# REPUBLIC SERVICES, INC. (RSG)

Informational only - not investment advice.

CIK: 0001060391
SIC: 4953 Refuse Systems
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4953 Refuse Systems](/industry/4953/)
Latest 10-K filed: 2026-02-18
SEC page: https://www.sec.gov/edgar/browse/?CIK=1060391
Filing source: https://www.sec.gov/Archives/edgar/data/1060391/000106039126000094/rsg-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-18 · accession 0001060391-26-000094 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001060391.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 19,027,000,000 USD | 2025 | verified |
| Net income | 2,139,249,000 USD | 2025 | verified |
| Assets | 34,366,000,000 USD | 2025 | verified |
| Free cash flow | 2,409,000,000 USD | 2025 | computed |
| Net margin | 11.24% | 2025 | computed |
| Operating margin | 17.35% | 2025 | computed |
| Revenue YoY | +3.31% | 2025 | computed |
| ROE | 17.87% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | RSG | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 11.2% | 12.5% | 41 | 87 |
| Operating margin | 17.4% | 21.2% | 33 | 83 |
| Revenue growth | 3.3% | 9.8% | 21 | 87 |
| FCF margin | 12.7% | -3.7% | 85 | 75 |
| ROE | 17.9% | 9.2% | 88 | 89 |
| ROA | 6.2% | 2.7% | 91 | 91 |
| Liabilities / equity | 1.87 | 2.32 | 34 | 89 |
| Current ratio | 0.64 | 0.80 | 22 | 91 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 49 Electric, Gas, And Sanitary Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 19027000000 | USD | 2025 | 2026-02-18 |
| Net income | 2139249000 | USD | 2025 | 2026-02-18 |
| Assets | 34366000000 | USD | 2025 | 2026-02-18 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001060391.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 11,355,400,000 | 12,071,100,000 | 11,898,400,000 | 12,193,000,000 | 12,031,700,000 | 13,321,100,000 | 15,645,000,000 | 17,279,000,000 | 18,418,000,000 | 19,027,000,000 |
| Net income | 612,588,000 | 1,278,374,000 | 1,036,898,000 | 1,073,286,000 | 967,237,000 | 1,290,405,000 | 1,487,586,000 | 1,730,985,000 | 2,043,173,000 | 2,139,249,000 |
| Operating income | 1,537,500,000 | 1,668,500,000 | 1,735,800,000 | 1,787,200,000 | 1,709,100,000 | 2,076,200,000 | 2,392,000,000 | 2,780,000,000 | 3,196,000,000 | 3,302,000,000 |
| Diluted EPS | 1.78 | 3.77 | 3.16 | 3.33 | 3.02 | 4.04 | 4.69 | 5.47 | 6.49 | 6.85 |
| Operating cash flow | 1,847,800,000 | 1,910,700,000 | 2,242,800,000 | 2,352,100,000 | 2,471,600,000 | 2,786,700,000 | 3,190,000,000 | 3,618,000,000 | 3,936,000,000 | 4,296,000,000 |
| Capital expenditures | 927,800,000 | 989,800,000 | 1,071,800,000 | 1,207,100,000 | 1,194,600,000 | 1,316,300,000 | 1,454,000,000 | 1,631,000,000 | 1,855,000,000 | 1,887,000,000 |
| Dividends paid | 418,900,000 | 440,500,000 | 461,800,000 | 491,200,000 | 522,500,000 | 552,600,000 | 593,000,000 | 638,000,000 | 687,000,000 | 738,000,000 |
| Share buybacks | 403,800,000 | 610,700,000 | 736,900,000 | 399,400,000 | 98,800,000 | 252,200,000 | 203,000,000 | 262,000,000 | 482,000,000 | 870,000,000 |
| Assets | 20,629,600,000 | 21,147,000,000 | 21,617,000,000 | 22,683,800,000 | 23,434,000,000 | 24,955,000,000 | 29,053,000,000 | 31,410,000,000 | 32,402,000,000 | 34,366,000,000 |
| Stockholders' equity | 7,691,300,000 | 7,958,800,000 | 7,927,100,000 | 8,118,200,000 | 8,483,900,000 | 8,978,900,000 | 9,686,000,000 | 10,542,000,000 | 11,405,000,000 | 11,968,000,000 |
| Cash and cash equivalents | 67,800,000 | 83,300,000 | 70,500,000 | 47,100,000 | 38,200,000 | 29,000,000 | 143,000,000 | 140,000,000 | 74,000,000 | 76,000,000 |
| Free cash flow | 920,000,000 | 920,900,000 | 1,171,000,000 | 1,145,000,000 | 1,277,000,000 | 1,470,400,000 | 1,736,000,000 | 1,987,000,000 | 2,081,000,000 | 2,409,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 5.39% | 10.59% | 8.71% | 8.80% | 8.04% | 9.69% | 9.51% | 10.02% | 11.09% | 11.24% |
| Operating margin | 13.54% | 13.82% | 14.59% | 14.66% | 14.20% | 15.59% | 15.29% | 16.09% | 17.35% | 17.35% |
| Return on equity | 7.96% | 16.06% | 13.08% | 13.22% | 11.40% | 14.37% | 15.36% | 16.42% | 17.91% | 17.87% |
| Return on assets | 2.97% | 6.05% | 4.80% | 4.73% | 4.13% | 5.17% | 5.12% | 5.51% | 6.31% | 6.22% |
| Liabilities / equity | 1.68 | 1.66 | 1.73 | 1.79 | 1.76 | 1.78 | 2.00 | 1.98 | 1.84 | 1.87 |
| Current ratio | 0.71 | 0.55 | 0.58 | 0.52 | 0.67 | 0.71 | 0.70 | 0.56 | 0.58 | 0.64 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001060391.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.32 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.21 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.35 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 4,414,200,000 | 480,169,000 | 1.52 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 4,396,000,000 | 439,566,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 4,439,200,000 | 453,794,000 | 1.44 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 4,663,200,000 | 511,536,000 | 1.62 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 4,680,200,000 | 565,669,000 | 1.80 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 4,635,300,000 | 512,174,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 4,593,000,000 | 494,996,000 | 1.58 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 4,882,000,000 | 549,905,000 | 1.75 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 4,827,000,000 | 549,672,000 | 1.76 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 4,727,000,000 | 544,676,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 4,699,000,000 | 525,259,000 | 1.70 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 5,076,000,000 | 566,077,000 | 1.84 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from RSG's latest 10-K: [/company/RSG/business/](/company/RSG/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from RSG's latest 10-K: [/company/RSG/risk-factors/](/company/RSG/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1060391/000106039126000275/rsg-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

You should read the following discussion in conjunction with the unaudited consolidated financial statements and notes thereto included under Part I, Item 1 of this Quarterly Report on Form 10-Q. In addition, you should refer to our audited consolidated financial statements and notes thereto and related Management’s Discussion and Analysis of Financial Condition and Results of Operations appearing in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Disclosure Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains certain forward-looking information about us that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as “guidance,” “expect,” “will,” “may,” “anticipate,” “plan,” “estimate,” “project,” “intend,” “should,” “can,” “likely,” “could,” “outlook” and similar expressions are intended to identify forward-looking statements. In particular, information appearing in this “Management's Discussion and Analysis of Financial Condition and Results of Operations” includes forward-looking statements. These statements include information about our plans, strategies, and expectations of future financial performance and prospects. Forward-looking statements are not guarantees of performance. These statements are based upon the current beliefs and expectations of our management and are subject to risk and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such expectations may not prove to be correct. Among the factors that could cause actual results to differ materially from the expectations expressed in the forward-looking statements are the impacts of the overall global economy and changing interest rates, impacts from international trade restrictions and tariffs, our ability to effectively integrate and manage companies we acquire, and to realize the anticipated benefits of any such acquisitions, the impact of prolonged work stoppages or other labor disruptions, the amount of the financial contribution of our sustainability initiatives, acts of war, riots or terrorism, and the impact of these acts on economic, financial and social conditions in the United States and Canada, as well as our dependence on large, long-term collection, transfer and disposal contracts. More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, particularly under Part 1, Item 1A - Risk Factors. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Recent Developments

Updated 2026 Financial Guidance

We continue to focus on pricing in excess of cost inflation, driving profitable volume growth, investing in sustainability to improve the environment and drive growth, investing in value-creating acquisitions and advancing technology to improve productivity and increase customer retention. Specific guidance follows:

Revenue

We anticipate revenue for the year ending December 31, 2026 to be in the range of $17.200 billion to $17.300 billion.

Adjusted Diluted Earnings per Share

The following is a summary of anticipated adjusted diluted earnings per share for the year ending December 31, 2026. Adjusted diluted earnings per share is not a measure determined in accordance with U.S. GAAP:

[[GREPCENT_TABLE]]
[["","(Anticipated) Year Ending December 31, 2026"],["Diluted earnings per share","$ 7.18 - 7.23"],["Restructuring charges","0.05"],["Adjusted diluted earnings per share","$ 7.23 - 7.28"]]
[[/GREPCENT_TABLE]]

We believe that presenting adjusted diluted earnings per share provides an understanding of operational activities before the financial impact of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be

28

Table of Contents

expected to be recorded in future periods. Our definition of adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.

Overview

Republic is one of the largest providers of environmental services in the United States, as measured by revenue. As of June 30, 2026, we operated across the United States and Canada through 389 collection operations, 260 transfer stations, 84 recycling centers, 208 active landfills, 2 treatment, recovery and disposal facilities, 24 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 16 deep injection wells, 10 industrial wastewater treatment facilities and 2 polymer centers. We are engaged in 87 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 125 closed landfills as of June 30, 2026.

Revenue for the six months ended June 30, 2026 increased by 3.6% to $8,544 million compared to $8,244 million for the same period in 2025. This change in revenue is due to increases in average yield of 3.4%, increased revenue from acquisitions, net of divestitures of 1.1% and increased fuel recovery fees of 1.0%. These increases were partially offset by a decrease in environmental solutions revenue of 0.7% and a decrease in volume of 1.2%.

The following table summarizes our revenue, expenses and operating income for the three and six months ended June 30, 2026 and 2025 (in millions of dollars and as a percentage of revenue):

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["Revenue","$","4,430","","","100.0","%","","$","4,235","","","100.0","%","","$","8,544","","","100.0","%","","$","8,244","","","100.0","%"],["Expenses:"],["Cost of operations","2,563","","","57.9","","","2,449","","","57.9","","","4,929","","","57.7","","","4,763","","","57.8"],["Depreciation, depletion and amortization of property and equipment","428","","","9.7","","","415","","","9.8","","","830","","","9.7","","","804","","","9.8"],["Amortization of other intangible assets","23","","","0.5","","","22","","","0.5","","","46","","","0.5","","","43","","","0.5"],["Amortization of other assets","37","","","0.8","","","26","","","0.6","","","73","","","0.8","","","50","","","0.6"],["Accretion","30","","","0.7","","","28","","","0.7","","","60","","","0.7","","","57","","","0.7"],["Selling, general and administrative","444","","","10.0","","","425","","","10.0","","","870","","","10.2","","","852","","","10.3"],["Restructuring charges","4","","","0.1","","","6","","","0.1","","","6","","","0.1","","","9","","","0.1"],["(Gain) loss on business divestitures and impairments, net","\u2014","","","\u2014","","","3","","","0.1","","","(1)","","","\u2014","","","1","","","\u2014"],["Operating income","$","901","","","20.3","%","","$","861","","","20.3","%","","$","1,731","","","20.3","%","","$","1,665","","","20.2","%"]]
[[/GREPCENT_TABLE]]

Our pre-tax income was $699 million and $1,355 million for the three and six months ended June 30, 2026, respectively, compared to $720 million and $1,385 million for the same periods in 2025, respectively. Our net income attributable to Republic Services, Inc. was $566 million and $1,092 million for the three and six months ended June 30, 2026, or $1.84 and $3.54 per diluted share, respectively, compared to $550 million and $1,045 million, or $1.75 and $3.33 per diluted share, for the same periods in 2025, respectively.

During each of the three and six months ended June 30, 2026 and 2025, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax expense, net income attributable to Republic Services, Inc. (net income – Republic) and diluted earnings per share as noted in the following table (in millions, except per share data). Additionally, see our Results of Operations discussion in this Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the three and six months ended June 30, 2026 and 2025.

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30, 2026","","Three Months Ended June 30, 2025"],["","","","","","","","","Diluted","","","","","","","","Diluted"],["","","","","","","Net","","Earnings","","","","","","Net","","Earnings"],["","","Pre-tax","","Tax","","Income -","","per","","Pre-tax","","Tax","","Income -","","per"],["","","Income","","Impact(1)","","Republic","","Share","","Income","","Impact(1)","","Republic","","Share"],["As reported","","$","699","","","$","133","","","$","566","","","$","1.84","","","$","720","","","$","170","","","$","550","","","$","1.75"],["Restructuring charges","","4","","","1","","","3","","","0.01","","","6","","","2","","","4","","","0.01"],["Loss on business divestitures and impairments, net","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","3","","","1","","","2","","","0.01"],["Total adjustments","","4","","","1","","","3","","","0.01","","","9","","","3","","","6","","","0.02"],["As adjusted","","$","703","","","$","134","","","$","569","","","$","1.85","","","$","729","","","$","173","","","$","556","","","$","1.77"]]
[[/GREPCENT_TABLE]]

29

Table of Contents

[[GREPCENT_TABLE]]
[["","","Six Months Ended June 30, 2026","","Six Months Ended June 30, 2025"],["","","","","","","","","Diluted","","","","","","","","Diluted"],["","","","","","","Net","","Earnings","","","","","","Net","","Earnings"],["","","Pre-tax","","Tax","","Income -","","per","","Pre-tax","","Tax","","Income -","","per"],["","","Income","","Impact(1)","","Republic","","Share","","Income","","Impact(1)","","Republic","","Share"],["As reported","","$","1,355","","","$","263","","","$","1,092","","","$","3.54","","","$","1,385","","","$","340","","","$","1,045","","","$","3.33"],["Restructuring charges","","6","","","2","","","4","","","0.01","","","9","","","2","","","7","","","0.03"],["(Gain) loss on business divestitures and impairments, net(2)","","(1)","","","\u2014","","","(1)","","","\u2014","","","1","","","\u2014","","","1","","","\u2014"],["Total adjustments","","5","","","2","","","3","","","0.01","","","10","","","2","","","8","","","0.03"],["As adjusted","","$","1,360","","","$","265","","","$","1,095","","","$","3.55","","","$","1,395","","","$","342","","","$","1,053","","","$","3.36"]]
[[/GREPCENT_TABLE]]

(1) The income tax effect related to our adjustments includes both the current and deferred income tax impact and is individually calculated based on the statutory rates applicable to each adjustment.

(2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the six months ended June 30, 2026 and 2025.

We believe that presenting adjusted pre-tax income, adjusted tax impact, adjusted net income – Republic, and adjusted diluted earnings per share, which are not measures determined in accordance with U.S. GAAP, provides an understanding of operational activities before the fin

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1060391/000106039126000094/rsg-20251231.htm
Complete FY 2025 MD&A: /company/RSG/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-18
Report date: 2025-12-31

ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion in conjunction with our audited consolidated financial statements and the notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. This discussion may contain forward-looking statements that anticipate results that are subject to uncertainty. We discuss in more detail various factors that could cause actual results to differ from expectations in Part I, Item 1A, Risk Factors in this Annual Report on Form 10-K.

For further discussion regarding our results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Recent Developments

2026 Financial Guidance

In 2026, we will focus on pricing in excess of cost inflation, driving profitable volume growth, investing in sustainability to improve the environment and drive growth, investing in value-creating acquisitions and advancing technology to improve productivity and increase customer retention. Specific guidance follows:

Revenue

We expect revenue to be in the range of $17.050 billion to $17.150 billion. We expect growth from average yield on total revenue to be in a range of 3.2% to 3.7% and related revenue to be in a range of 4.0% to 4.5%. We expect the impact from volume on total revenue to be approximately (1.0)%.

Adjusted Diluted Earnings per Share

The following is a summary of anticipated adjusted diluted earnings per share for the year ending December 31, 2026 compared to the actual adjusted diluted earnings per share for the year ended December 31, 2025. Adjusted diluted earnings per share is not a measure determined in accordance with U.S. GAAP:

[[GREPCENT_TABLE]]
[["","(Anticipated) Year Ending December 31, 2026","","(Actual) Year Ended December 31, 2025"],["Diluted earnings per share","$7.14 - $7.22","","$","6.85"],["Restructuring charges","0.06","","","0.05"],["Labor disruption","\u2014","","","0.12"],["Adjusted diluted earnings per share","$7.20 - $7.28","","$","7.02"]]
[[/GREPCENT_TABLE]]

We believe that the presentation of adjusted diluted earnings per share provides an understanding of operational activities before the financial effect of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate effect on our results for a particular period. We have incurred comparable charges and costs in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definition of adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.

The guidance set forth above constitutes forward-looking information and is not a guarantee of future performance. The

guidance is based upon the current beliefs and expectations of our management and is subject to significant risk and

uncertainties that could cause actual results to differ materially from those shown above. See Item 1A. Risk Factors - Disclosure Regarding Forward-Looking Statements.

Overview

Republic is one of the largest providers of environmental services in the United States, as measured by revenue. As of December 31, 2025, we operated across the United States and Canada through 377 collection operations, 255 transfer stations, 79 recycling centers, 207 active landfills, 2 treatment, recovery and disposal facilities, 24 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells, 9 industrial wastewater treatment facilities, and 2 polymer centers. We are engaged in 84 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 124 closed landfills.

Revenue for the year ended December 31, 2025 increased by 3.5% to $16.6 billion compared to $16.0 billion in 2024. This change in revenue is due to increased average yield of 4.1% and acquisitions, net of divestitures of 1.3%, partially offset by decreases in environmental solutions revenue of 1.0%, volume of 0.6%, fuel recovery fees of 0.1% as well as the effect of a decrease in workdays of 0.1%.

34

Table of Contents

The following table summarizes our revenue, costs and expenses for the years ended December 31, 2025 and 2024 (in millions of dollars and as a percentage of revenue):

[[GREPCENT_TABLE]]
[["","2025","","2024"],["Revenue","$","16,591","","","100.0","%","","$","16,032","","","100.0","%"],["Expenses:"],["Cost of operations","9,630","","","58.0","","","9,350","","","58.3"],["Depreciation, amortization and depletion of property and equipment","1,615","","","9.7","","","1,517","","","9.5"],["Amortization of other intangible assets","89","","","0.6","","","79","","","0.5"],["Amortization of other assets","110","","","0.7","","","81","","","0.5"],["Accretion","114","","","0.7","","","107","","","0.7"],["Selling, general and administrative","1,710","","","10.3","","","1,674","","","10.4"],["Restructuring charges","20","","","0.1","","","29","","","0.2"],["Gain on business divestitures and impairments, net","\u2014","","","\u2014","","","(1)","","","\u2014"],["Adjustment to withdrawal liability for multiemployer pension funds","1","","","\u2014","","","\u2014","","","\u2014"],["Operating income","$","3,302","","","19.9","%","","$","3,196","","","19.9","%"]]
[[/GREPCENT_TABLE]]

Our pre-tax income was $2.6 billion for the year ended December 31, 2025, compared to $2.4 billion in 2024. Our net income attributable to Republic Services, Inc. was $2.1 billion, or $6.85 per diluted share, for 2025, compared to $2.0 billion, or $6.49 per diluted share, for 2024.

During 2025 and 2024, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax impact, net income attributable to Republic Services, Inc. (net income – Republic) and diluted earnings per share as noted in the following table (in millions, except per share data). Additionally, see our Results of Operations section of this Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the years ended December 31, 2025 and 2024. For comparative purposes, prior year amounts have been reclassified to conform to current year presentation.

[[GREPCENT_TABLE]]
[["","Year Ended December 31, 2025","","Year Ended December 31, 2024"],["","Pre-tax Income","","Tax Impact(1)","","Net Income - Republic","","Diluted Earnings per Share","","Pre-tax Income","","Tax Impact(1)","","Net Income - Republic","","Diluted Earnings per Share"],["As reported","$","2,594","","","$","455","","","$","2,139","","","$","6.85","","","$","2,432","","","$","389","","","$","2,043","","","$","6.49"],["Restructuring charges","20","","","6","","","14","","","0.05","","29","","","8","","","21","","","0.07"],["Gain on extinguishment of debt and other related costs, net","\u2014","","","\u2014","","","\u2014","","","\u2014","","","(6)","","","(2)","","","(4)","","","(0.01)"],["Labor disruption","56","","","18","","","38","","","0.12","","\u2014","","","\u2014","","","\u2014","","","\u2014"],["Gain on certain divestitures and impairments, net","\u2014","","","\u2014","","","\u2014","","","\u2014","","","(30)","","","(8)","","","(22)","","","(0.07)"],["Settlements and withdrawals on pension plans(2)","1","","","\u2014","","","1","","","\u2014","","","(8)","","","(2)","","","(6)","","","(0.02)"],["Total adjustments","77","","","24","","","53","","","0.17","","","(15)","","","(4)","","","(11)","","","(0.03)"],["As adjusted","$","2,671","","","$","479","","","$","2,192","","","$","7.02","","","$","2,417","","","$","385","","","$","2,032","","","$","6.46"]]
[[/GREPCENT_TABLE]]

(1) The income tax effect related to our adjustments includes both current and deferred income tax impact and is individually calculated based on the statutory rates applicable to each adjustment.

(2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the year ended December 31, 2025.

We believe that presenting adjusted pre-tax income, adjusted tax impact, adjusted net income – Republic, and adjusted diluted earnings per share, which are not measures determined in accordance with U.S. GAAP, provide an understanding of operational activities before the financial impact of certain items. We use these measures, and believe investors will find them helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges and costs in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definitions of adjusted pre-tax income, adjusted tax impact, adjusted net income – Republic, and adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies. Further information on each of these adjustments is included below.

35

Table of Contents

Restructuring charges. In 2025 and 2024, we incurred restructuring charges of $20 million and $29 million, respectively. The 2025 charges primarily related to the design and implementation of a new accounts receivable system. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems. We paid $12 million and $25 million during 2025 and 2024, respectively, related to these restructuring efforts.

In 2026, we expect to incur restructuring charges of approximately $25 million, primarily related to the continuation of the design and implementation of our new accounts receivable system as well as the conversion of the general ledger, budgeting and procurement enterprise resource planning (ERP) systems for our environmental solutions segment.

Gain on extinguishment of debt and other related costs, net. During 2024 we recognized a loss of $2 million due to the amendment and restatement of the Credit Facility, and a net gain of $8 million attributable to the early settlement of certain cash flow hedges related to the Term Loan Facility. The gain was recognized as a reduction of interest expense.

Labor disruption. During 2025, we experienced labor disruptions in certain isolated markets. The impact of these labor disruptions was $56 million, including $16 million of customer credits and $40 million of cost of operations.

Gain on certain divestitures and impairments, net. During 2024, we recorded a net gain on certain divestitures and impairments of $30 million, of which $29 million was due to a gain on the sale of a transfer station facility and $1 million related to a gain on other business divestitures and impairments.

Settlements and withdrawals on pension plans. During 2025, we recorded a charge to earnings of $1 million for a withdrawal event at a multiemployer pension fund to which we contribute. During 2024, we recognized a settlement of our defined benefit pension plan. The settlement included a combination of lump-sum payments to participants who elected to receive them and the transfer of benefit obligations to a third-party insurance company under a group annuity contract. As a result of the settlements, we recognized a non-cash gain of $8 million related to the accelerated recognition of the proportional share of unamortized net actuarial gains in accumulated other comprehensive loss. As we obtain updated information regarding multiemployer pension funds, the factors used in deriving our estimated withdrawal liabilities will be subject to change, which may adversely impact our reserves for withdrawal costs.

Results of Operati

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/RSG/mda/fy2025/
All MD&A years: /company/RSG/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/RSG/mda/fy2024/): filed 2025-02-14; accession 0001060391-25-000091 (https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/rsg-20241231.htm)
- [FY 2023 MD&A](/company/RSG/mda/fy2023/): filed 2024-02-29; accession 0001060391-24-000142 (https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/rsg-20231231.htm)
- [FY 2022 MD&A](/company/RSG/mda/fy2022/): filed 2023-02-23; accession 0001060391-23-000008 (https://www.sec.gov/Archives/edgar/data/1060391/000106039123000008/rsg-20221231.htm)
- [FY 2021 MD&A](/company/RSG/mda/fy2021/): filed 2022-02-11; accession 0001060391-22-000007 (https://www.sec.gov/Archives/edgar/data/1060391/000106039122000007/rsg-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4953 Refuse Systems) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/RSG.md · JSON record: /company/RSG.json · verified financials: /company/RSG/financials.json / /company/RSG/financials.csv · machine TOC for the whole site: /llms.txt