Republic Services, Inc. Reports Second Quarter 2025 Results
Reported Earnings Per Share of $1.75 and Adjusted Earnings Per Share of $1.77
Expanded Net Income Margin 40 Basis Points and Adjusted EBITDA Margin 100 Basis Points
Generated Year-to-Date Cash Flow from Operations of $2.13 Billion and Adjusted Free Cash Flow of $1.42 Billion
Invested Nearly $900 Million in Value-Creating Acquisitions During the First-Half of the Year
Updated Full-Year Financial Guidance
Increased Quarterly Dividend by Approximately 8 Percent
PHOENIX, July 29, 2025 /PRNewswire/ -- Republic Services, Inc. (NYSE:RSG) today reported net income of $550 million, or $1.75 per diluted share, for the three months ended June 30, 2025, versus $512 million, or $1.62 per diluted share, for the comparable 2024 period. Excluding certain expenses and other items, on an adjusted basis, net income for the three months ended June 30, 2025, was $556 million, or $1.77 per diluted share, versus $509 million, or $1.61 per diluted share, for the comparable 2024 period.
"We are pleased with our second quarter results which demonstrate the resilience of our business model and the benefit of the investments in our differentiated capabilities," said Jon Vander Ark, president and chief executive officer. "We produced double-digit growth in EBITDA and 100 basis points of adjusted EBITDA margin expansion by continuing to price ahead of cost inflation and consistently executing our operational plan."
Second-Quarter and Year-to-Date 2025 Highlights:
Total revenue growth of 4.6 percent includes 3.1 percent organic growth and 1.5 percent growth from acquisitions.
Core price on total revenue increased revenue by 5.7 percent. Core price on related business revenue increased revenue by 7.0 percent, which consisted of 8.6 percent in the open market and 4.6 percent in the restricted portion of the business.
Revenue growth from average yield on total revenue was 4.1 percent, and volume increased revenue by 0.2 percent. Revenue growth from average yield on related business revenue was 5.0 percent, and volume increased related business revenue by 0.2 percent.
Net income was $550 million, or a margin of 13.0 percent.
EPS was $1.75 per share, an increase of 8.0 percent over the prior year.
Adjusted EPS, a non-GAAP measure, was $1.77 per share, an increase of 9.9 percent over the prior year.
Adjusted EBITDA, a non-GAAP measure, was $1.36 billion, and adjusted EBITDA margin, a non-GAAP measure, was 32.1 percent of revenue, an increase of 100 basis points over the prior year.
Year-to-date cash flow from operations was $2.13 billion.
Year-to-date adjusted free cash flow, a non-GAAP measure, was $1.42 billion.
Year-to-date cash invested in acquisitions was $888 million.
Year-to-date cash returned to shareholders was $407 million, which included $45 million of share repurchases and $362 million of dividends paid.
The Company's average recycled commodity price per ton sold at its recycling centers during the second quarter was $149. This represents a decrease of $24 per ton over the prior year.
The Company completed and commenced operations on four renewable natural gas projects during the quarter.
Updated Full-Year 2025 Financial Guidance
Republic's financial guidance is based on current economic conditions and does not assume any significant changes in the overall economy for the remainder of 2025. Please refer to the Reconciliation of Full-Year 2025 Financial Guidance section of this document for detail relating to the computation of non-GAAP measures as well as the Information Regarding Forward-Looking Statements section of this document.
The Company provided additional details as follows:
Revenue: Now expected in the range of $16.675 billion to $16.750 billion
Adjusted EBITDA: Reiterated original guidance in the range of $5.275 billion to $5.325 billion
Adjusted Diluted Earnings per Share: Reiterated original guidance in the range of $6.82 to $6.90
Adjusted Free Cash Flow: Increased original guidance to a range of $2.375 billion to $2.415 billion
Company Increases Quarterly Dividend
Republic continues to increase cash returns to shareholders, and previously announced that its Board of Directors approved a 4.5-cent increase in the quarterly dividend. The quarterly dividend of $0.625 per share for shareholders of record on October 2, 2025, will be paid on October 15, 2025.
Presentation of Certain Performance Metrics and Non-GAAP Measures
Adjusted diluted earnings per share, adjusted net income - Republic, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA by business type, adjusted EBITDA margin by business type and adjusted free cash flow are described in the Performance Metrics and Reconciliations of Certain Non-GAAP Measures section of this document.
About Republic Services
Republic Services, Inc. is a leader in the environmental services industry. Through its subsidiaries, the Company provides customers with the most complete set of products and services, including recycling, solid waste, special waste, hazardous waste and field services. Republic's industry-leading commitments to advance circularity and support decarbonization are helping deliver on its vision to partner with customers to create a more sustainable world. For more information, please visit RepublicServices.com.
For more information, contact:
Media Inquiries
Investor Inquiries
Roman Blahoski (480) 718-0328
Aaron Evans (480) 718-0309
SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION
AND OPERATING DATA
REPUBLIC SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
June 30,
December 31,
2025
2024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 122
$ 74
Accounts receivable, less allowance for doubtful accounts and other of $66 and $74, respectively
1,880
1,821
Prepaid expenses and other current assets
414
511
Total current assets
2,416
2,406
Restricted cash and marketable securities
224
208
Property and equipment, net
12,049
11,877
Goodwill
16,626
15,982
Other intangible assets, net
612
546
Other assets
1,470
1,383
Total assets
$ 33,397
$ 32,402
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 1,199
$ 1,345
Notes payable and current maturities of long-term debt
421
862
Deferred revenue
490
485
Accrued landfill and environmental costs, current portion
141
159
Accrued interest
110
101
Other accrued liabilities
1,286
1,176
Total current liabilities
3,647
4,128
Long-term debt, net of current maturities
12,546
11,851
Accrued landfill and environmental costs, net of current portion
2,541
2,432
Deferred income taxes and other long-term tax liabilities, net
1,604
1,594
Insurance reserves, net of current portion
427
402
Other long-term liabilities
580
588
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share; 50 shares authorized; none issued
—
—
Common stock, par value $0.01 per share; 750 shares authorized; 313 and 313 issued including shares held in treasury, respectively
3
3
Additional paid-in capital
1,801
1,767
Retained earnings
10,455
9,774
Treasury stock, at cost; 1 and 1 shares, respectively
(181)
(113)
Accumulated other comprehensive loss, net of tax
(28)
(26)
Total Republic Services, Inc. stockholders' equity
12,050
11,405
Non-controlling interests in consolidated subsidiary
2
2
Total stockholders' equity
12,052
11,407
Total liabilities and stockholders' equity
$ 33,397
$ 32,402
REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Revenue
$ 4,235
$ 4,048
$ 8,244
$ 7,910
Expenses:
Cost of operations
2,449
2,383
4,763
4,666
Depreciation, depletion and amortization
463
413
897
812
Accretion
28
27
57
53
Selling, general and administrative
425
407
852
822
Loss (gain) on business divestitures and impairments, net
3
(2)
1
(2)
Restructuring charges
6
6
9
12
Operating income
861
814
1,665
1,547
Interest expense
(145)
(128)
(285)
(268)
Loss from unconsolidated equity method investments
(2)
(34)
(14)
(42)
Interest income
2
1
4
3
Other income, net
4
1
15
13
Income before income taxes
720
654
1,385
1,253
Provision for income taxes
170
142
340
287
Net income
550
512
1,045
966
Net income attributable to non-controlling interests in consolidated subsidiary
—
—
—
(1)
Net income attributable to Republic Services, Inc.
$ 550
$ 512
$ 1,045
$ 965
Basic earnings per share attributable to Republic Services, Inc. stockholders:
Basic earnings per share
$ 1.76
$ 1.62
$ 3.34
$ 3.06
Weighted average common shares outstanding
313.1
314.9
313.0
315.1
Diluted earnings per share attributable to Republic Services, Inc. stockholders:
Diluted earnings per share
$ 1.75
$ 1.62
$ 3.33
$ 3.06
Weighted average common and common equivalent shares outstanding
313.4
315.2
313.3
315.5
Cash dividends per common share
$ 0.580
$ 0.535
$ 1.160
$ 1.070
REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Six Months Ended June 30,
2025
2024
Cash provided by operating activities:
Net income
$ 1,045
$ 966
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion, amortization and accretion
954
865
Non-cash interest expense
37
35
Stock-based compensation
23
22
Deferred tax provision
(8)
48
Provision for doubtful accounts, net of adjustments
18
20
Loss on disposition of assets and asset impairments, net
1
—
Loss from unconsolidated equity method investments
14
42
Other non-cash items
(5)
(1)
Change in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivable
(51)
(69)
Prepaid expenses and other assets
21
36
Accounts payable
(13)
19
Capping, closure and post-closure expenditures
(21)
(22)
Remediation expenditures
(19)
(27)
Other liabilities
138
(47)
Proceeds for retirement of certain hedging relationships
—
24
Cash provided by operating activities
2,134
1,911
Cash used in investing activities:
Purchases of property and equipment
(866)
(918)
Proceeds from sales of property and equipment
8
5
Cash used in acquisitions and investments, net of cash and restricted cash acquired
(963)
(201)
Cash received from business divestitures
7
2
Purchases of restricted marketable securities
(9)
(17)
Sales of restricted marketable securities
8
16
Cash used in investing activities
(1,815)
(1,113)
Cash used in financing activities:
Proceeds from credit facilities and notes payable, net of fees
20,025
10,484
Proceeds from issuance of senior notes, net of discount and fees
1,183
889
Payments of credit facilities and notes payable
(21,030)
(11,274)
Issuances of common stock, net
(14)
(21)
Purchases of common stock for treasury
(59)
(168)
Cash dividends paid
(362)
(337)
Contingent consideration payments
(3)
(8)
Cash used in financing activities
(260)
(435)
Effect of foreign exchange rate changes on cash
1
1
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents
60
364
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period
203
228
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period
$ 263
$ 592
You should read the following information in conjunction with our audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K as of and for the year ended December 31, 2024. All amounts below are in millions and as a percentage of our revenue, except per share data.
REVENUE
The following table reflects our total revenue by line of business for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Collection:
Residential
$ 752
17.8 %
$ 733
18.1 %
$ 1,496
18.1 %
$ 1,457
18.4 %
Small-container
1,259
29.7
1,201
29.7
2,502
30.3
2,390
30.2
Large-container
794
18.7
