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, driven by higher average yield and acquisitions, despite headwinds in construction, manufacturing, and environmental solutions.

• Net income attributable to stockholders was $1,595 million for the nine months, with diluted EPS at $5.10; Q3 adjusted EPS was $1.90.

• Adjusted EBITDA for the nine months was $4,012 million, with Q3 margin expanding to 32.8% and year-to-date adjusted free cash flow at $2.19 billion.

• Customer retention rate remained high at 94%, with continued improvement in net promoter score.

• Over $1 billion invested in acquisitions year-to-date, with $1.13 billion returned to shareholders via share repurchases and dividends.

Financial highlights

• Q3 2025 total revenue grew 3.3% year-over-year, with 1.7% organic growth and 1.6% from acquisitions; operating income for the nine months was $2,502 million (20.1% of revenue).

• Core price on total revenue was 5.9%, with open market pricing at 8.6%; average yield on total revenue was 4%.

• Adjusted EBITDA margin expanded 80 bps to 32.8%; recycling and waste business margin up 150 bps to 34.3%.

• Cash provided by operating activities was $3,315 million; capital expenditures totaled $1,310 million.

• Total debt stood at $13.4 billion, with liquidity of $2.7 billion and a leverage ratio of 2.5x.

Outlook and guidance

• Long-term growth algorithm targets mid-single-digit revenue growth, with EBITDA and free cash flow growing faster.

• 2026 growth will face tougher comps due to non-recurring $100 million event-driven revenue in 2025.

• Price-cost spread expected to remain 75–100 bps above cost inflation into 2026.

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

• Environmental solutions business expected to stabilize and grow in 2026, with a conservative macro outlook.