# EDGAR Filing Document

**Accession Number:** 0001060391
**File Stem:** 0001060391-25-000215
**Filing Date:** 2025-7
**Character Count:** 56569
**Document Hash:** fb1b340f72e124cc89bb15968a2fac73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001060391-25-000215.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001060391-25-000215

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250729

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC SERVICES, INC.
- **CENTRAL INDEX KEY:** 0001060391
- **STANDARD INDUSTRIAL CLASSIFICATION:** REFUSE SYSTEMS [4953]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 650716904
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14267
- **FILM NUMBER:** 251161907

**BUSINESS ADDRESS:**
- **STREET 1:** 18500 N. ALLIED WAY
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85054
- **BUSINESS PHONE:** 480 627 2700

**MAIL ADDRESS:**
- **STREET 1:** 18500 N. ALLIED WAY
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85054

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** REPUBLIC SERVICES INC
- **DATE OF NAME CHANGE:** 19980423

?xml version='1.0' encoding='ASCII'? rsg-20250729

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported): July 29, 2025**

**Republic Services, Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **1-14267** | **65-0716904** |
| (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

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| | | |
|:---|:---|:---|
| **18500 North Allied Way** | **18500 North Allied Way** | |
| **Phoenix,** | **Arizona** | **85054** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

**Registrant's telephone number, including area code: (480) 627-2700**

**Not Applicable**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol | Name of exchange on which registered |
| Common Stock, par value $0.01 per share | RSG | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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| | |
|:---|:---|
| Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □ |  |

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**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
| [Item 2.02 Results of Operations and Financial Condition](#i9d46261c52054fd1816be3cab2ce96bf_10). | <u>[3](#i9d46261c52054fd1816be3cab2ce96bf_118)</u> |
| [Item](#i9d46261c52054fd1816be3cab2ce96bf_10)[7](#i9d46261c52054fd1816be3cab2ce96bf_10)[.01](#i9d46261c52054fd1816be3cab2ce96bf_10)Regulation FD Disclosure. | <u>[3](#i9d46261c52054fd1816be3cab2ce96bf_135)</u> |
| [Item 9.01 Financial Statements and Exhibits](#i9d46261c52054fd1816be3cab2ce96bf_10). | <u>[4](#i9d46261c52054fd1816be3cab2ce96bf_154)</u> |
| [SIGNATURES](#i9d46261c52054fd1816be3cab2ce96bf_13) | <u>[5](#i9d46261c52054fd1816be3cab2ce96bf_13)</u> |
| EX-99.1 | EX-99.1 |
| EX-104 | EX-104 |

---

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**Item 2.02 Results of Operations and Financial Condition.**

On July 29, 2025, Republic Services, Inc. (the Company) issued a press release containing information about the Company's financial results for the three and six months ended June 30, 2025. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 7.01 Regulation FD Disclosure.**

*Updated Full-Year 2025 Financial Guidance*

Our guidance is based on current economic conditions.

The Company expects full-year revenue to be in a range of $16,675 million to $16,750 million.

Net income attributable to Republic Services, Inc. is expected to be in a range of $2,090 million to $2,100 million for 2025. The Company reiterated its full-year adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization ("adjusted EBITDA") guidance and expects to be in a range of $5,275 million to $5,325 million. Adjusted EBITDA consists of net income, plus provision for income taxes, which is expected to be in a range of $485 million to $490 million, plus interest expense, net, which is expected to be $570 million, plus depreciation, depletion, amortization and accretion, which is expected to be in a range of $1,920 million to $1,930 million, plus loss from unconsolidated equity method investments, which is expected to be $170 million, plus restructuring charges, which is expected to be $15 million, plus labor disruptions, which is expected to be in a range of $25 million to $50 million.

We believe that presenting adjusted EBITDA provides an understanding of operational activities before the financial impact of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods.

Diluted earnings per share is expected to be in a range of $6.72 to $6.74 for the full year. The Company reiterated its adjusted diluted earnings per share guidance for 2025 and expects to be in a range of $6.82 to $6.90. Adjusted diluted earnings per share excludes the impact of restructuring charges and charges for labor disruptions.

We believe that the presentation of adjusted diluted earnings per share provides an understanding of operational activities before the financial impact of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs, and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definition of adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.

Cash provided by operating activities is expected to be in a range of $4,230 million to $4,290 million for the full year. Adjusted free cash flow for 2025 is expected to be in a range of $2,375 million to $2,415 million. Adjusted free cash flow consists of cash provided by operating activities, less property and equipment received, which is expected to be in a range of $1,895 million to $1,935 million, plus proceeds from the sale of property and equipment of approximately $10 million, and is exclusive of cash paid for restructuring activities of approximately $10 million, net of tax, and of cash paid related to labor disruptions in the range of $20 to $40 million, net of tax.

We believe that presenting adjusted free cash flow guidance provides useful information regarding our recurring cash provided by operating activities after certain expenditures or recoveries. It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation. The presentation of adjusted free cash flow has material limitations. Adjusted free cash flow does not represent our cash flow available for discretionary expenditures because it excludes certain expenditures that are required or to which we have committed, such as debt service requirements and dividend payments. Our definition of adjusted free cash flow may not be comparable to similarly titled measures presented by other companies.

For a reconciliation of adjusted EBITDA to net income attributable to Republic Services, Inc. guidance, adjusted diluted earnings per share to diluted earnings per share guidance and adjusted free cash flow to cash provided by operating activities guidance, see page 14 and page 15 of the press release included as Exhibit 99.1 hereto.

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**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

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| | |
|:---|:---|
| Exhibit No. | Description |
| <u>[99.1](exhibit991q22025.htm)</u> | Press release of Republic Services, Inc. issued July 29, 2025 to announce the financial results for the three and six months ended June 30, 2025. |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | REPUBLIC SERVICES, INC. | REPUBLIC SERVICES, INC. |
| Date: | July 29, 2025 | By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;BRIAN DELGHIACCIO |
|  |  |  | **Brian DelGhiaccio** |
|  |  |  | **Executive Vice President,<br>Chief Financial Officer<br>(Principal Financial Officer)** |
| Date: | July 29, 2025 | By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;ELYSE M. CARLSEN |
|  |  |  | **Elyse M. Carlsen** |
|  |  |  | **Vice President and<br>Chief Accounting Officer<br>(Principal Accounting Officer)** |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![rslogorgbverticala35a.jpg](rslogorgbverticala35a.jpg)

**Republic Services, Inc. Reports**

**Second Quarter 2025 Results**

●  Reported Earnings Per Share of $1.75 and Adjusted Earnings Per Share of $1.77

●  Expanded Net Income Margin 40 Basis Points and Adjusted EBITDA Margin 100 Basis Points

●  Generated Year-to-Date Cash Flow from Operations of $2.13 Billion and Adjusted Free Cash Flow of $1.42 Billion

●  Invested Nearly $900 Million in Value-Creating Acquisitions During the First-Half of the Year

●  Updated Full-Year Financial Guidance

●  Increased Quarterly Dividend by Approximately 8 Percent

&nbsp;&nbsp;&nbsp;&nbsp;

**PHOENIX (July 29, 2025)** – Republic Services, Inc. (NYSE: RSG) today reported net income of $550 million, or $1.75 per diluted share, for the three months ended June 30, 2025, versus $512 million, or $1.62 per diluted share, for the comparable 2024 period. Excluding certain expenses and other items, on an adjusted basis, net income for the three months ended June 30, 2025, was $556 million, or $1.77 per diluted share, versus $509 million, or $1.61 per diluted share, for the comparable 2024 period.

"We are pleased with our second quarter results which demonstrate the resilience of our business model and the benefit of the investments in our differentiated capabilities," said Jon Vander Ark, president and chief executive officer. "We produced double-digit growth in EBITDA and 100 basis points of adjusted EBITDA margin expansion by continuing to price ahead of cost inflation and consistently executing our operational plan."

------

*<u>Second-Quarter and Year-to-Date 2025 Highlights</u>:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue growth of 4.6 percent includes 3.1 percent organic growth and 1.5 percent growth from acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core price on total revenue increased revenue by 5.7 percent. Core price on related business revenue increased revenue by 7.0 percent, which consisted of 8.6 percent in the open market and 4.6 percent in the restricted portion of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue growth from average yield on total revenue was 4.1 percent, and volume increased revenue by 0.2 percent. Revenue growth from average yield on related business revenue was 5.0 percent, and volume increased related business revenue by 0.2 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Net income was $550 million, or a margin of 13.0 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EPS was $1.75 per share, an increase of 8.0 percent over the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EPS, a non-GAAP measure, was $1.77 per share, an increase of 9.9 percent over the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA, a non-GAAP measure, was $1.36 billion, and adjusted EBITDA margin, a non-GAAP measure, was 32.1 percent of revenue, an increase of 100 basis points over the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year-to-date cash flow from operations was $2.13 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year-to-date adjusted free cash flow, a non-GAAP measure, was $1.42 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year-to-date cash invested in acquisitions was $888 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year-to-date cash returned to shareholders was $407 million, which included $45 million of share repurchases and $362 million of dividends paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's average recycled commodity price per ton sold at its recycling centers during the second quarter was $149. This represents a decrease of $24 per ton over the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company completed and commenced operations on four renewable natural gas projects during the quarter.

------

**Updated Full-Year 2025 Financial Guidance**

Republic's financial guidance is based on current economic conditions and does not assume any significant changes in the overall economy for the remainder of 2025. Please refer to the Reconciliation of Full-Year 2025 Financial Guidance section of this document for detail relating to the computation of non-GAAP measures as well as the Information Regarding Forward-Looking Statements section of this document.

The Company provided additional details as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Revenue:** Now expected in the range of $16.675 billion to $16.750 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted EBITDA:** Reiterated original guidance in the range of $5.275 billion to $5.325 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted Diluted Earnings per Share:** Reiterated original guidance in the range of $6.82 to $6.90

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted Free Cash Flow:** Increased original guidance to a range of $2.375 billion to $2.415 billion

**Company Increases Quarterly Dividend**

Republic continues to increase cash returns to shareholders, and previously announced that its Board of Directors approved a 4.5-cent increase in the quarterly dividend. The quarterly dividend of $0.625 per share for shareholders of record on October 2, 2025, will be paid on October 15, 2025.

**Presentation of Certain Performance Metrics and Non-GAAP Measures**

Adjusted diluted earnings per share, adjusted net income - Republic, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA by business type, adjusted EBITDA margin by business type and adjusted free cash flow are described in the Performance Metrics and Reconciliations of Certain Non-GAAP Measures section of this document.

------

**About Republic Services**

Republic Services, Inc. is a leader in the environmental services industry. Through its subsidiaries, the Company provides customers with the most complete set of products and services, including recycling, solid waste, special waste, hazardous waste and field services. Republic's industry-leading commitments to advance circularity and support decarbonization are helping deliver on its vision to partner with customers to create a more sustainable world. For more information, please visit <u>RepublicServices.com</u>.

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| | |
|:---|:---|
| **For more information, contact:** | |
| Media Inquiries&nbsp;&nbsp;&nbsp;&nbsp; | Investor Inquiries |
| Roman Blahoski (480) 718-0328&nbsp;&nbsp;&nbsp;&nbsp; | Aaron Evans (480) 718-0309 |
| <u>media@RepublicServices.com</u>  | <u>investor@RepublicServices.com</u> |

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| | | |
|:---|:---|:---|
| **SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION** | **SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION** | **SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION** |
| **AND OPERATING DATA** | **AND OPERATING DATA** | **AND OPERATING DATA** |
| **REPUBLIC SERVICES, INC.** | **REPUBLIC SERVICES, INC.** | **REPUBLIC SERVICES, INC.** |
| **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** |
| **(in millions, except per share amounts)** | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** |
|  | June 30, | December 31, |
|  | 2025 | 2024 |
|  | (Unaudited) |  |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $122 | $74 |
| &nbsp;&nbsp;Accounts receivable, less allowance for doubtful accounts and other of $66 and $74, respectively | 1880 | 1821 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 414 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2416 | 2406 |
| Restricted cash and marketable securities | 224 | 208 |
| Property and equipment, net | 12049 | 11877 |
| Goodwill | 16626 | 15982 |
| Other intangible assets, net | 612 | 546 |
| Other assets | 1470 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $33397 | $32402 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $1199 | $1345 |
| &nbsp;&nbsp;&nbsp;Notes payable and current maturities of long-term debt | 421 | 862 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 490 | 485 |
| &nbsp;&nbsp;&nbsp;Accrued landfill and environmental costs, current portion | 141 | 159 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 110 | 101 |
| &nbsp;&nbsp;&nbsp;Other accrued liabilities | 1286 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 3647 | 4128 |
| Long-term debt, net of current maturities | 12546 | 11851 |
| Accrued landfill and environmental costs, net of current portion | 2541 | 2432 |
| Deferred income taxes and other long-term tax liabilities, net | 1604 | 1594 |
| Insurance reserves, net of current portion | 427 | 402 |
| Other long-term liabilities | 580 | 588 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock, par value $0.01 per share; 50 shares authorized; none issued |  |  |
| &nbsp;&nbsp;Common stock, par value $0.01 per share; 750 shares authorized; 313 and 313 issued including shares held in treasury, respectively | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1801 | 1767 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 10455 | 9774 |
| &nbsp;&nbsp;Treasury stock, at cost; 1 and 1 shares, respectively | (181) | (113) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net of tax | (28) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Republic Services, Inc. stockholders' equity | 12050 | 11405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests in consolidated subsidiary | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 12052 | 11407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $33397 | $32402 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **REPUBLIC SERVICES, INC.** | **REPUBLIC SERVICES, INC.** | **REPUBLIC SERVICES, INC.** | **REPUBLIC SERVICES, INC.** | **REPUBLIC SERVICES, INC.** |
| **UNAUDITED CONSOLIDATED STATEMENTS OF INCOME** | **UNAUDITED CONSOLIDATED STATEMENTS OF INCOME** | **UNAUDITED CONSOLIDATED STATEMENTS OF INCOME** | **UNAUDITED CONSOLIDATED STATEMENTS OF INCOME** | **UNAUDITED CONSOLIDATED STATEMENTS OF INCOME** |
| **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** |
|  | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Revenue | $4235 | $4048 | $8244 | $7910 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;Cost of operations | 2449 | 2383 | 4763 | 4666 |
| &nbsp;&nbsp;Depreciation, depletion and amortization | 463 | 413 | 897 | 812 |
| &nbsp;&nbsp;Accretion | 28 | 27 | 57 | 53 |
| &nbsp;&nbsp;Selling, general and administrative | 425 | 407 | 852 | 822 |
| &nbsp;&nbsp;&nbsp;Loss (gain) on business divestitures and impairments, net | 3 | (2) | 1 | (2) |
| &nbsp;&nbsp;Restructuring charges | 6 | 6 | 9 | 12 |
| &nbsp;&nbsp;Operating income | 861 | 814 | 1665 | 1547 |
| Interest expense | (145) | (128) | (285) | (268) |
| Loss from unconsolidated equity method investments | (2) | (34) | (14) | (42) |
| Interest income | 2 | 1 | 4 | 3 |
| Other income, net | 4 | 1 | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 720 | 654 | 1385 | 1253 |
| Provision for income taxes | 170 | 142 | 340 | 287 |
| Net income | 550 | 512 | 1045 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to non-controlling interests in consolidated subsidiary |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Republic Services, Inc. | $550 | $512 | $1045 | $965 |
| Basic earnings per share attributable to Republic Services, Inc. stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share | $1.76 | $1.62 | $3.34 | $3.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding | 313.1 | 314.9 | 313.0 | 315.1 |
| Diluted earnings per share attributable to Republic Services, Inc. stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share | $1.75 | $1.62 | $3.33 | $3.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common and common equivalent shares outstanding | 313.4 | 315.2 | 313.3 | 315.5 |
| Cash dividends per common share | $0.580 | $0.535 | $1.160 | $1.070 |

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| | | |
|:---|:---|:---|
| **REPUBLIC SERVICES, INC.** | **REPUBLIC SERVICES, INC.** | **REPUBLIC SERVICES, INC.** |
| **UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| **(in millions)** | **(in millions)** | **(in millions)** |
|  | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 |
| Cash provided by operating activities: |  |  |
| Net income | $1045 | $966 |
| Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion, amortization and accretion | 954 | 865 |
| &nbsp;&nbsp;&nbsp;Non-cash interest expense | 37 | 35 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 23 | 22 |
| &nbsp;&nbsp;&nbsp;Deferred tax provision | (8) | 48 |
| &nbsp;&nbsp;&nbsp;Provision for doubtful accounts, net of adjustments | 18 | 20 |
| &nbsp;&nbsp;&nbsp;Loss on disposition of assets and asset impairments, net | 1 |  |
| &nbsp;&nbsp;&nbsp;Loss from unconsolidated equity method investments | 14 | 42 |
| &nbsp;&nbsp;&nbsp;Other non-cash items | (5) | (1) |
| &nbsp;&nbsp;&nbsp;Change in assets and liabilities, net of effects from business acquisitions and divestitures: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (51) | (69) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 21 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (13) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capping, closure and post-closure expenditures | (21) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Remediation expenditures | (19) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 138 | (47) |
| &nbsp;&nbsp;&nbsp;Proceeds for retirement of certain hedging relationships |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by operating activities | 2134 | 1911 |
| Cash used in investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (866) | (918) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of property and equipment | 8 | 5 |
| &nbsp;&nbsp;&nbsp;Cash used in acquisitions and investments, net of cash and restricted cash acquired | (963) | (201) |
| &nbsp;&nbsp;&nbsp;Cash received from business divestitures | 7 | 2 |
| &nbsp;&nbsp;&nbsp;Purchases of restricted marketable securities | (9) | (17) |
| &nbsp;&nbsp;&nbsp;Sales of restricted marketable securities | 8 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash used in investing activities | (1815) | (1113) |
| Cash used in financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from credit facilities and notes payable, net of fees | 20025 | 10484 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of senior notes, net of discount and fees | 1183 | 889 |
| &nbsp;&nbsp;&nbsp;Payments of credit facilities and notes payable | (21030) | (11274) |
| &nbsp;&nbsp;&nbsp;Issuances of common stock, net | (14) | (21) |
| &nbsp;&nbsp;&nbsp;Purchases of common stock for treasury | (59) | (168) |
| &nbsp;&nbsp;&nbsp;Cash dividends paid | (362) | (337) |
| &nbsp;&nbsp;&nbsp;Contingent consideration payments | (3) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash used in financing activities | (260) | (435) |
| Effect of foreign exchange rate changes on cash | 1 | 1 |
| Increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 60 | 364 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 203 | 228 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $263 | $592 |

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You should read the following information in conjunction with our audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K as of and for the year ended December 31, 2024. All amounts below are in millions and as a percentage of our revenue, except per share data.

**REVENUE**

The following table reflects our total revenue by line of business for the three and six months ended June 30, 2025 and 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
| Collection: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $752 | 17.8% | $733 | 18.1% | $1496 | 18.1% | $1457 | 18.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Small-container | 1259 | 29.7 | 1201 | 29.7 | 2502 | 30.3 | 2390 | 30.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Large-container | 794 | 18.7 | 770 | 19.0 | 1532 | 18.6 | 1503 | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 17 | 0.4 | 19 | 0.5 | 35 | 0.4 | 36 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total collection | 2822 | 66.6 | 2723 | 67.3 | 5565 | 67.4 | 5386 | 68.1 |
| Transfer | 479 |  | 458 |  | 903 |  | 877 |  |
| Less: intercompany | (258) |  | (250) |  | (494) |  | (486) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer, net | 221 | 5.2 | 208 | 5.1 | 409 | 5.0 | 391 | 4.9 |
| Landfill | 854 |  | 761 |  | 1577 |  | 1466 |  |
| Less: intercompany | (338) |  | (321) |  | (640) |  | (621) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Landfill, net | 516 | 12.2 | 440 | 10.9 | 937 | 11.4 | 845 | 10.7 |
| Environmental solutions | 478 |  | 490 |  | 944 |  | 929 |  |
| Less: intercompany | (16) |  | (17) |  | (33) |  | (33) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental solutions, net | 462 | 10.9 | 473 | 11.7 | 911 | 11.1 | 896 | 11.3 |
| Other: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recycling processing and commodity sales | 114 | 2.7 | 107 | 2.7 | 222 | 2.7 | 203 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-core | 100 | 2.4 | 97 | 2.3 | 200 | 2.4 | 189 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other | 214 | 5.1 | 204 | 5.0 | 422 | 5.1 | 392 | 5.0 |
| Total revenue | $4235 | 100.0% | $4048 | 100.0% | $8244 | 100.0% | $7910 | 100.0% |

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The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Average yield | 4.1% | 5.5% | 4.3% | 5.8% |
| Fuel recovery fees | (0.3) |  | (0.4) | (0.2) |
| &nbsp;&nbsp;&nbsp;Total price | 3.8 | 5.5 | 3.9 | 5.6 |
| Volume | 0.2 | (0.8) | (0.5) | (0.9) |
| Change in workdays |  |  | (0.2) | 0.1 |
| Recycling processing and commodity sales |  | 0.5 | 0.1 | 0.4 |
| Environmental solutions | (0.9) | 0.4 | (0.3) | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total internal growth | 3.1 | 5.6 | 3.0 | 4.8 |
| Acquisitions / divestitures, net | 1.5 | 3.0 | 1.2 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 4.6% | 8.6% | 4.2% | 8.2% |
| Core price | 5.7% | 6.8% | 5.9% | 6.9% |

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Average yield is defined as revenue growth from the change in average price per unit of service, expressed as a percentage. Core price is defined as price increases to our customers and fees, excluding fuel recovery fees, net of price decreases to retain customers. We also measure changes in core price, average yield and volume as a percentage of related-business revenue, defined as total revenue excluding recycled commodities, fuel recovery fees and environmental solutions revenue, to determine the effectiveness of our pricing and organic growth strategies. The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| | As a % of Related Business | As a % of Related Business | As a % of Related Business | As a % of Related Business |
| Core price | 7.0% | 8.1% | 7.2% | 8.3% |
| Average yield | 5.0% | 6.6% | 5.2% | 7.0% |
| Volume | 0.2% | (1.0)% | (0.6)% | (1.0)% |

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The following table reflects changes in average yield and volume, as a percentage of related business revenue by line of business, for the three and six months ended June 30, 2025 and 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
| | Yield | Volume | Yield | Volume | Yield | Volume | Yield | Volume |
| Collection: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 5.1% | (3.2)% | 6.0% | (2.5)% | 5.3% | (3.1)% | 6.4% | (2.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Small-container | 6.0% | (0.9)% | 9.6% | (0.6)% | 6.1% | (1.1)% | 10.1% | (0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Large-container | 5.5% | (3.4)% | 6.6% | (3.3)% | 5.6% | (3.3)% | 6.8% | (3.9)% |
| Landfill: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal solid waste | 5.5% | (2.1)% | 5.4% | 1.1% | 6.1% | (2.8)% | 5.5% | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction and demolition waste | 3.9% | 47.3% | 3.5% | (1.6)% | 4.0% | 30.9% | 4.7% | (2.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Special waste | —% | 22.4% | —% | (1.4)% | —% | 14.5% | —% | (2.0)% |

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**COST OF OPERATIONS** 

The following table summarizes the major components of our cost of operations for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
| Labor and related benefits | $844 | 19.9% | $809 | 20.0% | $1662 | 20.2% | $1599 | 20.2% |
| Transfer and disposal costs | 279 | 6.6 | 288 | 7.1 | 533 | 6.5 | 552 | 7.0 |
| Maintenance and repairs | 379 | 9.0 | 370 | 9.1 | 738 | 8.9 | 726 | 9.2 |
| Transportation and subcontract costs | 302 | 7.1 | 301 | 7.4 | 594 | 7.2 | 581 | 7.3 |
| Fuel | 116 | 2.7 | 121 | 3.0 | 230 | 2.8 | 247 | 3.1 |
| Disposal fees and taxes | 96 | 2.3 | 90 | 2.2 | 179 | 2.2 | 174 | 2.2 |
| Landfill operating costs | 104 | 2.5 | 96 | 2.4 | 193 | 2.3 | 186 | 2.4 |
| Risk management | 109 | 2.6 | 102 | 2.5 | 213 | 2.6 | 197 | 2.5 |
| Other | 220 | 5.2 | 206 | 5.1 | 421 | 5.1 | 404 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of operations | $2449 | 57.9% | $2383 | 58.8% | $4763 | 57.8% | $4666 | 59.0% |

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These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our cost of operations by cost component to that of other companies and of ours for prior periods.

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**SELLING, GENERAL AND ADMINISTRATIVE EXPENSES**

The following table summarizes our selling, general and administrative expenses for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
| Salaries and related benefits | $280 | 6.6% | $276 | 6.8% | $573 | 6.9% | $556 | 7.0% |
| Provision for doubtful accounts | 8 | 0.2 | 12 | 0.3 | 18 | 0.2 | 20 | 0.3 |
| Other | 137 | 3.2 | 119 | 3.0 | 261 | 3.2 | 246 | 3.1 |
| &nbsp;&nbsp;&nbsp;Total selling, general and administrative expenses | $425 | 10.0% | $407 | 10.1% | $852 | 10.3% | $822 | 10.4% |

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These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our selling, general and administrative expenses by cost component to those of other companies and of ours for prior periods.

**PERFORMANCE METRICS AND RECONCILIATIONS OF CERTAIN NON-GAAP MEASURES**

The following tables calculate EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA and adjusted EBITDA margin by business type, adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, adjusted diluted earnings per share, and adjusted free cash flow, which are not measures determined in accordance with U.S. generally accepted accounting principles (U.S. GAAP), for the three and six months ended June 30, 2025 and 2024. Our definitions of the foregoing non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies.

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**Adjusted EBITDA and Adjusted EBITDA Margin**

The following table calculates adjusted EBITDA and adjusted EBITDA margin for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2025 | 2024 | 2024 | 2025 | 2025 | 2024 | 2024 |
| Net income attributable to Republic Services, Inc. and net income margin | $550 | 13.0% | $512 | 12.6% | 1045 | 12.7% | $965 | 12.2% |
| Net income attributable to non-controlling interests |  |  |  |  |  |  | 1 |  |
| Provision for income taxes | 170 |  | 142 |  | 340 |  | 287 |  |
| Other income, net | (4) |  | (1) |  | (15) |  | (13) |  |
| Interest income | (2) |  | (1) |  | (4) |  | (3) |  |
| Interest expense | 145 |  | 128 |  | 285 |  | 268 |  |
| Depreciation, depletion and amortization | 463 |  | 413 |  | 897 |  | 812 |  |
| Accretion | 28 |  | 27 |  | 57 |  | 53 |  |
| &nbsp;&nbsp;&nbsp;EBITDA and EBITDA margin | $1350 | 31.9% | $1220 | 30.1% | $2605 | 31.6% | $2370 | 30.0% |
| &nbsp;&nbsp;Loss from unconsolidated equity method investments | 2 |  | 34 |  | 14 |  | 42 |  |
| &nbsp;&nbsp;Restructuring charges | 6 |  | 6 |  | 9 |  | 12 |  |
| &nbsp;&nbsp;Loss (gain) on business divestitures and impairments, net | 3 |  | (2) |  | 1 |  | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | $11 |  | $38 |  | $24 |  | $52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA and adjusted EBITDA margin | $1361 | 32.1% | $1258 | 31.1% | $2629 | 31.9% | $2422 | 30.6% |

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**Adjusted EBITDA and Adjusted EBITDA Margin by Business Type**

The following table summarizes revenue, adjusted EBITDA and adjusted EBITDA margin by business type for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and adjusted EBITDA margin as a percentage of revenue):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 |
| | Recycling & Waste | Environmental Solutions<sup>(b)</sup> | Total | Recycling & Waste<sup>(b)</sup> | Environmental Solutions | Total |
| Revenue | $3773 | $462 | $4235 | $3575 | $473 | $4048 |
| Adjusted EBITDA<sup>(a)</sup> | $1252 | $109 | $1361 | $1146 | $112 | $1258 |
| &nbsp;&nbsp;*Adjusted EBITDA Margin* | *33.2 %* | *23.7 %* | *32.1 %* | *32.0 %* | *23.7 %* | *31.1 %* |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 |
| | Recycling & Waste | Environmental Solutions<sup>(b)</sup> | Total | Recycling & Waste | Environmental Solutions | Total |
| Revenue | $7333 | $911 | $8244 | $7014 | $896 | $7910 |
| Adjusted EBITDA<sup>(a)</sup> | $2430 | $199 | $2629 | $2224 | $198 | $2422 |
| &nbsp;&nbsp;*Adjusted EBITDA Margin* | *33.1 %* | *21.9 %* | *31.9 %* | *31.7 %* | *22.1 %* | *30.6 %* |

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(a) Certain corporate expenses, including selling, general and administrative expenses, and National Accounts revenue are allocated to the two business types.

(b) Adjusted EBITDA Margin does not calculate due to rounding.

The amounts shown for Recycling & Waste represent the sum of our Group 1 and Group 2 reportable segments, and Environmental Solutions represents our Group 3 reportable segment.

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**Adjusted Earnings Per Share**

The following table calculates adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, and adjusted diluted earnings per share for the three and six months ended June 30, 2025 and 2024 (in millions of dollars except per share data):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2024 |
| |<br>Pre-tax<br>Income |<br>Tax<br>Impact<sup>(1)</sup> |<br>Net<br>Income -<br>Republic | Diluted<br>Earnings<br>per<br>Share |<br>Pre-tax<br>Income |<br>Tax<br>Impact<sup>(1)</sup> |<br>Net<br>Income -<br>Republic | Diluted<br>Earnings<br>per<br>Share |
| As reported | $720 | $170 | $550 | $1.75 | $654 | $142 | $512 | $1.62 |
| &nbsp;&nbsp;&nbsp;Gain on extinguishment of debt and other related costs |  |  |  |  | (8) | (2) | (6) | (0.02) |
| &nbsp;&nbsp;&nbsp;Restructuring charges | 6 | 2 | 4 | 0.01 | 6 | 2 | 4 | 0.01 |
| &nbsp;&nbsp;&nbsp;Loss (gain) on business divestitures and impairments, net<sup>(2)</sup> | 3 | 1 | 2 | 0.01 | (2) | (1) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 9 | 3 | 6 | 0.02 | (4) | (1) | (3) | (0.01) |
| As adjusted | $729 | $173 | $556 | $1.77 | $650 | $141 | $509 | $1.61 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2024 |
| |<br>Pre-tax<br>Income |<br>Tax<br>Impact<sup>(1)</sup> |<br>Net<br>Income -<br>Republic | Diluted<br>Earnings<br>per<br>Share |<br>Pre-tax<br>Income |<br>Tax<br>Impact<sup>(1)</sup> |<br>Net<br>Income -<br>Republic | Diluted<br>Earnings<br>per<br>Share |
| As reported | $1385 | $340 | $1045 | $3.33 | $1253 | $288 | $965 | $3.06 |
| &nbsp;&nbsp;&nbsp;Gain on extinguishment of debt and other related costs |  |  |  |  | (8) | (2) | (6) | (0.02) |
| &nbsp;&nbsp;&nbsp;Restructuring charges | 9 | 2 | 7 | 0.03 | 12 | 3 | 9 | 0.02 |
| &nbsp;&nbsp;&nbsp;Loss (gain) on business divestitures and impairments, net<sup>(3)</sup> | 1 |  | 1 |  | (2) | (1) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 10 | 2 | 8 | 0.03 | 2 |  | 2 |  |
| As adjusted | $1395 | $342 | $1053 | $3.36 | $1255 | $288 | $967 | $3.06 |

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(1) The income tax effect related to our adjustments includes both current and deferred income tax impact and is individually calculated based on the statutory rates applicable to each adjustment.

(2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the three months ended June 30, 2024.

(3) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the six months ended June 30, 2025 and June 30, 2024.

We believe that presenting EBITDA and EBITDA margin is useful to investors because they provide important information concerning our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDA margin demonstrate our ability to execute our financial strategy, which includes reinvesting in existing capital assets to ensure a high level of customer service, investing in capital assets to facilitate growth in our customer base and services provided, maintaining our investment grade credit ratings and minimizing debt, paying cash dividends, repurchasing our common stock, and maintaining and improving our market position through business optimization. Although depreciation, depletion, amortization and accretion are considered operating costs in accordance with U.S. GAAP, they represent the allocation of non-cash costs generally associated with long-lived assets acquired or constructed in prior years.

We believe that presenting adjusted EBITDA and adjusted EBITDA margin, adjusted EBITDA margin by business type, adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, and adjusted diluted earnings per share provide an understanding of operational activities before the financial impact of certain items. We use these measures, and believe investors will find them helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods.

*Gain on extinguishment of debt and other related costs.* During the three and six months ended June 30, 2025, we did not recognize a gain or loss on extinguishment of debt and other related costs. During the three and six months ended June 30, 2024, we recognized a gain of $8 million attributable to the early settlement of certain cash flow hedges related to certain debt obligations. The gain was recognized as a reduction of interest expense.

*Restructuring charges.* During the three and six months ended June 30, 2025, we incurred restructuring charges of $6 million and $9 million, respectively, and during the three and six months ended June 30, 2024, we incurred restructuring charges of $6 million and $12 million, respectively. The 2025 charges primarily related to the design and implementation of a new accounts

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receivable system. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems.

*Loss (gain) on business divestitures and impairments, net.* During the three and six months ended June 30, 2025, we recorded a loss on business divestitures and impairments of $3 million and $1 million, respectively. During the three and six months ended June 30, 2024, we recorded a net gain on business divestitures and impairments of $2 million.

**Adjusted Free Cash Flow**

The following table calculates our adjusted free cash flow, which is not a measure determined in accordance with U.S. GAAP, for the six months ended June 30, 2025 and 2024 (in millions of dollars):

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| | | |
|:---|:---|:---|
| | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 |
| Cash provided by operating activities | $2134 | $1911 |
| Property and equipment received | (727) | (773) |
| Proceeds from sales of property and equipment | 8 | 5 |
| Restructuring payments, net of tax | 5 | 7 |
| Divestiture related tax payments |  | 1 |
| Adjusted free cash flow | $1420 | $1151 |

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We believe that presenting adjusted free cash flow provides useful information regarding our recurring cash provided by operating activities after certain expenditures or recoveries. It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation. The presentation of adjusted free cash flow has material limitations. Adjusted free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed, such as debt service requirements and dividend payments.

Purchases of property and equipment as reflected on our consolidated statements of cash flows represent amounts paid during the period for such expenditures. A reconciliation of property and equipment expenditures reflected on our consolidated statements of cash flows to property and equipment received during the period follows for the six months ended June 30, 2025 and 2024 (in millions of dollars):

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| | | |
|:---|:---|:---|
| | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 |
| Purchases of property and equipment per the unaudited consolidated statements of cash flows | $866 | $918 |
| Adjustments for property and equipment received in a different period | (139) | (145) |
| Property and equipment received during the period | $727 | $773 |

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The adjustments noted above do not affect our net change in cash, cash equivalents, restricted cash and restricted cash equivalents as reflected in our consolidated statements of cash flows.

**ACCOUNTS RECEIVABLE**

As of June 30, 2025 and December 31, 2024, accounts receivable were $1,880 million and $1,821 million, net of allowance for doubtful accounts of $66 million and $74 million, respectively, resulting in days sales outstanding of 40.4, or 29.9 days net of deferred revenue, compared to 40.9, or 30.0 days net of deferred revenue, respectively.

**CASH DIVIDENDS**

In April 2025, we paid a cash dividend of $181 million to shareholders of record as of April 2, 2025. As of June 30, 2025, we recorded a quarterly dividend payable of $182 million to shareholders of record at the close of business on July 2, 2025, which was paid on July 15, 2025.

**SHARE REPURCHASE PROGRAM**

During the three months ended June 30, 2025, there were no shares of common stock repurchased. As of June 30, 2025, the remaining authorized purchase capacity under our October 2023 repurchase program was approximately $2.5 billion.

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**RECONCILIATION OF FULL-YEAR 2025 FINANCIAL GUIDANCE**

**Adjusted EBITDA**

The following is a summary of our anticipated adjusted EBITDA, which is not a measure determined in accordance with U.S. GAAP, for the year ending December 31, 2025:

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| | |
|:---|:---|
| | (Anticipated) <br>Year Ending December 31, 2025 |
| Net income attributable to Republic Services, Inc. | $2090 - 2100 |
| Provision for income taxes | 485 - 490 |
| Interest expense, net | 570 |
| Depreciation, depletion, amortization and accretion | 1920 - 1930 |
| Loss from unconsolidated equity method investments | 170 |
| Restructuring charges | 15 |
| Labor disruption | 25 - 50 |
| Adjusted EBITDA | $5275 - 5325 |

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We believe that presenting adjusted EBITDA provides an understanding of operational activities before the financial impact of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods.

**Adjusted Diluted Earnings per Share**

The following is a summary of anticipated adjusted diluted earnings per share, which is not a measure determined in accordance with U.S. GAAP, for the year ending December 31, 2025:

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| | |
|:---|:---|
| | (Anticipated) <br>Year Ending December 31, 2025 |
| Diluted earnings per share | $6.72 - 6.74 |
| Restructuring charges | 0.04 |
| Labor disruption | 0.06 - 0.12 |
| Adjusted diluted earnings per share | $6.82 - 6.90 |

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We believe that presenting adjusted diluted earnings per share provides an understanding of operational activities before the financial impact of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definition of adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.

**Adjusted Free Cash Flow**

Our anticipated adjusted free cash flow, which is not a measure determined in accordance with U.S. GAAP, for the year ending December 31, 2025, is calculated as follows:

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| | |
|:---|:---|
| | (Anticipated) <br>Year Ending December 31, 2025 |
| Cash provided by operating activities | $4230 - 4290 |
| Property and equipment received | (1895) - (1935) |
| Proceeds from sales of property and equipment | 10 |
| Restructuring payments, net of tax | 10 |
| Labor disruption, net of tax | 20 - 40 |
| Adjusted free cash flow | $2375 - 2415 |

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We believe that presenting adjusted free cash flow provides useful information regarding our recurring cash provided by operating activities after certain expenditures or recoveries. It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation. The presentation of adjusted free cash flow has material limitations. Adjusted free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed, such as debt service requirements and dividend payments. Our definition of adjusted free cash flow may not be comparable to similarly titled measures presented by other companies.

Our financial guidance is based on current economic conditions.

In July 2025, we began to experience labor disruptions in certain isolated markets. We estimated in the table above the impact we expect to incur in the year ended December 31, 2025, due to these labor disruptions. The impact to our consolidated financial statements will ultimately be determined by the duration of these disruptions.

**INFORMATION REGARDING FORWARD-LOOKING STATEMENTS**

This press release contains certain forward-looking information about us that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "guidance," "expect," "will," "may," "anticipate," "plan," "estimate," "project," "intend," "should," "can," "likely," "could," "outlook" and similar expressions are intended to identify forward-looking statements. These statements include information about our plans, strategies, and expectations of future financial performance and prospects. Forward-looking statements are not guarantees of performance. These statements are based upon the current beliefs and expectations of our management and are subject to risk and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such expectations may not prove to be correct. Among the factors that could cause actual results to differ materially from the expectations expressed in the forward-looking statements are the impacts of the overall global economy and changing interest rates, impacts from international trade restrictions, tariffs, our ability to effectively integrate and manage companies we acquire, and to realize the anticipated benefits of any such acquisitions, the impact of work stoppages or other labor disruptions, the amount of the financial contribution of our sustainability initiatives, acts of war, riots or terrorism, and the impact of these acts on economic, financial and social conditions in the United States, as well as our dependence on large, long-term collection, transfer and disposal contracts. More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, particularly under Part I, Item 1A – Risk Factors. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.