Republic Services (RSG) financial statements
Republic Services reported revenue of $16.6B in fiscal 2025, up 6.5% a year over 9 years.
Net income was $2.1B and the operating margin 19.9%, against 16.4% in 2016.
Free cash flow was $2.4B, and the company returned $738M in dividends and $870M in net buybacks.
The diluted share count fell 9% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Republic Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.4B | $10.0B | $10.0B | $10.3B | $10.2B | $11.3B | $13.5B | $15.0B | $16.0B | $16.6B |
| Cost of revenue | $5.8B | $6.2B | $6.2B | $6.3B | $6.1B | $6.7B | $8.2B | $8.9B | $9.3B | $9.6B |
| Gross profit | $3.6B | $3.8B | $3.9B | $4.0B | $4.1B | $4.6B | $5.3B | $6.0B | $6.7B | $7.0B |
| Selling, general and admin | $970M | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B | $1.5B | $1.6B | $1.7B | $1.7B |
| Operating income | $1.5B | $1.7B | $1.7B | $1.8B | $1.7B | $2.1B | $2.4B | $2.8B | $3.2B | $3.3B |
| Interest expense | $371M | $362M | $384M | $392M | $356M | $315M | $396M | $508M | $539M | $574M |
| Pre-tax income | $966M | $1.3B | $1.3B | $1.3B | $1.1B | $1.6B | $1.8B | $2.2B | $2.4B | $2.6B |
| Income tax | $353M | $3M | $283M | $222M | $173M | $283M | $344M | $460M | $388M | $455M |
| Net income | $613M | $1.3B | $1.0B | $1.1B | $967M | $1.3B | $1.5B | $1.7B | $2.0B | $2.1B |
| EPS (diluted) | $1.78 | $3.77 | $3.16 | $3.33 | $3.02 | $4.04 | $4.69 | $5.47 | $6.49 | $6.85 |
| Diluted shares | 344M | 339M | 328M | 322M | 320M | 319M | 317M | 317M | 315M | 312M |
| Gross margin | 38.6% | 38.1% | 38.8% | 38.8% | 39.9% | 40.3% | 39.3% | 40.2% | 41.7% | 42.0% |
| Operating margin | 16.4% | 16.6% | 17.3% | 17.4% | 16.8% | 18.4% | 17.7% | 18.6% | 19.9% | 19.9% |
| Net margin | 6.5% | 12.7% | 10.3% | 10.4% | 9.5% | 11.4% | 11.0% | 11.6% | 12.7% | 12.9% |
Balance sheet
Fiscal years, from Republic Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $68M | $83M | $70M | $47M | $38M | $29M | $143M | $140M | $74M | $76M |
| Receivables | $995M | $1.1B | $1.1B | $1.1B | $1.1B | $1.3B | $1.7B | $1.8B | $1.8B | $1.9B |
| Inventory | $44M | $51M | $53M | $57M | $59M | $72M | $97M | $98M | $98M | $106M |
| Total current assets | $1.3B | $1.4B | $1.6B | $1.6B | $1.5B | $1.7B | $2.4B | $2.4B | $2.4B | $2.5B |
| Property, plant and equipment | $7.6B | $7.8B | $8.0B | $8.4B | $8.7B | $9.2B | $10.7B | $11.4B | $11.9B | $12.6B |
| Goodwill | $11.2B | $11.3B | $11.4B | $11.6B | $12.0B | $12.8B | $14.5B | $15.8B | $16.0B | $16.7B |
| Total assets | $20.6B | $21.1B | $21.6B | $22.7B | $23.4B | $25.0B | $29.1B | $31.4B | $32.4B | $34.4B |
| Total current liabilities | $1.8B | $2.6B | $2.7B | $3.1B | $2.3B | $2.4B | $3.4B | $4.2B | $4.1B | $3.9B |
| Long-term debt | $7.7B | $7.5B | $7.6B | $7.8B | $8.8B | $9.5B | $11.3B | $11.9B | $11.9B | $13.0B |
| Total liabilities | $12.9B | $13.2B | $13.7B | $14.6B | $14.9B | $16.0B | $19.4B | $20.9B | $21.0B | $22.4B |
| Shareholders' equity | $7.7B | $8.0B | $7.9B | $8.1B | $8.5B | $9.0B | $9.7B | $10.5B | $11.4B | $12.0B |
| Net debt | $7.6B | $7.4B | $7.6B | $7.7B | $8.7B | $9.5B | $11.2B | $11.7B | $11.8B | $12.9B |
Cash flow
Fiscal years, from Republic Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.8B | $1.9B | $2.2B | $2.4B | $2.5B | $2.8B | $3.2B | $3.6B | $3.9B | $4.3B |
| Capital spending | $928M | $990M | $1.1B | $1.2B | $1.2B | $1.3B | $1.5B | $1.6B | $1.9B | $1.9B |
| Free cash flow | $920M | $921M | $1.2B | $1.1B | $1.3B | $1.5B | $1.7B | $2.0B | $2.1B | $2.4B |
| Stock-based compensation | $23M | $35M | $39M | $40M | $37M | $57M | $39M | $41M | $42M | — |
| Dividends paid | $419M | $440M | $462M | $491M | $522M | $553M | $593M | $638M | $687M | $738M |
| Share buybacks (net) | -$404M | -$611M | -$737M | -$399M | -$99M | -$252M | -$203M | -$262M | -$482M | -$870M |
| Free cash flow margin | 9.8% | 9.2% | 11.7% | 11.1% | 12.6% | 13.0% | 12.8% | 13.3% | 13.0% | 14.5% |
| Dividends per share | $1.22 | $1.30 | $1.41 | $1.53 | $1.63 | $1.73 | $1.87 | $2.01 | $2.18 | $2.36 |
Questions
What was Republic Services's revenue in 2025?
$16.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Republic Services generate?
$2.4B in fiscal 2025 (operating cash flow minus capital spending).
From Republic Services's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.