In the second quarter of the year, major publicly traded solid waste and recycling companies spent more than $2 billion on mergers and acquisitions. The busy quarter made up the vast majority of companies’ year-to-date total 2026 spending of more than $2.7 billion, well ahead of pace compared to last year.
That deal pace also followed a different cadence than 2025, when activity slowed from Q1 to Q2. In Q2 of this year, larger transactions like GFL Environmental’s acquisition of Frontier Waste Solutions and Casella Waste Systems’ acquisition of Star Waste Systems provided a major boost in industry spending.
Below are spending totals reported by WM, Republic Services, Waste Connections, GFL and Casella.
| Q2 Acquisition Spend | |
|---|---|
| WM | $85M |
| Republic Services | $428M |
| Waste Connections | $246.6M |
| GFL Environmental* | $961.8M |
| Casella Waste Systems | $306.3M |
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 Aug. 11 exchange rate.
Recaps and outlooks
WM
WM did not specify how many acquisitions it completed in the quarter, but the company has previously discussed the recent acquisitions of California-based Waste Resources, which closed in May, and the residential assets of HBS Trash Services in Colorado, which closed in June. That’s compared to Q1, when the company reported no M&A spending.
During the Q2 earnings call, CEO Jim Fish described the M&A activity as mainly tuck-ins meant to strengthen route density and expand the customer base. He previewed an “attractive pipeline” of possible deals on the horizon. “Given our quick work returning leverage to within our targeted range following the acquisition of Stericycle, we expect to increase core acquisitions in the future.”
WM completed $235 million of solid waste tuck-in acquisitions during the quarter, with $85 million of that listed as net cash paid, $144 million listed as the value of stock included in deals and $6 million listed as other considerations including purchase price holdbacks, according to filings.
Republic Services
Republic Services continues to remain active on the M&A front this year, with $865 million in deals closed in the first half. The company expects to spend $1.2 billion total on acquisitions in 2026. The company did not share the annual revenue run rate for acquisitions completed in the second quarter on its earnings call.
Recent deals include assets related to TD*X Associates, which specializes in thermal desorption systems. Republic shared a 50% ownership stake with TD*X in a facility adjoining an existing Republic landfill in Robstown, Texas, but during Q2 reached a deal to acquire its partner's stake. The company also acquired Tennessee hauler Raekar in June and Utah hauler Robinson Waste Services in May. The latter company also owned a MRF and transfer station.
CEO Jon Vander Ark said during the company’s call on Thursday that Republic’s pipeline of deals continues to grow “both in the short and medium term.” He hinted at similar spending levels next year, but noted the company would be conservative in its guidance.
“I never want the team to chase an M&A number because you can easily hit that and not get the returns that we expect. But everything we see going forward, that pipeline looks strong,” Vander Ark said.
Waste Connections
Waste Connections acquired three non-hazardous solid waste collection, transfer and recycling businesses and one E&P waste treatment and disposal businesses in the quarter. The deals are worth over $100 million in annualized revenue, CEO Ron Mittelstaedt said during an earnings call.
The company expects to close another $30 million of “exclusive model franchise transactions,” in Q3 and “dialogue is ongoing” on other potential solid waste deals spanning collection and transfer, processing, disposal and E&P, he said. Mittelstaedt said the company is spending an above-average amount on M&A this year.
GFL Environmental
While GFL’s planned acquisition of Secure Waste Infrastructure remains in progress, the company has continued to make small and medium-sized deals. In the second quarter, that included six tuck-ins plus the acquisition of Frontier Waste, a large Texas hauler. Tuck-in deals included Reilly Trucking in Indiana, Central Illinois Disposal & Recycling in Illinois and Lake Area Waste in Michigan.
During the company’s earnings call, CEO Patrick Dovigi expressed confidence that GFL could spend $300 million to $500 million on deals by the end of the year. The company is also entertaining the possibility of a leveraged buyout which would take GFL private, but Dovigi said those conversations had no bearing on GFL’s acquisition strategy.
The company’s M&A strategy is somewhat tied to currency conversion, which impacts GFL because of its heavy presence in both the U.S. and Canada. The Canadian dollar has been weaker than the U.S. dollar as of late, creating headwinds that increase GFL’s net leverage ratio. When that happens, it limits the amount of capital GFL can deploy without pushing its debt too high, said CFO Luke Pelosi on the call. Still, he expressed confidence in the company’s ability to transact through the year as leverage comes down.
Casella Waste Systems
Casella completed four acquisitions in Q2. That includes the acquisition of Star Waste Systems in the Boston area, as well as the residential and commercial curbside collection services of Recycle Depot in Poughkeepsie, New York. Both those deals closed April 1.
Beyond those deals, Casella recently acquired Cougle’s Recycling in Pennsylvania. That deal represents about $15 million in annualized revenue. CEO Ned Coletta said future M&A for the year is likely to focus on tuck-ins in the $10 million to $20 million range, which “align well with our strategy of building density and adding key transfer stations and recycling facilities within our existing operating center.”
