01—Abstract
Summary
Summary of the 10-Q filed October 31, 2025. Cited figures are marked; the original filing is the authoritative source.
Republic Services, Inc. (RSG) reported solid financial results for the nine months ended September 30, 2025.
Revenue increased by 3.9% year-over-year, reaching $12.46 billiona, driven by a 4.2% increase in average yield and 1.3% from acquisitions. Net income attributable to Republic Services, Inc. rose to $1.595 billion from $1.531 billion in the prior year, translating to diluted earnings per share of $5.10, up from $4.86. The company continues to execute its growth strategy through acquisitions, contributing significantly to revenue growth.
Despite some volume decreases in specific segments, overall pricing power and strategic acquisitions have bolstered financial performance. The company also provided an update on its share repurchase program, indicating continued commitment to returning capital to shareholders.
02—Key points
Key Highlights
- Revenue increased by 3.9% to $12.46 billion for the nine months ended September 30, 2025, compared to $11.99 billion in the prior year.
- Net income attributable to Republic Services, Inc. grew to $1.595 billion for the nine months ended September 30, 2025, up from $1.531 billion in the same period last year.
- Diluted earnings per share (EPS) increased to $5.10 for the nine months ended September 30, 2025, from $4.86 in the prior year.
- Acquisitions contributed positively to revenue growth, increasing it by 1.3% for the nine-month period.
- Total assets grew to $33.79 billion as of September 30, 2025, from $32.40 billion as of December 31, 2024.
- The company repurchased 2.6 million shares for $594 million during the nine months ended September 30, 2025, as part of its $3.0 billion share repurchase authorization.
- A significant increase in goodwill was noted, rising from $15.98 billion to $16.70 billion, primarily due to business acquisitions.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Republic Services, Inc. kept $0.13.
- Revenue$4.21B100.0%
- Cost of revenue−$2.46B58.5%
- Gross profit$1.75B41.5%
- Operating costs−$913.0M21.7%
- Operating income$836.0M19.8%
- Interest, other & tax−$286.0M6.8%
- Net income$550.0M13.1%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 31, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $4.21B$4.08B | +3.3% |
| Cost of Revenue | $2.46B$2.37B | +4.1% |
| Gross Profit | $1.75B$1.71B | +2.3% |
| SG&A Expenses | $422.00M$406.00M | +3.9% |
| Operating Income | $836.00M$846.00M | −1.2% |
| Net Income | $550.00M$566.00M | −2.8% |
| EPS (Basic) | $1.76$1.80 | −2.2% |
| EPS (Diluted) | $1.76$1.80 | −2.2% |
| Shares Outstanding (Basic) | 311.73M314.00M | −0.7% |
| Shares Outstanding (Diluted) | 312.01M314.37M | −0.8% |
05—Questions
Frequently Asked Questions
What was the primary driver of Republic Services' revenue growth in the nine months ended September 30, 2025?
The primary drivers of Republic Services' revenue growth were an increase in average yield of 4.2% and revenue contributions from acquisitions, which added 1.3%. These factors more than offset a slight decrease in overall volume.
How has Republic Services' profitability changed compared to the previous year?
Profitability has improved. Net income attributable to Republic Services, Inc. for the nine months ended September 30, 2025, was $1.595 billion, an increase from $1.531 billion in the same period of 2024. Diluted earnings per share also increased to $5.10 from $4.86.
What is the company's strategy regarding acquisitions?
Republic Services continues to execute its acquisition growth strategy, focusing on acquiring privately held recycling and waste companies and environmental solutions businesses that complement its existing business platform. The company invested $1.259 billion in acquisitions and investments during the nine months ended September 30, 2025.
How is the company managing its debt and capital resources?
Republic Services maintains a strong liquidity position with a $3.5 billion revolving credit facility. As of September 30, 2025, the company had $147 million in borrowings outstanding under this facility, with significant availability of $2.4 billion. The company also continues to manage its debt through senior note issuances and tax-exempt financings, while actively repurchasing shares and paying dividends.
06—Continue