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Republic Services vs Waste Management: revenue, profit, margins and growth compared

Republic Services brought in $19B of revenue in fiscal 2025, Waste Management $25.2B in fiscal 2025. Revenue changed by +3.3% at Republic Services and +14.2% at Waste Management on the year before, so Waste Management grew faster. Republic Services kept 11.2% of its revenue as net profit, Waste Management 10.7%. Free cash flow was $2.4B at Republic Services and $2.8B at Waste Management.

Side by side, latest fiscal year

RSGWM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$19B$25.2B
Revenue growth+3.3%+14.2%
Net income$2.1B$2.7B
Net margin11.2%10.7%
Free cash flow$2.4B$2.8B
Free cash flow margin12.7%11.2%
Earnings per share (diluted)$6.85$6.70
Cash$76M$201M
Debt$13.7B$22.9B
Price to earnings31.030.9
Market value$64.9B$82.7B
Dividend yield1.14%1.60%
Rank by revenue in sector#13 of 109 · Utilities#8 of 109 · Utilities

Over the years

Revenue
RSG FY2018: $11.9BRSG FY2019: $12.2BRSG FY2020: $12BRSG FY2021: $13.3BRSG FY2022: $15.6BRSG FY2023: $17.3BRSG FY2024: $18.4BRSG FY2025: $19BWM FY2018: $14.9BWM FY2019: $15.5BWM FY2020: $15.2BWM FY2021: $17.9BWM FY2022: $19.7BWM FY2023: $20.4BWM FY2024: $22.1BWM FY2025: $25.2BFY18FY19FY20FY21FY22FY23FY24FY25
RSG $19BWM $25.2B
Net income
RSG FY2018: $1BRSG FY2019: $1.1BRSG FY2020: $967.2MRSG FY2021: $1.3BRSG FY2022: $1.5BRSG FY2023: $1.7BRSG FY2024: $2BRSG FY2025: $2.1BWM FY2018: $1.9BWM FY2019: $1.7BWM FY2020: $1.5BWM FY2021: $1.8BWM FY2022: $2.2BWM FY2023: $2.3BWM FY2024: $2.7BWM FY2025: $2.7BFY18FY19FY20FY21FY22FY23FY24FY25
RSG $2.1BWM $2.7B
Net margin
RSG FY2018: 8.7%RSG FY2019: 8.8%RSG FY2020: 8.0%RSG FY2021: 9.7%RSG FY2022: 9.5%RSG FY2023: 10.0%RSG FY2024: 11.1%RSG FY2025: 11.2%WM FY2018: 12.9%WM FY2019: 10.8%WM FY2020: 9.8%WM FY2021: 10.1%WM FY2022: 11.4%WM FY2023: 11.3%WM FY2024: 12.4%WM FY2025: 10.7%FY18FY19FY20FY21FY22FY23FY24FY25
RSG 11.2%WM 10.7%
Revenue growth
RSG FY2019: +2.5%RSG FY2020: -1.3%RSG FY2021: +10.7%RSG FY2022: +17.4%RSG FY2023: +10.4%RSG FY2024: +6.6%RSG FY2025: +3.3%WM FY2019: +3.6%WM FY2020: -1.5%WM FY2021: +17.8%WM FY2022: +9.9%WM FY2023: +3.7%WM FY2024: +8.0%WM FY2025: +14.2%FY19FY20FY21FY22FY23FY24FY25
RSG +3.3%WM +14.2%
Free cash flow
RSG FY2018: $1.2BRSG FY2019: $1.1BRSG FY2020: $1.3BRSG FY2021: $1.5BRSG FY2022: $1.7BRSG FY2023: $2BRSG FY2024: $2.1BRSG FY2025: $2.4BWM FY2018: $1.9BWM FY2019: $2.1BWM FY2020: $1.8BWM FY2021: $2.3BWM FY2022: $1.7BWM FY2023: $1.8BWM FY2024: $2.2BWM FY2025: $2.8BFY18FY19FY20FY21FY22FY23FY24FY25
RSG $2.4BWM $2.8B

Fiscal years as each company reports them; the two may end in different months.

Questions about Republic Services and Waste Management

Which is bigger by revenue, Republic Services or Waste Management?

Waste Management is bigger by revenue: $25.2B in fiscal 2025, against $19B for Republic Services in fiscal 2025.

Which keeps more of its revenue as profit, Republic Services or Waste Management?

Republic Services had a net margin of 11.2% in fiscal 2025; Waste Management had 10.7% in fiscal 2025.

Which grew revenue faster, Republic Services or Waste Management?

In their latest fiscal years revenue changed by +3.3% at Republic Services and +14.2% at Waste Management.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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