WCN · 10-K filed 12 Feb 2026 · year to 31 Dec 2025

Waste Connections

28 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Municipal contracts and franchise agreements

earns from · approximately 454 contracts, representing approximately 4.0% of our annual revenuesnamed as a risk

For example, we have approximately 454 contracts, representing approximately 4.0% of our annual revenues, which are set for expiration or automatic renewal on or before December 31, 2026.Risk factors (Item 1A)

E&P companies

earns fromnamed as a risk

E&P companies may elect to decrease investment in basins where lower crude oil prices or volatility in crude oil prices make the returns on investment inadequate or uncertain or impact the ability of E&P companies to access capital on economically advantageous terms or at all.Risk factors (Item 1A)

Other companies

Multiemployer pension plans

16named as a risk

We participate in 16 “multiemployer” pension plans administered by employee and union trustees.Risk factors (Item 1A)

Also named by ECG, IBP, LYV, MDLZ, NYT, PWR, RSG, STRL and 3 more

Surety bonds

depends on · $2.157 billion of such surety bondsnamed as a risk

As of December 31, 2025, we had $2.157 billion of such surety bonds in place and $220.6 million of letters of credit issued and outstanding.Risk factors (Item 1A)

Also named by ARLP, DHI, ECG, EME, FIX, LEN, PRIM, PWR

Places

Canada

operates innamed as a risk

Our operations in Canada are conducted primarily in Canadian dollars.Risk factors (Item 1A)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Asia

earns fromnamed as a risk

The recyclables we process for sale include paper products and plastics that are shipped primarily to customers in the United States, as well as other markets, including Asia.Risk factors (Item 1A)

Also named by AAPL, AYI, CART, CB, CDW, CHD, CLS, COHR and 31 more

Los Angeles County, California

operates innamed as a risk

For example, see the discussions regarding the Los Angeles County, California Landfill Expansion Litigation in Note 13, “Commitments and Contingencies,” of our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.Risk factors (Item 1A)

Hazards

Chiquita Canyon Landfill

operates innamed as a risk

For example, in 2023 and 2024, an ongoing elevated temperature landfill (“ETLF”) event resulted in increased leachate generation and related capital and operating expenses that increased our closure and post closure costs at our Chiquita Canyon Landfill, which ultimately ceased active waste disposal operations as of December 31, 2024.Risk factors (Item 1A)

Commodities and inputs

Diesel fuel

exposed to its price · approximately 91.9 million gallons of diesel fuelnamed as a risk

For the year ending December 31, 2026, we expect to purchase approximately 91.9 million gallons of diesel fuel, of which 50.1 million gallons will be purchased at market prices and 41.8 million gallons will be purchased under our fixed price diesel fuel purchase contracts.Market risk (Item 7A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Canadian dollar

exposed to its price · approximately $19.0 million and $9.0 millionnamed as a risk

A $0.01 change in the Canadian dollar to U.S. dollar exchange rate would impact our annual revenue and EBITDA by approximately $19.0 million and $9.0 million, respectively.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

Term SOFR

exposed to its price · $915 million of our indebtednessnamed as a risk

In addition, at December 31, 2025, $915 million of our indebtedness, including interest rate swaps, is at variable rates which are based on the term Secured Overnight Financing Rate, or term SOFR, as a result of the transition from the London Interbank Offered Rate, or LIBOR.Risk factors (Item 1A)

Also named by BWIN, CLH, DORM, DPZ, DY, ECG, HUBB, IBP and 9 more

Recycled commodities

exposed to its price · $23.1 millionnamed as a risk

In the event of a decline in recycled commodity prices, a 10% decrease in average recycled commodity prices from the average prices that were in effect during the years ended December 31, 2025 and 2024, would have had a $23.1 million and $23.3 million impact on revenues for the years ended December 31, 2025 and 2024, respectively.Market risk (Item 7A)

Also named by CWST, RSG, WM

Crude oil

exposed to its pricenamed as a risk

The value of crude oil has impacted and may in the future impact the level of drilling or production activity in the basins where we operate; however, we cannot provide assurances that higher crude oil prices will result in increased capital spending and related activity in the basins where we operate.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Methane gas / renewable natural gas

exposed to its pricenamed as a risk

Variations in the price of methane gas and other energy-related products that are marketed and sold by our landfill gas recovery operations affect our results.Risk factors (Item 1A)

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

The EPA identified methane emissions from landfills and from oil and gas facilities as a focus for enforcement and compliance resources in its National Enforcement and Compliance Initiatives for 2024 through 2027.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Laws and programs

Revolving Credit Agreement

exposed to its price · $2.182 billionnamed as a risk

We are exposed to cash flow risk due to changes in interest rates with respect to the unhedged floating rate balances owed at December 31, 2025 and 2024, of $2.182 billion and $1.364 billion, respectively, including floating rate debt under our Revolving Credit Agreement.Market risk (Item 7A)

Also named by AMD, APLD, VLTO

Canada Global Minimum Tax Act

subject to · 15%named as a risk

For example, Canada has enacted certain hybrid mismatch rules following recommendations of the Organization for Economic Cooperation and Development (OECD) and has also enacted the Global Minimum Tax Act which, for fiscal years beginning on or after December 31, 2023, implements a minimum effective tax rate of 15% for large multinational groups operating in Canada.Risk factors (Item 1A)

Landfill operating permits

subject to · 114 landfillsnamed as a risk

We currently own and/or operate 114 landfills throughout the United States and Canada.Risk factors (Item 1A)

Inflation Reduction Act of 2022

subject tonamed as a risk

Conversely, favorable investor expectations regarding potential investment tax credits or other benefits stemming from the IRA may not materialize or could fail to meet expectations, particularly in light of the rollback to certain IRA provisions by the OBBA.Risk factors (Item 1A)

Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more

PFAS regulation (CERCLA)

subject tonamed as a risk

For example, in 2024, the EPA designated two of the most widely used PFAS as CERCLA hazardous substances, which could trigger additional obligations or liabilities under CERCLA or other laws and regulations.Risk factors (Item 1A)

Also named by AMGN, CLH, SMG, ZTS

U.S. tariffs on imports from Canada and Mexico

subject tonamed as a risk

In addition, the imposition of tariffs by the United States government, including on imports from Canada and Mexico, could increase our costs through their impact on vehicle and fuel costs, among other things, and may also have general adverse economic effects in the markets we serve, including Canada, all of which is impossible to predict with any precision.Risk factors (Item 1A)

Also named by LII, PHM, TOL

Greenhouse Gas Pollution Pricing Act (Canada)

subject tonamed as a risk

The Canadian federal government enacted the Greenhouse Gas Pollution Pricing Act in June 2018, which established a national carbon-pricing regime starting in 2019 for provinces and territories in Canada where there is no provincial regime in place or where the provincial regime does not meet the federal benchmark.Risk factors (Item 1A)

Also named by ENB, RSG

Washington State G Certificates

earns fromnamed as a risk

We derive a significant portion of our revenues from market areas where we have exclusive arrangements, including franchise agreements, municipal contracts and certificates issued by Washington State known as G Certificates.Risk factors (Item 1A)

Renewable Fuel Standard (RFS) / RINs

exposed to its pricenamed as a risk

A significant reduction in the value of RINs in the United States or the price paid for our renewable fuel in Canada could adversely impact our reported results.Risk factors (Item 1A)

California Senate Bill 219

subject tonamed as a risk

The State of California enacted Senate Bill 219 in 2024, requiring companies with revenues exceeding $1 billion and operating within California to report Scope 1 and Scope 2 emissions beginning in 2026 (for emissions occurring in fiscal year 2025) and Scope 3 emissions beginning in 2027 (for emissions occurring in fiscal year 2026).Risk factors (Item 1A)

EPA methane rules for oil and gas E&P operations

subject tonamed as a risk

For example, in November 2023 and March 2024, the EPA finalized rules providing additional and more stringent regulation and control of methane emissions from oil and natural gas E&P operations and implementing a methane waste emissions charge applicable to certain E&P operations.Risk factors (Item 1A)

Municipal flow control laws

subject tonamed as a risk

Municipalities sometimes also promulgate “flow control” laws and regulations requiring us to deliver waste we collect within a particular jurisdiction to facilities not owned or controlled by us, which could increase our costs and reduce our revenues.Risk factors (Item 1A)

Canada Clean Fuel Regulations

subject to

Supplying low carbon fuels can qualify for credit creation under the CFRs.Risk factors (Item 1A)

Also named by VLO, WM