Republic Services reports $592 million net income for Q3 2026

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For the quarterly period ended June September 30, 2026

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As of July 30, October 22, 2026, the registrant had outstanding 306,212,978 304,639,653 shares of Common Stock, par value $0.01 per share (excluding treasury shares of 7,753,191). 9,365,675).

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Financial statements 431 changes

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June September 30, December 31,

Cash and cash equivalents $ 107 92 $ 76

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Prepaid expenses and other current assets 427 460 550

Total current assets 2,563 2,678 2,523

Restricted cash and marketable securities 285 279 259

Property and equipment, net 12,916 12,963 12,639

Goodwill 17,186 17,330 16,715

Other intangible assets, net 707 779 655

Other assets 1,502 1,483 1,575

Total assets $ 35,159 35,512 $ 34,366

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Deferred revenue 480 496

Accrued interest 114 109

Accounts payable $ 1,440 1,448 $ 1,374

Notes payable and current maturities of long-term debt 548 48 596

Deferred revenue 481 496

Accrued landfill and environmental costs, current portion 156 158 148

Accrued interest 134 109

Other accrued liabilities 1,242 1,308 1,205

Total current liabilities 3,980 3,577 3,928

Long-term debt, net of current maturities 13,521 14,007 12,985

Accrued landfill and environmental costs, net of current portion 2,642 2,652 2,608

Deferred income taxes and other long-term tax liabilities, net 1,963 2,030 1,884

Insurance reserves, net of current portion 457 442 436

Other long-term liabilities 563 564 556

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Retained earnings 11,867 11,161

Additional paid-in capital 1,872 1,891 1,833

Retained earnings 12,253 11,161

Treasury stock, at cost; 8 9 and 5 shares, respectively

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Total Republic Services, Inc. stockholders equity 12,032 12,238 11,968

Non-controlling interests in consolidated subsidiary 1 2 1

Total stockholders equity 12,033 12,240 11,969

Total liabilities and stockholders equity $ 35,159 35,512 $ 34,366

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Three Months Ended June 30, Six Months Ended June 30,

Revenue $ 4,430 $ 4,235 $ 8,544 $ 8,244

Cost of operations 2,563 2,449 4,929 4,763

Depreciation, depletion and amortization 488 463 949 897

Accretion 30 28 60 57

Selling, general and administrative 444 425 870 852

Restructuring charges 4 6 6 9

Operating income 901 861 1,731 1,665

Interest expense ( 151 ) ( 145 ) ( 302 ) ( 285 )

Interest income 2 2 5 4

Other income, net 5 4 31 15

Income before income taxes 699 720 1,355 1,385

Provision for income taxes 133 170 263 340

Net income 566 550 1,092 1,045

Three Months Ended September 30, Nine Months Ended September 30,

Revenue $ 4,559 $ 4,212 $ 13,103 $ 12,456

Cost of operations 2,663 2,463 7,593 7,226

Depreciation, depletion and amortization 494 459 1,442 1,356

Accretion 30 29 91 85

Selling, general and administrative 447 422 1,316 1,274

Restructuring charges 4 3 10 13

Gain loss on business divestitures and impairments, net 3 ( 1 ) 1

Operating income 921 836 2,652 2,502

Interest expense ( 157 ) ( 143 ) ( 459 ) ( 428 )

Loss from unconsolidated equity method investments ( 58 48 ) ( 2 57 ) ( 110 158 ) ( 14 72 )

Interest income 3 2 7 6

Other income, net 7 31 22

Income before income taxes 719 645 2,073 2,030

Provision for income taxes 126 95 389 435

Net income 593 550 1,684 1,595

Net income attributable to non-controlling interests in consolidated subsidiary ( 1 ) ( 1 )

Net income attributable to Republic Services, Inc. $ 566 592 $ 550 $ 1,092 1,683 $ 1,045 1,595

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Basic earnings per share $ 1.84 $ 1.76 $ 3.54 $ 3.34

Weighted average common shares outstanding 307.5 313.1 308.3 313.0

Basic earnings per share $ 1.93 $ 1.76 $ 5.47 $ 5.10

Weighted average common shares outstanding 306.3 311.7 307.6 312.6

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Diluted earnings per share $ 1.84 $ 1.75 $ 3.54 $ 3.33

Diluted earnings per share $ 1.93 $ 1.76 $ 5.47 $ 5.10

Weighted average common and common equivalent shares outstanding 307.6 313.4 308.5 313.3 306.5 312.0 307.8 312.9

Cash dividends per common share $ 0.625 0.670 $ 0.580 0.625 $ 1.250 1.920 $ 1.160 1.785

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Three Months Ended June 30, Six Months Ended June 30,

Net income $ 566 $ 550 $ 1,092 $ 1,045

Comprehensive income 564 553 1,088 1,043

Three Months Ended September 30, Nine Months Ended September 30,

Net income $ 593 $ 550 $ 1,684 $ 1,595

Other comprehensive loss, income, net of tax ( 2 ) 3 ) ( 4 ) ( 2 5 )

Comprehensive income 593 547 1,680 1,590

Comprehensive income attributable to non-controlling interests ( 1 ) ( 1 )

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Legal proceedings 11 changes

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We accrue for legal proceedings when losses become probable and reasonably estimable. As of the end of each applicable reporting period, we review each of our legal proceedings and, where it is probable that a liability has been incurred, we accrue for all probable and reasonably estimable losses. Where we can reasonably estimate a range of losses we may incur regarding such a matter, we record an accrual for the amount within the range that constitutes our best estimate. If we can reasonably estimate a range but no amount within the range appears to be a better estimate than any other, we use the amount that is the low end of such range. As of June September 30, 2026, we estimate that the probable and reasonably estimable outcomes of any such legal proceedings, as well as the aggregate potential liability using reasonably possible high ends of our ranges, are immaterial to the Company's consolidated financial statements.

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Cash and cash equivalents $ 107 $ 76 $ 122 $ 74

Less: restricted marketable securities ( 86 ) ( 86 ) ( 83 ) ( 79 )

June September 30, 2026 December 31, 2025 June September 30, 2025 December 31, 2024

Cash and cash equivalents $ 92 $ 76 $ 84 $ 74

Restricted cash and marketable securities 285 279 259 224 225 208

Less: restricted marketable securities ( 83 ) ( 86 ) ( 84 ) ( 79 )

Cash, cash equivalents, restricted cash and restricted cash equivalents $ 306 288 $ 249 $ 263 225 $ 203

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Financing proceeds $ 11 $

June September 30, 2026 December 31, 2025

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Total restricted cash and marketable securities $ 285 279 $ 259

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MD&A 345 changes

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Adjusted Diluted Earnings per Share

The following is a summary of anticipated adjusted diluted earnings per share for the year ending December 31, 2026. Adjusted diluted earnings per share is not a measure determined in accordance with U.S. GAAP:

Year Ending December 31, 2026

Diluted earnings per share $ 7.18 - 7.23

Restructuring charges 0.05

Adjusted diluted earnings per share $ 7.23 - 7.28

We believe that presenting adjusted diluted earnings per share provides an understanding of operational activities before the financial impact of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definition of adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.

Three Months Ended June 30, Six Months Ended June 30,

Revenue $ 4,430 100.0 % $ 4,235 100.0 % $ 8,544 100.0 % $ 8,244 100.0 %

Cost of operations 2,563 57.9 2,449 57.9 4,929 57.7 4,763 57.8

Depreciation, depletion and amortization of property and equipment 428 9.7 415 9.8 830 9.7 804 9.8

Amortization of other assets 37 0.8 26 0.6 73 0.8 50 0.6

Accretion 30 0.7 28 0.7 60 0.7 57 0.7

Selling, general and administrative 444 10.0 425 10.0 870 10.2 852 10.3

Restructuring charges 4 0.1 6 0.1 6 0.1 9 0.1

Operating income $ 901 20.3 % $ 861 20.3 % $ 1,731 20.3 % $ 1,665 20.2 %

We anticipate revenue for the year ending December 31, 2026 to be in the range of $17.200 $17.425 billion to $17.300 $17.475 billion.

Our financial guidance is based on current economic conditions and does not assume any significant changes in the overall economy during the remainder of 2026. It is also subject to the Disclosure Regarding Forward-Looking Statements above.

Republic is one of the largest providers of environmental services in the United States, as measured by revenue. As of June September 30, 2026, we operated across the United States and Canada through 389 collection operations, 260 transfer stations, 84 recycling centers, 208 active landfills, 2 treatment, recovery and disposal facilities, 24 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 16 deep injection wells, 10 industrial wastewater treatment facilities and 2 polymer centers. We are engaged in 87 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 125 closed landfills as of June September 30, 2026.

Revenue for the six nine months ended June September 30, 2026 increased by 3.6% 5.2% to $8,544 $13,103 million compared to $8,244 $12,456 million for the same period in 2025. This change in revenue is due to increases in average yield of 3.4%, 3.2%, increased fuel recovery fees of 1.3%, increased revenue from acquisitions, net of divestitures of 1.1% 1.2%, an increase in environmental solutions revenue of 0.3%, an increase in recycling processing and increased fuel recovery fees commodity sales of 1.0%. 0.1%, and the impact of revenue recognized from customer contracts impacted by prior year labor disruptions of 0.1%. These increases were partially offset by a decrease in environmental solutions revenue of 0.7% and a decrease in volume of 1.2%. 1.0%.

The following table summarizes our revenue, expenses and operating income for the three and six nine months ended June September 30, 2026 and 2025 (in millions of dollars and as a percentage of revenue):

Three Months Ended September 30, Nine Months Ended September 30,

Revenue $ 4,559 100.0 % $ 4,212 100.0 % $ 13,103 100.0 % $ 12,456 100.0 %

Cost of operations 2,663 58.4 2,463 58.5 7,593 58.0 7,226 58.0

Depreciation, depletion and amortization of property and equipment 438 9.6 406 9.6 1,269 9.7 1,210 9.7

Amortization of other intangible assets 23 24 0.5 22 0.5 46 69 0.5 43 65 0.5

Amortization of other assets 32 0.7 31 0.7 104 0.8 81 0.7

Accretion 30 0.7 29 0.7 91 0.7 85 0.7

Selling, general and administrative 447 9.8 422 10.0 1,316 10.0 1,274 10.2

Restructuring charges 4 0.1 3 0.1 10 0.1 13 0.1

Gain loss on business divestitures and impairments, net 3 0.1 (1) (1)

Operating income $ 921 20.2 % $ 836 19.9 % $ 2,652 20.2 % $ 2,502 20.1 %

Our pre-tax income was $699 $719 million and $1,355 $2,073 million for the three and six nine months ended June September 30, 2026, respectively, compared to $720 $645 million and $1,385 $2,030 million for the same periods in 2025, respectively. Our net income attributable to Republic Services, Inc. was $566 $592 million and $1,092 $1,683 million for the three and six nine months ended June September 30, 2026, or $1.84 $1.93 and $3.54 $5.47 per diluted share, respectively, compared to $550 million and $1,045 $1,595 million, or $1.75 $1.76 and $3.33 $5.10 per diluted share, for the same periods in 2025, respectively.

During each of the three and six nine months ended June September 30, 2026 and 2025, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax expense, net income attributable to Republic Services, Inc. (net income Republic) and diluted earnings per share as noted in the following table (in millions, except per share data). Additionally, see our Results of Operations discussion in this Management's Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the three and six nine months ended June September 30, 2026 and 2025.

Three Months Ended June September 30, 2026 Three Months Ended June September 30, 2025

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As reported $ 699 $ 133 $ 566 $ 1.84 $ 720 $ 170 $ 550 $ 1.75

As adjusted $ 703 $ 134 $ 569 $ 1.85 $ 729 $ 173 $ 556 $ 1.77

Six Months Ended June 30, 2026

Six Months Ended June 30, 2025

As reported $ 719 $ 127 $ 592 $ 1.93 $ 645 $ 95 $ 550 $ 1.76

Restructuring charges 4 1 3 0.01 6 3 1 2 4 0.01

Labor disruption 56 14 42 0.13

Loss Gain on business divestitures and impairments, net 3 1 2 0.01

Total adjustments 4 1 3 0.01 9 3 6 0.02 59 15 44 0.14

As adjusted $ 723 $ 128 $ 595 $ 1.94 $ 704 $ 110 $ 594 $ 1.90

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

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As reported $ 1,355 $ 263 $ 1,092 $ 3.54 $ 1,385 $ 340 $ 1,045 $ 3.33

Restructuring charges 6 2 4 0.01 9 2 7 0.03

Total adjustments 5 2 3 0.01 10 2 8 0.03

As reported $ 2,073 $ 390 $ 1,683 $ 5.47 $ 2,030 $ 435 $ 1,595 $ 5.10

Restructuring charges 10 2 8 0.02 13 4 9 0.03

Labor disruption 56 14 42 0.13

Gain loss on business divestitures and impairments, net (2)

Total adjustments 9 2 7 0.02 69 18 51 0.16

As adjusted $ 1,360 2,082 $ 265 392 $ 1,095 1,690 $ 3.55 5.49 $ 1,395 2,099 $ 342 453 $ 1,053 1,646 $ 3.36 5.26 (1) The income tax effect related to our adjustments includes both the current and deferred income tax impact and is individually calculated based on the statutory rates applicable to each adjustment.

(2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the six nine months ended June September 30, 2026. and 2025.

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Restructuring charges. During the three and six nine months ended June September 30, 2026, we incurred restructuring charges of $4 million and $6 $10 million , respectively. During the three and six nine months ended June September 30, 2025, we incurred restructuring charges of $6 $3 million and $9 $13 million, respectively. The charges in all periods related to the design and implementation of our new accounts receivable system.

During the remainder of 2026, we expect to incur additional restructuring charges of approximately $14 $5 million, related primarily to the continuing design and implementation of our new accounts receivable system. Substantially all of these restructuring charges will be recorded in Corporate entities and other.

Labor disruption. During the three and nine months ended September 30, 2025, we experienced labor disruptions in certain isolated markets. The impact of these labor disruptions was $56 million during both the three and nine months ended September 30, 2025, including $16 million of customer credits and $40 million of cost of operations.

Gain loss on business divestitures and impairments, net. During the six nine months ended June September 30, 2026, we recorded a net gain on business divestitures and impairments of $1 million. We did not record a gain or loss on business divestitures and impairments during the three months ended September 30, 2026. During both the three and six nine months ended June September 30, 2025, we recorded did not record a gain or loss on business divestitures and impairments. of $3 million and $1 million, respectively.

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Three Months Ended June 30, Six Months Ended June 30,

Transfer 495 479 935 903

Less: intercompany (264) (258) (503) (494)

Landfill 858 854 1,622 1,577

Less: intercompany (341) (338) (652) (640)

Environmental solutions 473 478 891 944

The following table reflects our revenue by service line for the three and six nine months ended June September 30, 2026 and 2025 (in millions of dollars and as a percentage of revenue):

Three Months Ended September 30, Nine Months Ended September 30,

Transfer 510 472 1,444 1,376

Less: intercompany (268) (248) (771) (741)

Landfill 857 845 2,479 2,421

Less: intercompany (341) (329) (993) (968)

Environmental solutions 544 449 1,435 1,393

Less: intercompany (15) (16) (28) (33) (43) (49)

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Total revenue $ 4,430 100.0 % $ 4,235 100.0 % $ 8,544 100.0 % $ 8,244 100.0 %

Three Months Ended June 30, Six Months Ended June 30,

Average yield 3.4 % 4.1 % 3.4 % 4.3 %

Total price 5.2 3.8 4.4 3.9

Volume (1.6) 0.2 (1.2) (0.5)

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and 265 more changes in the filing

Market risk 5 changes

Fuel costs represent a significant operating expense. When economically practical, we may enter into new fuel hedges, renew contracts, or engage in other strategies to mitigate market risk. As of June September 30, 2026, we had no fuel hedges in place. While we charge fuel recovery fees to a majority of our customers, we are unable to charge such fees to all customers.

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Our fuel costs were $295 $475 million during the six nine months ended June September 30, 2026, or 3.5% 3.6% of revenue, compared to $230 $349 million, or 2.8% of revenue, during the comparable period in 2025.

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We market recovered materials such as old corrugated containers and old newsprint from our recycling centers. Changes in market supply and demand for recycled commodities causes volatility in commodity prices. In prior periods, we have entered into derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities. As of June September 30, 2026, we had no recycling commodity hedges in place.

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Revenue from recycling processing and commodity sales during the six nine months ended June September 30, 2026 and 2025 was $234 $356 million and $222 $328 million, respectively.

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As of June September 30, 2026, we had $1.8 $2.3 billion of principal floating rate debt. If interest rates increased or decreased by 100 basis points on our floating rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $18 $23 million. This analysis does not reflect the effect that interest rates would have on other items, such as new borrowings and the impact on the economy. See Note 7, Debt, of the notes to our unaudited consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information regarding how we manage interest rate risk.

Unregistered sales of stock 8 changes

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The following table provides information relating to our purchases of shares of our common stock during the three months ended June September 30, 2026:

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April 1 - 30 233,650 $ 220.52 233,650 $ 1,312,275,970

May 1 - 31 698,727 $ 204.53 698,727 $ 1,169,363,695

June 1 - 30 796,879 $ 206.13 796,879 $ 1,005,101,258

July 1 - 31 35,333 $ 209.69 35,333 $ 997,692,356

August 1 - 31 380,284 $ 212.15 380,284 $ 917,015,485

September 1 - 30 499,740 $ 217.88 499,740 $ 808,131,573

(a) In October 2023, our Board of Directors approved a $3 $3.0 billion share repurchase authorization effective January 1, 2024 and extending through December 31, 2026. In October 2026, our Board of Directors approved a $5.0 billion share repurchase authorization effective January 1, 2027 and extending through December 31, 2029. Share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws. While the Board of Directors has approved the program, the timing of any purchases, the prices and the number of shares of common stock to be purchased will be determined by our management, at its discretion, and will depend upon market conditions and other factors. The share repurchase program may be extended, suspended or discontinued at any time. As of June September 30, 2026, there were no repurchased shares pending settlement.

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Other information 3 changes

On August 6, 2026, the Company amended its commercial paper program to increase the Commercial Paper Cap from $ 1.5 billion to $ 2.0 billion. From time to time, one or more commercial paper dealers acting as a dealer under the commercial paper program and certain of their respective affiliates have provided, and may in the future provide, lending, commercial banking, investment banking and other financial advisory services to the Company and its affiliates.

The Company may issue notes under the commercial paper program using the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended (the Securities Act ). The notes offered under the commercial paper program have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The information contained in this Item 5 shall not constitute an offer to sell or the solicitation of an offer to buy the notes under the commercial paper program.

During the quarter ended June September 30, 2026, no director or officer adopted or terminated any contract, instrument or written plan for the purchase or sale of Republic securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any non-Rule 10b5-1 trading arrangement as defined in Item 408(c) of Regulation S-K.

Exhibits 4 changes

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Form of Seventeenth Supplemental Indenture to the Indenture between Republic Services, Inc. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (incorporated by reference to Exhibit 4.1 of the Company s Current Report on Form 8-K filed June 24, 2026).

Form of Commercial Paper Dealer Agreement--4(a)(2) Program, dated as of May 25, 2022, between Republic Services, Inc. and the applicable dealer party thereto (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed September 1, 2022).

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Date: August 6, October 29, 2026 By: /s/ BRIAN D EL GHIACCIO

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Date: August 6, October 29, 2026 By: /s/ ELYSE M. CARLSEN

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