Republic Services (RSG) investor relations material

Executive summary

• Revenue for the nine months ended September 30, 2025, increased 3.9% year-over-year to $12,456 million, with Q3 revenue up 3.3% and strong operational execution despite cyclical volume pressures.

• Net income attributable to stockholders was $1,595 million for the nine months, with Q3 net income of $550 million ($1.76 per diluted share) and adjusted EPS of $1.90.

• Adjusted EBITDA for the nine months was $4,012 million, with Q3 margin expanding 80 bps to 32.8%.

• Year-to-date adjusted free cash flow totaled $2.19 billion, and cash flow from operations reached $3.32 billion.

• Customer retention remained high at 94%, with improved net promoter scores reflecting service quality.

Financial highlights

• Core price on total revenue was 5.9%, with related revenue at 7.2%; average yield on total revenue was 4%.

• Adjusted EBITDA margin expanded to 32.8% in Q3; recycling and waste business margin reached 34.3%.

• Year-to-date capital expenditures were $1.31 billion; total debt stood at $13.4 billion; total liquidity was $2.7 billion.

• 2.6 million shares were repurchased for $599 million; $544 million in dividends paid year-to-date.

• Net income margin was 13.1% for Q3 2025.

Outlook and guidance

• Expect mid-single-digit revenue growth, with EBITDA, EPS, and free cash flow growing faster.

• Management expects continued investment in acquisitions, with at least $1.1 billion planned for 2025.

• 2026 growth will be impacted by non-recurring $100 million event-driven landfill revenue in 2025.

• Price-cost spread in recycling and waste business expected to remain 75–100 bps above cost inflation into 2026.

• Additional restructuring charges of approximately $3 million are expected in the remainder of 2025.