01—Abstract
Summary
Summary of the 10-K filed February 18, 2026. Cited figures are marked; the original filing is the authoritative source.
Republic Services, Inc. (RSG) reported its 2025 fiscal year-end results, showcasing continued growth and strategic investments.
The company maintained its position as a leading provider of environmental services across North America, driven by a robust market position, a consistent operating model, and a strong focus on its people. Strategic priorities for 2026 include pricing above cost inflation, profitable volume growth, and further investments in sustainability and technology to enhance productivity and customer retention. Financially, Republic Services demonstrated resilience with increased revenue and net income, supported by positive average yield and strategic acquisitions.
The company continued its commitment to shareholder returns through dividend increases and active share repurchases. Key operational highlights include the expansion of recycling capabilities with new Polymer Centers and advancements in fleet electrification. Despite some volume softness in certain collection segments, the company's diversified business model and focus on integrated service offerings position it well for future growth.
02—Key points
Key Highlights
- Revenue growth of 3.5% to $16.6 billion for the year ended December 31, 2025, driven by a 4.1% increase in average yield and 1.3% from acquisitions.
- Net income attributable to Republic Services, Inc. was $2.1 billion, or $6.85 per diluted share for 2025, up from $2.0 billion, or $6.49 per diluted share, in 2024.
- The company approved an 8% increase in its quarterly dividend to $0.625 per share in July 2025, marking the 22nd consecutive year of dividend increases.
- Republic Services is advancing its sustainability innovation through the expansion of its Polymer Centers to enhance circularity in plastics.
- The company continues to invest in its fleet, operating over 180 electric-collection vehicles and 32 commercial-scale electric charging facilities as of December 31, 2025.
- A $3 billion share repurchase authorization remains with approximately $1.7 billion of capacity as of December 31, 2025.
- For 2026, Republic Services anticipates revenue in the range of $17.050 billion to $17.150 billion, with an expected average yield growth of 3.2% to 3.7%.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Republic Services, Inc. kept $0.13.
- Revenue$16.59B100.0%
- Cost of revenue−$9.63B58.0%
- Gross profit$6.96B42.0%
- Operating costs−$3.66B22.1%
- Operating income$3.30B19.9%
- Interest, other & tax−$1.16B7.0%
- Net income$2.14B12.9%
Where FY2025 revenue went
$16.59B- Cost of revenue: $9.63B, 58% of revenue
- Net income: $2.14B, 13% of revenue
- SG&A: $1.71B, 10% of revenue
- Other operating costs: $1.95B, 12% of revenue
- Interest, other & tax: $1.16B, 7.0% of revenue
Kept 13% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 18, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $16.59B$16.03B | +3.5% |
| Cost of Revenue | $9.63B$9.35B | +3.0% |
| Gross Profit | $6.96B$6.68B | +4.2% |
| SG&A Expenses | $1.71B$1.67B | +2.2% |
| Operating Income | $3.30B$3.20B | +3.3% |
| Net Income | $2.14B$2.04B | +4.6% |
| EPS (Basic) | $6.86$6.50 | +5.5% |
| EPS (Diluted) | $6.85$6.49 | +5.5% |
| Shares Outstanding (Basic) | 311.88M314.40M | −0.8% |
| Shares Outstanding (Diluted) | 312.17M314.81M | −0.8% |
05—Questions
Frequently Asked Questions
What is Republic Services' financial outlook for 2026?
Republic Services anticipates revenue in the range of $17.050 billion to $17.150 billion for 2026, with an expected average yield growth of 3.2% to 3.7% and related revenue growth of 4.0% to 4.5%. The company expects the impact from volume on total revenue to be approximately (1.0)%. Adjusted diluted earnings per share are projected to be between $7.20 and $7.28.
How is the company addressing sustainability and circularity?
Republic Services is actively expanding its recycling capabilities, particularly with its Polymer Centers, which manage the plastics stream from collection to the production of recycled content for consumer packaging. They are also involved in a joint venture, Blue Polymers, to advance circularity in the plastics industry. Additionally, the company is committed to renewable energy projects, with 77 landfill gas-to-energy projects operational as of December 31, 2025.
What is the company's approach to capital allocation and shareholder returns?
Republic Services employs a balanced approach to capital allocation, prioritizing investments in value-creating acquisitions and returning free cash flow to shareholders through dividends and share repurchases. The company has a history of consecutive dividend increases and maintains a significant share repurchase authorization. Their strategy aims to create long-term shareholder value through consistent earnings and cash flow growth.
What are the key operational initiatives for Republic Services?
Key operational initiatives include standardizing processes through 'The Republic Way' to ensure operational excellence, enhancing safety through the 'Safety Amplified' program, and investing in fleet modernization. This includes a significant push towards fleet electrification, with over 180 electric-collection vehicles in operation, and the adoption of automated single-driver trucks for residential routes (approximately 79% conversion). The company also focuses on digital capabilities to improve customer and employee experience.
06—Continue