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Republic Services (RSG) stock

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NYSE: RSG NYSE Environmental & Facilities Services Next results ~February 16, 2027

B Fundamentals grade

Republic Services is a US-listed company in the environmental & facilities services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Cash-flow model

Base case. Range ~$89–$190 across our lower- and higher-growth cases (-0.4%–9.6% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 46% below it.

Price used: $245.97, November 2, 2026

Republic Services valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Republic Services files

10-Q filed October 30: Republic Services

Republic Services generated $19.7bn in revenue over the twelve months to September 2026, a rise of 4.1% on the year before and an acceleration from the 2.9% growth seen a quarter earlier. Free-cash-flow margin held steady at 13.0%. The fundamentals grade improves from C+ to B. Our model value, however, is little changed at $126 a share, well below the current price of $235. The rating therefore stays Sell. At that price, the market appears to be pricing in cash-flow growth of about 12.9% a year for five years, a pace well above the 8.1% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Republic Services stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $19.3bn, up 2.9% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 13.7% from 12.5% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $97.16 a share, against a share price of $232. At that price, our model says the market is pricing in about 16.0% a year of cash-flow growth for five years, faster than the 7.7% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 16, 2027 (estimated)

Republic Services's trailing-twelve-month revenue grew 4.1% year on year, with a free-cash-flow margin of 13.0%. Where it stands out: days sales outstanding of 39 days ranks 2 of 16 environmental & facilities services companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$89–$190 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free-cash-flow margin near historical high: TTM FCF margin of 13.0% is in the 96th percentile of its own history.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.5% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $245.97 is 46% above our value per share of $130.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 39.4% ranks 12 of 15 environmental & facilities services companies we cover (median 32.5%).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$1.94 against an average estimate of $1.93: beat by 0.6%
Revenue
$5.21bn, up 7.8% on a year earlier
Share reaction
+4.6% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $17.2bn to $17.3bn (Full-Year 2026); adjusted EBITDA $5.53bn to $5.55bn (Full-Year 2026)
Next report
October 29, 2026; average EPS estimate $1.79

Republic Services' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.8%
  • 1 week+1.9%
  • 1 month+17.4%
  • This year+17.5%
  • 1 year+19.5%
  • 5 years+97.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$19.7B
Operating margin
17.5%
Net margin
11.3%
EPS (TTM, diluted)
$7.22

Growth

Revenue growth
+4.1%
Change in growth rate
+1.2 pts
Share count change
−1.5%

Cash

Free cash flow (TTM)
$2.6B
FCF margin
13.0%
Stock pay % of revenue
0.2%

Earnings

Last results
October 29, 2026
Next results (est.)
February 16, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Results
  9. Guidance
  10. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Republic Services valuation models and calculator

What the price is pricing in

The share price implies about 13.1% a year of cash-flow growth for five years.That is faster than the 8.1% a year revenue growth Republic Services has delivered.

  • Priced in13.1%
  • Last 12 months4.1%
  • 3 years a year5.1%
  • 5 years a year8.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($243.07, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$130
Price used
$243.07close November 3, 2026
Implied change
▼ 45%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Republic Services's free cash flow after stock-based pay with after-tax interest added back ($2.8B, FY2026 Q3 TTM), growing 4.5% and 4.7% in the next two years (forecasts, guidance and its record), then back to 4.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$89–~$190 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Republic Services's free cash flow after stock-based pay ( $2.8B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Republic Services as an operating company, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$89–$190 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$180 ~$180–$230 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$77–$160 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$120 ~$97–$150 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$130 ~$110–$180 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Republic Services with Environmental & Facilities Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −33%
  • Revenue growth 5 points higher ▲ +44%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▼ −3%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $88$136$200$283$392$533
8.5% $57$92$137$197$275$375
10% $38$65$100$146$205$281

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$36.85$48.96$59.22$64.46$81.62$89.41$131.45$123.35$159.91$196.73$209.41$245.97
Market value$12.9bn$16.9bn$20.1bn$21.2bn$26.3bn$28.6bn$42.0bn$39.1bn$50.6bn$61.9bn$65.4bn$75.8bn
+ Net debt (− = net cash)$7.6bn$7.7bn$8.2bn$8.4bn$8.7bn$9.0bn$9.6bn$11.8bn$12.7bn$12.8bn$13.6bn$14.0bn
Enterprise value$20.6bn$24.5bn$28.3bn$29.5bn$35.0bn$37.6bn$51.6bn$50.9bn$63.3bn$74.7bn$79.0bn$89.8bn
Multiples
Price / sales 1.2x1.5x1.7x1.8x2.2x2.4x3.2x2.5x2.9x3.4x3.4x3.8x
Price / earnings 17.3x27.5x15.7x20.4x24.5x29.6x32.5x26.3x29.3x30.3x30.6x34.0x
Price / free cash flow 17.6x18.3x21.8x18.1x23.0x22.4x28.6x22.5x25.5x29.8x27.1x29.6x
EV / EBITDA 8.1x9.7x10.5x10.7x12.4x13.5x15.8x13.6x14.8x15.3x15.4x16.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

84 /100

Strong moat

How hard Republic Services's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 20.0% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 47.8%, moving by 1.2 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 15.6%; its worst year was 14.5%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.2% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.6% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.27 +4% $17.3bn +4%
Next $8.07 +11% $18.2bn +5%

Next year's EPS estimate has moved 0.0% in 90 days, across 26 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.2% on 90 days ago. In the last 30 days, 3 analysts raised Republic Services's forecast and 5 cut it.

Consensus EPS forecast Republic Services, last 90 days
$7.00 $7.50 $8.00 $8.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.29 Current fiscal year, 60 days ago: $7.28 Current fiscal year, 30 days ago: $7.28 Current fiscal year, 7 days ago: $7.27 Current fiscal year, Now: $7.27 $7.27 Next fiscal year, 90 days ago: $8.07 Next fiscal year, 60 days ago: $8.06 Next fiscal year, 30 days ago: $8.06 Next fiscal year, 7 days ago: $8.07 Next fiscal year, Now: $8.07 $8.07

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.29$8.07
60 days ago $7.28$8.06
30 days ago $7.28$8.06
7 days ago $7.27$8.07
Now $7.27$8.07

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.93 $1.94 +0.6%
Jun 2026 $1.82 $1.85 +1.7%
Mar 2026 $1.64 $1.70 +3.8%
Dec 2025 $1.63 $1.76 +7.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Revenue Full-Year 2026 $17.2bn to $17.3bn Raised
    “Revenue: Increased original guidance to a range of $17.200 billion to $17.300 billion” source
  • Adjusted Diluted Earnings per Share Full-Year 2026 $7.23 to $7.28 Non-GAAP
    “Adjusted Diluted Earnings per Share: Updated original guidance to a range of $7.23 to $7.28 per share” source
  • Diluted earnings per share Full-Year 2026 $7.18 to $7.23
    “Diluted earnings per share $ 7.18 - 7.23” source
  • Adjusted EBITDA Full-Year 2026 $5.525bn to $5.55bn Non-GAAP Raised
    “Adjusted EBITDA: Increased original guidance to a range of $5.525 billion to $5.550 billion” source
  • Adjusted Free Cash Flow Full-Year 2026 $2.54bn to $2.575bn Non-GAAP Raised
    “Adjusted Free Cash Flow: Increased original guidance to a range of $2.540 billion to $2.575 billion” source
  • Net income attributable to Republic Services, Inc. Full-Year 2026 $2,210m to $2,220m
    “Net income attributable to Republic Services, Inc. $ 2,210 - 2,220” source
Show 2 more items
  • Cash provided by operating activities Full-Year 2026 $4,485m to $4,560m
    “Cash provided by operating activities $ 4,485 - 4,560” source
  • Property and equipment received Full-Year 2026 $-2,010m to $-1,970m
    “Property and equipment received (1,970) - (2,010)” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Republic Services's revenue by +4.5% next year and +4.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.5%, weight 57%) , management guidance (+4.1%, weight 18%) and the company's own record (+4.6%, weight 25%) . How the weights are set.

Analyst recommendations

27 analysts, Oct 2026
Buy1556%
Hold1141%
Sell14%

Monthly trend

  1. Oct 20263121127
  2. Sep 20263121227
  3. Aug 20263121227
  4. Jul 20263121227

Counts of recommendations published by analysts covering Republic Services, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
3.39
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
99%
of shares
Held by insiders
0.2%
of shares
Employees
42,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +19.5%

$205.77 on October 31, 2025 to $245.97

ThenNowEffect
Revenue (last 12 months) $18.8bn $19.3bn +2.9%
Net margin 11.3% 11.3% +0.1%
P/E multiple 30.4x 34.9x +14.6%
Share count 314m 310m +1.3%

Biggest factor: p/e multiple.

Last 3 years +65.8%

$148.31 on November 3, 2023 to $245.97

ThenNowEffect
Revenue (last 12 months) $16.7bn $19.3bn +15.8%
Net margin 9.4% 11.3% +19.8%
P/E multiple 29.9x 34.9x +16.7%
Share count 317m 310m +2.4%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
RSG+47%−6%+30%+23%+6%+18%
Industry peers (median)+31%−7%+20%+15%−12%+0%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
RSG67%42%58%67%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
RSG−8%−17%−9%−8%−21%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 34% from February 14, 2020 to March 23, 2020. Getting back needed a 52% gain, reached on November 9, 2020, 231 days after the low.

Price behaviour

52-week range
$196.52 – $245.97
From 52-week high
0.0%
vs 50-day average
+10.5%
vs 200-day average
+14.0%
Volatility (1 year)
20%
Beta vs S&P 500
-0.45

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±2.6%
After a week
5 up, 6 down
typical move ±2.7%
After a month
8 up, 3 down
typical move ±4.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +4.6% −2.1% — —
August 6, 2026 +3.6% +0.5% +4.0% +7.6%
May 7, 2026 +0.2% +0.5% +4.5% +2.6%
February 17, 2026 −2.8% +0.7% −1.1% −0.5%
October 30, 2025 −1.1% −0.8% −3.0% +1.7%
July 29, 2025 −4.0% −0.4% −3.9% −2.7%
April 24, 2025 +0.9% +2.8% +3.3% +4.8%
February 13, 2025 +3.5% +1.1% +3.3% +5.5%
October 29, 2024 −0.8% −0.1% +0.9% +8.9%
July 24, 2024 −4.9% −2.8% −2.4% +4.0%
April 30, 2024 −3.8% −1.9% −2.5% −5.9%
February 27, 2024 +0.6% +0.1% −0.6% +3.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Republic Services’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Republic Services in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Republic Services
$17B $18B $19B $20B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $17.3B Revenue (TTM), FY24 Q1: $17.6B Revenue (TTM), FY24 Q2: $17.9B Revenue (TTM), FY24 Q3: $18.2B Revenue (TTM), FY24 Q4: $18.4B Revenue (TTM), FY25 Q1: $18.6B Revenue (TTM), FY25 Q2: $18.8B Revenue (TTM), FY25 Q3: $18.9B Revenue (TTM), FY25 Q4: $19B Revenue (TTM), FY26 Q1: $19.1B Revenue (TTM), FY26 Q2: $19.3B Revenue (TTM), FY26 Q3: $19.7B $19.7B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $17.3B
FY24 Q1 $17.6B
FY24 Q2 $17.9B
FY24 Q3 $18.2B
FY24 Q4 $18.4B
FY25 Q1 $18.6B
FY25 Q2 $18.8B
FY25 Q3 $18.9B
FY25 Q4 $19B
FY26 Q1 $19.1B
FY26 Q2 $19.3B
FY26 Q3 $19.7B
Revenue growth, TTM YoY Republic Services
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 10.5% Revenue growth, TTM YoY, FY24 Q1: 7.6% Revenue growth, TTM YoY, FY24 Q2: 7.3% Revenue growth, TTM YoY, FY24 Q3: 7.2% Revenue growth, TTM YoY, FY24 Q4: 6.6% Revenue growth, TTM YoY, FY25 Q1: 5.7% Revenue growth, TTM YoY, FY25 Q2: 4.9% Revenue growth, TTM YoY, FY25 Q3: 4.2% Revenue growth, TTM YoY, FY25 Q4: 3.3% Revenue growth, TTM YoY, FY26 Q1: 3.0% Revenue growth, TTM YoY, FY26 Q2: 2.9% Revenue growth, TTM YoY, FY26 Q3: 4.1% 4.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 10.5%
FY24 Q1 7.6%
FY24 Q2 7.3%
FY24 Q3 7.2%
FY24 Q4 6.6%
FY25 Q1 5.7%
FY25 Q2 4.9%
FY25 Q3 4.2%
FY25 Q4 3.3%
FY26 Q1 3.0%
FY26 Q2 2.9%
FY26 Q3 4.1%
Operating margin (TTM) Republic Services
16% 16.5% 17% 17.5% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 16.1% Operating margin (TTM), FY24 Q1: 16.3% Operating margin (TTM), FY24 Q2: 16.6% Operating margin (TTM), FY24 Q3: 17.0% Operating margin (TTM), FY24 Q4: 17.4% Operating margin (TTM), FY25 Q1: 17.6% Operating margin (TTM), FY25 Q2: 17.6% Operating margin (TTM), FY25 Q3: 17.4% Operating margin (TTM), FY25 Q4: 17.3% Operating margin (TTM), FY26 Q1: 17.4% Operating margin (TTM), FY26 Q2: 17.4% Operating margin (TTM), FY26 Q3: 17.5% 17.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 16.1%
FY24 Q1 16.3%
FY24 Q2 16.6%
FY24 Q3 17.0%
FY24 Q4 17.4%
FY25 Q1 17.6%
FY25 Q2 17.6%
FY25 Q3 17.4%
FY25 Q4 17.3%
FY26 Q1 17.4%
FY26 Q2 17.4%
FY26 Q3 17.5%
FCF margin (TTM) Republic Services
10% 11% 12% 13% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 11.5% FCF margin (TTM), FY24 Q1: 11.2% FCF margin (TTM), FY24 Q2: 10.8% FCF margin (TTM), FY24 Q3: 10.4% FCF margin (TTM), FY24 Q4: 11.2% FCF margin (TTM), FY25 Q1: 12.6% FCF margin (TTM), FY25 Q2: 12.5% FCF margin (TTM), FY25 Q3: 13.4% FCF margin (TTM), FY25 Q4: 12.7% FCF margin (TTM), FY26 Q1: 13.6% FCF margin (TTM), FY26 Q2: 13.7% FCF margin (TTM), FY26 Q3: 13.0% 13.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 11.5%
FY24 Q1 11.2%
FY24 Q2 10.8%
FY24 Q3 10.4%
FY24 Q4 11.2%
FY25 Q1 12.6%
FY25 Q2 12.5%
FY25 Q3 13.4%
FY25 Q4 12.7%
FY26 Q1 13.6%
FY26 Q2 13.7%
FY26 Q3 13.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Republic Services took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $19B
  2. Cost of revenue $9.6B · 50.6%
  3. Gross profit $9.4B · 49.4%
  4. Selling, general and admin $1.7B · 9.0%
  5. Other operating costs $4.4B · 23.0%
  6. Operating income $3.3B · 17.4%
  7. Income tax $455M · 2.4%
  8. Interest and other $708M · 3.7%
  9. Net income $2.1B · 11.2%

Shares of revenue. Source: Republic Services's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 8.2 8.1 9.8 9.7 10.1 10.6 11.0 11.4 12.1 11.9 12.2 12.0 13.3 15.6 17.3 18.4 19.0 19.7
Gross profit 3.4 3.3 4.9 4.7 4.9 5.0 5.5 5.6 5.9 5.7 5.9 5.9 6.6 7.4 8.3 9.1 9.4 9.7
EBITDA 2.5 2.4 2.4 2.2 2.1 2.1 2.5 2.5 2.7 2.8 2.8 2.8 3.3 3.7 4.3 4.9 5.1 5.4
Operating income 1.6 1.5 1.6 1.3 1.2 1.2 1.6 1.5 1.7 1.7 1.8 1.7 2.1 2.4 2.8 3.2 3.3 3.5
Net income 0.5 0.5 0.6 0.6 0.6 0.5 0.7 0.6 1.3 1.0 1.1 1.0 1.3 1.5 1.7 2.0 2.1 2.2
Diluted EPS $1.30 $1.32 $1.56 $1.55 $1.62 $1.53 $2.13 $1.78 $3.77 $3.16 $3.33 $3.02 $4.04 $4.69 $5.47 $6.49 $6.85 $7.22
Growth (year on year)
Revenue +122.5% −1.1% +20.4% −0.3% +4.2% +4.7% +3.6% +3.1% +6.3% −1.4% +2.5% −1.3% +10.7% +17.4% +10.4% +6.6% +3.3% +4.1%
EBITDA +285.9% −3.5% +1.0% −9.5% −3.8% +2.5% +18.2% −0.0% +7.0% +2.4% +2.1% −1.5% +17.1% +14.8% +14.3% +13.8% +5.0% +4.9%
Operating income +461.4% −3.2% +0.9% −14.9% −8.4% +1.9% +26.4% −1.4% +8.5% +4.0% +3.0% −4.4% +21.5% +15.2% +16.2% +15.0% +3.3% +4.5%
Net income +570.7% +2.3% +16.3% −3.0% +3.0% −7.0% +36.9% −18.3% +108.7% −18.9% +3.5% −9.9% +33.4% +15.3% +16.4% +18.0% +4.7% +5.7%
Diluted EPS +602.7% +1.5% +18.2% −0.6% +4.5% −5.6% +39.2% −16.4% +111.8% −16.2% +5.4% −9.3% +33.8% +16.1% +16.6% +18.6% +5.5% +7.4%
Margins
Gross margin 40.9% 41.2% 50.1% 48.6% 48.4% 46.9% 49.9% 49.2% 48.5% 48.3% 48.3% 49.3% 49.4% 47.6% 48.2% 49.2% 49.4% 49.3%
EBITDA margin 30.0% 29.3% 24.6% 22.3% 20.6% 20.1% 23.0% 22.3% 22.4% 23.3% 23.2% 23.1% 24.5% 23.9% 24.8% 26.5% 26.9% 27.2%
Operating margin 19.4% 19.0% 15.9% 13.6% 11.9% 11.6% 14.2% 13.5% 13.8% 14.6% 14.7% 14.2% 15.6% 15.3% 16.1% 17.4% 17.4% 17.5%
Net margin 6.0% 6.2% 6.0% 5.9% 5.8% 5.2% 6.8% 5.4% 10.6% 8.7% 8.8% 8.0% 9.7% 9.5% 10.0% 11.1% 11.2% 11.3%
Free-cash-flow margin 7.0% 7.9% 8.5% 6.3% 6.6% 6.3% 6.7% 8.1% 7.6% 9.8% 9.4% 10.6% 11.0% 11.1% 11.5% 11.3% 12.7% 13.0%
Cash flow
Cash from operations 1.4 1.4 1.8 1.5 1.5 1.5 1.7 1.8 1.9 2.2 2.4 2.5 2.8 3.2 3.6 3.9 4.3 4.5
Capital spending 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 1.0 1.1 1.2 1.2 1.3 1.5 1.6 1.9 1.9 1.9
Free cash flow 0.6 0.6 0.8 0.6 0.7 0.7 0.7 0.9 0.9 1.2 1.1 1.3 1.5 1.7 2.0 2.1 2.4 2.6
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0
Free cash flow after stock pay 0.6 0.6 0.8 0.6 0.6 0.6 0.7 0.9 0.9 1.1 1.1 1.2 1.4 1.7 1.9 2.0 2.4 2.5
Balance sheet
Cash 0.0 0.1 0.1 0.1 0.2 0.1 0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1
Total debt 7.0 7.0 7.1 7.2 7.1 7.1 7.6 7.7 8.3 8.4 8.8 9.1 9.7 11.9 12.8 12.8 13.7 14.1
Net debt (negative = net cash) 6.9 7.0 7.0 7.1 6.9 7.0 7.6 7.7 8.2 8.4 8.7 9.0 9.6 11.8 12.7 12.8 13.6 14.0
Diluted shares 381m 385m 378m 368m 363m 358m 351m 344m 339m 328m 322m 320m 319m 317m 317m 315m 312m 308m
Returned to shareholders
Dividends 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.6 0.6 0.6 0.7 0.7 0.8
Buybacks 0.0 0.0 0.5 0.3 0.2 0.4 0.4 0.4 0.6 0.7 0.4 0.1 0.3 0.2 0.3 0.5 0.9 1.1
Total returned 0.3 0.3 0.8 0.7 0.6 0.8 0.8 0.8 1.1 1.2 0.9 0.6 0.8 0.8 0.9 1.2 1.6 1.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $35.5bn
Short-term assets $2.7bnLonger-term assets $32.8bn
What it owes, and who funded it · $15.8bn
Short-term liabilities $3.6bnShareholders' equity $12.2bn
  • Short-term assets cover short-term liabilities $2.7bn of assets due within a year against $3.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $92m of cash against $14.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 114% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 107% to 114% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.5bn of operating cash flow against $14.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $3.5bn against $605m of interest.

From Republic Services's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.1B
Dividends (TTM)
$771M
Returned to shareholders
74%
of free cash flow
Buybacks, last 3 fiscal years
$1.6B
Diluted share count
−1.5%
year over year
Total shareholder yield
2.5%
dividends 1.0% + buybacks 1.5% of market value
Dividend payout ratio
35%
of net income paid out
Sales & admin spending
8.9%
of revenue
Days sales outstanding
39 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in environmental & facilities services
Last 12 months unless stated RSG WM WCN ABM CLH VLTO Median
Revenue, last 12 months $19.7bn $26.1bn $9.9bn $9.1bn $6.6bn $5.8bn $2.0bn
Revenue growth, last 12 months 4.1% 5.2% 6.3% 6.0% 10.1% 6.4% 6.0%
Revenue growth, 3-year average 5.2% 9.0% 8.2% 4.5% 7.1% 5.2% 4.8%
Revenue growth, latest quarter 7.8% 6.3% 7.3% 4.2% 20.7% 7.5% 7.4%
Gross margin 49.3% 40.4% 42.6% 12.0% 33.1% 60.2% 33.4%
Operating margin 17.5% 18.4% 17.7% 3.5% 13.2% 21.8% 3.5%
Operating margin, 3-year average 17.3% 17.7% 15.5% 3.4% 11.9% 22.7% 4.4%
Net margin 11.3% 11.8% 11.4% 1.8% 8.0% 17.3% 0.7%
Cash from operations / revenue 22.8% 25.2% 25.4% 4.5% 15.5% 19.9% 5.4%
Free-cash-flow margin 13.0% 14.3% 12.6% 3.4% 7.6% 18.8% 3.4%
Free-cash-flow margin, 3-year average 12.3% 11.3% 13.3% 2.5% 6.5% 17.5% 3.6%
Stock pay / revenue 0.2% 0.7% 0.8% 0.4% 0.7% 1.3% 0.7%
Change in share count −1.5% −0.3% −1.6% −4.5% −1.6% −1.0% −0.3%

Median of all 17 companies we cover in environmental & facilities services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 environmental & facilities services companies
Measure Company Peer median Rank
Revenue growth Growth 4.1% 6.0% 12 of 17
Change in growth rate Growth +1.2pp +0.6pp 8 of 17
Gross margin Profitability 49.3% 33.1% 3 of 15
Operating margin Profitability 17.5% 3.5% 5 of 16
Net margin Profitability 11.3% 0.7% 5 of 17
Free-cash-flow margin Cash generation 13.0% 3.4% 4 of 17
Stock pay as % of revenue Cash generation 0.2% 0.7% 3 of 17
Long-term debt as % of assets Balance sheet 39.4% 32.5% 12 of 15
Change in share count Balance sheet -1.5% -0.3% 6 of 16
Days sales outstanding Balance sheet 39 days 64 days 2 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Landfill Service Line $1.9B ▲ 10.3%
Environmental Solutions Service Line $1.8B ▼ 4.2%
Transfer Service Line $848M ▲ 5.3%
Other Service Line $824M ▲ 4.6%
Other Service Line Sale of Recycled Commodities $433M ▲ 5.9%
Other Service Line Other Noncore $391M ▲ 3.2%

These categories overlap or exclude eliminations, so shares aren't shown.

From Republic Services's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$38.6B
Institutions reporting
1,301
Shares held vs prior quarter
▲ 0.5%
Positions opened / closed
93 / 110

Top buyers and sellers, Q2 2026: 601 institutions bought and 598 sold ; the biggest buyer was Vanguard Portfolio Management LLC (+2.9M shares) and the biggest seller Capital International Investors (−5.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.8B 17.8M 9.8% ▲ 5.6%
Vanguard Capital Management LLC $2.8B 13.1M 7.2% 0.0%
State Street Corp $2.1B 10.0M 5.5% ▲ 1.6%
Vanguard Portfolio Management LLC $1.5B 7.1M 3.9% ▲ 68.2%
Price T Rowe Associates Inc $1.4B 6.5M 3.6% ▲ 3.0%
Morgan Stanley $1B 4.9M 2.7% ▼ 2.6%
Geode Capital Management, LLC $1B 4.9M 2.7% ▲ 0.2%
FMR LLC $968M 4.5M 2.5% ▼ 2.3%
Jpmorgan Chase & Co $788M 3.7M 2.0% ▲ 4.1%
Bank Of America Corp $683M 3.2M 1.8% ▲ 70.8%
Norges Bank $674M 3.2M 1.7% —
Allspring Global Investments Holdings, LLC $545M 2.5M 1.4% ▲ 12.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Republic Services's complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.6B 108 trades by 2 insiders, last 12 months Insider sales History → $458,181 3 trades by 2 insiders · 0% under pre-set plans
Net ▲ $1.6B net buying
Insider Date Trade Shares Price Value
Cascade Investment, L.L.C. 10% owner September 11, 2026 Buy 5,185 $223.84 $1.2M
Cascade Investment, L.L.C. 10% owner September 11, 2026 Buy 176,547 $223.15 $39.4M
Cascade Investment, L.L.C. 10% owner September 11, 2026 Buy 135,482 $222.59 $30.2M
Cascade Investment, L.L.C. 10% owner September 11, 2026 Buy 7,596 $221.52 $1.7M
Cascade Investment, L.L.C. 10% owner September 10, 2026 Buy 2,042 $224.11 $457,624
Cascade Investment, L.L.C. 10% owner September 10, 2026 Buy 47,819 $223.44 $10.7M
Cascade Investment, L.L.C. 10% owner September 10, 2026 Buy 97,992 $222.52 $21.8M
Cascade Investment, L.L.C. 10% owner September 10, 2026 Buy 108,147 $221.57 $24M
Cascade Investment, L.L.C. 10% owner September 9, 2026 Buy 64,965 $222.38 $14.4M
Cascade Investment, L.L.C. 10% owner September 9, 2026 Buy 213,574 $221.13 $47.2M
Cascade Investment, L.L.C. 10% owner September 9, 2026 Buy 32,765 $220.37 $7.2M
Cascade Investment, L.L.C. 10% owner September 8, 2026 Buy 17,815 $222.56 $4M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 32 trades and filings

In the last 12 months, 2 members of Congress disclosed 1 purchase and 2 sales of Republic Services shares.

  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded August 6, 2026, filed September 14, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded December 18, 2025, filed January 15, 2026
  • Julie Johnson(D-TX 32):Sale (partial), $1,001 - $15,000, traded November 13, 2025, filed December 11, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 16, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 6, 2026
  • May 7, 2026
  • February 17, 2026
  • October 30, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Republic Services was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Republic Services in brief

What does Republic Services do?
Republic Services is a US-listed company in the environmental & facilities services industry. Its financial year ends in December.
What is Republic Services's stock ticker?
Republic Services trades under the ticker RSG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Republic Services's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Republic Services reported revenue of $19.7B, 4.1% higher than a year earlier, according to its SEC filings.
What is Republic Services's free cash flow?
Republic Services's free-cash-flow margin is 13.0% of revenue over the trailing twelve months, ranking 4 of the 17 environmental & facilities services companies we cover.
What is Republic Services's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Republic Services's free cash flow after stock-based pay gives ~$130 per share in the base case, and ~$89–$190 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Republic Services's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Republic Services buying back stock, and does it pay a dividend?
Republic Services spent $1.1B on share repurchases over the trailing twelve months, and its diluted share count fell 1.5% over the year.
What is Republic Services's market cap?
On November 2, 2026, Republic Services's market capitalisation was about $75.8B, with a price-to-earnings ratio of 34.0 and net debt of $14B. Market figures come from third-party market data and may be delayed.
Does Republic Services pay a dividend?
Yes: Republic Services paid $771M in dividends over the trailing twelve months, a dividend yield of 1.02% and a payout ratio of 34.6%.
How much debt does Republic Services have?
Republic Services's debt-to-equity ratio is 114.5%, from its latest balance sheet (107.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Republic Services's competitors?
In our Environmental & Facilities Services peer group, the companies closest to Republic Services are Waste Management, Waste Connections, Inc., ABM Industries Inc, Clean Harbors Inc and Veralto. The side-by-side comparison below sets their revenue, margins and growth against Republic Services's.
Are insiders buying or selling Republic Services stock?
Over the last 12 months, Republic Services's directors and officers reported 108 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Republic Services's next earnings date?
Around February 16, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Republic Services announces its own schedule.