously monitor and ‎develop our information technology networks and infrastructure to prevent, detect, address and mitigate the risk of ‎unauthorized access, misuse, computer viruses and other events that could have a security impact.‎  While to date the Company has not

detected a significant compromise of its information and operating systems, significant data loss or any material financial losses related to cybersecurity attacks, it is possible that we could experience a significant event in the future. Risks and exposures related to cybersecurity attacks are expected to remain high for the foreseeable future due to the rapidly evolving nature and sophistication of these threats. See Item 1A. Risk Factors, “We are increasingly dependent on technology in our operations and a failure of our technology could impact our ability ‎to service our customers and adversely affect our financial results, damage our reputation, and expose us to litigation ‎risk.”
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Board of Directors
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

Our Security Incident Response Plan is updated periodically and reviewed at least annually.  This plan includes guidelines for the escalation and communication of cybersecurity incidents, including a requirement to timely report to executive leadership and the Board of Directors based on an assessment of the risk and other specified criteria. We have established a cyber incident response team to prepare for, mitigate and remediate cybersecurity incidents, which is integrated within our enterprise crisis management framework.
Cybersecurity Risk Role of Management [Text Block]

We assess, identify and manage material risks from cybersecurity threats under our enterprise risk assessment framework, as well as several related policies and procedures addressing areas such as threat vulnerability management, cyber risk management, data protection and classification, network security, access control, incident response, security awareness, employee training and asset management. These policies and related standards require identification of all Information Technology (IT) and Operational Technology (OT) critical systems, assets and networks, and sufficient controls for IT and OT asset inventory, including responsibilities for assets, information owners, and asset disposition processes. From a security perspective, our Information Technology and Safety teams are responsible for protecting physical processes, safety, production, efficiency, and protection of employees. Our Information Security team is directed at protecting all aspects of data and how information is stored, transmitted, processed and used in business processes.

Our Information Security team of the Information Technology department has the direct responsibility for developing, monitoring and enforcing information security standards and procedures; reviewing and approving all network interconnections for compliance to security standards; and assisting, consulting and training individuals throughout the Company in the use of appropriate information security practices. This group is responsible for ensuring that all IT and OT systems, assets and networks are aligned with the parent company and affiliate cybersecurity framework. We engage independent third-party consultants from time to time to assess the adequacy of our cybersecurity measures and assist in implementing any appropriate actions to address any vulnerabilities identified. The Senior Vice President – Chief Information Officer, or CIO, who reports to the Senior Vice President – Performance Optimization, oversees this group and is responsible for managing the program, in collaboration with our business and functions. Our CIO has served in that role with us since 2004 and has extensive experience with cybersecurity and information technology at the Company.  
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Senior Vice President – Chief Information Officer, or CIO
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CIO has served in that role with us since 2004 and has extensive experience with cybersecurity and information technology at the Company.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Senior Vice President – Chief Information Officer, or CIO, who reports to the Senior Vice President – Performance Optimization, oversees this group and is responsible for managing the program, in collaboration with our business and functions.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
New Accounting Standards and Reclassifications (Policy)
 12 Months Ended
Dec. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Accounting Standards Adopted and Pending Adoption

Accounting Standards Adopted

Additional Income Tax Disclosures.  In December 2023, the Financial Accounting Standards Board (the “FASB”) issued a final standard on improvements to income tax disclosures.  The standard requires public business entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold.  The guidance also requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold.  The standard applies to all entities subject to income taxes.  For public business entities, the new requirements are effective for annual periods beginning after December 15, 2024.  The guidance is applied on a prospective basis with the option to apply the standard retrospectively.  The Company adopted the new standard as of January 1, 2025 and has applied this standard prospectively in the financial statements.  The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.  See Note 16 for disclosures related to the adoption of this standard.

Amended Guidance for Credit Losses on Accounts Receivable.  In July 2025, the FASB issued guidance to simplify the estimation of credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification (“ASU”) 606, Revenue from Contracts with Customers.  The amendments allow all entities to use a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. The amendments are effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. Entities that elect the practical expedient are required to apply the amendments prospectively.  The Company adopted the new standard as of December 15, 2025 and has applied the standard prospectively.  The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

Accounting Standards Pending Adoption

Disaggregation of Income Statement Expenses.  In November 2024, the FASB issued a final standard requiring additional disclosure of the nature of expenses included in the income statement.  The standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as disclosures about selling expenses.  The standard applies to all public business entities and will be effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027.  The guidance will be applied on a prospective basis with the option to apply the standard retrospectively.  Early adoption is permitted.  The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

Amended Guidance for Internal-Use Software.  In September 2025, the FASB issued a final standard to modernize the accounting for costs incurred in developing internal-use software. The standard replaces the legacy stage-based capitalization model with a principles-based approach and clarifies related disclosure requirements. The standard is effective for all entities for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. The guidance may be applied prospectively, retrospectively or using a modified transition approach. Early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

Interim Disclosure Requirements.  In December 2025, the FASB issued final guidance clarifying the current interim disclosure requirements.  The guidance creates a comprehensive list of interim disclosures required under U.S. generally accepted accounting principles (“GAAP”) and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the previous year end.  The amendments are effective for public business entities for interim reporting periods within annual reporting periods beginning after 15 December 2027.  The guidance may be applied prospectively or retrospectively by all entities that provide interim financial statements and notes in accordance with GAAP.  The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

v3.25.4
Summary of Significant Accounting Policies (Policy)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Reporting Currency

Reporting Currency

The functional currency of the Company, as the parent corporate entity, and its operating subsidiaries in the United States, is the U.S. dollar. The functional currency of the Company’s Canadian operations is the Canadian dollar. The reporting currency of the Company is the U.S. dollar. The Company’s consolidated Canadian dollar financial position is translated to U.S. dollars by applying the foreign currency exchange rate in effect at the consolidated balance sheet date. The Company’s consolidated Canadian dollar results of operations and cash flows are translated to U.S. dollars by applying the average foreign currency exchange rate in effect during the reporting period. The resulting translation adjustments are included in other comprehensive income or loss. Gains and losses from foreign currency transactions are included in earnings for the period. All references to “dollars” or “$” used herein refer to U.S. dollars, and all references to “CAD $” used herein refer to Canadian dollars, unless otherwise stated.
Cash Equivalents

Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less at purchase to be cash equivalents. As of December 31, 2025 and 2024, cash equivalents consisted of demand money market accounts.
Concentrations of Credit Risk

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and equivalents, restricted cash, restricted investments and accounts receivable. The Company maintains cash and equivalents with banks that at times exceed applicable insurance limits. The Company reduces its exposure to credit risk by maintaining such deposits with high quality financial institutions. The Company’s restricted cash and restricted investments are invested primarily in money market accounts, bank time deposits, U.S. government securities, agency securities and Canadian bankers’ acceptance notes. The Company has not experienced any losses related to its cash and equivalents, restricted cash or restricted investment accounts. The Company generally does not require collateral on its trade receivables. Credit risk on accounts receivable is minimized as a result of the large and diverse nature of the Company’s customer base. The Company maintains allowances for credit losses based on the expected collectability of accounts receivable.
Revenue Recognition

Revenue Recognition and Accounts Receivable

The Company’s operations primarily consist of providing non-hazardous waste collection, transfer, disposal and recycling services, E&P services, and intermodal services. The following table disaggregates the Company’s revenues by service line for the periods indicated:

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Commercial

$

2,944,279

​

$

2,670,549

 

$

2,476,891

Residential

​

2,364,536

​

​

2,258,911

​

​

2,125,068

Industrial and construction roll off

​

1,439,281

​

​

1,403,313

​

​

1,333,020

Total collection

​

6,748,096

​

​

6,332,773

​

​

5,934,979

Landfill

​

1,541,904

​

​

1,557,872

​

​

1,483,397

Transfer

​

1,461,636

​

​

1,349,080

​

​

1,198,385

Recycling

​

240,057

​

​

241,873

​

​

147,039

E&P

​

688,761

​

​

521,504

​

​

232,211

Intermodal and other

​

175,465

​

​

191,887

​

​

171,721

Intercompany

​

(1,389,004)

​

​

(1,275,398)

​

​

(1,145,781)

Total

$

9,466,915

​

$

8,919,591

 

$

8,021,951

​

The factors that impact the timing and amount of revenue recognized for each service line may vary based on the nature of the service performed. Generally, the Company recognizes revenue at the time it performs a service. In the event that the Company bills for services in advance of performance, it recognizes deferred revenue for the amount billed and subsequently recognizes revenue at the time the service is provided.

See Note 17 for additional information regarding revenue by reportable segment.

Revenue by Service Line

Solid Waste Collection

The Company’s solid waste collection business involves the collection of waste from residential, commercial and industrial customers for transport to transfer stations, or directly to landfills or recycling centers. Solid waste collection services include both recurring and temporary customer relationships. The services are performed under service agreements, municipal contracts or franchise agreements with governmental entities. Existing franchise agreements and most of the existing municipal contracts give the Company the exclusive right to provide specified waste services in the specified territory during the contract term. These exclusive arrangements are awarded, at least initially, on a competitive bid basis and subsequently on a bid or negotiated basis. The standard customer service agreements generally range from one to five years in duration, although some exclusive franchises are for significantly longer periods. Residential collection services are also provided on a subscription basis with individual households. The fees the Company charges for collection services are based primarily on the market, collection frequency and level of service, route density, type and volume or weight of the waste collected, type of equipment and containers furnished, the distance to the disposal or processing facility, the cost of disposal or processing, and prices charged by competitors for similar services.

In general, residential collection fees are billed monthly or quarterly in advance. Substantially all of the deferred revenue recorded as of September 30, 2025 was recognized as revenue during the three months ended December 31, 2025 when the service was performed. Commercial customers are typically billed on a monthly basis based on the nature of the services provided during the period. Revenue recognized under these agreements is variable in nature based on the number of residential homes or businesses serviced during the period, the frequency of collection and the volume of waste collected. In addition, certain contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index which are unknown at contract inception.

Solid waste collection revenue from sources other than customer contracts primarily relates to lease revenue associated with compactors. Revenue from these leasing arrangements was not material and represented an insignificant amount of total revenue for each of the reported periods.

Landfill and Transfer Station

Revenue at landfills is primarily generated by charging tipping fees on a per ton and/or per yard basis to third parties based on the volume disposed and the nature of the waste. In general, fees are variable in nature and revenue is recognized at the time the waste is disposed at the facility.

Revenue at transfer stations is primarily generated by charging tipping or disposal fees on a per ton and/or per yard basis. The fees charged to third parties are based primarily on the market, type and volume or weight of the waste accepted, the distance to the disposal facility, the method of transportation used and the cost of disposal. In general, fees are billed and revenue is recognized at the time the service is performed. Revenue recognized under these agreements is variable in nature based on the volume of waste accepted at the transfer facility.

Many of the Company’s landfill and transfer station customers have entered into one to ten year disposal contracts, most of which provide for annual indexed price increases.

Solid Waste Recycling

Solid waste recycling revenues result from the sale of recycled commodities, which are generated by offering residential, commercial, industrial and municipal customers recycling services for a variety of recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles and ferrous and aluminum metals. The Company owns and operates recycling operations and markets collected recyclable materials to third parties for processing before resale. In some instances, the Company utilizes a third party to market recycled materials. In certain instances, the Company issues recycling rebates to municipal or commercial customers, which can be based on the price it receives upon the sale of recycled commodities, a fixed contractual rate or other measures. The Company also receives rebates when it disposes of recycled commodities at third-party facilities. The fees received are based primarily on the market, type and volume or weight of the materials sold. In general, fees are billed and revenue is recognized at the time title is transferred. Revenue recognized under these agreements is variable in nature based on the volume of materials sold. In addition, the amount of revenue recognized is based on commodity prices at the time of sale, which are unknown at contract inception.

E&P Waste Treatment, Recovery and Disposal

E&P waste revenue is primarily generated through the treatment, recovery and disposal of non-hazardous exploration and production waste from vertical and horizontal drilling, hydraulic fracturing, production and clean-up activity, as well as other services.  Revenue recognized under these agreements is variable in nature based on the volume of waste accepted or processed during the period.

Intermodal and Other

Intermodal revenue is primarily generated through providing intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest through a network of intermodal facilities. The fees received for intermodal services are based on negotiated rates and vary depending on volume commitments by the shipper and destination. In general, fees are billed and revenue is recognized upon delivery.

Other revenues consist primarily of the sale of methane gas and renewable energy credits generated from the Company’s MSW landfills.

Revenue Recognition

Certain service arrangements and commodity sales are satisfied at a point in time, with revenue recognized when the related service has been performed or control of the product is transferred to the customer. Service obligations of a long-term nature, such as solid waste collection service contracts, are satisfied over time, and revenue is recognized based on the value provided to the customer during the period. In many of the Company’s markets, solid waste collection service contracts exist as exclusive franchise agreements or municipal contracts. The amount billed to the customer is based on variable elements such as the number of residential homes or businesses for which collection services are provided, the volume of waste collected, transported and disposed, and the nature of the waste accepted. Such contracts are generally within the Company’s collection, recycling and other lines of business and have a weighted average remaining contract life of approximately five years, excluding certain exclusive and perpetual agreements, such as governmental certificates. The Company does not disclose the value of unsatisfied performance obligations for these contracts as its right to consideration corresponds directly to the value provided to the customer for services completed to date and all future variable consideration is allocated to wholly unsatisfied performance obligations.

Additionally, certain elements of long-term customer contracts are unknown upon entering into the contract, including the amount that will be billed in accordance with annual price escalation clauses, fuel recovery fee programs and commodity prices. The amount to be billed is often tied to changes in an underlying base index such as a consumer price index or a fuel or commodity index, and revenue is recognized once the index is established for the period.
Accounts Receivable

Accounts Receivable

Accounts receivable are recorded when billed or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for credit losses, represents their estimated net realizable value.

The allowance for credit losses is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics.  The Company monitors the collectability of its trade receivables as one overall pool due to all trade receivables having similar risk characteristics.  The Company estimates its allowance for credit losses based on historical collection trends, the age of outstanding receivables, geographical location of the customer, existing economic conditions and reasonable forecasts. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. The Company has elected to apply the practical expedient which allows the Company to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets.

The following is a rollforward of the Company’s allowance for credit losses for the periods indicated:

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

​

2025

  ​ ​ ​

2024

Beginning balance

​

$

25,730

​

$

23,553

Current period provision for expected credit losses

​

​

14,493

​

​

20,243

Write-offs charged against the allowance

​

​

(26,368)

​

​

(23,141)

Recoveries collected

​

​

7,416

​

​

5,255

Impact of changes in foreign currency

​

​

131

​

​

(180)

Ending balance

​

$

21,402

​

$

25,730

​

Accounts receivable, net of allowance for credit losses, was $856,953 at December 31, 2023.
Contract Acquisition Costs

Contract Acquisition Costs

The incremental direct costs of obtaining a contract, which consist of sales incentives, are recognized as Other assets in the Company’s Consolidated Balance Sheets, and are amortized to Selling, general and administrative expense over the estimated life of the relevant customer relationship, which ranges from one to five years. The Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company would have recognized is one year or less. The Company had $30,055 and $28,161 of deferred sales incentives at December 31, 2025 and 2024, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company recorded a total of $26,198, $25,047 and $25,855, respectively, of sales incentive amortization expense for deferred sales incentives and sales incentive expense for contracts with original terms of less than one year.
Property and Equipment

Property and Equipment

Property and equipment are stated at cost. Improvements or betterments, not considered to be maintenance and repair, which add new functionality or significantly extend the life of an asset are capitalized. Third-party expenditures related to pending development projects, such as information technology, legal and engineering expenses, are capitalized. Expenditures for maintenance and repair costs, including planned major maintenance activities, are charged to expense as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal. Gains and losses resulting from disposals of property and equipment are recognized in the period in which the property and equipment is disposed. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the lease term, whichever is shorter.

The estimated useful lives are as follows:

​

​

​

​

Buildings

  ​ ​ ​

10 – 20 years

Leasehold and land improvements

 

1 – 20 years

Machinery and equipment

 

1 – 20 years

Rolling stock

 

3 – 20 years

Containers

 

3 – 12 years
Landfill Accounting

Landfill Accounting

The Company utilizes the life cycle method of accounting for landfill costs. This method applies the costs to be capitalized associated with acquiring, developing, closing and monitoring the landfills over the associated consumption of landfill capacity. The Company utilizes the units of consumption method to amortize landfill development costs over the estimated remaining capacity of a landfill. Under this method, the Company includes future estimated construction costs using current dollars, as well as costs incurred to date, in the amortization base. When certain criteria are met, the Company includes expansion airspace, which has not been permitted, in the calculation of the total remaining capacity of the landfill.

- Landfill development costs. Landfill development costs include the costs of acquisition, construction associated with excavation, liners, site berms, groundwater monitoring wells, gas recovery systems and leachate collection systems. The Company estimates the total costs associated with developing each landfill site to its final capacity. This includes certain projected landfill site costs that are uncertain because they are dependent on future events and thus actual costs could vary significantly from estimates. The total cost to develop a site to its final capacity includes amounts previously expended and capitalized, net of accumulated depletion, and projections of future purchase and development costs, liner construction costs, and operating construction costs. Total landfill costs include the development costs associated with expansion airspace. Expansion airspace is addressed below.

- Final capping, closure and post-closure obligations. The Company accrues for estimated final capping, closure and post-closure maintenance obligations at the landfills it owns and the landfills that it operates, but does not own,

under life-of-site agreements. Accrued final capping, closure and post-closure costs represent an estimate of the current value of the future obligation associated with final capping, closure and post-closure monitoring of non-hazardous solid waste landfills currently owned or operated under life-of-site agreements by the Company. Final capping costs represent the costs related to installation of clay liners, drainage and compacted soil layers and topsoil constructed over areas of the landfill where total airspace capacity has been consumed. Closure and post-closure monitoring and maintenance costs represent the costs related to cash expenditures yet to be incurred when a landfill facility ceases to accept waste and closes. Accruals for final capping, closure and post-closure monitoring and maintenance requirements in the U.S. consider site inspection, groundwater monitoring, leachate management, methane gas control and recovery, and operating and maintenance costs to be incurred during the period after the facility closes. Certain of these environmental costs, principally capping and methane gas control costs, are also incurred during the operating life of the site in accordance with the landfill operation requirements of Subtitle D and the air emissions standards. Daily maintenance activities, which include many of these costs, are expensed as incurred during the operating life of the landfill. Daily maintenance activities include leachate disposal; surface water, groundwater, and methane gas monitoring and maintenance; other pollution control activities; mowing and fertilizing the landfill final cap; fence and road maintenance; and third-party inspection and reporting costs. Site specific final capping, closure and post-closure engineering cost estimates are prepared annually for landfills owned or landfills operated under life-of-site agreements by the Company.

The net present value of landfill final capping, closure and post-closure liabilities are calculated by estimating the total obligation in current dollars, inflating the obligation based upon the expected date of the expenditure and discounting the inflated total to its present value using a credit adjusted risk-free rate. Any changes in expectations that result in an upward revision to the estimated undiscounted cash flows are treated as a new liability and are inflated and discounted at rates reflecting market conditions. Any changes in expectations that result in a downward revision (or no revision) to the estimated undiscounted cash flows result in a liability that is inflated and discounted at rates reflecting the market conditions at the time the cash flows were originally estimated. This policy results in the Company’s final capping, closure and post-closure liabilities being recorded in “layers.”  The Company’s discount rate assumption for purposes of computing layers for final capping, closure and post-closure liabilities is based on its long-term credit adjusted risk-free rate. The Company’s discount rate assumption for purposes of computing 2025 and 2024 “layers” for final capping, closure and post-closure obligations was 5.50% for each of 2025 and 2024. The Company’s long-term inflation rate assumption was 2.75% for each of the years ended December 31, 2025 and 2024.

In accordance with the accounting guidance on asset retirement obligations, the final capping, closure and post-closure liability is recorded on the balance sheet along with an offsetting addition to site costs which is amortized to depletion expense on a units-of-consumption basis as remaining landfill airspace is consumed. The impact of changes determined to be changes in estimates, based on an annual update, is accounted for on a prospective basis. In the event that changes in an estimate for a closure and post-closure liability are associated with a significant change in facts and circumstances at a landfill or a non-operating section of a landfill, corresponding adjustments to recorded liabilities and Impairments and other operating items are made as soon as is practical. Depletion expense resulting from final capping, closure and post-closure obligations recorded as a component of landfill site costs will generally be less during the early portion of a landfill’s operating life and increase thereafter. Owned landfills and landfills operated under life-of-site agreements have estimated remaining lives, based on remaining permitted capacity, probable expansion capacity and projected annual disposal volumes, that range from approximately one to several hundred years, with approximately 90% of the projected annual disposal volume from landfills with remaining lives of less than 70 years. The costs for final capping, closure and post-closure obligations at landfills the Company owns or operates under life-of-site agreements are generally estimated based on interpretations of current requirements and proposed or anticipated regulatory changes.

The following is a reconciliation of the Company’s final capping, closure and post-closure liability balance from December 31, 2023 to December 31, 2025:

​

​

​

​

​

Final capping, closure and post-closure liability at December 31, 2023

  ​ ​ ​

$

522,233

Liability adjustments

​

 

497,955

Accretion expense associated with landfill obligations

​

 

29,373

Closure payments

​

 

(247,552)

Assumption of closure liabilities from acquisitions

​

 

60,913

Foreign currency translation adjustment

​

​

(2,799)

Final capping, closure and post-closure liability at December 31, 2024

  ​ ​ ​

​

860,123

Liability adjustments

​

 

44,009

Accretion expense

​

 

48,040

Closure payments

​

 

(305,930)

Assumption of closure liabilities from acquisitions

​

​

1,010

Foreign currency translation adjustment

​

 

4,334

Final capping, closure and post-closure liability at December 31, 2025

​

$

651,586

​

Liability adjustments of $44,009 and $497,955 for the years ended December 31, 2025 and 2024, respectively, represent non-cash changes to final capping, closure and post-closure liabilities and are recorded on the Consolidated Balance Sheets along with an offsetting addition to site costs, which is amortized to depletion expense as the remaining landfill airspace is consumed. At December 31, 2025 and 2024, the current portion of final capping, closure and post-closure liabilities, included in Accrued Liabilities on the Consolidated Balance Sheets, was $146,772 and $199,736, respectively, and the long-term portion of final capping, closure and post-closure liabilities, included in Other long-term liabilities on the Consolidated Balance Sheets, was $504,814 and $660,387, respectively.  The Company performs its annual review of its cost and capacity estimates in the first quarter of each year.  In the event that changes in an estimate for a closure and post-closure liability are associated with a significant change in facts and circumstances at a landfill or a non-operating section of a landfill, corresponding adjustments to recorded liabilities and Impairments and other operating items are made as soon as is practical. In 2023, the Company recorded an additional $159,547 of charges to adjust the carrying value of a closure and post-closure liability at an area of a landfill site that has been deemed to reach final capacity. Furthermore, during the quarter ended December 31, 2024, the Company recorded an additional $480,786 of charges to adjust the carrying value of the closure and post-closure liability at the same landfill, which ceased active waste disposal operations as of December 31, 2024. See “Final capping, closure and post-closure obligations” within this Note 3 for additional information regarding the Company’s accounting for landfills.

- Disposal capacity. The Company’s internal and third-party engineers perform surveys at least annually to estimate the remaining disposal capacity at its landfills. This is done by using surveys and other methods to calculate, based on the terms of the permit, height restrictions and other factors, how much airspace is left to fill and how much waste can be disposed of at a landfill before it has reached its final capacity. The Company’s landfill depletion rates are based on the remaining disposal capacity, considering both permitted and probable expansion airspace, at the landfills it owns and landfills it operates, but does not own, under life-of-site agreements. The Company’s landfill depletion rate is based on the term of the operating agreement at its operated landfill that has capitalized expenditures. Expansion airspace consists of additional disposal capacity being pursued through means of an expansion that has not yet been permitted. Expansion airspace that meets the following criteria is included in the estimate of total landfill airspace:

1)

whether the land where the expansion is being sought is contiguous to the current disposal site, and the Company either owns the expansion property or has rights to it under an option, purchase, operating or other similar agreement; 

2)

whether total development costs, final capping costs, and closure/post-closure costs have been determined; 

3)

whether internal personnel have performed a financial analysis of the proposed expansion site and have determined that it has a positive financial and operational impact; 

4)

whether internal personnel or external consultants are actively working to obtain the necessary approvals to obtain the landfill expansion permit; and

5)

whether the Company considers it probable that the Company will achieve the expansion (for a pursued expansion to be considered probable, there must be no significant known technical, legal, community, business, or political restrictions or similar issues existing that the Company believes are more likely than not to impair the success of the expansion).

It is possible that the Company’s estimates or assumptions could ultimately be significantly different from actual results. In some cases, the Company may be unsuccessful in obtaining an expansion permit or the Company may determine that an expansion permit that the Company previously thought was probable has become unlikely. To the extent that such estimates, or the assumptions used to make those estimates, prove to be significantly different than actual results, or the belief that the Company will receive an expansion permit changes adversely in a significant manner, the costs of the landfill, including the costs incurred in the pursuit of the expansion, may be subject to impairment testing, as described below, and lower profitability may be experienced due to higher amortization rates, higher capping, closure and post-closure rates, and higher expenses or asset impairments related to the removal of previously included expansion airspace.

The Company periodically evaluates its landfill sites for potential impairment indicators. The Company’s judgments regarding the existence of impairment indicators are based on regulatory factors, market conditions and operational performance of its landfills. Future events could cause the Company to conclude that impairment indicators exist and that its landfill carrying costs are impaired.
Loss Contingencies

Loss Contingencies

In the normal course of the Company’s business the Company is subject to various litigation, claims, and regulatory matters. In accordance with authoritative guidance on accounting for contingencies, the Company discloses or accrues for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible, or probable, and whether the amount can be reasonably estimated. The Company accrues a liability when a loss is both probable and reasonably estimable. If a loss is reasonably possible but not estimable, the Company discloses the nature of the contingency and, if known, the range of potential loss or a statement that such an estimate cannot be made. Management develops its assessment based on information available and an analysis of possible outcomes under various strategies.
Business Combination Accounting

Business Combination Accounting

The Company accounts for business combinations as follows:

● The Company recognizes, separately from goodwill, the identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values. The Company measures and recognizes goodwill as of the acquisition date as the excess of:  (a) the aggregate of the fair value of consideration transferred, the fair value of the noncontrolling interest in the acquiree (if any) and the acquisition date fair value of the Company’s previously held equity interest in the acquiree (if any), over (b) the fair value of assets acquired and liabilities assumed.

● At the acquisition date, the Company measures the fair values of all assets acquired and liabilities assumed that arise from contractual contingencies. The Company measures the fair values of all noncontractual contingencies if, as of the acquisition date, it is more likely than not that the contingency will give rise to an asset or liability. 
Finite-Lived Intangible Assets

Finite-Lived Intangible Assets

The amounts assigned to franchise agreements, contracts, customer lists, permits and other agreements are being amortized over the expected term of the related agreements (ranging from 4 to 51 years).  The Company uses an accelerated or straight line basis for amortization, depending on the attributes of the related intangibles.
Goodwill and Indefinite-Lived Intangible Assets

Goodwill and Indefinite-Lived Intangible Assets

The Company acquired indefinite-lived intangible assets in connection with certain of its acquisitions. The amounts assigned to indefinite-lived intangible assets consist of the value of certain perpetual rights to provide solid waste collection and transportation services in specified territories.  The Company measures and recognizes acquired indefinite-lived intangible assets at their estimated acquisition date fair values. Indefinite-lived intangible assets are not amortized. Goodwill represents the excess of: (a) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of the Company’s previously held equity interest in the acquiree (if any), over (b) the fair value of assets acquired and liabilities assumed. Goodwill and intangible assets, deemed to have indefinite lives, are subject to annual impairment tests as described below.

Goodwill and indefinite-lived intangible assets are tested for impairment on at least an annual basis in the fourth quarter of the year. In addition, the Company evaluates its reporting units for impairment if events or circumstances change between annual tests indicating a possible impairment. Examples of such events or circumstances include, but are not limited to, the following:

● a significant adverse change in legal factors or in the business climate; 

● an adverse action or assessment by a regulator; 

● a more likely than not expectation that a segment or a significant portion thereof will be sold; 

● the testing for recoverability of a significant asset group within a segment; or

● current period or expected future operating cash flow losses. 

As part of the Company’s goodwill impairment test, the Company estimates the fair value of each of its reporting units using discounted cash flow analyses.  The Company’s reporting units consisted of its six geographic solid waste operating segments at December 31, 2025, 2024 and 2023.  The Company compares the fair value of each reporting unit with the carrying value of the net assets assigned to each reporting unit. If the fair value of a reporting unit is greater than the carrying value of the net assets, including goodwill, assigned to the reporting unit, then no impairment results. If the fair value is less than its carrying value, an impairment charge is recorded for the amount by which the carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. In testing indefinite-lived intangible assets for impairment, the Company compares the estimated fair value of each indefinite-lived intangible asset to its carrying value. If the fair value of the indefinite-lived intangible asset is less than its carrying value, an impairment charge would be recorded to earnings in the Company’s Consolidated Statements of Net Income.

During the Company’s annual impairment analysis of its solid waste operations, the Company determined the fair value of each of its six geographic operating segments at December 31, 2025, 2024 and 2023 and each indefinite-lived intangible asset within those segments using discounted cash flow analyses, which require significant assumptions and estimates about the future operations of each reporting unit and the future discrete cash flows related to each indefinite-lived intangible asset. Significant judgments inherent in these analyses include the determination of appropriate discount rates, the amount and timing of expected future cash flows, growth rates and income tax rates. The cash flows employed in the Company’s 2025 discounted cash flow analyses were based on ten-year financial forecasts, which in turn were based on the 2026 annual budget developed internally by management. These forecasts reflect operating profit margins that were consistent with 2025 results and perpetual revenue growth rates of 4.2%. The Company’s discount rate assumptions are based on an assessment of the market participant rate which approximated 7.7%. In assessing the reasonableness of the Company’s determined fair values of its reporting units, the Company evaluates its results against its current market

capitalization. The Company did not record an impairment charge to any of its six geographic operating segments as a result of its annual goodwill and indefinite-lived intangible impairment tests for the years ended December 31, 2025, 2024 or 2023.

Impairments of Property and Equipment and Finite-Lived Intangible Assets

Impairments of Property and Equipment and Finite-Lived Intangible Assets

Property, equipment and finite-lived intangible assets are carried on the Company’s consolidated financial statements based on their cost less accumulated depreciation or amortization. Finite-lived intangible assets consist of long-term franchise agreements, contracts, customer lists, permits and other agreements. The recoverability of these assets is tested whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.

Typical indicators that an asset may be impaired include, but are not limited to, the following:

● a significant adverse change in legal factors or in the business climate; 

● an adverse action or assessment by a regulator; 

● a more likely than not expectation that a segment or a significant portion thereof will be sold;

● the testing for recoverability of a significant asset group within a segment; or

● current period or expected future operating cash flow losses. 

If any of these or other indicators occur, a test of recoverability is performed by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. If the carrying value is in excess of the undiscounted expected future cash flows, impairment is measured by comparing the fair value of the asset to its carrying value. Fair value is determined by an internally developed discounted projected cash flow analysis of the asset. Cash flow projections are sometimes based on a group of assets, rather than a single asset. If cash flows cannot be separately and independently identified for a single asset, the Company will determine whether an impairment has occurred for the group of assets for which the projected cash flows can be identified. If the fair value of an asset is determined to be less than the carrying amount of the asset or asset group, an impairment in the amount of the difference is recorded in the period that the impairment indicator occurs. Several impairment indicators are beyond the Company’s control, and whether or not they will occur cannot be predicted with any certainty. Estimating future cash flows requires significant judgment and projections may vary from cash flows eventually realized. There are other considerations for impairments of landfills, as described below.

During the year ended December 31, 2025, the Company did not record any significant impairment charges for finite-lived intangible assets or property and equipment.  During the quarter ended December 31, 2024, the Company made the decision to cease active waste disposal operations as of December 31, 2024 at the Chiquita Canyon Landfill, and therefore recorded a charge of $116,090 to Impairments and other operating items in the Consolidated Statements of Net Income, which reduced the carrying value of property and equipment. During the year ended December 31, 2023, the Company did not record any significant impairment charges for finite-lived intangible assets or property and equipment.  

There are certain indicators listed above that require significant judgment and understanding of the waste industry when applied to landfill development or expansion projects. A regulator or court may deny or overturn a landfill development or landfill expansion permit application before the development or expansion permit is ultimately granted. Management may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace. Therefore, certain events could occur in the ordinary course of business and not necessarily be considered indicators of impairment due to the unique nature of the waste industry.

Restricted Cash and Restricted Investments

Restricted Cash and Restricted Investments

Restricted cash and restricted investments consist of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

December 31, 2024

​

​

Restricted

​

Restricted

​

Restricted

​

Restricted

​

  ​ ​ ​

Cash

  ​ ​ ​

Investments

  ​ ​ ​

Cash

  ​ ​ ​

Investments

Settlement of insurance claims

​

$

150,426

​

$

—

​

$

121,751

​

$

—

Landfill closure and post-closure obligations

​

​

10,451

​

​

80,655

​

​

8,852

​

​

77,855

Other financial assurance requirements

​

​

22,735

​

​

102

​

​

5,204

​

​

271

​

​

$

183,612

​

$

80,757

​

$

135,807

​

$

78,126

​

See Note 12 for further information on restricted cash and restricted investments.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company’s financial instruments consist primarily of cash and equivalents, trade receivables, restricted cash and investments, trade payables, debt instruments, contingent consideration obligations and interest rate swaps. As of December 31, 2025 and 2024, the carrying values of cash and equivalents, trade receivables, restricted cash and investments, trade payables and contingent consideration are considered to be representative of their respective fair values. The carrying values of the Company’s debt instruments, excluding certain notes as listed in the table below, approximate their fair values as of December 31, 2025 and 2024, based on current borrowing rates, current remaining average life to maturity and borrower credit quality for similar types of borrowing arrangements, and are classified as Level 2 within the fair value hierarchy. The carrying values and fair values of the Company’s debt instruments where the carrying values do not approximate their fair values as of December 31, 2025 and 2024, are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying Value at

​

Fair Value (a) at

​

​

December 31, 

​

December 31, 

​

December 31, 

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

4.25% Senior Notes due 2028

​

$

500,000

​

$

500,000

​

$

503,750

​

$

488,500

3.50% Senior Notes due 2029

​

$

500,000

​

$

500,000

​

$

491,900

​

$

471,450

4.50% Senior Notes due 2029

​

$

364,800

​

$

347,500

​

$

377,001

​

$

359,168

2.60% Senior Notes due 2030

​

$

600,000

​

$

600,000

​

$

566,100

​

$

536,220

2.20% Senior Notes due 2032

​

$

650,000

​

$

650,000

​

$

574,730

​

$

535,275

3.20% Senior Notes due 2032

​

$

500,000

​

$

500,000

​

$

465,900

​

$

437,150

4.20% Senior Notes due 2033

​

$

750,000

​

$

750,000

​

$

736,350

​

$

696,300

5.00% Senior Notes due 2034

​

$

750,000

​

$

750,000

​

$

767,175

​

$

731,625

5.25% Senior Notes due 2035

​

$

500,000

​

$

—

​

$

518,550

​

$

—

3.05% Senior Notes due 2050

​

$

500,000

​

$

500,000

​

$

335,550

​

$

321,700

2.95% Senior Notes due 2052

​

$

850,000

​

$

850,000

​

$

551,650

​

$

528,955

(a)Senior Notes are classified as Level 2 within the fair value hierarchy. Fair value inputs include third-party calculations of the market interest rate of notes with similar ratings in similar industries over the remaining note terms.

For details on the fair value of the Company’s interest rate swaps, restricted cash and investments and contingent consideration, see Note 12.
Derivative Financial Instruments

Derivative Financial Instruments

The Company recognizes all derivatives on the balance sheet at fair value. All of the Company’s derivatives have been designated as cash flow hedges; therefore, the gain or loss on the derivatives will be recognized in accumulated other

comprehensive income (loss) (“AOCIL”) and reclassified into earnings in the same period during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. The Company classifies cash inflows and outflows from derivatives within operating activities on the statement of cash flows.

One of the Company’s objectives for utilizing derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in the variable interest rates of certain borrowings under the Revolving Credit Agreement (defined below). The Company’s strategy to achieve that objective involves entering into interest rate swaps. The interest rate swap outstanding at December 31, 2025 was specifically designated to the Revolving Credit Agreement and accounted for as a cash flow hedge.

At December 31, 2025, the Company’s derivative instruments included one interest rate swap agreement as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Fixed

  ​ ​ ​

Variable

  ​ ​ ​

​

  ​ ​ ​

​

​

​

Notional

​

Interest

​

Interest Rate

​

​

​

Expiration

Date Entered

​

Amount

​

Rate Paid (a)

​

Received

​

Effective Date (b)

​

Date

December 2018

​

$

200,000

​

2.7715

%  

1-month term SOFR

​

November 2022

​

July 2027

(a)Plus applicable margin.
(b)In October 2022, the Company amended the reference rate in its outstanding interest rate swap contract to replace One-Month LIBOR with One-Month term SOFR and certain credit spread adjustments. The Company did not record any gains or losses upon the conversion of the reference rate in this interest rate swap contract, and the Company believes this amendment will not have a material impact on its Consolidated Financial Statements.

The fair values of derivative instruments designated as cash flow hedges at December 31, 2025, were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives Designated as Cash

​

Asset Derivatives

​

Liability Derivatives

Flow Hedges

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Fair Value

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Fair Value

Interest rate swaps

 

Prepaid expenses and other current assets(a)

​

$

1,272

 

Accrued liabilities

​

$

—

​

 

Other assets, net

​

 

446

 

​

​

​

​

Total derivatives designated as cash flow hedges

​

​

​

$

1,718

​

​

​

$

—

(a)Represents the estimated amount of the existing unrealized gains on interest rate swaps as of December 31, 2025 (based on the interest rate yield curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates.

The fair values of derivative instruments designated as cash flow hedges as of December 31, 2024, were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives Designated as Cash

​

Asset Derivatives

​

Liability Derivatives

Flow Hedges

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Fair Value

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Fair Value

Interest rate swaps

 

Prepaid expenses and other current assets

​

$

10,545

 

Accrued liabilities

​

$

—

​

 

Other assets, net

​

 

3,384

 

​

​

 

​

Total derivatives designated as cash flow hedges

​

​

​

$

13,929

​

​

​

$

—

​

The following table summarizes the impact of the Company’s cash flow hedges on the results of operations, comprehensive income (loss) and AOCIL for the years ended December 31, 2025, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives

​

​

​

Statement of

​

Amount of (Gain) or Loss Reclassified

Designated as Cash

​

Amount of Gain or (Loss) Recognized

​

Net Income

​

from AOCIL into Earnings,

Flow Hedges

​

as AOCIL on Derivatives, Net of Tax (a)

​

Classification

​

Net of Tax (b)

​

​

Years Ended December 31, 

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

  ​ ​ ​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Interest rate swaps

​

$

(1,042)

​

$

8,531

​

$

7,782

​

Interest expense

​

$

(7,932)

​

$

(15,043)

​

$

(14,411)

(a)

In accordance with the derivatives and hedging guidance, the changes in fair values of interest rate swaps have been recorded in equity as a component of AOCIL. As the critical terms of the interest rate swaps match the underlying debt being hedged, all unrealized changes in fair value are recorded in AOCIL.

(b)

Amounts reclassified from AOCIL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt.

See Note 15 for further discussion on the impact of the Company’s hedge accounting to its consolidated comprehensive income (loss) and AOCIL.
Income Taxes

Income Taxes

Deferred tax assets and liabilities are determined based on differences between the financial reporting and income tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. A valuation allowance is recorded if it is determined that it is more likely than not that the deferred tax asset will not be realized.

The Company is required to evaluate whether the tax positions taken on its income tax returns will more likely than not be sustained upon examination by the appropriate taxing authority. If the Company determines that such tax positions will not be sustained, it records a liability for the related unrecognized tax benefits. The Company classifies its liability for unrecognized tax benefits as a current liability to the extent it anticipates making a payment within one year.

The Company uses the flow-through method to account for investment tax credits earned on eligible development expenditures. Under this method, the investment tax credits are recognized as a reduction to income tax expense in the year they are earned.
Share-Based Compensation

Share-Based Compensation

Under the 2020 Employee Share Purchase Plan (the “ESPP”), participants will be granted an option to purchase Company common shares on the first business day of each offering period, with such option to be automatically exercised on the last business day of such offering period to purchase a whole number of the Company’s common shares determined by dividing the accumulated payroll deductions in the participant’s notional account on such exercise date by the applicable exercise price. The exercise price is equal to 95% of the closing price of the Company’s common shares on the last day of the relevant offering period; provided, however, that such exercise price will not be less than 85% of the volume weighted average price of the Company’s common shares as reflected on the Toronto Stock Exchange (the “TSX”) over the final five trading days of the offering period.

The fair value of restricted share unit (“RSU”) awards is determined based on the number of RSUs granted and the closing price of the common shares in the capital of the Company adjusted for future dividends. The fair value of deferred share unit (“DSU”) awards is determined based on the number of DSUs granted and the closing price of the common shares in the capital of the Company.

Compensation expense associated with outstanding performance-based restricted share unit (“PSU”) awards is measured using the fair value of the Company’s common shares adjusted for future dividends and is based on the estimated achievement of the established performance criteria at the end of each reporting period until the performance period ends, recognized ratably over the performance period. Compensation expense is only recognized for those awards that the Company expects to vest, which it estimates based upon an assessment of the probability that the performance criteria will be achieved.

All share-based compensation cost is measured at the grant date, based on the estimated fair value of the award adjusted for future dividends, and is recognized on a straight-line basis as expense over the employee’s requisite service period. The Company recognizes gross share compensation expense with actual forfeitures as they occur.

Warrants are valued using the Black-Scholes pricing model with a contractual life of five years, a risk-free interest rate based on the 5-year U.S. treasury yield curve and expected volatility. The Company uses the historical volatility of its common shares over a period equivalent to the contractual life of the warrants to estimate the expected volatility. The fair market value of warrants issued to consultants for acquisitions are recorded immediately as share-based compensation expense.

Share-based compensation expense recognized during the years ended December 31, 2025, 2024 and 2023, was $79,448 ($59,427 net of taxes), $77,885 ($58,203 net of taxes) and $70,436 ($52,708 net of taxes), respectively. This share-based compensation expense includes RSUs, PSUs, DSUs, share option and warrant expense. The share-based compensation expense totals include amounts associated with the Progressive Waste share-based compensation plans, continued by the Company following the Progressive Waste acquisition, which allow for the issuance of shares or cash settlement to employees upon vesting. The Company records share-based compensation expense in Selling, general and administrative expenses in the Consolidated Statements of Net Income. The total unrecognized compensation cost at December 31, 2025, related to unvested RSU awards was $91,192 and this future expense will be recognized over the remaining vesting period of the RSU awards, which extends to 2029. The weighted average remaining vesting period of the RSU awards is 1.1 years. The total unrecognized compensation cost at December 31, 2025, related to unvested PSU awards was $16,262 and this future expense will be recognized over the remaining vesting period of the PSU awards, which extends to 2028. The weighted average remaining vesting period of PSU awards is 1.1 years.

Other Share-Based Awards

As of December 31, 2025, 2024 and 2023, the Company had a liability of $7,928, $8,068 and $8,060, respectively, representing the December 31, 2025, 2024 and 2023 fair values, respectively, of outstanding Progressive Waste restricted share units which are expected to be cash settled. All remaining unvested Progressive Waste restricted share units vested during the year ended December 31, 2019.  
Per Share Information

Per Share Information

Basic net income per share attributable to holders of the Company’s common shares is computed using the weighted average number of common shares outstanding and vested and unissued restricted share units deferred for issuance into the deferred compensation plan. Diluted net income per share attributable to holders of the Company’s common shares is computed using the weighted average number of common and potential common shares outstanding. Potential common shares are excluded from the computation if their effect is anti-dilutive.

Advertising Costs

Advertising Costs

Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2025, 2024 and 2023, was $10,299, $9,197 and $9,097, respectively, which is included in Selling, general and administrative expense in the Consolidated Statements of Net Income.
Insurance Liabilities

Insurance Liabilities

As a result of its insurance policies, the Company is effectively self-insured for automobile liability, general liability, employer’s liability, environmental liability, cyber liability, employment practices liability, and directors’ and officers’ liability as well as for employee group health insurance, property and workers’ compensation. The Company’s insurance accruals are based on claims filed and estimates of claims incurred but not reported and are developed by the Company’s management with assistance from its third-party actuary and its third-party claims administrator. The insurance accruals are influenced by the Company’s past claims experience factors and by published industry development factors. At December 31, 2025 and 2024, the Company’s total accrual for self-insured liabilities was $306,961 and $243,764, respectively, which is included in Accrued liabilities in the Consolidated Balance Sheets. For the years ended

December 31, 2025, 2024 and 2023, the Company recognized $348,805, $323,760 and $261,589, respectively, of self-insurance expense which is included in Cost of operations and Selling, general and administrative expense in the Consolidated Statements of Net Income.
v3.25.4
Leases (Policy)
 12 Months Ended
Dec. 31, 2025
Lessee Disclosure [Abstract]  
Leases

The Company rents certain equipment and facilities under short-term agreements, non-cancelable operating lease agreements and finance leases.  The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date.  The lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date.

Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments.

The lease guidance requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs.  Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms.

The lease term for the Company’s leases includes the non-cancelable period of the lease, plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor.

Lease payments included in the measurement of the lease liability comprise fixed payments or variable lease payments.  The variable lease payments consider annual changes in the consumer price index and common area maintenance charges, if known.

ROU assets for operating and finance leases are periodically reviewed for impairment losses. The Company uses the long-lived asset impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall, to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to recognize.  The Company did not recognize an impairment charge for any of its ROU assets during the years ended December 31, 2025, 2024 and 2023.

The Company monitors events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset.  The Company did not recognize any significant remeasurements during the years ended December 31, 2025, 2024 and 2023.

The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company has elected to apply the short-term lease recognition and measurement exemption allowed for in the lease accounting standard.  The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Organization And Summary Of Significant Accounting Policies [Line Items]  
Total Reported Revenues by Service Line

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Commercial

$

2,944,279

​

$

2,670,549

 

$

2,476,891

Residential

​

2,364,536

​

​

2,258,911

​

​

2,125,068

Industrial and construction roll off

​

1,439,281

​

​

1,403,313

​

​

1,333,020

Total collection

​

6,748,096

​

​

6,332,773

​

​

5,934,979

Landfill

​

1,541,904

​

​

1,557,872

​

​

1,483,397

Transfer

​

1,461,636

​

​

1,349,080

​

​

1,198,385

Recycling

​

240,057

​

​

241,873

​

​

147,039

E&P

​

688,761

​

​

521,504

​

​

232,211

Intermodal and other

​

175,465

​

​

191,887

​

​

171,721

Intercompany

​

(1,389,004)

​

​

(1,275,398)

​

​

(1,145,781)

Total

$

9,466,915

​

$

8,919,591

 

$

8,021,951
Allowance for Credit Loss

The following is a rollforward of the Company’s allowance for credit losses for the periods indicated:

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

​

2025

  ​ ​ ​

2024

Beginning balance

​

$

25,730

​

$

23,553

Current period provision for expected credit losses

​

​

14,493

​

​

20,243

Write-offs charged against the allowance

​

​

(26,368)

​

​

(23,141)

Recoveries collected

​

​

7,416

​

​

5,255

Impact of changes in foreign currency

​

​

131

​

​

(180)

Ending balance

​

$

21,402

​

$

25,730
Property Plant and Equipment Estimated Useful Lives

The estimated useful lives are as follows:

​

​

​

​

Buildings

  ​ ​ ​

10 – 20 years

Leasehold and land improvements

 

1 – 20 years

Machinery and equipment

 

1 – 20 years

Rolling stock

 

3 – 20 years

Containers

 

3 – 12 years
Reconciliation of Final Capping, Closure and Post-Closure Liability Balance

The following is a reconciliation of the Company’s final capping, closure and post-closure liability balance from December 31, 2023 to December 31, 2025:

​

​

​

​

​

Final capping, closure and post-closure liability at December 31, 2023

  ​ ​ ​

$

522,233

Liability adjustments

​

 

497,955

Accretion expense associated with landfill obligations

​

 

29,373

Closure payments

​

 

(247,552)

Assumption of closure liabilities from acquisitions

​

 

60,913

Foreign currency translation adjustment

​

​

(2,799)

Final capping, closure and post-closure liability at December 31, 2024

  ​ ​ ​

​

860,123

Liability adjustments

​

 

44,009

Accretion expense

​

 

48,040

Closure payments

​

 

(305,930)

Assumption of closure liabilities from acquisitions

​

​

1,010

Foreign currency translation adjustment

​

 

4,334

Final capping, closure and post-closure liability at December 31, 2025

​

$

651,586
Restricted Cash and Restricted Investments

Restricted cash and restricted investments consist of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

December 31, 2024

​

​

Restricted

​

Restricted

​

Restricted

​

Restricted

​

  ​ ​ ​

Cash

  ​ ​ ​

Investments

  ​ ​ ​

Cash

  ​ ​ ​

Investments

Settlement of insurance claims

​

$

150,426

​

$

—

​

$

121,751

​

$

—

Landfill closure and post-closure obligations

​

​

10,451

​

​

80,655

​

​

8,852

​

​

77,855

Other financial assurance requirements

​

​

22,735

​

​

102

​

​

5,204

​

​

271

​

​

$

183,612

​

$

80,757

​

$

135,807

​

$

78,126
Carrying Values and Fair Values of Debt Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying Value at

​

Fair Value (a) at

​

​

December 31, 

​

December 31, 

​

December 31, 

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

4.25% Senior Notes due 2028

​

$

500,000

​

$

500,000

​

$

503,750

​

$

488,500

3.50% Senior Notes due 2029

​

$

500,000

​

$

500,000

​

$

491,900

​

$

471,450

4.50% Senior Notes due 2029

​

$

364,800

​

$

347,500

​

$

377,001

​

$

359,168

2.60% Senior Notes due 2030

​

$

600,000

​

$

600,000

​

$

566,100

​

$

536,220

2.20% Senior Notes due 2032

​

$

650,000

​

$

650,000

​

$

574,730

​

$

535,275

3.20% Senior Notes due 2032

​

$

500,000

​

$

500,000

​

$

465,900

​

$

437,150

4.20% Senior Notes due 2033

​

$

750,000

​

$

750,000

​

$

736,350

​

$

696,300

5.00% Senior Notes due 2034

​

$

750,000

​

$

750,000

​

$

767,175

​

$

731,625

5.25% Senior Notes due 2035

​

$

500,000

​

$

—

​

$

518,550

​

$

—

3.05% Senior Notes due 2050

​

$

500,000

​

$

500,000

​

$

335,550

​

$

321,700

2.95% Senior Notes due 2052

​

$

850,000

​

$

850,000

​

$

551,650

​

$

528,955

(a)Senior Notes are classified as Level 2 within the fair value hierarchy. Fair value inputs include third-party calculations of the market interest rate of notes with similar ratings in similar industries over the remaining note terms.
Fair Value of Derivative Instrument Designated as Cash Flow Hedges

The fair values of derivative instruments designated as cash flow hedges at December 31, 2025, were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives Designated as Cash

​

Asset Derivatives

​

Liability Derivatives

Flow Hedges

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Fair Value

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Fair Value

Interest rate swaps

 

Prepaid expenses and other current assets(a)

​

$

1,272

 

Accrued liabilities

​

$

—

​

 

Other assets, net

​

 

446

 

​

​

​

​

Total derivatives designated as cash flow hedges

​

​

​

$

1,718

​

​

​

$

—

(a)Represents the estimated amount of the existing unrealized gains on interest rate swaps as of December 31, 2025 (based on the interest rate yield curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates.

The fair values of derivative instruments designated as cash flow hedges as of December 31, 2024, were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives Designated as Cash

​

Asset Derivatives

​

Liability Derivatives

Flow Hedges

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Fair Value

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

Fair Value

Interest rate swaps

 

Prepaid expenses and other current assets

​

$

10,545

 

Accrued liabilities

​

$

—

​

 

Other assets, net

​

 

3,384

 

​

​

 

​

Total derivatives designated as cash flow hedges

​

​

​

$

13,929

​

​

​

$

—
Impact of Cash Flow Hedges on Results of Operations, Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)

The following table summarizes the impact of the Company’s cash flow hedges on the results of operations, comprehensive income (loss) and AOCIL for the years ended December 31, 2025, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives

​

​

​

Statement of

​

Amount of (Gain) or Loss Reclassified

Designated as Cash

​

Amount of Gain or (Loss) Recognized

​

Net Income

​

from AOCIL into Earnings,

Flow Hedges

​

as AOCIL on Derivatives, Net of Tax (a)

​

Classification

​

Net of Tax (b)

​

​

Years Ended December 31, 

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

  ​ ​ ​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Interest rate swaps

​

$

(1,042)

​

$

8,531

​

$

7,782

​

Interest expense

​

$

(7,932)

​

$

(15,043)

​

$

(14,411)

(a)

In accordance with the derivatives and hedging guidance, the changes in fair values of interest rate swaps have been recorded in equity as a component of AOCIL. As the critical terms of the interest rate swaps match the underlying debt being hedged, all unrealized changes in fair value are recorded in AOCIL.

(b)

Amounts reclassified from AOCIL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt.
Interest rate swap  
Organization And Summary Of Significant Accounting Policies [Line Items]  
Company's Derivative Instruments

At December 31, 2025, the Company’s derivative instruments included one interest rate swap agreement as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Fixed

  ​ ​ ​

Variable

  ​ ​ ​

​

  ​ ​ ​

​

​

​

Notional

​

Interest

​

Interest Rate

​

​

​

Expiration

Date Entered

​

Amount

​

Rate Paid (a)

​

Received

​

Effective Date (b)

​

Date

December 2018

​

$

200,000

​

2.7715

%  

1-month term SOFR

​

November 2022

​

July 2027

(a)Plus applicable margin.
(b)In October 2022, the Company amended the reference rate in its outstanding interest rate swap contract to replace One-Month LIBOR with One-Month term SOFR and certain credit spread adjustments. The Company did not record any gains or losses upon the conversion of the reference rate in this interest rate swap contract, and the Company believes this amendment will not have a material impact on its Consolidated Financial Statements.
v3.25.4
Prepaid Expenses and Other Current Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Prepaid Expenses and Other Current Assets [Abstract]  
Prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following:

​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Parts and supplies

​

$

78,863

​

$

71,156

Income taxes receivable

 

​

44,535

 

​

37,599

Prepaid insurance

​

​

31,572

​

​

40,014

Prepaid licenses and permits

​

​

14,834

​

​

14,141

Unrealized cash flow hedge gains

​

​

1,272

​

​

10,545

Other

​

​

69,527

​

​

56,064

​

 

$

240,603

 

$

229,519
v3.25.4
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

Property and equipment, net consists of the following:

​

​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Landfill site costs

​

$

6,103,669

​

$

5,778,483

Rolling stock

​

 

3,884,769

​

 

3,428,765

Land, buildings and improvements

​

 

2,774,001

​

 

2,328,287

Containers

​

 

1,439,217

​

 

1,364,624

Machinery and equipment

​

 

1,765,059

​

 

1,539,394

Construction in progress

​

 

249,245

​

 

191,404

​

​

 

16,215,960

​

 

14,630,957

Less accumulated depreciation and depletion

​

 

(7,482,633)

​

 

(6,595,028)

​

​

$

8,733,327

​

$

8,035,929
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Lessee Disclosure [Abstract]  
Summary of lease cost for operating and finance leases

Lease cost for operating and finance leases for the years ended December 31, 2025, 2024 and 2023 were as follows:

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31,

​

2025

​

2024

​

2023

Operating lease cost

$

63,448

​

$

53,329

​

$

47,840

Finance lease cost:

​

​

​

​

​

​

​

​

Amortization of leased assets

​

3,783

​

​

3,375

​

​

2,852

Interest on leased liabilities

​

456

​

​

273

​

​

228

Total lease cost

$

67,687

​

$

56,977

​

$

50,920

​

Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Years Ended December 31, 

​

​

2025

​

​

2024

​

​

2023

Cash paid for amounts included in the measurement of lease liabilities:

​

​

​

​

​

​

​

​

​

Operating cash flows from operating leases

​

$

60,048

​

$

50,837

​

$

46,688

Operating cash flows from finance leases

​

$

456

​

$

273

​

$

228

Financing cash flows from finance leases

​

$

4,189

​

$

3,356

​

$

2,817

Non-cash activity:

​

​

​

​

​

​

​

​

​

Right-of-use assets obtained in exchange for lease liabilities - operating leases

​

$

40,603

​

$

62,922

​

$

92,503

Right-of-use assets obtained in exchange for lease liabilities - finance leases

​

$

19,981

​

$

2,569

​

$

1,388

​

Weighted-average remaining lease term and discount rate for the Company’s leases are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

​

2024

​

2023

Weighted average remaining lease term - operating leases

​

9.2

years

 

9.7

years

 

10.9

years

Weighted average remaining lease term - finance leases

​

4.8

years

​

2.8

years

​

3.4

years

Weighted average discount rate - operating leases

​

4.65

%  

 

4.34

%  

 

4.04

%  

Weighted average discount rate - finance leases

​

4.59

%  

​

2.99

%  

​

2.36

%  
Summary of future minimum lease payments, operating leases

As of December 31, 2025, future minimum lease payments, reconciled to the respective lease liabilities, are as follows:

​

​

​

​

​

​

​

​

​

​

​

Operating Leases

​

​

Finance Leases

2026

  ​ ​ ​

$

57,662

​

$

5,236

2027

​

 

53,538

​

 

3,825

2028

​

 

45,810

​

 

2,477

2029

​

 

38,939

​

 

2,078

2030

​

 

34,668

​

 

1,952

Thereafter

​

 

161,713

​

 

2,407

Minimum lease payments

​

 

392,330

​

 

17,975

Less: imputed interest

​

 

(81,058)

​

​

(2,002)

Present value of minimum lease payments

​

​

311,272

​

​

15,973

Less: current portion of lease liabilities

​

​

(44,272)

​

​

(4,582)

Long-term portion of lease liabilities

​

$

267,000

​

$

11,391
Summary of future minimum lease payments, finance leases

As of December 31, 2025, future minimum lease payments, reconciled to the respective lease liabilities, are as follows:

​

​

​

​

​

​

​

​

​

​

​

Operating Leases

​

​

Finance Leases

2026

  ​ ​ ​

$

57,662

​

$

5,236

2027

​

 

53,538

​

 

3,825

2028

​

 

45,810

​

 

2,477

2029

​

 

38,939

​

 

2,078

2030

​

 

34,668

​

 

1,952

Thereafter

​

 

161,713

​

 

2,407

Minimum lease payments

​

 

392,330

​

 

17,975

Less: imputed interest

​

 

(81,058)

​

​

(2,002)

Present value of minimum lease payments

​

​

311,272

​

​

15,973

Less: current portion of lease liabilities

​

​

(44,272)

​

​

(4,582)

Long-term portion of lease liabilities

​

$

267,000

​

$

11,391
v3.25.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combinations [Abstract]  
Summary of Consideration Transferred to Acquire Businesses and Amounts of Identifiable Assets Acquired, Liabilities Assumed and Noncontrolling Interests

The following table summarizes the consideration transferred to acquire these businesses and the amounts of identifiable assets acquired and liabilities assumed at the acquisition dates for the acquisitions consummated in the years ended December 31, 2025, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

​

Acquisitions

​

Acquisitions

​

Acquisitions

Fair value of consideration transferred:

 

​

  ​

 

​

  ​

 

​

  ​

Cash

​

$

817,577

​

$

2,120,878

​

$

676,793

Debt assumed

​

 

114,772

​

 

77,766

​

 

76,001

Contingent consideration

​

 

34,403

​

​

28,885

​

 

13,450

​

​

 

966,752

​

 

2,227,529

​

 

766,244

​

​

​

​

​

​

​

​

​

​

Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired:

​

 

​

​

 

​

​

 

  ​

Accounts receivable

​

 

28,041

​

​

100,995

​

 

18,006

Prepaid expenses and other current assets

​

 

3,985

​

​

13,513

​

 

5,025

Restricted investments

​

​

—

​

​

—

​

​

5,462

Operating lease right-of-use assets

​

​

12,501

​

​

24,700

​

​

15,364

Property and equipment

​

 

380,264

​

​

913,729

​

 

207,164

Long-term franchise agreements and contracts

​

 

48,321

​

​

159,028

​

 

76,401

Customer lists

​

 

81,488

​

​

214,459

​

 

19,719

Permits and other intangibles

​

​

108,723

​

​

224,728

​

​

3,050

Other assets

​

 

470

​

​

1,671

​

 

24

Accounts payable and accrued liabilities

​

 

(20,995)

​

​

(27,902)

​

 

(14,596)

Current portion of operating lease liabilities

​

​

(621)

​

​

(2,875)

​

​

(712)

Deferred revenue

​

 

(4,505)

​

​

(12,148)

​

 

(3,443)

Long-term portion of operating lease liabilities

​

​

(2,731)

​

​

(14,774)

​

​

(14,652)

Other long-term liabilities

​

 

(3,260)

​

​

(67,109)

​

 

(10,277)

Deferred income taxes

​

 

(11,533)

​

​

—

​

 

(3,212)

Total identifiable net assets

​

 

620,148

​

 

1,528,015

​

 

303,323

Goodwill

​

$

346,604

​

$

699,514

​

$

462,921
v3.25.4
Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Exclusive of Goodwill

Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Gross

  ​ ​ ​

​

​

  ​ ​ ​

Accumulated

  ​ ​ ​

Net

​

​

Carrying

​

Accumulated

​

Impairment

​

Carrying

​

​

Amount

​

Amortization

​

Loss

​

Amount

Finite-lived intangible assets:

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Long-term franchise agreements and contracts

​

$

1,131,332

​

$

(457,664)

​

$

—

​

$

673,668

Customer lists

​

 

1,098,172

​

 

(798,973)

​

 

—

​

 

299,199

Permits and other

​

 

1,114,690

​

 

(196,782)

​

 

(66,188)

​

 

851,720

​

​

 

3,344,194

​

 

(1,453,419)

​

 

(66,188)

​

 

1,824,587

Indefinite-lived intangible assets:

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

Solid waste collection and transportation permits

​

 

181,613

​

 

—

​

 

—

​

 

181,613

​

​

​

​

​

​

​

​

​

​

​

​

​

Intangible assets, exclusive of goodwill

​

$

3,525,807

​

$

(1,453,419)

​

$

(66,188)

​

$

2,006,200

Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Gross

  ​ ​ ​

​

​

  ​ ​ ​

Accumulated

  ​ ​ ​

Net

​

​

Carrying

​

Accumulated

​

Impairment

​

Carrying

​

​

Amount

​

Amortization

​

Loss

​

Amount

Finite-lived intangible assets:

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Long-term franchise agreements and contracts

​

$

1,104,585

​

$

(400,674)

​

$

—

​

$

703,911

Customer lists

​

 

1,005,355

​

 

(693,594)

​

 

—

​

 

311,761

Permits and other

​

 

999,357

​

 

(164,239)

​

 

(40,784)

​

 

794,334

​

​

 

3,109,297

​

 

(1,258,507)

​

 

(40,784)

​

 

1,810,006

Indefinite-lived intangible assets:

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

Solid waste collection and transportation permits

​

 

181,613

​

 

—

​

 

—

​

 

181,613

​

​

​

​

​

​

​

​

​

​

​

​

​

Intangible assets, exclusive of goodwill

​

$

3,290,910

​

$

(1,258,507)

​

$

(40,784)

​

$

1,991,619
Estimated Future Amortization Expense of Amortizable Intangible Assets

Estimated future amortization expense for the next five years relating to finite-lived intangible assets owned as of December 31, 2025 is as follows:

​

​

​

​

​

For the year ending December 31, 2026

  ​ ​ ​

$

187,834

For the year ending December 31, 2027

​

$

163,925

For the year ending December 31, 2028

​

$

144,756

For the year ending December 31, 2029

​

$

129,869

For the year ending December 31, 2030

​

$

116,428
v3.25.4
Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued liabilities

Accrued liabilities consist of the following:

​

​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Insurance claims and premiums

​

$

310,286

​

$

244,536

Payroll and payroll-related

​

 

152,622

​

 

127,518

Final capping, closure and post-closure liability

​

​

146,772

​

​

199,736

Interest payable

​

 

86,156

​

 

68,455

Environmental remediation reserves

​

 

42,177

​

 

8,808

Property taxes

​

​

19,726

​

​

17,548

Cell processing reserves 

​

 

2,572

​

 

2,148

Transaction-related expenses

​

​

1,741

​

​

1,471

Other

​

 

48,315

​

 

66,604

​

​

$

810,367

​

$

736,824
v3.25.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Long-Term Debt [Abstract]  
Long-Term Debt

The following table presents the Company’s long-term debt as of December 31, 2025 and 2024:

​

​

​

​

​

​

​

​

December 31, 

​

2025

  ​ ​ ​

2024

Revolving Credit Agreement, bearing interest ranging from 3.41% to 6.75% (a)

$

2,381,646

​

$

2,164,325

4.25% Senior Notes due 2028

​

500,000

​

​

500,000

3.50% Senior Notes due 2029

​

500,000

​

​

500,000

4.50% Senior Notes due 2029

​

364,800

​

​

347,500

2.60% Senior Notes due 2030

​

600,000

​

​

600,000

2.20% Senior Notes due 2032

​

650,000

​

​

650,000

3.20% Senior Notes due 2032

​

500,000

​

​

500,000

4.20% Senior Notes due 2033

​

750,000

​

​

750,000

5.00% Senior Notes due 2034

​

750,000

​

​

750,000

5.25% Senior Notes due 2035

​

500,000

​

​

—

3.05% Senior Notes due 2050

​

500,000

​

​

500,000

2.95% Senior Notes due 2052

​

850,000

​

​

850,000

Notes payable to sellers and other third parties, bearing interest ranging from 2.42% to 10.35%, principal and interest payments due periodically with due dates ranging from 2028 to 2044 (a)

 

26,420

​

​

30,641

Finance leases, bearing interest ranging from 1.89% to 5.35%, with lease expiration dates ranging from 2026 to 2035 (a)

​

15,973

​

​

9,247

​

 

8,888,839

​

 

8,151,713

Less – current portion

 

(8,667)

​

​

(7,851)

Less – unamortized debt discount and issuance costs

 

(69,068)

​

​

(70,934)

Long-term portion of debt and notes payable

$

8,811,104

​

$

8,072,928

(a)Interest rates represent the interest rates incurred at December 31, 2025.
Details of the Company's Credit Agreement

Details of the Revolving Credit Agreement at December 31, 2025 and 2024 are as follows:

​

​

​

​

​

​

​

​

​

December 31, 

 

​

2025

  ​ ​ ​

2024

 

Revolver

​

  ​

 

​

  ​

​

Available

$

581,059

​

$

778,374

​

Letters of credit outstanding

$

37,295

​

$

57,301

​

Total amount drawn, as follows:

$

2,381,646

​

$

2,164,325

​

Amount drawn – U.S. term SOFR loan

$

965,000

​

$

800,000

​

Interest rate applicable – U.S. term SOFR loan

​

4.75

%

​

5.65

%

Interest rate margin – U.S. term SOFR loan

​

0.875

%

​

1.00

%

Amount drawn – U.S. term SOFR loan

$

150,000

​

$

500,000

​

Interest rate applicable – U.S. term SOFR loan

​

4.59

%

​

5.69

%

Interest rate margin – U.S. term SOFR loan

​

0.875

%

​

1.00

%

Amount drawn – U.S. term SOFR loan

$

—

​

$

50,000

​

Interest rate applicable – U.S. term SOFR loan

​

—

%

​

5.46

%

Interest rate margin – U.S. term SOFR loan

​

—

%

​

1.00

%

Amount drawn – U.S. base rate loan

$

38,000

​

$

95,000

​

Interest rate applicable – U.S. base rate loan

​

6.75

%

​

7.50

%

Interest rate margin – U.S. base rate loan

​

—

%

​

—

%

Amount drawn – Canadian term CORRA loan

$

1,163,712

​

$

590,750

​

Interest rate applicable - Canadian term CORRA loan

​

3.41

%

​

5.24

%

Interest rate margin – Canadian term CORRA loan

​

0.875

%

​

1.00

%

Amount drawn – Canadian term CORRA loan

$

51,072

​

$

86,875

​

Interest rate applicable - Canadian term CORRA loan

​

3.44

%

​

4.59

%

Interest rate margin – Canadian term CORRA loan

​

0.875

%

​

1.00

%

Amount drawn – Canadian prime rate loan

$

13,862

​

$

41,700

​

Interest rate applicable - Canadian prime rate loan

 

4.45

%

 

5.45

%

Interest rate margin – Canadian prime rate loan

 

—

%

 

—

%

Commitment – rate applicable

 

0.08

%  

 

0.09

%  
Aggregate Contractual Future Principal Payments by Calendar Year on Long-Term Debt

As of December 31, 2025, aggregate contractual future principal payments by calendar year on long-term debt are due as follows:

​

​

​

​

​

2026

  ​ ​ ​

$

8,667

2027

​

 

7,552

2028

​

 

506,469

2029

​

 

3,252,604

2030

​

 

604,239

Thereafter

​

 

4,509,308

​

​

$

8,888,839
v3.25.4
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2025 and 2024, were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at December 31, 2025 Using

​

  ​ ​ ​

​

​

  ​ ​ ​

Quoted Prices in

  ​ ​ ​

Significant

  ​ ​ ​

​

​

​

​

​

​

​

Active Markets

​

Other

​

Significant

​

​

​

​

​

for Identical

​

Observable

​

Unobservable

​

​

​

​

​

Assets

​

Inputs

​

Inputs

​

​

Total

​

(Level 1)

​

(Level 2)

​

(Level 3)

Interest rate swap derivative instruments – net asset position

​

$

1,718

​

$

—

​

$

1,718

​

$

—

Restricted cash

​

$

183,612

​

$

183,612

​

$

—

​

$

—

Restricted investments

​

$

80,533

​

$

—

​

$

80,533

​

$

—

Contingent consideration

​

$

(84,696)

​

$

—

​

$

—

​

$

(84,696)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at December 31, 2024 Using

​

  ​ ​ ​

​

​

  ​ ​ ​

Quoted Prices in

  ​ ​ ​

Significant

  ​ ​ ​

​

​

​

​

​

​

​

Active Markets

​

Other

​

Significant

​

​

​

​

​

for Identical

​

Observable

​

Unobservable

​

​

​

​

​

Assets

​

Inputs

​

Inputs

​

​

Total

​

(Level 1)

​

(Level 2)

​

(Level 3)

Interest rate swap derivative instruments – net asset position

​

$

13,929

​

$

—

​

$

13,929

​

$

—

Restricted cash

​

$

135,807

​

$

135,807

​

$

—

​

$

—

Restricted investments

​

$

77,900

​

$

—

​

$

77,900

​

$

—

Contingent consideration

​

$

(87,162)

​

$

—

​

$

—

​

$

(87,162)
Fair Value for Level 3 Liabilities

The following table summarizes the changes in the fair value for Level 3 liabilities related to contingent consideration for the years ended December 31, 2025 and 2024:

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

2025

  ​ ​ ​

2024

Beginning balance

$

87,162

​

$

115,030

Contingent consideration recorded at acquisition date

 

34,403

​

 

28,885

Payment of contingent consideration recorded at acquisition date

 

(34,269)

​

 

(27,743)

Payment of contingent consideration recorded in earnings

 

(400)

​

 

(35,035)

Adjustments to contingent consideration

​

(6,215)

​

​

(3)

Interest accretion expense

 

3,538

​

 

6,217

Foreign currency translation adjustment

 

477

​

 

(189)

Ending balance

$

84,696

​

$

87,162
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Future Minimum Purchase Commitments

As of December 31, 2025, future minimum purchase commitments, by calendar year, are as follows:

​

​

​

​

​

2026

  ​ ​ ​

$

136,579

2027

​

 

35,978

2028

​

​

621

2029

​

​

466

2030

​

​

—

Thereafter

​

​

—

​

​

$

173,644
v3.25.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Common Stock Shares Reserved for Issuance

​

​

​

​

For outstanding RSUs, PSUs and warrants

  ​ ​ ​

2,105,586

For future grants under the 2016 Incentive Award Plan

 

1,417,371

For future grants under the Employee Share Purchase Plan

​

871,391

​

 

4,394,348
Restricted Stock Units Activity

A summary of the Company’s RSU activity is presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Weighted average grant-date fair value of restricted share units granted

​

$

185.41

​

$

164.93

​

$

133.65

Total fair value of restricted share units vested

​

$

46,741

​

$

39,745

​

$

39,754
Summary of Warrant Activity

A summary of warrant activity during the year ended December 31, 2025, is presented below:

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Weighted-Average

​

​

Warrants

​

Exercise Price

Outstanding at December 31, 2024

 

921,426

​

$

142.21

Granted

 

188,969

​

$

184.32

Forfeited

 

(83,135)

​

$

123.01

Exercised

 

(33,321)

​

$

104.94

Outstanding at December 31, 2025

 

993,939

​

$

153.07
Summarized Information about Warrants Outstanding

The following table summarizes information about warrants outstanding as of December 31, 2025 and 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

Fair Value of

​

​

​

​

​

​

Warrants

​

​

​

Warrants

​

Outstanding at December 31, 

Grant Date

​

Issued

​

Exercise Price

​

Issued

​

2025

​

2024

Throughout 2020

​

164,890

​

$72.65 to $104.89

​

$

3,140

​

—

​

85,293

Throughout 2021

​

218,166

​

$99.33 to $135.97

​

$

5,584

​

191,155

​

191,155

Throughout 2022

​

380,478

​

$125.32 to $143.95

​

$

12,972

​

289,276

​

289,276

Throughout 2023

​

129,557

​

$129.75 to $142.93

​

$

5,133

​

98,701

​

106,649

Throughout 2024

​

301,719

​

$149.27 to $192.47

​

$

14,651

​

228,912

​

249,053

Throughout 2025

​

188,969

​

$167.68 to $197.09

​

$

9,036

​

185,895

​

—

​

​

​

​

​

​

​

  ​

 

993,939

 

921,426
Restricted stock units (RSUs)  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Activity Related to Restricted Share Units

A summary of activity related to RSUs during the year ended December 31, 2025, is presented below:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

Grant Date Fair

​

  ​ ​ ​

Unvested Shares

​

Value Per Share

Outstanding at December 31, 2024

 

912,560

​

$

139.83

Granted

 

358,650

​

$

185.41

Forfeited

 

(43,740)

​

$

159.99

Vested and issued

 

(356,198)

​

$

131.22

Outstanding at December 31, 2025

 

871,272

​

$

161.09
Performance shares  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Performance-Based Restricted Share Units Activity

A summary of the Company’s PSU activity is presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Weighted average grant-date fair value of PSUs granted

​

$

176.19

​

$

138.29

​

$

133.83

Total fair value of PSUs vested

​

$

10,374

​

$

14,948

​

$

20,196
Summary of Performance-Based Restricted Share Units Activity and Related Information

A summary of activity related to PSUs during the year ended December 31, 2025, is presented below:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

Grant Date Fair

​

  ​ ​ ​

Unvested Shares

​

Value Per Share

Outstanding at December 31, 2024

 

219,143

​

$

137.83

Granted

 

80,104

​

$

176.19

Vested and issued

 

(87,964)

​

$

117.94

Outstanding at December 31, 2025

 

211,283

​

$

160.65
Deferred share units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Restricted Stock Units Activity

A summary of the Company’s deferred share units (“DSUs”) activity is presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

​

2024

  ​ ​ ​

2023

Weighted average grant-date fair value of DSUs granted

​

$

189.04

​

$

168.71

​

$

136.47

Total fair value of DSUs awarded

​

$

470

​

$

632

​

$

538
Summary of Activity Related to Restricted Share Units

A summary of activity related to DSUs during the year ended December 31, 2025, is presented below:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

Grant Date Fair

​

  ​ ​ ​

Vested Shares

​

Value Per Share

Outstanding at December 31, 2024

 

20,418

​

$

97.38

Granted

 

2,485

​

$

189.04

Outstanding at December 31, 2025

 

22,903

​

$

107.33
Progressive Waste Solutions Ltd. | Restricted stock units (RSUs)  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Activity Related to Restricted Share Units

​

​

​

​

Outstanding at December 31, 2024

  ​ ​ ​

45,466

Cash settled

 

(1,750)

Outstanding at December 31, 2025

 

43,716
v3.25.4
Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2025
Other Comprehensive Income (Loss) [Abstract]  
Components of Other Comprehensive Income (Loss)

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Year Ended December 31, 2025

​

  ​ ​ ​

Gross

  ​ ​ ​

Tax Effect

    

Net of Tax

Interest rate swap amounts reclassified into interest expense

​

$

(10,792)

​

$

2,860

​

$

(7,932)

Changes in fair value of interest rate swaps

​

 

(1,418)

​

 

376

​

 

(1,042)

Foreign currency translation adjustment

​

 

103,670

​

 

—

​

 

103,670

​

​

$

91,460

​

$

3,236

​

$

94,696

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

  ​ ​ ​

Gross

  ​ ​ ​

Tax Effect

  ​ ​ ​

Net of Tax

Interest rate swap amounts reclassified into interest expense

​

$

(20,467)

​

$

5,424

​

$

(15,043)

Changes in fair value of interest rate swaps

​

 

11,607

​

 

(3,076)

​

 

8,531

Foreign currency translation adjustment

​

 

(189,402)

​

 

—

​

 

(189,402)

​

​

$

(198,262)

​

$

2,348

​

$

(195,914)

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2023

​

  ​ ​ ​

Gross

  ​ ​ ​

Tax Effect

  ​ ​ ​

Net of Tax

Interest rate swap amounts reclassified into interest expense

​

$

(19,607)

​

$

5,196

​

$

(14,411)

Changes in fair value of interest rate swaps

​

 

10,588

​

 

(2,806)

​

 

7,782

Foreign currency translation adjustment

​

​

53,633

​

​

—

​

​

53,633

​

​

$

44,614

​

$

2,390

​

$

47,004
Amounts Included in Accumulated Other Comprehensive Income (Loss)

A roll forward of the amounts included in AOCIL, net of taxes, is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Foreign

  ​ ​ ​

Accumulated

​

​

​

​

​

Currency

​

Other

​

​

Interest

​

Translation

​

Comprehensive

​

​

Rate Swaps

​

Adjustment

​

Income (Loss)

Balance at December 31, 2023

​

$

16,749

​

$

(26,575)

​

$

(9,826)

Amounts reclassified into earnings

​

 

(15,043)

​

​

—

​

 

(15,043)

Changes in fair value

​

 

8,531

​

​

—

​

 

8,531

Foreign currency translation adjustment

​

 

—

​

​

(189,402)

​

 

(189,402)

Balance at December 31, 2024

​

​

10,237

​

​

(215,977)

​

​

(205,740)

Amounts reclassified into earnings

​

​

(7,932)

​

​

—

​

​

(7,932)

Changes in fair value

​

​

(1,042)

​

​

—

​

​

(1,042)

Foreign currency translation adjustment

​

​

—

​

​

103,670

​

​

103,670

Balance at December 31, 2025

​

$

1,263

​

$

(112,307)

​

$

(111,044)
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Line Items]  
Income (Loss) Before Provision (Benefit) for Income Taxes

Income before provision for income taxes consists of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

U.S.

​

$

898,743

​

$

343,255

​

$

622,041

Non – U.S.

​

 

519,173

​

 

419,678

​

 

361,460

Income before income taxes

​

$

1,417,916

​

$

762,933

​

$

983,501
Provision (Benefit) for Income Taxes

The provision for income taxes consists of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Current:

​

​

​

​

​

​

​

​

​

U.S. federal

​

$

101,857

​

$

95,007

​

$

120,420

State and local

​

 

40,333

​

 

42,725

​

 

50,713

Non – U.S.

​

 

82,515

​

 

65,916

​

 

43,213

​

​

 

224,705

​

 

203,648

​

 

214,346

Deferred:

​

 

  ​

​

 

  ​

​

 

  ​

U.S. federal

​

 

90,822

​

 

(33,507)

​

 

14,130

State and local

​

 

19,148

​

 

(5,833)

​

 

(1,931)

Non – U.S.

​

 

6,684

​

 

(17,945)

​

 

(5,870)

​

​

 

116,654

​

 

(57,285)

​

 

6,329

Provision for income taxes

​

$

341,359

​

$

146,363

​

$

220,675
Significant Components of Deferred Income Tax Assets and Liabilities

The significant components of deferred income tax assets and liabilities, reduced by valuation allowances as applicable, are presented below:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 

​

​

2025

  ​ ​ ​

2024

Deferred income tax assets:

 

​

  ​

 

​

  ​

Accrued expenses

​

$

51,354

​

$

38,674

Compensation

​

 

29,493

​

 

26,589

Contingent liabilities

​

 

13,144

​

 

16,237

Tax credits and loss carryforwards

​

 

15,287

​

 

15,477

Landfill closure and post-closure

​

​

26,409

​

​

90,240

Finance costs

​

 

—

​

 

4,032

Other

​

​

3,759

​

​

13,306

Gross deferred income tax assets

​

 

139,446

​

 

204,555

Less:  Valuation allowance

​

 

—

​

 

—

Total deferred income tax assets

​

 

139,446

​

 

204,555

​

​

​

​

​

​

​

Deferred income tax liabilities:

​

​

​

​

​

​

Goodwill and other intangibles

​

 

(527,975)

​

 

(472,608)

Property and equipment

​

 

(601,843)

​

 

(595,156)

Prepaid expenses

​

 

(22,496)

​

 

(19,737)

Investment in subsidiaries

​

 

(69,096)

​

 

(71,703)

Interest rate swaps

​

 

(455)

​

 

(3,691)

Finance costs

​

​

(3,194)

​

​

—

Total deferred income tax liabilities

​

 

(1,225,059)

​

 

(1,162,895)

Net deferred income tax liability

​

$

(1,085,613)

​

$

(958,340)
Differences between Income Tax Provision in Statements of Net Income and Income Tax Provision Computed at Federal Statutory Rate

The items shown in the following table are a percentage of pre-tax income in accordance with the guidance prior to the adoption of ASU 2023-09, Improvements to Income Tax Disclosures:

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2024

  ​ ​ ​

2023

 

U.S. federal statutory rate

​

21.0

%  

21.0

% 

State taxes, net of federal benefit

 

4.1

 

4.3

​

Deferred income tax liability adjustments

 

0.7

 

0.3

​

Effect of international operations

 

(3.8)

 

(3.9)

​

Federal tax credits

 

(1.5)

 

—

​

Share-based compensation

 

(0.7)

 

(0.3)

​

Other

 

(0.6)

 

1.0

​

Effective tax rate

 

19.2

%  

22.4

%
Schedule of income taxes paid by jurisdiction

Income taxes paid consists of the following:

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

U.S. federal

​

$

81,000

​

$

94,500

​

$

114,000

State and local

​

​

42,356

​

​

54,907

​

​

47,764

Foreign

​

​

​

​

​

​

​

​

​

Canada

​

 

97,666

​

 

66,247

​

​

38,474

Other

​

 

—

​

 

343

​

​

6,782

Total income taxes paid

​

$

221,022

​

$

215,997

​

$

207,020
ASU 2023-09  
Income Tax Disclosure [Line Items]  
Differences between Income Tax Provision in Statements of Net Income and Income Tax Provision Computed at Federal Statutory Rate

The following table presents the reconciliation of the provision for income taxes based on the U.S. federal statutory rate to the actual effective rate by amount and percent of pre-tax income for the year ended December 31, 2025:

​

​

​

​

​

​

​

​

​

Year Ended

​

​

December 31, 2025

​

  ​ ​ ​

Amount

  ​ ​ ​

Percent

  ​ ​ ​

U.S. federal statutory tax rate

$

297,762

​

21.0

%  

State and local income taxes, net of U.S. federal income tax effect (a)

 

54,689

 

3.9

 

Foreign tax effects

 

​

 

​

 

Canada

 

​

 

​

 

Statutory tax rate difference between Canada and U.S.

 

(31,588)

 

(2.2)

 

Provincial taxes

 

37,867

 

2.7

 

Nontaxable or nondeductible items

 

(29,578)

 

(2.1)

 

Other

 

5,089

 

0.3

 

Other adjustments

​

7,118

​

0.5

 

Effective tax rate

$

341,359

​

24.1

%  

(a)The states that contribute to the majority (greater than 50%) of the tax effect in the category include Oregon, New York, California, Illinois, Texas, and Tennessee for 2025.
v3.25.4
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Summary of Financial Information Concerning Company's Reportable Segments

Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2025, 2024 and 2023, including a reconciliation of segment EBITDA to Income before income tax provision, is shown in the following tables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

  ​ ​ ​

Southern

  ​ ​ ​

Western

  ​ ​ ​

Eastern

  ​ ​ ​

Central

  ​ ​ ​

Canada

  ​ ​ ​

MidSouth

  ​ ​ ​

Corporate (a), (f)

  ​ ​ ​

Consolidated

 

Revenue

​

$

2,146,478

​

$

2,111,672

​

$

2,049,734

​

$

1,783,274

​

$

1,461,895

​

$

1,302,866

​

$

—

​

$

10,855,919

​

Intercompany revenue (b)

​

​

(238,669)

​

​

(262,253)

​

​

(347,487)

​

​

(193,389)

​

​

(137,018)

​

​

(210,188)

​

​

—

​

​

(1,389,004)

​

Reported revenue

​

 

1,907,809

​

​

1,849,419

​

​

1,702,247

​

​

1,589,885

​

​

1,324,877

​

​

1,092,678

​

​

—

​

 

9,466,915

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment expenses (c)

​

​

(1,275,413)

​

​

(1,336,182)

​

​

(1,250,493)

​

​

(1,015,023)

​

​

(726,628)

​

​

(786,599)

​

​

(24,588)

​

​

(6,414,926)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment EBITDA (d)

​

 

632,396

​

​

513,237

​

​

451,754

​

​

574,862

​

​

598,249

​

​

306,079

​

​

(24,588)

​

 

3,051,989

​

Segment EBITDA margin

​

 

33.1

%

​

27.8

%

​

26.5

%

​

36.2

%

​

45.2

%

​

28.0

%

​

​

​

 

32.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

​

(243,697)

​

​

(214,829)

​

​

(235,110)

​

​

(179,093)

​

​

(198,531)

​

​

(148,130)

​

​

(12,716)

​

​

(1,232,106)

​

Other segment items (e)

​

​

(100,383)

​

​

6,943

​

​

(105)

​

​

(411)

​

​

(217)

​

​

(1,001)

​

​

(306,793)

​

​

(401,967)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income tax provision

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

1,417,916

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

216,175

​

$

212,754

​

$

222,442

​

$

217,298

​

$

145,940

​

$

143,077

​

$

36,680

​

$

1,194,366

​

Total assets (g)

​

$

4,537,419

​

$

3,565,600

​

$

3,777,611

​

$

2,922,791

​

$

3,730,214

​

$

2,051,747

​

$

543,981

​

$

21,129,363

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

  ​ ​ ​

Southern

  ​ ​ ​

Western

  ​ ​ ​

Eastern

  ​ ​ ​

Central

  ​ ​ ​

Canada

  ​ ​ ​

MidSouth

  ​ ​ ​

Corporate (a), (f)

  ​ ​ ​

Consolidated

 

Revenue

​

$

1,984,150

​

$

2,034,370

​

$

1,875,559

​

$

1,696,559

​

$

1,385,869

​

$

1,218,482

​

$

—

​

$

10,194,989

​

Intercompany revenue (b)

​

​

(226,957)

​

​

(235,701)

​

​

(311,348)

​

​

(181,657)

​

​

(124,889)

​

​

(194,846)

​

​

—

​

​

(1,275,398)

​

Reported revenue

​

 

1,757,193

​

​

1,798,669

​

​

1,564,211

​

​

1,514,902

​

​

1,260,980

​

​

1,023,636

​

​

—

​

 

8,919,591

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment expenses (c)

​

​

(1,200,768)

​

​

(1,277,911)

​

​

(1,146,988)

​

​

(972,101)

​

​

(709,501)

​

​

(740,227)

​

​

(27,655)

​

​

(6,075,151)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment EBITDA (d)

​

 

556,425

​

​

520,758

​

​

417,223

​

​

542,801

​

​

551,479

​

​

283,409

​

​

(27,655)

​

 

2,844,440

​

Segment EBITDA margin

​

 

31.7

%

​

29.0

%

​

26.7

%

​

35.8

%

​

43.7

%

​

27.7

%

​

​

​

 

31.9

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

​

(203,445)

​

​

(211,111)

​

​

(230,466)

​

​

(170,424)

​

​

(200,274)

​

​

(138,671)

​

​

(9,378)

​

​

(1,163,769)

​

Other segment items (e)

​

​

(9,395)

​

​

(596,463)

​

​

(4,398)

​

​

1,483

​

​

944

​

​

(33)

​

​

(309,876)

​

​

(917,738)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income tax provision

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

762,933

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

190,912

​

$

198,849

​

$

191,817

​

$

174,805

​

$

147,596

​

$

129,373

​

$

22,636

​

$

1,055,988

​

Total assets (g)

​

$

3,885,522

​

$

3,512,253

​

$

3,544,234

​

$

2,827,108

​

$

3,564,052

​

$

2,022,594

​

$

462,046

​

$

19,817,809

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

  ​ ​ ​

Southern

  ​ ​ ​

Western

  ​ ​ ​

Eastern

  ​ ​ ​

Central

  ​ ​ ​

Canada

  ​ ​ ​

MidSouth

  ​ ​ ​

Corporate (a), (f)

  ​ ​ ​

Consolidated

 

Revenue

​

$

1,846,713

​

$

1,878,843

​

$

1,639,351

​

$

1,620,908

​

$

1,109,164

​

$

1,072,753

​

$

—

​

$

9,167,732

​

Intercompany revenue (b)

​

​

(204,439)

​

​

(209,554)

​

​

(259,118)

​

​

(180,751)

​

​

(113,322)

​

​

(178,597)

​

​

—

​

​

(1,145,781)

​

Reported revenue

​

 

1,642,274

​

​

1,669,289

​

​

1,380,233

​

​

1,440,157

​

​

995,842

​

​

894,156

​

​

—

​

 

8,021,951

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment expenses (c)

​

​

(1,124,272)

​

​

(1,186,084)

​

​

(1,027,172)

​

​

(927,874)

​

​

(605,178)

​

​

(648,020)

​

​

(25,032)

​

​

(5,543,632)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment EBITDA (d)

​

 

518,002

​

​

483,205

​

​

353,061

​

​

512,283

​

​

390,664

​

​

246,136

​

​

(25,032)

​

 

2,478,319

​

Segment EBITDA margin

​

 

31.5

%

​

28.9

%

​

25.6

%

​

35.6

%

​

39.2

%

​

27.5

%

​

​

​

 

30.9

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

​

(179,948)

​

​

(199,426)

​

​

(207,909)

​

​

(169,370)

​

​

(121,326)

​

​

(117,397)

​

​

(7,835)

​

​

(1,003,211)

​

Other segment items (e)

​

​

(11,165)

​

​

(160,351)

​

​

(2,492)

​

​

6,763

​

​

(2,930)

​

​

3,783

​

​

(325,215)

​

​

(491,607)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income tax provision

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

983,501

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

166,961

​

$

192,148

​

$

143,484

​

$

171,748

​

$

105,453

​

$

135,650

​

$

18,556

​

$

934,000

​

Total assets (g)

​

$

3,501,953

​

$

3,432,529

​

$

3,228,244

​

$

2,811,016

​

$

2,794,795

​

$

1,705,180

​

$

442,159

​

$

17,915,876

​

(a)The majority of Corporate expenses are allocated to the six operating segments.  Direct acquisition expenses, expenses associated with common shares held in the deferred compensation plan exchanged for other investment options and share-based compensation expenses associated with Progressive Waste share-based grants outstanding at June 1, 2016 that were continued by the Company are not allocated to the six operating segments and comprise the net EBITDA of the Company’s Corporate segment for the periods presented.
(b)Intercompany revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.
(c)Segment expenses consist of all expenses that directly impact the CODM's primary financial measure, segment EBITDA. These expenses include cost of operations and selling, general, and administrative expenses as presented in the Company’s consolidated statements of operations.
(d)For those items included in the determination of segment EBITDA, the accounting policies of the segments are the same as those described in Note 3.

(e)

For all geographic operating segments, other segment items consist of gains and losses on disposal of assets, disposal of operations and foreign currency, as well as litigation settlements, environmental remediation, real estate leases, landfill closure adjustments, contingent liability adjustments, impairments and interest income. See Note 3 for more information relating to landfill closure adjustments and impairments recorded in the Western segment during the years ended December 31, 2023 and 2024 from the Company’s decision to cease active waste disposal operations at its Chiquita Canyon Landfill at December 31, 2024.

(f)

Corporate assets include cash, debt issuance costs, equity investments, operating lease right-of-use assets and corporate facility leasehold improvements and equipment.

(g)

Goodwill is included within total assets for each of the Company’s six operating segments.
Changes in Goodwill by Reportable Segment

The following table shows changes in goodwill during the years ended December 31, 2024 and 2025, by reportable segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Southern

  ​ ​ ​

Western

  ​ ​ ​

Eastern

  ​ ​ ​

Central

  ​ ​ ​

Canada

  ​ ​ ​

MidSouth

  ​ ​ ​

Total

Balance as of December 31, 2023

​

$

1,559,703

​

$

779,455

​

$

1,587,491

​

$

1,008,500

​

$

1,723,068

​

$

746,183

​

$

7,404,400

Goodwill acquired

​

 

17,411

​

​

85,147

​

​

148,093

​

​

2,074

​

​

343,531

​

​

103,258

​

 

699,514

Impact of changes in foreign currency

​

 

—

​

​

—

​

​

—

​

​

—

​

​

(153,508)

​

​

—

​

 

(153,508)

Balance as of December 31, 2024

​

​

1,577,114

​

​

864,602

​

​

1,735,584

​

​

1,010,574

​

​

1,913,091

​

​

849,441

​

​

7,950,406

Goodwill acquired

​

 

256,632

​

​

2,008

​

​

55,579

​

​

12,537

​

​

13,600

​

​

6,248

​

 

346,604

Impact of changes in foreign currency

​

 

—

​

 

—

​

 

—

​

 

—

​

 

95,239

​

 

—

​

 

95,239

Balance as of December 31, 2025

​

$

1,833,746

​

$

866,610

​

$

1,791,163

​

$

1,023,111

​

$

2,021,930

​

$

855,689

​

$

8,392,249
Property and Equipment, Net for Reportable Segments

Property and equipment, net relating to operations in the United States and Canada are as follows:

​

​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

United States

​

$

7,484,637

​

$

6,870,901

Canada

​

 

1,248,690

​

 

1,165,028

Total

​

$

8,733,327

​

$

8,035,929
v3.25.4
Net Income Per Share Information (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Basic and Diluted Net Income Per Common Share

The following table sets forth the calculation of the numerator and denominator used in the computation of basic and diluted net income per common share attributable to the Company’s shareholders for the years ended December 31, 2025, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Numerator:

​

​

​

​

​

​

​

​

Net income attributable to Waste Connections for basic and diluted earnings per share

$

1,076,557

​

$

617,573

​

$

762,800

Denominator:

 

​

​

 

​

​

 

​

Basic shares outstanding

 

257,323,595

​

 

257,965,871

​

 

257,551,129

Dilutive effect of equity-based awards

 

653,146

​

 

696,319

​

 

598,115

Diluted shares outstanding

 

257,976,741

​

 

258,662,190

​

 

258,149,244
v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Employee Benefit Plans [Abstract]  
Multiemployer Pension Plan

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expiration

​

​

EIN/Pension Plan

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Date of

​

​

Number/

​

Pension Protection Act

​

FIP/RP

​

​

​

​

​

​

​

​

​

​

Collective

​

​

Registration

​

Zone Status (a)

​

Status

​

Company Contributions (d)

​

Bargaining

Plan Name

  ​ ​ ​

Number

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

(b),(c)

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

  ​ ​ ​

Agreement

Western Conference of Teamsters Pension Trust

 

91-6145047 - 001

 

Green

 

Green

 

Not applicable

​

$

11,389

​

$

9,676

​

$

8,747

 

1/19/2026 to 12/31/2030

Local 731, I.B. of T., Pension Fund

 

36-6513567 - 001

 

Green for the plan year ending 9/30/2024

 

Green for the plan year beginning 10/1/2023

 

Not applicable

​

​

5,737

​

​

5,471

​

​

4,939

 

9/30/2028

Suburban Teamsters of Northern Illinois Pension Fund

 

36-6155778 - 001

 

Green

 

Green

 

Not applicable

​

 

2,955

​

 

3,013

​

 

2,671

 

2/28/2029

Teamsters Local 301 Pension Fund

 

36-6492992 - 001

 

Green

 

Green

 

Not applicable

​

 

1,566

​

 

1,314

​

 

1,183

 

9/30/2028

Midwest Operating Engineers Pension Plan

 

36-6140097 - 001

 

Green for the plan year beginning 4/1/2025

 

Green for the plan year beginning 4/1/2024

 

Not applicable

​

 

951

​

 

774

​

 

704

 

10/31/2025

Automobile Mechanics’ Local No. 701 Union and Industry Pension Fund

 

36-6042061 - 001

 

Green

 

Green

 

Not applicable

​

 

539

​

 

562

​

 

452

 

12/31/2025

Local 813 Pension Trust Fund

 

13-1975659 - 001

 

Critical and Declining

 

Critical and Declining for the plan year beginning 1/1/2024

 

Implemented

​

 

453

​

 

485

​

 

557

 

11/30/2027

IAM National Pension Fund

​

51-6031295 - 002

​

Critical

​

Critical

​

Implemented

​

​

437

​

​

469

​

​

442

​

12/31/2025 to 6/30/2026

Locals 302 & 612 of the IOUE - Employers Construction Industry Retirement Plan

 

91-6028571 - 001

 

Green

 

Green

 

Not applicable

​

 

355

​

 

355

​

 

341

 

11/30/2026

International Union of Operating Engineers Pension Trust

 

85512-1

 

Green as of 4/30/2025

 

Green as of 4/30/2022

 

Not applicable

​

 

329

​

 

296

​

 

285

 

3/31/2028 to 3/31/2029

Multi-Sector Pension Plan

 

1085653

 

Critical as of 1/1/2022

 

Critical as of 1/1/2022

 

Not applicable

​

​

327

​

​

274

​

 

246

​

12/31/2026

Recycling and General Industrial Union Local 108 Pension Fund

​

13-6366378 - 001

​

Green

​

Green

​

Not applicable

​

​

284

​

​

246

​

​

225

​

2/28/2027

Nurses and Local 813 IBT Retirement Plan

​

13-3628926 - 001

​

Green

​

Green

​

Not applicable

​

​

111

​

​

125

​

​

121

​

11/30/2027

Contributions to other multiemployer plans

​

​

​

​

​

​

​

​

​

​

124

​

​

98

​

​

81

​

​

​

​

​

​

​

​

​

​

​

​

$

25,557

​

$

23,158

​

$

20,994

​

​

​

(a)

Unless otherwise noted in the table above, the most recent Pension Protection Act zone status available in 2025 and 2024 is for the plans’ years ended December 31, 2024 and 2023, respectively.

(b)

The “FIP/RP Status” column indicates plans for which a Funding Improvement Plan (“FIP”) or a Rehabilitation Plan (“RP”) has been implemented.

(c)

A multiemployer defined benefit pension plan that has been certified as endangered, seriously endangered or critical may begin to levy a statutory surcharge on contribution rates. Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter, until certain conditions are met. The Company was not required to pay a surcharge to these plans during the years ended December 31, 2025 and 2024.

(d)

Of the Multiemployer Pension Plans considered to be individually significant, the Company was listed in the Form 5500 as providing more than 5% of the total contributions for the following: 1) Local No. 731, I.B. of T., Pension Fund for plan years ending September 30, 2024, 2023 and 2022; 2) Suburban Teamsters of Northern Illinois Pension Plan for the plan years ending December 31, 2024, 2023 and 2022; 3) Teamsters Local 301 Pension Fund for plan years ending December 31, 2024, 2023 and 2022; 4) Local 813 Pension Trust Fund for the plan years ending December 31, 2024 and 2023; and 5) Recycling and General Industrial Union Local 108 Pension Fund for the plan years ending December 31, 2024, 2023 and 2022.
v3.25.4
Summary of Significant Accounting Policies - Revenue and Accounts Receivable - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Organization And Summary Of Significant Accounting Policies [Line Items]      
Weighted average remaining contract life 5 years    
Capitalized contract costs $ 30,055 $ 28,161  
Sales incentives amortization expense $ 26,198 $ 25,047 $ 25,855
Minimum      
Organization And Summary Of Significant Accounting Policies [Line Items]      
Estimated life of relevant customer relationship 1 year    
Maximum      
Organization And Summary Of Significant Accounting Policies [Line Items]      
Estimated life of relevant customer relationship 5 years    
Landfill and transfer station | Minimum      
Organization And Summary Of Significant Accounting Policies [Line Items]      
Standard customer service agreement period 1 year    
Landfill and transfer station | Maximum      
Organization And Summary Of Significant Accounting Policies [Line Items]      
Standard customer service agreement period 10 years    
Collection | Minimum      
Organization And Summary Of Significant Accounting Policies [Line Items]      
Standard customer service agreement period 1 year    
Collection | Maximum      
Organization And Summary Of Significant Accounting Policies [Line Items]      
Standard customer service agreement period 5 years    
v3.25.4
Summary of Significant Accounting Policies - Revenues by Service Line (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from External Customer [Line Items]      
Revenues $ 9,466,915 $ 8,919,591 $ 8,021,951
Reportable Segments | Collection      
Revenue from External Customer [Line Items]      
Revenues 6,748,096 6,332,773 5,934,979
Reportable Segments | Collection | Commercial      
Revenue from External Customer [Line Items]      
Revenues 2,944,279 2,670,549 2,476,891
Reportable Segments | Collection | Residential      
Revenue from External Customer [Line Items]      
Revenues 2,364,536 2,258,911 2,125,068
Reportable Segments | Collection | Industrial and construction roll off      
Revenue from External Customer [Line Items]      
Revenues 1,439,281 1,403,313 1,333,020
Reportable Segments | Landfill      
Revenue from External Customer [Line Items]      
Revenues 1,541,904 1,557,872 1,483,397
Reportable Segments | Transfer      
Revenue from External Customer [Line Items]      
Revenues 1,461,636 1,349,080 1,198,385
Reportable Segments | Recycling      
Revenue from External Customer [Line Items]      
Revenues 240,057 241,873 147,039
Reportable Segments | E&P      
Revenue from External Customer [Line Items]      
Revenues 688,761 521,504 232,211
Reportable Segments | Intermodal and other      
Revenue from External Customer [Line Items]      
Revenues 175,465 191,887 171,721
Intercompany Revenue      
Revenue from External Customer [Line Items]      
Revenues $ (1,389,004) $ (1,275,398) $ (1,145,781)
v3.25.4
Summary of Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]      
Allowance for credit losses, beginning balance $ 25,730 $ 23,553  
Current period provision for expected credit losses 14,493 20,243 $ 17,430
Write-offs charged against the allowance (26,368) (23,141)  
Recoveries collected 7,416 5,255  
Impact of changes in foreign currency 131 (180)  
Allowance for credit losses, ending balance 21,402 25,730 23,553
Accounts receivable, net of allowance for credit losses $ 1,024,992 $ 935,027 $ 856,953
v3.25.4
Summary of Significant Accounting Policies - Property Plant and Equipment Estimated Useful Lives (Details)
Dec. 31, 2025
Buildings | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 10 years
Buildings | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 20 years
Leasehold and land improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 1 year
Leasehold and land improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 20 years
Machinery and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 1 year
Machinery and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 20 years
Rolling stock | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 3 years
Rolling stock | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 20 years
Containers | Minimum  
Property, Plant and Equipment [Line Items]  
Useful life 3 years
Containers | Maximum  
Property, Plant and Equipment [Line Items]  
Useful life 12 years
v3.25.4
Summary of Significant Accounting Policies - Landfill Accounting - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Organization And Summary Of Significant Accounting Policies [Line Items]        
Percentage of projected annual disposal volume from landfills with remaining lives within threshold period   90.00%    
Liability adjustments   $ 44,009 $ 497,955  
Minimum        
Organization And Summary Of Significant Accounting Policies [Line Items]        
Life of Company's owned landfills and landfills operated under life-of-site operating agreements min range   1 year    
Maximum        
Organization And Summary Of Significant Accounting Policies [Line Items]        
Threshold period used for measurement of projected annual disposal volume from landfills   70 years    
Landfill        
Organization And Summary Of Significant Accounting Policies [Line Items]        
Inflation rate for purposes of computing layers for final capping, closure and post-closure obligations   2.75% 2.75%  
Additional charges to adjust the carrying value of a closure and post-closure liability $ 480,786     $ 159,547
Landfill | Measurement input, discount rate        
Organization And Summary Of Significant Accounting Policies [Line Items]        
Discount rate for purposes of computing layers for final capping, closure and post-closure obligations 5.50% 5.50% 5.50%  
v3.25.4
Summary of Significant Accounting Policies - Final Capping, Closure and Post-Closure Liability Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Organization And Summary Of Significant Accounting Policies [Line Items]    
Final capping, closure and post-closure liability at the beginning of the period $ 860,123 $ 522,233
Liability adjustments 44,009 497,955
Accretion expense associated with landfill obligations 48,040 29,373
Closure payments (305,930) (247,552)
Assumption of closure liabilities from acquisitions 1,010 60,913
Foreign currency translation adjustment 4,334 (2,799)
Final capping, closure and post-closure liability at the end of the period 651,586 860,123
Final capping, closure and post-closure liability - current portion 146,772 199,736
Accrued Liabilities    
Organization And Summary Of Significant Accounting Policies [Line Items]    
Final capping, closure and post-closure liability - current portion 146,772 199,736
Other Long-Term Liabilities    
Organization And Summary Of Significant Accounting Policies [Line Items]    
Final capping, closure and post-closure liability - noncurrent portion $ 504,814 $ 660,387
v3.25.4
Summary of Significant Accounting Policies - Intangible Assets - Narrative (Details)
$ in Thousands
 12 Months Ended 36 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2025
USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]        
Number of reportable segments | segment 6 6 6  
Forecasts period used for discounted cash flow analyses 10 years      
Perpetual revenue growth rate 4.20%      
Market participant rate 7.70%     7.70%
Number of reporting units | segment 6 6 6  
Impairments and other operating items $ 109,709 $ 613,012 $ 238,796  
Geographic Operating Segments        
Organization And Summary Of Significant Accounting Policies [Line Items]        
Impairment loss 0 $ 0 $ 0  
Impairment of intangible assets       $ 0
Landfill | Chiquita Canyon, LLC        
Organization And Summary Of Significant Accounting Policies [Line Items]        
Impairment of long lived asset $ 116,090      
Minimum        
Organization And Summary Of Significant Accounting Policies [Line Items]        
Expected term of related agreements 4 years     4 years
Maximum        
Organization And Summary Of Significant Accounting Policies [Line Items]        
Expected term of related agreements 51 years     51 years
v3.25.4
Summary of Significant Accounting Policies - Restricted Cash and Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash $ 183,612 $ 135,807
Restricted investments 80,757 78,126
Restricted Settlement of insurance claims    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash 150,426 121,751
Restricted investments 0 0
Restricted Landfill closure and post-closure obligations    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash 10,451 8,852
Restricted investments 80,655 77,855
Restricted Other financial assurance requirements    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash 22,735 5,204
Restricted investments $ 102 $ 271
v3.25.4
Summary of Significant Accounting Policies - Fair Value of Financial Instruments - Carrying Values and Fair Values of Debt Instruments (Details) - Senior Notes - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 04, 2025
Dec. 31, 2024
Senior Notes due 2028      
Debt Instrument [Line Items]      
Carrying value of senior notes $ 500,000   $ 500,000
Fair value of senior notes $ 503,750   $ 488,500
Interest rate 4.25%   4.25%
Senior Notes due 2029      
Debt Instrument [Line Items]      
Carrying value of senior notes $ 500,000   $ 500,000
Fair value of senior notes $ 491,900   $ 471,450
Interest rate 3.50%   3.50%
New Senior Notes due 2029      
Debt Instrument [Line Items]      
Carrying value of senior notes $ 364,800   $ 347,500
Fair value of senior notes $ 377,001   $ 359,168
Interest rate 4.50%   4.50%
Senior Notes due 2030      
Debt Instrument [Line Items]      
Carrying value of senior notes $ 600,000   $ 600,000
Fair value of senior notes $ 566,100   $ 536,220
Interest rate 2.60%   2.60%
Senior Notes due 2032      
Debt Instrument [Line Items]      
Carrying value of senior notes $ 650,000   $ 650,000
Fair value of senior notes $ 574,730   $ 535,275
Interest rate 2.20%   2.20%
New Senior Notes due 2032      
Debt Instrument [Line Items]      
Carrying value of senior notes $ 500,000   $ 500,000
Fair value of senior notes $ 465,900   $ 437,150
Interest rate 3.20%   3.20%
Senior Notes due 2033      
Debt Instrument [Line Items]      
Carrying value of senior notes $ 750,000   $ 750,000
Fair value of senior notes $ 736,350   $ 696,300
Interest rate 4.20%   4.20%
Senior Notes due 2034      
Debt Instrument [Line Items]      
Carrying value of senior notes $ 750,000   $ 750,000
Fair value of senior notes $ 767,175   $ 731,625
Interest rate 5.00%   5.00%
Senior Notes due 2035      
Debt Instrument [Line Items]      
Carrying value of senior notes $ 500,000 $ 500,000 $ 0
Fair value of senior notes $ 518,550   0
Interest rate 5.25%    
Senior Notes due 2050      
Debt Instrument [Line Items]      
Carrying value of senior notes $ 500,000   500,000
Fair value of senior notes $ 335,550   $ 321,700
Interest rate 3.05%   3.05%
Senior Notes due 2052      
Debt Instrument [Line Items]      
Carrying value of senior notes $ 850,000   $ 850,000
Fair value of senior notes $ 551,650   $ 528,955
Interest rate 2.95%   2.95%
v3.25.4
Summary of Significant Accounting Policies - Derivative Financial Instruments - Interest Rate Swaps (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
agreement
Derivative [Line Items]  
Number of interest rate swap agreements | agreement 1
Interest Rate Swap One  
Derivative [Line Items]  
Date entered 2018-12
Notional amount | $ $ 200,000
Fixed interest rate paid 2.7715%
Variable interest rate received 1-month term SOFR
Effective date 2022-11
Expiration date 2027-07
v3.25.4
Summary of Significant Accounting Policies - Derivative Financial Instruments - FV of Cash Flow Hedges (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivatives designated as cash flow hedges, asset derivatives $ 1,718 $ 13,929
Interest rate swap    
Derivatives, Fair Value [Line Items]    
Derivatives designated as cash flow hedges, asset derivatives 1,272 10,545
Interest rate swap | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Derivatives designated as cash flow hedges, asset derivatives 1,272 10,545
Interest rate swap | Other assets, net (noncurrent)    
Derivatives, Fair Value [Line Items]    
Derivatives designated as cash flow hedges, asset derivatives $ 446 $ 3,384
v3.25.4
Summary of Significant Accounting Policies - Impact of CF Hedges on Operations, Comp Income and AOCIL (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax $ (1,042) $ 8,531 $ 7,782
Amount of (Gain) or Loss Reclassified from AOCIL into Earnings, Net of Tax (7,932) (15,043) (14,411)
Interest rate swap      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax (1,042) 8,531 7,782
Amount of (Gain) or Loss Reclassified from AOCIL into Earnings, Net of Tax (7,932) (15,043) (14,411)
Cash Flow Hedging | Interest rate swap      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain or (Loss) Recognized as AOCIL on Derivatives, Net of Tax (1,042) 8,531 7,782
Cash Flow Hedging | Interest expense      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of (Gain) or Loss Reclassified from AOCIL into Earnings, Net of Tax $ (7,932) $ (15,043) $ (14,411)
v3.25.4
Summary of Significant Accounting Policies - Share-Based Compensation - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Organization And Summary Of Significant Accounting Policies [Line Items]      
Contractual life of warrants 5 years    
Share-based compensation expense, gross $ 79,448 $ 77,885 $ 70,436
Share-based compensation expense, net of taxes 59,427 58,203 52,708
Restricted stock units (RSUs)      
Organization And Summary Of Significant Accounting Policies [Line Items]      
Unrecognized compensation cost related to unvested awards $ 91,192    
Restricted stock unit awards, vesting final year 2029    
Weighted average remaining vesting period 1 year 1 month 6 days    
Restricted stock units (RSUs) | Progressive Waste Solutions Ltd.      
Organization And Summary Of Significant Accounting Policies [Line Items]      
Share-based compensation liability $ 7,928 $ 8,068 $ 8,060
Performance shares      
Organization And Summary Of Significant Accounting Policies [Line Items]      
Unrecognized compensation cost related to unvested awards $ 16,262    
Restricted stock unit awards, vesting final year 2028    
Weighted average remaining vesting period 1 year 1 month 6 days    
2020 Employee Share Purchase Plan | Minimum      
Organization And Summary Of Significant Accounting Policies [Line Items]      
Exercise price percentage of closing price of common shares 85.00%    
2020 Employee Share Purchase Plan | Maximum      
Organization And Summary Of Significant Accounting Policies [Line Items]      
Exercise price percentage of closing price of common shares 95.00%    
v3.25.4
Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Advertising costs $ 10,299 $ 9,197 $ 9,097
v3.25.4
Summary of Significant Accounting Policies - Insurance Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Accrual for self insured liabilities $ 306,961 $ 243,764  
Self-insurance expense $ 348,805 $ 323,760 $ 261,589
v3.25.4
Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Prepaid Expenses And Other Current Assets [Line Items]    
Income taxes receivable $ 44,535 $ 37,599
Parts and supplies 78,863 71,156
Prepaid insurance 31,572 40,014
Unrealized cash flow hedge gains 1,718 13,929
Prepaid licenses and permits 14,834 14,141
Other 69,527 56,064
Total prepaid expenses and other current assets 240,603 229,519
Interest rate swap    
Prepaid Expenses And Other Current Assets [Line Items]    
Unrealized cash flow hedge gains $ 1,272 $ 10,545
v3.25.4
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Machinery and equipment      
Property, Plant and Equipment [Line Items]      
Finance lease right-of-use assets $ 25,153 $ 8,956  
Landfill      
Property, Plant and Equipment [Line Items]      
Landfill depletion expense $ 267,453 $ 289,696 $ 254,633
v3.25.4
Property and Equipment, Net - Property and Equipment Schedule (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment gross $ 16,215,960 $ 14,630,957
Less accumulated depreciation and depletion (7,482,633) (6,595,028)
Property, Plant and Equipment, Net, Total 8,733,327 8,035,929
Landfill    
Property, Plant and Equipment [Line Items]    
Property and equipment gross 6,103,669 5,778,483
Rolling stock    
Property, Plant and Equipment [Line Items]    
Property and equipment gross 3,884,769 3,428,765
Land, Buildings and Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment gross 2,774,001 2,328,287
Containers    
Property, Plant and Equipment [Line Items]    
Property and equipment gross 1,439,217 1,364,624
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment gross 1,765,059 1,539,394
Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment gross $ 249,245 $ 191,404
v3.25.4
Leases - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee Disclosure [Abstract]      
Operating lease impairment charge $ 0 $ 0 $ 0
Finance lease impairment charge $ 0 $ 0 $ 0
v3.25.4
Leases - Operating and Financing Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease, Cost [Abstract]      
Operating lease cost $ 63,448 $ 53,329 $ 47,840
Amortization of leased assets 3,783 3,375 2,852
Interest on leased liabilities 456 273 228
Total lease cost $ 67,687 $ 56,977 $ 50,920
v3.25.4
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee Disclosure [Abstract]      
Operating cash flows from operating leases $ 60,048 $ 50,837 $ 46,688
Operating cash flows from finance leases 456 273 228
Financing cash flows from finance leases 4,189 3,356 2,817
Right-of-use assets obtained in exchange for lease liabilities - operating leases 40,603 62,922 92,503
Right-of-use assets obtained in exchange for lease liabilities - finance leases $ 19,981 $ 2,569 $ 1,388
v3.25.4
Leases - Weighted-Average Remaining Lease Term And Discount Rate (Details)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee Disclosure [Abstract]      
Weighted average remaining lease term - operating leases 9 years 2 months 12 days 9 years 8 months 12 days 10 years 10 months 24 days
Weighted average remaining lease term - finance leases 4 years 9 months 18 days 2 years 9 months 18 days 3 years 4 months 24 days
Weighted average discount rate - operating leases 4.65% 4.34% 4.04%
Weighted average discount rate - finance leases 4.59% 2.99% 2.36%
v3.25.4
Leases - Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Future Minimum Lease Payments, Operating Leases    
2026 $ 57,662  
2027 53,538  
2028 45,810  
2029 38,939  
2030 34,668  
Thereafter (year five) 161,713  
Minimum lease payments 392,330  
Less: imputed interest (81,058)  
Present value of minimum lease payments 311,272  
Less: current portion of operating lease liabilities (44,272) $ (40,490)
Long-term portion of operating lease liabilities 267,000 272,107
Future Minimum Lease Payments, Finance Leases    
2026 5,236  
2027 3,825  
2028 2,477  
2029 2,078  
2030 1,952  
Thereafter (year five) 2,407  
Minimum lease payments 17,975  
Less: imputed interest, finance leases (2,002)  
Present value of minimum lease payments, finance leases $ 15,973 $ 9,247
Finance Lease, Liability, Statement of Financial Position Long-term portion of debt and notes payable, Current portion of long-term debt and notes payable Long-term portion of debt and notes payable, Current portion of long-term debt and notes payable
Less: current portion of finance lease liabilities $ (4,582)  
Finance Lease, Liability, Current, Statement of Financial Position Current portion of long-term debt and notes payable  
Long-term portion of finance lease liabilities $ 11,391  
Finance Lease, Liability, Noncurrent, Statement of Financial Position Long-term portion of debt and notes payable  
v3.25.4
Acquisitions - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
entity
Dec. 31, 2025
USD ($)
agreement
Dec. 31, 2024
USD ($)
entity
Dec. 31, 2023
USD ($)
entity
Business Combination [Line Items]          
Acquisition-related costs $ 24,178     $ 26,059 $ 10,653
Goodwill expected to be deductible for tax purposes 308,600 $ 308,600 $ 308,600 699,514 372,671
Trade receivables acquired in business combination gross contractual amount 29,371 29,371 29,371 106,259 19,202
Trade receivables acquired in business combination expected to be uncollectible amount 1,330 $ 1,330 $ 1,330 5,264 1,196
Number of individually immaterial acquisitions   6 6    
Payment of contingent consideration recorded at acquisition date $ 34,269     $ 27,743 $ 13,317
Solid waste          
Business Combination [Line Items]          
Number of immaterial businesses acquired in period | entity   17   20 12
E&P          
Business Combination [Line Items]          
Number of immaterial businesses acquired in period | entity   2   4 1
v3.25.4
Acquisitions - Consideration Transferred to Acquire Businesses and Assets Acquired, Liabilities Assumed Schedule (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
entity
Dec. 31, 2025
USD ($)
agreement
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair value of consideration transferred:          
Cash $ 817,577     $ 2,120,878 $ 676,793
Debt assumed 114,772     77,766 76,001
Consideration transferred 966,752     2,227,529 766,244
Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired:          
Accounts receivable 28,041 $ 28,041 $ 28,041 100,995 18,006
Prepaid expenses and other current assets 3,985 3,985 3,985 13,513 5,025
Restricted investments 0 0 0 0 5,462
Operating lease right-of-use assets 12,501 12,501 12,501 24,700 15,364
Property and equipment 380,264 380,264 380,264 913,729 207,164
Other assets 470 470 470 1,671 24
Accounts payable and accrued liabilities (20,995) (20,995) (20,995) (27,902) (14,596)
Current portion of operating lease liabilities (621) (621) (621) (2,875) (712)
Deferred revenue (4,505) (4,505) (4,505) (12,148) (3,443)
Contingent consideration 34,403 34,403 34,403 28,885 13,450
Long-term portion of operating lease liabilities (2,731) (2,731) (2,731) (14,774) (14,652)
Other long-term liabilities (3,260) (3,260) (3,260) (67,109) (10,277)
Deferred income taxes (11,533) (11,533) (11,533) 0 (3,212)
Total identifiable net assets 620,148 620,148 620,148 1,528,015 303,323
Goodwill 346,604     699,514 462,921
Goodwill expected to be deductible for tax purposes 308,600 $ 308,600 $ 308,600 699,514 372,671
Number of individually immaterial acquisitions   6 6    
Trade receivables acquired in business combination gross contractual amount 29,371 $ 29,371 $ 29,371 106,259 19,202
Trade receivables acquired in business combination expected to be uncollectible amount 1,330 1,330 1,330 5,264 1,196
Long Term Franchise Agreements And Contracts          
Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired:          
Intangibles 48,321 48,321 48,321 159,028 76,401
Customer Lists          
Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired:          
Intangibles 81,488 81,488 81,488 214,459 19,719
Permits and Other          
Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired:          
Intangibles $ 108,723 $ 108,723 $ 108,723 $ 224,728 $ 3,050
v3.25.4
Intangible Assets, Net - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Long-term Franchise Agreements and Contracts  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Weighted average amortization period of acquired intangible assets 11 years
Customer Lists  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Weighted average amortization period of acquired intangible assets 10 years 6 months
Permits and Other  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Weighted average amortization period of acquired intangible assets 37 years 7 months 6 days
v3.25.4
Intangible Assets, Net - Intangible Assets Exclusive of Goodwill (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite Lived And Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount, Finite-Lived Intangible Assets $ 3,344,194 $ 3,109,297
Gross Carrying Amount, Intangible Assets, Exclusive of Goodwill 3,525,807 3,290,910
Accumulated Amortization, Finite-Lived Intangible Assets (1,453,419) (1,258,507)
Accumulated Impairment Loss, Finite-Lived Intangible Assets (66,188) (40,784)
Accumulated Impairment Loss, Intangible Assets (66,188) (40,784)
Net Carrying Amount, Finite-Lived Intangible Assets 1,824,587 1,810,006
Net Carrying Amount, Intangible Assets 2,006,200 1,991,619
Solid Waste Collection and Transportation Permits    
Finite Lived And Indefinite Lived Intangible Assets [Line Items]    
Accumulated Amortization, Finite-Lived Intangible Assets 0 0
Accumulated Impairment Loss, Indefinite-Lived Intangible Assets 0 0
Net Carrying Amount, Indefinite-Lived Intangible Assets 181,613 181,613
Long-term Franchise Agreements and Contracts    
Finite Lived And Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount, Finite-Lived Intangible Assets 1,131,332 1,104,585
Accumulated Amortization, Finite-Lived Intangible Assets (457,664) (400,674)
Accumulated Impairment Loss, Finite-Lived Intangible Assets 0 0
Net Carrying Amount, Finite-Lived Intangible Assets 673,668 703,911
Customer Lists    
Finite Lived And Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount, Finite-Lived Intangible Assets 1,098,172 1,005,355
Accumulated Amortization, Finite-Lived Intangible Assets (798,973) (693,594)
Accumulated Impairment Loss, Finite-Lived Intangible Assets 0 0
Net Carrying Amount, Finite-Lived Intangible Assets 299,199 311,761
Permits and Other    
Finite Lived And Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount, Finite-Lived Intangible Assets 1,114,690 999,357
Accumulated Amortization, Finite-Lived Intangible Assets (196,782) (164,239)
Accumulated Impairment Loss, Finite-Lived Intangible Assets (66,188) (40,784)
Net Carrying Amount, Finite-Lived Intangible Assets $ 851,720 $ 794,334
v3.25.4
Intangible Assets, Net - Estimated Future Amortization Expense, Intangible Assets (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
For the year ending December 31, 2026 $ 187,834
For the year ending December 31, 2027 163,925
For the year ending December 31, 2028 144,756
For the year ending December 31, 2029 129,869
For the year ending December 31, 2030 $ 116,428
v3.25.4
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accrued Liabilities [Line Items]    
Insurance claims and premiums $ 310,286 $ 244,536
Payroll and payroll-related 152,622 127,518
Interest payable 86,156 68,455
Final capping, closure and post-closure liability - current portion 146,772 199,736
Property taxes 19,726 17,548
Environmental remediation reserve - current portion 42,177 8,808
Environmental remediation reserve - non current portion $ 7,109 $ 7,186
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Cell processing reserve - current portion $ 2,572 $ 2,148
Transaction-related expenses 1,741 1,471
Other 48,315 66,604
Accrued Liabilities, Current, Total 810,367 736,824
Accrued Liabilities    
Accrued Liabilities [Line Items]    
Final capping, closure and post-closure liability - current portion $ 146,772 $ 199,736
v3.25.4
Long-Term Debt - Schedule of LTD and Lease Obligations (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 04, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Finance leases $ 15,973   $ 9,247
Total debt and lease obligations 8,888,839   8,151,713
Less - current portion (8,667)   (7,851)
Less - unamortized debt discount and issuance costs (69,068)   (70,934)
Long-term portion of debt and notes payable $ 8,811,104   8,072,928
Minimum      
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Finance leases interest rate 1.89%    
Maximum      
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Finance leases interest rate 5.35%    
Revolving Credit Agreement | Revolving Credit Facility      
Debt Instrument [Line Items]      
Long term debt $ 2,381,646   2,164,325
Revolving Credit Agreement | Revolving Credit Facility | Minimum      
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Line of credit, interest rate 3.41%    
Revolving Credit Agreement | Revolving Credit Facility | Maximum      
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Line of credit, interest rate 6.75%    
Notes Payable to Sellers and Other Third Parties      
Debt Instrument [Line Items]      
Long term debt $ 26,420   30,641
Notes Payable to Sellers and Other Third Parties | Minimum      
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Interest rate 2.42%    
Notes Payable to Sellers and Other Third Parties | Maximum      
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Interest rate 10.35%    
Senior Notes | Senior Notes due 2028      
Debt Instrument [Line Items]      
Long term debt $ 500,000   $ 500,000
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Interest rate 4.25%   4.25%
Senior Notes | Senior Notes due 2029      
Debt Instrument [Line Items]      
Long term debt $ 500,000   $ 500,000
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Interest rate 3.50%   3.50%
Senior Notes | New Senior Notes due 2029      
Debt Instrument [Line Items]      
Long term debt $ 364,800   $ 347,500
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Interest rate 4.50%   4.50%
Senior Notes | Senior Notes due 2030      
Debt Instrument [Line Items]      
Long term debt $ 600,000   $ 600,000
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Interest rate 2.60%   2.60%
Senior Notes | Senior Notes due 2032      
Debt Instrument [Line Items]      
Long term debt $ 650,000   $ 650,000
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Interest rate 2.20%   2.20%
Senior Notes | New Senior Notes due 2032      
Debt Instrument [Line Items]      
Long term debt $ 500,000   $ 500,000
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Interest rate 3.20%   3.20%
Senior Notes | Senior Notes due 2033      
Debt Instrument [Line Items]      
Long term debt $ 750,000   $ 750,000
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Interest rate 4.20%   4.20%
Senior Notes | Senior Notes due 2034      
Debt Instrument [Line Items]      
Long term debt $ 750,000   $ 750,000
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Interest rate 5.00%   5.00%
Senior Notes | Senior Notes due 2035      
Debt Instrument [Line Items]      
Long term debt $ 500,000 $ 500,000 $ 0
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Interest rate 5.25%    
Senior Notes | Senior Notes due 2050      
Debt Instrument [Line Items]      
Long term debt $ 500,000   $ 500,000
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Interest rate 3.05%   3.05%
Senior Notes | Senior Notes due 2052      
Debt Instrument [Line Items]      
Long term debt $ 850,000   $ 850,000
Debt Instrument, Interest Rate, Stated Percentage [Abstract]      
Interest rate 2.95%   2.95%
v3.25.4
Long-Term Debt - Revolving Credit Agreement Schedule (Details) - Revolving Credit Agreement - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
SOFR    
Debt Instrument [Line Items]    
Margin rate for loans 0.10%  
Revolving Credit Facility    
Debt Instrument [Line Items]    
Available $ 581,059 $ 778,374
Amount drawn $ 2,381,646 $ 2,164,325
Commitment - rate applicable 0.08% 0.09%
Revolving Credit Facility | SOFR | Debt Instrument, Redemption, Period One    
Debt Instrument [Line Items]    
Amount drawn $ 965,000 $ 800,000
Interest rate applicable 4.75% 5.65%
Margin rate for loans 0.875% 1.00%
Revolving Credit Facility | SOFR | Debt Instrument, Redemption, Period Two    
Debt Instrument [Line Items]    
Amount drawn $ 150,000 $ 500,000
Interest rate applicable 4.59% 5.69%
Margin rate for loans 0.875% 1.00%
Revolving Credit Facility | SOFR | Debt Instrument, Redemption, Period Three    
Debt Instrument [Line Items]    
Amount drawn $ 0 $ 50,000
Interest rate applicable 0.00% 5.46%
Margin rate for loans 0.00% 1.00%
Revolving Credit Facility | Base Rate    
Debt Instrument [Line Items]    
Amount drawn $ 38,000 $ 95,000
Interest rate applicable 6.75% 7.50%
Margin rate for loans 0.00% 0.00%
Revolving Credit Facility | CORRA | Debt Instrument, Redemption, Period One    
Debt Instrument [Line Items]    
Amount drawn $ 1,163,712 $ 590,750
Interest rate applicable 3.41% 5.24%
Margin rate for loans 0.875% 1.00%
Revolving Credit Facility | CORRA | Debt Instrument, Redemption, Period Two    
Debt Instrument [Line Items]    
Amount drawn $ 51,072 $ 86,875
Interest rate applicable 3.44% 4.59%
Margin rate for loans 0.875% 1.00%
Revolving Credit Facility | Canadian Prime Rate    
Debt Instrument [Line Items]    
Amount drawn $ 13,862 $ 41,700
Interest rate applicable 4.45% 5.45%
Margin rate for loans 0.00% 0.00%
Letter of Credit    
Debt Instrument [Line Items]    
Letter of credit $ 37,295 $ 57,301
v3.25.4
Long-Term Debt - Revolving Credit Agreement Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
SOFR Loans, CORRA Loans, and Letters of Credit | Minimum    
Debt Instrument [Line Items]    
Margin rate for loans 0.75%  
SOFR Loans, CORRA Loans, and Letters of Credit | Maximum    
Debt Instrument [Line Items]    
Margin rate for loans 1.25%  
Revolving Credit Agreement    
Debt Instrument [Line Items]    
Covenant description as of the last day of each fiscal quarter, the ratio of (a) Consolidated Total Funded Debt (as defined in the Revolving Credit Agreement) as of such date to (b) Consolidated EBITDA (as defined in the Revolving Credit Agreement), measured for the preceding 12 months, to not more than 3.75 to 1.00 (or 4.25 to 1.00 during material acquisition periods, subject to certain limitations).  
Debt Instrument, Covenant Compliance As of December 31, 2025, the Company was in compliance with all applicable covenants in the Revolving Credit Agreement  
Revolving Credit Agreement | Other assets, net (noncurrent)    
Debt Instrument [Line Items]    
Prepaid expense, debt issuance costs $ 3,379  
Revolving Credit Agreement | Maximum    
Debt Instrument [Line Items]    
Required Leverage Ratio 3.75  
Required leverage ratio during material acquisition period 4.25  
Revolving Credit Agreement | CORRA | One Month    
Debt Instrument [Line Items]    
Margin rate for loans 0.29547%  
Revolving Credit Agreement | CORRA | Three Months    
Debt Instrument [Line Items]    
Margin rate for loans 0.32138%  
Revolving Credit Agreement | SOFR    
Debt Instrument [Line Items]    
Margin rate for loans 0.10%  
Revolving Credit Agreement | Letter of Credit    
Debt Instrument [Line Items]    
Letter of credit $ 37,295 $ 57,301
Revolving Credit Agreement | Letter of Credit | Maximum    
Debt Instrument [Line Items]    
Credit facility maximum borrowing capacity $ 320,000  
Revolving Credit Agreement | Revolving Credit Facility    
Debt Instrument [Line Items]    
Maturity date Feb. 27, 2029  
Credit facility maximum borrowing capacity $ 3,000,000  
Upsize available to credit facility maximum borrowing capacity $ 1,000,000  
Revolving Credit Agreement | Revolving Credit Facility | Minimum    
Debt Instrument [Line Items]    
Commitment Fee, Percentage 0.065%  
Revolving Credit Agreement | Revolving Credit Facility | Maximum    
Debt Instrument [Line Items]    
Credit facility maximum borrowing capacity $ 4,000,000  
Commitment Fee, Percentage 0.15%  
Revolving Credit Agreement | Revolving Credit Facility | Base Rate    
Debt Instrument [Line Items]    
Margin rate for loans 0.00% 0.00%
Revolving Credit Agreement | Revolving Credit Facility | Canadian Prime Rate    
Debt Instrument [Line Items]    
Margin rate for loans 0.00% 0.00%
Revolving Credit Agreement | Swing Line Loans | Maximum    
Debt Instrument [Line Items]    
Swing line loans $ 100,000  
Facilities Other Than Revolving Credit Agreement | Letter of Credit    
Debt Instrument [Line Items]    
Letter of credit $ 183,302  
Canadian Prime Rate Loans and Swing Line Loans | Base Rate | Minimum    
Debt Instrument [Line Items]    
Margin rate for loans 0.00%  
Canadian Prime Rate Loans and Swing Line Loans | Base Rate | Maximum    
Debt Instrument [Line Items]    
Margin rate for loans 0.25%  
v3.25.4
Long-Term Debt - Senior Notes Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
Jun. 13, 2024
CAD ($)
Feb. 21, 2024
USD ($)
Aug. 18, 2022
USD ($)
Mar. 09, 2022
USD ($)
Sep. 20, 2021
USD ($)
Mar. 13, 2020
USD ($)
Jan. 23, 2020
USD ($)
Apr. 16, 2019
USD ($)
Nov. 16, 2018
USD ($)
Revolving Credit Agreement | SOFR                      
Debt Instrument [Line Items]                      
Margin rate for loans 0.10%                    
Revolving Credit Agreement | Revolving Credit Facility                      
Debt Instrument [Line Items]                      
Maturity date Feb. 27, 2029                    
Commitment - rate applicable 0.08% 0.09%                  
Revolving Credit Agreement | Revolving Credit Facility | Canadian Prime Rate                      
Debt Instrument [Line Items]                      
Margin rate for loans 0.00% 0.00%                  
Senior Notes                      
Debt Instrument [Line Items]                      
Debt Instrument, Redemption Price, Percentage 100.00%                    
Senior Notes | Minimum                      
Debt Instrument [Line Items]                      
Percentage of principal amount redeemed 25.00%                    
Senior Notes | Maximum                      
Debt Instrument [Line Items]                      
Debt Instrument, Redemption Price, Percentage 101.00%                    
Senior Notes | Senior Notes due 2028                      
Debt Instrument [Line Items]                      
Debt Instrument, Redemption Price, Percentage 100.00%                    
Aggregate principal amount                     $ 500,000
Interest rate 4.25% 4.25%                  
Maturity date Dec. 01, 2028                    
Debt issuance costs $ 5,792                    
Debt instrument, redemption period Sep. 01, 2028                    
Senior Notes | Senior Notes due 2029                      
Debt Instrument [Line Items]                      
Debt Instrument, Redemption Price, Percentage 100.00%                    
Aggregate principal amount                   $ 500,000  
Interest rate 3.50% 3.50%                  
Maturity date May 01, 2029                    
Debt issuance costs $ 5,954                    
Debt instrument, redemption period Feb. 01, 2029                    
Senior Notes | New Senior Notes due 2029                      
Debt Instrument [Line Items]                      
Debt Instrument, Redemption Price, Percentage 100.00%                    
Aggregate principal amount     $ 500,000,000                
Interest rate 4.50% 4.50%                  
Maturity date Jun. 14, 2029                    
Debt issuance costs $ 2,656                    
Debt discount $ 245                    
Debt instrument, redemption period May 14, 2029                    
Senior Notes | Senior Notes due 2030                      
Debt Instrument [Line Items]                      
Debt Instrument, Redemption Price, Percentage 100.00%                    
Aggregate principal amount                 $ 600,000    
Interest rate 2.60% 2.60%                  
Maturity date Feb. 01, 2030                    
Debt issuance costs $ 5,435                    
Debt instrument, redemption period Nov. 01, 2029                    
Senior Notes | Senior Notes due 2032                      
Debt Instrument [Line Items]                      
Debt Instrument, Redemption Price, Percentage 100.00%                    
Aggregate principal amount             $ 650,000        
Interest rate 2.20% 2.20%                  
Maturity date Jan. 15, 2032                    
Debt issuance costs $ 5,979                    
Debt discount $ 1,066                    
Debt instrument, redemption period Oct. 15, 2031                    
Senior Notes | New Senior Notes due 2032                      
Debt Instrument [Line Items]                      
Debt Instrument, Redemption Price, Percentage 100.00%                    
Aggregate principal amount           $ 500,000          
Interest rate 3.20% 3.20%                  
Maturity date Jun. 01, 2032                    
Debt issuance costs $ 4,668                    
Debt discount $ 375                    
Debt instrument, redemption period Mar. 01, 2032                    
Senior Notes | Senior Notes due 2033                      
Debt Instrument [Line Items]                      
Debt Instrument, Redemption Price, Percentage 100.00%                    
Aggregate principal amount         $ 750,000            
Interest rate 4.20% 4.20%                  
Maturity date Jan. 15, 2033                    
Debt issuance costs $ 6,878                    
Debt discount $ 2,040                    
Debt instrument, redemption period Oct. 15, 2032                    
Senior Notes | Senior Notes due 2034                      
Debt Instrument [Line Items]                      
Debt Instrument, Redemption Price, Percentage 100.00%                    
Aggregate principal amount       $ 750,000              
Interest rate 5.00% 5.00%                  
Maturity date Mar. 01, 2034                    
Debt issuance costs $ 6,978                    
Debt discount $ 8,738                    
Debt instrument, redemption period Dec. 01, 2033                    
Senior Notes | Senior Notes due 2035                      
Debt Instrument [Line Items]                      
Debt Instrument, Redemption Price, Percentage 100.00%                    
Interest rate 5.25%                    
Maturity date Sep. 01, 2035                    
Debt issuance costs $ 4,864                    
Debt discount $ 630                    
Debt instrument, redemption period Jun. 01, 2035                    
Senior Notes | Senior Notes due 2050                      
Debt Instrument [Line Items]                      
Debt Instrument, Redemption Price, Percentage 100.00%                    
Aggregate principal amount               $ 500,000      
Interest rate 3.05% 3.05%                  
Maturity date Apr. 01, 2050                    
Debt issuance costs $ 5,682                    
Debt discount $ 7,375                    
Debt instrument, redemption period Oct. 01, 2049                    
Senior Notes | Senior Notes due 2052                      
Debt Instrument [Line Items]                      
Debt Instrument, Redemption Price, Percentage 100.00%                    
Aggregate principal amount             $ 850,000        
Interest rate 2.95% 2.95%                  
Maturity date Jan. 15, 2052                    
Debt issuance costs $ 9,732                    
Debt discount $ 12,742                    
Debt instrument, redemption period Jul. 15, 2051                    
v3.25.4
Segment Reporting - Property and Equipment in US and Canada (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Property and equipment $ 8,733,327 $ 8,035,929
United States    
Segment Reporting Information [Line Items]    
Property and equipment 7,484,637 6,870,901
Canada    
Segment Reporting Information [Line Items]    
Property and equipment $ 1,248,690 $ 1,165,028
v3.25.4
Long-Term Debt - Future Principal Payments Schedule (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Long-Term Debt [Abstract]    
2026 $ 8,667  
2027 7,552  
2028 506,469  
2029 3,252,604  
2030 604,239  
Thereafter 4,509,308  
Total debt and lease obligations $ 8,888,839 $ 8,151,713
v3.25.4
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted cash $ 183,612 $ 135,807
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted cash 183,612 135,807
Restricted investments 80,533 77,900
Contingent consideration (84,696) (87,162)
Fair Value, Measurements, Recurring | Interest rate swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative instrument - net 1,718 13,929
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted cash 183,612 135,807
Restricted investments 0 0
Contingent consideration 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Interest rate swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative instrument - net 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted cash 0 0
Restricted investments 80,533 77,900
Contingent consideration 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Interest rate swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative instrument - net 1,718 13,929
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Restricted cash 0 0
Restricted investments 0 0
Contingent consideration (84,696) (87,162)
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Interest rate swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative instrument - net $ 0 $ 0
v3.25.4
Fair Value of Financial Instruments - Change in FV for Level 3 Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]      
Beginning balance $ 87,162 $ 115,030  
Contingent consideration recorded at acquisition date 34,403 28,885  
Payment of contingent consideration recorded at acquisition date (34,269) (27,743)  
Payment of contingent consideration recorded in earnings $ (400) $ (35,035)  
Payment of contingent consideration recorded in earnings, location Impairments and other operating items Impairments and other operating items  
Adjustments to contingent consideration $ (6,215) $ (3) $ 30,367
Interest accretion expense 3,538 6,217  
Foreign currency translation adjustment 477 (189)  
Ending balance $ 84,696 $ 87,162 $ 115,030
v3.25.4
Commitments and Contingencies - Narrative (Details)
T in Thousands, gal in Millions
 12 Months Ended
Jun. 03, 2025
USD ($)
May 29, 2025
USD ($)
Aug. 09, 2024
USD ($)
Dec. 31, 2025
USD ($)
employee
agreement
gal
Dec. 31, 2024
USD ($)
T
Dec. 31, 2023
USD ($)
Contingencies And Commitments [Line Items]            
Amount of surety bonds to secure asset closure and retirement requirements       $ 1,040,159,000 $ 934,330,000  
Amount of surety bonds to secure performance under collection contracts and landfill operating agreements       $ 1,117,272,000 1,077,021,000  
Percentage of interest in company that issues financial surety bonds       9.90%    
Outstanding amount of financial surety bonds       $ 557,912,000 492,711,000  
Unrecorded unconditional purchase obligation, remaining volume | gal       56.2    
Purchase commitment       $ 173,644,000    
Purchase obligation company paid       144,425,000 $ 139,973,000 $ 145,598,000
Threshold used for disclosing environmental matters involving potential monetary sanctions       $ 1,000,000    
Collective bargaining agreements percentage of workforce       16.00%    
Number of collective bargaining agreements expired or set to expire | agreement       23    
Collective bargaining agreements of workforce       6.00%    
Workforce Subject to Collective-Bargaining Arrangements Expiring within One Year            
Contingencies And Commitments [Line Items]            
Collective bargaining agreements of employees | employee       1,414    
Jefferson Parish, Louisiana Landfill Litigation            
Contingencies And Commitments [Line Items]            
Loss contingency amount sought     $ 4,500,000      
Maximum damages sought per plaintiff $ 74,999          
Chiquita Canyon, LLC            
Contingencies And Commitments [Line Items]            
Annual tons of waste accepted at landfill | T         2,300  
Estimate of total new fees and other new taxes over the life of the conditional use permit       $ 300,000,000    
Chiquita Canyon, LLC | County of Los Angeles Litigation            
Contingencies And Commitments [Line Items]            
Abatement Fund Amount Sought   $ 20,000,000        
v3.25.4
Commitments and Contingencies - Future Minimum Purchase Commitments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 136,579
2027 35,978
2028 621
2029 466
2030 0
Thereafter 0
Total purchase commitment $ 173,644
v3.25.4
Shareholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended 12 Months Ended 24 Months Ended 115 Months Ended
Oct. 31, 2025
Sep. 30, 2025
Dec. 31, 2025
Jul. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2025
Jul. 22, 2025
Jun. 01, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Issuance of shares under employee share purchase plan, shares         32,150 29,256 29,808        
Issuance of shares under employee share purchase plan         $ 5,464 $ 4,486 $ 3,909        
Cash dividend per common share, increase $ 0.035                    
Cash dividend per share $ 0.35 $ 0.315     $ 1.295 $ 1.17 $ 1.05        
Maximum number of shares authorized for repurchase                   12,855,691  
Share repurchase plan expiration date     Aug. 11, 2026                
Daily repurchase of shares, maximum       80,213              
Daily Shares Repurchase (as percentage)     25.00%   25.00%     25.00% 25.00%    
Repurchase of common stock (shares)         2,758,775 0 0        
Common shares, shares issued     255,661,011   255,661,011 258,067,487   255,661,011 255,661,011    
Common shares, shares outstanding     255,614,663   255,614,663 258,019,389   255,614,663 255,614,663    
Preferred stock, shares issued     0   0 0   0 0    
Preferred stock, shares outstanding     0   0 0   0 0    
Aggregate cost of stock repurchased         $ 505,517            
Aggregate cost of common stock repurchase     $ 0   $ 0 $ 0   $ 0 $ 0    
Maximum remaining number of shares available for repurchase     11,396,255   11,396,255     11,396,255 11,396,255    
Cash dividends on common stock         $ 333,807 $ 302,258 $ 270,604        
Shares reserved for issuance     4,394,348   4,394,348     4,394,348 4,394,348    
Common stock, Unlimited shares authorized               Unlimited      
Preferred stock, Unlimited shares authorized         Unlimited Unlimited          
2020 Employee Share Purchase Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Minimum percent of eligible compensation to purchase shares     1.00%   1.00%     1.00% 1.00%    
Maximum percent of eligible compensation to purchase shares     10.00%   10.00%     10.00% 10.00%    
Maximum number of share authorized to be issued under plan     1,000,000   1,000,000     1,000,000 1,000,000    
2016 Incentive Award Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Maximum number of share authorized to be issued under plan     7,500,000   7,500,000     7,500,000 7,500,000    
Minimum                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Warrant expiration         2026            
Minimum | 2020 Employee Share Purchase Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Exercise price percentage of closing price of common shares         85.00%            
Maximum                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Warrant expiration         2030            
Maximum | 2020 Employee Share Purchase Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Exercise price percentage of closing price of common shares         95.00%            
Restricted stock units (RSUs)                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vested deferred RSUs outstanding     29,092   29,092 29,980 49,129 29,092 29,092    
Weighted average grant-date fair value of award         $ 185.41 $ 164.93 $ 133.65        
Units granted in period         358,650            
Restricted stock units (RSUs) | 2004 Equity Incentive Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Awards granted in period         0 0 0        
Restricted stock units (RSUs) | Progressive Waste Solutions Ltd.                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Awards granted in period                 0    
Performance shares                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Weighted average grant-date fair value of award         $ 176.19 $ 138.29 $ 133.83        
Units granted in period         80,104            
Performance shares | 2023 Performance-Based Restricted Share Units, Plan One                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting period of award             3 years        
Performance period end date             Dec. 31, 2025        
Performance shares | 2024 Performance-Based Restricted Share Units, Plan One                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting period of award           3 years          
Performance period end date           Dec. 31, 2026          
Performance shares | 2025 Performance-Based Restricted Share Units, Plan One                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting period of award         3 years            
Performance period end date         Dec. 31, 2027            
Special Shares                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Common shares, shares issued     0   0 0   0 0    
Common shares, shares outstanding     0   0 0   0 0    
Common stock, Unlimited shares authorized         Unlimited Unlimited          
Deferred share units                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vested deferred RSUs outstanding     22,903   22,903 20,418   22,903 22,903    
Weighted average grant-date fair value of award         $ 189.04 $ 168.71 $ 136.47        
Units granted in period         2,485            
Restricted Share Units and Deferred Share Units                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Sale of common shares held in trust, shares         1,750 11,344 6,017        
Restricted Share Units and Deferred Share Units | Progressive Waste Solutions Ltd.                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Acquired common shares held in trust     46,348   46,348     46,348 46,348   735,171
2016 Incentive Award Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Shares reserved for issuance     1,417,371   1,417,371     1,417,371 1,417,371    
2020 Employee Share Purchase Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Shares reserved for issuance     871,391   871,391     871,391 871,391    
Restricted Stock Units Performance Share Units and Warrants                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Shares reserved for issuance     2,105,586   2,105,586     2,105,586 2,105,586    
Progressive Waste Solutions Ltd. | Restricted stock units (RSUs)                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vested deferred RSUs outstanding     43,716   43,716 45,466   43,716 43,716    
v3.25.4
Shareholders' Equity - Restricted Stock Units Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted stock units (RSUs)      
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items]      
Stock units granted 358,650    
Weighted average grant-date fair value of award $ 185.41 $ 164.93 $ 133.65
Total fair value of share units vested $ 46,741 $ 39,745 $ 39,754
Performance shares      
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items]      
Stock units granted 80,104    
Weighted average grant-date fair value of award $ 176.19 $ 138.29 $ 133.83
Total fair value of share units vested $ 10,374 $ 14,948 $ 20,196
Deferred share units      
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items]      
Stock units granted 2,485    
Weighted average grant-date fair value of award $ 189.04 $ 168.71 $ 136.47
Total fair value of share units awarded $ 470 $ 632 $ 538
v3.25.4
Shareholders' Equity - Summary of Activity Related to RSUs (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted stock units (RSUs)      
Unvested shares      
Outstanding at beginning 29,980 49,129  
Outstanding, shares at beginning 912,560    
Granted 358,650    
Forfeited (43,740)    
Vested and issued 356,198    
Outstanding at ending 29,092 29,980 49,129
Outstanding, shares at ending 871,272 912,560  
Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning balance $ 139.83    
Granted, per Share 185.41 $ 164.93 $ 133.65
Forfeited, per Share 159.99    
Vested and Issued, per Share 131.22    
Outstanding, ending balance, per Share $ 161.09 $ 139.83  
Performance shares      
Unvested shares      
Outstanding, shares at beginning 219,143    
Granted 80,104    
Vested and issued 87,964    
Outstanding, shares at ending 211,283 219,143  
Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning balance $ 137.83    
Granted, per Share 176.19 $ 138.29 133.83
Vested and Issued, per Share 117.94    
Outstanding, ending balance, per Share $ 160.65 $ 137.83  
Deferred share units      
Unvested shares      
Outstanding at beginning 20,418    
Granted 2,485    
Outstanding at ending 22,903 20,418  
Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning balance, per Share $ 97.38    
Granted, per Share 189.04 $ 168.71 $ 136.47
Outstanding, ending balance, per Share $ 107.33 $ 97.38  
Progressive Waste Solutions Ltd. | Restricted stock units (RSUs)      
Unvested shares      
Outstanding at beginning 45,466    
Cash settled (1,750)    
Outstanding at ending 43,716 45,466  
v3.25.4
Shareholders' Equity - Warrant Activity Schedule (Details) - Stock Purchase Warrants
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Instruments Other Than Options  
Outstanding at beginning | shares 921,426
Granted | shares 188,969
Forfeited | shares (83,135)
Exercised | shares (33,321)
Outstanding at ending | shares 993,939
Weighed Average Exercise Price  
Outstanding beginning balance | $ / shares $ 142.21
Granted | $ / shares 184.32
Forfeited | $ / shares 123.01
Exercised | $ / shares 104.94
Outstanding ending balance | $ / shares $ 153.07
v3.25.4
Shareholders' Equity - Warrants Outstanding Schedule (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Class of Warrant or Right [Line Items]    
Outstanding, ending balance 993,939 921,426
Stock Purchase Warrants 2020 Issuance    
Class of Warrant or Right [Line Items]    
Warrants issued 164,890  
Exercise price, lower limit $ 72.65  
Exercise price, upper limit $ 104.89  
Fair value of warrants issued $ 3,140  
Outstanding, ending balance 0 85,293
Stock Purchase Warrants 2021 Issuance    
Class of Warrant or Right [Line Items]    
Warrants issued 218,166  
Exercise price, lower limit $ 99.33  
Exercise price, upper limit $ 135.97  
Fair value of warrants issued $ 5,584  
Outstanding, ending balance 191,155 191,155
Stock Purchase Warrants 2022 Issuance    
Class of Warrant or Right [Line Items]    
Warrants issued 380,478  
Exercise price, lower limit $ 125.32  
Exercise price, upper limit $ 143.95  
Fair value of warrants issued $ 12,972  
Outstanding, ending balance 289,276 289,276
Stock Purchase Warrants 2023 Issuance    
Class of Warrant or Right [Line Items]    
Warrants issued 129,557  
Exercise price, lower limit $ 129.75  
Exercise price, upper limit $ 142.93  
Fair value of warrants issued $ 5,133  
Outstanding, ending balance 98,701 106,649
Stock Purchase Warrants 2024 Issuance    
Class of Warrant or Right [Line Items]    
Warrants issued 301,719  
Exercise price, lower limit $ 149.27  
Exercise price, upper limit $ 192.47  
Fair value of warrants issued $ 14,651  
Outstanding, ending balance 228,912 249,053
Stock Purchase Warrants 2025 Issuance    
Class of Warrant or Right [Line Items]    
Warrants issued 188,969  
Exercise price, lower limit $ 167.68  
Exercise price, upper limit $ 197.09  
Fair value of warrants issued $ 9,036  
Outstanding, ending balance 185,895 0
v3.25.4
Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Interest rate swap amounts reclassified into interest expense, Net of Tax $ (7,932) $ (15,043) $ (14,411)
Changes in fair value of interest rate swaps, Net of Tax (1,042) 8,531 7,782
Foreign currency translation adjustment, Gross 103,670 (189,402) 53,633
Foreign currency translation adjustment, Tax Effect 0 0 0
Foreign currency translation adjustment, Net of Tax 103,670 (189,402) 53,633
Other comprehensive income (loss), before tax 91,460 (198,262) 44,614
Other Comprehensive Income (Loss), Tax (3,236) (2,348) (2,390)
Other comprehensive income (loss), net of tax 94,696 (195,914) 47,004
Interest rate swap      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Interest rate swap amounts reclassified into interest expense, Gross (10,792) (20,467) (19,607)
Interest rate swap amounts reclassified into interest expense, Tax Effect 2,860 5,424 5,196
Interest rate swap amounts reclassified into interest expense, Net of Tax (7,932) (15,043) (14,411)
Changes in fair value of interest rate swaps (1,418) 11,607 10,588
Changes in fair value of interest rate swaps, Tax Effect 376 (3,076) (2,806)
Changes in fair value of interest rate swaps, Net of Tax $ (1,042) $ 8,531 $ 7,782
v3.25.4
Other Comprehensive Income (Loss) - Amounts Included in AOCIL (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Stockholders' Equity Attributable to Parent, Beginning Balance $ 7,860,354    
Foreign currency translation adjustment 103,670 $ (189,402) $ 53,633
Stockholders' Equity Attributable to Parent, Ending Balance 8,245,381 7,860,354  
Accumulated Other Comprehensive Income (Loss)      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Stockholders' Equity Attributable to Parent, Beginning Balance (205,740) (9,826)  
Amounts reclassified into earnings (7,932) (15,043)  
Change in fair value (1,042) 8,531  
Foreign currency translation adjustment 103,670 (189,402) 53,633
Stockholders' Equity Attributable to Parent, Ending Balance (111,044) (205,740) (9,826)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Interest rate swap      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Stockholders' Equity Attributable to Parent, Beginning Balance 10,237 16,749  
Amounts reclassified into earnings (7,932) (15,043)  
Change in fair value (1,042) 8,531  
Foreign currency translation adjustment 0 0  
Stockholders' Equity Attributable to Parent, Ending Balance 1,263 10,237 16,749
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Foreign Currency Translation Adjustment      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Stockholders' Equity Attributable to Parent, Beginning Balance (215,977) (26,575)  
Amounts reclassified into earnings 0 0  
Change in fair value 0 0  
Foreign currency translation adjustment 103,670 (189,402)  
Stockholders' Equity Attributable to Parent, Ending Balance $ (112,307) $ (215,977) $ (26,575)
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
U.S. federal statutory tax rate, percent 21.00% 21.00% 21.00%
Unrecognized tax benefits $ 0 $ 0 $ 0
Deferred tax liabilities, undistributed earnings 3,550,126    
Deferred tax liability not recognized, undistributed earnings of foreign subsidiaries 426,505    
Undistributed earnings 4,725,126    
Canada Revenue Agency      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards $ 19,892    
v3.25.4
Income Taxes - Income Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. $ 898,743 $ 343,255 $ 622,041
Non-U.S. 519,173 419,678 361,460
Income before income tax provision $ 1,417,916 $ 762,933 $ 983,501
v3.25.4
Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
U.S. Federal $ 101,857 $ 95,007 $ 120,420
State and local 40,333 42,725 50,713
Non - U.S. 82,515 65,916 43,213
Current income tax expense (benefit), total 224,705 203,648 214,346
Deferred:      
U.S. Federal 90,822 (33,507) 14,130
State and local 19,148 (5,833) (1,931)
Non - U.S. 6,684 (17,945) (5,870)
Deferred Income Tax Expense (Benefit), Total 116,654 (57,285) 6,329
Provision for income taxes, total, amount $ 341,359 $ 146,363 $ 220,675
v3.25.4
Income Taxes - Reconciliation of Tax Provision to Effective Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
U.S. federal statutory tax rate, amount $ 297,762    
State and local income taxes, net of U.S. federal income tax effect, amount $ 54,689    
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration] stpr:CA, stpr:IL, stpr:NY, stpr:OR, stpr:TN, stpr:TX    
Provincial taxes, amount $ 54,689    
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration] stpr:CA, stpr:IL, stpr:NY, stpr:OR, stpr:TN, stpr:TX    
Provision for income taxes, total, amount $ 341,359 $ 146,363 $ 220,675
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
U.S. federal statutory tax rate, percent 21.00% 21.00% 21.00%
State and local income taxes, net of U.S. federal income tax effect, percent 3.90% 4.10% 4.30%
Statutory tax rate difference between foreign and U.S., percent   (3.80%) (3.90%)
Provincial taxes, percent 3.90% 4.10% 4.30%
Other adjustments, percent   (0.60%) 1.00%
Effective Tax Rate, Total, Percent 24.10% 19.20% 22.40%
United States      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Other adjustments, amount $ 7,118    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Other adjustments, percent 0.50%    
Canada      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
State and local income taxes, net of U.S. federal income tax effect, amount $ 37,867    
Statutory tax rate difference between foreign and U.S., amount (31,588)    
Provincial taxes, amount 37,867    
Nontaxable or nondeductible items, amount (29,578)    
Other adjustments, amount $ 5,089    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
State and local income taxes, net of U.S. federal income tax effect, percent 2.70%    
Statutory tax rate difference between foreign and U.S., percent (2.20%)    
Provincial taxes, percent 2.70%    
Nontaxable or nondeductible items, percent (2.10%)    
Other adjustments, percent 0.30%    
v3.25.4
Income Taxes - Percentage of Pre-Tax Income for Prior Years (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. federal statutory rate 21.00% 21.00% 21.00%
State and local income taxes, net of U.S. federal income tax effect, percent 3.90% 4.10% 4.30%
Deferred income tax liability adjustments   0.70% 0.30%
Effect of international operations   (3.80%) (3.90%)
Federal tax credits   (1.50%) 0.00%
Share-based compensation   (0.70%) (0.30%)
Other   (0.60%) 1.00%
Effective Tax Rate, Total, Percent 24.10% 19.20% 22.40%
v3.25.4
Income Taxes - Schedule of Income Taxes Paid by Jurisdiction (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Taxes Paid, Federal $ 81,000 $ 94,500 $ 114,000
Income Taxes Paid, State and Local 42,356 54,907 47,764
Income Taxes Paid, Total 221,022 215,997 207,020
Canada      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Taxes Paid, Foreign 97,666 66,247 38,474
Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Taxes Paid, Foreign $ 0 $ 343 $ 6,782
v3.25.4
Income Taxes - Significant Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred income tax assets:    
Accrued expenses $ 51,354 $ 38,674
Compensation 29,493 26,589
Contingent liabilities 13,144 16,237
Tax credits and loss carryforwards 15,287 15,477
Landfill closure and post-closure 26,409 90,240
Finance costs 0 4,032
Other 3,759 13,306
Gross deferred income tax assets 139,446 204,555
Less: Valuation allowance
Total deferred income tax assets 139,446 204,555
Deferred income tax liabilities:    
Goodwill and other intangibles (527,975) (472,608)
Property and equipment (601,843) (595,156)
Prepaid expenses (22,496) (19,737)
Interest rate swaps (455) (3,691)
Investment in subsidiaries (69,096) (71,703)
Finance costs (3,194) 0
Total deferred income tax liabilities (1,225,059) (1,162,895)
Net deferred income tax liability $ (1,085,613) $ (958,340)
v3.25.4
Segment Reporting - Narrative (Details) - segment
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
CODM, Title and Position srt:ChiefExecutiveOfficerMember, srt:PresidentMember    
CODM, how segment information is used The CODM evaluates operating segment profitability and determines resource allocations based on several factors, of which the primary financial measure is segment EBITDA.    
Number of contracts or customers accounted for more than 10% of the Company's total revenues at the consolidated or reportable segment level No single contract or customer accounted for more than 10% of the Company’s total revenues at the consolidated or reportable segment level during the periods presented    
Number of operating segments 6    
Number of reportable segments 6 6 6
v3.25.4
Segment Reporting - Summary of Financial Information of Reportable Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 9,466,915 $ 8,919,591 $ 8,021,951
Segment expenses (6,414,926) (6,075,151) (5,543,632)
Segment EBITDA $ 3,051,989 $ 2,844,440 $ 2,478,319
Segment EBITDA margin 32.20% 31.90% 30.90%
Depreciation and amortization $ (1,232,106) $ (1,163,769) $ (1,003,211)
Other segment items (401,967) (917,738) (491,607)
Income before income tax provision 1,417,916 762,933 983,501
Capital expenditures 1,194,366 1,055,988 934,000
Total assets 21,129,363 19,817,809 17,915,876
Intercompany Revenue      
Segment Reporting Information [Line Items]      
Revenue (1,389,004) (1,275,398) (1,145,781)
Reportable Segments      
Segment Reporting Information [Line Items]      
Revenue 10,855,919 10,194,989 9,167,732
Corporate      
Segment Reporting Information [Line Items]      
Segment expenses (24,588) (27,655) (25,032)
Segment EBITDA (24,588) (27,655) (25,032)
Depreciation and amortization (12,716) (9,378) (7,835)
Other segment items (306,793) (309,876) (325,215)
Capital expenditures 36,680 22,636 18,556
Total assets 543,981 462,046 442,159
Western      
Segment Reporting Information [Line Items]      
Revenue 1,849,419 1,798,669 1,669,289
Western | Intercompany Revenue      
Segment Reporting Information [Line Items]      
Revenue (262,253) (235,701) (209,554)
Western | Reportable Segments      
Segment Reporting Information [Line Items]      
Revenue 2,111,672 2,034,370 1,878,843
Segment expenses (1,336,182) (1,277,911) (1,186,084)
Segment EBITDA $ 513,237 $ 520,758 $ 483,205
Segment EBITDA margin 27.80% 29.00% 28.90%
Depreciation and amortization $ (214,829) $ (211,111) $ (199,426)
Other segment items 6,943 (596,463) (160,351)
Capital expenditures 212,754 198,849 192,148
Total assets 3,565,600 3,512,253 3,432,529
Southern      
Segment Reporting Information [Line Items]      
Revenue 1,907,809 1,757,193 1,642,274
Southern | Intercompany Revenue      
Segment Reporting Information [Line Items]      
Revenue (238,669) (226,957) (204,439)
Southern | Reportable Segments      
Segment Reporting Information [Line Items]      
Revenue 2,146,478 1,984,150 1,846,713
Segment expenses (1,275,413) (1,200,768) (1,124,272)
Segment EBITDA $ 632,396 $ 556,425 $ 518,002
Segment EBITDA margin 33.10% 31.70% 31.50%
Depreciation and amortization $ (243,697) $ (203,445) $ (179,948)
Other segment items (100,383) (9,395) (11,165)
Capital expenditures 216,175 190,912 166,961
Total assets 4,537,419 3,885,522 3,501,953
Eastern      
Segment Reporting Information [Line Items]      
Revenue 1,702,247 1,564,211 1,380,233
Eastern | Intercompany Revenue      
Segment Reporting Information [Line Items]      
Revenue (347,487) (311,348) (259,118)
Eastern | Reportable Segments      
Segment Reporting Information [Line Items]      
Revenue 2,049,734 1,875,559 1,639,351
Segment expenses (1,250,493) (1,146,988) (1,027,172)
Segment EBITDA $ 451,754 $ 417,223 $ 353,061
Segment EBITDA margin 26.50% 26.70% 25.60%
Depreciation and amortization $ (235,110) $ (230,466) $ (207,909)
Other segment items (105) (4,398) (2,492)
Capital expenditures 222,442 191,817 143,484
Total assets 3,777,611 3,544,234 3,228,244
Central      
Segment Reporting Information [Line Items]      
Revenue 1,589,885 1,514,902 1,440,157
Central | Intercompany Revenue      
Segment Reporting Information [Line Items]      
Revenue (193,389) (181,657) (180,751)
Central | Reportable Segments      
Segment Reporting Information [Line Items]      
Revenue 1,783,274 1,696,559 1,620,908
Segment expenses (1,015,023) (972,101) (927,874)
Segment EBITDA $ 574,862 $ 542,801 $ 512,283
Segment EBITDA margin 36.20% 35.80% 35.60%
Depreciation and amortization $ (179,093) $ (170,424) $ (169,370)
Other segment items (411) 1,483 6,763
Capital expenditures 217,298 174,805 171,748
Total assets 2,922,791 2,827,108 2,811,016
Canada      
Segment Reporting Information [Line Items]      
Revenue 1,324,877 1,260,980 995,842
Canada | Intercompany Revenue      
Segment Reporting Information [Line Items]      
Revenue (137,018) (124,889) (113,322)
Canada | Reportable Segments      
Segment Reporting Information [Line Items]      
Revenue 1,461,895 1,385,869 1,109,164
Segment expenses (726,628) (709,501) (605,178)
Segment EBITDA $ 598,249 $ 551,479 $ 390,664
Segment EBITDA margin 45.20% 43.70% 39.20%
Depreciation and amortization $ (198,531) $ (200,274) $ (121,326)
Other segment items (217) 944 (2,930)
Capital expenditures 145,940 147,596 105,453
Total assets 3,730,214 3,564,052 2,794,795
MidSouth      
Segment Reporting Information [Line Items]      
Revenue 1,092,678 1,023,636 894,156
MidSouth | Intercompany Revenue      
Segment Reporting Information [Line Items]      
Revenue (210,188) (194,846) (178,597)
MidSouth | Reportable Segments      
Segment Reporting Information [Line Items]      
Revenue 1,302,866 1,218,482 1,072,753
Segment expenses (786,599) (740,227) (648,020)
Segment EBITDA $ 306,079 $ 283,409 $ 246,136
Segment EBITDA margin 28.00% 27.70% 27.50%
Depreciation and amortization $ (148,130) $ (138,671) $ (117,397)
Other segment items (1,001) (33) 3,783
Capital expenditures 143,077 129,373 135,650
Total assets $ 2,051,747 $ 2,022,594 $ 1,705,180
v3.25.4
Segment Reporting - Changes in Goodwill by Reportable Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]      
Goodwill, Beginning Balance $ 7,950,406 $ 7,404,400  
Goodwill acquired 346,604 699,514 $ 462,921
Impact of changes in foreign currency 95,239 (153,508)  
Goodwill, Ending Balance 8,392,249 7,950,406 7,404,400
Western | Reportable Segments      
Goodwill [Line Items]      
Goodwill, Beginning Balance 864,602 779,455  
Goodwill acquired 2,008 85,147  
Impact of changes in foreign currency 0 0  
Goodwill, Ending Balance 866,610 864,602 779,455
Southern | Reportable Segments      
Goodwill [Line Items]      
Goodwill, Beginning Balance 1,577,114 1,559,703  
Goodwill acquired 256,632 17,411  
Impact of changes in foreign currency 0 0  
Goodwill, Ending Balance 1,833,746 1,577,114 1,559,703
Eastern | Reportable Segments      
Goodwill [Line Items]      
Goodwill, Beginning Balance 1,735,584 1,587,491  
Goodwill acquired 55,579 148,093  
Impact of changes in foreign currency 0 0  
Goodwill, Ending Balance 1,791,163 1,735,584 1,587,491
Central | Reportable Segments      
Goodwill [Line Items]      
Goodwill, Beginning Balance 1,010,574 1,008,500  
Goodwill acquired 12,537 2,074  
Impact of changes in foreign currency 0 0  
Goodwill, Ending Balance 1,023,111 1,010,574 1,008,500
Canada | Reportable Segments      
Goodwill [Line Items]      
Goodwill, Beginning Balance 1,913,091 1,723,068  
Goodwill acquired 13,600 343,531  
Impact of changes in foreign currency 95,239 (153,508)  
Goodwill, Ending Balance 2,021,930 1,913,091 1,723,068
MidSouth | Reportable Segments      
Goodwill [Line Items]      
Goodwill, Beginning Balance 849,441 746,183  
Goodwill acquired 6,248 103,258  
Impact of changes in foreign currency 0 0  
Goodwill, Ending Balance $ 855,689 $ 849,441 $ 746,183
v3.25.4
Net Income Per Share Information - Basic and Diluted Net Income Per Common Share (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income attributable to Waste Connections for basic and diluted earnings per share $ 1,076,557 $ 617,573 $ 762,800
Denominator:      
Basic shares outstanding 257,323,595 257,965,871 257,551,129
Dilutive effect of equity-based awards 653,146 696,319 598,115
Diluted shares outstanding 257,976,741 258,662,190 258,149,244
v3.25.4
Employee Benefit Plans - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
agreement
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Multiemployer Plan [Line Items]      
Percentage of every dollar of a participating employee's pre-tax contributions as matching contribution to 401(k) Plan 100.00%    
Number of multiemployer pension plans | agreement 16    
Deferred Compensation Plan      
Multiemployer Plan [Line Items]      
Percentage of every dollar of a participating employee's pre-tax contributions as matching contribution to 401(k) Plan 100.00% 100.00% 100.00%
Percentage of employee's eligible compensation that represents the maximum amount of employer matching contribution to plan 5.00% 5.00% 5.00%
Percentage of salary that may voluntarily be elected to be deferred 80.00%    
Percentage of bonuses, commissions and restricted share unit grants that may voluntarily be elected to be deferred 100.00%    
Total liability for deferred compensation $ 40,142 $ 36,006  
Voluntary Savings And Investment Plan      
Multiemployer Plan [Line Items]      
Total employer expenses, including employer matching contributions $ 48,773 $ 46,489 $ 42,100
Maximum      
Multiemployer Plan [Line Items]      
Percentage of employee's eligible compensation that represents the maximum amount of employer matching contribution to plan 5.00%    
Maximum | Retirement Savings Plan      
Multiemployer Plan [Line Items]      
Contribution to a deferred profit sharing plan 5.00%    
v3.25.4
Employee Benefit Plans - Plan Contributions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2025
Apr. 30, 2022
Jan. 01, 2022
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Multiemployer Plan [Line Items]                  
Company Contributions         $ 25,557   $ 23,158   $ 20,994
Western Conference of Teamsters Pension Trust                  
Multiemployer Plan [Line Items]                  
EIN/Pension Plan Number/Registration Number         91-6145047 - 001        
Pension Protection Act Zone Status         Green   Green    
FIP/RP Status         NA        
Company Contributions         $ 11,389   $ 9,676   8,747
Western Conference of Teamsters Pension Trust | Minimum                  
Multiemployer Plan [Line Items]                  
Expiration Date of Collective Bargaining Agreement         Jan. 19, 2026        
Western Conference of Teamsters Pension Trust | Maximum                  
Multiemployer Plan [Line Items]                  
Expiration Date of Collective Bargaining Agreement         Dec. 31, 2030        
Local 731, I.B. of T., Pension Fund                  
Multiemployer Plan [Line Items]                  
EIN/Pension Plan Number/Registration Number         36-6513567 - 001        
Pension Protection Act Zone Status               Green  
FIP/RP Status         NA        
Company Contributions         $ 5,737   $ 5,471   4,939
Expiration Date of Collective Bargaining Agreement         Sep. 30, 2028        
Suburban Teamsters of Northern Illinois Pension Fund                  
Multiemployer Plan [Line Items]                  
EIN/Pension Plan Number/Registration Number         36-6155778 - 001        
Pension Protection Act Zone Status         Green   Green    
FIP/RP Status         NA        
Company Contributions         $ 2,955   $ 3,013   2,671
Expiration Date of Collective Bargaining Agreement         Feb. 28, 2029        
Teamster Local 301 Pension Fund                  
Multiemployer Plan [Line Items]                  
EIN/Pension Plan Number/Registration Number         36-6492992 - 001        
Pension Protection Act Zone Status         Green   Green    
FIP/RP Status         NA        
Company Contributions         $ 1,566   $ 1,314   1,183
Expiration Date of Collective Bargaining Agreement         Sep. 30, 2028        
Midwest Operating Engineers Pension Plan                  
Multiemployer Plan [Line Items]                  
EIN/Pension Plan Number/Registration Number         36-6140097 - 001        
Pension Protection Act Zone Status       Green   Green      
FIP/RP Status         NA        
Company Contributions         $ 951   $ 774   704
Expiration Date of Collective Bargaining Agreement         Oct. 31, 2025        
Automobile Mechanics' Local No. 701 Union and Industry Pension Fund                  
Multiemployer Plan [Line Items]                  
EIN/Pension Plan Number/Registration Number         36-6042061 - 001        
Pension Protection Act Zone Status         Green   Green    
FIP/RP Status         NA        
Company Contributions         $ 539   $ 562   452
Expiration Date of Collective Bargaining Agreement         Dec. 31, 2025        
Local 813 Pension Trust Fund                  
Multiemployer Plan [Line Items]                  
EIN/Pension Plan Number/Registration Number         13-1975659 - 001        
Pension Protection Act Zone Status         Red   Red    
FIP/RP Status         Implemented        
Company Contributions         $ 453   $ 485   557
Expiration Date of Collective Bargaining Agreement         Nov. 30, 2027        
IAM National Pension Fund                  
Multiemployer Plan [Line Items]                  
EIN/Pension Plan Number/Registration Number         51-6031295 - 002        
Pension Protection Act Zone Status         Red   Red    
FIP/RP Status         Implemented        
Company Contributions         $ 437   $ 469   442
IAM National Pension Fund | Minimum                  
Multiemployer Plan [Line Items]                  
Expiration Date of Collective Bargaining Agreement         Dec. 31, 2025        
IAM National Pension Fund | Maximum                  
Multiemployer Plan [Line Items]                  
Expiration Date of Collective Bargaining Agreement         Jun. 30, 2026        
Locals 302 & 612 of the IOUE - Employers Construction Industry Retirement Plan                  
Multiemployer Plan [Line Items]                  
EIN/Pension Plan Number/Registration Number         91-6028571 - 001        
Pension Protection Act Zone Status         Green   Green    
FIP/RP Status         NA        
Company Contributions         $ 355   $ 355   341
Expiration Date of Collective Bargaining Agreement         Nov. 30, 2026        
International Union of Operating Engineers Pension Trust                  
Multiemployer Plan [Line Items]                  
EIN/Pension Plan Number/Registration Number         85512-1        
Pension Protection Act Zone Status Green Green              
FIP/RP Status         NA        
Company Contributions         $ 329   296   285
International Union of Operating Engineers Pension Trust | Minimum                  
Multiemployer Plan [Line Items]                  
Expiration Date of Collective Bargaining Agreement         Mar. 31, 2028        
International Union of Operating Engineers Pension Trust | Maximum                  
Multiemployer Plan [Line Items]                  
Expiration Date of Collective Bargaining Agreement         Mar. 31, 2029        
Multi-Sector Pension Plan                  
Multiemployer Plan [Line Items]                  
EIN/Pension Plan Number/Registration Number         1085653        
Pension Protection Act Zone Status     Red            
FIP/RP Status         NA        
Company Contributions         $ 327   $ 274   246
Expiration Date of Collective Bargaining Agreement         Dec. 31, 2026        
Recycling and General Industrial Union Local 108 Pension Fund                  
Multiemployer Plan [Line Items]                  
EIN/Pension Plan Number/Registration Number         13-6366378 - 001        
Pension Protection Act Zone Status         Green   Green    
FIP/RP Status         NA        
Company Contributions         $ 284   $ 246   225
Expiration Date of Collective Bargaining Agreement         Feb. 28, 2027        
Nurses and Local 813 IBT Retirement Plan                  
Multiemployer Plan [Line Items]                  
EIN/Pension Plan Number/Registration Number         13-3628926 - 001        
Pension Protection Act Zone Status         Green   Green    
FIP/RP Status         NA        
Company Contributions         $ 111   $ 125   121
Expiration Date of Collective Bargaining Agreement         Nov. 30, 2027        
Contributions to other multiemployer plans                  
Multiemployer Plan [Line Items]                  
Company Contributions         $ 124   $ 98   $ 81
v3.25.4
Subsequent Event (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 5 Months Ended 12 Months Ended
Feb. 11, 2026
Feb. 11, 2026
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Subsequent Event [Line Items]            
Share repurchase plan expiration date     Aug. 11, 2026      
Repurchase of common stock (shares)       2,758,775 0 0
Aggregate cost of stock repurchased       $ 505,517    
Q1 2026 Dividend | Subsequent Event            
Subsequent Event [Line Items]            
Dividends, declared date Feb. 11, 2026          
Dividends per share amount   $ 0.35        
Dividends, date to be paid Mar. 12, 2026          
Dividends, date of record Feb. 25, 2026          
v3.25.4
SCHEDULE II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Valuation and Qualifying Accounts Disclosure [Line Items]      
Valuation allowances and reserves, balance $ 25,730 $ 23,553 $ 22,939
Valuation allowances and reserves, charged to cost and expense 14,624 20,063 17,504
Valuation allowances and reserves, charged to other accounts 0 0 0
Valuation allowances and reserves, deductions (18,952) (17,886) (16,890)
Valuation allowances and reserves, balance $ 21,402 $ 25,730 $ 23,553