FLAC is lossless compression, about half the size of WAV with bit-perfect audio (no quality lost). The audiophile and archive standard since 2001. Files are larger than MP3 (typically 4-5× depending on source) but the trade is no degradation, ever. Streaming services like Tidal, Qobuz, and Apple Music's lossless tier deliver FLAC.
How to open
VLC, foobar2000, Audacity, every modern music player, native iOS support since 2017, native Android support since version 3. Older Apple devices need a third-party app.