Core Insights - The company achieved a revenue growth of 3.5% in 2025, with adjusted EBITDA growth of nearly 7% and an adjusted EBITDA margin expansion of 90 basis points [1][10]. - Adjusted earnings per share reached $7.02, and adjusted free cash flow was $2.43 billion, with a conversion rate increase of 200 basis points to 45.8% [1][10]. - The company expects 2026 revenue to be in the range of $17.05 billion to $17.15 billion, with adjusted EBITDA projected between $5.475 billion and $5.525 billion [10][11]. Financial Performance - Fourth quarter organic revenue growth was driven by solid pricing, with an average yield on total revenue of 3.7% and related revenue yield of 4.5% [4][12]. - Organic volume declined by 1% in the fourth quarter, primarily due to decreases in construction and manufacturing markets [4][13]. - The adjusted EBITDA margin for the full year was 32%, reflecting a 90 basis point increase compared to the previous year [16][17]. Customer Engagement and Retention - The customer retention rate remained strong at 94%, with an improving net promoter score throughout 2025 [4][10]. - The company delivered over 70 million proactive service notifications in 2025, addressing common customer inquiries [7]. Digital and Technological Advancements - Investments in AI and digital tools are expected to enhance pricing optimization and customer retention, with advanced analytics being deployed to improve service delivery [5][6][51]. - The company is upgrading its RISE digital platform to strengthen its competitive position [5]. Sustainability Initiatives - The company made significant progress in its sustainability efforts, including the development of polymer centers and renewable natural gas (RNG) projects, with nine RNG projects commencing operations in 2025 [7][9]. - Commercial production began at the Indianapolis Polymer Center, contributing to the company's sustainability goals [8][9]. Capital Allocation and M&A Strategy - In 2025, the company invested $1.1 billion in acquisitions and returned $1.6 billion to shareholders, including $854 million in share repurchases [10]. - The acquisition pipeline remains strong, with expectations to invest approximately $1 billion in value-creating acquisitions in 2026 [10][11]. Market Outlook - The company anticipates a challenging macroeconomic environment but expects to deliver another year of profitable growth in 2026, with projected adjusted earnings per share growth of 3.1% [10][11]. - The guidance for 2026 indicates nearly 4% top-line growth and over 5% growth in adjusted EBITDA, despite headwinds from prior year comparisons [11].