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Republic Services
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Latest analysis
Updated Oct 30, 2026
Republic Services Q3 2026: Price-Led Revenue Growth Accelerates as Fuel Costs Surge and Group 2 EBITDA Contracts
Republic Services delivered 8.2% total revenue growth in Q3 2026, driven by 4.7% total price (average yield 2.9% plus fuel recovery 1.8%) with volume down only 0.6%, but the composition of profitability diverged sharply by segment: Group 1 (West) expanded Adjusted EBITDA 9.4% while Group 2 (Southeast/Midwest/East/Canada) contracted 6.2% year-over-year, the latter pressured by the absence of Hurricane Helene-related C&D recovery volumes and elevated fuel and subcontract costs. Diesel averaging $5.56/gallon in Q3 2026 versus $3.76 in Q3 2025 is the most significant cost headwind, partially recovered through fuel surcharges but creating meaningful margin pressure in transportation-intensive operations; free cash flow generation remains strong at $3.519 billion from operations year-to-date, supporting $856 million in buybacks, $577 million in dividends, and a declared $1.2 billion minimum acquisition target for 2026.
Tone: mixedRevenue
$19B
RSG 10-K · FY 2025
Employees
42,000
Revenue growth YoY
+3.5%
Headquarters
Phoenix, AZ
Profile
RSG 10-K Item 1 · Feb 18, 2026Republic Services is one of the largest providers of environmental services in North America, operating an integrated platform spanning collection, transfer, recycling, landfill disposal, environmental solutions, and sustainability innovation across the United States and Canada. The company serves residential, commercial, industrial, and government customers through nearly 400 collection operations and over 200 active landfills. Its strategy combines local operating accountability with national scale to drive pricing power, margin expansion, and circularity-driven growth.
Read filing description ↓ Collapse description ↑
Republic Services is one of the largest providers of environmental services in North America, as measured by revenue. We operate across the United States and Canada through 377 collection operations, 255 transfer stations, 79 recycling centers, 207 active landfills, 2 treatment, recovery and disposal facilities, 24 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells, 9 industrial wastewater treatment facilities, and 2 polymer centers. We are engaged in 84 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 124 closed landfills. We believe the total addressable United States and Canada environmental services market in which we operate generates approximately $163 billion of annual revenue, which includes the $110 billion recycling and waste industry, $37 billion of the broader environmental solutions industry, and $16 billion in sustainability innovation and emerging waste and recycling technologies. We operate throughout the United States and Canada, but the physical collection and recycling or disposal of material is largely a local business, and the dynamics and opportunities differ in each market we serve. By combining local operating management with standardized business practices, we drive greater overall operating efficiency across the Company while maintaining day-to-day operating decisions at the local level, closest to the customer. Our purpose-driven vision is to partner with customers to create a more sustainable world. We believe that our products and services are valuable to our customers and essential for long-term sustainability.
Primary products
- Residential collection services
- Small-container collection services
- Large-container collection services
- Transfer station services
- Recycling processing services
- Landfill disposal services
Business segments
End markets
Geographies
“We operate in a competitive industry. Competition in the environmental services industry comes from a few other large, national publicly-owned companies, several regional publicly- and privately-owned companies and thousands of small privately-owned companies.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue for the year ended December 31, 2025 increased by 3.5% to $16.6 billion compared to $16.0 billion in 2024, driven by average yield growth of 4.1% and acquisition contributions of 1.3%, partially offset by declines in environmental solutions revenue, volume, fuel recovery fees, and workdays.
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