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Republic Services, Inc.

RSG Industrials Waste Management

Republic Services, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.6 billion, up 3.49% from fiscal 2024.

Revenue
+8.24%
EPS
+9.66%
Free cash flow
−12.6%
Total debt
+13.4%

Quarter to September 2026, against a year earlier

244.67 4.75 −1.90%
Market cap
$76.0B
P/E
34.3×
Fwd P/E
33.7×
Dividend yield
1.03%
F-score
7/9
Altman Z
2.98
Beneish M
−2.74
Dividend safety
88/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Group 1
  • Group 2
  • Group 3

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 1,582.79
Sold, $m 1.29
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — 2 — — 8 4 — —
Sell — — — — — 1 1 — — — — 1
Insider Ownership 38.70%

Capital & Financial Ratios $m

Size
Market Cap 75,980.00
Revenue ttm 17,237.00
Net income ttm 2,228.00
Free cash flow ttm 2,572.00
Net debt Q 13,915.00
Valuation
P/E 34.32
Forward P/E 33.70
Price / sales 4.41
Forward P/S Powerpack
Price / FCF 29.55
Price / book 6.21 (above 6: high)
Financial health
Current ratio Q 0.75 (below 1: weak)
Debt / equity Q 1.14
Interest coverage Q 5.87
Growth
Revenue growth Q +8.24% (above 0%: growing)
Operating income growth Q +10.17% (above 0%: growing)
EPS, this year +3.52%
EPS, next year A +10.41%
Revenue, next year A +5.11%
EPS, past 5 yrs +17.80% (at or above 15%: strong)
EPS, next 5 yrs A +8.19%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.2×, against a ten-year median of 3.9×; over the ten years it ranged from 2.5× in 2016 to 5.8× in 2025.
P/E against its own 10 years 89.48%
10-year low 10-year high
P/S against its own 10 years 94.90%
10-year low 10-year high
P/B against its own 10 years 95.97%
10-year low 10-year high
EV/Sales against its own 10 years 95.34%
10-year low 10-year high
EV/FCF against its own 10 years 79.68%
10-year low 10-year high

Dividends raised 2 years running

Yield
1.03%
Annual rate
2.55
Payout ratio
35.2%
Growth, 2018–26
+7.38%/yr
  1. 1.44 ’18
  2. 1.56 ’19 +8
  3. 2.07 ’20 +32
  4. 1.77 ’21 −14
  5. 1.91 ’22 +8
  6. 2.06 ’23 +8
  7. 1.65 ’24 −20
  8. 2.37 ’25 +43
  9. 2.55 ’26 +8
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 140 74 76 92
Receivables 1,768 1,821 1,897 2,126
Inventory — — — —
Other — — — —
2,381 2,406 2,523 2,678
2023 2024 2025 Q'26
Payables 1,412 1,345 1,374 1,448
ST’ Debt — — — —
Other — — — 1,308
4,228 4,128 3,928 3,577

Compound Annual Growth %

10y 5y 3y
Sales 6.17% 10.32% 7.08%
Cash Flow 9.85% 11.69% 10.43%
Earnings 11.05% 17.20% 12.86%
Book Value 4.41% 7.11% 7.31%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.92 Actual 1.94

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.62 1.76 Beat by 0.14
Q1 FY26 1.64 1.70 Beat by 0.06
Q2 FY26 1.81 1.85 Beat by 0.04
Q3 FY26 1.92 1.94 Beat by 0.02
Q4 FY26 1.78 — Reports 16 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.70 1.84 1.93 — —
’25 1.58 1.75 1.76 1.76 6.85
’24 1.44 1.62 1.80 1.63 6.49
’23 1.21 1.35 1.52 1.39 5.47
’22 1.11 1.17 1.32 1.09 4.69
’21 0.93 1.03 1.10 0.98 4.04
’20 0.77 0.71 0.81 0.74 3.02
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,113 4,430 4,559 — —
’25 4,009 4,235 4,212 4,135 16,591
’24 3,862 4,048 4,076 4,046 16,032
’23 3,581 3,726 3,826 3,832 14,965
’22 2,970 3,414 3,598 3,530 13,511
’21 2,596 2,812 2,934 2,953 11,295
’20 2,554 2,454 2,572 2,573 10,154
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,227 1,153 1,139 — —
’25 1,025 1,109 1,181 981 4,296
’24 811 1,100 1,003 1,022 3,936
’23 688 1,079 953 899 3,618
’22 706 858 817 810 3,190
’21 661 822 655 649 2,787
’20 596 738 576 563 2,472
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 754 765 646 — —
’25 569 707 739 407 2,422
’24 298 700 568 562 2,128
’23 315 754 592 355 2,016
’22 388 548 543 290 1,769
’21 332 550 362 246 1,490
’20 229 462 354 262 1,307
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 13.6% a year for ten years. It grew 11.9% a year over the last ten.

Implied
13.6%
10 years, reported
11.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 9,388 10,042 10,041 10,299 10,154 11,295 13,511 14,965 16,032 16,591 17,237 +6.5% 17,439 18,268 19,135 +4.9%
Gross margin, % 38.60 38.11 38.75 38.85 39.92 40.35 39.27 40.24 41.68 41.96 42.01 +3.4 pt
EBT 966 1,282 1,321 1,296 1,143 1,575 1,832 2,191 2,432 2,594 2,638 +11.6%
EBT margin, % 10.29 12.77 13.16 12.58 11.25 13.95 13.56 14.64 15.17 15.63 15.30 +5.3 pt
Net income 613 1,279 1,038 1,074 970 1,292 1,488 1,731 2,044 2,139 2,228 +14.9%
Per share, $
Per share, $ Revenue 27.37 29.79 30.72 32.08 31.80 35.43 42.69 47.33 50.99 53.19 56.27 +7.7%
Earnings 1.79 3.79 3.17 3.34 3.03 4.05 4.70 5.47 6.50 6.86 7.23 +16.1%
Cash flow 5.39 5.67 6.86 7.33 7.74 8.74 10.08 11.44 12.52 13.77 14.69 +11.0%
Capex (2.68) (2.92) (3.18) (3.69) (3.65) (4.07) (4.49) (5.07) (5.75) (6.01) (6.29) +9.4%
Free cash flow 2.71 2.75 3.68 3.63 4.09 4.67 5.59 6.38 6.77 7.77 8.40 +12.4%
Book value 22.43 23.62 24.26 25.29 26.59 28.17 30.61 33.34 36.28 38.37 39.96 +6.1%
Shares, m 343 337 327 321 319 319 317 316 314 312 309 (1.1%)
Valuation, ×
Valuation, × P/E 31.77 17.52 22.67 26.76 31.78 34.35 27.32 30.10 31.00 30.89 34.32 28.4
P/S 2.08 2.24 2.35 2.79 3.03 3.94 3.01 3.49 3.95 3.98 4.41 3.1
P/B 2.54 2.82 2.97 3.54 3.62 4.95 4.20 4.95 5.54 5.52 6.21 4.1
EV/Sales 2.89 2.97 3.10 3.54 3.89 4.78 3.84 4.27 4.68 4.76 5.22 3.9
EV/FCF 29.14 32.19 25.90 31.28 30.20 36.23 29.35 31.70 35.26 32.62 34.96 31.4
Cash, $m
Cash, $m Operating cash flow 1,848 1,911 2,243 2,352 2,472 2,787 3,190 3,618 3,936 4,296 4,500 +9.8%
Capex (918) (984) (1,040) (1,185) (1,164) (1,297) (1,421) (1,602) (1,808) (1,874) (1,928) +8.3%
Free cash flow 930 927 1,203 1,167 1,307 1,490 1,769 2,016 2,128 2,422 2,572 +11.2%
Balance, $m
Balance, $m Working capital (527) (1,198) (1,154) (1,459) (760) (705) (1,034) (1,847) (1,722) (1,405) (899) +11.5%
Net debt 7,585 7,397 7,576 7,712 8,728 9,517 11,186 11,747 11,777 12,909 13,915 +6.1%
Shareholders’ equity 7,694 7,961 7,930 8,121 8,489 8,980 9,687 10,543 11,407 11,969 12,240 +5.0%
Returns, %
Returns, % ROA 2.98 6.12 4.85 4.85 4.19 5.33 5.51 5.73 6.40 6.41 6.43 +3.4 pt
ROIC 6.29 6.79 7.00 7.06 6.20 7.02 7.16 7.79 8.62 8.30 8.25 +2.0 pt
ROE 7.92 16.33 13.05 13.37 11.65 14.77 15.94 17.11 18.62 18.30 18.47 +10.4 pt
People
People Employees 33,000 35,000 36,000 36,000 35,000 35,000 40,000 41,000 42,000 42,000 — +2.7%
Revenue/emp, $m 0.28 0.29 0.28 0.29 0.29 0.32 0.34 0.37 0.38 0.40 — +3.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Republic Services provides waste collection, recycling, disposal and other environmental services to households, businesses, municipalities and industrial customers. Founded in 1998, it is headquartered in Phoenix. Jon Vander Ark is president and chief executive officer.

The company collects household and business waste, transports it to transfer stations, recycling centers or landfills, and processes recyclable materials for sale. It also handles hazardous and non-hazardous industrial waste and provides services such as industrial cleaning, site remediation and emergency response. Customers can use Republic for several stages of the same job, from collection through processing or disposal.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Group 1 7,509 45.26%
Group 2 7,316 44.10%
Group 3 1,766 10.64%
Gross margin 41.96%
Operating margin 19.90%
Pre-tax margin 15.63%

Revenue by segment since 2009

Republic Services, Inc. vs peers in Waste Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WM Waste Management, Inc. $95.9B 31.5× 29.5× +6.25% (above 0%: growing) +37.05% (above 0%: growing) +20.47% (above 0%: growing) 40.21% 18.68% Compare
RSG Republic Services, Inc. $76.0B 34.3× 33.7× +8.24% (above 0%: growing) +9.66% (above 0%: growing) −12.58% (below 0%: shrinking) 41.59% 20.20%
WCN Waste Connections, Inc. $48.0B 42.7× 39.5× +7.31% (above 0%: growing) +28.83% (above 0%: growing) +2.74% (above 0%: growing) 43.10% 20.54% Compare
GFL GFL Environmental Inc. $20.1B — (loss-making) — (loss-making) +25.25% (above 0%: growing) n/m +38.13% (above 0%: growing) 19.79% 7.39% Compare
CLH Clean Harbors, Inc. $14.6B 27.9× 29.0× +20.66% (above 0%: growing) +77.70% (above 0%: growing) +14.37% (above 0%: growing) 35.38% 17.02% Compare
CWST Casella Waste Systems, Inc. $6.4B 1,109× 1,831× +16.85% (above 0%: growing) −25.00% (below 0%: shrinking) +14.24% (above 0%: growing) 32.88% 3.67% Compare
ONT Onterris, Inc. $682.0M — (loss-making) — (loss-making) −9.71% (below 0%: shrinking) +8.33% (above 0%: growing) +74.18% (above 0%: growing) 43.47% 6.05% Compare
NVRI Enviri Corporation $658.5M — (loss-making) — (loss-making) −40.71% (below 0%: shrinking) n/m −1,697.94% (below 0%: shrinking) (84.46%) (130.47%) Compare
OIO ESGL Holdings Limited $633.4M — (loss-making) — — n/m −65.30% (below 0%: shrinking) — 0.00% Compare
Median of peers $10.5B 37.1× 34.5× +7.31% +28.83% +14.31% 35.38% 6.72%

All 22 Waste Management stocks →

From the latest earnings call

Updated

  • CEO Jon Vander Ark said small- and large-container volumes both increased, while large emergency response jobs drove environmental solutions revenue growth.
  • CFO Brian DelGhiaccio said fuel and health care costs weighed on quarterly margins, while CEO Jon Vander Ark outlined digital investments in pricing and routing.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 59.02%
Held by the ten largest 26.81%
Holder Shares Stake Change
Vanguard 22.27m 7.27% +2.89m
BlackRock 17.82m 5.82% +945.48k
State Street 9.95m 3.25% +160.05k
T. Rowe Price 6.60m 2.15% +189.93k
Morgan Stanley 4.91m 1.60% −129.87k
Geode Capital Management 4.90m 1.60% +8.77k
Fidelity (FMR) 4.54m 1.48% −106.84k
UBS 4.24m 1.38% −381.40k
JPMorgan Chase 3.67m 1.20% +143.76k
Bank of America 3.20m 1.05% +1.33m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 March 2026

Ownership

Directors and executive officers, together less than 1%
William H. Gates III Cascade Investment, L.L.C. 35.50%
The Vanguard Group 5.90%
BlackRock, Inc. 5.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Republic Services, Inc. (RSG) Latest News

2 Nov

Impact 3 · · The Motley Fool

31 Oct

Impact 3 · · StockStory

30 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby

29 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · PR Newswire earnings
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press earnings
Impact 3 · · Simply Wall St.

28 Oct

Impact 3 · · StockStory

27 Oct

Impact 3 · · Zacks

26 Oct

Impact 4 · · PR Newswire
Impact 3 · · Trefis
Impact 3 · · Zacks

23 Oct

Impact 3 · · PR Newswire

22 Oct

Impact 3 · · PR Newswire
Impact 3 · · Zacks

15 Oct

Impact 3 · · PR Newswire

13 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Barchart

12 Oct

Impact 4 · · PR Newswire

RSG metrics, ten years each

stockrow.com/RSG · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com