REPUBLIC SERVICES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data REPUBLIC SERVICES, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11,355	12,071	11,898	12,193	12,032	13,321	15,645	17,279	18,418	19,027
Cost of revenue	5,764	6,215	6,150	6,298	6,101	6,738	8,205	8,943	9,350	9,630
Gross profit	5,591	5,857	5,748	5,895	5,931	6,583	7,440	8,336	9,068	9,397
Selling, general and administrative	970	1,057	1,060	1,092	1,053	1,196	1,454	1,609	1,674	1,710
Operating income	1,538	1,669	1,736	1,787	1,709	2,076	2,392	2,780	3,196	3,302
Interest expense	371	362	384	392	356	315	396	508	539	574
Interest income	0.9	1	1.6	6.4	5.2	2.5	3	6	9	8
Other non-operating income	1.1	2.7	3.4	6.4	4.1	-0.5	-2	7	23	21
Pre-tax income	966	1,282	1,321	1,296	1,143	1,575	1,832	2,191	2,432	2,594
Income tax	353	3.1	283	222	173	283	344	460	388	455
Net income to minority interests	0.6	0.6	0.7	0.5	2.4	1.9
Net income	613	1,278	1,037	1,073	967	1,290	1,488	1,731	2,043	2,139
EBITDA	2,529	2,705	2,769	2,828	2,785	3,262	3,744	4,281	4,873	5,116
EPS, basic	1.79	3.79	3.17	3.34	3.03	4.05	4.70	5.47	6.50	6.86
EPS, diluted	1.78	3.77	3.16	3.33	3.02	4.04	4.69	5.47	6.49	6.85
Shares, basic (weighted)	343	337	327	321	319	319	317	316	314	312
Shares, diluted (weighted)	344	339	328	322	320	319	317	317	315	312
Dividend per share	1.24	1.33	1.44	1.56	1.66	1.77	1.91	2.06	2.23	2.41

Balance sheet

	FY2015	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	67.8	83.3	70.5	47.1	38.2	29	143	140	74	76
Receivables	995	1,106	1,103	1,126	1,091	1,271	1,677	1,768	1,821	1,897
Inventory	44	51.2	53.1	56.8	59.1	72.2	96.6	98	98	106
Other current assets	222	248	391	433	392	410	537	473	511	550
Total current assets	1,285	1,437	1,564	1,606	1,522	1,711	2,357	2,381	2,406	2,523
Property, plant and equipment	7,589	7,777	8,020	8,384	8,726	9,232	10,744	11,351	11,877	12,639
Lease right-of-use assets			0	244	219	255	275	238	232	208
Goodwill	11,163	11,315	11,400	11,633	12,046	12,826	14,451	15,834	15,982	16,715
Intangible assets	182	141	107	134	173	260	347	496	546	655
Other non-current assets	321	335	418	748	817	788	1,026	1,184	1,383	1,575
Total assets	20,630	21,147	21,617	22,684	23,434	24,955	29,053	31,410	32,402	34,366
Accounts payable	554	598	762	778	779	910	1,222	1,412	1,345	1,374
Accrued liabilities	195	212	205	208	221	295	343	351	339	313
Deferred revenue	313	312	339	336	346	381	443	467	485	496
Short-term debt	5.8	707	691	930	168	8.2	456	932	862	596
Total current liabilities	1,812	2,635	2,719	3,065	2,282	2,416	3,391	4,228	4,128	3,928
Long-term debt	7,653	7,481	7,647	7,759	8,766	9,546	11,330	11,887	11,851	12,985
Lease liabilities			0	213	207	239	238	195	189	177
Other non-current liabilities	301	312	321	579	682	642	661	595	588	556
Total liabilities	12,936	13,186	13,688	14,563	14,945	15,977	19,367	20,867	20,995	22,397
Total debt	7,659	8,187	8,445	8,789	9,055	9,678	11,902	12,819	12,840	13,710
Paid-in capital	4,765	4,840	4,925	4,995	2,741	2,790	2,843	2,901	1,767	1,833
Retained earnings	3,324	4,153	4,751	5,317	5,752	6,476	7,356	8,434	9,774	11,161
Treasury stock	-415	-1,059	-1,783	-2,200	-0.1	-275	-505	-784	-113	-1,000
Other comprehensive income	14.2	22.6	30.8	2.2	-12.4	-14.6	-12.1	-12	-26	-29
Shareholders' equity	7,691	7,959	7,927	8,118	8,484	8,979	9,686	10,542	11,405	11,968
Minority interests	2.4	2.3	2.4	2.7	4.9	0.8	0.8	1	2	1
Total equity	7,694	7,961	7,930	8,121	8,489	8,978	9,686	10,543	11,407	11,969
Total liabilities and equity	20,630	21,147	21,617	22,684	23,434	24,955	29,053	31,410	32,402	34,366
Shares outstanding			352	353

Cash flow statement

	FY2015	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	613	1,279	1,038	1,074	970	1,292	1,488	1,731	2,044	2,139
Depreciation and amortization	991	1,036	1,033	1,041	1,076	1,186	1,352	1,501	1,677	1,814
Stock-based compensation	23.2	34.6	39	39.5	37.3	57	39	41	42
Deferred income tax	47.2	-379	152	166	60.8	-15.5	181	102	87	269
Change in receivables	-52.3	-119	-29.6	-38.3	13.8	-135	-199	-71	-76	-87
Change in payables	-9.8	21.7	85.9	6.4	-46.7	114	106	83	-27	-14
Cash from operations	1,848	1,911	2,243	2,352	2,472	2,787	3,190	3,618	3,936	4,296
Capital expenditures	-928	-990	-1,072	-1,207	-1,195	-1,316	-1,454	-1,631	-1,855	-1,887
Acquisitions	-62.4	-352	-277	-575	-770	-1,222	-3,039	-2,065	-753	-1,430
Cash from investing	-965	-1,330	-1,229	-1,719	-1,923	-2,466	-4,423	-3,667	-2,561	-3,313
Debt issued	489	642	782	891	2,716	692	0	2,172	889	1,183
Stock issued	49.7	36.9	23.2	9.3	3.9	-12	-13.6
Share buybacks	-404	-611	-737	-399	-98.8	-252	-203	-262	-482	-870
Dividends paid	-419	-441	-462	-491	-523	-553	-593	-638	-687	-738
Cash from financing	-857	-514	-1,060	-589	-612	-329	1,344	62	-1,398	-938
Exchange rate effect					0	0	-3	1	-2
Net change in cash	35.4	66.1	-45.8	44.1	-63.2	-8.6	108	14	-25	46
Free cash flow	920	921	1,171	1,145	1,277	1,470	1,736	1,987	2,081	2,409
Interest paid	330	327	351	347	325	249	312	423	487	500
Income taxes paid	265	370	210	31	124	300	185	343	313	206

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $212.10 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.3%	Gross profit / revenue.
Operating margin	17.4%	Operating income / revenue.
EBITDA margin	27.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.3%	Pre-tax income / revenue.
Net margin	11.3%	Net income / revenue.
FCF margin	13.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.5%	Cash from operations / revenue.
Effective tax rate	14.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.2%	Net income / average total assets.
Return on invested capital (ROIC)	11.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	8.9%	Selling, general and administrative expense / revenue.
Capex / revenue	9.8%	Capital expenditures / revenue.
D&A / revenue	9.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	3.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	14.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	4.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	12.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	17.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	5.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	17.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	15.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	11.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.64x	Current assets / current liabilities.
Quick ratio	0.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.03x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	40.0%	Total debt / total assets.
Liabilities / assets	65.8%	Total liabilities / total assets.
Net debt	$13.96B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.67x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.70x	Operating income / interest expense.
Working capital	-$1.42B	Current assets - current liabilities.
Goodwill and intangibles / assets	50.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$5.86B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.55x	Revenue / average total assets.
Fixed asset turnover	1.50x	Revenue / average property, plant and equipment.
Inventory turnover	85.2x	Cost of revenue / average inventory.
Days inventory	4 days	365 x average inventory / cost of revenue.
Receivables turnover	9.53x	Revenue / average receivables.
Days sales outstanding	38 days	365 x average receivables / revenue.
Days payables	54 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-11 days	Days inventory + days sales outstanding - days payables.
FCF conversion	121.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	41.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.10	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$62.83	Revenue / diluted weighted shares.
FCF per share	$8.62	Free cash flow / diluted weighted shares.
Operating cash flow per share	$14.76	Cash from operations / diluted weighted shares.
Book value per share	$39.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$19.05	Tangible book value / shares outstanding.
Cash per share	$0.35	(Cash + short-term investments) / shares outstanding.
Payout ratio	34.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	28.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	55.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$64.95B	Share price x shares outstanding.
Enterprise value	$78.91B	Market cap + total debt - cash - short-term investments.
P/E	29.7x	Market cap / net income. Only when net income is positive.
P/S	3.36x	Market cap / revenue.
P/B	5.40x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	24.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.3x	Market cap / cash from operations, when positive.
EV/Sales	4.08x	Enterprise value / revenue.
EV/EBIT	23.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.1%	Free cash flow / market cap.
Earnings yield	3.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	3.4%	(Dividends paid + share buybacks) / market cap.
PEG	2.21x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was REPUBLIC SERVICES, INC.'s revenue in fiscal 2025?

REPUBLIC SERVICES, INC. reported revenue of $19.03B for fiscal 2025, 3.3% higher than the year before.

Was REPUBLIC SERVICES, INC. profitable in fiscal 2025?

Yes. Net income was $2.14B, a net margin of 11.2%.

How much free cash flow did REPUBLIC SERVICES, INC. generate in fiscal 2025?

Cash from operations of $4.30B minus capital expenditures of $1.89B left free cash flow of $2.41B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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