# Republic Services Inc. (RSG) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/RSG/thesis · /stocks/RSG/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/RSG/fundamental

## Navigation

- Overview: /stocks/RSG
- Financials (this page): /stocks/RSG/financials
- Thesis: /stocks/RSG/thesis
- Investment Memo: /stocks/RSG/memo
- Coverage universe: /stocks