At a glance
Republic Services Inc is worth $74.93B, about 36 times its fiscal 2025 earnings. Revenue grew 3.3% to $19.03B in fiscal 2025, with 11.2% kept as profit; over 5 years it has grown 9.6% a year. It pays a 1.04% dividend yield, raised every year for at least 9 years, and returned $5.28B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +19.5% over the past year with dividends reinvested and +14.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.8% in the 2020 crash (S&P 500: 33.7%) and 15.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 2 months after the lows.
The business in plain English
Republic Services collects, recycles and disposes of waste for households, businesses, local governments and industrial customers across the United States and Canada. Its annual report for 2025 calls it one of North America's largest environmental services companies by revenue. The company lists 377 collection operations, 255 transfer stations (where trucks unload so waste can be combined for the trip to disposal), 79 recycling centers and 207 active landfills.
Most revenue comes from hauling and disposal fees. Many of these fees come under long-term contracts with municipalities, exclusive franchise agreements and container contracts with businesses. Revenue was $19.0 billion in 2025. Small-container service for businesses was the largest piece at 26.6%, followed by landfill disposal at 16.8%, large-container service at 16.3% and residential collection at 15.8%. Transfer and environmental solutions (industrial waste and wastewater services) each added 9.6%. Recycling processing and sales of recycled materials brought in just 2.3%.
The strategy is vertical integration, which means owning each step in a local market, from curbside pickup to the landfill. Management reports three groups. Group 1 covers the western United States (45.4% of revenue). Group 2 covers the Southeast, Midwest, East Coast and Canada (43.3%). Group 3 is environmental solutions across both countries (9.4%). Republic has also opened Polymer Centers in Las Vegas and Indianapolis that turn collected plastics into recycled material for packaging.
Price history
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RSG +19.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Small-container | $5.05B | 26.6% |
| Landfill | $3.20B | 16.8% |
| Large-container | $3.10B | 16.3% |
| Residential | $3.01B | 15.8% |
| Transfer | $1.83B | 9.6% |
| Environmental solutions | $1.83B | 9.6% |
| Recycling processing and commodity sales | $433.0M | 2.3% |
| Other non-core | $391.0M | 2.1% |
| Other | $70.0M | 0.4% |
By business segment
| Group 1 | $8.63B | 45.4% |
| Group 2 | $8.24B | 43.3% |
| Group 3 | $1.78B | 9.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $5.21B, up 7.8% from a year earlier, and net income was $591.6M (+7.6%).
- For fiscal 2025, revenue was $19.03B (+3.3% year over year; +9.6% a year from FY2020 to FY2025) with a 11.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.6% good |
|---|---|
| Operating margin | 17.4% good |
| Free cash flow margin | 12.7% good |
| Return on equity (FY2025) | 17.9% good |
| Return on assets (FY2025) | 6.2% watch |
| Net cash (cash minus debt) | $-13.96B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $12.03B | $967.2M | $1.28B |
| FY2021 | $13.32B | $1.29B | $1.47B |
| FY2022 | $15.64B | $1.49B | $1.74B |
| FY2023 | $17.28B | $1.73B | $1.99B |
| FY2024 | $18.42B | $2.04B | $2.08B |
| FY2025 | $19.03B | $2.14B | $2.41B |
Valuation snapshot
| Market value | $74.93B |
|---|---|
| P/E ratio | 35.9 |
| Dividend yield | 1.04% |
Rank among 1514 US companies
Market value at each year end
Republic Services’s market value went from $19.39B at the end of 2016 to $74.93B on Nov 2, 2026, about 3.9 times as much; since the end of 2025 it is up 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $74.93B | +14.2% |
| 2025 | $65.61B | +4.1% |
| 2024 | $63.00B | +21.4% |
| 2023 | $51.89B | +27.3% |
| 2022 | $40.76B | -7.8% |
| 2021 | $44.22B | +44.1% |
| 2020 | $30.69B | +7.3% |
| 2019 | $28.60B | +22.3% |
| 2018 | $23.40B | +3.5% |
| 2017 | $22.60B | +16.5% |
| 2016 | $19.39B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RSG price data to Nov 2, 2026 | +17.5% | +19.5% | +18.8% | +14.3% | +18.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +17.4% |
| 2025 | +6.5% |
| 2024 | +23.0% |
| 2023 | +29.6% |
| 2022 | -6.2% |
| 2021 | +47.0% |
| 2020 | +9.6% |
| 2019 | +26.6% |
| 2018 | +8.9% |
| 2017 | +21.0% |
| 2016 | +32.9% |
| 2015 | +12.4% |
| 2014 | +25.6% |
| 2013 | +16.6% |
| 2012 | +10.9% |
| 2011 | -5.0% |
| 2010 | +8.3% |
| 2009 | +18.0% |
| 2008 | -18.9% |
| 2007 | +17.6% |
| 2006 | +9.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.7% over that stretch · deepest drop along the way 53.4%, back to its old high 26.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.8% over that stretch · deepest drop along the way 33.8%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4.1% over that stretch · deepest drop along the way 15.1%, back to its old high 2.1 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 8 open-market purchases ($129.3M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 11, 2026 | Cascade Investment, L.L.C. 10% owner | buy | $39.4M |
| Sep 11, 2026 | Cascade Investment, L.L.C. 10% owner | buy | $30.2M |
| Sep 10, 2026 | Cascade Investment, L.L.C. 10% owner | buy | $24.0M |
| Sep 10, 2026 | Cascade Investment, L.L.C. 10% owner | buy | $21.8M |
| Sep 10, 2026 | Cascade Investment, L.L.C. 10% owner | buy | $10.7M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 4.96% | Jun 30, 2026 |
ETFs with the most weight in RSG
| EVX VanEck Environmental Services ETF | 10.66% |
| PWRD TCW Transform Systems ETF | 9.88% |
| CCSO Carbon Collective Climate Solutions U.S. Equity ETF | 5.04% |
| BCUS Bancreek U.S. Large Cap ETF | 4.11% |
| LOPP Gabelli Love Our Planet & People ETF | 3.92% |
| DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF | 3.84% |
| VSMV VictoryShares US Multi-Factor Minimum Volatility ETF | 3.77% |
| USSE Segall Bryant & Hamill Select Equity ETF | 3.74% |
What could go wrong
- Landfill permits may be denied or delayed. Republic needs government permits to run and expand landfills and other sites. Getting a permit can take years and may fail. A failure could cut revenue, raise costs or lead to charges against profits.
- Landfill closure and cleanup could cost more. Republic must cap and monitor landfills long after they close. It had 124 closed sites to look after at the end of 2025. Closure, cleanup or new PFAS ('forever chemicals') rules could cost more than estimated.
- Less waste may reach its landfills. Recycling mandates, programs that cut waste at the source and bans on landfilling certain wastes could shrink disposal volumes. Landfill revenue was 16.8% of the 2025 total.
- Price increases may not cover rising costs. Republic relies on raising prices to offset higher labor, fuel and third-party disposal costs. Increases that fall short squeeze margins. Increases that go too far can drive customers away.
- Fuel and recycled-material prices swing. Spikes in fuel and petrochemical costs raise expenses, and Republic may not be able to pass all of them on to customers. Prices and demand for the recycled materials it sells can also drop.
- Heavy debt limits financial flexibility. Republic had about $14.1 billion of debt and $107 million of cash and investments as of June 30, 2026. Losing its investment-grade credit ratings could make borrowing harder for this capital-hungry business.
Recent events
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Bylaws or fiscal year changed
- Executive or board change; Other company announcement
For income and retirement investors
Republic Services has raised its regular dividend for at least 9 consecutive years through 2025. Dividends per share grew from $1.66 in 2020 to $2.41 in 2025, about 7.7% a year. In 2025 the dividend used 34.5% of earnings and 30.6% of free cash flow (cash left after capital spending). The yield was a modest 1.1% as of October 28, 2026. Buybacks (purchases of its own shares) totaled $2.07 billion over fiscal 2021–2025. The share count fell 3.4% from October 2021 to July 2026.
The shares still fell hard in crashes. They dropped 53.4% in the 2008 financial crisis and took about 26 months from the March 2009 low to recover. They fell 33.8% in the 2020 COVID crash and recovered in under eight months. In the 2022 bear market they fell 15.1% but recovered by April 2022, well before the broader market bottomed in October. A single company's shares carry more risk than a diversified fund.
Questions investors ask
How does Republic Services make money?
Republic Services charges fees to collect, transfer, recycle and dispose of waste for households, businesses, cities and industrial customers in the United States and Canada. Revenue was $19.0 billion in 2025. Small-container service for businesses brought in 26.6%, landfill disposal 16.8%, large-container service 16.3% and residential collection 15.8%. Many customers sign long-term contracts or franchise agreements. The company relies on price increases to cover rising costs. Recycling processing and sales of recycled materials made up just 2.3%.
Does Republic Services raise its dividend every year?
Yes, so far. Republic Services has raised its regular dividend for at least 9 consecutive years through 2025, and the record may be longer. Dividends per share grew from $1.66 in 2020 to $2.41 in 2025, about 7.7% a year. The 2025 dividend used 34.5% of earnings. The yield was 1.1% as of October 28, 2026, so the stock has offered more dividend growth than up-front income.
Is Republic Services stock recession-proof?
No. Waste collection is an essential service, but the shares still fell 53.4% in the 2008 financial crisis. They took about 26 months from the March 2009 low to recover. They also dropped 33.8% in the 2020 COVID crash. In its 10-K, the company says weak or volatile economic conditions have harmed its industry and results. It also says its volumes are driven by population growth, household formation and new business formation.
How much debt does Republic Services have?
Republic Services had about $14.1 billion of total debt as of June 30, 2026. It had $107 million of cash and investments and $12.0 billion of shareholders' equity. The debt helps fund a capital-intensive business built on trucks, landfills and recycling centers. The company lists its substantial debt as a risk that may limit its flexibility. It also warns that it may not keep its investment-grade (higher-quality) credit ratings. Free cash flow was $2.41 billion in 2025.
How has Republic Services stock performed over the long run?
Over the 10 years to October 28, 2026, the shares returned about 18.1% a year on a price basis, a cumulative gain of 427%. The five-year figure was 13.8% a year and the one-year figure was 8.5%. The path was uneven. The stock lost 6.15% in 2022, and its worst drop in about 21 years of price history was 54.1%. As of that date, the shares traded at 34.1 times 2025 earnings per share (the price-to-earnings, or P/E, ratio).