# Republic Services, Inc. (RSG)

> Source: Nexqual · https://nexqual.com/RSG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Republic Services, Inc. (RSG), nexqual.com/RSG" · informational, not investment advice.

**Price:** USD 241.9 (+5.03% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 230.32 · day 230.7–242.42 · 52w 196.41–242.42 · market cap $74.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $19.3B, net income $2.19B (11.3% margin), free cash flow $2.65B (SEC filings).
- Valuation: P/E 33.9x (avg 30.7x at the last 3 fiscal year-ends), EV/EBITDA 16.8x, net debt $14.0B.
- Total return with dividends: 1Y +9.7% vs S&P 500 +14.9%; 5Y +93.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.93, revenue estimate $4.42B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $13.3B | $15.6B | $17.3B | $18.4B | $19.0B | $19.3B |
| Gross profit | $6.58B | $7.44B | $8.34B | $9.07B | $9.40B | — |
| Operating income | $2.08B | $2.39B | $2.78B | $3.20B | $3.30B | $3.37B |
| Net income | $1.29B | $1.49B | $1.73B | $2.04B | $2.14B | $2.19B |
| EPS (diluted) | $4.04 | $4.69 | $5.47 | $6.49 | $6.85 | — |
| Free cash flow | $1.47B | $1.74B | $1.99B | $2.08B | $2.41B | $2.65B |
| Gross margin | 49.4% | 47.6% | 48.2% | 49.2% | 49.4% | — |
| Operating margin | 15.6% | 15.3% | 16.1% | 17.4% | 17.4% | 17.4% |
| Net margin | 9.7% | 9.5% | 10.0% | 11.1% | 11.2% | 11.3% |
| Revenue growth | +10.7% | +17.4% | +10.4% | +6.6% | +3.3% | — |
| Cash + short-term investments | $29.0M | $143M | $140M | $74.0M | $76.0M | — |
| Total debt | $9.68B | $11.9B | $12.8B | $12.8B | $13.7B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 33.9x · P/S 3.8x · EV/EBITDA 16.8x · EV/Sales 4.5x · P/FCF 27.9x · P/B 6.2x · FCF yield 3.58% · Earnings yield 2.95% · Dividend yield (paid, TTM) 1.03% · Buyback yield (TTM) 1.98% · Net debt $14.0B · EV $88.0B
P/E at fiscal year-ends: Dec 2025 30.9x, Dec 2024 31.0x, Dec 2023 30.2x.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Baird | Target raised | Neutral | $242 → $245 |
| 2026-10-13 | Morgan Stanley | Target lowered | Equal-Weight | $232 → $219 |
| 2026-10-08 | CIBC | Target lowered | Outperformer | $249 → $240 |
| 2026-08-11 | UBS | Target raised | Neutral | $233 → $235 |
| 2026-08-07 | Barclays | Target raised | Equal-Weight | $233 → $240 |
| 2026-07-10 | Citigroup | Target raised | Buy | $247 → $259 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +9.7% | +93.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +9.8% | +14.0% |
| Volatility (annualized) | 20.1% | 17.6% |
| Max drawdown | -14.6% (Mar 2026→May 2026) | -21.4% (May 2025→May 2026) |

## Peers (Waste Management)
WM (Waste Management, Inc.) USD 239.1 +4.15% · WCN (Waste Connections, Inc.) USD 184.88 +9.86% · CLH (Clean Harbors, Inc.) USD 320.96 +0.53% · GFL (GFL Environmental Inc. Subordin) USD 44.14 +1.52% · CWST (Casella Waste Systems, Inc.) USD 96.89 +7.39% · OIO (OIO Group) USD 1.87 +1.08%

## More
Full page: https://nexqual.com/RSG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RSG's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1060391/000106039126000094/rsg-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Blue Polymers | "In 2023, we announced the creation of Blue Polymers, LLC, a joint venture with Ravago, that will further advance circularity in the plastics industry." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Recycling & Waste Subtotal | $3.97B | 89.7% | +5.3% |
| — Group 1 (part of Recycling & Waste Subtotal) | $2.04B | 46.0% | +8.0% |
| — Group 2 (part of Recycling & Waste Subtotal) | $1.94B | 43.7% | +2.5% |
| Group 3 | $458.0M | 10.3% | -0.9% |
| Total revenue | $4.43B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Collection | $2.99B | 67.6% | +6.1% |
| Small-container | $1.37B | 30.9% | +8.7% |
| Landfill | $858.0M | 19.4% | +0.5% |
| Large-container | $839.0M | 18.9% | +5.7% |
| Residential | $767.0M | 17.3% | +2.0% |
| Transfer | $495.0M | 11.2% | +3.3% |
| Environmental solutions | $473.0M | 10.7% | -1.0% |
| Other | $231.0M | 5.2% | +7.9% |
| Recycling processing and commodity sales | $122.0M | 2.8% | +7.0% |
| Other non-core | $109.0M | 2.5% | +9.0% |
| Other | $18.0M | 0.4% | +5.9% |
| Total revenue | $4.43B | 100% | — |
The lines above cover 186.8% of total revenue.

## Company outlook (8-K filed 2026-08-06)

- "Financial Guidance ● Increased Quarterly Dividend by Approximately 7 Percent PHOENIX (August 6, 2026) – Republic Services, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.93 | $1.94 | -0.4% | $4.42B | 23 |
| Next quarter (ends 2026-12-31) | $1.79 | $1.83 | -2.3% | $4.37B | 23 |
| Current fiscal year (ends 2026-12-31) | $7.27 | $7.29 | -0.2% | $17.32B | 26 |
| Next fiscal year (ends 2027-12-31) | $8.07 | $8.07 | +0.0% | $18.17B | 26 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±5.8%; last 8 reports averaged ±2.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 21.3% | ±5.8% |
| 2026-12-18 | 56 | 20.1% | ±6.8% |
| 2027-01-15 | 84 | 19.1% | ±7.7% |
| 2027-04-16 | 175 | 19.3% | ±10.9% |