Financial Analysis

BUSINESS COMBINATIONS In January 2026, we expanded our geographic footprint when we acquired the assets of RGL, Inc. (dba Mountain State Waste), which consists of collection operations in West Virginia and a transfer station operation in southwestern Pennsylvania (Mountain State Waste Acquisition). In fiscal year 2025, we acquired nine businesses: five tuck-in collection operations in our Mid-Atlantic region, two tuck-in collection operations in our Western region, a recycling business in our Resource Solutions operating segment, and a tuck-in collection operation and recycling business whose assets and liabilities are allocated between our Eastern region and Resource Solutions operating segments. In fiscal year 2024, we acquired eight businesses: four of which are in our Mid-Atlantic region, including the purchase of all the equity interests of Whitetail Disposal, Inc. and the assets of LMR Disposal, LLC, which together include collection operations in eastern Pennsylvania and western New Jersey; two of which are in our Western region, including the purchase of all equity interests of Royal Carting and Welsh Sanitation and related real estate assets, which consists of collection and transfer operations in the middle and lower Hudson Valley regions of New York as well as western Connecticut; and two of which are tuck-in operations in our Eastern region. In fiscal year 2023, we acquired seven businesses: the equity interests of four wholly-owned subsidiaries of GFL Environment …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES In the ordinary course of our business and as a result of the extensive governmental regulation of the solid waste industry, we are subject to various judicial and administrative proceedings involving state and local agencies. In these proceedings, an agency may seek to impose fines or to revoke or deny renewal of an operating permit held by us. From time to time, we 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 and transfer stations, or allegations of environmental damage or violations of the permits and licenses pursuant to which we operate. In addition, we may be named defendants in 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 ordinary operation of a waste management business. The plaintiffs in some actions seek unspecified damages or injunctive relief, or both. These actions fall within various procedural stages at any point in time, and some are covered in part by insurance. In accordance with FASB ASC 450 - Contingencies, we accrue for legal proceedings, inclusive of legal costs, when losses become probable and reasonably estimable. We have recorded an aggregate accrual, net of payments of $1,815 relating to our outstanding legal proceedings as of December 31, 2025, and it is at least …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT A summary of debt is as follows: December 31, 2025 2024 Senior Secured Credit Facility: Term loan A facility (Term Loan Facility) payable quarterly beginning in the fiscal year ended December 31, 2027, with balance due September 2029; bearing interest at 5.266% as of December 31, 2025 $ 800,000 $ 800,000 Revolving credit facility (Revolving Credit Facility) due September 2029; bearing interest at term secured overnight financing rate (Term SOFR) plus 1.550% Tax-Exempt Bonds: New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 (New York Bonds 2014R-1) due December 2044 - fixed rate interest period bearing interest at 2.875% through December 2029 25,000 25,000 New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 (New York Bonds 2014R-2) due December 2044 - fixed rate interest period bearing interest at 3.125% through May 2026 15,000 15,000 New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020 (New York Bonds 2020) due September 2050 - fixed rate interest period bearing interest at 4.250% through September 2030 37,500 40,000 New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020R-2 (New York Bonds 2020R-2) due September 2050 - fixed rate interest period bearing interest at 5.125% through September 2030 35,000 35,000 Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

A table of revenues disaggregated by service line and timing of revenue recognition by operating segment follows: Fiscal Year Ended December 31, 2025 Eastern Western Mid-Atlantic Resource Solutions Total Revenues Collection $ 353,838 $ 508,765 $ 333,462 $ $ 1,196,065 Landfill 31,284 61,805 4,607 97,696 Transfer station 71,476 68,028 3,003 142,507 Transportation 6,137 16,706 22,843 Landfill gas-to-energy 1,244 6,356 7,600 Processing 8,630 1,528 133,658 143,816 National Accounts 226,314 226,314 Total revenues $ 472,609 $ 663,188 $ 341,072 $ 359,972 $ 1,836,841 Transferred at a point-in-time $ 381 $ 2,392 $ $ 50,016 $ 52,789 Transferred over time 472,228 660,796 341,072 309,956 1,784,052 Total revenues $ 472,609 $ 663,188 $ 341,072 $ 359,972 $ 1,836,841 Fiscal Year Ended December 31, 2024 (1) Eastern Western Mid-Atlantic Resource Solutions Total Revenues Collection $ 322,973 $ 420,998 $ 217,813 $ $ 961,784 Landfill 30,541 61,602 2,602 94,745 Transfer station 74,314 55,345 1,711 131,370 Transportation 5,911 14,684 8 20,603 Landfill gas-to-energy 1,661 6,297 7,958 Processing 8,364 2,592 130,459 141,415 National Accounts 199,408 199,408 Total revenues $ 443,764 $ 561,518 $ 222,134 $ 329,867 $ 1,557,283 Transferred at a point-in-time $ 471 $ 2,516 $ $ 58,273 $ 61,260 Transferred over time 443,293 559,002 222,134 271,594 1,496,023 Total revenues $ 443,764 $ 561,518 $ 222,134 $ 329,867 $ 1,557,283 Fiscal Year Ended December 31, 2023 (1) Eastern Western Mid-Atlantic (2) Resource Soluti …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

FAIR VALUE OF FINANCIAL INSTRUMENTS We use a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, as applicable, 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; and Level 3, defined as unobservable inputs that are not corroborated by market data. We use valuation techniques that maximize the use of market prices and observable inputs and minimize the use of unobservable inputs. In measuring the fair value of our financial assets and liabilities, we rely on market data or assumptions that we believe market participants would use in pricing an asset or a liability. Assets and Liabilities Accounted for at Fair Value on a Recurring Basis Our financial instruments include cash, cash equivalents and restricted cash, accounts receivable, restricted investment securities held in trust on deposit with various banks as collateral for our obligations relative to our landfill final capping, closure and post-closure costs, interest rate derivatives, trade payables and debt. The carrying values of cash, cash equivalents and restricted cash, accounts receivable an …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND INTANGIBLE ASSETS A summary of the activity and balances related to goodwill by reportable operating segment is as follows: December 31, 2024 (1) Acquisitions Business Combination Adjustments December 31, 2025 Eastern $ 89,544 $ 20,989 $ $ 110,533 Western 357,143 11,437 2,455 371,035 Mid-Atlantic 510,917 74,037 (818) 584,136 Resource Solutions 44,662 9,690 54,352 Total $ 1,002,266 $ 116,153 $ 1,637 $ 1,120,056 December 31, 2023 (1) Acquisitions Business Combination Adjustments December 31, 2024 (1) Eastern $ 88,865 $ 774 $ (95) $ 89,544 Western 263,519 92,825 799 357,143 Mid-Atlantic 338,812 171,159 946 510,917 Resource Solutions 44,474 188 44,662 Total $ 735,670 $ 264,758 $ 1,838 $ 1,002,266 (1) December 31, 2023 and 2024 amounts, which include allocated goodwill between operating segments using a relative fair value approach, have been reclassified between regional operating segments to conform to the current period presentation. See Note 21, Segment Reporting for further disclosure. A summary of intangible assets is as follows: Covenants Not-to-Compete Customer Relationships Trade Names Total Balance, December 31, 2025 Intangible assets $ 74,892 $ 427,625 $ 26,309 $ 528,826 Less accumulated amortization (43,041) (176,824) (18,106) (237,971) $ 31,851 $ 250,801 $ 8,203 $ 290,855 Covenants Not-to-Compete Customer Relationships Trade Names Total Balance, December 31, 2024 Intangible assets $ 71,568 $ 377,600 $ 25,795 $ 474,963 Less accumulated amortization (34,398 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES All pretax income from continuing operations is domestic. The components of the provision for income taxes are summarized as follows: Fiscal Year Ended December 31, 2025 2024 2023 Federal Current $ (170) $ 911 $ Deferred 5,031 8,652 8,155 4,861 9,563 8,155 State Current 2,546 (297) 4,385 Deferred (2,226) (1,754) (894) 320 (2,051) 3,491 Provision for income taxes $ 5,181 $ 7,512 $ 11,646 We adopted ASU 2023-09 on a prospective basis in fiscal year 2025. The differences in the provision for income taxes and the amounts determined by applying the federal statutory rate to income taxes are as follows: Fiscal Year Ended December 31, 2025 Amount Rate United States federal statutory income tax $ 2,741 21.00 % Domestic state and local income taxes, net of federal effect 253 1.94 % Nontaxable and nondeductible items: Meals and entertainment 306 2.35 % Officers compensation 1,135 8.69 % Fines and penalties 306 2.34 % Lobbying expense 347 2.66 % Transaction related costs 230 1.76 % Stock based compensation (258) (1.97) % Other (65) (0.50) % Other reconciling items: Other 186 1.42 % Total $ 5,181 39.69 % Below is a tabular reconciliation of our effective tax rate to the United States federal income tax rate, as previously disclosed, and prior to the adoption of ASU 2023-09, for fiscal years 2024 and 2023, respectively. Fiscal Year Ended December 31, 2024 2023 Federal statutory rate 21 % 21 % Tax at statutory rate $ 4,420 $ 7,779 State income taxes, net of federal benefit (1, …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES A schedule of lease costs and other lease information follows: Fiscal Year Ended December 31, 2025 2024 Lease cost: Amortization of right-of-use assets $ 11,691 $ 9,216 Interest expense 3,605 2,594 Fixed lease cost - vehicles, equipment and property 10,085 8,021 Fixed lease cost - landfill operating leases 12,055 9,763 Fixed lease cost 22,140 17,784 Short-term lease cost 10,671 9,603 Variable lease cost 792 780 Total lease cost $ 48,899 $ 39,977 Other information: Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows for finance leases $ 20,931 $ 12,071 Operating cash flows for operating leases $ 14,041 $ 11,884 Right-of-use assets obtained in exchange for new finance lease liabilities $ 45,311 $ 28,723 Right-of-use assets obtained in exchange for new operating lease liabilities $ 24,221 $ 11,686 December 31, 2025 Weighted-average remaining lease term - finance leases (years) 4.7 Weighted-average remaining lease term - operating leases (years) 10.1 Weighted-average discount rate - finance leases 4.7 % Weighted-average discount rate - operating leases 5.3 % Estimated minimum future lease obligations as of December 31, 2025 for each of the next five fiscal years and thereafter are as follows: Operating Leases Finance Leases Fiscal year ending December 31, 2026 $ 15,852 $ 29,121 Fiscal year ending December 31, 2027 15,069 17,722 Fiscal year ending December 31, 2028 11,595 16,454 Fiscal year ending December 31, 2029 10,685 14,219 Fisc …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Standard Description Effect on the Financial Statements or Other Significant Matters ASU No. 2023-09: Improvements to Income Tax Disclosures (Topic 740) Requires entities to provide additional disclosure related to the transparency and decision usefulness of income tax disclosures, including additional disclosure around the rate reconciliation and income taxes paid. We adopted this guidance on a prospective basis effective December 31, 2025, and its adoption had an impact on our income tax disclosures within our consolidated financial statements and accompanying notes. See Note 17, Income Taxes for enhanced disclosure. The following table provides a brief description of recent ASUs to the ASC issued by the FASB that are pending adoption as of December 31, 2025 and deemed to have a possible material impact on our consolidated financial statements based on current account balances and activity: Standard Description Effect on the Financial Statements or Other Significant Matters ASU No. 2024-03: Improvements to Income Statement - Expense Disaggregation Disclosures (Subtopic 220-40) Requires entities to provide additional disclosure related to more detailed information about specific types of expenses contained in commonly presented expense captions on the statements of operations. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. This guidance wi …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFIT PLANS Defined Contribution Plan We offer our eligible employees the opportunity to contribute to a 401(k) plan. Under the provisions of the 401(k) plans, participants may direct us to defer a portion of their compensation to a 401(k) plan, subject to Internal Revenue Code limitations. In fiscal year 2025, we provided an employer matching contribution for hourly employees equal to 100% of every dollar an employee invests up to 1% of annual income and 50% of additional employee contributions up to a maximum contribution into a 401(k) plan of 3% of annual income. In fiscal year 2025, we provided an employer matching contribution for salaried employees equal to 50% of every dollar an employee invests in a 401(k) plan up to a maximum contribution of one thousand five hundred dollars or up to 2% of annual income, whichever is greater, per employee per calendar year. Participants vest in employer contributions ratable over a two-year period. Employer contributions for fiscal years 2025, 2024 and 2023 amounted to $6,886, $5,831 and $4,371, respectively. Employee Stock Purchase Plan We offer our eligible employees the opportunity to participate in an employee stock purchase plan. Under the ESPP, qualified employees may purchase shares of Class A common stock by payroll deduction at a 15% discount from the market price. Class A common stock issued under our ESPP during fiscal years 2025, 2024 and 2023 amounted to 36, 30 and 24 shares, respectively. As of December 31, 2 …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

RELATED PARTY TRANSACTIONS Services During fiscal years 2025, 2024 and 2023, we retained the services of Casella Construction, Inc. (CCI), a company substantially owned by sons of John Casella, our Executive Chairman of the Board of Directors, and Douglas Casella, a member of our Board of Directors, as a contractor providing transportation and construction services. Total purchased services charged to operations or capitalized to landfills for fiscal years 2025, 2024 and 2023 were $8,559, $7,762 and $7,682, respectively, of which $613 and $477 were outstanding and included in either accounts payable or other current liabilities as of December 31, 2025 and December 31, 2024, respectively. In addition to the total purchased services, we provided various waste collection and disposal services to CCI. Total revenues recorded for fiscal years 2025, 2024 and 2023 were $320, $242 and $241, respectively. Leases In the fiscal year ended April 30, 1994, we entered into two leases for operating facilities with a partnership of which John Casella, our Executive Chairman of the Board of Directors, and Douglas Casella, a member of our Board of Directors, are the general partners. The lease related to our corporate headquarters in Rutland, Vermont has been extended through February 2039 and the lease associated with our Montpelier, Vermont facility has been extended through May 2039. The terms of the lease agreements require monthly payments of approximately $35, subject to a fixed annual e …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE RECOGNITION We disaggregate our revenues by applicable service line as follows: collection, landfill, transfer, transportation, landfill gas-to-energy, processing and National Accounts. Collection Collection revenues are principally generated by providing solid waste collection and disposal services to our customers. Services may be provided as needed or as scheduled. We derive a substantial portion of our collection revenues from commercial, industrial and municipal services that are generally performed under service agreements or pursuant to contracts with municipalities. The majority of our residential collection services are performed on a subscription basis with individual property owners or occupants. Landfill Landfill disposal services primarily consist of receiving some form of acceptable solid waste materials at one of our landfills and appropriately disposing of it. Landfill customers are typically charged a tipping fee on a per ton basis for disposing of their solid waste at our disposal facilities. In general, these fees are variable in nature. Transfer station Transfer station disposal services primarily consist of receiving some form of acceptable solid waste materials at one of our transfer stations and appropriately disposing of it by transporting it to an appropriate disposal site. Transfer station customers are charged a tipping fee on a per ton basis for disposing of their solid waste at our transfer stations. In general, these fees are variable in …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT REPORTING We report selected information about our reportable operating segments in a manner consistent with that used for internal management reporting. We classify our solid waste operations on a geographic basis through three regional operating segments, our Eastern, Western and Mid-Atlantic regions. In fiscal year 2025, we moved certain operations between our regional operating segments to align geographically, including a landfill that we own from the Western region to the Mid-Atlantic region and a collection and transfer station operation from our Western region to our Eastern region. Certain prior period amounts have been reclassified between regional operating segments to conform to the current period presentation. Revenues associated with our solid waste operations are derived mainly from solid waste collection and disposal services, including landfill, transfer station and transportation services, landfill gas-to-energy services and processing services in the eastern United States. Our Resource Solutions operating segment leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Revenues associated with our Resource Solutions operations are comprised of processing services and services provided by our National Accounts business …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Managements Estimates and Assumptions Preparation of our consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues and expenses. We must make these estimates and assumptions because certain information that we use is dependent on future events, cannot be calculated with a high degree of precision given the available data or simply cannot be readily calculated. In some cases, these estimates are difficult to determine, and we must exercise significant judgment. In preparing our consolidated financial statements, the estimates and assumptions that we consider to be significant and that present the greatest amount of uncertainty relate to our accounting for landfills, asset impairments, if applicable, goodwill recoverability assessment, accounts receivable allowance for credit losses, self-insurance reserves, deferred taxes and uncertain tax positions, estimates of the fair values of assets acquired and liabilities assumed in any acquisition, contingent liabilities and stock-based compensation. Each of these items is discussed in more detail elsewhere in these notes to the consolidated financial statements. Actual results may differ materially from the estimates and assumptions that we use in the preparation of our consolidated financial statement …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing