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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Republic Services
Republic Services (RSG) investor relations material
Republic Services Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Feb, 2026
Executive summary
Achieved 3.5% revenue growth and nearly 7% adjusted EBITDA growth for 2025, with 90 basis points of margin expansion and adjusted EPS of $7.02.
Full-year 2025 net income reached $2.14 billion ($6.85 per share), with adjusted net income at $2.19 billion ($7.02 per share), both increasing over 2024.
Customer retention remained strong at 94%, and net promoter score improved throughout 2025.
Fourth quarter organic revenue growth was driven by solid pricing, but organic volume declined, especially in construction and manufacturing end markets.
$1.1 billion invested in acquisitions and $1.6 billion returned to shareholders through dividends and buybacks.
Financial highlights
Adjusted free cash flow reached $2.43 billion, with a 200 basis point increase in conversion to 45.8%.
Adjusted EBITDA for 2025 was $5.31 billion, with a margin of 32.0%, up 90 basis points year-over-year.
Core price on total revenue was 5.8% in Q4; average yield on total revenue was 3.7%.
Recycling commodity prices declined to $112/ton in Q4 from $153/ton prior year; full-year average was $135/ton.
Cash flow from operations was $4.30 billion; adjusted free cash flow was $2.43 billion, up 11.5%.
Outlook and guidance
2026 revenue expected at $17.05–$17.15 billion, adjusted EBITDA at $5.475–$5.525 billion, adjusted EPS at $7.20–$7.28, and adjusted free cash flow at $2.52–$2.56 billion.
Guidance includes $1 billion in acquisitions, with $400 million already closed and contributing 70 basis points to 2026 growth.
Underlying business expected to deliver 60–70 basis points of margin expansion, offset by commodity prices, acquisitions, and lower landfill volumes.
Organic volume expected to decrease total revenue by ~1% in 2026, with residential volumes remaining negative.
Quarterly dividend of $0.625 per share declared for April 2026.
Environmental solutions organic decline drivers
Impact of lower recycled commodity prices on margins
What drives the consistent volume decline?
Quantify long-term cost savings from AI/digital
ES business: incremental margins on revenue recovery
Explain the strategy for residential volume declines
Partial view of Summaries dataset, powered by Quartr API
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Next Republic Services earnings date
Q1 202623 Apr, 2026
Republic Services
Next Republic Services earnings date
Q1 202623 Apr, 2026
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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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