Waste Management
37 named things its latest annual report says its results depend on, each in the company's own words. 24 of them are also named by other companies we've read.
Customers
Healthcare industry
earns fromnamed as a riskThese changes and consolidation of the customer base increase the competitive nature of the healthcare waste industry and exert downward pricing pressure, which could adversely affect our financial results.Risk factors (Item 1A)
Also named by CTSH
Paper mills
earns fromnamed as a riskSignificant restrictions and tariffs on foreign trade have a negative impact on our recycling export business, including decreasing paper mills’ demand for recycled corrugated cardboard used in packaging, which can constrict availability of counterparties and negatively impact commodity prices, and increase the cost of certain equipment and other materials used in our operations that we procure from outside the U.S., including certain equipment used to implement our sustainability growth strategy.Business (Item 1)
Other companies
Tax-exempt bonds
exposed to its price · $1.8 billion of tax-exempt bondsnamed as a riskAs of December 31, 2025, we had $1.8 billion of tax-exempt bonds with term interest rate periods that expire within the next 12 months, which is prior to their scheduled maturities.Risk factors (Item 1A)
$3.5 billion revolving credit facility
depends on · $2.2 billionnamed as a riskWe had $1.1 billion of outstanding borrowings (net of related discount on issuance) under our commercial paper program and $227 million of letters of credit issued, both supported by this facility, leaving unused and available credit capacity of $2.2 billion as of December 31, 2025.Risk factors (Item 1A)
Consumer Price Index
exposed to its pricenamed as a riskOur costs may increase more than the increase, if any, in the Consumer Price Index, partially due to our relatively high fixed-cost structure.Risk factors (Item 1A)
Stericycle, Inc.
named as a riskWe may not realize the strategic benefits, revenue and earnings growth, or cost synergies anticipated from the Stericycle acquisition.Risk factors (Item 1A)
Places
California
subject tonamed as a riskFor example, in September 2024, the California Governor signed into law amendments to the 2023 California Climate Corporate Data Accountability Act and the Climate-Related Financial Risk Act, which among other things, requires the disclosure of Scope 1, 2, and 3 GHG emissions and other climate-related financial risks consistent with the framework established by the Task Force on Climate-Related Financial Disclosures.Business (Item 1)
Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more
Canada
operates innamed as a riskSignificant restrictions and tariffs on foreign trade have a negative impact on our recycling export business and our cross-border commerce, particularly with Canada, decrease paper mills’ demand for recycled corrugated cardboard used in packaging and increase the cost of certain equipment and other materials used in our operations that we procure from outside the U.S., including our trucks and certain equipment used to implement our sustainability growth strategy.Risk factors (Item 1A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
Western Europe
operates innamed as a riskOur Healthcare Solutions operations in Western Europe may subject us to short notification deadlines in international jurisdictions in the event of a significant cybersecurity incident that impacts us globally; it may not be possible for us to comply with such notification deadlines due to the time required to conduct investigations and assess the impact of such incident.Risk factors (Item 1A)
Hazards
PFAS
named as a riskSimilar issues can also result in a significant increase in operating costs; for example, developments in recent years related to management of per- and polyfluoroalkyl substances (“PFAS”) have increased our landfill operating costs.Risk factors (Item 1A)
Also named by ACHR, APG, CAG, CAVA, CTVA, DD, ES, FDX and 12 more
Hurricanes in the Southern and Eastern U.S.
operates innamed as a riskConversely, certain destructive weather and climate conditions, such as wildfires in the Western U.S. and hurricanes that most often impact our operations in the Southern and Eastern U.S. during the second half of the year, can increase our revenues in the geographic areas affected as a result of the waste volumes generated by these events.Risk factors (Item 1A)
Wildfires in the Western U.S.
operates innamed as a riskFor example, wildfires influenced by climate change can damage landfill infrastructure such as gas collection systems, and extreme rain events and flooding in low-lying areas enhanced by sea level rise can result in greater maintenance expenses at our facilities, service disruption, erosion of the protective vegetative caps on our landfills and increased volumes of leachate to manage.Risk factors (Item 1A)
Commodities and inputs
Renewable Identification Numbers (RINs)
exposed to its price · $11 millionnamed as a riskRevenue in our Renewable Energy segment attributable to yield increased $11 million and $26 million in 2025 and 2024, respectively, as compared to prior year periods, primarily driven by the fluctuations in energy and RIN market prices.Market risk (Item 7A)
Recycled commodities
exposed to its price · $166 millionnamed as a riskRecycling revenues attributable to yield decreased $166 million and increased $245 million in 2025 and 2024, respectively, as compared to prior year periods.Market risk (Item 7A)
Old corrugated cardboard
exposed to its price · down 20%named as a riskAverage market prices for single-stream recycled commodities were down 20% and up 50% in 2025 and 2024, respectively, as compared to prior year periods.Market risk (Item 7A)
Natural gas
exposed to its pricenamed as a riskFluctuations in the price and supply of natural gas or diesel fuel could substantially increase our operating expenses; a reduction in the existing cost differential between natural gas and diesel fuel could materially reduce the benefits we anticipate from our investment in natural gas vehicles.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Regulators
U.S. Environmental Protection Agency (EPA)
subject tonamed as a riskRINs prices generally respond to regulations enacted by the EPA, as well as fluctuations in supply and demand.Risk factors (Item 1A)
Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more
Environment and Climate Change Canada (ECCC)
subject tonamed as a riskContinued dialogue, engagement and collaboration with these regulatory agencies will be important, as the EPA, the ECCC and several states, including California and Colorado, are evaluating landfill emissions standards that may require the application of various emerging methane measurement technologies and plan to develop methods and standards for such measurement technologies.Business (Item 1)
U.S. Drug Enforcement Administration (DEA)
subject toOur service offerings for the collection, treatment, disposal and destruction of controlled substances waste and medical waste, from both the healthcare industry and individual consumers, are subject to numerous laws and regulations issued by various regulatory agencies, including the U.S. Drug Enforcement Administration (“DEA”).Business (Item 1)
Also named by CAH, COR, DGX, DHR, HALO, HSIC, IQV, LH and 7 more
Laws and programs
Inflation Reduction Act of 2022 (IRA)
subject tonamed as a riskFavorable expectations regarding potential investment tax credits or other benefits stemming from the IRA and the OBBBA may not materialize or could fail to meet expectations.Risk factors (Item 1A)
Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more
CERCLA (Superfund)
subject tonamed as a riskWithout such relief, we may face increased exposure to remediation and litigation costs associated with properties that the EPA may designate as CERCLA sites due to the presence of PFAS.Business (Item 1)
Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more
Renewable Fuel Standard (RFS)
subject tonamed as a riskChanges and volatility in the RINs market, or changes in the structure of the RFS program or other clean fuel standard programs, can and has impacted the financial performance of our facilities.Risk factors (Item 1A)
Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DINO, DTE and 13 more
Multiemployer Pension Plans
named as a riskIn the event of our withdrawal from a Multiemployer Pension Plan, we may incur significant expenses associated with our obligations for unfunded vested benefits at the time of the withdrawal that could have a material adverse effect on results of operations or cash flows.Risk factors (Item 1A)
Also named by ECG, IBP, LYV, MDLZ, NYT, PWR, RSG, STRL and 3 more
California Low Carbon Fuel Standard
subject tonamed as a riskThe primary drivers of value for renewable fuel produced at our landfills are tax policies, such as the federal tax credits for investments in RNG production under the IRA and OBBBA, and federal and state incentive programs, such as the federal RFS program, the California Low Carbon Fuel Standard and similar state programs that promote the production and use of renewable transportation fuels, which are all subject to change.Risk factors (Item 1A)
Also named by CRC, CVX, DINO, DTE, GPRE, MPC, PBF, SEB and 2 more
Controlled Substances Act
subject tonamed as a riskAt the time of our acquisition of Stericycle, it was, and had been, involved in certain government investigations, enforcement proceedings, lawsuits and other disputes alleging noncompliance with applicable regulations, including alleged noncompliance with the Controlled Substances Act and other statutes involving its now-divested Domestic Environmental Solutions business, which collected, transported and destroyed controlled substances from retail customers.Risk factors (Item 1A)
Canada Clean Fuel Regulations
subject tonamed as a riskA similar program has been adopted in Canada under the Clean Fuel Regulations.Market risk (Item 7A)
Extended producer responsibility (EPR) regulations
subject tonamed as a riskIf wide-ranging EPR regulations or other recycling-related regulations like container deposit laws are widely adopted, they could significantly impact the waste, recycling and other streams we manage, including with respect to quality and volume, how we operate our business, including contract terms and pricing, and the profitability of our recycling facilities.Business (Item 1)
Flow control regulations
subject tonamed as a riskThe U.S. Congress’ adoption of legislation allowing restrictions on interstate transportation of out-of-state or out-of-jurisdiction waste or certain types of flow control, or courts’ interpretations of interstate waste and flow control legislation, could adversely affect our solid waste, hazardous waste, medical waste and controlled substances management services.Business (Item 1)
U.S. tariffs on foreign trade
subject tonamed as a riskSignificant restrictions and tariffs on foreign trade could have a negative impact on our recycling export business and our cross-border commerce, particularly with Canada, and could increase the cost of certain equipment and other materials used in our operations that we procure from outside the U.S., including our trucks and certain equipment used to implement our sustainability growth strategy.Business (Item 1)
EPA heavy-duty vehicle GHG emissions standards
subject tonamed as a riskFor example, in April 2024, the EPA established new GHG emissions standards applicable to heavy-duty vehicles that rely on increased deployment of electric vehicles to meet declining emissions targets; however, the current administration has signaled its intent to withdraw these regulations.Business (Item 1)
EPA Greenhouse Gas Reporting Program
subject tonamed as a riskIn September 2025, the EPA announced a proposed rule to significantly revise the Greenhouse Gas Reporting Program.Business (Item 1)
Organic waste diversion regulations
subject tonamed as a riskIn addition, regulations requiring the diversion of organic wastes away from landfills could have the effect of decreasing the amount of landfill gas produced over time in our landfills, negatively impacting our Renewable Energy segment.Business (Item 1)
One Big Beautiful Bill Act (OBBBA)
subject toWe believe that the production tax credit incentives for investments in renewable energy and carbon capture, as reaffirmed and expanded by the OBBBA, may result in an incremental benefit to the Company, although at this time, the anticipated amount of such benefit has not been quantified due, in part, to the lack of regulatory guidance.Business (Item 1)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
Resource Conservation and Recovery Act (RCRA)
subject toLandfills are regulated under Subtitle D of RCRA, which sets forth minimum federal performance and design criteria for solid waste landfills, and Subtitle C of RCRA, which establishes a federal program to manage hazardous wastes from cradle to grave.Business (Item 1)
Also named by AN, CDE, CLH, CTAS, ESI, HL, LB, MLM and 7 more
Clean Air Act
subject toMany of our operations, including many municipal solid waste (“MSW”) landfills and landfill gas-to-energy facilities, are subject to regulations implemented under the Clean Air Act, including new source performance standards, emission guidelines and national emission standards for hazardous air pollutants.Business (Item 1)
Also named by AEE, CTAS, CWST, EMN, FIX, HESM, KGS, NOC and 6 more
Technology
Stericycle ERP system
depends onnamed as a riskIf we encounter issues with technology systems, including issues related to Stericycle’s ERP system or difficulties integrating Stericycle’s operations and systems into our system of internal control over financial reporting, and if we are unable to correct any issues encountered in a timely manner, our ability to record, process, summarize, and report financial data may be adversely affected, which may impact the accuracy, quality and completeness of our financial statements.Risk factors (Item 1A)