Jun 2026 (Q2 FY26) — Aug 6, 2026
Republic Services Q2 FY26 — Strong Pricing and Raised Full-Year Guidance
Read the full callRepublic Services (RSG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Republic Services earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 5,076 | +4.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 17.8 | +0.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 566 | +2.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
16 of 21 judged targets kept · 34 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total company adjusted EBITDA margin, year-over-year change | flat to slightly negative | Dec 2025 | We maintained adjusted EBITDA margin at 32.1% and overcame headwinds associated with event-driven landfill volumes received in the prior year. | Achieved |
| Full-year adjusted earnings per share | $7.20 to $7.28 | Dec 2025 | Adjusted earnings per share is expected to be in the range of $7.23 to $7.28 | Revised Up |
| Full-year adjusted EBITDA margin expansion in the underlying business | 60 to 70 basis points of margin expansion in the underlying business | Dec 2025 | when you take a look at what we expect for the full year, we're looking at 60 to 70 basis points of margin expansion in the underlying business | On Track |
5 of REPUBLIC SERVICES, INC.'s 55 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 52 more targets are in the full ledger.
Claimed
- Achieved revenue growth of 4.6% and adjusted EBITDA growth of 4.5% in Q2.
- Delivered adjusted earnings per share of $1.85 and $1.58 billion of adjusted free cash flow year-to-date.
- Maintained a strong customer retention rate of more than 94% and favorable Net Promoter Scores.
- Raised full-year 2026 guidance for revenue to $17.2B-$17.3B, adjusted EBITDA to $5.525B-$5.55B, adjusted EPS to $7.23-$7.28, and adjusted FCF to $2.54B-$2.575B.
- Invested $1.2 billion in value-creating acquisitions in 2026 and returned over $1 billion to shareholders in H1.
Qualified
- Organic volume decreased 1.6% on total revenue, primarily due to 1.3% from event-driven landfill volumes in the prior year.
- Large container volumes declined 2.2% due to continued softness in construction-related activity.
- Residential volume declined 4.3% due to known contract losses.
- Landfill event volumes from the prior year resulted in a 50 basis point decrease in adjusted EBITDA margin.
- Net fuel and recycled commodity prices contributed to a 30 bps and 10 bps decrease in adjusted EBITDA margin, respectively.
Price
$229.03 −1.08% · −$2.51
Performance +4.2% 1Y
1Y: $219.82 on 17 Oct 2025 → $229.03. High $232.27 (3 Mar 2026), low $197.73 (11 May 2026).
- Previous close
- $231.54
- 52-week range
- $197.73 – $232.27
- One year
- +4.04%
Overview
- Symbol
- RSG
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 21 judged targets kept · 34 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total company adjusted EBITDA margin, year-over-year change | flat to slightly negative | Dec 2025 | We maintained adjusted EBITDA margin at 32.1% and overcame headwinds associated with event-driven landfill volumes received in the prior year. | Achieved |
| Full-year adjusted earnings per share | $7.20 to $7.28 | Dec 2025 | Adjusted earnings per share is expected to be in the range of $7.23 to $7.28 | Revised Up |
| Full-year adjusted EBITDA margin expansion in the underlying business | 60 to 70 basis points of margin expansion in the underlying business | Dec 2025 | when you take a look at what we expect for the full year, we're looking at 60 to 70 basis points of margin expansion in the underlying business | On Track |
Claimed
- Achieved revenue growth of 4.6% and adjusted EBITDA growth of 4.5% in Q2.
- Delivered adjusted earnings per share of $1.85 and $1.58 billion of adjusted free cash flow year-to-date.
- Maintained a strong customer retention rate of more than 94% and favorable Net Promoter Scores.
- Raised full-year 2026 guidance for revenue to $17.2B-$17.3B, adjusted EBITDA to $5.525B-$5.55B, adjusted EPS to $7.23-$7.28, and adjusted FCF to $2.54B-$2.575B.
- Invested $1.2 billion in value-creating acquisitions in 2026 and returned over $1 billion to shareholders in H1.
Qualified
- Organic volume decreased 1.6% on total revenue, primarily due to 1.3% from event-driven landfill volumes in the prior year.
- Large container volumes declined 2.2% due to continued softness in construction-related activity.
- Residential volume declined 4.3% due to known contract losses.
- Landfill event volumes from the prior year resulted in a 50 basis point decrease in adjusted EBITDA margin.
- Net fuel and recycled commodity prices contributed to a 30 bps and 10 bps decrease in adjusted EBITDA margin, respectively.
The full ledger
Open REPUBLIC SERVICES, INC.’s full ledger
A free account opens 5 company ledgers a month. All 55 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Republic Services Q1 FY26 — Strong Earnings and Margin Growth Amidst Headwinds
Read the full callDec 2025 (Q4 FY25) — Feb 17, 2026
Republic Services Q4 FY25 — Strong Performance Driven by Pricing and Digital Investments
Read the full callEvery analysed call
Republic Services earnings calls (RSG)
Financials
What the filings say
Net profit, year on year: +3% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,680 | 4,635 | 4,593 | 4,882 | 4,827 | 4,725 | 4,699 | 5,076 |
| Operating profit | 846 | 804 | 804 | 861 | 836 | 801 | 830 | 901 |
| Operating margin | 18.1% | 17.3% | 17.5% | 17.6% | 17.3% | 16.9% | 17.7% | 17.8% |
| Interest | 138 | 134 | 140 | 145 | 143 | 146 | 151 | 151 |
| Profit before tax | 647 | 533 | 665 | 720 | 645 | 564 | 656 | 699 |
| Tax rate | 12.5% | 3.8% | 25.6% | 23.6% | 14.7% | 3.5% | 20.0% | 19.0% |
| Net profit | 566 | 512 | 495 | 550 | 550 | 545 | 525 | 566 |
| EPS ($ per share) | 1.80 | — | 1.58 | 1.76 | 1.76 | — | 1.70 | 1.84 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 4,751 | 5,317 | 5,752 | 6,476 | 7,356 | 8,434 | 9,774 | 11,161 |
| Total liabilities | 13,688 | 14,563 | 14,945 | 15,977 | 19,367 | 20,867 | 20,995 | 22,397 |
| Fixed assets | 8,020 | 8,384 | 8,726 | 9,232 | 10,744 | 11,351 | 11,877 | 12,639 |
| Total assets | 21,617 | 22,684 | 23,434 | 24,955 | 29,053 | 31,410 | 32,402 | 34,366 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,243 | 2,352 | 2,472 | 2,787 | 3,190 | 3,618 | 3,936 | 4,296 |
| Cash from investing | -1,229 | -1,719 | -1,923 | -2,466 | -4,423 | -3,667 | -2,561 | -3,313 |
| Cash from financing | -1,059 | -589 | -612 | -329 | 1,344 | 62 | -1,398 | -938 |
| Net cash flow | -46 | 44 | -63 | -9 | 108 | 14 | -25 | 46 |
| Capital expenditure | -1,072 | -1,207 | -1,195 | -1,316 | -1,454 | -1,631 | -1,855 | -1,887 |
| Free cash flow | 1,171 | 1,145 | 1,277 | 1,470 | 1,736 | 1,987 | 2,081 | 2,409 |
RSG revenue by segment
Group 3 shrank from 11% to 10% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Group 1 | 45% | 45% | 45% | 45% | 45% | 46% | 47% | 46% | +8.0% |
| Group 2 | 43% | 43% | 44% | 45% | 44% | 43% | 43% | 44% | +2.5% |
| Group 3 | 11% | 12% | 11% | 11% | 10% | 10% | 10% | 10% | -0.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
RSG operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Customer retention rate | 94%+Our customer retention rate remained strong at more than 94%.Source: earnings call transcript | 94%+Our customer retention rate remains strong at more than 94%.Source: earnings call transcript | 94%Our customer retention rate remained strong at 94%.Source: earnings call transcript | 94%With respect to customer zeal, our customer retention rate remained strong at 94%.Source: earnings call transcript | 94%With respect to customer zeal, our customer retention rate remained high at 94%.Source: earnings call transcript | 94%+With respect to customer zeal, our customer retention rate remained strong at more than 94%.Source: earnings call transcript | — |
| Electric collection vehicles | 52We had 52 electric collection vehicles in operation at the end of 2024.Source: earnings call transcript | 80We had 80 electric collection vehicles in operation at the end of the first quarter.Source: earnings call transcript | — | 180+We had more than 180 electric collection vehicles in operations, supported by 32 commercial-scale EV charging facilities at the end of 2025.Source: earnings call transcript | 200+We had more than 200 electric collection vehicles in operation at the end of the first quarter.Source: earnings call transcript | 250+We had more than 250 electric collection vehicles in operation at the end of the second quarter.Source: earnings call transcript | — |
| Facilities with commercial scale EV charging infrastructure | 22We now have 22 facilities with commercial scale EV charging infrastructure.Source: earnings call transcript | 27We now have 27 facilities with commercial-scale EV charging infrastructure.Source: earnings call transcript | 32We currently have 32 facilities with commercial scale EV charging infrastructure.Source: earnings call transcript | 32We had more than 180 electric collection vehicles in operations, supported by 32 commercial-scale EV charging facilities at the end of 2025.Source: earnings call transcript | — | — | 0% |
| Recycled commodity price | $153Commodity prices were $153 per ton during the fourth quarter.Source: earnings call transcript | $155Commodity prices were $155 per ton during the first quarter.Source: earnings call transcript | $126Commodity prices were $126 per ton during the quarter.Source: earnings call transcript | $112Commodity prices were $112 per ton during the fourth quarter.Source: earnings call transcript | $120Commodity prices were $120 per ton during the first quarter.Source: earnings call transcript | $136Commodity prices were $136 per ton during the second quarter.Source: earnings call transcript | +13.3% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
236 filings between Dec 9, 2025 and Sep 11, 2026.
Open market
decisions to buy or sellPurchases
$1.58B
108 purchases by 2 insiders
Sales
$458.2K
3 sales by 2 insiders
Compensation
not trading decisions- 11
- Award — granted as compensation
- 53
- Option exercise — converted options into shares
- 57
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| CASCADE INVESTMENT, L.L.C. | $1.58B | — | Sep 11, 2026 |
| Volpe Sandra M | — | $380.3K | Jun 11, 2026 |
| Weymouth Katharine | $100.1K | — | Dec 9, 2025 |
| Carlsen Elyse | — | $77.9K | May 19, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 11, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 7,596 | $1.68M |
| Sep 11, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 135,482 | $30.16M |
| Sep 11, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 5,185 | $1.16M |
| Sep 11, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 176,547 | $39.40M |
| Sep 10, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 47,819 | $10.68M |
| Sep 10, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 2,042 | $457.6K |
| Sep 10, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 97,992 | $21.81M |
| Sep 10, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 108,147 | $23.96M |
| Sep 9, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 213,574 | $47.23M |
| Sep 9, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 32,765 | $7.22M |
| Sep 9, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 64,965 | $14.45M |
| Sep 8, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 141,819 | $31.31M |
| Sep 8, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 17,815 | $3.96M |
| Sep 8, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 249,866 | $55.43M |
| Sep 4, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 268,220 | $59.79M |
| Sep 4, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 788 | $176.9K |
| Sep 4, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 96,031 | $21.49M |
| Sep 3, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 78,575 | $17.71M |
| Sep 3, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 15,716 | $3.51M |
| Sep 3, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 253,253 | $56.96M |
| Sep 3, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 22,720 | $5.06M |
| Sep 2, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 63,286 | $14.08M |
| Sep 2, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 144,179 | $32.29M |
| Sep 2, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 24,667 | $5.46M |
| Sep 2, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 97,068 | $21.68M |
| Sep 1, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 21,239 | $4.70M |
| Sep 1, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 69,586 | $15.46M |
| Sep 1, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 105,105 | $23.45M |
| Sep 1, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 8,870 | $1.99M |
| Aug 31, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 1,174 | $263.0K |
| Aug 31, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 102,195 | $22.72M |
| Aug 31, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 41,687 | $9.31M |
| Aug 31, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 155,944 | $34.51M |
| Aug 28, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 58,533 | $12.89M |
| Aug 28, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 124,008 | $27.38M |
| Aug 28, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 68,859 | $15.30M |
| Aug 27, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 235,978 | $51.78M |
| Aug 27, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 1,067 | $235.9K |
| Aug 27, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 47,555 | $10.46M |
| Aug 26, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 211,098 | $46.74M |
| Aug 26, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 52,068 | $11.57M |
| Aug 26, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 12,334 | $2.72M |
| Aug 25, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 15,774 | $3.53M |
| Aug 25, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 23,321 | $5.20M |
| Aug 25, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 128,729 | $28.58M |
| Aug 25, 2026 | Brummer Gregg EVP, COO | Option exercise | 528 | $0 |
| Aug 25, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 101,653 | $22.48M |
| Aug 25, 2026 | Brummer Gregg EVP, COO | Tax withheld | 219 | $48.4K |
| Aug 24, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 42,177 | $9.44M |
| Aug 24, 2026 | CASCADE INVESTMENT, L.L.C. 10% owner | Purchase | 217,350 | $48.43M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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