# Republic Services, Inc. (RSG) Q2 2025 Financial Results Summary
Release Date: July 29, 2025
Republic Services, Inc. (NYSE: RSG) reported its second quarter 2025 financial results, demonstrating notable growth and operational effectiveness. Below is a summary of key financial metrics and operational achievements compared to the same quarter in the previous year.
### Key Financial Highlights
– **Net Income**: $550 million; increased by **7.4%** compared to $512 million in Q2 2024.
– **Earnings Per Share (EPS)**: Reported at $1.75, up by **8.0%** from $1.62 a year earlier.
– **Adjusted Earnings Per Share**: $1.77, an increase of **9.9%** from $1.61 in Q2 2024.
– **Net Income Margin**: 13.0%, improved by **40 Basis Points** year-over-year.
### Revenue Growth
– **Total Revenue**: $4.235 billion; grew by **4.6%**, comprised of **3.1% organic growth** and **1.5% from acquisitions**.
– **Core Price on Total Revenue**: Increased revenue by **5.7%**.
– **Core Price on Related Business Revenue**: Increased by **7.0%**:
– Open market saw a rise of **8.6%**.
– Restricted portion of the business experienced a **4.6%** increase.
– **Average Yield on Total Revenue**: Grew by **4.1%**.
– **Volume Increase**: Contributed a **0.2%** increase in revenue.
### Operational Metrics
– **Adjusted EBITDA**: $1.36 billion with an adjusted EBITDA margin of **32.1%**, a **100 Basis Points** improvement year-over-year.
– **Year-to-Date Cash Flow from Operations**: $2.13 billion.
– **Year-to-Date Adjusted Free Cash Flow**: $1.42 billion.
– **Year-to-Date Cash Invested in Acquisitions**: Nearly $900 million.
### Shareholder Returns
– **Returned Cash to Shareholders**: $407 million, comprised of:
– $362 million as dividends.
– $45 million in share repurchases.
– **Quarterly Dividend**: Increased by **approximately 8%** to **$0.625** per share, payable on October 15, 2025, for shareholders of record on October 2, 2025.
### Full-Year 2025 Financial Guidance
– **Revenue Guidance**: Estimated in the range of **$16.675 billion to $16.750 billion**.
– **Adjusted EBITDA Guidance**: Continuation of the previous estimate at **$5.275 billion to $5.325 billion**.
– **Adjusted Diluted EPS Guidance**: Reiterated at **$6.82 to $6.90**.
– **Adjusted Free Cash Flow Guidance**: Increased to a range of **$2.375 billion to $2.415 billion**.
### Other Notable Metrics
– **Average Recycled Commodity Price**: $149 per ton, a **decrease of $24** per ton compared to last year.
– **Operational Projects**: Completed and commenced operations on four renewable natural gas projects during the quarter.
In summary, Republic Services, Inc. has demonstrated solid financial performance in Q2 2025, with growth across various revenue streams and an ambitious plan for shareholder returns. The company’s ongoing investments and updated financial guidance reflect sustained confidence in operational strategies and market positioning.
| Revenue | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 |
|---|---|---|---|---|
| Expenses: | ||||
| Cost of operations | 4,235 | 4,048 | 8,244 | 7,910 |
| Depreciation, depletion and amortization | 2,449 | 2,383 | 4,763 | 4,666 |
| Accretion | 463 | 413 | 897 | 812 |
| Selling, general and administrative | 28 | 27 | 57 | 53 |
| Loss (gain) on business divestitures and impairments, net | 425 | 407 | 852 | 822 |
| Restructuring charges | 3 | (2) | 1 | (2) |
| Operating income | 6 | 6 | 9 | 12 |
| Interest expense | 861 | 814 | 1,665 | 1,547 |
| Loss from unconsolidated equity method investments | (145) | (128) | (285) | (268) |
| Interest income | (2) | (34) | (14) | (42) |
| Other income, net | 2 | 1 | 4 | 3 |
| Income before income taxes | 4 | 1 | 15 | 13 |
| Provision for income taxes | 720 | 654 | 1,385 | 1,253 |
| Net income | 170 | 142 | 340 | 287 |
| Net income attributable to non-controlling interests in consolidated subsidiary | 550 | 512 | 1,045 | 966 |
| Net income attributable to Republic Services, Inc. | — | — | — | (1) |
| Basic earnings per share attributable to Republic Services, Inc. stockholders: | ||||
| Basic earnings per share | $1.76 | $1.62 | $3.34 | $3.06 |
| Weighted average common shares outstanding | 313.1 | 314.9 | 313.0 | 315.1 |
| Diluted earnings per share attributable to Republic Services, Inc. stockholders: | ||||
| Diluted earnings per share | $1.75 | $1.62 | $3.33 | $3.06 |
| Weighted average common and common equivalent shares outstanding | 313.4 | 315.2 | 313.3 | 315.5 |
| Cash dividends per common share | $0.580 | $0.535 | $1.160 | $1.070 |
| ASSETS | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Current assets: | (Unaudited) | |
| Cash and cash equivalents | $122 | $74 |
| Accounts receivable, less allowance for doubtful accounts and other of $66 and $74, respectively | $1,880 | $1,821 |
| Prepaid expenses and other current assets | $414 | $511 |
| Total current assets | $2,416 | $2,406 |
| Restricted cash and marketable securities | $224 | $208 |
| Property and equipment, net | $12,049 | $11,877 |
| Goodwill | $16,626 | $15,982 |
| Other intangible assets, net | $612 | $546 |
| Other assets | $1,470 | $1,383 |
| Total assets | $33,397 | $32,402 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $1,199 | $1,345 |
| Notes payable and current maturities of long-term debt | $421 | $862 |
| Deferred revenue | $490 | $485 |
| Accrued landfill and environmental costs, current portion | $141 | $159 |
| Accrued interest | $110 | $101 |
| Other accrued liabilities | $1,286 | $1,176 |
| Total current liabilities | $3,647 | $4,128 |
| Long-term debt, net of current maturities | $12,546 | $11,851 |
| Accrued landfill and environmental costs, net of current portion | $2,541 | $2,432 |
| Deferred income taxes and other long-term tax liabilities, net | $1,604 | $1,594 |
| Insurance reserves, net of current portion | $427 | $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 | $1,801 | $1,767 |
| Retained earnings | $10,455 | $9,774 |
| Treasury stock, at cost; 1 and 1 shares, respectively | -$181 | -$113 |
| Accumulated other comprehensive loss, net of tax | -$28 | -$26 |
| Total Republic Services, Inc. stockholders’ equity | $12,050 | $11,405 |
| Non-controlling interests in consolidated subsidiary | $2 | $2 |
| Total stockholders’ equity | $12,052 | $11,407 |
| Total liabilities and stockholders’ equity | $33,397 | $32,402 |
