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Sep 30, 2025
Republic Services Q3 2025 Earnings Report
Republic Services reported strong third-quarter 2025 results, driven by effective pricing strategies and operational execution, despite ongoing volume pressures.
Key Takeaways
Republic Services delivered robust third-quarter 2025 results, with total revenue increasing by 3.3% to $4.212 billion. The company reported diluted EPS of $1.76 and adjusted EPS of $1.90, alongside a net income of $550 million. Adjusted EBITDA reached $1.38 billion, with an adjusted EBITDA margin of 32.8%, reflecting an 80-basis-point expansion over the prior year, primarily due to pricing ahead of cost inflation and disciplined operations.
Total revenue grew by 3.3% to $4.212 billion, with organic growth contributing 1.7% and acquisitions adding 1.6%.
Diluted EPS was $1.76, and adjusted diluted EPS, a non-GAAP measure, was $1.90, demonstrating strong profitability.
Adjusted EBITDA increased to $1.38 billion, with an adjusted EBITDA margin of 32.8%, an 80-basis-point improvement year-over-year.
The company returned $539 million to shareholders through share repurchases and paid $182 million in cash dividends during the quarter.
Revenue by Segment
Forward Guidance
Republic Services expects its full-year 2025 revenue to be at the lower end of its previously provided guidance range, while reiterating all other financial components of its 2025 guidance.
Positive Outlook
- Reiterated all other financial components of 2025 guidance, indicating confidence in other performance metrics.
- Continued execution of strategy for sustainable, profitable growth.
- Ability to price ahead of cost inflation is expected to continue.
- Disciplined operational execution is driving margin expansion.
- Ongoing investments in differentiated capabilities are expected to yield value.
Challenges Ahead
- Revenue expected to be near the low end of the full-year 2025 guidance range.
- Ongoing cyclical volume pressures are impacting revenue growth.
- Recycled commodity prices decreased significantly year-over-year, which could affect future revenue from recycling operations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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