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    Republic Services, Inc. Reports Fourth Quarter and Full-Year 2024 Results; Provides 2025 Full-Year Financial Guidance

    2/13/25 4:38:00 PM ET
    $RSG
    Environmental Services
    Utilities
    Get the next $RSG alert in real time by email
    • Exceeded Adjusted EBITDA, Adjusted Earnings Per Share and Adjusted Free Cash Flow Full-Year 2024 Guidance
    • Fourth Quarter Total Revenue Growth of 5.6 Percent
    • Fourth Quarter Earnings Per Share of $1.63 and Adjusted Earnings Per Share of $1.58
    • Expanded Fourth Quarter Net Income Margin 120 Basis Points and Adjusted EBITDA Margin 110 Basis Points
    • Generated Cash Flow from Operations of $3.94 Billion and Adjusted Free Cash Flow of $2.18 Billion in 2024
    • Returned $1.18 Billion to Shareholders in 2024

    PHOENIX, Feb. 13, 2025 /PRNewswire/ -- Republic Services, Inc. (NYSE:RSG) today reported net income of $512 million, or $1.63 per diluted share, for the three months ended December 31, 2024, versus $440 million, or $1.39 per diluted share, for the comparable 2023 period. Excluding certain expenses and other items, on an adjusted basis, net income for the three months ended December 31, 2024, was $497 million, or $1.58 per diluted share, versus $446 million, or $1.41 per diluted share, for the comparable 2023 period.

    "We delivered another strong year of results in 2024, made possible by effectively executing our strategy designed to meet the needs of our customers and profitably grow the business. We exceeded expectations and generated double-digit growth in EBITDA, earnings and free cash flow, and expanded adjusted EBITDA margin by 140 basis points during the year," said Jon Vander Ark, president and chief executive officer. "We continued to make investments across our business that support our differentiated capabilities and returned nearly $1.2 billion to shareholders through dividends and share repurchases."

    Fourth-Quarter 2024 Highlights: 

    • Total revenue growth of 5.6 percent includes 4.3 percent organic growth and 1.3 percent growth from acquisitions.



    • Core price on total revenue increased revenue by 6.1 percent. Core price on related business revenue increased revenue by 7.3 percent, which consisted of 9.1 percent in the open market and 4.5 percent in the restricted portion of the business.



    • Revenue growth from average yield on total revenue was 4.4 percent, and volume decreased revenue by 1.2 percent. Revenue growth from average yield on related business revenue was 5.3 percent, and volume decreased related business revenue by 1.5 percent.



    • Net income was $512 million, or a margin of 12.7 percent.



    • EPS was $1.63 per share, an increase of 17.3 percent over the prior year.



    • Adjusted EPS, a non-GAAP measure, was $1.58 per share, an increase of 12.1 percent over the prior year.



    • Adjusted EBITDA, a non-GAAP measure, was $1.25 billion, and adjusted EBITDA margin, a non-GAAP measure, was 31.0 percent of revenue, an increase of 110 basis points over the prior year.



    • The Company's average recycled commodity price per ton sold at our recycling centers during the fourth quarter was $153. This represents an increase of $22 per ton over the prior year.



    • The Company completed and commenced operations on two renewable natural gas projects during the quarter.

    Full-Year 2024 Highlights: 

    • Total revenue growth of 7.1 percent includes 4.5 percent organic growth and 2.6 percent growth from acquisitions.



    • Core price on total revenue increased revenue by 6.5 percent. Core price on related business revenue increased revenue by 7.8 percent, which consisted of 9.5 percent in the open market and 5.1 percent in the restricted portion of the business.



    • Revenue growth from average yield on total revenue was 5.1 percent, and volume decreased revenue by 1.1 percent. Revenue growth from average yield on related business revenue was 6.2 percent, and volume decreased related business revenue by 1.3 percent.



    • Net income was $2.04 billion, or a margin of 12.7 percent.



    • EPS was $6.49 per share, an increase of 18.6 percent over the prior year.



    • Adjusted EPS, a non-GAAP measure, was $6.46 per share, an increase of 15.2 percent over the prior year.



    • Adjusted EBITDA, a non-GAAP measure, was $4.98 billion and adjusted EBITDA margin, a non-GAAP measure, was 31.1 percent of revenue, an increase of 140 basis points over the prior year.



    • Cash provided by operating activities was $3.94 billion, an increase of 8.8 percent over the prior year.



    • Adjusted free cash flow, a non-GAAP measure, was $2.18 billion, an increase of 10.0 percent versus the prior year.



    • Cash invested in acquisitions, including an investment in a post-collection business, was $358 million.



    • Six renewable natural gas projects were completed and commenced operations during the year.



    • We commenced operations at our first Polymer Center in Las Vegas, and completed construction at our Polymer Center in Indianapolis.



    • Cash returned to shareholders was $1.18 billion, which included $490 million of share repurchases and $687 million of dividends paid.



    • The Company's average recycled commodity price per ton sold during the year was $164. This represents an increase of $47 per ton over the prior year.

    2025 Financial Guidance

    Republic's financial guidance is based on current economic conditions and does not assume any significant changes in the overall economy in 2025. The financial guidance also includes the expected contribution from acquisitions that have closed to date. Please refer to the Reconciliation of 2025 Financial Guidance section of this document for detail relating to the computation of non-GAAP measures as well as the Information Regarding Forward-Looking Statements section of this document. Full-year 2025 financial guidance is as follows:

    • Revenue: Republic expects revenue to be in the range of $16.850 billion to $16.950 billion. The Company expects growth from average yield on total revenue to be approximately 4 percent and average yield on related revenue to be approximately 5 percent. The Company expects the impact from volume on total revenue to be in the range of (0.25) percent to 0.25 percent.



    • Adjusted EBITDA: Republic expects adjusted EBITDA to be in the range of $5.275 billion to $5.325 billion.



    • Adjusted Diluted Earnings per Share: The Company expects adjusted diluted earnings per share to be in the range of $6.82 to $6.90.



    • Adjusted Free Cash Flow: Republic expects adjusted free cash flow to be in the range of $2.320 billion to $2.360 billion. The Company expects to receive between $1.860 billion to $1.900 billion of property and equipment, net of proceeds from the sale of property and equipment.



    • Acquisitions: Republic expects to invest approximately $1 billion in acquisitions in 2025.

    "We expect to deliver another strong year of profitable growth in 2025," said Mr. Vander Ark. "Our outlook is supported by pricing in excess of cost inflation, continued contribution from acquisitions, productivity enhancements from our digital tools and investments in sustainability innovation to drive long-term value creation."

    Company Declared Quarterly Dividend

    Republic previously announced that its Board of Directors declared a regular quarterly dividend of $0.58 per share for shareholders of record on April 2, 2025. The dividend will be paid on April 15, 2025.

    Presentation of Certain Performance Metrics and Non-GAAP Measures

    Adjusted diluted earnings per share, adjusted net income - Republic, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA by business type, adjusted EBITDA margin by business type and adjusted free cash flow are described in the Performance Metrics and Reconciliations of Certain Non-GAAP Measures section of this document.

    About Republic Services

    Republic Services, Inc. is a leader in the environmental services industry. Through its subsidiaries, the Company provides customers with the most complete set of products and services, including recycling, solid waste, special waste, hazardous waste and field services. Republic's industry-leading commitments to advance circularity and support decarbonization are helping deliver on its vision to partner with customers to create a more sustainable world. For more information, please visit RepublicServices.com.

    For more information, contact:



    Media Inquiries                                                                             

    Investor Inquiries

    Roman Blahoski (480) 718-0328                                           

    Aaron Evans (480) 718-0309

    [email protected]

    [email protected]

     

    SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION

    AND OPERATING DATA









    REPUBLIC SERVICES, INC.

    CONSOLIDATED BALANCE SHEETS

     (in millions, except per share amounts)











    December 31,



    December 31,



    2024



    2023



    (Unaudited)





    ASSETS

    Current assets:







    Cash and cash equivalents

    $                    74



    $                  140

    Accounts receivable, less allowance for doubtful accounts and other of $74 and $83, respectively

    1,821



    1,768

    Prepaid expenses and other current assets

    511



    473

    Total current assets

    2,406



    2,381

    Restricted cash and marketable securities

    208



    164

    Property and equipment, net

    11,877



    11,351

    Goodwill

    15,982



    15,834

    Other intangible assets, net

    546



    496

    Other assets

    1,383



    1,184

    Total assets

    $             32,402



    $             31,410

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:







    Accounts payable

    $               1,345



    $               1,412

    Notes payable and current maturities of long-term debt

    862



    932

    Deferred revenue

    485



    467

    Accrued landfill and environmental costs, current portion

    159



    141

    Accrued interest

    101



    104

    Other accrued liabilities

    1,176



    1,172

    Total current liabilities

    4,128



    4,228

    Long-term debt, net of current maturities

    11,851



    11,887

    Accrued landfill and environmental costs, net of current portion

    2,432



    2,281

    Deferred income taxes and other long-term tax liabilities, net

    1,594



    1,527

    Insurance reserves, net of current portion

    402



    349

    Other long-term liabilities

    588



    595

    Commitments and contingencies







    Stockholders' equity:







    Preferred stock, par value $0.01 per share; 50 shares authorized; none issued

    —



    —

    Common stock, par value $0.01 per share; 750 shares authorized; 313 and 321 issued including shares held in

    treasury, respectively

    3



    3

    Additional paid-in capital

    1,767



    2,901

    Retained earnings

    9,774



    8,434

    Treasury stock, at cost; 1 and 6 shares, respectively

    (113)



    (784)

    Accumulated other comprehensive loss, net of tax

    (26)



    (12)

    Total Republic Services, Inc. stockholders' equity

    11,405



    10,542

    Non-controlling interests in consolidated subsidiary

    2



    1

    Total stockholders' equity

    11,407



    10,543

    Total liabilities and stockholders' equity

    $             32,402



    $             31,410

     

    REPUBLIC SERVICES, INC.

    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

     (in millions, except per share data)



















    Three Months Ended December 31,



    Year Ended December 31,



    2024



    2023



    2024



    2023

    Revenue

    $                 4,046



    $                   3,832



    $               16,032



    $               14,965

    Expenses:















    Cost of operations

    2,317



    2,264



    9,350



    8,943

    Depreciation, depletion and amortization

    443



    402



    1,677



    1,501

    Accretion

    27



    25



    107



    98

    Selling, general and administrative

    447



    431



    1,674



    1,609

    Adjustment to withdrawal liability for a multiemployer pension

         fund

    —



    5



    —



    5

    Gain on business divestitures and impairments, net

    —



    (2)



    (1)



    (4)

    Restructuring charges

    9



    6



    29



    33

    Operating income

    803



    701



    3,196



    2,780

    Interest expense

    (134)



    (129)



    (539)



    (508)

    Loss on extinguishment of debt

    —



    —



    (2)



    —

    Loss from unconsolidated equity method investments

    (139)



    (95)



    (255)



    (94)

    Interest income

    2



    2



    9



    6

    Other income, net

    —



    4



    23



    7

    Income before income taxes

    532



    483



    2,432



    2,191

    Provision for income taxes

    20



    43



    388



    460

    Net income

    512



    440



    2,044



    1,731

    Net loss attributable to non-controlling interests in consolidated

          subsidiary

    —



    —



    (1)



    —

    Net income attributable to Republic Services, Inc.

    $                    512



    $                      440



    $                 2,043



    $                 1,731

    Basic earnings per share attributable to Republic Services, Inc.

    stockholders:















    Basic earnings per share

    $                   1.63



    $                     1.40



    $                   6.50



    $                   5.47

    Weighted average common shares outstanding

    313.4



    315.1



    314.4



    316.2

    Diluted earnings per share attributable to Republic Services, Inc.

    stockholders:















    Diluted earnings per share

    $                   1.63



    $                     1.39



    $                   6.49



    $                   5.47

    Weighted average common and common equivalent shares

         outstanding

    313.8



    315.7



    314.8



    316.7

    Cash dividends per common share

    $                 0.580



    $                   0.535



    $                 2.230



    $                 2.060

     

    REPUBLIC SERVICES, INC.

    UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

     (in millions)



    Year Ended December 31,



    2024



    2023

    Cash provided by operating activities:







    Net income

    $                2,044



    $                  1,731

    Adjustments to reconcile net income to cash provided by operating activities:







    Depreciation, depletion, amortization and accretion

    1,784



    1,599

    Non-cash interest expense

    71



    86

    Stock-based compensation

    42



    41

    Deferred tax provision

    87



    102

    Provision for doubtful accounts, net of adjustments

    27



    53

    Loss on extinguishment of debt

    2



    —

    Gain on disposition of assets and asset impairments, net

    (19)



    (1)

    Environmental adjustments

    7



    2

    Loss from unconsolidated equity method investments

    255



    94

    Other non-cash items

    (10)



    (1)

    Change in assets and liabilities, net of effects from business acquisitions and divestitures:







    Accounts receivable

    (76)



    (71)

    Prepaid expenses and other assets

    (171)



    (30)

    Accounts payable

    (27)



    83

    Capping, closure and post-closure expenditures

    (56)



    (61)

    Remediation expenditures

    (62)



    (55)

    Other liabilities

    14



    43

    Proceeds for retirement of certain hedging relationships

    24



    3

    Cash provided by operating activities

    3,936



    3,618

    Cash used in investing activities:







    Purchases of property and equipment

    (1,855)



    (1,631)

    Proceeds from sales of property and equipment

    47



    29

    Cash used in acquisitions and investments, net of cash and restricted cash acquired

    (753)



    (2,065)

    Cash received from business divestitures

    2



    6

    Purchases of restricted marketable securities

    (26)



    (29)

    Sales of restricted marketable securities

    24



    13

    Other

    —



    10

    Cash used in investing activities

    (2,561)



    (3,667)

    Cash (used in) provided by financing activities:







    Proceeds from credit facilities and notes payable, net of fees

    24,020



    39,221

    Proceeds from issuance of senior notes, net of discount and fees

    889



    2,172

    Payments of credit facilities and notes payable

    (25,109)



    (40,411)

    Issuances of common stock, net

    (14)



    (1)

    Purchases of common stock for treasury

    (482)



    (262)

    Cash dividends paid

    (687)



    (638)

    Contingent consideration payments

    (15)



    (19)

    Cash (used in) provided by financing activities

    (1,398)



    62

    Effect of foreign exchange rate changes on cash

    (2)



    1

    (Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents

    (25)



    14

    Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

    228



    214

    Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

    $                   203



    $                     228

    You should read the following information in conjunction with our audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K as of and for the year ended December 31, 2024 (when filed). All amounts below are in millions and as a percentage of our revenue, except per share data.

    REVENUE

    The following table reflects our total revenue by line of business for the three months and year ended December 31, 2024 and 2023:



    Three Months Ended December 31,



    Year Ended December 31,



    2024



    2023



    2024



    2023

    Collection:































    Residential

    $      743



    18.3 %



    $      719



    18.8 %



    $     2,939



    18.3 %



    $     2,823



    18.9 %

    Small-container

    1,221



    30.2



    1,168



    30.5



    4,820



    30.1



    4,439



    29.7

    Large-container

    747



    18.5



    730



    19.1



    3,024



    18.9



    2,922



    19.5

    Other

    17



    0.4



    18



    0.5



    72



    0.4



    69



    0.4

    Total collection

    2,728



    67.4



    2,635



    68.9



    10,855



    67.7



    10,253



    68.5

    Transfer

    445







    418







    1,780







    1,699





    Less: intercompany

    (242)







    (230)







    (975)







    (933)





    Transfer, net

    203



    5.0



    188



    4.9



    805



    5.0



    766



    5.1

    Landfill

    747







    713







    2,981







    2,885





    Less: intercompany

    (304)







    (293)







    (1,240)







    (1,206)





    Landfill, net

    443



    11.0



    420



    11.0



    1,741



    10.9



    1,679



    11.2

    Environmental solutions

    499







    427







    1,907







    1,701





    Less: intercompany

    (17)







    (14)







    (64)







    (76)





    Environmental solutions, net

    482



    11.9



    413



    10.8



    1,843



    11.5



    1,625



    10.9

    Other:































    Recycling processing and commodity

    sales

    99



    2.4



    86



    2.2



    409



    2.5



    312



    2.1

    Other non-core

    91



    2.3



    90



    2.2



    379



    2.4



    330



    2.2

    Total other

    190



    4.7



    176



    4.4



    788



    4.9



    642



    4.3

    Total revenue

    $   4,046



    100.0 %



    $   3,832



    100.0 %



    $   16,032



    100.0 %



    $   14,965



    100.0 %

    The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three months and year ended December 31, 2024 and 2023:



    Three Months Ended December 31,



    Year Ended December 31,











    2024



    2023



    2024



    2023









    Average yield

    4.4 %



    6.3 %



    5.1 %



    6.1 %









    Fuel recovery fees

    (0.9)



    (0.3)



    (0.4)



    (0.2)









    Total price

    3.5



    6.0



    4.7



    5.9









    Volume

    (1.2)



    0.3



    (1.1)



    0.5









    Change in workdays

    0.5



    (0.1)



    0.3



    —









    Recycling processing and commodity sales

    0.2



    0.5



    0.5



    (0.5)









    Environmental solutions

    1.3



    (1.0)



    0.1



    0.1









    Total internal growth

    4.3



    5.7



    4.5



    6.0









    Acquisitions / divestitures, net

    1.3



    2.9



    2.6



    4.8









    Total

    5.6 %



    8.6 %



    7.1 %



    10.8 %

































    Core price

    6.1 %



    7.2 %



    6.5 %



    7.4 %









    Average yield is defined as revenue growth from the change in average price per unit of service, expressed as a percentage. Core price is defined as price increases to our customers and fees, excluding fuel recovery fees, net of price decreases to retain customers. We also measure changes in core price, average yield and volume as a percentage of related-business revenue, defined as total revenue excluding recycled commodities, fuel recovery fees and environmental solutions revenue, to determine the effectiveness of our pricing and organic growth strategies. The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three months and year ended December 31, 2024 and 2023:



    Three Months Ended December 31,



    Year Ended December 31,



    2024



    2023



    2024



    2023



    As a % of Related Business



    As a % of Related Business

    Average yield

    5.3 %



    7.7 %



    6.2 %



    7.3 %

    Core price

    7.3 %



    8.8 %



    7.8 %



    8.9 %

    Volume

    (1.5) %



    0.4 %



    (1.3) %



    0.7 %

    The following table reflects changes in average yield and volume, as a percentage of related business revenue by line of business, for the three months and year ended December 31, 2024 and 2023:



    Three Months Ended December 31,



    Year Ended December 31,



    2024



    2023



    2024



    2023



    Yield



    Volume



    Yield



    Volume



    Yield



    Volume



    Yield



    Volume

    Collection:































    Residential

    5.6 %



    (2.8) %



    7.4 %



    (2.4) %



    5.9 %



    (2.7) %



    5.9 %



    (0.5) %

    Small-container

    6.1 %



    (0.3) %



    11.2 %



    0.2 %



    8.4 %



    (0.3) %



    10.1 %



    0.9 %

    Large-container

    5.9 %



    (4.6) %



    7.7 %



    (1.4) %



    6.2 %



    (4.0) %



    8.6 %



    (0.9) %

    Landfill:































    Municipal solid waste

    5.6 %



    (0.2) %



    6.3 %



    3.7 %



    5.4 %



    0.7 %



    6.0 %



    1.5 %

    Construction and demolition waste

    1.5 %



    17.0 %



    7.4 %



    (2.1) %



    3.9 %



    3.8 %



    6.6 %



    (2.7) %

    Special waste

    — %



    (0.8) %



    — %



    12.7 %



    — %



    (1.6) %



    — %



    12.4 %

    COST OF OPERATIONS

    The following table summarizes the major components of our cost of operations for the three months and year ended December 31, 2024 and 2023 (in millions of dollars and as a percentage of revenue):



    Three Months Ended December 31,



    Year Ended December 31,



    2024



    2023



    2024



    2023

    Labor and related benefits

    $        801



    19.8 %



    $          761



    19.9 %



    $       3,213



    20.0 %



    $       2,994



    20.0 %

    Transfer and disposal costs

    270



    6.7



    267



    7.0



    1,101



    6.9



    1,055



    7.1

    Maintenance and repairs

    363



    9.0



    352



    9.2



    1,468



    9.2



    1,388



    9.3

    Transportation and subcontract costs

    328



    8.1



    290



    7.6



    1,212



    7.6



    1,171



    7.8

    Fuel

    109



    2.7



    135



    3.5



    470



    2.9



    542



    3.6

    Disposal fees and taxes

    87



    2.1



    86



    2.2



    351



    2.2



    348



    2.3

    Landfill operating costs

    91



    2.2



    85



    2.2



    367



    2.3



    335



    2.2

    Risk management

    101



    2.5



    98



    2.6



    401



    2.4



    385



    2.6

    Other

    198



    4.9



    190



    4.9



    796



    5.0



    725



    4.9

    Subtotal

    2,348



    58.0



    2,264



    59.1



    9,379



    58.5



    8,943



    59.8

    Gain on certain divestitures and

    impairments, net

    (29)



    (0.7)



    —



    —



    (29)



    (0.2)



    —



    —

    Total cost of operations

    $     2,319



    57.3 %



    $       2,264



    59.1 %



    $       9,350



    58.3 %



    $       8,943



    59.8 %

    These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our cost of operations by cost component to that of other companies and of ours for prior periods.

    SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

    The following table summarizes our selling, general and administrative expenses for the three months and year ended December 31, 2024 and 2023 (in millions of dollars and as a percentage of revenue):



    Three Months Ended December 31,



    Year Ended December 31,



    2024



    2023



    2024



    2023

    Salaries

    $        294



    7.3 %



    $        280



    7.3 %



    $  1,129



    7.0 %



    $  1,050



    7.0 %

    Provision for doubtful accounts

    7



    0.2



    15



    0.4



    27



    0.2



    53



    0.4

    Other

    146



    3.5



    128



    3.3



    518



    3.2



    472



    3.1

    Subtotal

    447



    11.0



    423



    11.0



    1,674



    10.4



    1,575



    10.5

    US Ecology acquisition integration and

    deal costs

    —



    —



    9



    0.2



    —



    —



    34



    0.2

    Total selling, general and

         administrative expenses

    $        447



    11.0 %



    $        432



    11.2 %



    $  1,674



    10.4 %



    $  1,609



    10.7 %

    These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our selling, general and administrative expenses by cost component to those of other companies and of ours for prior periods.

    PERFORMANCE METRICS AND RECONCILIATIONS OF CERTAIN NON-GAAP MEASURES

    The following tables calculate EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA and adjusted EBITDA margin by business type, adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, adjusted diluted earnings per share, and adjusted free cash flow, which are not measures determined in accordance with U.S. generally accepted accounting principles (U.S. GAAP), for the three months and year ended December 31, 2024 and 2023. Our definitions of the foregoing non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies.

    Adjusted EBITDA and Adjusted EBITDA Margin

    The following table calculates adjusted EBITDA and adjusted EBITDA margin for the three months and year ended December 31, 2024 and 2023 (in millions of dollars and as a percentage of revenue):



    Three Months Ended December 31,



    Year Ended December 31,



    2024



    2023



    2024



    2023

    Net income attributable to

    Republic Services, Inc. and net

    income margin

    $        512



    12.7 %



    $        440



    11.5 %



    2,043



    12.7 %



    $     1,731



    11.6 %

    Net loss attributable to

    noncontrolling interests

    —







    —







    1







    —





    Provision for income taxes

    20







    43







    388







    460





    Other income, net

    —







    (4)







    (23)







    (7)





    Interest income

    (2)







    (2)







    (9)







    (6)





    Interest expense

    134







    129







    539







    508





    Depreciation, depletion and

    amortization

    443







    402







    1,677







    1,501





    Accretion

    27







    25







    107







    98





    EBITDA and EBITDA margin

    $     1,134



    28.0 %



    $     1,033



    27.0 %



    $     4,723



    29.5 %



    $     4,285



    28.6 %

    Loss from unconsolidated equity

    method investment

    139







    95







    255







    94





    Loss on extinguishment of debt

    and other related costs

    —







    —







    2







    —





    Adjustment to withdrawal

    liability for a multiemployer

    pension fund

    —







    4







    —







    5





    Restructuring charges

    9







    6







    29







    33





    Gain on certain divestitures and

    impairments, net

    (29)







    (2)







    (30)







    (4)





    US Ecology acquisition

    integration and deal costs

    —







    9







    —







    34





    Total adjustments

    $        119







    $        112







    $        256







    $        162





    Adjusted EBITDA and adjusted

    EBITDA margin

    $     1,253



    31.0 %



    $     1,145



    29.9 %



    $     4,979



    31.1 %



    $     4,447



    29.7 %

    Adjusted EBITDA and Adjusted EBITDA Margin by Business Type

    The following table summarizes revenue, adjusted EBITDA and adjusted EBITDA margin by business type for the three months and year ended December 31, 2024 (in millions of dollars and adjusted EBITDA margin as a percentage of revenue):





    Three Months Ended December 31, 2024





    Recycling &

    Waste



    Environmental

    Solutions



    Total

    Revenue



    $         3,564



    $               482



    $           4,046

    Adjusted EBITDA(a)



    $         1,134



    $               119



    $           1,253

    Adjusted EBITDA Margin



    31.8 %



    24.7 %



    31.0 %

     





    Year Ended December 31, 2024





    Recycling &

    Waste



    Environmental

    Solutions



    Total

    Revenue



    $       14,189



    $            1,843



    $         16,032

    Adjusted EBITDA(a)



    $         4,543



    $               436



    $           4,979

    Adjusted EBITDA Margin



    32.0 %



    23.7 %



    31.1 %



    (a) Certain corporate expenses, including selling, general and administrative expenses, and National Accounts revenue are allocated to the two business types.

    The amounts shown for Recycling & Waste represent the sum of our Group 1 and Group 2 reportable segments, and Environmental Solutions represents our Group 3 reportable segment.

    Adjusted Earnings Per Share

    The following table calculates adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, and adjusted diluted earnings per share for the three months and year ended December 31, 2024 and 2023:





    Three Months Ended December 31, 2024



    Three Months Ended December 31, 2023

















    Diluted















    Diluted













    Net



    Earnings











    Net



    Earnings





    Pre-tax



    Tax



    Income -



    per



    Pre-tax



    Tax



    Income -



    per





    Income



    Impact(1)



    Republic



    Share



    Income



    Impact(1)



    Republic



    Share

    As reported



    $     532



    $         20



    $      512



    $     1.63



    $     483



    $         43



    $      440



    $     1.39

    Restructuring charges



    9



    2



    7



    0.02



    6



    2



    4



    0.01

    Gain on certain divestitures and impairments, net          



    (29)



    (7)



    (22)



    (0.07)



    (2)



    6



    (8)



    (0.02)

    Settlements and withdrawals on pension plans



    —



    —



    —



    —



    4



    1



    3



    0.01

    US Ecology acquisition integration and deal costs



    —



    —



    —



    —



    9



    2



    7



    0.02

    Total adjustments



    (20)



    (5)



    (15)



    (0.05)



    17



    11



    6



    0.02

    As adjusted



    $     512



    $         15



    $      497



    $     1.58



    $     500



    $         54



    $      446



    $     1.41

     





    Year Ended December 31, 2024



    Year Ended December 31, 2023

















    Diluted















    Diluted













    Net



    Earnings











    Net



    Earnings





    Pre-tax



    Tax



    Income -



    per



    Pre-tax



    Tax



    Income -



    per





    Income



    Impact(1)



    Republic



    Share



    Income



    Impact(1)



    Republic



    Share

    As reported



    $  2,432



    $       389



    $   2,043



    $     6.49



    $  2,191



    $       460



    $   1,731



    $     5.47

    Gain on extinguishment of debt and other related costs,

         net



    (6)



    (2)



    (4)



    (0.01)



    —



    —



    —



    —

    Restructuring charges



    29



    8



    21



    0.07



    33



    8



    25



    0.08

    Gain on certain divestitures and impairments, net



    (30)



    (8)



    (22)



    (0.07)



    (4)



    5



    (9)



    (0.03)

    Settlements and withdrawals on pension plans



    (8)



    (2)



    (6)



    (0.02)



    5



    2



    3



    0.01

    US Ecology acquisition integration and deal costs



    —



    —



    —



    —



    34



    9



    25



    0.08

    Total adjustments



    (15)



    (4)



    (11)



    (0.03)



    68



    24



    44



    0.14

    As adjusted



    $  2,417



    $       385



    $   2,032



    $     6.46



    $  2,259



    $       484



    $   1,775



    $     5.61



    (1) The income tax effect related to our adjustments includes both current and deferred income tax impact and is individually calculated based on the statutory rates applicable to each adjustment.



    We believe that presenting EBITDA and EBITDA margin is useful to investors because they provide important information concerning our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDA margin demonstrate our ability to execute our financial strategy, which includes reinvesting in existing capital assets to ensure a high level of customer service, investing in capital assets to facilitate growth in our customer base and services provided, maintaining our investment grade credit ratings and minimizing debt, paying cash dividends, repurchasing our common stock, and maintaining and improving our market position through business optimization. Although depreciation, depletion, amortization and accretion are considered operating costs in accordance with U.S. GAAP, they represent the allocation of non-cash costs generally associated with long-lived assets acquired or constructed in prior years. 

    We believe that presenting adjusted EBITDA and adjusted EBITDA margin, adjusted EBITDA margin by business type, adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, and adjusted diluted earnings per share provide an understanding of operational activities before the financial impact of certain items. We use these measures, and believe investors will find them helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods.

    Gain on extinguishment of debt and other related costs, net. During the year ended December 31, 2024, we recognized a loss of $2 million due to the amendment and restatement of our credit facility. Additionally, we recorded a net gain of $8 million during the year ended December 31, 2024, attributable to the early settlement of certain cash flow hedges related to the term loan facility. The gain was recognized as a reduction of interest expense. During the year ended December 31, 2023, we incurred a loss on the early extinguishment of debt related to the early repayment of a portion of our term loan facility. We incurred non-cash charges related to the proportional share of unamortized deferred issuance costs of less than $1 million.

    Restructuring charges. During the three months and year ended December 31, 2024, we incurred restructuring charges of $9 million and $29 million, respectively, and during the three months and year ended December 31, 2023, we incurred restructuring charges of $6 million and $33 million, respectively. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems. Of the 2023 charges, $9 million related to the early termination of certain leases and $24 million related to the redesign of our asset management, and customer and order management software systems. During the year ended December 31, 2024 and 2023, we paid $25 million and $39 million, respectively, related to these restructuring efforts.

    Gain on certain divestitures and impairments, net. During the three months and year ended December 31, 2024, we recorded a net gain on certain divestitures and impairments of $29 million and $30 million, respectively, of which $29 million was due to a gain on sale of a transfer station facility and $1 million related to a gain on business divestitures and impairments. During the three months and year ended December 31, 2023, we recorded a net gain on business divestitures and impairments of $2 million and $4 million, respectively.

    Settlements and withdrawals on pension plans. During the three months and year ended December 31, 2024, we recognized a settlement of our defined benefit pension plan. The settlement included a combination of lump-sum payments to participants who elected to receive them and the transfer of benefit obligations to a third-party insurance company under a group annuity contract. As a result of the settlements, we recognized a non-cash gain of $8 million during the year ended December 31, 2024, related to the accelerated recognition of the unamortized net actuarial gains in accumulated other comprehensive loss.

    US Ecology, Inc. acquisition integration and deal costs. During the three months and year ended December 31, 2023, we incurred acquisition integration and deal costs of $9 million and $34 million, respectively, in connection with the acquisition of US Ecology, Inc, which included certain costs to integrate the business. The acquisition closed on May 2, 2022. Our integration of the business was substantially complete as of December 31, 2023.

    Adjusted Free Cash Flow

    The following table calculates our adjusted free cash flow, which is not a measure determined in accordance with U.S. GAAP, for the years ended December 31, 2024 and 2023:





    Year Ended December 31,





    2024



    2023

    Cash provided by operating activities



    $               3,936



    $               3,618

    Property and equipment received



    (1,818)



    (1,717)

    Proceeds from sales of property and equipment



    47



    29

    Restructuring payments, net of tax



    19



    29

    Cash tax benefit for debt extinguishment and other related costs



    (1)



    —

    Divestiture related tax payments



    —



    1

    US Ecology acquisition integration and deal costs, net of tax



    —



    25

    Adjusted free cash flow



    $               2,183



    $               1,985

    We believe that presenting adjusted free cash flow provides useful information regarding our recurring cash provided by operating activities after certain expenditures or recoveries. It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation. The presentation of adjusted free cash flow has material limitations. Adjusted free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed, such as debt service requirements and dividend payments.

    Purchases of property and equipment as reflected on our consolidated statements of cash flows represent amounts paid during the period for such expenditures. A reconciliation of property and equipment expenditures reflected on our consolidated statements of cash flows to property and equipment received during the period follows for the years ended December 31, 2024 and 2023:



    Year Ended December 31,



    2024

    2023

    Purchases of property and equipment per the unaudited consolidated statements of cash

         flows

    $               1,855

    $               1,631

    Adjustments for property and equipment received in a different period

    (37)

    86

    Property and equipment received during the period

    $               1,818

    $               1,717

    The adjustments noted above do not affect our net change in cash, cash equivalents, restricted cash and restricted cash equivalents as reflected in our consolidated statements of cash flows.

    ACCOUNTS RECEIVABLE

    As of December 31, 2024 and December 31, 2023, accounts receivable were $1,821 million and $1,768 million, net of allowance for doubtful accounts of $74 million and $83 million, respectively, resulting in days sales outstanding of 40.9, or 30.0 days net of deferred revenue, compared to 42.0, or 30.9 days net of deferred revenue, respectively.

    CASH DIVIDENDS

    In October 2024, we paid a cash dividend of $182 million to shareholders of record as of October 2, 2024. As of December 31, 2024, we recorded a quarterly dividend payable of $181 million to shareholders of record at the close of business on January 2, 2025, which was paid on January 15, 2025.

    SHARE REPURCHASE PROGRAM

    During the three months ended December 31, 2024, we repurchased 0.8 million shares of our common stock for $160 million at a weighted average cost per share of $201. As of December 31, 2024, the remaining authorized purchase capacity under our October 2023 repurchase program was $2.5 billion.

    RECONCILIATION OF 2025 FINANCIAL GUIDANCE

    Adjusted EBITDA

    The following is a summary of our anticipated adjusted EBITDA for the year ending December 31, 2025, which is not a measure determined in accordance with U.S. GAAP:



    (Anticipated)

    Year Ending

    December 31, 2025

    Net income attributable to Republic Services, Inc.

    $         2,110 - 2,140

    Provision for income taxes

    525 - 535

    Interest expense, net

    565

    Depreciation, depletion, amortization and accretion

    1,890 - 1,900

    Loss from unconsolidated equity method investments

    170

    Restructuring charges

    15

    Adjusted EBITDA

    $         5,275 - 5,325

    We believe that presenting adjusted EBITDA provides an understanding of operational activities before the financial impact of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods.

    Adjusted Diluted Earnings per Share

    The following is a summary of anticipated adjusted diluted earnings per share for the year ending December 31, 2025, which is not a measure determined in accordance with U.S. GAAP:



    (Anticipated)

    Year Ending

    December 31, 2025

    Diluted earnings per share

    $             6.79 - 6.87

    Restructuring charges

    0.03

    Adjusted diluted earnings per share

    $             6.82 - 6.90

    We believe that presenting adjusted diluted earnings per share provides an understanding of operational activities before the financial impact of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definition of adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.

    Adjusted Free Cash Flow

    Our anticipated adjusted free cash flow for the year ending December 31, 2025, which is not a measure determined in accordance with U.S. GAAP, is calculated as follows:



    (Anticipated)

    Year Ending

    December 31, 2025

    Cash provided by operating activities

    $         4,170 - 4,250

    Property and equipment received

    (1,870) - (1,910)

    Proceeds from sales of property and equipment

    10

    Restructuring payments, net of tax

    10

    Adjusted free cash flow

    $         2,320 - 2,360

    We believe that presenting adjusted free cash flow provides useful information regarding our recurring cash provided by operating activities after certain expenditures or recoveries. It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation. The presentation of adjusted free cash flow has material limitations. Adjusted free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed, such as debt service requirements and dividend payments. Our definition of adjusted free cash flow may not be comparable to similarly titled measures presented by other companies.

    Our financial guidance is based on current economic conditions.

    INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

    This press release contains certain forward-looking information about us that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "guidance," "expect," "will," "may," "anticipate," "plan," "estimate," "project," "intend," "should," "can," "likely," "could," "outlook" and similar expressions are intended to identify forward-looking statements. These statements include information about our plans, strategies and prospects. Forward-looking statements are not guarantees of performance. These statements are based upon the current beliefs and expectations of our management and are subject to risk and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that the expectations will prove to be correct. Among the factors that could cause actual results to differ materially from the expectations expressed in the forward-looking statements are the impacts of the overall global economy and increasing interest rates, impacts from international trade restrictions, our ability to effectively integrate and manage companies we acquire, and to realize the anticipated benefits of any such acquisitions, the amount of the financial contribution of our sustainability initiatives, acts of war, riots or terrorism, and the impact of these acts on economic, financial and social conditions in the United States, as well as our dependence on large, long-term collection, transfer and disposal contracts. More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, particularly under Part I, Item 1A – Risk Factors. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

    Republic Services logo (PRNewsfoto/Republic Services, Inc.)

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/republic-services-inc-reports-fourth-quarter-and-full-year-2024-results-provides-2025-full-year-financial-guidance-302376557.html

    SOURCE Republic Services, Inc.

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      10-Q - REPUBLIC SERVICES, INC. (0001060391) (Filer)

      4/24/25 8:05:56 PM ET
      $RSG
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    • SEC Form S-3ASR filed by Republic Services Inc.

      S-3ASR - REPUBLIC SERVICES, INC. (0001060391) (Filer)

      4/24/25 8:52:05 PM ET
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    • Republic Services Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - REPUBLIC SERVICES, INC. (0001060391) (Filer)

      4/24/25 4:06:18 PM ET
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    $RSG
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • SEC Form SC 13G/A filed by Republic Services Inc. (Amendment)

      SC 13G/A - REPUBLIC SERVICES, INC. (0001060391) (Subject)

      2/9/23 11:30:25 AM ET
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    • SEC Form SC 13D/A filed by Republic Services Inc. (Amendment)

      SC 13D/A - REPUBLIC SERVICES, INC. (0001060391) (Subject)

      2/18/22 5:20:42 PM ET
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    • SEC Form SC 13G/A filed by Republic Services Inc. (Amendment)

      SC 13G/A - REPUBLIC SERVICES, INC. (0001060391) (Subject)

      2/10/22 8:32:59 AM ET
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    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • SEC Form 4 filed by EVP, Chief Marketing Officer Bell Jennifer Lynn

      4 - REPUBLIC SERVICES, INC. (0001060391) (Issuer)

      5/2/25 5:50:24 PM ET
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    • SEC Form 3 filed by new insider Bell Jennifer Lynn

      3 - REPUBLIC SERVICES, INC. (0001060391) (Issuer)

      5/2/25 5:45:02 PM ET
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    • EVP, Chief HR Officer Rodriguez Courtney covered exercise/tax liability with 440 shares and converted options into 1,060 shares, increasing direct ownership by 26% to 2,979 units (SEC Form 4)

      4 - REPUBLIC SERVICES, INC. (0001060391) (Issuer)

      4/29/25 8:06:05 PM ET
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    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Seaport Research Partners initiated coverage on Republic Services with a new price target

      Seaport Research Partners initiated coverage of Republic Services with a rating of Buy and set a new price target of $270.00

      5/7/25 8:38:09 AM ET
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    • Republic Services upgraded by CIBC

      CIBC upgraded Republic Services from Neutral to Sector Outperform

      3/4/25 3:36:14 PM ET
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    • Republic Services upgraded by RBC Capital Mkts with a new price target

      RBC Capital Mkts upgraded Republic Services from Sector Perform to Outperform and set a new price target of $237.00 from $219.00 previously

      1/6/25 8:41:10 AM ET
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    Financials

    Live finance-specific insights

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    • Republic Services, Inc. Reports First Quarter 2025 Results

      First Quarter Earnings Per Share of $1.58Expanded First Quarter Net Income Margin 50 Basis Points and Adjusted EBITDA Margin 140 Basis PointsGenerated Cash Flow from Operations of $1,025 Million and Adjusted Free Cash Flow of $727 MillionInvested More Than $800 Million in Value-Creating AcquisitionsNamed to Barron's 2025 100 Most Sustainable Companies ListPHOENIX, April 24, 2025 /PRNewswire/ -- Republic Services, Inc. (NYSE:RSG) today reported net income of $495 million, or $1.58 per diluted share, for the three months ended March 31, 2025, versus $454 million, or $1.44 per diluted share, for the comparable 2024 period. Excluding certain expenses and other items, on an adjusted basis, net in

      4/24/25 4:10:00 PM ET
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    • Republic Services, Inc. Sets Date for First Quarter 2025 Earnings Release and Conference Call

      PHOENIX, April 1, 2025 /PRNewswire/ -- Republic Services, Inc. (NYSE:RSG) will release its first quarter financial results after market close on Thursday, April 24, 2025, and host an investor conference call at 5 p.m. Eastern Time that day. A live audio webcast of the conference call can be accessed by visiting the company's Investor Relations website at investor.republicservices.com. Participants also can dial into the conference call at (844) 890-1789 or 1-412-717-9598 (International), passcode "Republic Services." Dial-in participants can pre-register at dpregister.com.   A replay of the conference call will be available one hour after the end of the live call through May 1, 2025, at inve

      4/1/25 9:04:00 AM ET
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    • BGL Announces the Sale of Shamrock Environmental to Republic Services

      CLEVELAND, Feb. 24, 2025 /PRNewswire/ -- Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce the sale of Shamrock Environmental (Shamrock), a premier, vertically integrated industrial waste and wastewater services platform and portfolio company of CenterOak Partners, to Republic Services, Inc. (NYSE:RSG). BGL's Environmental Infrastructure investment banking team served as a financial advisor to Shamrock in the transaction. The specific terms of the transaction were not disclosed. RSG). BGL's Environmental Infrastructure investment banking team served

      2/24/25 12:43:00 PM ET
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