Republic Services
RSG · NYSERefuse Systems · Fiscal year ends Dec 31
Republic Services reported revenue of $16.6B in the fiscal year ended Dec 2025, up 3.5% from the year before. Operating income was $3.3B, an operating margin of 19.9%, and net income was $2.1B. Operating cash flow of $4.3B less capital expenditure of $1.9B left free cash flow of $2.4B. Net debt was $13.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $11.3B | $13.5B | $15B | $16B | $16.6B |
| Cost of revenue | $6.7B | $8.2B | $8.9B | $9.4B | $9.6B |
| Gross profit | $4.6B | $5.3B | $6B | $6.7B | $7B |
| Selling, general & admin | $1.2B | $1.5B | $1.6B | $1.7B | $1.7B |
| Operating income | $2.1B | $2.4B | $2.8B | $3.2B | $3.3B |
| Interest expense | $315M | $396M | $508M | $539M | $574M |
| Pre-tax income | $1.6B | $1.8B | $2.2B | $2.4B | $2.6B |
| Income tax | $283M | $344M | $460M | $388M | $455M |
| Net income | $1.3B | $1.5B | $1.7B | $2B | $2.1B |
| Diluted EPS | 4.04 | 4.69 | 5.47 | 6.49 | 6.85 |
| Diluted shares | 319M | 317M | 317M | 315M | 312M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $29M | $143M | $140M | $74M | $76M |
| Receivables | $1.3B | $1.7B | $1.8B | $1.8B | $1.9B |
| Inventory | $72M | $97M | $98M | $98M | $106M |
| Current assets | $1.7B | $2.4B | $2.4B | $2.4B | $2.5B |
| Goodwill | $12.8B | $14.5B | $15.8B | $16B | $16.7B |
| Total assets | $25B | $29.1B | $31.4B | $32.4B | $34.4B |
| Payables | $910M | $1.2B | $1.4B | $1.3B | $1.4B |
| Deferred revenue | $381M | $443M | $467M | $485M | $496M |
| Current liabilities | $2.4B | $3.4B | $4.2B | $4.1B | $3.9B |
| Long-term debt | $9.7B | $11.9B | $12.8B | $12.8B | $13.7B |
| Shareholders' equity | $9B | $9.7B | $10.5B | $11.4B | $12B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.8B | $3.2B | $3.6B | $3.9B | $4.3B |
| Capital expenditure | $1.3B | $1.5B | $1.6B | $1.9B | $1.9B |
| Free cash flow | $1.5B | $1.7B | $2B | $2.1B | $2.4B |
| Depreciation & amortisation | $1.2B | $1.4B | $1.5B | $1.7B | $1.8B |
| Stock-based compensation | $57M | $39M | $41M | $42M | – |
| Acquisitions | $1.2B | $3B | $2.1B | $753M | $1.4B |
| Share buybacks | $252M | $203M | $262M | $482M | $870M |
| Dividends paid | $553M | $593M | $638M | $687M | $738M |
| Dividend per share | 1.77 | 1.91 | 2.06 | 2.23 | 2.41 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.6% | 10.8% | 7.1% | 3.5% |
| Operating income growth (YoY) | – | 15.2% | 16.2% | 15.0% | 3.3% |
| EPS growth (YoY) | – | 16.1% | 16.6% | 18.6% | 5.5% |
| Gross margin | 40.3% | 39.3% | 40.2% | 41.7% | 42.0% |
| Operating margin | 18.4% | 17.7% | 18.6% | 19.9% | 19.9% |
| Net margin | 11.4% | 11.0% | 11.6% | 12.7% | 12.9% |
| Return on equityBlank when equity is negative | 14.4% | 15.4% | 16.4% | 17.9% | 17.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.2% | 9.3% | 10.2% | 11.3% | 10.8% |
| Free cash flow margin | 13.0% | 12.8% | 13.3% | 13.0% | 14.5% |
| Cash conversion (CFO ÷ net income) | 2.16x | 2.14x | 2.09x | 1.93x | 2.01x |
| Receivable days | 41 | 45 | 43 | 41 | 42 |
| Inventory days | 4 | 4 | 4 | 4 | 4 |
| Payable days | 49 | 54 | 58 | 53 | 52 |
| Interest cover | 6.60x | 6.05x | 5.47x | 5.93x | 5.75x |
| Debt ÷ equity | 1.08x | 1.23x | 1.22x | 1.13x | 1.15x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $9.6B | $11.8B | $12.7B | $12.8B | $13.6B |
| Current ratio | 0.71x | 0.70x | 0.56x | 0.58x | 0.64x |
Recent filings
More in Refuse Systems
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.