| Summary of Financial Information Concerning Company's Reportable Segments |
Summarized financial information concerning the Company’s reportable segments for the three and six months ended June 30, 2026 and 2025, including a reconciliation of segment EBITDA to Income before income tax provision, is shown in the following tables: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Southern | | Western | | Eastern | | Central | | Canada | | MidSouth | | Corporate (a), (f) | | Consolidated | | Revenue | | $ | 581,579 | | $ | 562,543 | | $ | 542,211 | | $ | 478,513 | | $ | 425,486 | | $ | 366,344 | | $ | — | | $ | 2,956,676 | | Intercompany revenue (b) | | | (62,929) | | | (69,818) | | | (98,257) | | | (54,752) | | | (39,719) | | | (69,594) | | | — | | | (395,069) | | Reported revenue | | | 518,650 | | | 492,725 | | | 443,954 | | | 423,761 | | | 385,767 | | | 296,750 | | | — | | | 2,561,607 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment expenses (c) | | | (347,806) | | | (358,989) | | | (322,310) | | | (268,834) | | | (217,855) | | | (216,061) | | | (7,855) | | | (1,739,710) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment EBITDA (d) | | | 170,844 | | | 133,736 | | | 121,644 | | | 154,927 | | | 167,912 | | | 80,689 | | | (7,855) | | | 821,897 | | Segment EBITDA margin | | | 32.9 | % | | 27.1 | % | | 27.4 | % | | 36.6 | % | | 43.5 | % | | 27.2 | % | | | | | 32.1 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | | (67,774) | | | (57,230) | | | (60,357) | | | (46,341) | | | (52,747) | | | (37,414) | | | (4,014) | | | (325,877) | | Other segment items (e) | | | (1,329) | | | (29,956) | | | (1,357) | | | 28 | | | 355 | | | (478) | | | (79,553) | | | (112,290) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income before income tax provision | | | | | | | | | | | | | | | | | | | | | | | $ | 383,730 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Capital expenditures | | $ | 63,442 | | $ | 50,206 | | $ | 57,287 | | $ | 45,889 | | $ | 31,335 | | $ | 42,307 | | $ | 62,937 | | $ | 353,403 | | Total assets (g) | | $ | 4,743,442 | | $ | 3,659,006 | | $ | 3,783,675 | | $ | 2,929,482 | | $ | 3,616,417 | | $ | 2,074,085 | | $ | 593,345 | | $ | 21,399,452 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Southern | | Western | | Eastern | | Central | | Canada | | MidSouth | | Corporate (a), (f) | | Consolidated | | Revenue | | $ | 538,921 | | $ | 528,792 | | $ | 533,259 | | $ | 451,998 | | $ | 378,712 | | $ | 334,332 | | $ | — | | $ | 2,766,014 | | Intercompany revenue (b) | | | (61,976) | | | (67,127) | | | (91,046) | | | (49,911) | | | (35,296) | | | (53,603) | | | — | | | (358,959) | | Reported revenue | | | 476,945 | | | 461,665 | | | 442,213 | | | 402,087 | | | 343,416 | | | 280,729 | | | — | | | 2,407,055 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment expenses (c) | | | (322,638) | | | (333,696) | | | (327,873) | | | (258,667) | | | (187,477) | | | (202,239) | | | (3,233) | | | (1,635,823) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment EBITDA (d) | | | 154,307 | | | 127,969 | | | 114,340 | | | 143,420 | | | 155,939 | | | 78,490 | | | (3,233) | | | 771,232 | | Segment EBITDA margin | | | 32.4 | % | | 27.7 | % | | 25.9 | % | | 35.7 | % | | 45.4 | % | | 28.0 | % | | | | | 32.0 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | | (60,892) | | | (53,370) | | | (59,725) | | | (44,603) | | | (48,883) | | | (37,537) | | | (2,647) | | | (307,657) | | Other segment items (e) | | | (1,844) | | | 3,533 | | | (2,114) | | | (461) | | | (824) | | | (169) | | | (72,538) | | | (74,417) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income before income tax provision | | | | | | | | | | | | | | | | | | | | | | | $ | 389,158 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Capital expenditures | | $ | 60,583 | | $ | 44,561 | | $ | 49,071 | | $ | 48,095 | | $ | 36,410 | | $ | 31,190 | | $ | 15,400 | | $ | 285,310 | | Total assets (g) | | $ | 4,268,552 | | $ | 3,491,149 | | $ | 3,702,434 | | $ | 2,874,475 | | $ | 3,793,960 | | $ | 2,022,400 | | $ | 525,640 | | $ | 20,678,610 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Southern | | Western | | Eastern | | Central | | Canada | | MidSouth | | Corporate (a), (f) | | Consolidated | | Revenue | | $ | 1,136,927 | | $ | 1,089,175 | | $ | 1,032,250 | | $ | 924,608 | | $ | 803,098 | | $ | 685,437 | | $ | — | | $ | 5,671,495 | | Intercompany revenue (b) | | | (125,238) | | | (134,002) | | | (182,574) | | | (104,084) | | | (72,503) | | | (120,855) | | | — | | | (739,256) | | Reported revenue | | | 1,011,689 | | | 955,173 | | | 849,676 | | | 820,524 | | | 730,595 | | | 564,582 | | | — | | | 4,932,239 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment expenses (c) | | | (680,336) | | | (698,051) | | | (620,024) | | | (520,519) | | | (413,736) | | | (410,584) | | | (8,679) | | | (3,351,929) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment EBITDA (d) | | | 331,353 | | | 257,122 | | | 229,652 | | | 300,005 | | | 316,859 | | | 153,998 | | | (8,679) | | | 1,580,310 | | Segment EBITDA margin | | | 32.8 | % | | 26.9 | % | | 27.0 | % | | 36.6 | % | | 43.4 | % | | 27.3 | % | | | | | 32.0 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | | (133,613) | | | (112,758) | | | (117,680) | | | (91,677) | | | (104,257) | | | (72,915) | | | (7,726) | | | (640,626) | | Other segment items (e) | | | (4,262) | | | (94,032) | | | (6,323) | | | 643 | | | (846) | | | (579) | | | (166,997) | | | (272,396) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income before income tax provision | | | | | | | | | | | | | | | | | | | | | | | $ | 667,288 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Capital expenditures | | $ | 122,689 | | $ | 106,883 | | $ | 104,507 | | $ | 89,973 | | $ | 82,706 | | $ | 74,896 | | $ | 68,344 | | $ | 649,998 | | Total assets (g) | | $ | 4,743,442 | | $ | 3,659,006 | | $ | 3,783,675 | | $ | 2,929,482 | | $ | 3,616,417 | | $ | 2,074,085 | | $ | 593,345 | | $ | 21,399,452 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Southern | | Western | | Eastern | | Central | | Canada | | MidSouth | | Corporate (a), (f) | | Consolidated | | Revenue | | $ | 1,046,589 | | $ | 1,028,493 | | $ | 1,013,791 | | $ | 866,984 | | $ | 711,244 | | $ | 636,802 | | $ | — | | $ | 5,303,903 | | Intercompany revenue (b) | | | (116,242) | | | (128,426) | | | (168,308) | | | (91,514) | | | (65,097) | | | (99,085) | | | — | | | (668,672) | | Reported revenue | | | 930,347 | | | 900,067 | | | 845,483 | | | 775,470 | | | 646,147 | | | 537,717 | | | — | | | 4,635,231 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment expenses (c) | | | (627,340) | | | (659,752) | | | (628,048) | | | (500,341) | | | (354,637) | | | (390,308) | | | (16,973) | | | (3,177,399) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Segment EBITDA (d) | | | 303,007 | | | 240,315 | | | 217,435 | | | 275,129 | | | 291,510 | | | 147,409 | | | (16,973) | | | 1,457,832 | | Segment EBITDA margin | | | 32.6 | % | | 26.7 | % | | 25.7 | % | | 35.5 | % | | 45.1 | % | | 27.4 | % | | | | | 31.5 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | | (116,752) | | | (105,369) | | | (115,927) | | | (87,030) | | | (94,707) | | | (72,708) | | | (5,113) | | | (597,606) | | Other segment items (e) | | | (7,097) | | | 3,724 | | | (3,956) | | | (603) | | | (725) | | | (569) | | | (148,865) | | | (158,091) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income before income tax provision | | | | | | | | | | | | | | | | | | | | | | | $ | 702,135 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Capital expenditures | | $ | 93,036 | | $ | 78,855 | | $ | 88,789 | | $ | 94,067 | | $ | 68,159 | | $ | 51,347 | | $ | 23,512 | | $ | 497,765 | | Total assets (g) | | $ | 4,268,552 | | $ | 3,491,149 | | $ | 3,702,434 | | $ | 2,874,475 | | $ | 3,793,960 | | $ | 2,022,400 | | $ | 525,640 | | $ | 20,678,610 | |
| (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 Condensed Consolidated Statements of Net Income. |
| (d) | For those items included in the determination of segment EBITDA, the accounting policies of the segments are the same as those described in the Company’s most recent Annual Report on Form 10-K. |
| (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. |
| (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. |
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| Changes in Goodwill by Reportable Segment |
The following tables show changes in goodwill during the six months ended June 30, 2026 and 2025, by reportable segment: | | | | | | | | | | | | | | | | | | | | | | | | Southern | | Western | | Eastern | | Central | | Canada | | MidSouth | | Total | 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 | Goodwill acquired | | | 11,780 | | | 41,460 | | | 5,955 | | | 6,472 | | | — | | | — | | | 65,667 | Goodwill acquisition adjustments | | | — | | | — | | | — | | | — | | | 4 | | | 1,966 | | | 1,970 | Impact of changes in foreign currency | | | — | | | — | | | — | | | — | | | (71,777) | | | — | | | (71,777) | Balance as of June 30, 2026 | | $ | 1,845,526 | | $ | 908,070 | | $ | 1,797,118 | | $ | 1,029,583 | | $ | 1,950,157 | | $ | 857,655 | | $ | 8,388,109 |
| | | | | | | | | | | | | | | | | | | | | | | | Southern | | Western | | Eastern | | Central | | Canada | | MidSouth | | Total | 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 | | | 98,790 | | | — | | | 43,431 | | | 12,162 | | | 12,891 | | | — | | | 167,274 | Goodwill acquisition adjustments | | | — | | | (1,237) | | | — | | | — | | | — | | | (325) | | | (1,562) | Impact of changes in foreign currency | | | — | | | — | | | — | | | — | | | 104,706 | | | — | | | 104,706 | Balance as of June 30, 2025 | | $ | 1,675,904 | | $ | 863,365 | | $ | 1,779,015 | | $ | 1,022,736 | | $ | 2,030,688 | | $ | 849,116 | | $ | 8,220,824 |
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