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PR Newswire | 29. Juli 2025, 16:10

Republic Services, Inc. Reports Second Quarter 2025 Results

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Republic Services Inc 185,25 €

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PHOENIX, July 29, 2025

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
media@RepublicServices.com	investor@RepublicServices.com

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	770	19.0	1,532	18.6	1,503	19.0
Other	17	0.4	19	0.5	35	0.4	36	0.5
Total collection	2,822	66.6	2,723	67.3	5,565	67.4	5,386	68.1
Transfer	479		458		903		877
Less: intercompany	(258)		(250)		(494)		(486)
Transfer, net	221	5.2	208	5.1	409	5.0	391	4.9
Landfill	854		761		1,577		1,466
Less: intercompany	(338)		(321)		(640)		(621)
Landfill, net	516	12.2	440	10.9	937	11.4	845	10.7
Environmental solutions	478		490		944		929
Less: intercompany	(16)		(17)		(33)		(33)
Environmental solutions, net	462	10.9	473	11.7	911	11.1	896	11.3
Other:
Recycling processing and commodity sales	114	2.7	107	2.7	222	2.7	203	2.6
Other non-core	100	2.4	97	2.3	200	2.4	189	2.4
Total other	214	5.1	204	5.0	422	5.1	392	5.0
Total revenue	$ 4,235	100.0 %	$ 4,048	100.0 %	$ 8,244	100.0 %	$ 7,910	100.0 %

The following table reflects changes in components of our revenue, as a percentage of total revenue, 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
Average yield	4.1 %	5.5 %	4.3 %	5.8 %
Fuel recovery fees	(0.3)	—	(0.4)	(0.2)
Total price	3.8	5.5	3.9	5.6
Volume	0.2	(0.8)	(0.5)	(0.9)
Change in workdays	—	—	(0.2)	0.1
Recycling processing and commodity sales	—	0.5	0.1	0.4
Environmental solutions	(0.9)	0.4	(0.3)	(0.4)
Total internal growth	3.1	5.6	3.0	4.8
Acquisitions / divestitures, net	1.5	3.0	1.2	3.4
Total	4.6 %	8.6 %	4.2 %	8.2 %

Core price	5.7 %	6.8 %	5.9 %	6.9 %

Average yield is defined as revenue growth from the change in average price per unit of service, expressed as a percentage. Core price is defined as price increases to our customers and fees, excluding fuel recovery fees, net of price decreases to retain customers. We also measure changes in core price, average yield and volume as a percentage of related-business revenue, defined as total revenue excluding recycled commodities, fuel recovery fees and environmental solutions revenue, to determine the effectiveness of our pricing and organic growth strategies. The following table reflects core price, average yield and volume as a percentage of related-business revenue 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
	As a % of Related Business		As a % of Related Business
Core price	7.0 %	8.1 %	7.2 %	8.3 %
Average yield	5.0 %	6.6 %	5.2 %	7.0 %
Volume	0.2 %	(1.0) %	(0.6) %	(1.0) %

The following table reflects changes in average yield and volume, as a percentage of related business 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
	Yield	Volume	Yield	Volume	Yield	Volume	Yield	Volume
Collection:
Residential	5.1 %	(3.2) %	6.0 %	(2.5) %	5.3 %	(3.1) %	6.4 %	(2.6) %
Small-container	6.0 %	(0.9) %	9.6 %	(0.6) %	6.1 %	(1.1) %	10.1 %	(0.2) %
Large-container	5.5 %	(3.4) %	6.6 %	(3.3) %	5.6 %	(3.3) %	6.8 %	(3.9) %
Landfill:
Municipal solid waste	5.5 %	(2.1) %	5.4 %	1.1 %	6.1 %	(2.8) %	5.5 %	1.4 %
Construction and demolition waste	3.9 %	47.3 %	3.5 %	(1.6) %	4.0 %	30.9 %	4.7 %	(2.2) %
Special waste	— %	22.4 %	— %	(1.4) %	— %	14.5 %	— %	(2.0) %

COST OF OPERATIONS

The following table summarizes the major components of our cost of operations for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Labor and related benefits	$ 844	19.9 %	$ 809	20.0 %	$ 1,662	20.2 %	$ 1,599	20.2 %
Transfer and disposal costs	279	6.6	288	7.1	533	6.5	552	7.0
Maintenance and repairs	379	9.0	370	9.1	738	8.9	726	9.2
Transportation and subcontract costs	302	7.1	301	7.4	594	7.2	581	7.3
Fuel	116	2.7	121	3.0	230	2.8	247	3.1
Disposal fees and taxes	96	2.3	90	2.2	179	2.2	174	2.2
Landfill operating costs	104	2.5	96	2.4	193	2.3	186	2.4
Risk management	109	2.6	102	2.5	213	2.6	197	2.5
Other	220	5.2	206	5.1	421	5.1	404	5.1
Total cost of operations	$ 2,449	57.9 %	$ 2,383	58.8 %	$ 4,763	57.8 %	$ 4,666	59.0 %

These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our cost of operations by cost component to that of other companies and of ours for prior periods.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

The following table summarizes our selling, general and administrative expenses for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Salaries and related benefits	$ 280	6.6 %	$ 276	6.8 %	$ 573	6.9 %	$ 556	7.0 %
Provision for doubtful accounts	8	0.2	12	0.3	18	0.2	20	0.3
Other	137	3.2	119	3.0	261	3.2	246	3.1
Total selling, general and administrative expenses	$ 425	10.0 %	$ 407	10.1 %	$ 852	10.3 %	$ 822	10.4 %

These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our selling, general and administrative expenses by cost component to those of other companies and of ours for prior periods.

PERFORMANCE METRICS AND RECONCILIATIONS OF CERTAIN NON-GAAP MEASURES

The following tables calculate EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA and adjusted EBITDA margin by business type, adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, adjusted diluted earnings per share, and adjusted free cash flow, which are not measures determined in accordance with U.S. generally accepted accounting principles (U.S. GAAP), for the three and six months ended June 30, 2025 and 2024. Our definitions of the foregoing non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies.

Adjusted EBITDA and Adjusted EBITDA Margin

The following table calculates adjusted EBITDA and adjusted EBITDA margin for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income attributable to Republic Services, Inc. and net income margin	$ 550	13.0 %	$ 512	12.6 %	1,045	12.7 %	$ 965	12.2 %
Net income attributable to non-controlling interests	—		—		—		1
Provision for income taxes	170		142		340		287
Other income, net	(4)		(1)		(15)		(13)
Interest income	(2)		(1)		(4)		(3)
Interest expense	145		128		285		268
Depreciation, depletion and amortization	463		413		897		812
Accretion	28		27		57		53
EBITDA and EBITDA margin	$ 1,350	31.9 %	$ 1,220	30.1 %	$ 2,605	31.6 %	$ 2,370	30.0 %
Loss from unconsolidated equity method investments	2		34		14		42
Restructuring charges	6		6		9		12
Loss (gain) on business divestitures and impairments, net	3		(2)		1		(2)
Total adjustments	$ 11		$ 38		$ 24		$ 52
Adjusted EBITDA and adjusted EBITDA margin	$ 1,361	32.1 %	$ 1,258	31.1 %	$ 2,629	31.9 %	$ 2,422	30.6 %

Adjusted EBITDA and Adjusted EBITDA Margin by Business Type

The following table summarizes revenue, adjusted EBITDA and adjusted EBITDA margin by business type for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and adjusted EBITDA margin as a percentage of revenue):

	Three Months Ended June 30, 2025			Three Months Ended June 30, 2024
	Recycling & Waste	Environmental Solutions^(b)	Total	Recycling & Waste^(b)	Environmental Solutions	Total
Revenue	$ 3,773	$ 462	$ 4,235	$ 3,575	$ 473	$ 4,048
Adjusted EBITDA^(a)	$ 1,252	$ 109	$ 1,361	$ 1,146	$ 112	$ 1,258
Adjusted EBITDA Margin	33.2 %	23.7 %	32.1 %	32.0 %	23.7 %	31.1 %

	Six Months Ended June 30, 2025			Six Months Ended June 30, 2024
	Recycling & Waste	Environmental Solutions^(b)	Total	Recycling & Waste	Environmental Solutions	Total
Revenue	$ 7,333	$ 911	$ 8,244	$ 7,014	$ 896	$ 7,910
Adjusted EBITDA^(a)	$ 2,430	$ 199	$ 2,629	$ 2,224	$ 198	$ 2,422
Adjusted EBITDA Margin	33.1 %	21.9 %	31.9 %	31.7 %	22.1 %	30.6 %

(a) Certain corporate expenses, including selling, general and administrative expenses, and National Accounts revenue are allocated to the two business types.

(b) Adjusted EBITDA Margin does not calculate due to rounding.

The amounts shown for Recycling & Waste represent the sum of our Group 1 and Group 2 reportable segments, and Environmental Solutions represents our Group 3 reportable segment.

Adjusted Earnings Per Share

The following table calculates adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, and adjusted diluted earnings per share for the three and six months ended June 30, 2025 and 2024 (in millions of dollars except per share data):

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

Diluted

Net

Earnings

Net

Earnings

Pre-tax

Tax

Income -

per

Pre-tax

Tax

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Republic Services, Inc. Reports Second Quarter 2025 Results

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