Short answer
Republic Services (RSG) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $16.6B (+3.5% year over year) and net income of $2.1B.
- Top risk flagged: Regulatory risk: multiemployer pension fund withdrawal liability with $1 million charge in 2025 under evolving liability estimation rules
FY2025 key financial metrics · XBRL
- Revenue
- $16.6B
- +3.5% YoY
- Net income
- $2.1B
- +4.7% YoY
- Operating margin
- 19.9%
- −0.0 pp YoY
- EPS (diluted)
- $6.85
- +5.5% YoY
- ROE
- 17.9%
- −0.0 pp YoY
- Operating cash flow
- $4.3B
- +9.1% YoY
Source: XBRL data from the Republic Services (RSG) FY2025 10-K on SEC EDGAR. USD.
Republic Services FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Solid waste collection and landfill operations with renewable energy projects from landfill gas
- New regulatory emphasis on Canadian Landfill Methane Regulations finalized Dec 2025 targeting 42% methane reduction below 2019 levels by 2030
- Strategic risk shift: Increased focus on environmental compliance costs and liabilities related to evolving greenhouse gas and environmental laws
- Significant indebtedness of ~$14 billion as of Dec 31, 2025, impacting financial flexibility and covenant compliance risks
- Operates 84 landfill gas-to-energy and renewable fuel projects subject to changing federal Renewable Fuel Standard program incentives
Management Discussion & Analysis
- Revenue guidance $17.05B-$17.15B for 2026 with total revenue growth 2.2%-2.7% (yield 3.2%-3.7%, volume approx. -1.0%)
- Adjusted diluted EPS expected $7.20-$7.28 in 2026 vs $7.02 in 2025
- No segment-level revenue or profitability data disclosed
- Focus areas: pricing above inflation, profitable volume growth, sustainability investments, acquisitions, technology to boost productivity and retention
Risk Factors
- Regulatory risk: multiemployer pension fund withdrawal liability with $1 million charge in 2025 under evolving liability estimation rules
- Macroeconomic threat: volume decline 0.6% due to slowing construction and weather, offset partially by $100 million revenue from disaster recovery efforts
- Operational vulnerability: $20 million restructuring charges in 2025 for new accounts receivable system and ERP conversion impacting environmental solutions segment
- Competitive risk: volume decreases from municipal contract losses and broker-related business affecting residential and small-container lines
- Financial risk: $2.6 billion floating rate debt with $26 million annualized interest expense sensitivity to 100 basis point rate change
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