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Republic Services (RSG) investor relations material
Republic Services Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved robust earnings growth and margin expansion in Q2 2025, with revenue up 4.6% and adjusted EBITDA up 8%, despite lower demand from construction and manufacturing end markets.
Net income attributable to stockholders was $1,045 million for the first half of 2025, with diluted EPS rising to $3.33; Q2 adjusted EPS was $1.77, up 9.9% year-over-year.
Customer retention rate exceeded 94%, with strong Net Promoter Score trends.
Organic revenue growth was driven by strong pricing, with average yield on total revenue at 4.1%.
Nearly $900 million was invested in acquisitions in the first half of 2025.
Financial highlights
Adjusted earnings per share reached $1.77 for Q2 2025; adjusted EBITDA for the quarter was $1.36 billion with a 32.1% margin.
Year-to-date adjusted free cash flow totaled $1.42 billion; cash flow from operations was $2.13 billion.
Total company adjusted EBITDA margin expanded to 32.1%.
Recycling commodity prices averaged $149/ton in Q2, down from $173/ton last year.
Total debt stood at $13.1 billion, with total liquidity of $3 billion and a leverage ratio of 2.5x.
Outlook and guidance
Full-year 2025 revenue guidance is $16.675–$16.75 billion, with adjusted EBITDA at $5.275–$5.325 billion and adjusted EPS at $6.82–$6.90.
Adjusted free cash flow guidance increased to $2.375–$2.415 billion, benefiting from $80 million in bonus depreciation.
Guidance includes contributions from acquisitions closed through June 30 and reflects current economic and labor disruption impacts.
Labor disruption impacts will be excluded from adjusted results; minor impact expected.
The company expects to invest at least $1 billion in acquisitions in 2025.
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