10-QPeriod: Q3 FY2025

REPUBLIC SERVICES, INC. Quarterly Report for Q3 Ended Sep 30, 2025

Filed October 31, 2025For Securities:RSG

Summary

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 billion, 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.

Financial Highlights

51 data points
Beta

Revenue

$4.21B

41.5% Gross Margin

Net Income

$550.00M

13.1% Net Margin

EPS (Diluted)

$1.76

Total Assets

$33.79B

Cash & Equivalents

$84.00M

Free Cash Flow

$737.00M

Financial Statements
Beta
Revenue$4.21B
Cost of Revenue$2.46B
Gross Profit$1.75B
SG&A Expenses$422.00M
Operating Income$836.00M
Net Income$550.00M
EPS (Basic)$1.76
EPS (Diluted)$1.76
Shares Outstanding (Basic)311.73M
Shares Outstanding (Diluted)312.01M

Key Highlights

  • 1Revenue 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.
  • 2Net 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.
  • 3Diluted earnings per share (EPS) increased to $5.10 for the nine months ended September 30, 2025, from $4.86 in the prior year.
  • 4Acquisitions contributed positively to revenue growth, increasing it by 1.3% for the nine-month period.
  • 5Total assets grew to $33.79 billion as of September 30, 2025, from $32.40 billion as of December 31, 2024.
  • 6The 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.
  • 7A significant increase in goodwill was noted, rising from $15.98 billion to $16.70 billion, primarily due to business acquisitions.

Frequently Asked Questions

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.

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.

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.

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.