Business Description
Republic Services, Inc. is a North American environmental services company that provides non-hazardous solid waste collection, transfer, disposal, and recycling services. Operating primarily in the United States and Canada, the company serves millions of residential, commercial, and industrial customers. It is the second-largest waste management provider in the U.S. by revenue and operates a vast network of collection routes, transfer stations, active landfills, and recycling centers.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 16,591,000 | 16,032,000 | 14,965,000 | 13,511,000 |
| Cost of Sales | 9,630,000 | 9,350,000 | 8,943,000 | 8,205,000 |
| Gross Profit | 6,961,000 | 6,682,000 | 6,022,000 | 5,306,000 |
| Selling, General & Administrative Expenses | 1,710,000 | 1,674,000 | 1,609,000 | 1,454,000 |
| Depreciation & Amortization Expenses | 1,928,000 | 1,784,000 | 1,599,000 | 1,441,000 |
| Other Operating Expenses | 21,000 | 28,000 | 34,000 | 19,000 |
| Operating Profit | 3,302,000 | 3,196,000 | 2,780,000 | 2,392,000 |
| Interest and Investment Income | 8,000 | 9,000 | 6,000 | 3,000 |
| Interest Expense | (574,000) | (539,000) | (508,000) | (395,000) |
| Non-Operating Income | (142,000) | (234,000) | (87,000) | (168,000) |
| Total Non-Operating Income | (708,000) | (764,000) | (589,000) | (560,000) |
| Income Before Provision for Income Taxes | 2,594,000 | 2,432,000 | 2,191,000 | 1,832,000 |
| Provision for Income Taxes | 455,000 | 388,000 | 460,000 | 344,000 |
| Consolidated Net Income | 2,139,000 | 2,044,000 | 1,731,000 | 1,488,000 |
| Net Income Attributable to Minority Interests and Other | — | (1,000) | — | — |
| Net Income Attributable to Common Shareholders | 2,139,000 | 2,043,000 | 1,731,000 | 1,488,000 |
| Basic EPS | 6.86 | 6.50 | 5.47 | 4.70 |
| Diluted EPS | 6.85 | 6.49 | 5.47 | 4.69 |
| Basic Weighted Average Shares Outstanding | 311,900 | 314,400 | 316,182 | 316,530 |
| Diluted Weighted Average Shares Outstanding | 312,200 | 314,800 | 316,665 | 317,080 |
| Shares Outstanding | 308,000 | 312,000 | 314,400 | 316,100 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 76,000 | 74,000 | 140,000 | 143,400 |
| Total Cash and Cash Equivalents | 76,000 | 74,000 | 140,000 | 143,400 |
| Accounts Receivable | 1,897,000 | 1,821,000 | 1,768,000 | 1,677,200 |
| Total Trade Receivables | 1,897,000 | 1,821,000 | 1,768,000 | 1,677,200 |
| Other Current Assets | 550,000 | 511,000 | 473,000 | 536,500 |
| Total Current Assets | 2,523,000 | 2,406,000 | 2,381,000 | 2,357,100 |
| Net Property, Plant & Equipment | 12,639,000 | 11,877,000 | 11,351,000 | 10,744,000 |
| Net Intangible Assets | 655,000 | 546,000 | 496,000 | 347,200 |
| Goodwill | 16,715,000 | 15,982,000 | 15,834,000 | 14,451,500 |
| Long-Term Investments | 259,000 | 208,000 | 164,000 | 127,600 |
| Other Long-Term Assets | 1,575,000 | 1,383,000 | 1,184,000 | 1,025,500 |
| Total Assets | 34,366,000 | 32,402,000 | 31,410,000 | 29,052,900 |
| Accounts Payable | 1,374,000 | 1,345,000 | 1,412,000 | 1,221,800 |
| Accrued Expenses | 1,462,000 | 1,436,000 | 1,417,000 | 1,269,900 |
| Current Portion of Long-Term Debt | 596,000 | 862,000 | 932,000 | 456,000 |
| Unearned Revenue | 496,000 | 485,000 | 467,000 | 443,000 |
| Total Current Liabilities | 3,928,000 | 4,128,000 | 4,228,000 | 3,390,700 |
| Long-Term Debt | 12,985,000 | 11,851,000 | 11,887,000 | 11,329,500 |
| Other Long-Term Liabilities | 5,484,000 | 5,016,000 | 4,752,000 | 4,645,900 |
| Total Long-Term Liabilities | 18,469,000 | 16,867,000 | 16,639,000 | 15,975,400 |
| Total Liabilities | 22,397,000 | 20,995,000 | 20,867,000 | 19,366,100 |
| Common Stock | 3,000 | 3,000 | 3,000 | 3,200 |
| Treasury Stock | (1,000,000) | (113,000) | (784,000) | (504,600) |
| Additional Paid-in Capital | 1,833,000 | 1,767,000 | 2,901,000 | 2,843,200 |
| Accumulated Other Comprehensive Income | (29,000) | (26,000) | (12,000) | (12,100) |
| Retained Earnings | 11,161,000 | 9,774,000 | 8,434,000 | 7,356,300 |
| Total Common Shareholders' Equity | 11,968,000 | 11,405,000 | 10,542,000 | 9,686,000 |
| Minority Interests and Other | 1,000 | 2,000 | 1,000 | 800 |
| Total Shareholders' Equity | 11,969,000 | 11,407,000 | 10,543,000 | 9,686,800 |
| Total Liabilities and Shareholders' Equity | 34,366,000 | 32,402,000 | 31,410,000 | 29,052,900 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 2,139,000 | 2,044,000 | 1,731,000 | 1,488,000 |
| Depreciation & Amortization | 1,928,000 | 1,784,000 | 1,599,000 | 1,441,000 |
| Share-Based Compensation Expense | — | 42,000 | 41,000 | 39,000 |
| Other Adjustments | 588,000 | 444,000 | 338,000 | 454,000 |
| Changes in Trade Receivables | (87,000) | (76,000) | (71,000) | (199,000) |
| Changes in Accounts Payable | (14,000) | (27,000) | 83,000 | 106,000 |
| Changes in Other Operating Activities | (258,000) | (275,000) | (103,000) | (139,000) |
| Cash from Operating Activities | 4,296,000 | 3,936,000 | 3,618,000 | 3,190,000 |
| Capital Expenditure | (1,887,000) | (1,855,000) | (1,631,000) | (1,454,000) |
| Proceeds from Sale of Property, Plant & Equipment | 13,000 | 47,000 | 29,000 | 33,000 |
| Payments for Business Acquisitions | (1,430,000) | (753,000) | (2,065,000) | (3,039,000) |
| Proceeds from Business Divestments | 11,000 | 2,000 | 6,000 | 51,000 |
| Other Investing Activities | (20,000) | (2,000) | (6,000) | (14,000) |
| Cash from Investing Activities | (3,313,000) | (2,561,000) | (3,667,000) | (4,423,000) |
| Issuance of Short-Term Debt | 37,715,000 | 24,020,000 | 39,221,000 | 16,446,000 |
| Repayments of Short-Term Debt | (38,206,000) | (25,109,000) | (40,411,000) | (14,282,000) |
| Net Issuance / (Repayments) of Short-Term Debt | (491,000) | (1,089,000) | (1,190,000) | 2,164,000 |
| Issuance of Long-Term Debt | 1,183,000 | 889,000 | 2,172,000 | — |
| Net Issuance / (Repayments) of Long-Term Debt | 1,183,000 | 889,000 | 2,172,000 | — |
| Issuance of Common Shares | (5,000) | (14,000) | (1,000) | (13,000) |
| Repurchases of Common Shares | (870,000) | (482,000) | (262,000) | (203,000) |
| Net Issuance / (Repurchases) of Common Shares | (875,000) | (496,000) | (263,000) | (216,000) |
| Common Share Dividends Paid | (738,000) | (687,000) | (638,000) | (593,000) |
| Other Financing Activities | (17,000) | (15,000) | (19,000) | (11,000) |
| Cash from Financing Activities | (938,000) | (1,398,000) | 62,000 | 1,344,000 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,000 | (2,000) | 1,000 | (3,000) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 46,000 | (25,000) | 14,000 | 108,000 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $65.27B |
| P/E | 30.94x |
| P/S | 3.93x |
| EV/EBITDA | 15.06x |
| Return on Equity | 18.3% |
| Return on Invested Capital | 8.6% |
| Current Ratio | 0.64x |
| Dividend Yield | 1.1% |
| Free Cash Flow Margin | 14.5% |
Margins
Gross margin
42.0%
Operating margin
19.9%
Net margin
12.9%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $4.43B | +4.6% | 20.3% | $901M |
| Q1 2026 | $4.11B | +2.6% | 20.2% | $830M |
| Q4 2025 | $4.14B | +2.2% | 19.3% | $800M |
| Q3 2025 | $4.21B | +3.3% | 19.8% | $836M |
| Q2 2025 | $4.24B | — | 20.3% | $861M |
| Q1 2025 | $4.01B | — | 20.1% | $804M |
| Q4 2024 | $4.05B | — | 19.8% | $803M |
| Q3 2024 | $4.08B | — | 20.8% | $846M |
More on Republic Services, Inc.
Figures compiled from public company filings.
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