Republic Services Inc.
RSGFinancial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$4.1B
Q1 2026 · +2.6% YoY · Beat consensus by 3.7%
TTM ROIC
9.1%
FY2025 · NOPAT / Invested Capital (goodwill-inclusive); NOPAT = EBIT × (1 - 24% tax rate); Invested Capital = Total assets minus non-interest-bearing current liabilities · WACC ~7% · Moat spread +2.1pp
Financial Snapshot
ticker: RSG step: 04 generated: 2026-05-13 source: quick-research
Republic Services Inc. (RSG) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$14.9B | ~$14.9B | $16.03B | +7.1% |
| Gross Margin | ~40% | ~41% | ~42% | +1pp |
| Operating Margin | ~17% | ~18% | ~19% | +1pp |
| Net Income | ~$1.5B | ~$1.7B | ~$1.8B | +6% |
| EPS (diluted) | ~$4.70 | $5.47 | ~$5.80 | +6% |
FY2025: Revenue $16.591B (+3.5% YoY); adj. FCF >$2.375B guidance for FY2025
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$3.2B |
| Free Cash Flow | $2.128B (+5.6% vs. FY2023) |
| Adj. Free Cash Flow | $2.18B |
| Cash & Equivalents | ~$200M |
| Total Debt | ~$13B |
Key Ratios (approximate)
- P/E: ~36x | EV/EBITDA: ~20x | FCF Yield: ~3.3%
- Revenue Growth (FY2024): +7.1% | FCF Margin: ~13%
Growth Profile
Republic Services has compounded revenue at ~7% and FCF at 10% annually, driven by pricing (ahead of cost inflation), acquisitions ($1B/year deployed), and volume recovery. FY2024 was exceptional — 7.1% revenue growth, 12% EBITDA growth, 140bps margin expansion, and $2.13B in FCF. FY2025 growth moderated to ~3.5% amid construction/industrial volume softness. The company targets $19.3B revenue and $2.7B earnings by 2028.
Forward Estimates
- FY2026 revenue guidance: $17.05–17.15B (+3%)
- FY2026 adj. FCF guidance: >$2.375B
- FY2026 acquisitions planned: ~$1B
- Analyst avg. price target: ~$245–270
- Long-term target: $19.3B revenue, $2.7B earnings by 2028
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $RSG.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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