Republic Services, Inc.

RSG · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$65,606	$63,000	$51,887	$40,761	$44,219	$30,536	$28,421	$22,859	$21,439	$18,090	$13,949	$14,357	$12,022	$10,761	$10,359	$11,436	$10,749	$4,876	$5,960	$5,373	$5,181	$4,859	$3,842	$3,498	$3,416	$3,008	$2,504	$2,507
Enterprise value	$79,337	$75,885	$64,817	$52,700	$54,022	$39,677	$37,329	$31,129	$29,545	$25,684	$21,452	$21,346	$18,829	$17,766	$17,216	$18,094	$17,667	$12,511	$7,506	$6,891	$6,525	$6,072	$5,243	$4,799	$4,768	$4,263	$3,700	$3,008
P/E (TTM) at period end	30.67×	30.84×	29.97×	27.39×	34.27×	31.57×	26.48×	22.05×	16.77×	29.53×	18.60×	26.22×	20.41×	18.82×	17.58×	22.58×	21.72×	66.07×	20.54×	19.22×	20.42×	20.42×	21.63×	14.60×	27.22×	13.61×	12.47×	16.31×
P/S (TTM) at period end	3.95×	3.93×	3.47×	3.02×	3.91×	3.01×	2.76×	2.28×	2.14×	1.93×	1.53×	1.63×	1.43×	1.33×	1.26×	1.41×	1.31×	1.32×	1.88×	1.75×	1.81×	1.79×	1.53×	1.48×	1.51×	1.43×	1.36×	1.83×
P/B at period end	5.48×	5.52×	4.92×	4.21×	4.92×	3.60×	3.50×	2.88×	2.69×	2.35×	1.79×	1.85×	1.52×	1.40×	1.35×	1.46×	1.42×	0.67×	4.57×	3.78×	3.23×	2.59×	2.02×	1.86×	1.95×	1.80×	1.67×	1.93×
EV / EBITDA (TTM)	15.51×	15.57×	15.14×	14.08×	16.56×	14.25×	13.20×	11.24×	10.92×	10.16×	8.48×	9.97×	9.02×	8.19×	7.18×	7.63×	7.18×	19.63×	8.92×	8.45×	8.66×	8.53×	8.04×	7.28×	8.88×	6.75×	6.68×	7.70×
EV / Sales (TTM)	4.78×	4.73×	4.33×	3.90×	4.78×	3.91×	3.62×	3.10×	2.94×	2.74×	2.35×	2.42×	2.24×	2.19×	2.10×	2.23×	2.15×	3.40×	2.36×	2.24×	2.28×	2.24×	2.08×	2.03×	2.11×	2.03×	2.01×	2.20×
Returns
Return on equity	17.9%	17.9%	16.4%	15.4%	14.4%	11.4%	13.2%	13.1%	16.1%	8.0%	9.6%	7.1%	7.5%	7.4%	7.7%	6.5%	6.5%	1.0%	22.3%	19.7%	15.8%	12.7%	9.3%	12.7%	7.1%	13.2%	13.4%	11.8%
Return on invested capital	10.6%	11.1%	9.4%	9.0%	9.1%	8.2%	8.7%	8.4%	10.4%	6.4%	6.4%	5.2%	5.7%	6.2%	6.9%	6.1%	6.3%	0.9%	11.7%	11.1%	10.0%	9.1%	7.7%	9.0%	7.4%	9.2%	8.9%	10.1%
Dividend yield	1.1%	1.1%	1.2%	1.5%	1.2%	1.7%	1.7%	2.0%	2.1%	2.3%	2.9%	2.6%	2.9%	3.1%	3.0%	2.6%	2.7%	2.6%	1.6%	1.5%	1.4%	0.9%	0.5%	–	–	–	–	–
Financial health
Current ratio	0.64×	0.58×	0.56×	0.70×	0.71×	0.67×	0.52×	0.58×	0.55×	0.71×	0.67×	0.76×	0.83×	0.73×	0.67×	0.47×	0.50×	0.52×	0.66×	0.65×	0.72×	1.11×	0.83×	1.15×	0.84×	1.06×	0.86×	1.00×
Debt / equity	1.13×	1.11×	1.22×	1.22×	1.06×	1.05×	1.07×	1.05×	1.03×	1.00×	0.97×	0.91×	0.89×	0.92×	0.90×	0.86×	0.92×	1.06×	1.20×	1.09×	0.92×	0.72×	0.80×	0.77×	0.78×	0.75×	0.80×	0.81×
Effective tax rate	17.5%	16.0%	21.0%	18.8%	18.0%	15.1%	17.1%	21.4%	0.2%	36.5%	37.3%	38.1%	30.8%	30.6%	35.0%	42.1%	42.6%	53.6%	38.0%	37.0%	38.0%	38.0%	38.0%	38.0%	40.0%	38.0%	38.5%	36.0%
Share count
Diluted shares outstanding	312	315	317	317	319	320	322	328	339	344	351	358	363	368	378	385	381	198	192	201	211	221	228	250	257	262	264	204

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$16,890	$16,591	$16,032	$14,965	$13,511	$11,295	$10,154	$10,299	$10,041	$10,042	$9,388	$9,115	$8,803	$8,417	$8,118	$8,193	$8,107	$8,199	$3,685	$3,176	$3,071	$2,864	$2,708	$2,518	$2,365	$2,258	$2,103	$1,838	$1,369
Cost of revenue	($9,796)	($9,630)	($9,350)	($8,943)	($8,205)	($6,738)	($6,100)	($6,298)	($6,150)	($6,215)	($5,764)	($5,519)	($5,643)	($5,235)	($5,006)	($4,865)	($4,765)	($4,844)	($2,417)	($2,004)	($2,236)	($2,100)	($1,988)	($1,605)	($1,473)	($1,422)	($1,271)	($1,101)	($843)
Gross profit	$7,094	$6,961	$6,682	$6,022	$5,306	$4,557	$4,053	$4,001	$3,891	$3,827	$3,624	$3,596	$3,160	$3,182	$3,113	$3,328	$3,342	$3,355	$1,268	$1,172	$835	$764	$721	$912	$892	$835	$832	$737	$526
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,727)	($1,710)	($1,674)	($1,609)	($1,454)	($1,196)	($1,053)	($1,092)	($1,060)	($1,057)	($970)	($983)	($919)	($854)	($821)	($825)	($858)	($880)	($435)	($314)	($315)	($290)	($268)	($261)	($239)	($236)	($201)	($184)	($136)
Total operating expenses	($3,727)	($3,659)	($3,486)	($3,242)	($2,914)	($2,481)	($2,344)	($2,214)	($2,155)	($2,158)	($2,086)	($2,038)	($1,927)	($1,972)	($1,792)	($1,775)	($1,803)	($1,765)	($985)	($636)	($315)	($290)	($268)	($500)	($433)	($452)	($398)	($347)	($242)
Total costs and expenses	($13,523)	($13,289)	($12,836)	($12,185)	($11,119)	($9,219)	($8,444)	($8,512)	($8,305)	($8,373)	($7,850)	($7,556)	($7,570)	($7,207)	($6,798)	($6,640)	($6,568)	($6,609)	($3,402)	($2,640)	($2,551)	($2,389)	($2,256)	($2,105)	($1,906)	($1,874)	($1,669)	($1,448)	($1,085)
Operating income	$3,367	$3,302	$3,196	$2,780	$2,392	$2,076	$1,709	$1,787	$1,736	$1,668	$1,538	$1,559	$1,233	$1,210	$1,321	$1,553	$1,539	$1,590	$283	$536	$520	$475	$452	$413	$460	$383	$434	$391	$284
Earnings
EBITDA	$5,233	$5,116	$4,873	$4,281	$3,744	$3,262	$2,785	$2,828	$2,769	$2,705	$2,529	$2,529	$2,140	$2,088	$2,169	$2,396	$2,373	$2,460	$637	$842	$816	$754	$712	$652	$659	$537	$631	$554	$391
Interest income	$8	$8	$9	$6	$3	$2	$5	$6	$2	$1	$1	$1	$1	$1	$1	$0	$1	$2	$10	$13	$17	$12	$14	–	–	–	–	–	–
Interest expense	($591)	($574)	($539)	($508)	($396)	($315)	($356)	($392)	($384)	($362)	($371)	($365)	($349)	($360)	($388)	($440)	($507)	($596)	($132)	($95)	($97)	($82)	($84)	–	–	–	–	–	–
Pre-tax income	$2,564	$2,594	$2,432	$2,191	$1,832	$1,575	$1,143	$1,296	$1,321	$1,282	$966	$1,196	$885	$851	$824	$906	$877	$865	$159	$468	$444	$409	$384	$347	$386	$209	$356	$326	$240
Income tax expense	($379)	($455)	($388)	($460)	($344)	($283)	($173)	($222)	($283)	($3)	($353)	($446)	($337)	($262)	($252)	($317)	($370)	($368)	($85)	($178)	($164)	($156)	($146)	($132)	($147)	($84)	($135)	($126)	($86)
Net income	$2,186	$2,139	$2,043	$1,731	$1,488	$1,290	$967	$1,073	$1,037	$1,278	$613	$750	$548	$589	$572	$589	$506	$495	$74	$290	$280	$254	$238	$178	$240	$126	$221	$201	$154
Per share
Diluted EPS (GAAP)	$7.06	$6.85	$6.49	$5.47	$4.69	$4.04	$3.02	$3.33	$3.16	$3.77	$1.78	$2.13	$1.53	$1.62	$1.55	$1.56	$1.32	$1.30	$0.37	$1.51	$1.39	$1.20	$1.08	$0.78	$0.96	$0.49	$0.84	$0.76	$0.75
Basic EPS (GAAP)	$7.06	$6.86	$6.50	$5.47	$4.70	$4.05	$3.03	$3.34	$3.17	$3.79	$1.79	$2.14	$1.54	$1.63	$1.56	$1.57	$1.32	$1.30	$0.38	$1.53	$1.41	$1.23	$1.10	$0.79	$0.96	$0.49	$0.84	$0.76	$0.75
Basic shares outstanding	310	312	314	316	317	319	319	321	327	337	343	350	357	362	367	376	383	380	197	190	198	207	217	225	250	257	262	264	204
Margins
Gross margin	42.0%	42.0%	41.7%	40.2%	39.3%	40.3%	39.9%	38.8%	38.8%	38.1%	38.6%	39.5%	35.9%	37.8%	38.3%	40.6%	41.2%	40.9%	34.4%	36.9%	27.2%	26.7%	26.6%	36.2%	37.7%	37.0%	39.6%	40.1%	38.4%
Operating margin	19.9%	19.9%	19.9%	18.6%	17.7%	18.4%	16.8%	17.4%	17.3%	16.6%	16.4%	17.1%	14.0%	14.4%	16.3%	19.0%	19.0%	19.4%	7.7%	16.9%	16.9%	16.6%	16.7%	16.4%	19.4%	17.0%	20.6%	21.2%	20.8%
Net margin	12.9%	12.9%	12.7%	11.6%	11.0%	11.4%	9.5%	10.4%	10.3%	12.7%	6.5%	8.2%	6.2%	7.0%	7.0%	7.2%	6.2%	6.0%	2.0%	9.1%	9.1%	8.9%	8.8%	7.1%	10.1%	5.6%	10.5%	10.9%	11.2%

Analyst consensus

Buy35 analysts

Bearish · 0 · Hold · 16 · Bullish · 19

Earnings history

	EPS	Estimate
Q3 2024	$1.81	$1.61	Beat
Q4 2024	$1.58	$1.40	Beat
Q1 2025	$1.58	$1.53	Beat
Q2 2025	$1.77	$1.77	Match
Q3 2025	$1.90	$1.83	Beat
Q4 2025	$1.76	$1.62	Beat
Q1 2026	$1.70	$1.64	Beat
Q2 2026	$1.85	$1.81	Beat

Peers

Company overview

IPO dateJul 1, 1998

CEOJon Vander Ark

Employees42,000

SectorIndustrials

IndustryWaste Management

CountryUS

ExchangeNew York Stock Exchange

Websitewww.republicservices.com

Republic Services, Inc., along with its subsidiaries, delivers comprehensive environmental services across the United States. The company specializes in the collection and processing of recyclable materials, alongside the gathering, transfer, and responsible disposal of non-hazardous solid waste, in addition to other environmental solutions. Its collection activities encompass curbside pickups, facilitating transport to transfer stations, landfills, or recycling facilities; the provision of waste and recycling containers; and compactor rentals. Beyond collection, Republic Services engages in the processing and sale of commodities such as old corrugated containers, newsprint, aluminum, and glass. The company also operates landfill and transfer services, manages the disposal of non-hazardous solid and liquid industrial waste, and provides on-site logistics and transportation. Serving a broad customer base, including residential, small-container, and large-container clients, Republic Services maintains a vast operational footprint. As of December 31, 2021, this included 356 collection operations, 239 transfer stations, 198 active landfills, 71 recycling processing centers, 6 saltwater disposal wells, 7 deep injection wells, and 3 treatment, recovery, and disposal facilities across 41 states. Furthermore, it oversees 77 landfill gas-to-energy and renewable energy projects and manages 124 closed landfills. The company, founded in 1996, is headquartered in Phoenix, Arizona.

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