RSG
Republic Services, Inc.214.01
-1.32-0.61%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Granular margin, ES, sustainability details
Q&A unpacked 2026 margins: 60-70bps underlying expansion offset by 30bps landfill comps, 10bps commodities, 10bps acquisitions for net +20bps midpoint, skewed to Q4. Polymer centers and RNG each add $30M/$10M and $10M/$10M revenue/EBITDA, on track toward bigger run-rates despite plastics pressures delaying a fourth center. ES stays flat yearly after H1 comps, with H2 ramp and fat incremental margins; PFAS hits $50-75M amid slower regs. Volumes conservative at -1% amid manufacturing/construction slump—price trumps volume. AI unlocks 9-figure efficiencies. Analysts grilled ES and macro; management stayed disciplined, cautiously eyeing reshoring. Q&A clarifies guidance pieces without walk-backs.
Key Stats
Market Cap
66.82BP/E (TTM)
31.85Basic EPS (TTM)
6.72Dividend Yield
0.01%Recent Filings
10-K
FY2025 results
Republic Services posted FY2025 revenue of $16.6B, up 3.5% y/y on 4.1% average yield gains and 1.3% from acquisitions, though volumes dipped 0.6% and environmental solutions softened 1.0%. Q4 momentum shone through Hurricane Helene and LA wildfire recovery, boosting landfill volumes ~$100M annually while core price hit 5.9%; Group 1 and 2 adjusted EBITDA climbed to $2.5B and $2.4B. Margins held firm at 19.9% operating income, fueled by pricing outpacing cost inflation, yet labor disruptions cost $56M pre-tax. Free cash flow supported $864M buybacks under the $3B program ($1.7B remains) and a 22nd straight dividend hike to $0.625/share. Year-end debt sits at $13.7B with $1.8B revolver availability. 2026 guides $17.05B-$17.15B revenue, $7.20-$7.28 adjusted EPS. Severe weather spikes could disrupt quarterly volumes.
8-K
2025 results beat; 2026 guidance issued
Republic Services reported 2025 net income of $2.14B and adjusted EBITDA of $5.31B on $16.59B revenue, beating guidance despite volume dips and lower recycled commodity prices at $135/ton. It issued 2026 guidance projecting revenue of $17.05B-$17.15B, adjusted EBITDA $5.475B-$5.525B, and adjusted EPS $7.20-$7.28 amid dynamic macro conditions. Cash flow roared. Risks include economic shifts and labor disruptions.
8-K
Bylaws expand forum provision
Republic Services amended its bylaws on February 10, 2026, extending the Delaware Chancery Court exclusive forum provision in Section 7.4 to stockholder claims related to company business, affairs, or rights of stockholders, directors, or officers—even if not 'internal corporate claims' under DGCL Section 115. This bolsters defense against multi-forum litigation. Bylaws tightened.
8-K
Craig joins Republic board
Republic Services appointed Ian Craig, 53, CEO of Coca-Cola FEMSA, to its board effective February 10, 2026, expanding to 13 members with him joining the Audit and Sustainability committees. Craig brings expertise in digital transformation, sustainability, and $7 billion in M&A. Board also declared a $0.625 quarterly dividend, payable April 15 to April 2 record holders. Fresh perspective sharpens green strategy.
10-Q
Q3 FY2025 results
Republic Services posted Q3 revenue of $4.2B, up 3.3% y/y, with operating income steady at $836M despite $56M labor disruptions (derived). Diluted EPS dipped to $1.76 from $1.80 on 312M shares, matching net income of $550M. Acquisitions drove $996M spend, recognizing $702M goodwill—especially February's Shamrock buy for environmental solutions—and boosted Group 3 growth. Cash hit $84M, FCF $2.0B (derived from $3.3B operating cash minus $1.3B capex); total debt $13.3B with $2.4B Credit Facility availability. Share repurchases totaled $539M. Labor disruptions linger as a risk.
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