REPUBLIC SERVICES INC

For the period ended Mar 31, 2025. Filed Apr 25, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed Apr 25, 2025

RSG$246.78-0.0%Stored close · as of Nov 9, 2026

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Contents

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)

	March 31,	December 31,
	2025	2024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$83	$74
Accounts receivable, less allowance for doubtful accounts and other of $67 and $74, respectively	1,854	1,821
Prepaid expenses and other current assets	384	511
Total current assets	2,321	2,406
Restricted cash and marketable securities	222	208
Property and equipment, net	11,949	11,877
Goodwill	16,585	15,982
Other intangible assets, net	632	546
Other assets	1,394	1,383
Total assets	$33,103	$32,402
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$1,154	$1,345
Notes payable and current maturities of long-term debt	421	862
Deferred revenue	504	485
Accrued landfill and environmental costs, current portion	159	159
Accrued interest	120	101
Other accrued liabilities	1,133	1,176
Total current liabilities	3,491	4,128
Long-term debt, net of current maturities	12,862	11,851
Accrued landfill and environmental costs, net of current portion	2,477	2,432
Deferred income taxes and other long-term tax liabilities, net	1,612	1,594
Insurance reserves, net of current portion	416	402
Other long-term liabilities	580	588
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 313 issued including shares held in treasury, respectively	3	3
Additional paid-in capital	1,784	1,767
Retained earnings	10,087	9,774
Treasury stock, at cost; 1 and 1 shares, respectively	(180)	(113)
Accumulated other comprehensive loss, net of tax	(31)	(26)
Total Republic Services, Inc. stockholders’ equity	11,663	11,405
Non-controlling interests in consolidated subsidiary	2	2
Total stockholders’ equity	11,665	11,407
Total liabilities and stockholders’ equity	$33,103	$32,402

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share data)

	Three Months Ended March 31,
	2025	2024
Revenue	$4,009	$3,862
Expenses:
Cost of operations	2,314	2,283
Depreciation, depletion and amortization	434	399
Accretion	28	27
Selling, general and administrative	427	414
Gain on business divestitures and impairments, net	(2)	—
Restructuring charges	4	6
Operating income	804	733
Interest expense	(140)	(139)
Loss from unconsolidated equity method investments	(12)	(9)
Interest income	2	1
Other income, net	11	13
Income before income taxes	665	599
Provision for income taxes	170	145
Net income	495	454
Net income attributable to non-controlling interests in consolidated subsidiary	—	—
Net income attributable to Republic Services, Inc.	$495	$454
Basic earnings per share attributable to Republic Services, Inc. stockholders:
Basic earnings per share	$1.58	$1.44
Weighted average common shares outstanding	313.0	315.3
Diluted earnings per share attributable to Republic Services, Inc. stockholders:
Diluted earnings per share	$1.58	$1.44
Weighted average common and common equivalent shares outstanding	313.3	315.7
Cash dividends per common share	$0.580	$0.535

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended March 31,
	2025	2024
Net income	$495	$454
Other comprehensive (loss) income, net of tax	(5)	7
Comprehensive income	490	461
Comprehensive income attributable to non-controlling interests	—	—
Comprehensive income attributable to Republic Services, Inc.	$490	$461

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

	Republic Services, Inc. Stockholders’ Equity
Common Stock · Additional Paid-In Capital · Retained Earnings · Treasury Stock · Accumulated Other Comprehensive Loss, Net of Tax · Non-controllingInterests In Consolidated Subsidiary
Shares · Amount · Shares · Amount · Total
Balance as of December 31, 2024	313	$3	$1,767	$9,774	(1)	$(113)	$(26)	$2	$11,407
Net income	—	—	—	495	—	—	—	—	495
Other comprehensive loss	—	—	—	—	—	—	(5)	—	(5)
Cash dividends declared	—	—	—	(181)	—	—	—	—	(181)
Issuances of common stock	—	—	3	—	—	(22)	—	—	(19)
Stock-based compensation	—	—	14	(1)	—	—	—	—	13
Purchase of common stock for treasury	—	—	—	—	—	(45)	—	—	(45)
Balance as of March 31, 2025	313	$3	$1,784	$10,087	(1)	$(180)	$(31)	$2	$11,665

	Republic Services, Inc. Stockholders’ Equity
Common Stock · Additional Paid-In Capital · Retained Earnings · Treasury Stock · Accumulated Other Comprehensive Loss, Net of Tax · Non-controllingInterests In Consolidated Subsidiary
Shares · Amount · Shares · Amount · Total
Balance as of December 31, 2023	321	$3	$2,901	$8,434	(6)	$(784)	$(12)	$1	$10,543
Net income	—	—	—	454	—	—	—	—	454
Other comprehensive income	—	—	—	—	—	—	7	—	7
Cash dividends declared	—	—	—	(169)	—	—	—	—	(169)
Issuances of common stock	—	—	3	—	—	(28)	—	—	(25)
Stock-based compensation	—	—	12	(1)	—	—	—	—	11
Balance as of March 31, 2024	321	$3	$2,916	$8,718	(6)	$(812)	$(5)	$1	$10,821

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2025	2024
Cash provided by operating activities:
Net income	$495	$454
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion, amortization and accretion	462	426
Non-cash interest expense	18	22
Stock-based compensation	13	11
Deferred tax provision	1	47
Provision for doubtful accounts, net of adjustments	10	7
Gain on disposition of assets and asset impairments, net	(3)	—
Loss from unconsolidated equity method investments	12	9
Other non-cash items	(2)	—
Change in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivable	(18)	(1)
Prepaid expenses and other assets	90	18
Accounts payable	(42)	(1)
Capping, closure and post-closure expenditures	(8)	(9)
Remediation expenditures	(9)	(10)
Other liabilities	6	(162)
Cash provided by operating activities	1,025	811
Cash used in investing activities:
Purchases of property and equipment	(459)	(515)
Proceeds from sales of property and equipment	3	2
Cash used in acquisitions and investments, net of cash and restricted cash acquired	(834)	(166)
Cash received from business divestitures	3	—
Purchases of restricted marketable securities	(3)	(12)
Sales of restricted marketable securities	2	12
Cash used in investing activities	(1,288)	(679)
Cash provided by (used in) financing activities:
Proceeds from credit facilities and notes payable, net of fees	11,372	6,437
Proceeds from issuance of senior notes, net of discount and fees	1,186	—
Payments of credit facilities and notes payable	(12,018)	(6,441)
Issuances of common stock, net	(19)	(25)
Purchases of common stock for treasury	(55)	—
Cash dividends paid	(181)	(168)
Contingent consideration payments	(1)	(4)
Cash provided by (used in) financing activities	284	(201)
Effect of foreign exchange rate changes on cash	—	(1)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	21	(70)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	203	228
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$224	$158

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.