In the third quarter, the U.S. solid waste industry’s five largest publicly traded companies spent about $545.7 million on acquisitions. That’s compared to about $659 million reported for Q2 and $1.5 billion in deals announced in the first quarter.
The totals include spending reported by WM, Republic Services, Waste Connections, GFL Environmental and Casella Waste Systems. During Q3 earnings calls, executives also offered insights on how companies will approach M&A for the rest of the year and set up for deals in early 2026.
| Q3 Acquisition Spend | |
|---|---|
| WM | $29M |
| Republic Services | $122M |
| Waste Connections | $116.6M |
| GFL Environmental* | $235.77M |
| Casella Waste Systems | $42.3M |
Spending totals are net of cash acquired, with some variation in methodology among companies.
*GFL figures converted from Canadian to U.S. dollars for comparison purposes, based on Nov. 10 exchange rate.
Recaps and outlooks
WM
WM’s acquisitions activity was muted for the quarter, with the company focusing mainly on the continued integration of Stericycle assets into WM’s Healthcare Solutions segment instead of closing more major acquisitions. CEO Jim Fish noted that the company completed a few tuck-in acquisitions in Q3 “to extend our network and drive further internalization.” This includes Countrywide Sanitation, which provides residential and commercial waste and recycling services along the North Dakota and Minnesota border.
Overall, WM has closed on about $450 million in deals so far this year, and could reach about $500 million by year’s end, said President John Morris. Those deals represent about $165 million in annualized revenues. “We’ve got a handful of transactions that are out there that could close in Q4 or could roll into next year,” he said. WM expects in 2026 to return to the “normal” $100 million to $200 million range for spending.
Republic Services
So far this year, Republic Services has invested more than $1 billion in acquisitions, with future opportunities in both the recycling and waste business segment and environmental services segment still available. CEO Jon Vander Ark said Republic Services will continue to focus on tuck-in acquisitions through the remainder of the year.
“We expect to finish the year strong and start out next year strong,” he said during the company’s Q3 earnings call.
In the environmental services segment, he said the company is interested in assets that more directly serve “life sciences and biopharma and high-tech” industries. He also noted that the company could look to grow its field services capabilities via acquisition in areas where it already has a strong recycling and waste footprint.
Republic's acquisitions in Q3 included Kentucky hauler Green River Waste and Montana hauler Tri-County Disposal, which also owns a landfill.
Waste Connections
Waste Connections closed two deals in Q3 and 12 total so far in 2025. Overall, it has closed on or is under agreement for acquisitions worth about $300 million in annualized revenue so far this year.
During a Q3 earnings call in October, CEO Ron Mittelstaedt highlighted several “fantastic M&A wins,” one of which was the recent acquisition of Florida-based Great Waste, which closed in Q3, according to state documents.
Waste Connections has also acquired Florida Express Environmental. That family-owned company offers residential and commercial services and also runs the Southside C&D Landfill as well as the United American Recycling facility. Mittelstaedt expects “ongoing acquisition activity” in Q4.
GFL
With the completion of a sale of a stake in infrastructure spinoff Green Infrastructure Partners, GFL Environmental has both the cash and the desire to accelerate M&A investments, executives said. Already, the company has closed deals representing about $200 million in annualized revenue since the start of 2025. CEO Patrick Dovigi said that the company will have an even bigger M&A year in 2026.
Notable GFL acquisitions this quarter included the acquisition of a small commercial and residential hauler in Illinois and a private equity-backed hauler with a landfill and transfer stations in Oklahoma. Capital Waste Services, a subsidiary of GFL, also acquired Georgia hauler West Cobb Sanitation in October, and GFL's privately held environmental services spinoff acquired Michigan-based Plummer's Environmental Services.
Casella Waste Systems
Casella acquired eight businesses so far this year with about $105 million in annualized revenue. The company continues to focus on what CEO John Casella calls a “balanced mix” of tuck-ins and larger deals, mainly in an effort to expand its footprint.
The company expects another $30 million in annualized revenues when it closes on the Mountain State Waste deal sometime in early 2026. Casella is also working on four smaller tuck-in deals worth about $20 million of annualized revenues, which could close in late Q4 or in 2026, said President Ned Coletta during a Q3 earnings call. Casella maintains a pipeline of deals representing about $500 million.
