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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.
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Q2 2025 earnings summary29 Jul, 2025

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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Frequently asked questions

Republic Services, Inc., provides non-hazardous solid waste collection, recycling, and disposal services in the US. The company operates through three segments: Collection and Recycling Segment, Disposal Segment, and International Segment. The CRS segment offers a range of collection and recycling services for residential customers in the single-family and multi-family sectors, as well as for small businesses and commercial customers. This segment also offers a range of alternative waste management services to municipal governments in Arizona and California. The DS segment provides non-hazardous solid waste disposal services to approximately 1 million customers in Alaska, Arizona, California, Idaho, Nevada, New Mexico, Washington state; West Texas area; Illinois; Indiana; Kentucky; Michigan; Missouri; and Ohio.

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